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SEPTEMBER 1086 /VOLUME 66 NUMBER

CONTENTS

;

Business Situation

1

National Income and Product Accounts Tables

7

Reconciliation and Other Special Tables

20

An Indirect Technique for Measuring the
Underground Economy^ A Note on Revised Data

21

Plant and Equipment Expenditures,
the Four Quarters of 1986

23

UJsl Multinational Companies: Operations in 1984

27

tLS. International Transactions:
Second Quarter 1986

40

Summary National Income and Product Series;
Annually, 1929-85, and Quarterly, 1960*85

64

Constant-Dollar Inventories, Sales, and
Inventoiy-Sales Ratios for Manufacturing and Trade:
Revised Estimates

72

CURRENT BUSINESS STATISTICS
General
SI
Industry
S19

Footnotes

saa

Subject Index (Inside Back Corer)

Malcolm Brfdrige /Secretory
Robert Ortiier / Under Seeretafy
for Ec$mmte Affairg
,
Allan EL Young / ffiwefor
C&rol S. Carson / Deputy Director

•

of
/- ,:
Mltor4n-€ktef; Carol B. Carson
Manuscript Editor: Dannelet A.
Managing Editor: Leland L. Scott

Bfaff Contributors fe Ms Imwt Leo M. Bfermtei%
Barbara F. Brereton, David W» Cart^rigrht, Fraitk de
Leeuw, Anttiony I. iMtnlio, Daniel & LarMiits, F$til (**
Merski, Hiigr0ne P, SesMii, David *. Sullimn, Joseph C.
Wakafield, National Income and Wealth Division,
SUEVEIT or GUBIIEOT BUSINESS. JPufelished monthly by
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of Commerced Editorial correspondence should be addressed to the Editor4nC3iieifs Survey of Current Business, Bureau of Economic Analysis, U.S. Department of
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the BUSINESS SITUATION
if ROFITS from current productionprofits before tax with inventory valuation adjustment (IVA) and capital
consumption adjustment (CCAdj)—declined $3% billion in the second quarter, following an $11 billion increase
in the first.
Domestic profits of nonfinancial
corporations increased $% billion, following an increase of $2 billion, as a
small increase in profits per unit of
product more than offset aa small decline in real gross corporate product.
The increase in unit profits resulted
from a larger increase in unit price
than in unit cost.
Domestic profits of financial corporations increased $2 billion, following
an increase of $5% billion, and profits
from the rest of the world declined
$5% billion, following an increase of
$3% billion.
Profits before tax.—Profits before
tax (PBT) increased $7 billion in the
second quarter, following a decline of
$liy2 billion in the first; an increase
of $12% billion in domestic PBT was
partly offset by a decline of $5% billion in rest-of-world PBT.
The contrast between the increase
in PBT and the decline in profits
from current production is due to the
CCAdj, which declined -'$4% billion,
and to the IVA, which declined $6 billion. Both of these adjustments are reflected in the current production
neasure but not in PBT.
The CCAdj is the difference between depreciation based (like PBT)
largely on tax accounting, on the one
hand, and economic depreciation as
defined by BEA, on the other. In the
second quarter, as in the first, taxbased depreciation declined slightly
while economic depreciation continued to increase; as a result, the CCAdj
declined. The decline in tax-based depreciation reflected the provisions of
the Economic Recovery Tax Act of
1981, under which newly purchased 5-




year assets are depreciated in 1986 at
a lower rate than 5-year-old assets
that drop out of the depreciation base.
The IVA removes the capital-gainslike element from profits based on tax
accounting when inventory prices increase; likewise, it removes the capital-loss-like element when inventory
prices decline. In the second quarter,
the IVA was positive but smaller
than in the first, as overall inventory
prices continued to decline but by less
than in the first. In manufacturing,
inventory prices dropped more than
in the first quarter, while in trade, inventory prices generally increased
after declining in the first quarter.
Dividends increased $2% billion.
This increase can be viewed as the
sum of an unusually large $12 billion
increase in net dividend payments by
domestic corporations and an unusually large $9%- billion decline in net
dividend payments by the rest of the
world. Net dividend payments by domestic corporations and by the rest of
the world are not independent of each
other because most dividends paid by
the rest of the world are received by
domestic corporations. Thus, a decline
in payments by the rest of the world

results in a decline in gross dividend
receipts by domestic corporations and,
accordingly, in an increase in net dividend payments by domestic corporations.
Profits with IVA but without
CCAdj.—The quarterly measure of
profits available by industry increased $1 billion, following an increase of $14% billion. Profits of domestic nonfinancial corporations increased $4% billion, as higher profits
in manufacturing and in transportation and public utilities were partly
offset by lower profits in trade.
In manufacturing, the profits increase followed two quarters of decline. The only industry not sharing
in the increase was motor vehicles, although petroleum's increase reflected
special factors. In motor vehicles,
profits declined $1.5 billion, to $5 billion, as the domestic output of new
autos (see NIPA table 1.18) fell sharply in response to the sluggish sales
and resulting large inventory buildup
in preceding quarters. In petroleum,
profits increased but the increase represented only a partial rebound from
a very low first-quarter level that had
reflected the payment of a large fine

Looking Ahead . . .
• State Quarterly Personal Income. A comprehensive revision of the
quarterly estimates of State personal income is nearing completion. Revised estimates for 1980-85 will appear in the October issue of the
SURVEY.
• Foreign Transactions. An introduction to the concepts, sources, and
methods of foreign transactions in the national income and product accounts will appear as an article in a fall issue of the SURVEY. A paper
about foreign transactions, including this introduction, will appear shortly thereafter as part of the BEA methodology series.
• Input-Output Accounts. The 1981 annual input-output tables will be
presented in a fall issue of the SURVEY.
• International Sales of Services. Direct investment survey data for
1982-84 on international service transactions of U.S. multinational corporations and their foreign affiliates will be discussed in an upcoming issue
of the SURVEY.

SURVEY OF CURRENT BUSINESS
to the U.S. Department of Energy by
a major corporation; in the absence of
the fine, profits would have declined
in both quarters, reflecting the path
of petroleum prices. In transportation
and public utilities, lower petroleum
prices contributed to increased profits.
In trade, most of the decline in
profits occured at the retail level, as
inventory prices increased and prices
of goods sold declined.
Profits of domestic financial corporations were up $2 billion, with property and casualty insurance carriers
more than accounting for the increase.
Profits from the rest of the worldequal to inflows from the rest of the
world less outflows to the rest of the
world—were down $5% billion. Inflows dropped $4 billion, with foreign
petroleum affiliates accounting for
much of the decline, and outflows increased $1V2 billion.

Federal Budget Developments
When Congress enacted what
became known as the GrammRudman-Hollings Act 9 months ago, it
was believed that a course had been
found to bring the Federal deficit
under control. The course set by the
act was to eliminate the deficit by
fiscal year 1991 through budget
outlay reductions; the act did not provide for tax increases. The outlay reductions were to result from legislative actions, or failing such actions,
through automatic cuts. It was also
believed at that time that the fiscal
year 1986 deficit would be in the low
$200 billion range, partly as a result
of $11.7 billion in outlays sequestered
under the act for that year. Two
months later, in the February submission of the fiscal year 1987 budget,
the fiscal year 1986 deficit was estimated to be $202.8 billion. (See the
February 1986 SURVEY OF CURRENT
BUSINESS for a discussion of the act
and the 1987 budget.) Seven months
later, in the mid-session review of the
1987 budget, the 1986 deficit was estimated to be $230.2 billion, $17.9 billion higher than the record 1985 deficit.
This article first reviews budget developments since February on the
basis of the mid-session review of the
1987 budget and then, taking off from
the sequestration report submitted in
August, discusses the current status




September 1986

Table 1.—Economic Assumptions Underlying the Mid-Session Review of the Fiscal Year 1987
Budget
Calendar year
Estimates

Actual

1985

1984

1986

Differences from
February

1987

1986

1987

Billions of dollars

GNP:
Current dollars
1982 dollars

3,765
3,490

3,998
3,585

4,224
3,690

4,536
3,837

50
-5

93
-5

Incomes:
Personal income
Wages and salaries
Corporate profits before taxes

3,110
1,835
229

3,314
1,966
223

3,504
2,083
246

3,726
2,236
299

18
5
-35

-30
-11
-31

Percent change from preceding year
GNP in current dollars:
Annual average
Fourth quarter

10.5
8.5

6.2
6.3

5.7
5.7

7.4
8.1

1.3
-2.3

-.9
-.2

6.4
4.6

2.7
2.9

2.9
3.2

4.0
4.2

-.5
8

".2

3.9
3.7

3.4
3.3

2.6
2.4

3.3
3.7

-.9
1.4

-.9
-.4

3.4
3.6

3.5
3.3

1.3 .
.6

2.8
3.7

22
-3.1

13
-.4

.2

GNP in 1982 dollars:
Annual average
Fourth quarter
GNP deflator:
Annual average
Fourth quarter

,

....

Consumer Price Index: 1
Annual average
Fourth quarter

Percent
Employment rate: 2
Annual average
Fourth quarter

,

Insured unemployment rate: 3
Annual average
Interest rates: 4
91-day Treasury bills
10-year Treasury notes

. .

7.4
7.1

7.1
6.9

6.9
6.7

6.5
6.5

2.8

2.8

2.7

2.6

9.6
12.4

7.5
10.6

6.2
7.7

6.2
7.5

11
-1.2

-.3
-1.0

1. Consumer Price Index for urban earners and clerical workers.
2. Percent of labor force, including armed forces residing in the United States.
3. Insured unemployment under the State regular unemployment insurance program, excluding recipients of extended
benefits, as percentage of covered employment under that program.
4. Average rate on new issues within a year. The estimates assume, by convention, that interest rates vary with the rate of
inflation. They do not represent a forecast of interest rates.
Source: "Mid-Session Review of the 1987 Budget."

of the Gramm-Rudman-Hollings legislation and its role in determining the
1987 deficit.
The mid-session review

Revised estimates of Federal unified budget receipts and outlays for
fiscal years 1986 and 1987 were submitted to Congress by the Office of
Management and Budget in early
August. These estimates reflect revised economic assumptions, reestimates of tax collections and agency
spending based on more recent experience, policy changes, and legislation
passed by Congress since the February budget. The estimates do not include the proposed Tax Reform Act of
1986.
On the basis of the revised economic assumptions, real GNP increases
less in calendar year 1986 than expected earlier this year (table 1).
From the fourth quarter of 1985 to
the fourth quarter of 1986, real GNP
is expected to increase 3.2 percent,

almost a percentage point less than
estimated in February. This lower
growth is the result of a weaker-thanexpected first half of 1986. Real GNP
is expected to increase 4.0 percent
through the second half of 1986 and
to increase at 4.2 percent through
1987. According to the administration,
"the steep decline in oil prices and interest rates, and the appreciation of
foreign currencies relative to the
dollar have improved the economic
outlook for 1987." Consumer prices
rise considerably less in 1986 than expected in February—0.6 percent compared with 3.7 percent. The unemployment rate is unchanged, and the
interest rate on 91-day Treasury bills
is lower than expected earlier.
For fiscal year 1986, a $230.2 billion
deficit is estimated, compared with
$202.8 billion in February (table 2).
Receipts are $11.9 billion lower; revised economic assumptions—primarily lower personal incomes and corporate profits—account for $11.0 billion
of the revision.

SURVEY OF CURRENT BUSINESS

September 1986

$0.4 billion due to revised economic
assumptions and policy changes, respectively, were partly offset by a $0.9
Fiscal year
billion upward revision due to reestiEstimates
mates.
1987
1986
Outlays in 1987 are $18.9 billion
Actual
DifferDiffer1985
lower—revised economic assumptions
ence
ence
Aug.
Feb.
Aug.
Feb.
from
from
contributed $12.7 billion; reestimates,
Feb.
Feb.
$3.9 billion; and policy changes, $2.3
Unified budget
billion. On a program-by-program
19.2
831.2
850.4
765.2
-11.9
777.1
734.1
Receipts
basis, the revision is the net of $30.3
-18.9
975.1
994.0
995.4
15.5
979.9
946.3
Outlays
.
.3
^143.6 -143.9
-27.4
2123 -202.8 -230.2
Surplus or deficit ( )
billion in downward revisions and
$11.4 billion in upward revisions. The
National income and product accounts
largest downward revisions are for
889.7
-15.5
905.2
12.8
810.4
823.2
774.6
Receipts.... ;
391.5
.6
392.1
-3.4
356.7
360.1
340.2
Personal tax and nontax receipts
net
interest ($9.0 billion), largely re-12.1
92.0
104.1
-7.8
77.0
84.8
71.7
Corporate profits tax accruals
55.6
-5.0
60.7
-4.0
51.8
55.8
56.5
Indirect business tax and nontax accruals
flecting
lower interest rates; social se2.2
350.5
348.3
2.4
324.9
322.5
306.2
Contributions for social insurance
curity
($4.9
billion), which will be dis10.6
8.7 1,043.7 1,033.1
1,024.6
962.1 1,015.9
Expenditures
cussed
later;
medicare ($3.8 billion),
374.7
2.0
372.7
8.4
367.0
358.6
341.1
Purchases of goods and services
290.3
.9
289.4
2.9
272.8
269.9
253.6
National defense
reflecting
new
payment regulations;
84.4
1.1
83.3
94.2
5.5
88.7
87.5
Nondefense
and CCC ($1.8 billion), reflecting the
6.1
401.8
407.9
-1.3
392.6
393.9
374.1
Transfer payments
390.5
-3.3
393.8
.8
379.2
378.4
360.8
To persons
revised crop forecast. The largest
11.3
2.8
-2.2
14.1
13.3
15.5
13.4
To foreigners
upward revisions are for the outlays
3.4
97.3
93.9
2.3
104.9
102.6
97.7
Grants-in-aid to State and local governments
138.4
-7.7
146.1
-3.2
136.6
139.8
128.3
Net interest paid
against which Outer Continental
-2.2
20.9
2.5
23.1
23.5
21.0
20.9
Subsidies less current surplus of government enterprises
Shelf receipts are offset ($2.4 billion),
1
0
0
0
0
0
0
Less' Wage accruals less disbursements
reflecting the effect of the drop in oil
4.9
-21.5 -138.6 -143.4
1927 -214.2
1875
Surplus or deficit ( )
prices on those receipts, and for the
Sources: "Mid-Session Review of the 1987 Budget" and the Bureau of Economic Analysis.
Agricultural Credit Insurance Fund
($1.0 billion), reflecting lower-than-anTable 3.—'Federal Government Receipts and Expenditures, NIPA Basis
ticipated loan repayments.
[Billions of dollars, seasonally adjusted at annual rates]
As pointed out in the preceding
paragraph, social security was revised
Calendar year
down $4.9 billion. This total reflects
Estimates
Actual
two downward revisions—the removal
1987
1985
1986
1986
of a proposed 3.7-percent COLA, effecI
II
I
II
III
III
IV
IV
tive January 1, 1987 ($5.5 billion) and
Receipts
862.2
880.8
898.8
916.1
805.8
800.0
805.9
832.6
fewer beneficiaries than previously es402.4
350.3
383.0
385.5
393.8
Personal tax and nontax receipts
355.6
355.5
368.1
timated
($0.6 billion)—and an upward
Corporate profits tax accruals
87.4
89.4
93.9
97.5
77.2
71.2
72.6
84.7
Indirect business tax and nontax accruals
..
52.7
53.5
55.7
56.3
57.0
56.0
50.6
48.1
revision from a proposed 0.8-percent
359.2
Contributions for social insurance
338.3
350.2
354.8
317.0
325.8
327.2
331.6
COLA in January 1987 ($1.2 billion).
Expenditures
1,023.4 1,001.5 1,042.7 1,030.9 1,026.8 1,036.8 1,031.6 1,036.3
Under current law, the social security
372.1
Purchases of goods and services
363.3
380.1
383.0
380.9
355.7
367.1
364.2
COLA is equal to the third-quarter-toNational defense
.
.
.
.
280.4
287.4
295.3
298.1
268.0
266.4
278.6
278.0
Nondefense
84.7
84.9
112.9
89.3
85.6
82.9
84.8
89.1
third-quarter increase in the ConTransfer payments
400.1
400.4
401.5
405.2
385.9
389.3
394.4
400.8
sumer Price Index (CPI) if the CPI inTo persons
390.1
391.2
394.9
370.4
378.8
386.4
385.8
381.5
To foreigners
15.4
14.4
14.3
10.3
10.3
10.3
10.5
12.9
crease is 3 percent or more; if the in96.4
95.6
94.5
103.5
103.1
Grants-in-aid to State and local governments
101.6
106.9
107.6
crease is less than 3 percent, no
Net interest paid..
139.3
138.5
138.3
138.1
137.9
133.9
135.0
137.9
21.1
19.0
21.8
29.6
16.3
15.7
Subsidies less current surplus of government enterprises...
18.0
36.4
COLA is triggered. According to the
0
0
0
0
Less: Wage accruals less disbursements
0
0
0
0
revised economic assumptions, the
1328
1202
-217.6 -201.6 -236.9 -198.3 -164.6 -156.0
Surplus or deficit ( )
CPI will increase 0.8 percent from the
third quarter of 1985 to the third
Outlays in 1986 are $15.5 billion The revision in CCC is due to changes quarter of 1986, compared with 3.7
higher; upward revisions of $16.0 bil- in the 1986 crop forecast. Other major percent in the earlier economic aslion due to reestimates and policy upward revisions are $2.6 billion for sumptions. The administration prochanges were partly offset by a $0.5 the Federal Deposit Insurance Corpo- poses to pay a 1987 COLA based on
billion downward revision due to re- ration, reflecting more bank failures the revised assumptions, although a
vised economic assumptions. On a than expected earlier, and $1.2 billion COLA is not required by law. (Indeprogram-by-program basis, the revi- due to the delay in the sale of Con- pendently, Congress is considering a
sion is the net of $24.9 billion in rail. The largest downward revision is similar action.)
Revised NIPA estimates.—BEA has
upward revisions and $9.5 billion in for net interest ($3.9 billion), largely
prepared estimates of the Federal
downward revisions. The largest reflecting lower interest rates.
upward revisions were for national
For fiscal year 1987, a deficit of sector on the national income and
defense ($5.6 billion) and for the Com- $143.9 billion is estimated, compared product account (NIPA) basis consistmodity Credit Corporation (CCC) ($5.1 with $143.6 billion in February. Re- ent with the revised unified budget
billion). The sources of the revision in ceipts are $19.2 billion lower; down- estimates (table 2, and table 3 for the
national defense were not detailed. ward revisions of $19.7 billion and quarterly pattern). On this basis,
Table 2.—Federal Government Receipts and Expenditures




[Billions of dollars]

September 1986

SURVEY OF CURRENT BUSINESS
fiscal year 1986 receipts are $12.8 billion lower, expenditures are $8.7 billion higher, and the deficit is $21.5
billion higher than estimated in February.
All categories of receipts, except
contributions for social insurance, are
revised down in fiscal year 1986. The
largest declines are in corporate profits tax accruals ($7.8 billion), reflecting lower profits in the revised economic assumptions, and in indirect
business tax and nontax accruals ($4.0
billion), reflecting lower windfall
profit taxes.
The upward revision in expenditures is largely accounted for by purchases of goods and services. National
defense purchases are revised up $2.9
billion, and nondefense purchases are
revised up $5.5 billion. Within nondefense purchases, the purchase of agricultural commodities by the CCC are
revised up $3.8 billion, reflecting the
revised crop forecast, and all other
purchases are revised up $1.7 billion.
On balance, all other expenditures
are revised up $0.3 billion, the net of
$5.6 billion in upward revisions and
$5.4 billion in downward revisions.
The upward revisions are for subsidies less the current surplus of government enterprises ($2.5 billion), reflecting higher agricultural subsidies;
for grants-in-aid to State and local
governments ($2.3 billion); and for
transfer payments to persons ($0.8 billion). Partly offsetting these increases
are downward revisions in net interest paid ($3.2 billion), largely reflecting lower interest rates, and in transfer payments to foreigners ($2.2 billion).
For fiscal year 1987, receipts are
$15.5 billion lower, expenditures are
$10.6 billion lower, and the deficit is
$4.9 billion higher. The downward revision in receipts is more than accounted for by corporate profits taxes
($12.1 billion), down for the same
reason as in 1986, and by indirect
business taxes ($5.0 billion), reflecting,
in part, the windfall profit tax. In
February, receipts of this tax were estimated at $2.7 billion, but with the
steep decline in oil prices, it is now estimated that there will be no receipts
from this tax in 1987.
The revision in expenditures is the
net of $16.0 billion in downward revisions and $5.4 billion in upward revisions. The downward revisions are for
net interest ($7.7 billion), down for
the same reason as in 1986; for trans-




Table 4.—Relation of Federal Government Receipts in the National Income and Product
Accounts to the Unified Budget

Table 5.—Relation of Federal Government Expenditures in the National Income and Product Accounts to the Unified Budget

[Billions of dollars]

[Billions of dollars]
Fiscal year

Fiscal year

1985
Unified budget receipts
Less: Coverage differences
Plus: Netting differences:
Contributions to government
employees retirement funds....
Other

1.3

1.4

1.5

32.3
14.7

34.0
13.3

37.4
16.2

58

9

3.5

.7

.2

-.3
1

2.7
.1

.6
-.1
.1

Miscellaneous
Equals: Federal Government receipts,
NIPA's

1985

1986

1987

946.3

995.4

975.1

5.4
.4

5.5
-1.4

5.4
9

Financial transactions:
Net lending
Other

29.1
23

18.2
-1.2

6.2
-3.2

Net purchases of land:
Outer Continental Shelf
Other

-1.9
.2

-1.9
.2

-1.4
16

Plus: Netting differences:
Contributions to government
employees retirement
funds
Other
. .

32.3
14.7

34.0
13.3

37.4
16.2

1.4
-18

1.1

7.0
2.0

.1

.2

.1

1987

734.1 765.2 831.2

Timing differences:
Federal and State
unemployment insurance
taxes
Withheld personal income tax
and social security
contributions
Excise taxes
Other...

1986

Unified budget outlays
Less: Coverage differences:
Geographic
Other

Timing differences:
National defense purchases
Other
774.6 810.4 889.7
Miscellaneous

fer payments to persons ($3.3 billion),
reflecting the revised social security
COLA; for foreign transfers ($2.8 billion); and for subsidies less current
surplus ($2.2 billion), reflecting lower
agricultural subsidies. The upward revisions are for grants-in-aid ($3.4 billion) and for purchases of goods and
services ($2.0 billion).
Table 4 shows the relation between
unified budget receipts and NIPA receipts, and table 5 shows the relation
between unified budget outlays and
NIPA expenditures.
Cyclically
adjusted
deficit.—As
measured using cyclical adjustments
based on middle-expansion GNP, the
Federal deficit on the NIPA basis increases $10.7 billion in calendar year
1986, a relatively modest increase
(table 6). On a quarterly basis, the
deficit peaks in the second quarter of
1986, then declines every quarter
through the end of fiscal year 1987.
The cyclically adjusted budget based
on middle-expansion trend GNP is associated with a middle-expansion
trend unemployment rate of 7.4 percent. The cyclically adjusted deficit on
a 6-percent unemployment rate is
lower, but follows the same quarterly
pattern.
The sequestration report
In late August, the Congressional
Budget Office (CBO) and the Office of
Management and Budget (OMB) submitted to Congress the initial sequestration report for fiscal year 1987.
This report was the first step in the
Gramm-Rudman-Hollings process de-

Equals: Federal Government
expenditures, NIPA's

962.1 1,024.6 1,033.1

signed to reduce the 1987 deficit, if
necessary, to the $144.0 billion deficit
limit. Under this process, CBO and
OMB were required to prepare economic assumptions and a base-line
budget based on projections of receipts and outlays under current
laws. Spending or tax changes in the
proposed congressional budget reconciliation were not included because
the resolution had not yet been
passed. Based on this base-line
budget, potential outlay reductions
needed to reduce the deficit to the required limit were calculated.
The original act required that the
sequestration report was to be transmitted to the Comptroller General of
the General Accounting Office (GAO),
reviewed and changed, if necessary,
and then forwarded to the President
on August 25. However, the Supreme
Court, in early July, ruled this part of
the process unconstitutional, on the
ground that GAO's involvement violated executive authority. Under another provision of the act, the 1987
report was sent, instead, directly to
Congress. A special budget committee,
comprised of members of the Senate
and House budget committees, are to
report a joint resolution affirming the
outlay cuts. The joint resolution
would then have to pass both chambers and be signed by the President
(or be passed again over a veto) to
take effect. A revised sequestration
report reflecting congressional actions
is due October 5.

September 1986

SURVEY OF CURRENT BUSINESS
Table 7.—Economic Assumptions Underlying
the Fiscal Year 1987 Sequestration Report

Table 6.—Cyclically Adjusted Surplus or
Deficit (-),NIPA Basis
[Billions of dollars]
Based on middleexpansion trend
GNP
Level
Calendar year:
1984 .
1985 .
1986 ,
Quarters:
1984:
I
II
III
IV
1985:
I
II
Ill
IV
1986:
I
II
III
IV
1987:
I
II
Ill

-166.5
2033
-214.0

Change

-40.4
368
-10.7

[Billions of dollars]

Fiscal year 1987
Bat,ed on 6percent
unemployment
rate trend GNP
Level

-135.8
-170.7
180 9

-38.7
-34.9
102

-4.2
-19.1
93
-18.5

-112.6
-131.7
1405
-158.5

-3.3
-19.1
88
-18.0

-164.2
-217.2
2055
-226.1

25.6
-53.0
11.7
-20.6

-130.8
-185.9
-172.7
193 4

27.7
-55.1
13.2
20 7

Billions of dollars

GNP:
Current dollars....
1982 dollars

4,423
3,777

4,449
3,797

Percent change from preceding year (except as
noted)

GNP:
Current dollars...
1982 dollars
Quarterly change at annual
rate:
1986: IV
1987:1
1987:11
1987:111

6.2
3.2

6.8
3.7

3.6
3.9
3.7
3.3

4.0
4.2
4.2
4.2
3.0
2.1

-213.7
2440
-212.7
-185.5

12.4
303
31.3
27.2

-180.8
-211.7
179 5
-151.6

12.6
309
32.2
27.9

GNP deflator
Consumer Price Index 1

1827
-165.0
1587

2.8
17.7
6.3

1487
-130.8
-124.2

2.9
17.9
6.6

Civilian unemployment rate 2

6.8

6.7

Interest rates: 2
91-day Treasury bills
10-year Treasury notes

6.3
7.7

6.2
7.5

Table 7 shows the economic assumptions underlying the sequestration report, and table 8 shows the
base-line budget and the proposed
specified outlay cuts for 1987. It
should be pointed out that the baseline budget in the report and the unified budget estimate for 1987 in the
mid-session review are not the same.
As mentioned above, the base-line
budget is based on current laws as of
August 15; the unified budget estimate includes administration fiscal
policy proposals.
According to the sequestration
report, the 1987 deficit will exceed the
limit by $19.4 billion and, therefore,
outlays will have to be cut by that
amount if Congress and the administration fail to agree on an alternative
policy. National defense outlays that
are not exempt will have to be cut
$9.7 billion, or 5.6 percent across the
board. Nondefense outlays that are
not exempt will have to be cut $9.7
billion also, or 7.6 percent across the
board. National defense outlays subject to the across-the-board cut
amount to $169.0 billion; nondefense
outlays amount to $107.8 billion.
Within national defense, 1987 outlays
for military personnel are not exempt
as they were in 1986 and would incur
the largest dollar cut. According to
CBO, such a cut in military personnel
outlays would result in a furlough of
200,000 military personnel. Within
nondefense, the largest cuts would
occur in agriculture ($1.7 billion, in-

of
Congres- Office
sional Management
Budget
and
Office
Budget

Office of
Congressional Management
Budget Office and Budget

Change

-142.9
1620
171 3
-189.9




Table 8.—Base-Line Budget and Specified
Outlay Reductions for Fiscal Year 1987

2.9
2.6

Percent

1. Consumer Price Index for urban wage earners and clerical
workers.
2. Fiscal year average.
Source: "Sequestration Report for Fiscal Year 1987—A Joint
Report to the Congress of the United States."

eluding $0.9 billion for CCC), medicare ($1.3 billion), and international
affairs and income security ($0.8 billion each).
Congress can minimize the potential 1987 outlay cuts by applying a
$10.0 billion deficit limit margin provided by the act. Applying that
margin means that outlays would
have to be reduced only $9.4 billion to
reach a $154.0 billion deficit for 1987.
Congress could achieve that deficit in
either of two ways: (1) Allow an $11.0
billion receipts windfall in 1987 from
the proposed Tax Reform Act of 1986
to count as a deficit reduction measure, or (2) enact the fiscal year 1987
congressional
budget
resolution,
which mandates $9.2 billion in savings through reconciliation, in which
laws are changed to reduce spending
or increase taxes. Each way has problems, however. Counting the windfall
from the tax reform in 1987 implies
that a $17.0 billion shortfall in 1988
(the estimates are from the Joint
Committee on Taxation) would also
have to be counted, making it more
difficult to meet the 1988 deficit limit
of $108.0 billion. The budget resolution proposes $7-$9 billion in savings
in appropriation bills, but these bills
were, when Congress recessed, running about $1 billion over the resolution's combined target.

Receipts
Outlays
Deficit limit 1
Deficit excess

827.8
998.5
1706

827.1
826.4
990.5
982.6
-156.2 -163.4
-144.0
-19.4

19.4

Outlay reduction
National defense
Retirement cost-of-living
adjustment
Other
Military personnel
Operation and
maintenance
Procurement
Research, development,
test and evaluation
Other
Nondefense
Retirement and other costof-living adjustments
Other
. .
Special provisions
Other

Average

13.3

6.1

9.7

.2
13.1

.1
5.9

.2
9.5
3.7
3.2
1.0

13.3

6.1

1.0
.6
9.7

.2
13.1
1.4
11.7

.1
5.9
1.3
4.6

.2
9.5
1.4
8.1

1. The deficit excess is calculated from the average.
Source: "Sequestration Report for Fiscal Year 1987—A Joint
Report to the Congress of the United States."

Neither the administration nor
Congress desires to have the automatic outlay cuts take effect. OMB has
stated that the defense cuts are not
acceptable, and one of the principal
sponsors of the act has stated that the
uniform cuts are "not going to
happen/' It is generally believed that
Congress will find an acceptable alternative way to reach the deficit limit.
It must be found soon, however, because Congress has scheduled October
3 as the target for adjournment.
As of late September, the Senate
had approved a bill that reduced the
deficit $13.3 billion, mostly by asset
sales, improved tax collection procedures, and shifting of outlays into
fiscal year 1986. Asset sales include
$2.1 billion from the already-planned
sale of Conrail and $5.0 billion from
the sale of loans. The improved tax
collection procedures would increase
receipts about $4.0 billion, through
the acceleration of collections and
strengthened tax-collection efforts.
The bill also requires the Department
of Treasury to pay the fourth-quarter
payment ($680 million) of general revenue sharing to local governments by
September 30—the end of fiscal year
1986. Legislation that generally paralleled the Senate bill was being prepared in the House except that the
House version included an additional
$2.0 billion in deficit reductions,
largely through cuts in medicare and
other spending.

SURVEY OF CURRENT BUSINESS
Second-quarter NIPA revisions
The 75-day revisions of the national
income and product accounts estimates for the second quarter of 1986
are shown in table 9. The revised estimate of the second-quarter increase
in real GNP is unchanged from the
estimate issued a month ago; upward
revisions in some components were
offset by downward revisions in
others. The largest upward revision,
$3.5 billion, was in change in business
inventories, and the largest downward revision, $3.4 billion, was in net
exports.




September 1986

Table 9.—Revisions in Selected Component Series of the NIPA's, Second Quarter of 1986
Seasonally adjusted at annual rates
45-day
estimate

75-day
estimate

Revision

Percent change from
preceding quarter at
annual rates
45-day
estimate

75-day
estimate

Billions of current dollars
GNP
Personal consumption expenditures
Nonresidential fixed investment.
Residential investment
Change in business inventories
Net exports
Government purchases

4,179.8
2,735.3
456.5
215.7
12.5
-100.2
860.0

4,175.6
2,732.0
457.5
215.3
14.5
-104.5
860.8

4.2
-3.3
1.0
4
2.0
-4.3
.8

3.0
5.7
-2.3
21.9

2.6
5.2
1.5
21.0

11.6

12.0

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

3,379.5
2,480.1

3,376.4
2,480.2

3.1
.1

4.7
3.1

4.3
3.1

291.2
608.1

293.1
603.1

1.9
50

-6.8
18.4

4.4
14.6

3,486.5

3,483.3

-3.2

6.4

6.0

-.1
20
1.6
.4
3.5
-3.4
-.2

.6
6.5
-2.3
13.5

.6
6.2
-.9
14.5

9.8

9.7

1.9
1.6
2.5

1.7
1.5
1.8

Personal income

. ..

Billions of constant (1982) dollars
GNP
Personal consumption expenditures
Nonresidential fixed investment
Residential investment
Change in business inventories
Net exports
Government purchases

3,661.5
2,410.4
455.2
192.3
11.6
-150.5
742.4

3,661.4
2,408.4
456.8
192.7
15.1
1539
742.2

Index numbers, 1982 = 100 *
GNP price index (fixed weights) .. ..
GNP price index (chained weights)
GNP implicit price deflator

115.0

114.9

-.1

114.2

114.0

-.2

1. Not at annual rates.
NOTE.—For the second quarter of 1986, the following revised or additional major source data became available: For personal
consumption expenditures, revised retail sales for June, used car sales for the quarter, consumer share of new car purchases for
June, and consumption of electricity for May; for nonresidential fixed investment, revised manufacturers' shipments of equipment
for June, revised construction put in place for June, and business share of new car purchases for June; for residential investment,
revised construction put in place for June; for change in business inventories, revised book values for manufacturing and trade for
June; for net exports of goods and services, revised statistical month merchandise exports and imports for June, and revised
service receipts for the quarter; for government purchases of goods and services, revised construction put in place for June; for
wages and salaries, revised employment, average hourly earnings, and average weekly hours for June; for net interest, financial
assets held by households for the quarter, and revised net interest received from abroad for the quarter; for corporate profits,
revised domestic book profits for the quarter, and revised profits from the rest of the world for the quarter; and for GNP prices,
revised residential housing prices for the quarter.

SURVEY OF CURRENT BUSINESS

September 1986

National Income and Product Accounts Tables
New estimates in this issue: Second quarter 1986, revised ( r ).
The full set of National Income and Product Accounts estimates shown regularly in this part of the SURVEY are now available on diskette
for $240 per year (12 updates). For more information, write to the Bureau of Economic Analysis (BE—54), U.S. Department of Commerce, Washington, DC 20230.

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

Seasonally adjusted at annual rates

1984

1985
II

I

III

Gross national product
3,765.0 3,998.1 3,909.3 3,965.0
Personal consumption
2,428.2 2,600.5 2,530.9 2,576.0
expenditures
331.2 359.3 347.7 354.0
Durable goods
Nondurable goods
870.1 905.1 888.2 902.3
Services
1,227.0 1,336.1 1,294.9 1,319.7
Gross private domestic
investment
662.1 661.1 650.6 667.1
Fixed investment
598.0 650.0 625.2 648.0
416.5 458.2 439.8 459.2
Nonresidential
139.3 154.8 150.7 156.1
Structures
Producers' durable
equipment
277.3 303.4 289.1 303.1
181.4 191.8 185.4 188.8
Residential ..
Change in business
64.1
11.1
25.4
inventories
19.1
Nonfarm
56.6
12.2
10.4
18.5
11
Farm
7.5
6.9
8.6
Net exports of goods and
services
-58.7 -78.9 -49.4 -77.1
Exports
382.7 369.8 378.4 370.0
Imports
441.4 448.6 427.9 447.1
Government purchases of goods
733.4 815.4 777.3 799.0
and services
Federal
311.3 354.1 333.7 340.9
235.0 259.4 248.9 255.1
National defense
76.2
Nondefense
94.7
85.8
84.8
State and local
422.2 461.3 443.5 458.1

1984

1986

1985
IV

r

I

4,030.5 4,087.7 4,149.2 4,175.6
2,627.1 2,667.9 2,697.9 2,732.0
373.3 362.0 360.8 373.9
907.4 922.6 929.7 928.4
1,346.4 1,383.2 1,407.4 1,429.8
657.4
654.3
459.8
155.0

669.5
672.6
474.0
157.2

708.3
664.4
459.2
154.6

687.3
672.8
457.5
141.5

304.7
194.5

316.8
198.6

304.6
205.3

316.0
215.3

3.1
3.2
1

-3.1
16.7
199

43.8
41.2
2.7

14.5
10.5
3.9

-83.7 -105.3 -93.7
362.3 368.2 374.8
446.0 473.6 468.5

1045
363.0
467.5

836.7
355.7
266.4
89.3
480.9

860.8
367.6
278.4
89.2
493.3

829.7
360.9
265.5
95.5
468.8

855.6
380.9
268.0
112.9
474.7

I

II

1986

1985

1985

III

II

Gross national product
3,489.9 3,585.2 3,547.0 3,567.6
Personal consumption
expenditures
2,246.3 2,324.5 2,292.3 2,311.9
Durable goods
318.9 343.9 332.3 338.8
Nondurable goods
828.6 841.6 834.3 841.3
Services ..
1,098.7 1,139.0 1,125.8 1,131.8
Gross private domestic
investment
652.0 647.7 638.2 655.6
Fixed investment
592.8 638.6 615.0 638.1
422.2 461.4 442.7 463.0
Nonresidential
Structures
141.3 152.2 149.9 154.1
Producers' durable
equipment
280.9 309.2 292.8 308.9
170.6 177.2 172.4 175.1
Residential
Change in business
17.4
23.2
inventories
59.2
9.0
16.7
9.6
Nonfarm
10.9
54.3
6.4
7.8
Farm
4.9 -1.9
Net exports of goods and
services
-83.6 -108.2 -78.8 -108.1
Exports
369.7 362.3 369.4 361.2
453.2 470.5 448.2 469.3
Imports
Government purchases of goods
and services
675.2 721.2 695.3 708.3
Federal
291.7 323.6 305.8 311.4
National defense
219.4 235.7 228.0 233.5
77.8
77.9
Nondefense
72.3
87.8
State and local
383.5 397.6 389.5 396.9

IV

I

IP

3,603.8 3,622.3 3,655.9 3,661.4
2,342.0 2,351.7 2,372.7 2,408.4
357.4 347.0 345.4 357.1
843.8 847.2 860.6 877.3
1,140.8 1,157.5 1,166.6 1,174.0
643.8
643.1
463.1
152.3

653.2
658.4
476.9
152.4

684.0
644.1
457.8
148.1

664.7
649.6
456.8
132.9

310.9
180.0

324.5
181.5

309.7
186.3

323.9
192.7

.7 -5.2
1.4
16.1
-.7 -21.3

39.9
37.0
2.9

15.1
11.0
4.1

-113.8 -132.0 -125.9
355.8 362.9 369.2
469.6 494.8 495.1

153.9
359.8
513.6

731.8
329.9
242.2
87.6
401.9

749.4
347.2
239.3
107.9
402.2

742.2
328.9
249.3
79.5
413.3

725.2
320.4
238.7
81.7
404.8

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 hi
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]

Se:asonalbr adjusteid at an aual ratoes

1984

1985
I

Gross national product
Final sales
Change hi business
inventories
Goods ....
Final sales
Change in business
inventories
Durable goods.
Final sales
Change hi business
inventories
Nondurable goods
Final sales
Change in business
inventories
Services
Structures

II

Seasonally adjusted at annual rates

1986

1985
III

IV

I

1984
IIr

3,765.0 3,998.1 3,909.3 3,965.0 4,030.5 4,087.7 4,149.2 4,175.6
3,700.9 3,987.0 3,883 9 3,945 9 4,027.4 4,090.8 4,105.4 4,161.2

43.8
14.5
25.4
11.1
64.1
19.1
3.1 -3.1
1,576.7 1,630.2 16116 16224 1,642.7 1,644.1 1,669.0 1,661.5
1,512.6 1,619.1 1,586 2 1,6033 1,639.7 1,647.2 1,625.2 1,647.1
641
6750
6359

11 1
7002
6936

191
254
6884 6931
671 1 6908

31
7103
7130

31
7091
6996

438
710.6
6820

145
703.1
7032

392
9017
876.7

66
9300
925.5

173
9232
9152

23
9293
9126

27
9325
926.7

95
9350
947.7

286
9584
943.1

9585
943.9

_1

14.6
15.3
127
58
250
45
167
81
1,813.2 1,959.8 19063 1,935.4 1,971.9 2,025.5 2,057.7 2,087.4
375.1 408.1 391.4 407.2 415.9 418.1 422.6 426.7

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




1985

1985
I

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
Change in business
inventories
Services
Structures

II

1986
III

IV

I

IIr

3,489.9 3,585.2 3,547.0 3,567.6 3,603.8 3,622.3 3,655.9 3,661.4
3,430.7 3,576.2 3,523.9 3,550.2 3,603.1 3,627.5 3,616.1 3,646.3

59.2
17.4
23.2
9.0
39.9
.7 -5.2
15.1
1,503.1 1,533.2 1,521.1 1,526.0 1,544.2 1,541.7 1,563.6 1,562.8
1,443.9 1,524.2 1,497.9 1,508.6 1,543.6 1,546.9 1,523.7 1,547.6
59.2
653.4
615.9

9.0
675.8
670.0

23.2
660.0
643.8

17.4
668.3
666.6

.7
686.5
689.3

-5.2
688.7
680.2

39.9
688.6
662.6

37.5
849.7
828.0

5.9
857.4
854.2

16.2
861.1
854.1

1.7
857.7
841.9

-2.9
857.8
854.2

8.4
853.0
866.7

26.0
875.0
861.1

15.1
687.5
688.3
7
875.2
859.4

3.2
21.7
15.9
3.5 -13.6
7.0
15.7
13.9
1,623.0 1,667.6 1,653.0 1,656.5 1,668.7 1,692.1 1,703.0 1,712.0
363.9 384.4 373.0 385.1 390.9 388.5 389.4 386.6

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

September 1986

SURVEY OF CURRENT BUSINESS

8

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

1984

1985
I

Seasonally adjusted at annual rates

1984

1986

1985
II

III

IV

1985

IIr

I

1985
I

II

1986
III

IV

I

IF

3,759.6 4,065.9 3,933.4 4,023.0 4,111.1 4,196.1 4,199.0 4,265.7

Gross national product
3,489.9 3,585.2 3,547.0 3,567.6 3,603.8 3,622.3 3,655.9 3,661.4
Less: Exports of goods and
services ....
369.7 362.3 369.4 361.2 355.8 362.9 369.2 359.8
Plus: Imports of goods and
services
453.2 470.5 448.2 469.3 469.6 494.8 495.1 513.6
Equals: Gross1 domestic
purchases
. . 3,573.5 3,693.4 3,625.9 3,675.7 3,717.6 3,754.3 3,781.9 3,815.3
Less: Change in business
inventories
59.2
23.2
9.0
17.4
.7 -5.2
39.9
15.1
Equals: Final 2sales to domestic
purchasers
3,514.3 3,684.4 3,602.7 3,658.3 3,716.9 3,759.5 3,742.0 3,800.1

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.

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.

3,765.0 3,998.1 3,909.3 3,965.0 4,030.5 4,087.7 4,149.2 4,175.6

Gross national product
Less: Exports of goods and
services
Plus: Imports of goods and
services
Equals: Gross
domestic
purchases 1
Less: Change in business
inventories
Equals: Final2sales to domestic
purchasers

382.7

369.8

378.4

370.0

362.3

368.2

374.8

363.0

441.4

448.6

427.9

447.1

446.0

473.6

468.5

467.5

3,823.7 4,077.0 3,958.7 4,042.1 4,114.2 4,193.0 4,242.9 4,280.1

64.1

11.1

19.1

25.4

3.1

-3.1

14.5

43.8

Table 1.7.—Gross National Product by Sector

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

1984

II

I

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

3,765.0
3,717.5
3,194.3
3,117.2
2,830.1
287.1
79.0
-1.9
132.3
9.1
, 123.2
390.9
132.0
258.9
47.5

3,998.1
3,957.0
3,394.0
3,324.0
3,010.9
313.1
75.5
-5.5
142.1
9.3
132.8
420.9
140.7
280.1
41.2

1986

1985

1985

3,909.3 3,965.0
3,923.8
3,317.2 3,365.7
3,247.4 3,301.3
2,945.0 2,992.1
302.4 309.2
76.1
76.1
-6.4 -11.7
138.2 140.5
9.3
9.3
128.9 131.3
411.5 417.6
139.1 140.0
272.4 277.6
41.2
42.5

2,897.5 3,072.2

III

IV

I

IF

4,030.5
3,991.4
3,424.7
3,357.8
3,040.9
316.9
72.4
-5.5
143.4
9.3
134.1
423.3
140.5
282.8
39.1

4,087.7
4,045.8
3,468.4
3,389.4
3,065.4
323.9
77.5
1.6
146.2
9.4
136.8
431.2
143.4
287.8
41.9

4,149.2
4,106.0
3,519.9
3,451.7
3,121.5
330.2
71.8
-3.6
149.5
9.5
140.0
436.7
144.0
292.6
43.2

4,175.6
4,140.7
3,546.3
3,470.1
3,132.4
337.7
71.6
4.6
152.0
9.6
142.3
442.5
144.7
297.8
34.9

0

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

Table 1.8.—Gross National Product by Sector in Constant Dollars
[Billions of 1982 dollars]
Seasonally adjusted at annual rates

1984

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

3,489.9
3,446.0
2,978.3
2,910.4
2,653.7
256.7
69.6
-1.7
117.7
9.0
108.8
350.0
120.7
229.3
43.9

1985

3,585.2
3,548.3
3,071.5
2,998.9
2,735.3
263.6
77.6
-5.0
121.2
9.1
112.2
355.5
122.6
232.9
37.0

2,712.0 2,798.1

1986

1985
I

II

III

IV

I

II'

3,547.0
3,508.5
3,034.8
2,965.6
2,704.3
261.4
75.0
-5.8
119.7
9.1
110.6
354.0
122.5
231.6
38.5

3,567.6
3,530.5
3,054.8
2,988.0
2,725.1
262.9
77.5
-10.7
120.6
9.0
111.6
355.1
122.6
232.5
37.1

3,603.8
3,568.8
3,090.8
3,016.9
2,752.5
264.4
78.9
-4.9
121.8
9.1
112.7
356.2
122.8
233.4
35.1

3,622.3
3,585.2
3,105.4
3,025.0
2,759.2
265.7
79.0
1.4
122.9
9.1
113.7
356.9
122.6
234.3
37.1

3,655.9
3,617.9
3,135.8
3,061.6
2,794.2
267.4
77.4
32
124.1
9.2
114.9
357.9
122.9
235.0
38.1

3,661.4
3,630.6
3,146.9
3,067.5
2,798.3
269.2
75.3
4.0
125.1
9.3
115.7
358.7
123.0
235.7
30.8

0

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




Gross national product
3,765.0
Less: Capital consumption
allowances with capital
consumption adjustment
415.1
Capital consumption
allowances without
capital consumption
adjustment
4126
Less: Capital
consumption
adjustment
25
Equals: Net national product
3,349.9
Less: Indirect business tax and
nontax liability.. . .
3120
Business transfer
payments .
183
Statistical discrepancy
-1.9
Plus: Subsidies less current
surplus of government
enterprises
105
Equals: National income
3,032.0
Less: Corporate profits with
inventory valuation and
capital consumption
adjustments
2647
Net interest
307.4
Contributions for social
insurance
3267
Wage accruals less
disbursements
.2
Plus: Government transfer
payments to persons .
4373
Personal interest income.... 446.9
Personal dividend income ..
74.7
Business transfer
payments
183
Equals: Personal income
3,110.2

3,998.1 3,909.3 3,965.0 4,030.5 4,087.7 4,149.2 4,175.6
437.2

427.8

433.1

441.3

446.7

447.1

453.3

4673

4512

4649

4747

4785

4779

4792

308
334
234
258
319
319
301
3,560.9 3,481.5 3,531.9 3,589.3 3,641.0 3,702.1 3,722.3

3314

3233

3319

3327

3377

3467

3408

209
-5.5

206
200
-6.4 -11.7

212
-5.5

217
1.6

223
-3.6

229
4.6

41
224
74
102
26
125
82
3,222.3 3,157.0 3,201.4 3,243.4 3,287.3 3,340.7 3,376.4

2807
311.4

2664
316.8

2743
311.4

2963
309.7

2856
307.6

2964
304.9

2931
297.7

3557

3500

3539

3568

3621

3715

3735

-.2

.1

— 1.0

0

0

0

0

4662
476.2
76.4

4594
473.8
76.3

4635
475.3
76.4

4699
475.2
76.3

4718
480.6
76.7

4824
480.8
79.1

4872
480.1
81.1

200
223
206
212
209
229
217
3,314 5 3,253 1 3,298 7 33232 33829 34326 3483 3

Table 1.10.—Relation of Gross National Product, Net National Product,
and National Income in Constant Dollars
[Billions of 1982 dollars]
Gross national product
3,489.9 3,585.2 3,547.0
Less: Capital consumption
allowances with capital
407.1 425.6 417.5
consumption adjustment
3,082.8 3,159.6 3,129.5
Equals: Net national product
Less: Indirect business tax and
nontax liability plus business
transfer payments less
subsidies plus current surplus
289.6 297.7 295.0
of government enterprises
-5.0
-5.8
-1.7
Statistical discrepancy
2,794.8 2,866.8 2,840.3
Equals: National income

3,567.6 3,603.8 3,622.3 3,655.9 3,661.4
421.9 429.4 433.7 434.8 439.1
3,145.7 3,174.4 3,188.6 3,221.1 3,222.3

295.9 299.3 300.6 303.3 312.7
4.0
-4.9
-10.7
1.4 -3.2
2,860.5 2,880.0 2,886.5 2,920.9 2,905.6

SURVEY OF CURRENT BUSINESS

September 1986
Table 1.11 is on the next page.

9

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 1.14.—National Income by Type of Income

Seasonally adjusted at annual rates

1984

[Billions of dollars]

1985

1985

I

Seasonally adjusted at annual rates

1984

1985

National income
Compensation of employees
Wages and salaries
Government and
government enterprises
Other
Supplements to wages and
salaries
Employer contributions for
social insurance
Other labor income
Proprietors' income with
inventory valuation and
capital consumption
adjustments
Farm
Proprietors' income with
inventory valuation
adjustment
Capital consumption
adjustment
Nonfarm
Proprietors' income
Inventory valuation
adjustment
Capital consumption
adjustment
Rental income of persons with
capital consumption
adjustment
Rental income of persons
Capital consumption
adjustment

1986

1985
I

II

III

IV

I

346.4 37.1.9 363.3 368.6 374.2 381.6 387.2 392.5
1,490.6 1,593.9 1,559.1 1,583.6 1,601.8 1,631.1 1,656.8 1,666.3
377.7

402.4

393.9

399.8

404.9

410.9

417.4

421.3

193.1
184.5

205.5
196.9

202.2
191.7

204.5
195.3

206.1
198.8

209.1
201.7

212.9
204.5

214.1
207.3

254.4

31.5

29.2

250.7
32.9

255.5
33.0

249.3
21.6

262.1
29.4

265.3
24.4

289.1
39.5

40.8

38.0

41.8

41.9

30.3

37.9

32.7

47.9

-9.3
205.3
183.9

-8.8
225.2
193.5

-8.9
217.8
189.0

-8.8
222.5
191.2

-8.7
227.7
194.4

-8.5
232.7
199.1

-8.4
240.9
206.9

249.6
216.1

4

-.2

-.3

-.3

.1

-.3

-.4

21.8

31.9

29.0

31.5

33.2

34.0

34.4

8.3
51.7

-43.4

7.6
52.4

-44.8

6.8
50.4

-43.6

8.1
51.5

-43.4

7.3
53.0

-45.7

8.3
54.7

-46.4

12.8
57.2
-44.4

8.3

-1.0
34.4
16.3
61.3
-45.1

Corporate profits with
inventory valuation and
capital consumption
adjustments

264.7

280.7

266.4

274.3

296.3

285.6

296.4

293.1

Corporate profits with
inventory valuation
adjustment

230.2

222.6

226.4

240.8

235.7
95.4
140.3
78.3
62.0

223.2
91.8
131.4
81.6
49.8

215.4
213.8
87.1
126.7
81.4
45.3

235.3

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

213.3
213.8
87.8
126.0
80.9
45.1

229.2
95.8
133.4
81.6
51.8

235.8
96.4
139.4
82.5
57.0

224.3
89.1
135.2
85.2
50.0

241.9
231.3
93.3
138.0
87.5
50.4

Inventory valuation
adjustment

-5.5

-.6

-.5

1.6

6.1

94

16.5

10.6

34.5
307.4

58.1
311.4

53.2
316.8

58.9
311.4

61.0

59.2

55.6

51.3

309.7

307.6

304.9

297.7

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




169.3

188.9

178.7

187.2

200.5

189.2

207.3

1986

III

IV

I

IF

Billions of dollars

IF

3,032.0 3,222.3 3,157.0 3,201.4 3,243.4 3,287.3 3,340.7 3,376.4
2,214.7 2,368.2 2,316.3 2,352.1 2,380.9 2,423.6 2,461.5 2,480.2
1,837.0 1,965.8 1,922.4 1,952.2 1,976.0 2,012.8 2,044.1 2,058.8

236.9

II

Gross domestic product
of corporate business
Capital consumption allowances
with capital consumption
adjustment

2,276.5 2,414.1 2,359.1 2,396.6 2,441.5 2,459.0 2,501.5 2,506.2
253.9

Net domestic product
2,022.6
Indirect business tax and
nontax liability plus
business transfer payments
less subsidies
215.8
Domestic income
1,806.9
Compensation of employees- 1,503.5
Wages and salaries
1,251.6
Supplements to wages
and salaries ....;
251.9
Corporate profits with
inventory valuation and
capital consumption
233.7
adjustments
Profits before tax
204.7
Profits tax liability
95.4
Profits after tax
109.2
67.0
Dividends
Undistributed profits . . . 42.3
Inventory valuation
adjustment
-5.5
Capital consumption
adjustment
34.5
Net interest
69.6
Gross domestic product
of financial corporate
business
Gross domestic product
of nonfmancial
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 employeesWages 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

132.9

268.2 262.8 266.6 270.1 273.3 275.3 278.9
2,145.9 2,096.3 2,130.1 2,171.5 2,185.8 2,226.2 2,227.3

230.2 223.6 230.4 231.8 235.0 241.8 234.2
1,915.7 1,872.7 1,899.6 1,939.7 1,950.8 1,984.4 1,993.1
1,602.8 1,569.2 1,592.5 1,611.0 1,638.4 1,664.7 1,672.0
1,336.7 1,308.4 1,328.6 1,343.0 1,366.7 1,388.9 1,394.4
266.1

260.8

263.9

268.0

271.7

275.8

277.6

248.8
191.3
91.8
99.5
69.4
30.2

235.8
183.1
87.8
95.3
63.2
32.2

242.7
182.2
87.1
95.1
76.1
19.1

266.3
199.2
95.8
103.4
68.3
35.1

250.5
200.7
96.4
104.3
69.9
34.3

257.9
185.9
89.1
96.8
70.4
26.4

260.2
198.3
93.3
105.1
82.3
22.7

-.6

-•5

1.6

6.1

94

16.5

10.6

58.1
64.1

53.2
67.6

58.9
64.4

61.0
62.4

59.2
61.9

55.6
61.8

51.3
60.9

138.9

133.1

137.5

140.2

144.9

157.9

164.7

2,143.7 2,275.1 2,226.0 2,259.1 2,301.3 2,314.1 2,343.6 2,341.5
239.5 252.2 247.3 250.7 253.9 256.8 258.7 261.9
1,904.1 2,023.0 1,978.7 2,008.4 2,047.4 2,057.3 2,084.9 2,079.6

203.7 216.8 210.9 217.1 218.2 221.1 227.6 220.1
1,700.4 1,806.1 1,767.8 1,791.3 1,829.2 1,836.2 1,857.4 1,859.5
1,401.1 1,491.5 1,461.8 1,482.2 1,498.4 1,523.5 1,542.8 1,545.7
1,166.6 1,244.1 1,219.1 1,236.9 1,249.4 1,271.0 1,287.4 1,289.2
234.5

247.4

242.7

245.4

249.1

252.5

255.4

256.5

216.7
189.3
74.4
114.9
72.9
42.0

224.2
170.3
66.5
103.8
74.3
29.5

214.6
164.9
63.6
101.3
69.1
32.1

218.2
161.1
61.5
99.6
80.6
19.1

240.8
177.5
70.5
107.0
72.8
34.1

223.3
177.5
70.3
107.2
74.6
32.6

225.5
157.5
62.4
95.1
74.8
20.3

225.9
168.1
66.0
102.1
85.6
16.5

-9.4

16.5

10.6

51.5
89.1

47.2
87.8

-5.5
32.9
82.6

6

5

1.6

6.1

54.5
90.4

50.2
91.4

55.5
90.9

57.2
89.9

55.2
89.3

199.9
Billions of 1982 dollars

344.9

375.4

360.6

372.3

388.9

380.0

397.4

391.2

91.0

107.3

97.8

105.8

118.8

106.8

122.1

112.3

253.9

268.2

262.8

266.6

270.1

273.3

275.3

278.9

-5.5
350.4

-.6
376.0

-.5
361.0

1.6
370.8

6.1
382.8

-9.4
389.4

16.5
380.9

10.6
380.6

Gross domestic product
of nonfinancial
corporate business
2,030.8 2,105.5 2,075.7 2,094.4 2,124.6 2,127.3 2,141.0 2,135.3
Capital consumption allowances
with capital consumption
238.3 249.1 244.9 247.7 250.6 253.3 255.7 258.3
adjustment
Net domestic product
1,792.4 1,856.4 1,830.7 1,846.7 1,874.0 1,874.0 1,885.3 1,877.0
Indirect business tax and
nontax liability plus
business transfer payments
less subsidies
... 184.5 189.6 187.5 188.3 190.8 191.9 192.9 199.3
1,608.0 1,666.7 1,643.2 1,658.3 1,683.3 1,682.2 1,692.4 1,677.7
Domestic income ....

10

September 1986

SURVEY OF CURRENT BUSINESS
Table 1.11.—Command-Basis Gross National Product in Constant
Dollars

Table 1.17.—Auto Output
[Billions of dollars]

[Billions of 1982 dollars]

Seasonally adjusted at annual rates

Seasonally adjusted at annual rates

1984

I

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 1
Imports
Equals: Command-basis gross
national product
Addendum:
Terms of trade 2

III

II

IV

393.0
453.2

-82.7
387.8
470.5

788 -108.1 -113.8 -132.0 -125.9 -153.9
369.4 361.2 355.8 362.9 369.2 359.8
448.2 469.3 469.6 494.8 495.1 513.6

-51.8
396.4
448.2

-80.9

-88.1 -110.1 -99.0 -114.8

388.4
469.3

381.5
469.6

384.8
494.8

396.1
495.1

398.8
513.6

3,513.2 3,610.6 3,574.1 3,594.8 3,629.5 3,644.2 3,682.9 3,700.4
106.3

107.0

107.2

107.5

107.2

106.1

II

1986
III

IV

I

IF

IIr

I

3,573.5 3,693.4 3,625.9 3,675.7 3,717.6 3,754.3 3,781.9 3,815.3
-60.3

1985
I

3,489.9 3,585.2 3,547.0 3,567.6 3,603.8 3,622.3 3,655.9 3,661.4
836 -108.2
369.7 362.3
453.2 470.5

1985

1986

1985

1985

1984

107.3

110.9

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.

Auto output
103.5 114.1 114.8 111.4 116.9 113.3 113.2 112.7
Final sales
101.2 110.1 107.8 108.8 123.1 100.6 105.3 106.2
Personal consumption
expenditures. ..
105.7 115.3 110.2 112.8 126.4 111.6 111.1 115.2
New autos
77.8
81.9
87.2
84.8
82.7
85.7
99.5
90.8
Net purchases of used autos..
27.9
28.1
28.3
28.1
28.9
25.4
26.9
24.4
Producers' durable equipment ..
19.8
21.0
23.2
22.8
22.6
24.1
26.6
26.6
New autos
39.3
42.4
42.7
41.3
39.7
41.7
47.5
45.8
Net purchases of used autos.. -19.5 -19.5 -20.3 -19.6 -21.0 -17.1 -17.6 -19.3
Net exports of goods and
services
-25.8 -30.0 -25.2 -28.5 -31.3 -35.3 -32.1 -37.1
Exports
4.9
6.1
5.9
5.8
6.2
6.6
6.4
6.6
Imports
30.7
41.4
36.1
31.1
34.3
38.7
37.7
43.7
Government purchases of
goods and services
1.6
1.8
1.6
1.6
1.6
2.2
1.4
1.5
Change in business inventories
of new and used autos
2.2
7.0
2.6 -6.2
4.0
12.7
7.9
6.5
New
2.0
4.1
6.7
16.4
2.5 -9.0
7.8
3.5
Used
.2
.3
.2
-.1
2.8 -3.7
.1
3.0
Addenda:
Domestic
output of new
autos l
86.4
95.3
98.5
91.5
94.8
96.3
98.8
95.7
Sales of imported new autos 2...
37.9
37.7
45.0
42.9
49.5
44.7
49.7
48.3
1. Consists of final sales and change in business inventories of new autos assembled in the
United States.
2. Consists of personal consumption expenditures, producers' durable equipment, and government purchases,

Table 1.19.—Truck Output
Table 1.18.—Auto Output in Constant Dollars

[Billions of dollars]

[Billions of 1982 dollars]

Seasonally adjusted at annual rates

1984

1985

1985
I

1

Truck output
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...

II

Se asonally adjuste d at amlual rait38

1986
III

IV

I

IF

51.1
48.6

54.2
54.0

51.0
52.2

52.4
51.9

55.5
55.1

57.8
57.0

54.7
49.6

56.5
55.8

19.5
30.1

22.6
32.3

21.7
31.0

21.1
31.8

24.2
31.4

23.2
35.2

21.2
29.9

25.4
32.4

-5.8
2.4
8.2

67
2'.7
9.4

65
2.4
8.9

-6.5
2.7
9.2

-6.3
2.8
9.2

-7.4
3.0
10.5

76
2i8
10.4

-7.4
3.1
10.6

4.7
2.6

5.8
.1

6.0
-1.2

5.5
.5

5.7
.4

6.1
.8

6.1
5.1

5.4
.7

Table 1.20.—Truck Output in Constant Dollars
[Billions of 1982 dollars]
Seasonally adjusted at annual rates

1984

Truck output
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...
1. Includes new trucks only.




1986

1985

1985
I

II

III

IV

I

IF

47.6
45.2

49.2
49.1

47.1
48.2

47.9
47.4

50.4
50.0

51.6
50.9

48.4
44.0

49.5
48.9

18.4
27.8

20.7
29.3

20.1
28.5

19.4
28.9

222
28.4

21.0
31.2

19.0
26.4

22.4
28.3

-5.4
2.3
7.7

-6.1
2.5
8.6

-6.0
2.2
8.2

-6.0
2.4
8.4

-5.8
2.6
8.3

-6.7
2.7
9.4

-6.8
2.5
9.3

-6.6
2.7
9.3

4.4
2.4

5.3
.1

5.5
-1.1

5.0
.5

5.2
.4

5.4
.7

5.4
4.4

4.8
.6

19 86

19 85

1985
I

1. Includes new trucks only.

1

1984

II

III

IV

I

II'

Auto output
97.3 104.6 105.7 102.3 107.6 102.7 103.2 101.6
Final sales
92.0
97.1
97.3
956 1015 100.0 100.4 113.4
Personal consumption
99.4
98.7 101.5
96.7 103.3
98.8 101.2 113.9
expenditures
...
750
77.2
80.5
New autos
760
781
912
737
801
24.3
21.0
23.1
22.7
21.5
Net purchases of used autos..
23.2
22.8
23.0
22.5
24.1
23.7
25.1
Producers' durable equipment24.1
22.9
26.9
21.9
36.0
40.6
38.3
39.0
43.6
37.5
New autos. .
372
392
Net purchases of used autos.. -15.3 -15.1 -15.4 -15.0 -16.6 -13.5 -13.8 -15.6
Net exports of goods and
27.4
30.6
services
-24.4 -27.5 -23.4 -26.3 -28.8 -31.4
5.5
5.8
5.7
52
Exports
54
53
57
46
36.9
33.2
36.3
28.8
31.5
34.5
Imports
32.9
290
Government purchases of
1.5
2.1
1.4
17
1.5
1.4
15
goods and services
15
Change in business inventories
10.7
6.1
4.3
5.8
of new and used autos
17
57
1.8
31
New
. ..
13.6
6.0
1.8
17 -80
15
32
55
— .1
.1
.1
2.4
.2
.2
3.0
2.3
Used
Addenda:
Domestic
output of new
85.1
84.2
90.8
88.6
autos l
87.0
83.7
88.5
81.5
45.0
42.8
40.3
34.9
39.5
45.6
Sales of imported new autos 2...
35.9
41.3
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.

SURVEY OF CURRENT BUSINESS

September 1986

11

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

Table 2.1.—Personal Income and Its Disposition
[Billions of dollars]

[Billions of dollars]
Seasonally adjusted at annual rates

1984

1985

1985

I

II

Seasonally adjusted at annual rates

1986

III

IV

1984

IIr

I

1985

1985

II

I
Personal income .

3,110.2 3,314.5 3,253.1 3,298.7 3,323.2 3,382.9 3,432.6 3,483.3

Wage and salary
disbursements

1,836.8 1,966.1 1,922.3 1,953.3 1,976.0 2,012.8 2,044.1 2,058.8

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

577.8
439.1
442.2
470.6

607.7
460.1
469.8
516.4

600.1
455.1
460.2
498.8

605.0
457.3
467.7
511.0

608.3
460.7
472.4
521.1

617.7
467.5
478.9
534.6

622.0
470.5
485.2
549.6

620.8
468.8
484.3
561.3

346.2

372.2

363.2

369.6

374.2

381.6

387.2

392.5

184.5

196.9

191.7

195.3

198.8

201.7

204.5

207.3

Proprietors' income with
inventory valuation and
capital consumption
adjustments

236.9

254.4

250.7

255.5

249.3

262.1

265.3

289.1

31.5
205.3

29.2
225.2

32.9
217.8

33.0
222.5

21.6
227.7

29.4
232.7

24.4
240.9

39.5
249.6

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
Less: Personal outlays

8.3
74.7
446.9
455.6

7.6
76.4
476.2
487.1

6.8
76.3
473.8
479.4

8.1
76.4
475.3
484.1

7.3
76.3
475.2
491.1

8.3
76.7
480.6
493.6

12.8
79.1
480.8
504.7

16.3
81.1
480.1
510.1

235.7

253.4

249.3

251.1

256.5

256.8

263.2

264.1

15.8
16.4

15.7
16.7

16.7
16.8

15.8
16.8

15.1
16.7

15.3
16.4

15.5
17.0

16.3
17.0

60.8
126.9

66.6
134.6

65.3
131.2

66.2
134.2

67.0
135.9

68.0
137.1

69.1
140.0

70.1
142.7

14.9
112.0

15.4
119.2

15.1
116.1

15.3
118.9

15.6
120.3

15.7
121.3

16.0
124.0

16.2
126.5

133.5

150.2

147.8

149.4

150.7

152.9

158.6

Personal saving as
percentage of disposable
personal income

486.5

497.7

456.4

491.2

500.7

497.5

I

IF

Food
Clothing and shoes
Gasoline and oil
Other nondurable goods
Fuel oil and coal
Other
Services

331.2

359.3

347.7

354.0

373.3

362.0

360.8

373.9

154.5

169.2

162.3

165.3

182.8

166.4

163.5

172.0

118.9
57.8

126.8
63.3

123.5
61.9

125.9
62.8

126.8
63.7

130.9
64.7

132.1
65.3

135.8
66.0

870.1

905.1

888.2

902.3

907.4

922.6

929.7

928.4

449.9
147.2
90.7
182.2
17.9
164.3

469.3
155.2
91.9
188.7
15.7
172.9

461.2
151.7
89.6
185.8
15.9
169.9

468.3
155.0
92.8
186.2
15.3
170.9

470.4
155.4
92.4
189.1
15.5
173.6

477.4
158.7
93.0
193.5
16.2
177.3

484.6
161.3
87.6
196.2
14.9
181.3

490.3
165.0
78.1
194.9
13.7
181.2

1,227.0 1,336.1 1,294.9 1,319.7 1,346.4 1,383.2 1,407.4 1,429.8
372.2 403.9 390.6 399.1 408.6 417.4 424.8 434.7
166.6 175.0 175.0 171.4 175.1 178.3 174.3 177.6
88.7
86.3
84.8
89.9
86.5
91.3
86.9
93.1
81.8
84.9
86.4
87.0
88.0
90.6
85.1
82.0
82.0
88.9
90.9
93.5
95.0
88.7
86.8
88.1
263.2 290.1 278.6 287.7 291.5 302.5 307.9 312.3
342.9 378.4 364.0 373.4 382.1 394.1 406.9 410.3

Housing
Household operation
Electricity and gas
Transportation.....
Medical care
Other

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

1984

1986

1985

1985

II

III

IV

I

IP

504.8

2,670.6 2,828.0 2,755.4 2,842.3 2,832.0 2,882.2 2,935.1 2,978.5
2,501.9 2,684.7 2,611.3 2,658.7 2,712.4 2,756.4 2,789.4 2,825.5

2,470.6 2,528.0 2,495.7 2,550.8 2,524.7 2,540.7 2,581.2 2,625.8
11,265 11,817 11,555 11,893 11,819 11,999 12,193 12,348
10,421 10,563 10,466 10,674 10,537 10,577 10,723 10,886
237.1

239.3

238.5

239.0

239.6

240.2

240.7

241.2

6.3

5.1

5.2

6.5

4.2

4.4

5.0

5.1

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




Nondurable goods

159.5

Personal consumption
expenditures
2,428.2 2,600.5 2,530.9 2,576.0 2,627.1 2,667.9 2,697.9 2,732.0
Interest paid by consumers to
business
72.3
82.6
78.4
81.2
83.8
87.0
89.8
92.3
Personal transfer payments to
foreigners (net)
2.1
1.4
1.5
1.6
1.5
1.2
1.6
1.7
Equals: Personal saving
168.7 143.3 144.1 183.6 119.6 125.8 145.6 153.1
Addenda:
Disposable personal income:
Total, billions of 1982
dollars
Per capita:
Current dollars
1982 dollars
Population (mid-period,
millions)

Motor vehicles and parts
Furniture and household
equipment
Other

I
439.6

IV

2,428.2 2,600.5 2,530.9 2,576.0 2,627.1 2,667.9 2,697.9 2,732.0

Durable goods

Other labor income

Farm ..
Nonfarm

Personal consumption
expenditures

1986

III

Personal consumption
expenditures

2,246.3 2,324.5 2,292.3 2,311.9 2,342.0 2,351.7 2,372.7 2,408.4
318.9 343.9 332.3 338.8 357.4 347.0 345.4 357.1
145.6 156.2 150.2 152.9 168.9 152.9 149.6 156.0

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

.

123.2
58.8

126.4
59.5

128.4
60.1

133.0
61.2

134.3
61.5

139.1
62.1

118.0
55.3

127.7
59.9

828.6

841.6

834.3

841.3

843.8

847.2

860.6

877.3

424.2
142.7
95.3
166.5
18.6
147.9

433.4
146.0
95.7
166.5
17.0
149.5

428.4
144.0
95.5
166.4
17.4
149.0

434.8
146.1
95.5
165.0
16.4
148.6

435.3
146.5
95.6
166.4
17.1
149.3

435.1
147.5
96.4
168.2
17.0
151.2

441.1
152.4
96.9
170.2
17.0
153.2

444.2
157.1
105.4
170.5
18.3
152.3

1,098.7 1,139.0 1,125.8 1,131.8 1,140.8 1,157.5 1,166.6 1,174.0
333.8 342.7 339.6 341.7 343.8 345.5 347.6 350.2
148.6 151.4 153.2 148.4 150.3 153.6 148.5 150.1
75.8
75.1
80.1
76.9
75.1
75.4
78.3
81.3
74.3
73.4
73.5
73.4
73.5
71.9
73.2
73.1
84.3
83.3
81.4
82.6
80.5
79.4
81.0
75.9
230.8 237.8 234.0 237.9 238.0 241.3 243.0 245.0
309.6 326.2 319.5 323.3 327.2 334.5 344.3 344.5

September 1986

SURVEY OF CURRENT BUSINESS

12

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

1984

1985

1985
I

Receipts..
726.5 786.8
Personal tax and nontax
receipts
309.3 345.6
Income taxes
302.8 338.4
Estate and gift taxes
6.1
6.5
Nontaxes
.7
.5
Corporate profits tax accruals
75.9
73.6
Federal Reserve banks
16.1
17.8
Other . . .
59.9
55.8
Indirect business tax and
nontax accruals
55.7
56.1
Excise taxes
36.2
35.5
Customs duties . . .
12.2
11.9
Nontaxes
8.4
7.6
Contributions for social
insurance
285.5 311.5
Expenditures.
896.5 984.9
Purchases of goods and services... 311.3 354.1
National defense
235.0 259.4
Nondefense
76.2
94.7
Transfer payments
355.0 380.3
To persons
344.3 367.0
To foreigners
10.7
13.4
Grants-in-aid to State and local
governments
93.6
99.0
Net interest paid
115.6 130.5
Interest paid
136.4 152.1
To persons and business
116.6 130.8
To foreigners
19.8
21.3
Less: Interest received by
government
21.6
20.8
Subsidies less current surplus of
government enterprises
20.7
21.3
Subsidies
22.1
22.2
Less: Current surplus of
government enterprises
.8
1.5
Less: Wage accruals less
disbursements
.2
-.2
Surplus or deficit (-),
national income and
product accounts
-170.0 -198.0
Social insurance funds
2.2
11.0
Other
1722 -209.1

II

Seasonally adjusted at annual rates

1986
III

IV

1984
IIr

I

793.3

755.8

792.6

805.8

800.0

807.7

360.7
353.9
6.2
.6
70.5
18.2
52.3

316.6
309.2
6.7
.7
69.9
18.2
51.8

349.6
342.1
6.8
.7
76.8
17.5
59.3

355.6
348.6
6.3
.8
77.2
17.3
59.9

350.3
343.1
6.4
.8
71.2
16.6
54.5

355.5
347.1
7.6
.8
74.3
15.8
58.5

55.1
35.2
12.4
7.6

59.3
35.1
11.6
12.5

53.9
35.2
12.0
6.8

56.0
36.6
12.6
6.8

52.7
32.9
13.1
6.6

50.7
31.1
13.3
6.3

306.9
955.4
333.7
248.9
84.8
374.2
363.1
11.1

310.0
970.6
340.9
2551
85.8
377.2
364.7
12.4

312.2 317.0 325.8 327.2
990.1 1,023.4 1,001.5 1,045.7
360.9 380.9 355.7 367.6
265.5 268.0 266.4 278.4
89.3
89.2
95.5 112.9
384.1 385.9 389.3 396.7
369.6 370.4 378.8 381.6
15.4
10.5
15.0
14.5

95.7
127.6
148.6
127.4
21.2

98.3
130.9
151.9
130.8
21.1

100.2
129.8
152.3
130.8
21.5

101.6
133.9
155.7
134.2
21.5

103.5
135.0
157.8
134.9
22.8

106.9
138.1
160.2
138.0
22.2

21.0

21.0

22.5

21.8

22.8

22.1

24.4
26.2

22.3
26.2

15.1
17.1

21.1
19.5

18.0
19.6

36.5
38.7

1.8

3.8

2.0

1.6

2.2

0

0

.1

-1.0

0

-1.6
0

1985

-162.2 -214.8 -197.5 217 6 201 6 238 1
8.3
11.0
9.7
15.1
18.5
19.3
-170.5 -225.9 -207.2 -232.7 -220.1 -257.3

1985
I

1986
III

II

IV

I

IF

Receipts
540.8 577.5 561.3 571.9 584.2 592.7 608.4 611.6
Personal tax and nontax
receipts
130.3 140.9 137.0 139.8 141.6 145.1 147.2 149.3
Income taxes
67.5
74.0
72.2
70.8
72.1
72.1
74.9
74.5
Nontaxes ..
51.8
54.7
59.0
56.8
56.1
57.5
60.4
61.8
Other
10.9
11.4
12.1
12.1
12.6
11.8
11.7
12.4
Corporate profits tax accruals
19.5
18.2
17.3
17.2
19.0
19.2
19.0
18.0
Indirect business tax and
nontax accruals
256.3 275.4 268.2 272.7 278.8 281.8 294.1 290.1
Sales taxes
120.0 129.0 125.6 128.0 131.2 131.4 133.4 135.7
Property taxes
99.7 107.2 104.2 106.1 108.2 110.4 112.5 114.6
Other
36.6
38.4
38.6
39.4
39.9
39.8
39.1
48.1
Contributions for social
insurance
41.1
43.1
45.1
44.2
43.9
44.5
45.7
46.3
Federal grants-in-aid
93.6
95.7
99.0
98.3 100.2 101.6 103.5 106.9
Expenditures
472.4 515.8 495.6 512.6 524.7 530.2 538.5 552.6
Purchases of goods and services... 422.2 461.3 443.5 458.1 468.8 474.7 480.9 493.3
Compensation of employees
258.9 280.1 272.4 277.6 282.8 287.8 292.6 297.8
Other
163.3 181.1 171.1 180.5 186.0 186.9 188.3 195.5
Transfer payments to persons
93.1
96.3
99.2
98.7 100.4 101.4 103.6 105.6
Net interest paid
-28.5 -26.9 -27.7 -27.1 -26.6 -26.4 -26.1 -25.7
Interest paid
40.4
36.9
42.6
41.9
43.3
44.8
47.6
46.2
Less: Interest received by
government
,
65.4
71.2
69.5
68.1
69.0
69.9
72.2
73.4
Less: Dividends received by
government
3.6
4.6
5.4
5.2
5.0
5.7
6.1
6.4
Subsidies less current surplus of
government enterprises
, -10.7 -12.6 -11.9 -12.1 -12.5 -13.7 -13.9 -14.1
Subsidies
.6
.7
.7
.7
.7
.7
.8
.8
Less: Current surplus of
government enterprises
11.3
13.2
12.5
12.8
13.2
14.5
14.7
14.9
Less: Wage accruals less
disbursements
0
0
0
0
0
0
0
0
Surplus or deficit (-),
national income and
product accounts
68.5
61.7
59.2
59.5
65.6
62.5
70.0
59.0
Social insurance funds
48.9
52.7
51.6
52.4
53.1
53.7
54.3
55.0
Other.
19.6
9.0
14.0
6.8
6.5
8.8
15.7
4.1

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

Seasonally adjusted at annual rates

1984

I

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




1984

1986

1985

1985
II

III

IV

I

IIr

733.4
311.3
235.0
65.5
12.2
152.4

815.4
354.1
259.4
74.9
12.2
166.1

777.3
333.7
248.9
71.0
11.5
161.4

799.0
340.9
255.1
73.1
12.7
163.2

829.7
360.9
265.5
78.9
13.0
166.6

855.6
380.9
268.0
76.6
11.8
173.4

836.7
355.7
266.4
75.7
11.8
172.5

860.8
367.6
278.4
83.6
11.0
177.3

94.8
63.5
31.3
57.6
5.0
76.2
3.9
3.1

101.1
67.8
33.3
65.0
6.1
94.7
4.1
17.2

99.9
66.9
33.0
61.5
5.1
84.8
4.1
8.9

100.5
67.2
33.2
62.7
6.1
85.8
4.1
9.3

100.8
67.4
33.4
65.8
7.0
95.5
3.9
17.5

103.4
69.7
33.7
70.0
6.1
112.9
4.5
33.2

103.9
70.0
33.8
68.7
6.3
89.3
4.3
11.1

104.4
70.3
34.1
72.9
6.5
89.2
4.3
11.2

-3.6
6.7
62.0

11.3
5.9
66.0

2.8
6.1
64.5

2.3
6.9
65.1

11.4
6.1
66.5

28.7
4.5
68.0

5.6
5.5
66.7

5.5
5.7
66.4

37.2
24.7
7.3
422.2
18.7
36.2
320.3
258.9
61.4
47.0

39.6
26.4
7.4
461.3
20.8
38.7
348.3
280.1
68.2
53.5

39.2
25.3
7.3
443.5
20.0
37.6
337.9
272.4
65.5
48.0

39.5
25.6
7.4
458.1
20.5
38.4
345.0
277.6
67.4
54.2

39.7
26.8
7.5
468.8
20.9
38.7
351.9
282.8
69.1
57.3

40.0
28.0
7.2
474.7
21.5
40.0
358.6
287.8
70.8
54.6

40.2
26.6
7.2
480.9
21.9
38.7
365.4
292.6
72.7
55.0

40.3
26.1
7.2
493.3
22.4
36.7
372.0
297.8
74.3
62.1

I

Government purchases of
goods and services
Federal
National defense
Durable goods
Nondurable goods
Services
Compensation of
emolovees
TiJr-i-i
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 . . .

1986

1985

1985
II

III

IV

I

IF

675.2
291.7
219.4
61.2
13.6
140.0

721.2
323.6
235.7
70.4
13.6
146.3

695.3
305.8
228.0
66.8
12.7
143.9

708.3
311.4
233.5
69.2
14.1
144.6

731.8
329.9
242.2
74.6
14.4
146.9

749.4
347.2
239.3
70.8
13.1
150.0

725.2
320.4
238.7
71.3
13.3
148.5

742.2
328.9
249.3
77.1
14.5
152.1

86.9
58.6
28.3
53.0
4.7
72.3
4.1
4.5

88.3
59.5
28.9
58.0
5.5
87.8
4.6
18.2

88.2
59.4
28.8
55.7
4.7
77.8
4.4
9.2

88.3
59.5
28.8
56.3
5.6
77.9
4.5
9.1

88.5
59.6
28.9
58.4
6.3
87.6
4.5
17.7

88.4
59.5
28.9
61.6
5.4
107.9
5.2
36.6

88.6
59.6
28.9
60.0
5.6
81.7
5.2
11.8

88.6
59.5
29.1
63.5
5.7
79.5
5.4
10.0

-2.2
6.7
56.7

12.3
5.9
58.2

3.2
6.0
57.3

2.0
7.0
57.5

11.5
6.2
58.5

32.3
4.3
59.5

6.4
5.4
58.1

4.5
5.4
57.6

33.7
23.0
7.0
383.5
17.9
36.6
283.9
229.3
54.6
45.1

34.3
23.9
6.8
397.6
19.5
39.0
290.9
232.9
58.0
48.2

34.2
23.0
6.9
389.5
19.0
38.0
288.2
231.6
56.6
44.3

34.3
23.2
6.9
396.9
19.3
38.6
290.1
232.5
57.6
48.8

34.3
24.2
7.0
401.9
19.7
39.5
291.8
233.4
58.4
51.0

34.3
25.2
6.6
402.2
20.1
40.1
293.6
234.3
59.3
48.5

34.3
23.8
6.6
404.8
20.4
40.6
295.0
235.0
60.0
48.7

34.4
23.3
6.6
413.3
20.7
41.2
296.5
235.7
60.8
54.9

SURVEY OF CURRENT BUSINESS

September 1986

13

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

Table 3.9.—National Defense Purchases of Goods and Services
[Billions of dollars]

[Billions of 1982 dollars]
Seasonally adjusted at annual rates
1984

1985

I

Seasonally adjusted at annual rates

1986

1985

II

III

IV

I

1984

IF

1985

National defense
purchases
Durable goods
Military equipment
Aircraft
Missiles
Ships
Vehicles
Electronic equipment
Other durable goods
Nondurable goods
Petroleum products
Ammunition
Other nondurable goods
Services
Compensation of employees
Military
Civilian
Other services
Contractual research and
development
1
Installation support
Weapons support 23
Personnel support
Transportation of materiel ....
Travel of persons
Other
Structures
Military facilities
Other

235.0

259.4

248.9

255.1

265.5

268.0

266.4

278.4

65.5

74.9

71.0

73.1

78.9

76.6

75.7

83.6

55.5
21.8
8.5
7.7
5.0
4.0
8.5
9.9

64.0
25.9
9.7
8.5
4.7
4.9
10.4
10.9

60.6
24.1
9.7
7.8
4.7
4.6
9.6
10.4

62.3
26.5
8.3
8.3
4.3
4.8
10.1
10.9

67.5
25.0
10.2
9.0
5.2
5.4
12.7
11.4

65.6
28.1
10.4
8.8
4.4
4.9
9.0
11.0

64.2
28.1
10.7
8.0
4.5
4.6
8.3
11.6

71.6
30.6
13.2
9.1
4.9
5.0
8.7
12.0

12.2

12.2

11.5

12.7

13.0

11.8

11.8

11.0

6.8
3.1
2.3

6.6
3.2
2.4

6.0
3.2
2.3

7.1
3.2
2.3

7.2
3.3
2.5

6.2
3.2
2.4

6.3
3.2
2.3

4.1
4.3
2.6

152.4

166.1

161.4

163.2

166.6

173.4

172.5

177.3

94.8
63.5
31.3
57.6

101.1
67.8
33.3
65.0

99.9
66.9
33.0
61.5

100.5
67.2
33.2
62.7

100.8
67.4
33.4
65.8

103.4
69.7
33.7
70.0

103.9
70.0
33.8
68.7

104.4
70.3
34.1
72.9

23.5
15.8
6.7
4.9
3.4
3.0
.3

27.3
16.9
7.5
5.7
3.8
3.5
.2

25.5
16.8
7.0
4.6
3.7
3.3
.6

26.2
16.6
7.3
5.2
3.7
3.4
.3

27.7
17.1
7.7
6.3
3.6
3.6
-.1

29.7
17.2
8.2
6.8
4.3
3.7
.2

28.7
17.4
7.7
6.9
4.1
3.4
.5

32.2
17.8
7.8
7.0
3.9
3.6
.5

5.0

6.1

5.1

6.1

7.0

6.1

6.3

6.5

3.0
2.0

3.5
2.6

2.8
2.3

3.5
2.6

4.0
3.0

3.7
2.4

3.6
2.8

3.7
2.7

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
x
Installation support
Weapons support 23
.....
Personnel support
Transportation of materiel
Travel of persons ...
Other
Structures
Military facilities
Other

II

III

IV

IIr

I

235.7
70.4

228.0

239.3

238.7

249.3

66.8

233.5
69.2

242.2

61.2

74.6

70.8

71.3

77.1

51.2
18.5
8.1
7.0
5.5
3.8
8.3
10.0

58.8
22.6
9.2
7.5
5.3
4.6
9.7
11.6

56.1
21.6
8.7
7.0
5.5
4.3
9.0
10.6

57.9
23.4
8.2
7.3
5.2
4.5
9.4
11.3

62.5
22.0
9.9
7.9
5.8
5.1
11.8
12.1

58.6
23.3
9.9
7.7
4.6
4.6
8.5
12.2

58.0
23.4
10.5
6.9
5.0
4.3
7.8
13.2

63.2
24.4
12.6
7.9
5.4
4.7
8.2
14.0

13.6

13.6

12.7

14.1

14.4

13.1

13.3

14.5

8.3
3.0
2.3

8.4
2.9
2.2

7.5
2.9
2.2

9.0
2.9
2.2

9.1
3.0
2.3

7.9
2.9
2.2

8.1
3.0
2.1

8.0
4.1
2.4

140.0

146.3

143.9

144.6

146.9

150.0

148.5

152.1

86.9
58.6
28.3
53.0

88.3
59.5
28.9
58.0

88.2
59.4
28.8
55.7

88.3
59.5
28.8
56.3

88.5
59.6
28.9
58.4

88.4
59.5
28.9
61.6

88.6
59.6
28.9
60.0

88.6
59.5
29.1
63.5

21.4
14.0
6.1
4.7
3.5
3.1
.3

24.1
14.4
6.7
5.2
3.9
3.4
.2

22.6
14.6
6.3
4.5
3.8
3.3
.6

23.3
14.2
6.5
4.8
3.8
3.3
.3

24.4
14.5
6.8
5.6
3.6
3.5
1

26.0
14.5
7.2
5.8
4.4
3.6
.1

24.9
14.5
6.8
5.7
4.1
3.4
.4

28.1
14.7
6.9
5.7
4.0
3.6
.4

4.7

5.5

4.7

5.6

6.3

5.4

5.6

5.7

2.8
1.9

3.2
2.4

2.6
2.1

3.2
2.4

3.5
2.8

3.3
2.2

3.1
2.5

3.3
2.4

219.4

.

1986

1985

I

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.

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

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

[Billions of dollars]

[Billions of 1982 dollars]

Seasonally adjusted at annual rates
1984

1985

II

I
Receipts from foreigners ...
Exports of goods and services
Merchandise
Durable goods
Nondurable goods
Services
Factor income l
Other
Capital grants received by the
United States (net)
Payments to foreigners
Imports of goods and services
Merchandise
Durable goods
Nondurable goods
Services
Factor income *
Other
Transfer payments (net)
From persons (net)
From government (net)
Interest paid by government to
foreigners
Net foreign investment

III

IV

1984

382.7

369.8

378.4

370.0

362.3

368.2

374.8

363.0

369.8
219.6
128.2
91.4
150.2
91.2
58.9

378.4
226.0
128.7
97.3
152.4
91.9
60.5

370.0
221.1
129.7
91.4
148.9
91.2
57.7

362.3
215.0
128.0
87.0
147.4
89.4
57.9

368.2
216.2
126.3
89.9
152.0
92.3
59.7

374.8
219.7
133.3
86.3
155.2
94.7
60.5

363.0
212.5
132.5
79.9
150.6
88.2
62.4

0

0

0

0

0

0

0

0

382.7
441.4
334.4
191.1
143.3
107.0
53.1
53.9

369.8
448.6
341.7
202.6
139.1
106.9
50.1
56.9
15.0
1.6
13.4

378.4
427.9
323.1
194.7
128.4
104.8
49.4
55.3
13.2
2.1
11.1

370.0
447.1
340.7
199.3
141.4
106.4
50.0
56.4

362.3
446.0
339.2
202.3
136.9
106.8
50.3
56.4
16.0
1.5
14.5

368.2
473.6
363.8
213.9
149.9
109.8
50.5
59.3
17.0
1.6
15.4

374.8
468.5
358.9
224.4
134.5
109.6
51.5
58.1
12.2
1.7
10.5

363.0
467.5
358.9
235.5
123.4
108.7
53.3
55.4
16.3
1.2
15.0

I
Exports of goods and services
Merchandise
Durable goods
Nondurable goods
Services
Factor income l
Other
Imports of goods and services

12.2
1.5
10.7

13.9
1.4
12.4

22.2
22.8
21.5
21.5
21.1
21.2
21.3
19.8
-90.7 -115.2 -83.8 -112.0 -121.2 -143.8 -128.6 -143.0

Merchandise
Durable goods
Nondurable goods
Services .
Factor income l
Other

1986

1985

1985

IIr

I

382.7
224.1
125.6
98.5
158.6
100.6
58.0

1. Line 7 less line 16 equals rest-of-the-world product as shown hi table 1.7.




Seasonally adjusted at annual rates

1986

1985

II

III

IV

I

IIr

369.7

362.3

369.4

361.2

355.8

362.9

369.2

222.7
127.3
95.4

230.8
132.6
98.2

227.8
133.4
94.4

138.6
82.6
56.0

227.0
134.3
92.7
134.2
81.2
53.0

223.9
133.6
90.3

147.0
92.6
54.4

227.4
133.5
93.9
135.0
80.9
54.0

132.0
79.1
52.9

135.1
80.9
54.3

232.0
142.1
89.9
137.2
82.4
54.8

453.2
350.0
199.3
150.7
103.3
48.7
54.6

470.5
368.7
216.6
152.1
101.8
44.0
57.8

448.2
347.5
209.2
138.3
100.7
44.1
56.6

469.3
367.7
213.8
153.9
101.7
44.1
57.5

469.6
368.4
216.9
151.4
101.3
44.0
57.2

494.8

495.1

513.6

391.3
226.7
164.6

392.6
237.4
155.2
102.5
44.3
58.2

412.8
244.8
168.0

103.6
43.7
59.8

1. Line 6 less line 13 equals rest-of-the-world product as shown in table 1.8.

359.8
227.2
142.7
84.5
132.6
76.3
56.3

100.8
45.5
55.3

September 1986

SURVEY OF CURRENT BUSINESS

14

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]
Se asonalljr adjuste•d at animal rat<38

Seasonally adjusted at annual rates

1984

1985

1985
I

Merchandise exports....
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
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
Addenda:
Exports of lagricultural
products
Exports of nonagricultural
products
Imports of nonpetroleum
products

1984

1986

II

III

TV

I

224.1
31.6

219.6
24.0

226.0
27.1

221.1
24.4

215.0
21.6

216.2
23.1

219.7
24.4

212.5
20.5

61.2
16.9
44.2
74.1
22.5
13.8
5.6
8.1
21.0
6.4
14.5
334.4
21.3

58.3
16.0
42.3
75.6
24.5
13.0
5.1
7.9
24.1
6.9
17.2
341.7
21.3

60.8
16.2
44.6
76.8
23.8
13.4
5.3
8.2
24.1
6.6
17.5
323.1
21.7

57.7
16.4
41.3
76.5
24.9
12.9
5.1
7.7
24.8
6.8
18.0
340.7
20.9

57.2
16.1
41.1
75.0
25.0
12.6
4.8
7.7
23.6
7.0
16.6
339.2
20.7

57.7
15.3
42.4
74.3
24.4
12.9
5.1
7.9
23.8
7.2
16.6
363.8
22.0

58.1
16.7
41.4
75.7
23.7
13.6
5.1
8.4
24.2
12.1
12.1
358.9
23.8

54.3
15.4
38.9
76.0
23.8
13.7
5.2
8.5
24.1
12.0
12.0
358.9
23.9

63.2
33.4
29.8
57.3
61.1
56.6
61.3
34.6
26.6
13.7
5.4
8.3

59.7
30.6
29.1
50.5
64.0
65.1
65.2
36.7
28.4
15.9
6.1
9.8

59.6
30.7
28.9
41.6
63.3
58.9
63.1
36.1
27.0
14.9
5.8
9.1

60.7
31.7
29.1
54.5
62.9
62.9
62.9
35.8
27.1
15.8
6.0
9.8

58.9
30.2
28.7
49.5
62.3
66.9
65.0
36.7
28.3
15.9
6.2
9.7

59.5
29.9
29.6
56.5
67.5
71.8
69.6
38.3
31.3
16.9
6.4
10.5

62.3
32.4
29.9
40.1
71.8
71.3
73.2
40.8
32.5
16.5
8.2
8.2

60.3
32.7
27.6
31.3
75.3
76.4
75.4
43.0
32.4
16.3
8.1
8.1

38.4

29.6

33.4

29.8

26.7

28.5

28.4

24.6

185.7

190.0

192.7

191.3

188.3

187.7

191.2

187.8

277.1

291.2

281.5

286.1

289.8

307.3

318.8

327.5

19 85
I

IF

Merchandise exports
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
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
Addenda:
Exports of agricultural
products 1
Exports of nonagricultural
products
Imports of nonpetroleum
products

II

19 36
III

IV

IIr

I

222.7
29.4

227.4
25.1

230.8
27.4

227.0
24.8

223.9
22.8

227.8
25.7

232.0
26.2

227.2
22.3

610
169
441
77.4
21.0
137
5.8
7.9
202
6.2
140
350.0
209

609
167
442
82.1
22.4
129
54
7.5
238
6.8
170
3687
218

623
166
457
81.8
22.2
135
56
7.9
237
6.5
172
3475
219

600
171
429
82.3
22.8
129
55
7.4
243
6.7
177
3677
213

607
171
436
81.7
22.7
125
51
7.4
234
69
165
3684
215

607
161
446
82.7
220
129
54
7.5
238
7.2
166
3913
225

614
177
437
85.8
213
133
54
7.9
240
12.0
120
3926
229

591
167
423
87.2
213
133
54
7.9
241
120
120
4128
224

67.5
357
318
63.7
684
54.1
615
357
25.9
139
5.4
85

68.2
350
332
59.8
762
60.8
654
383
27.1
164
63
101

670
345
325
48.7
747
56.0
637
379
25.7
155
60
95

69.0
360
330
63.3
745
59.4
637
377
26.0
165
62
102

675
346
328
60.1
747
629
653
383
270
165
64
101

73.4
381
353
58.1
87 1
629
717
410
30.7
166
83
83

720
390
330
74.2
901
655
726
422
304
161
80
80

69.5
349
346
67.1
81 1
64.9
689
392
29.7
172
65
107

353

304

331

298

278

308

298

263

1875

1970

1977

1972

1960

1969

2022

2009

2863

3089

2988

3044

3083

3242

334 6

338 6

1. Includes parts of line 2 and line 5.

1. Includes parts of line 2 and line 5.

Table 5.1.—Gross Saving and Investment

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

[Billions of dollars]

[Billions of dollars]

Seasonally adjusted at annual rates

1984

573.3 551.5
Gross saving
674.8 687.8
Gross private saving
168.7 143.3
Personal saving
Undistributed corporate
profits with inventory
valuation and capital
91.0 107.3
consumption adjustments
49.8
62.0
Undistributed profits
Inventory valuation
-.6
-5.5
adjustment
Capital consumption
58.1
34.5
adjustment
Corporate capital
consumption allowances
with capital consumption
253.9 268.2
adjustment
Noncorporate capital
consumption allowances
with capital consumption
adjustment
, 161.2 169.0
Wage accruals less
0
0
disbursements
Government surplus or deficit
(— ), national income and
-101.5 -136.3
product accounts
-170.0 -198.0
Federal
61.7
68.5
State and local
Capital grants received by the
0
0
United States (net)
571.4 545.9
Gross investment
Gross private domestic
662.1 661.1
investment
907 1152
-1.9 -5.5
Statistical discrepancy

III

II

Seasonally adjusted at annual rates

1986

1985

1985
I




1985

IV

IF

I

573.2
669.8
144.1

566.8
722.4
183.6

541.7
679.6
119.6

524.1
679.2
125.8

583.2
714.8
145.6

539.7
718.7
153.1

97.8
45.1

105.8
45.3

118.8
51.8

106.8
57.0

122.1
50.0

112.3
50.4

-.5

1.6

6.1

-9.4

16.5

10.6

53.2

58.9

61.0

59.2

55.6

51.3

262.8

266.6

270.1

273.3

275.3

278.9

165.1

166.5

171.2

173.4

171.8

174.4

0

0

0

0

0

0

-96.6 -155.6 -138.0 -155.1 -131.6 179.0
1622 214.8 -197.5 -217.6 201.6 -238.1
59.0
70.0
59.5
62.5
59.2
65.6
0
566.8

0
555.0

0
536.2

0
525.7

0
579.6

0
544.3

650.6 667.1 657.4 669.5 708.3 687.3
-83.8 -112.0 -121.2 -143.8 -128.6 -143.0
4.6
1.6 -3.6
-6.4 -11.7 -5.5

1984

1985

1986

1985
I

II

III

IV

I

IP"

National income without
capital consumption
adjustment .
3,028.2 3,185.8 3,127.3 3,163.1 3,203.6 3,249.1 3,303.6 3,344.1
Domestic industries
2,980.7 3,144.7 3,084.8 3,121.9 3,164.5 3,207.2 3,260.4 3,309.2
Private industries
2,543.6 2,674.0 2,624.7 2,655.1 2,691.0 2,724.9 2,771.6 2,813.9
Agriculture, forestry, and
fisheries80.4
76.4
80.4
75.7
70.7
86.4
80.7
68.7
Mining
43.4
44.0
46.0
43.9
44.9
44.2
38.3
42.9
Construction
155.8 165.6 162.6 165.0 165.2 169.9 174.8 180.8
Manufacturing
658.3 671.0 662.6 660.7 678.5 682.2 678.6 687.0
Durable goods
390.4 401.2 398.4 398.0 402.9 405.6 409.1 413.2
Nondurable goods
267.9 269.8 264.2 262.8 275.6 276.6 269.5 273.8
Transportation and public
utilities .. ..
245.6 256.4 252.2 253.5 260.4 259.4 265.2 265.2
109.2 113.2 110.8 111.9 114.2 116.2 113.8 112.1
Transportation
67.0
72.1
Communication
64.0
66.7
65.7
67.1
66.9
70.4
Electric, gas, and sanitary
services. .
72.4
74.6
76.4
79.2
75.8
79.2
82.6
76.5
Wholesale trade
189.6 199.4 197.2 199.2 201.8 199.2 202.7 201.9
Retail trade...
262.2 278.8 271.0 278.6 283.7 282.1 292.9 289.6
Finance, insurance, and
real estate
385.0 411.6 400.6 407.8 414.1 423.6 438.6 450.1
Services
520.8 570.9 552.8 565.7 575.7 589.5 604.1 614.7
Government and government
enterprises
437.1 470.7 460.1 466.9 473.5 482.3 488.7 495.3
Rest of the world
43.2
47.5
41.2
42.5
41.2
41.9
39.1
34.9

September 1986

15

SURVEY OF CURRENT BUSINESS

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

1984

1985
II

Seasonally adjusted at annual rates

1986

1985
I

III

IV

II

I

1984

r

I

Change in business
inventories
Farm
Nonfarm
Change in book value
Inventory valuation
adjustment l
Manufacturing
Durable goods
Nondurable goods
Wholesale trade
Durable goods
Nondurable goods .
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods
Retail trade
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods

64.1
7.5
56.6
62.6

11.1
-1.1
12.2
13.3

25.4
6.9
18.5
19.5

19.1
8.6
10.4
9.3

-6.0
21.2
17.2
4.0
14.0
9.2
4.8
11.3
8.1
3.2
2.7
1.2
1.5
16.0
9.3
6.7
5.4
3.5
1.9

-1.1
-4.7
-3.2
-1.5
3.7
.7
3.0
5.0
.7
4.2
-1.3
0
12
7.9
6.1
1.8
5.3
3.0
2.3

-1.0
1.5
2.8
-1.3
4.3
4.2
.1
6.2
2.9
3.3
-2.0
1.3
33
6.4
6.5
-.2
6.4
3.8
2.6

1.1
-3.3
22
-1.0
7.4
1.2
6.2
7.7
1.1
6.6
-.3
.1
5
.8
.8
0
5.5
2.6
2.9

-3.1
199
16.7
27.5

43.8
2.7
41.2
22.9

14.5
3.9
10.5
-1.1

6.1 -10.8
-5.3 -11.7
-1.4
118
.1
-3.9
-.1
3.3
.1
28
2.7
3.2
2.3
3.7
-1.8
.7
4.1
3.0
-2.4
-.3
-1.0
-.6
.2
14
5.3
19.4
-1.2
18.5
6.5
.9
3.3
5.8
2.7
2.8
.6
3.0

18.3
-4.8
45
-.3
8.1
5.2
2.9
7.6
5.8
1.9
.5
-.6
1.0
30.5
24.5
6.0
7.4
3.4
4.0

11.6
.4
36
4.0
6.2
3.2
3.0
6.7
4.7
2.1
-.5
-1.5
1.0
44
-2.7
-1.6
8.2
3.0
5.2

3.1
—1
3.2
-3.0

Change in business
inventories
Farm
Nonfarm
Manufacturing
Durable goods
Nondurable goods
Wholesale trade
Durable goods
Nondurable goods .
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods ..
Nondurable goods
Retail trade
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods

59.2
4.9
54.3
20.6
16.6
3.9
13.4
8.8
4.6
10.7
7.7
3.0
2.7
1.1
1.6
15.3
8.8
6.5
5.1
3.3
1.8

9.0
-1.9
10.9
-4.7
-3.2
16
3.4
.6
2.8
4.9
.7
4.2
-1.5
0
-1.5
7.3
5.6
1.7
4.9
2.8
2.2

1986

1985

1985

23.2
6.4
16.7
1.2
2.6
14
3.6
4.0
.5
6.2
2.8
3.4
-2.7
1.2
-3.9
5.9
6.1
-•2
6.1
3.5
2.6

ir

II

III

17.4
7.8
9.6
-3.5
-2.5
-1.0
7.2
1.1
6.1
7.6
1.0
6.6
-.4
.1
-.5
.6
.6
0
5.3
2.4
2.8

39.9
.7 -5.2
-.7 -21.3
2.9
1.4
16.1
37.0
-5.3
-6.1 -10.5
47
-1.6
11 1
.6
-.5
-4.5
6.9
-.6
3.4
.1
4.9
-2.7
2.1
3.3
2.0
6.8
2.2
3.6
5.5
-1.7
.6
3.0
1.3
3.9
.1
-2.8
-.3
-.6
-1.0
-.5
.7
-1.7
.3
5.1
28.3
17.8
10
16.9
22.6
6.1
.9
5.6
3.0
5.4
7.1
2.5
2.6
3.1
4.0
.5
2.8

IV

I

15.1
4.1
11.0
1.0
-4.0
5.0
5.1
2.9
2.1
4.6
4.4
.3
.4
-1.5
1.9
-4.0
-2.5
-1.5
8,9
2.8
6.1

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. Prior to 1973, the two IVA's are the same because
information required for separate estimates is not available.

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

Seasonally adjusted quarterly totals

I

Inventories *
,.
Farm
Nonfarm
Durable goods
Nondurable goods
Manufacturing
Durable goods
Nondurable goods
Wholesale trade
Durable goods
Nondurable goods
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods
Retail trade
Durable goods
Nondurable goods
Other
. . .
Final sales 2
Final sales of goods and structures 2
Ratio of inventories to final sales
Inventories to final sales
Nonfarm inventories to final sales
Nonfarm inventories to final sales of goods and
structures

II

III

IV

I

859.0
81.1
777.8
455.1
322.7
342.5
226.0
116.5
179.2
115.2
63.9
151.7
100.4
51.3
27.5
14.9
12.6
168.9
82.3
86.6
87.2
274.3
164.8

859.2
79.0
780.2
456.7
323.5
341.5
225.9
115.5
180.4
115.7
64.7
153.2
100.8
52.5
27.2
15.0
12.3
169.3
82.5
86.8
89.0
278.9
167.5

856.4
76.8
779.7
456.2
323.5
340.0
226.3
113.7
179.8
115.1
64.8
153.2
100.3
52.9
26.6
14.7
11.9
170.5
81.9
88.6
89.4
285.1
171.3

862.6
74.0
788.5
460.1
328.4
338.9
224.4
114.5
181.9
115.2
66.6
155.1
100.6
54.5
26.8
14.7
12.1
176.7
86.9
89.8
91.0
289.3
172.1

855.8
71.5
784.3
466.4
317.9
330.5
222.5
108.0
179.9
116.5
63.4
154.9
102.0
52.9
24.9
14.4
10.5
183.4
93.2
90.2
90.5
289.7'
170.6

857.0
73.8
783.2
465.6
317.6
328.5
220.3
108.2
180.9
117.6
63.3
156.7
103.6
53,1
24.2
14.0
10.2
183.0
92.6
90.4
90.9
294.3
172.8

3.13
2.84

3.08
2.80

3.00
2.73

2.98
2.73

2.95
2.71

2.91
2.66

4.72

4.66

4.55

4.58

4.60

4.53

Inventories l
Farm
Nonfarm
Durable goods
Nondurable goods
Manufacturing
Durable goods
Nondurable goods
Wholesale trade
Durable goods
Nondurable goods
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods
....
Nondurable goods
Retail trade
Durable goods
Nondurable goods
Other
Final sales 2
Final sales of goods and structures 2
Ratio of inventories to final sales
Inventories to final sales
Nonfarm inventories to final sales
Nonfarm inventories to final sales of goods and
structures

I

ir

II

III

IV

827.0
81.4
745.6
431.3
314.3
330.2
215.9
114.3
172.2
109.1
63.2
144.9
94.9
50.0
27.3
14.2
13.1
159.1
77.0
82.1
84.1
251.0
155.9

831.4
83.3
748.0
431.7
316.3
329.3
215.2
114.1
174.0
109.3
64.7
146.8
95.2
51.7
27.2
14.2
13.0
159.3
77.1
82.1
85.4
253.1
157.8

831.5
83.2
748.4
431.0
317.4
327.8
214.8
113.0
173.9
108.7
65.2
147.3
94.7
52.6
26.5
13.9
12.6
160.5
76.9
83.7
86.2
257.5
161.2

830.2
77.8
752.4
433.1
319.3
325.2
212.0
113.1
174.7
108.7
66.0
148.3
94.9
53.4
26.4
13.8
12.7
165.0
81.1
83.9
87.5
259.2
161.3

840.2
78.6
761.6
439.6
322.0
323.9
210.9
113.0
176.4
109.9
66.5
150.0
96.2
53.7
26.5
13.7
12.8
172.1
86.7
85.3
89.3
258.0
159.4

844.0
79.6
764.4
439.4
325.0
324.1
209.9
114.3
177.7
110.6
67.0
151.1
97.3
53.8
26.6
13.3
13.3
171.0
86.1
84.9
91.5
261.0
161.2

3.30
2.97

3.28
2.96

3.23
2.91

3.20
2.90

3.26
2.95

3.23
2.93

4.78

4.74

4.64

4.67

4.78

4.74

I

II'

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-of-quarter prices. The latter is the change
in the physical volume of inventories valued at average prices of the quarter. In addition,
changes calculated from this table are at quarterly rates, whereas CBI is stated at annual rates.
2. Quarterly totals at monthly rates. 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.




1986

1985

1986

1985

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.

September 1986

SURVEY OF CURRENT BUSINESS

16

Table 6.18B.—Corporate Profits by Industry

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

[Billions of dollars]

[Index numbers, 1982=100]

Seasonally adjusted at annual rates

1984

I

Corporate profits with
inventory valuation
and capital
consumption
adjustments
264.7
233.7
Domestic industries
Financial
17.0
Nonfinancial
216.7
Rest of the world .
31.0
Corporate profits with
inventory valuation
adjustment
230.2
199.2
Domestic industries
Financial.
15.4
16.7
Federal Reserve banks
Other
-1.3
Nonfinancial
183.8
Manufacturing
.
87.4
Durable goods
34.8
Primary metal
industries
-2.6
Fabricated metal
products
4.6
Machinery, except
electrical
,
4.7
Electric and electronic
equipment
5.2
Motqr vehicles and
equipment
9.9
Other. ..
13.1
Nondurable goods.
52.6
Food and kindred
products . .
8.0
Chemicals and allied
products
7.5
Petroleum and coal
products
17.3
Other
19.7
Transportation and public
utilities. ..
32.6
Wholesale and retail trade...
49.7
Other . .
14.1
Rest of the world
31.0

Seasonally adjusted

1986

1985

1985

III

II

I

IV

280.7
248.8
24.6
224.2
31.8

266.4
235.8
21.2
214.6
30.6

274.3
242.7
24.6
218.2
31.6

296.3
266.3
25.5
240.8
30.0

285.6
250.5
27.2
223.3
35.1

296.4
257.9
32.5
225.5
38.4

222.6
190.8
21.0
16.8
4.3
169.7
73.0
28.0

213.3
182.6
18.2
17.1
1.1
164.4
70.4
27.8

215.4
183.8
21.1
17.1
4.0
162.7
68.2
28.8

235.3
205.3
21.7
16.5
5.2
183.6
79.0
28.9

226.4
191.3
23.2
16.3
6.9
168.1
74.5
26.6

240.8
202.4
28.4
17.0
11.4
174.0
67.1
28.2

241.9
208.9
30.2
16.2
14.0
178.7
77.6
34.9

-3.6

-2.6

-1.1

-3.6

1984

IF

293.1
260.2
34.3
225.9
32.9

41

39

26

4.1

4.4

4.6

4.5

3.0

4.7

5.0

3.6

1.5

3.5

4.6

4.7

2.2

5.0

4.9

4.3

5.2

6.0

4.3

4.7

7.3

6.8
12.1
45.0

9.0
12.8
42.6

7.6
11.9
39.4

4.2
12.3
50.1

6.6
11.6
47.9

6.4
12.7
38.9

4.9
13.7
42.7

7.8

7.2

7.6

9.1

7.6

9.3

10.0

4.7

5.4

5.3

5.3

2.8

6.4

6.7

13.4
19.1

10.5
19.6

7.4
19.1

17.0
18.7

18.7
18.9

7.4
15.8

9.9
16.1

33.0
49.7
14.0
31.8

31.7
48.8
13.6
30.6

30.9
51.1
12.6
31.6

36.6
54.2
13.9
30.0

32.7
45.0
15.9
35.1

37.1
52.5
17.3
38.4

39.1
47.1
15.0
32.9

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

1985

1985

1986

I

II

III

IV

I

IF

108.3
108.4
104.1
105.2
111.9

112.3
112.4
105.1
107.8
117.7

110.9
110.8
105.1
106.7
115.4

111.9
112.0
105.2
107.5
117.0

112.6
112.8
105.0
107.8
118.5

113.7
114.1
105.3
109.2
120.0

114.4
114.6
105.8
108.4
121.4

114.9
114.5
106.0
106.5
122.5

101.8
100.5
98.3
101.8
106.3

103.3
101.9
100.0
103.1
108.2

102.7
101.3
99.4
102.5
107.6

103.0
101.6
99.6
102.9
107.8

103.4
102.0
100.0
103.3
108.1

104.0
102.4
100.8
103.5
109.4

104.2
102.5
100.7
103.7
110.1

104.9
103.1
101.1
104.4
111.4

104.5 104.0 104.1 104.3 103.8 103.8 104.3 104.0
97.7 95.9 95.7 95.9 95.4 96.5 94.8 90.9
109.2
107.9
107.5
108.8
110.3

114.1
111.0
111.4
110.0
116.3

112.6
110.5
110.8
109.9
114.1

113.5
110.5
110.7
110.0
115.7

114.4
110.8
111.2
109.7
117.0

115.8
112.1
112.9
110.3
118.5

116.4
112.3
113.2
110.1
119.4

116.7
112.0
112.7
110.1
120.2

108.3 112.2 110.8 111.8 112.5 113.6 114.3 114.8
106.2 108.6 107.9 108.0 108.4 110.0 110.3 110.8
102.3 103.2 101.9 104.1 103.6 103.3 100.1

90.5

109.8 114.6 112.8 114.1 115.2 116.6 117.5 118.4

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

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

1984

Table 7.2.—Fixed-Weighted Price Indexes for Gross National Product by
Major Type of Product, 1982 Weights
[Index numbers, 1982=100]
Seasonally adjusted

1984

I

Gross national product
Final sales
Change in business inventories
Goods
Final sales
Durable goods
Final sales
Change in business inventories
Nondurable goods
. .
Final sales
Change in business inventories
Services
Structures




1986

1985

1985
II

III

rv

I

IF

108.3 112.3 110.9 111.9 112.6 113.7 114.4 114.9
108.3 112.2 110.8 111.8 112.5 113.6 114.3 114.8
105.5 107.6 106.8 107.4 107.5 108.1 108.2 107.9
105.5 107.6 106.8 107.3 107.4 108.0 108.1 107.7
, 105.5 107.6 105.7 105.9 105.9 105.7 105.7 105.7
105.5 107.6 105.6 105.9 105.8 105.6 105.6 105.6
105.5 107.6 107.6 108.3 108.6 109.7 109.8 109.3
105.5 107.6 107.5 108.3 108.5 109.6 109.7 109.1
105.5 107.6 115.5 117.0 118.3 119.9 121.2 122.3
105.5 107.6 103.8 104.4 104.9 105.9 106.2 106.9

1985

Gross national product
Less: Exports of goods and services
Plus* Imports of goods and services
Equals: Gross domestic purchases 1
Less' Change in business inventories
Equals: Final2sales to domestic
purchasers
.

1986

1985
I

II

ffl

IV

I

IF

108.3 112.3 110.9 111.9 112.6 113.7 114.4 114.9
104.5 104.0 104.1 104.3 103.8 103.8 104.3 104.0
97.7 95.9 95.7 95.9 95.4 96.5 94.8 90.9
107.6 111.5 110.0 111.0 111.8 113.0 113.5 113.6

107.6 111.4

110.0 111.0

111.7

113.0 113.4 113.5

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.

September 1986

SURVEY OF CURRENT BUSINESS

17

Table 7.7.—Implicit Price Deflators for the Relation of Gross National
Product, Net National Product, and National Income

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

[Index numbers, 1982=100]
Seasonally adjusted

1984

I

II

III

Seasonally adjusted

1986

1985

1985

IV

1984

ir

I

I

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

113.5
113.7
104.5
108.0
120.6

114.0
113.4
104.7
105.8
121.8

100.9 101.8 101.7 101.5 101.7 102.2 103.2
98.7 99.3 99.4 99.2 99.3 99.4 100.3
98.6 101.7 100.6 101.3 101.8 103.2 104.4
98.7 98.1 98.8 98.1 98.0 97.6 98.4
106.3 108.2 107.6 107.8 108.1 109.4 110.2

103.6
100.2
106.5
97.6
111.7

107.9
108.1
103.8
105.0
111.7

111.5
111.9
104.5
107.5
117.3

110.2
110.4
104.6
106.5
115.0

111.1
111.4
104.5
107.2
116.6

111.8
112.2
104.5
107.5
118.0

112.8
113.4
104.3
108.9
119.5

103.5 102.1 102.4 102.4 101.8 101.5 101.5 100.9
97.4 95.4 95.5 95.3 95.0 95.7 94.6 91.0
108.6
106.7
107.1
105.5
110.1

113.1
109.4
110.0
107.9
116.0

111.8
109.1
109.2
109.0
113.9

112.8
109.5
109.3
110.2
115.4

113.4
109.4
109.6
108.9
116.6

114.2
109.7
112.0
104.6
118.0

115.4
111.0
111.6
109.2
118.8

116.0
111.8
111.7
112.1
119.4

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 ...
Change in business inventories
Services
Structures

107.9 111 5 1102 111 1 111 8 112 8 113 5 1140
1079 1115 1102 111 1 1118 1128 1135 114 1

1049 1063 106 0 1063 106 4 106 6 1067 1063
1048 1062 1059 1063 1062 1065 1067 1064

1061 1085 1072 1083 1087 1096 1095 1095
1059 1083 1071 1084 1085 1093 1095 1098
1117 117 5 1153 1168 1182 119 7 120 8 121 9
1031 1062 1049 1057 1064 107 6 108 5 1104

Table 7.6.—Implicit Price Deflators for Gross National Product by
Sector
[Index numbers, 1982=100]
Gross national product
107.9 1115 110.2 111.1 111.8 112.8 113.5 114.0
Gross domestic product
1079 1115 110.2 111.1 111.8 112.8 113.5 114.0
Business
1073 1105 109.3 110.2 110.8 1117 112.2 112.7
Nonfarm
.... 107.1 110.8 109.5 110.5 111.3 112.0 112.7 113.1
1066 1101 108.9 109.8 110.5 111.1 111.7 111.9
Nonfarm less housing
Housing
1119 1188 115.7 1176 1198 1219 123.5 125.4
Farm
113.5 97.4 101.6 98.2 91.8 98.1 92.8 95.1
1073 1105 109.3 110.2 110.8 111.7 112.2 112.7
Statistical discrepancy
112.4 117.2 115.4 116.5 117.8 119.0 120.4 121.5
Households and institutions
1013 1025 102.0 102.4 102.5 102.9 103.2 103.4
Private households
113.3 118.4 116.5 117.6 119.0 120.3 121.8 123.0
Nonprofit institutions
1117 1184 116.2 117.6 118.8 120.8 122.0 123.4
Government
109.4 114.8 113.6 114.2 114.4 116.9 117.2 117.6
Federal
112.9 1203 117.6 119.4 121.2 122.8 124.5 126.3
State and local
108.7 112.7 111.3 112.3 113.1 114.2 115.0 115.5
Rest of the world
Addendum:
Gross domestic business product less
o
1068 1098
housing
NOTE.—Percent changes from preceding period for selected items in this table are shown in
table 8.1.

163-323 0 - 86- - 2 : QL 3

II

107.9 111.5 110.2 111.1

III

IV

I

IF

111.8 112.8 113.5 114.0

102.0 102.7 102.5 102.6 102.8 103.0 102.8 103.2
108.7 112.7 111.2 112.3 113.1 114.2 114.9 115.5

110.4 115.6 112.1 115.7 117.4 117.1 120.3 109.1
107.3 110.5 109.3 110.2 110.8 111.7 112.2 112.7
108.5 112.4 111.1 111.9 112.6 113.9 114.4 116.2

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

107.9 111.5

110.2 111.1

111.8

112.8 113.5

114.0

1035 1021 1024 1024 101.8 ibi.5 101.5 iob.9
97.4 95.4 955 95.3 95.0 95.7 94.6 91.0
107.0 110.4 109.2 110.0 110.7 111.7 112.2 112.2
97.4
974

95.4
954

95.5
955

95.3
95.3

95.0
95.0

95.7
95.7

94.6
94.6

91.0
91.0

107.2 110.7 109.4 110.3 111.0 112.2 112.7 112.8

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

Table 7.9.—Fixed-Weighted Price Indexes for Personal Consumption
Expenditures by Major Type of Product, 1982 Weights

1033 1036 1043 1037 103 5 103 0 103 2 1023
1032 1035 1042 1036 1034 1028 1029 1022

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




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

1986

1985

1985

[Index numbers, 1982=100]
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
.....
Transportation
Medical care..
Other

108.4
1041
106.3
101.2
104.9
105.2
106.2
1032
95.2
109.8
960
111.6
111 9
1114
112 3
112.5
112 1
108.1
1145
111 1

112.4
105 1
108.3
100.7
1068
107.8
108.6
1063
960
113.7
927
116.6
117 7
1177
1158
1148
1169
1095
1227
1169

110.8
105 1
1081
101.2
1061
106.7
1079
1053
938
112.0
916
1147
115 4
1149
1144
1145
1144
1094
1197
1146

112.0
1052
1083
100.7
1067
107.5
1080
1061
971
113.3
931
1160
117 0
1166
1157
1154
116 1
1095
1217
1164

112.8 114.1
105 0 1053
108.2 1086
100.2 100.5
1072 1070
107.8 109.2
108.4 1100
1061 1076
967 965
114.0 115.5
908 952
117.2 1183
118 5 120 0
1187 1206
1167 1163
1154 1138
118 1 118 9
1092 1101
1233 1261
1177 1189

114.6
1058
109.3
100.7
1075
108.4
110.3
1059
906
115.7
880
119.6
121 4
1220
1176
114.8
1204
1128
1277
1198

114.5
1060
110 1
100.4
1078
106.5
110.8
1051
741
115.1
752
120.6
1225
1238
1185
1146
122 5
1135
1286
120 5

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

104.5
1021
101 1
1034
1079
108.8
1064
97.7
957
970
94.4
103.5
1087
995

104.0
989
1004
969
1114
1130
1085
95.9
926
949
90.2
105.5
1127
999

1041
1000
1008
989
1101
1115
1075
95.7
928
944
911
1043
1113
989

1043
996
1008
981
1110
1126
1083
95.9
927
944
91.0
1051
1123
995

103.8
984
1002
958
1118
1134
1089
95.4
918
946
88.9
105.9
1131
1003

1038
976
999
945
1127
114 6
1095
96.5
930
962
898
1068
1142
1010

1043
981
999
957
1133
1153
1097
94.8
904
976
83.1
107.6
1150
1018

1040
97 1
99 5
940
1139
1161
1101
90.9
850
995
703
108.0
1155
1022

September 1986

SURVEY OF CURRENT BUSINESS

18

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

Seasonally adjusted

1984

1985

1985

I

1984

1986

II

III

IV

I

IF

98.9 100.0

Merchandise exports

102.1

99.6

98.4

97.6

98.1

97.1

Foods, feeds, and beveragesIndustrial supplies and materials
Durable goods
Nondurable goods
Capital goods, except autos
Autos
Consumer goods
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods

107.6
100.3
100.2
100.3
100.0
107.0
100.5
96.7
103.4
103.7
103.7
103.6

95.6
95.7
95.7
95.7
99.8
109.6
99.9
94.2
104.3
101.2
101.1
101.2

98.9
97.5
97.5
97.5
100.4
107.6
99.6
94.0
103.9
101.8
101.9
101.8

98.6
96.1
96.1
96.1
100.3
109.5
99.7
93.9
104.2
101.8
101.8
101.8

94.9
94.1
94.1
94.1
99.7
110.5
100.1
94.5
104.5
100.8
100.8
100.8

89.9
95.0
95.0
95.0
99.0
110.7
100.2
94.6
104.6
100.2
100.2
100.2

93.1
94.7
94.7
94.7
98.7
111.2
101.6
95.8
106.1
100.8
100.8
100.8

91.8
91.9
91.9
91.9
98.5
112.1
103.0
96.6
108.1
100.1
100.1
100.1

95.7

92.6

92.8

92.7

91.8

93.0

90.4

85.0

96.4

97.7 103.7 106.9

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

101.9

97.8

99.2

97.8

93.7 87.4 88.7 88.0 87.3 85.7 84.9 83.7
93.7 87.4 88.7 88.0 87.3 85.7 85.0 83.8
93.7 87.4 88.8 88.0 87.3 85.7 84.9 83.7
90.0 84.5 85.4 86.2 82.4 84.2 69.0 42.2
92.1 87.9 87.8 87.5 87.7 88.6 89.9 92.2
104.5 107.1 105.1 105.8 106.4 110.6 113.4 116.7
99.5 99.6 99.3 98.8 99.5 100.8 102.0 103.8
97.1 95.9 95.2 95.0 95.7 97.6 99.4 102.0
102.9 104.9 105.1 104.1 104.9 105.4 105.8 106.4
98.5 96.7 96.3 96.1 96.5 97.9 99.3 101.2
98.5 96.7 96.3 96.2 96.5 97.9 99.3 101.2
98.6 96.7 96.3 96.1 96.6 97.9 99.3 101.2

Table 7.17.—Fixed-Weighted Price Indexes for National Defense
Purchases of Goods and Services, 1982 Weights

I
Government purchases of goods
and services

107.5
108.9
89.4
108.8
109.0
108.4
110.4
..... 108.5
106.2

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
Petroleum products
Ammunition
Other nondurable goods
Services
Compensation of employees .
Military
Civilian
Other services
Contractual research and
development
Installation support 1
Weapons support 2 3
Personnel support
Transportation of materiel
Travel of persons
Other
Structures
.

III

IV

I

112.5
122.6
108.5
114.3
75.3
106.6
107.1
103.5

113.2
125.1
105.8
114.7
73.8
106.6
107.8
103.9

113.2
124.2
107.9
115.4
76.4
106.6
106.2
104.1

113.8
125.2
107.2
116.7
77.9
106.8
106.3
104.8

115.3
126.2
111.9
117.6
78.7
107.4
107.0
104.8

89.0 88.1 89.3
82.4 79.7 78.4 80.0
105.1 109.4 109.2 109.7
, 102.8 107.6 107.2 107.8
108.8 113.6 112.2 112.9
, 109.0 114.5 113.2 113.8
108.4 114.0 112.6 113.1
, 110.4 115.6 114.5 115.3
108.5 112.0 110.4 111.3

89.5

89.2

87.4

71.4

110.3
120.4
106.6
110.3
80.3
105.2
102.6
102.5

113.6
125.5
107.7
114.3
75.4
106.7
107.0
103.9

115.5
130.2
108.6
112.9
76.2
106.8
106.8
103.9

109.7
112.4
109.4
, 105.7
97.5
98.5

113.4
116.8
112.7
110.0
96.2
102.0

112.7
114.8
112.0
103.6
95.0
99.9

112.5
116.1
112.3
107.3
96.7
103.0

80.5 79.8 77.6 53.8
109.2 109.5 106.8 107.1
107.1 108.3 109.3 109.4
113.5 115.9 116.4 116.9
113.9 117.0 117.3 117.8
113.1 117.2 117.4 118.0
115.8 116.6 116.9 117.2
112.5 113.8 114.8 115.2
113.7
117.7
112.6
110.8
97.0
102.1

114.6
118.6
114.0
118.2
95.9
102.8

115.1
119.4
114.1
123.4
98.1
101.3

114.8
120.5
113.8
127.5
97.8
102.0

106.2 110.4 108.6 109.4 110.8 112.6 113.2 114.2
106.5 111.2 109.4 109.9 111.8 113.7 114.6 114.9
105.8 109.1 107.3 108.8 109.5 110.8 111.0 113.1

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.




ir

I

110.8
113.4
88.1
112.2
113.2
112.6
114.5
110.4
108.6

110.7
110.8
89.3
112.9
113.8
113.1
115.3
111.3
109.4

111.2
111.5
89.5
113.5
113.9
113.1
115.8
112.5
110.8

112.9
111.5
89.2
115.9
117.0
117.2
116.6
113.8
112.6

113.2
112.2
87.4
116.4
117.3
117.4
116.9
114.8
113.2

112.7
113.4
71.4
116.9
117.8
118.0
117.2
115.2
114.2

108.8 110.0 109.9 110.0 109.7 110.3 110.1 110.1
98.9 99.6 99.5 99.4 99.5 100.0 99.9 99.2

101.1
109.4
110.4
107.9
103.9

100.5
113.7
115.5
110.8
107.3

101.9
112.7
114.5
109.8
105.9

100.9
113.4
115.2
110.7
107.1

99.8
113.9
115.7
111.0
107.8

110.3 116.3 114.1 115.7 117.0
104.3 106.4 105.7 106.3 106.5
, 99.0 99.2 98.9 99.6 98.2
112.8 119.8 117.3 119.0 120.7
112.9 120.3 117.6 119.4 121.2
112.5 117.7 115.7 117.0 118.4
104.6 110.9 108.4 110.7 111.9

91.6
115.1
117.0
112.2
109.0

96.3
115.5
117.3
112.7
109.3

118.5 119.4
107.3 107.4
100.0 95.4
122.2 123.9
122.8 124.5
119.5 121.2
112.5 112.9

120.2

99.3
114.7
116.7
111.7
108.5

108.1
89.5
125.6
126.3
122.2
113.1

Seasonally adjusted

ir

107.5 111.4 110.8 110.7 111.2 112.9 113.2 112.7
108.9 111.8 113.4 110.8 111.5 111.5 112.2 113.4

89.4

Nondurable goods

Military facilities .
Other

II

111.4
111.8
89.0
113.6
114.5
114.0
115.6
112.0
110.4

1986

1985

I

IV

[Dollars]

Seasonally adjusted

1985

III

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

[Index numbers, 1982=100]

1984

II

109.2 114.1 112.6 113.5 114.4 115.8 116.4 116.7
107.9 111.0 110.5 110.5 110.8 112.1 112.3 112.0

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

1986

1985

1985

1984

I
Current-dollar cost and profit per
unit of constant-dollar
gross
domestic product 1

1986

1985

1985

II

III

IV

I

ir

1.056 1.081 1.072 1.079 1.083 1.088 1.095 1.097

Capital consumption allowances with
capital consumption adjustment

.118

.120

.119

.120

.119

.121

.121

.123

Net domestic product

.938

.961

.953

.959

.964

.967

.974

.974

.100
.837
.690

.103
.858
.708

.102
.852
.704

.104
.855
.708

.103
.861
.705

.104
.863
.716

.106
.868
.721

.103
.871
.724

.107
.037

.106
.032

.103
.031

.104
.029

.113
.033

.105
.033

.105
.029

.106
.031

.070
.041

.075
.043

.073
.044

.075
.043

.080
.042

.072
.042

.076
.042

.075
.041

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.

SURVEY OF CURRENT BUSINESS

September 1986

19

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

1984

1985
I

Gross national product:
Current dollars
1982 dollars
Implicit price deflator
Chain price index
.
Fixed-weighted price index
Personal consumption expenditures:
Current dollars
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
Durable goods:
Current dollars
1982 dollars
Implicit price deflator
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
Implicit price deflator
Chain price index
Fixed-weighted price index
Gross private domestic investment:
Current dollars
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
Fixed investment:
Current dollars
1982 dollars
Implicit price deflator

,
,

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

II

III

IV

I

1984

6.2
2.7
3.3
3.6
3.7

6.8
3.1
3.7
3.9
4.2

5.8
2.3
3.3
3.5
3.6

6.8
4.1
2.5
2.5
2.8

5.8
2.1
3.6
3.9
4.0

6.2
3.8
2.5
1.9
2.5

8.7
4.7
3.8
4.0
4.0

7.1
3.5
3.5
3.6
3.7

7.2
3.7
3.3
3.5
3.6

7.3
3.5
3.7
4.0
4.2

8.2
5.3
2.9
2.8
3.0

6.4
1.7
4.3
4.7
4.7

5.2
4.6
6.2
3.6
1.1 -1.1
1.4 -.3
1.5 -.4

14.6
12.6
1.7
1.7
1.8

8.5
7.8
.7
1.0
1.0

8.9
6.9
1.9
2.3
2.3

7.4
8.1
-.4
.1
.2

6.5
3.5
2.8
3.0
3.0

4.0
1.6
2.4
2.5
2.5

3.6
1.8
1.9
1.8
1.9

6.5
3.4
2.7
3.1
3.2

2.3
1.2
1.1
1.1
1.1

8.7
3.4
5.2
5.3
5.3

8.9
3.7
5.0
5.2
5.2

9.3
4.2
5.0
5.1
5.0

7.9
2.1
5.7
5.6
5.8

8.3
3.2
4.9
5.0
5.1

11.4
6.0
5.2
5.4
5.2

10.5
57
11.4 -7.0

7.6
6.0

2 -6.2
-.7 -7.0

23.7 -11.6 -1.3
18
23.8 -11.1
-.8
.8
0
1.1
1.5
-.6
1.8
-.4
1.0

2.6
.6
1.8
1.5
1.7

15.3
14.3
.8
1.2
1.0

.6
6.9
3.1
8.0
6.5
1.6
5.3 -3.3 -7.9
5.2 -2.9 -6.6
5.2 -2.9 -6.8
7.2
3.2
3.7
4.3
4.6

6.5
2.6
4.0
3.6
3.8

25.3 -11.3
20.2 10.8

.2

15.4
15.9
-.8
.9
1.2

3.9
3.2
.8
.8
1.4

11.7 -4.8
9.9
84
4.0
2.0
2.1
.2
2.4
.9

5.2
3.5
1.6
3.2
2.8

16.7
16.9
_i
3
.6

10.0 -2.8
9.3 -4.3
.6
1.6
.9 -.3
1.4
.4

18.8
19.6
.8
.9
1.3

.5
.1
.4
.7
1.5

12.9 -11.9
12.5 -15.1
.4
3.7
7
.8
.4
1.6

15
-.9
-.4
2.2
2.2

12.3
11.1
1.1
1.1
1.0

11.1
7.7
3.1
1.8
1.7

15.1 -2.8
11.7
4.6
2.8
2.0
1.7
1.5
1.1
1.6

17.4
16.1
1.1
1.4
1.4

8.7
7.7
.9
1.2
1.5

.5
-.6
1.2

11.4
6.7
4.5
.4
.4

5.8 -6.5 -29.8
.3 10.8 -35.2
4.7
8.3
5.6
3.2
.2
2.6
1.5
3.1 -.3

19.1
9.4 -9.2
20.8
20.1 10.1 -9.4
23.9
-.8 -.6
.4 -2.8
1
.4 -.6
.7
.3
1.2
.5
1.5

15.8
2.1 16.9 -14.5
19.6
2.6 18.7 -17.0
-.4 -1.6
3.3 -3.2
4
.1
12
2.0
.7
.9
2.6
1.5

19.0
14.3
4.0
4.0
4.0

12.6
11.7
1.1
1.0
1.1

8.7
3.4
4.9
5.2
5.1

14.2
11.0
3.0
2.5
2.6

21.0
14.5
5.6
5.5

8.6 -3.4
6.7
7.8 -8.6 -8.1
6.2
20 -5.8
58
8.2
86
2.2 -1.4 -2.3
-2.3 -1.2
0
2.7 -.7 -1.2
.2 -2.2
-.6
6
2.9 -.4
.8
17 -.2

7.4
7.1
0
1.2
2.0

-12.0
-9.8
23
-1.7
-1.3

5.7
8.9
3.9 10.1
1.8 -.7
1.8 -1.0
1.8 -.6

23.1
1.6 -19.8
23.1
3.8 157
0
-2.1 -4.9
-2.0 -5.9
.1 -1.9
58

7.5
6.4
.7
1.0
.7

19.2
20.2
-.8
-.2
.6

-1.0
.3
-1.3
-1.6
-2.0

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
Chain price index
Fixed-weighted price index
National defense:
Current dollars
1982 dollars
p, ".
P . ,
Fixed-weighted price index
Nondefense:
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
State and local:
Current dollars
Implicit prine deflator
Chain price index
Fixed-weighted price index
Addenda:
Gross domestic purchases:
1982 dollars
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
Fixed-weighted 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

1986

1985
I

II

III

IV

I

ir

8.7
4.0
4.4
4.5
4.6

11.2
6.8
4.1
4.5
4.4

7.5
2.2
5.2
5.7
6.5

11.6
7.7
3.6
3.9
3.3

16.3
13.9
2.1
3.1
3.1

13.1 -8.5
10.0 -12.3
2.9
4.3
1.7
5.5
2.1
4.9

9.8
6.0
3.5
3.6
3.6

13.7
10.9
2.5
3.2
2.9

5.7
2.7
3.0
4.3
6.1

8.9
7.5
1.5
1.4
-.1

25.6
26.0
-.4
1.3
1.1

24.1 240 14.1
11.0
22.7 -27.5
1.1
4.8
2.9
6.2
.2
.6
.6 -1.2
4.9

9.6
6.0
3.4
3.4
3.6

10.4
7.4
2.7
3.0
3.7

6.7
3.8
3.0
3.8
7.0

10.3
10.0
.4
1.4
-.2

19.3
17.3
3.8 -2.4
1 0 19.0
15.8 -4.7
.4
1.1
9.1 -1.4
0
.4
1.7
7.7
1.2 -1.7
6.0
2.0

10.3
6.0
4.0
4.0
3.6

24.3
21.4
2.3
3.7
1.1

2.9
-.5
3.0
5.7
4.0

7.8
2.6
5.2
5.2
5.2

9.3
3.7
5.4
5.5
5.5

8.7
1.9
7.0
6.8
6.8

13.8
7.8
5.4
5.8
5.8

9.7
5.1
4.2
4.5
4.6

5.1
.3
4.9
4.9
5.0

5.3
2.6
2.7
2.9
3.2

10.7
8.7
2.0
2.2
2.6

8.3
3.7
3.8

3.4
3.4
3.6

1.4
3.3
3.7

5.6
3.4
3.6

4.6
2.5
2.8

4.0
4.4
4.5

3.0
1.2
1.6

3.6
.6
.4

4.4
4.0
4.0

4.2
3.6
3.6

4.4
4.0
4.1

3.0
3.6
3.6

6.1
2.6
2.7

2.7
4.0
3.9

13
1.9
2.4

3.4
1.5
1.7

6.3
3.7
3.7

4.8
3.4
3.5

2.7
3.3
3.7

6.3
3.5
3.6

6.6
2.6
2.8

4.7 -1.8
4.4
1.3
1.6
4.5

6.4
.6
.3

6.7
3.7

2.8
3.3

3.4
3.4

2.3
3.3

3.9
2.6

1.6
4.4

4.3
1.8

1.9
.4

6.6
3.8

3.0
3.3

3.6
3.7

2.5
3.3

4.4
2.5

1.9
3.6

3.7
2.5

1.4
1.8

7.5
3.7

3.1
3.0

3.8
3.0

2.7
3.3

4.8
2.2

1.9
3.3

4.0
1.8

1.4
1.8

7.6
3.4

3.0
3.5

3.2
3.4

3.1
3.7

3.9
2.9

1.1
2.5

4.9
2.5

.8
1.4

10.0
5.9

5.9
2.3

3.8
.4

13.2 -1.4
9.1
40

7.3
2.6

7.5
6.5

6.0
7.1

4.8 53.5 95.3 -60.9
.5 59.9 130.2 -67.1
4.6 -14.9
18.8
4.5
.1
.6
1.3
2.0
.4 -1.1
2.3 -.9

12.0
9.7
2.1
1.5
1.0

-.4
10.3
11.1
1.3
.1

4.7

-.9
27.1 -4.2
23.3
.2 15.8
45 144
3.0
4.5 -4.4 -8.5
4.8 -7.0 -15.5

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




1985

IF

10.5
6.4
3.8
4.0
4.0

31.8
29.4

Seasonally adjusted at annual rates

1986

1985

GNP in the first period. The implicit price deflator is a byproduct of the deflation of GNP. 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.

20




SURVEY OF CURRENT BUSINESS

September 1986

Reconciliation and Other Special Tables
Table 1.—Relation of Net Exports of Goods and Services in the National Income and Product
Accounts (NIPA's) to Balance of Goods and Services in the Balance of Payments Accounts
(BPA's)
[Billions of dollars]
asonally adjusted at
annual rates
Line

Exports of goods and services, BPA's
Less: Gold, BPA's
.
Capital gains net of losses in direct investment income receipts, BPA's
Statistical differences 1
Other items
Plus: Adjustment for U.S. territories and Puerto Rico
Services furnished without payment by financial intermediaries except life
insurance carriers and private noninsured pension plans.
Equals: Exports of goods and services, NIPA's

1
2
3

Imports of goods and services, BPA's
Less: Payments of income on U.S. Government liabilities
Gold, BPA's
Capital gains net of losses in direct investment income payments, BPA's
Statistical differences 1
Other items
Plus: Gold, NIPA's
Adjustment for U.S. territories and Puerto Rico
Imputed interest paid to foreigners
Equals: Imports of goods and services, NIPA's

9
10
11
12
13
14
15
16
17
18

Balance on goods and services, BPA's (1—9)
Less: Gold (2-11+ 15)
Capital gains net of losses in direct investment income, BPA's (3 — 12)
Statistical differences (4-13)
Other items (5-14)
Plus: Payments of income on U.S. Government liabilities (10)
Adjustment for U.S. territories and Puerto Rico(6-16)
Equals: Net exports of goods and services, NIPA's (8-18)

19
20
21
22
23
24
25
26

5
6
7

1985

1986

358.5
1.7
4.9
0
0
12.4
5.5

366.4
1.3
9.9
-1.2
0
12.7
5.9

364.6
12.7
8.4
-1.2
0
12.3
6.0

369.8

374.8

363.0

461.2
21.3
3.2
-.4
0
0
-.1
6.1
5.5
448.6

490.4
22.8
7.5
3.1
.2
0
-.1
6.0
5.9
468.5

487.4
22.2
10.5
-1.1
.2
0
0
6.0
6.0
467.5

-102.7
-1.5
5.3
0
0
21.3
6.3
-78.9

-124.1
-6.3
6.8
-1.3
0
22.8
6.7
-93.7

-122.7
2.2
9.4
-1.3
0
222
6.3
-104.5

1. Consists of statistical revisions in the BPA's that have not yet been incorporated in the NIPA's.

By FRANK de LEEUW

An Indirect Technique for Measuring the
Underground Economy: A Note on Revised Data
AN article in the

April 1985 SURVEY
OF CURRENT BUSINESS used an indirect technique to detect possible understatement in the growth of U.S.
national income.1 The technique consisted of dividing industries into
"well-measured/' "suspect," and "intermediate" groups and comparing
growth rates of various factors, or indicators, among the three groups
from 1949 to 1982. The last sentence
of the article stated that it would be
of interest to reexamine the results of
the analysis after the next comprehensive (benchmark) revision of the
NIPA's, because that revision will incorporate new adjustments for the underground economy.
This note presents the results of a
reexamination. It first compares, for
the three industry groups, prerevision
and postrevision rates of growth of
the indicators used to detect understatement of growth. It then discusses
the significance of the results.
This reexamination does not reproduce the full-scale multiple regression
analysis of the original study, based
on 1,904 observations (34 years times
56 industries) and several independent variables. The full-scale analysis
made it possible to measure differences between industry groups after
taking account of the influence of cyclical variations in employment, the
importance of corporate versus noncorporate form of organization, and
other variables. The revisions of indicators presented here will indicate
how much the benchmark revision
would affect the results of a full-scale
regression analysis if the influence of
the variables the regression controlled
for are similar before and after the
revision.

Table 1.—Average Annual Rates of Growth of
Three Indicators by Type of Industry, 19491982
[Percent]

Indicator

Ratio of full-time equivalent
employment to total
employment:
Prerevision
Postrevision
.
Ratio of employee
compensation to full-time
equivalent employment:
Prerevision
Postrevision
Ratio of national income to
employee compensation:
All industries:
Prerevision
Postrevision
Omitting eight industries:
Postrevision ..

Wellmeasured
industries

006

Intermediate
industries

017

Suspect
industries

019

-.07

-.16

-.18

6.57

6.34

6.12

658

634

612

57
53

01
07

98
82

62

-.63

19

- 12

76

-.59

NOTE.—The eight industries omitted in the last two lines of
the table were also omitted in the regression analysis of the
ratio of national income to compensation, as discussed in de
Leeuw, "An Indirect Technique," p. 70. The industries are
private households, social services, educational services, agricultural services, farms, oil and gas extraction, petroleum
refining, and electric and gas utilities.

NOTE.—Alma Missouri performed the statistical work discussed in this note.

Revisions of three indicators
The three indicators used to detect
possible understatement of growth
were (1) the ratio of full-time equivalent employment to total employment, an indicator of understatement
of hours worked; (2) the ratio of employee compensation to full-time
equivalent employment, an indicator
of understatement of employee compensation; and (3) the ratio of national income to employee compensation,
an indicator of understatement of proprietors' income and profits. Understatement of the growth rate of national income is the sum of the understatement of growth rates in the
three indicators.
Table 1 compares the growth of the
three indicators for three groupings of
industries—well-measured, intermediate, and suspect.2 For the first two in-

1. Frank de Leeuw, "An Indirect Technique for
Measuring the Underground Economy," SURVEY OF
CURRENT BUSINESS 65 (April 1985): 64-72.

2. The criteria used to assign industries to groupings
and a list of the industries in each grouping appear in
de Leeuw, ibid., pp. 64-65.




dicators, the table shows that there is
very little change in annual average
rates of growth as a result of the
benchmark revision. However, for the
third indicator, the ratio of national
income to compensation, improved adjustments for underreporting of incomes on tax returns have led to
large revisions.3 For this indicator,
the difference in rates of growth between well-measured and suspect industries, including all of the industries in each grouping, changed from
0.41 percent per year on a prerevision
basis (-0.57 vs. -0.98 percent) to 0.29
percent per year on a postrevision
basis.
The last two lines of the table show
growth rates of the third indicator
omitting certain industries for which
either (a) employee compensation accounts for all or almost all income or
(b) movements in the ratio of national
income to employee compensation are
dominated by events unrelated to the
underground economy, such as oil
price changes. These industries, listed
in the note to the table, were omitted
in the full-scale regression analysis of
this indicator. For the narrower set of
industries, the revision produced even
larger changes; differences in rates of
growth between well-measured and
suspect industries went from 0.14 percent per year prerevision to —0.04
percent per year postrevision. Postrevision, for this indicator, suspect
industries no longer grow less rapidly
than well-measured industries.
Significance of the results
A measure of the growth of the underground economy based on comparing indicators across groupings of industries is subject to wide uncertainty. The 1985 article discussed a
3. See Robert P. Parker, "Improved Adjustments for
Misreporting of Tax Return Information Used to Estimate the National Income and Product Accounts,"
SURVEY 64 (June 1984): 17-25.

21

22

SURVEY OF CURRENT BUSINESS

number of the sources of uncertainty.4 In addition to the sources mentioned there, the results presented in
this note are highly sensitive to the
way in which the new adjustments for
underreporting of income on tax returns are distributed among industries. The more the adjustments
appear in the suspect industries, the
greater the revisions in the differentials between suspect and well-measured industries.
Nevertheless, the results do provide
some grounds for believing that the
benchmark revisions greatly reduced
any understatement of growth due to
the underground economy. The revisions in the indicators eliminate a sizable fraction of the unexplained differences found in the 1985 study between well-measured industries, on
the one hand, and suspect and intermediate industries, on the other.

For suspect industries compared to growth shortfall of 0.29 percent per
well-measured industries, the 1985 year. The revisions in the ratios
study found an aggregate unexplained reduce the aggregate growth differenshortfall in the growth of national tial by a total of 0.09 percent, elimiincome of 0.40 percent per year, after nating about one-third of the prerevitaking account of all the variables sion shortfall.
Applying weights (based on nationother than the underground economy
affecting the behavior of the three in- al income in 1968) of 0.52 to suspect
dicators. The revisions in the ratio of industries and 0.13 to intermediate innational income to employee compen- dustries produced a prerevision shortsation reduce the aggregate growth fall of 0.25, or one-quarter of 1 perdifferential between these two indus- cent per year. The standard error of
try groupings by 0.18; revisions in the this estimate was 0.08 percent. Posratio of full-time equivalent employ- trevision, the shortfall drops from
ment to total employment reduce the 0.25 to 0.14, or one-seventh of 1 pergrowth differential by another 0.02; cent per year. Under the reasonable
and revisions in the ratio of employee assumption that the standard error of
compensation to full-time equivalent the estimate is unchanged, the new
employment increase the growth dif- shortfall estimate is less than twice
ferential by 0.01. The revisions thus its standard error. The new estimate
eliminate 0.19 of the 0.40 prerevision still indicates understatement, but
shortfall.
the estimate is small enough relative
to its standard error that it could
For intermediate industries com- simply be due to statistical uncertainpared to well-measured industries, the ty rather than to unmeasured growth
1985 study found an unexplained of national income.

4. de Leeuw, "An Indirect Technique," pp. 71-72.




September 1986

By EUGENE P. SESKIN and DAVID F. SULLIVAN

Plant and Equipment Expenditures,
the Four Quarters of 1986
V^APITAL spending plans by business were again revised downward
and now indicate a decline for 1986,
according to the BEA survey conducted in July and August.1 Business
plans to spend $379.6 billion for new
plant and equipment (P&E) in 1986,
1.9 percent less than in 1985 (tables 1
and 2, and chart 1). Spending was
$387.1 billion in 1985, 9.2 percent
more than in 1984.
Compared with the survey conducted in April and May, the latest
survey shows widespread downward
revisions across both manufacturing
and nonmanufacturing industries; the
downward revisions are sharpest in
durable goods manufacturing. The
latest estimate of planned spending
for 1986 is $7.7 billion lower than that
reported in the previous survey; the
previous survey showed planned
spending of $387.2 billion for 1986, 0.2
percent more than in 1985.2 The earlier surveys of 1986 spending plans—
conducted in October and November
1. The survey covers expenditures both for new facilities and for expansion or replacement of existing
facilities that are chargeable to fixed asset accounts
and for which depreciation or amortization accounts
are ordinarily maintained. The survey excludes expenditures for land and mineral rights; maintenance
and repair; used plant and equipment, including that
purchased or acquired through mergers or acquisitions; assets located in foreign countries; residential
structures; and a few other items.
The estimates presented are universe totals of domestic P&E expenditures for all industries surveyed
quarterly, which account for nearly 90 percent of capital spending by U.S. nonfarm business. Sample data
are compiled from reports on a company basis, not
from separate reports for plants or establishments. A
company's capital expenditures are assigned to a
single industry in accordance with the industry classification of the company's principal product or service.
P&E expenditures differ from rionresidential fixed
investment, which is a component of GNP, in type of
detail, data sources, coverage, and timing. For further
information, see pages 24-25 of the February 1985
SURVEY OF CURRENT BUSINESS.
2. The estimates of planned spending have been adjusted for systematic reporting biases. The bias adjustments are calculated by industry for each planning
horizon. For a given time period, the bias-adjustment
factor is the median of the ratios of planned to actual
expenditures for that time period in the preceding 8
years. Before adjustments, 1986 planned spending was
$378.71 billion in "all industries," $147.56 billion in
manufacturing, and $231.15 billion in nonmanufacturing industries surveyed quarterly.




Table 1.—New Plant and Equipment Expenditures by Business
[Percent change from preceding year]
Planned

Actual

1986
1984

All industries

3

Manufacturing
Durable goods 4
Primary metals
Blast furnaces steel works
Nonferrous metals
Fabricated metals
Electrical machinery
Machinery, except electrical
Transportation equipment 4
Motor vehicles
Aircraft
Stone, clay and glass
Other durables
Nondurable goods
Food including beverage
Textiles
Paper
Chemicals
Petroleum
Rubber
Other nondurables
Nonmanufacturing 3
Mining
Transportation
Railroad
.
Air
Other
Public utilities
Electric
Gas and other...
Commercial and other

16.3

1985

J

9.2

Oct-Nov.
1985
survey 2

Jan.-Mar.
1986
survey 2

Apr.-May
1986
survey 2

July-Aug.
1986
survey 1

2.4

2.3

0.2

-1.9

-2.6
-1.4
.1
-2.2
.6
13.2
-4.7
-7.9
1.1
.3
13.9
5.0
5.5
-3.6
1.7
-4.3
6.7
4.3
-24.4
4.4
16.4

6.2
-6.9
-3.4
10.5
2.6
11.7
-6.3
-16.9
8.5
-12.4
11.9
-6.8
5.0
-5.5
-.2
-7.0
3.2
5.1
27.5
3.4
14.4

2.1
222
1.1
-8.8
20.1
-2.5
48
-6.8
1.0
7.0

.8
-28.9
1.8
6.9
22.6
4.4
-5.3
-6.9
-.6
5.8

19.5
24.8
18.4
8.9
22.6
22.5
27.9
14.1
42.8
53.7
22.7
11.6
22.2
15.0
13.3
23.7
21.8
18.3
10.3
26.2
14.8

10.6
10.6
8.5
16.5
-11.8
3.9
5.9
3.7
20.3
30.6
-3.3
10.1
19.7
10.5
17.1
-7.6
19.2
7.3
4.6
24.3
17.1

-.1
-2.5
-3.3
-6.8
-1.4
5
-10.2
-3.7
2.4
3.7
3.0
.7
2.3
2.1
-.2
118
3.6
-.7
3.4
6.3
4.5

-.9
-2.9
_i
-21
1.9
7.5
-10.7
-3.9
.5
1.8
2.8
-4.6
.9
1.1
4.6
.9
3.8
5.6
-8.1
3.1
9.3

14.3
11.0
18.3
39.1
-18.3
30.6
5.6
6
35.6
17.7

8.4
-5.8
9.1
4.3
34.5
4
2.8
-2.5
21.6
12.0

4.1
-6.2
5.1
2.3
19.3
-2.0
-4.4
70
3.0
7.7

4.3
-12.5
5.8
-2.2
28.5
-2.6
-.5
1.8
3.4
7.4

1. See table 2, footnote 1.
2. As originally published.
3. Surveyed quarterly.
4. Includes industries not shown separately.

1985 and in January through March
1986—showed increases of slightly
more than 2 percent for 1986.
Real spending—capital spending adjusted to remove price changes—is estimated to decline 2.5 percent in 1986
(table 3). Real spending increased 8.7
percent in 1985, following an increase
of 15.8 percent in 1984. Estimates of
real spending are calculated from
survey data on current-dollar spending using estimated capital goods
The estimates in this article reflect revised seasonal-adjustment factors for
1983-86. In addition, estimates of real
spending are derived using deflators that
reflect the revision of the national
income and product accounts for 1983-86
released in July. Estimates for earlier
years are not affected.

price deflators developed by BEA.3
The capital goods deflator for "all industries" is projected by BEA to increase 0.6 percent in 1986, following a
0.5-percent increase in 1985.4
Current-dollar spending in the
second quarter of 1986 declined 0.5
3. Specifically, the current-dollar figures reported by
survey respondents are adjusted using implicit price
deflators derived from unpublished detailed national
income and product account estimates of current- and
constant-dollar nonresidential fixed investment (adjusted to a P&E basis). To estimate planned real
spending, the implicit price deflator for each industry
is projected using its growth rate over the latest four
quarters for which it is available.
4. The growth rates in the deflator for "all industries" for 1985 and 1986 have been revised downward
due to revisions in the underlying national income
and product account (NIPA) data. The industry estimates most affected by the NIPA revision were petroleum manufacturing and mining (due to a downward
revision in the deflator for petroleum and natural gas
structures) and finance and insurance (due to a downward revision in the deflator for office, computing,
and accounting machinery).
23

24

SURVEY OF CURRENT BUSINESS

September 1986

Table 2.—New Plant and Equipment Expenditures by Business in Current and Constant Dollars :
Billions of dollars; quarters seasonally adjusted at annual rates

1983

All industries

3

Manufacturing
Durable goods.. 4
Primary metals
Blast furnaces, steel works
Nonferrous metals
Fabricated metals
Electrical machinery
Machinery, except electrical
Transportation equipment 4
Motor vehicles
Aircraft
Stone, clay, and5 glass ..
Other durables
Nondurable goods ...
Food including beverage
Textiles
Paper
Chemicals
Petroleum
Rubber
Other nondurables 6

1984

1985

I

II

III

IV

I

II

1986

1985

1984

1983

III

IV

I

II

III

IV

I

II

III 2

IV 2

304.78 354.44 387.13 379.59 290.05 294.82 308.63 325.59 339.32 349.43 361.27 367.78 373.56 387.86 389.23 397.88 377.94 375.92 380.52 383.99
116.20 138.82 153.48 144.01 111.78 112.51 116.66 123.87 130.64 135.66 142.46 146.52 146.94 154.25 154.47 158.26 144.03 141.68 142.72 147.60
68.33 66.30 70.28
68.26 71.01 70.29 74.34 72.99 75.47 68.01
53.08 66.24 73.27 68.23 50.83 50.17
64.18
53.95 57.39 61.49
7.69
6.96
7.49
8.09
6.32
7.81
7.73
7.56
6.34
7.49
5.90
7.15
6.03
7.62
7.18
6.97
6.67
5.59
7.75
7.76
3.97
3.99
2.91
3.88
4.46
4.12
3.98
3.23
3.54
3.84
3.48
3.33
3.54
3.69
3.16
4.12
3.25
3.93
3.51
3.06
2.00
1.81
2.02
1.84
1.86
1.83
1.88
1.72
2.13
1.83
2.00
2.12
1.57
1.77
1.92
1.88
1.74
2.30
2.06
2.03
3.97
3.81
4.04
3.74
4.13
3.44
3.68
3.38
2.92
2.63
3.57
3.64
3.44
3.14
2.76
2.91
3.99
2.80
3.49
3.51
15.19 15.14
12.81 14.83
17.00
10.94
14.61
15.11 14.28
14.49
15.47
11.42
15.48
15.06
15.54
13.55 14.29
10.56
11.68 12.52
13.01
15.98
14.31 13.05 12.76
13.06
16.01 16.31 15.65
16.37
14.85
14.44
12.89
13.61 14.46
13.28
13.50 15.41 15.98
15.97
18.57
18.55 15.86
22.08 18.25
19.33
17.80
10.84
17.31 19.14
16.35
18.20
15.50
14.65
10.47
11.38 12.64
11.33 16.18 19.46
11.10 13.29
13.57
13.28
17.50
14.40
14.34
1120 1463 1281
655
742
844 1010 1064 1143 1263 12.29
674
7.29
4.12
3.61
3.90
3.82
3.44
2.94
3.57
3.29
3.54
3.42
2.94
3.86
2.96
2.91
3.54
3.48
4.20
3.19
2.81
3.45
3.51
3.35
2.78
3.40
3.05
3.43
3.09
3.57
3.21
3.10
3.01
3.10
2.70
2.80
3.03
3.17
2.57
3.40
2.77
3.16
8.40
7.83
7.67
8.12
7.90
5.51
7.91
6.69
6.11
5.94
5.21
5.22
8.00
4.90
7.62
6.37
5.21
7.17
7.51
6.73
82.79 76.02 73.35 76.43 77.32
66.48 69.15
72.58 80.21
81.48
76.64 79.91
71.48
75.78 60.95 62.34 62.71
63.12
74.21
75.51
10.90
10.21
10.45
10.90
9.68
8.14
8.82
10.45
10.32
8.21
7.62
9.66
9.30
8.56
7.67
7.70
10.31
10.33
7.78
9.23
1.65
1.66
1.78
1.50
1.81
1.92
1.53
1.72
1.85
2.00
1.86
1.41
1.56
1.65
1.43
1.77
1.55
1.99
1.85
1.98
9.07
8.71
9.02
8.67
9.56
8.20
5.98
8.87
5.74
7.21
8.73
7.87
7.40
6.85
6.52
6.01
5.96
8.59
5.92
8.06
18.30
18.24
16.23
15.88 16.72
14.02
12.24
15.32
16.40
16.83
15.47
12.52
13.05
17.29
16.44
16.16 16.32
14.79
14.85
12.96
18.73 18.34
22.98 17.43
27.05 26.61
22.34 23.58 24.05 26.05 26.47 25.55 25.97 27.17
19.37
23.54 23.10
25.53 26.71
23.14
3.66
3.83
4.05
4.43
2.69
4.45
3.96
3.57
2.73
2.51
3.99
2.15
3.11
3.46
3.21
3.44
3.05
2.49
3.86
2.46
15.38
15.05
13.90
12.88
10.26
10.36
10.52
10.62
9.14
9.58
14.30
8.23
12.50
10.68
9.30
11.37 11.96 13.17 13.52
11.22

Nonmanufacturing 3
188.58 215.61 233.65 235.58 178.27 182.30 191.97 201.71 208.69 213.76 218.81 221.25 226.62 233.61 234.76 239.61 233.90 234.24 237.79 236.39
10.16
Mining.
12.99
11.23 10.80
15.25
17.41 16.41
16.19
14.78
15.89
15.81 16.56
16.81 16.84
14.20
15.60
15.88 11.29
15.19 16.86
18.15
18.74
Transportation
18.28
13.24
16.52
18.81 19.15 18.22
17.45
17.22
16.91
15.67
13.89
15.25
18.35
18.02
13.97
16.70
16.29
13.50
6.31
6.77
7.09
6.74
6.22
Railroad
7.38
6.41
7.79
6.42
6.99
7.23
4.35
5.04
6.11
6.60
4.03
7.08
6.79
4.88
6.53
5.75
Air...
5.40
5.78
6.07
6.58
5.17
3.66
4.92
3.71
3.70
3.64
3.57
3.36
4.73
4.14
5.88
4.79
3.56
4.36
4.23
6.08
Other
6.25
5.42
5.74
6.34
5.85
6.35
6.53
6.11
4.72
5.48
5.87
4.28
6.17
6.04
6.13
5.90
4.42
6.15
4.72
Public utilities
48.44 49.79 47.03 46.55 46.08 45.24
46.77 48.44 48.61
47.98 48.17
46.22 44.61
44.96 47.48 48.81
44.46 44.86 45.93 47.01
32.78
Electric
33.81 33.61
37.83 38.19
37.71
37.27 37.03 36.11 33.60 36.37 37.16
37.75 36.89 35.34 36.49 36.00 35.58 36.38 34.21
12.46
Gas and other
12.74
12.46
13.41 12.82
8.10
12.62
8.24
10.44
11.28 11.43 11.95 12.61 12.86
10.23
8.82
7.31
7.15
12.70
7.70
Commercial and other
114.45 134.75 150.94 159.72 105.64 110.15 117.62 124.35 128.61 132.46 136.61 141.36 145.68 150.99 151.62 155.42 155.67 158.18 162.18 162.84
Wholesale and retail trade
50.79 51.53 52.55 54.98
44.02 45.60 47.01
32.83 35.79 38.74 40.73 43.10
3703 4493 5076
49.29 51.45
26.34 26.97 29.54 30.71 32.37 34.22 33.56 35.48 36.65 37.77 40.42 42.92 41.91 40.55
Finance and insurance
28.39 33.91 39.44
Personal and business services 7 .... 24.99 28.70 28.69
28.69 28.07 29.57 28.49 28.86 28.59 27.59 29.73 27.93 27.70
22.98 24.30 26.35 26.31
Communication
33.28 34.95
23.49 23.09 22.99 26.61
2405 2721 3204
27.88 30.38 30.88 33.19 32.82 31.24
24.44 26.15
Addenda: 8
Total nonfarm business 9
Manufacturing
Nonmanufacturing
Surveyed quarterly 10
Surveyed annually

34335
116.20
227.15
188.58
38.56

398.99
138.82
260.16
215.61
44.55

43194
153.48 144.01 111.78 112.51 116.66 123.87 130.64 135.66 142.46 146.52 146.94 154.25 154.47 158.26 144.03 141.68 142.72 147.60
278.46
233.65 235.58 178.27 182.30 191.97 201.71 208.69 213.76 218.81 221.25 226.62 233.61 234.76 239.61 233.90 234.24 237.79 236.39
44.81
Billions of 1982 dollars; quarters seasonally adjusted at annual rates ll

All industries 3

307.04 355.41 386.32 376.47 290.16 297.34 311.99 328.62 341.50 350.63 361.60 367.96 371.84 387.31 388.58 397.57 374.18 372.30 377.71 381.69

Manufacturing
Durable goods
.
Primary metals 4
Blast furnaces, steel works
Nonferrous metals
Fabricated metals
Electrical machinery
Machinery, except electrical
Transportation equipment 4
Motor vehicles
Aircraft
Stone, clay, and5 glass
Other durables
Nondurable goods
Food including beverage
Textiles
Paper
Chemicals
Petroleum
Rubber
Other nondurables 6
.

119.69 143.58 158.07 146.97 113.45 115.86 120.73 128.74 135.29 140.59 147.25 151.18 150.98 159.11 159.25 162.95 147.21 144.37 145.72 150.60
53.04 65.80 72.73 68.33 50.46 50.21
67.69 70.50 69.43 73.78 72.50 75.22 67.37 68.52 66.62 70.84
57.40 61.19 63.81
54.10
7.53
6.78
7.85
7.49
7.33
6.97
7.51
5.96
7.37
7.54
6.98
6.23
5.81
6.81
6.53
6.27
5.53
4.34
3.75
2.85
4.00
3.87
3.21
3.45
4.00
3.81
3.73
3.42
3.19
3.50
3.03
3.11
3.40
3.26
1.78
1.94
1.77
1.76
1.76
1.71
2.06
1.80
1.92
222
2.05
1.85
1.74
1.70
2.00
1.99
1.55
3.97
3.65
4.01
3.59
3.30
3.37
2.60
3.49
2.79
3.40
3.44
2.90
3.57
3.39
3.10
2.90
2.75
14.73
14.81 14.08 12.54
11.27 14.28
10.44
10.76
15.15
15.18 15.06 16.65
13.98 14.69
13.27
11.56 12.30
13.37
16.21 14.40
15.76
16.40
13.53 15.41
15.96
12.98
16.08
15.99
16.35
14.85
14.44
13.71 14.53
12.93
22.29 18.41 18.92
19.34
19.56
11.53 16.44
17.47
12.93
10.90
19.66
18.50
16.60
15.77
14.91
11.64
10.65
17.33 13.08 13.54
11.11
12.11 14.17 14.22
8.44
6.68
14.46
7.27
11.32 12.50
10.04
6.54
10.57
7.43
4.14
4.28
3.59
3.85
3.73
3.74
3.06
3.83
3.74
3.15
3.04
3.80
4.52
3.66
3.41
3.12
2.94
2.95
2.70
3.31
3.04
3.48
3.35
3.02
3.32
2.76
3.13
3.03
2.80
2.69
2.55
3.09
2.97
3.07
7.52
8.04
7.82
7.41
7.81
5.20
6.29
6.04
5.49
5.22
4.86
7.52
7.03
6.64
6.59
5.88
5.21
79.10
79.76
79.84
75.85
87.74
77.78
85.34 78.64 62.99 65.64 66.63 71.34
66.65
74.10
76.79 79.57 80.67 81.55 85.32 86.75
9.26
10.06
10.52
9.96
10.08
8.59
8.05
9.97
7.54
7.71
9.31
8.35
9.03
8.95
8.05
7.62
7.64
1.42
1.69
1.64
1.46
1.77
1.41
1.85
1.90
1.92
1.77
1.54
1.69
1.53
1.91
1.77
1.80
1.40
9.26
8.33
8.75
8.44
7.93
7.01
5.89
5.66
5.85
8.30
7.81
7.60
7.18
6.38
6.68
5.90
5.95
16.27
15.80
16.76
16.84
16.42
15.41 16.45
14.22
12.24
13.08
16.29
14.90
15.54
16.22
14.97
12.64
13.23
20.85
33.62 33.38 32.54 28.17
25.87 26.44 26.29 28.56 29.44 31.91 32.62 31.56 31.99
26.79 31.38 32.89
4.27
3.95
4.33
3.04
3.84
3.47
2.67
2.12
2.44
2.67
3.13
2.99
2.49
3.75
3.35
3.35
2.48
12.59
13.79
13.37
10.50
11.73 12.96
10.18 10.47
8.15
9.25
12.29
10.16 11.01 11.11
9.55
9.11
10.35

Nonmanufacturing 3
Mining
Transportation
Public utilities
Commercial and other
Wholesale and retail trade
Finance and insurance
Personal and business services 7 ..
Communication

187.35 211.83 228.25 229.50 176.71 181.48 191.26 199.88 206.21 210.03 214.35 216.78 220.86 228.20 229.32 234.62 226.97 227.94 231.99 231.09
11.09
11.92
15.19 12.57
18.98 17.99
19.86
19.12
20.19
20.13
12.69
16.14
16.01
18.93
17.33
20.27 18.89
18.03
20.85 19.53
16.90
17.47
16.98
17.06
16.35 17.60
17.88
14.79
15.68
13.59
13.24
13.65
16.88
17.10
12.97
15.35 15.70
15.05
16.08
16.26
43.71
45.29 46.19
43.59 43.64 43.38 43.57 44.25 45.03 45.79 45.90 44.44 45.99 46.03 45.79 46.96 44.24 43.97 43.49 42.68
112.67 130.67 146.26 156.11 103.96 108.85 116.07 121.73 125.29 128.63 132.06 136.72 140.28 145.96 146.96 151.79 150.55 154.34 159.11 160.43
48.72 49.30 51.93
42.26 43.51
32.29 35.33 38.04 39.69 41.66
36.34 43.05 48.10
44.81
46.76 48.84 48.10
44.36
28.90 34.85 41.59
26.40 27.46 30.28 31.43 33.06 35.09 34.51 36.74 37.79 39.57 42.69 46.28 44.61
26.80
22.69 24.11
26.09 25.90 28.02 27.27 28.57 27.53 27.78 27.55 26.59 28.69 26.81
24.70 27.85 27.66
24.71
22.73 24.91
28.91
22.57 21.96
22.54 24.01
25.48 27.64 27.95 30.00 29.58 28.09 29.83 31.25
21.67

Addenda:8
Total nonfarm business 9 ......
Manufacturing
Nonmanufacturing
.
Surveyed quarterly10
Surveyed annually

345.53
119.69
225.84
187.35
38.49

399.64
143.58
256.06
211.83
44.23

431.16
158.07 146.97 113.45 115.86 120.73 128.74 135.29 140.59 147.25 151.18 150.98 159.11 159.25 162.95 147.21 144.37 145.72 150.60
273.09
228.25 229.50 176.71 181.48 191.26 199.88 206.21 210.03 214.35 216.78 220.86 228.20 229.32 234.62 226.97 227.94 231.99 231.09
44.84

1. Estimates reflect revised seasonal-adjustment factors for 1983-86. Revised annual estimates
for 1985 are calculated from quarterly estimates unadjusted for seasonal variations. The previously reported annual estimates for 1985 were calculated from seasonally adjusted quarterly estimates derived using projected seasonal-adjustment factors.
2. Estimates are based on planned capital expenditures reported by business in late July and
August 1986. The planned expenditures are adjusted for systematic biases in reporting. The adjustment procedures are described in the February 1985 SURVEY OF CURRENT BUSINESS. Before
bias adjustment, current-dollar plans for 1986 were $378.71 billion for "all industries," $147.56
billion for manufacturing, and $231.15 billion for nonmanufacturing industries surveyed quarterly3. Surveyed quarterly.
4. Includes industries not shown separately.
5. Consists of lumber, furniture, instruments, and miscellaneous.
6. Consists of tobacco, apparel, printing-publishing, and leather.




7. Includes construction.
8. The latest estimates for the industries surveyed annually were published in the June 1986
SURVEY. The current-dollar plans for 1986 were $445.31 billion for total nonfarm business, $293.47
billion for total nonmanufacturing, and $50.18 billion for nonmanufacturing industries surveyed
annually. Constant-dollar estimates were $432.62 billion for total nonfarm business, $280.95 billion for total nonmanufacturing and $49.60 billion for nonmanufacturing industries surveyed annually.
9. "All industries" plus the part of nonmanufacturing that is surveyed annually.
10. Consists of real estate; professional services; membership organizations and social services;
and forestry, fisheries, and agricultural services.
11. Procedures for preparing constant-dollar estimates are described in the February 1985
SURVEY. Estimates reflect revisions in the current-dollar estimates (see footnote 1) and are derived using deflators that reflect the revision of the national income and product accounts for
1983-86 released in July. To estimate real spending plans, BEA adjusts the survey results for
assumed price changes.

25

SURVEY OF CURRENT BUSINESS

September 1986

CHART 2

1

New Plant and Equipment Expenditures
Percent Change
- 30 - 20 - 10

0

10 20

30

Real Plant and Equipment Expenditures, All Industries:
Cyclical Peaks and Troughs
Billion 1982 $
400f

ALL INDUSTRIES
Air Transportation
Commercial and
Other
Gas and Other
Utilities
Other
Transportation
Nondurable Goods
Manufacturing
Electric Utilities
Railroad
Transportation
Durable Goods
Manufacturing
Mining

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

percent, to an annual rate of $375.9
billion, following a 5.0-percent decline
in the first; second-quarter spending
was 3.0 percent lower than anticipated in the previous survey. Plans reported in the latest survey indicate
small increases in the third and
fourth quarters-—1.2 percent and 0.9
percent, respectively. These increases
in the second half of 1986, if realized,
would result in fourth-quarter spending at an annual rate of $384.0 billion, 3.5 percent below the fourthquarter 1985 rate.
Real spending declined 0.5 percent
in the second quarter of 1986, following a 5.9-percent decline in the first.
Estimates indicate a 1.5-percent increase in the third quarter and a 1.1percent increase in the fourth.
The real spending decline of 6.4
percent from the fourth quarter of
1985 to the second quarter of 1986 is
the first multiquarter decline since
the 15.2-percent, six-quarter decline
from the third quarter of 1981 to the
first quarter of 1983; that decline was
associated with the 1981-82 business
cycle contraction (chart 2). The current decline is the first multiquarter
decline not associated with a business
cycle contraction since the 2.9-percent, three-quarter decline from the
fourth quarter of 1966 to the third
quarter of 1967.




275
1979

1980

1981

1982

1983

1986

1985

1984

Seasonally Adjusted at Annual Rates
• Planned
Note. - Peaks (P) and troughs (T) are turning points in the business cycle as designated by the National Bureau of Economic Research, Inc.
U.S. Department of Commerce, Bureau of Economic Analysis

sharp drop in net new capital appropriations and declines in new orders
of nondefense capital goods and in the
manufacturing capacity utilization
rate. Further, the tax reform bill
under consideration by Congress may
be contributing, on balance, to the
downward revisions in spending
plans. The bill's provision for the retroactive elimination of the investment tax credit could be having a
direct, negative effect on capital
spending that—at least in the short
term—would tend to offset the positive effects of other provisions in the
bill, such as lower tax rates on corporate profits.

The continued decline in capital
spending in the second quarter of
1986 and the widespread downward
revisions in spending plans for the
year occurred when general indicators of future investment activity
were mixed. Indicators favorable to
investment activity in the second
quarter include increases in corporate
profits (both before and after tax), corporate net cash flow, and real final
sales of GNP. In addition, interest
rates continued their downtrend; for
example, Moody's corporate bond
yield registered its eighth consecutive
quarterly decline. Indicators unfavorable to investment activity include a

Table 3.—New Plant and Equipment Expenditures by Business in Constant (1982) Dollars
[Percent change from preceding year]
Actual

Planned
1986

1984

All industries4

l

1985 i

2

Oct.-Nov.
1985
survey 3

Jan.-Mar.
1986
survey 3

Apr.-May
1986
survey 3

July-Aug.
1986
survey 1 z

15.8

8.7

1.4

0.9

-1.3

-2.5

Manufacturing
Durable goods
Nondurable goods

20.0
24.1
16.7

10.1
10.5
9.7

8

-1.9
-3.6
-.5

-4.1
-2.5
56

-7.0
-6.0
79

Nonmanufacturing 4
Mining
Transportation....
Public utilities
Commercial and other

13.1
16.5
14.9
3.6
16.0

7.8
-6.3
7.6
2.0
11.9

2.9
137
1.1
-1.5
6.7

.6
-22.8
-.8
-5.7
5.8

.5
-32.9
1.3
-5.6
6.7

-3.1
1.2
2.9
70
2.7
55

6.8

1. Estimates are derived using deflators that reflect the revision of the national income and product accounts for 1983-86
released in July.
2. See table 2, footnote 1.
3. As originally published.
4. Surveyed quarterly.
NOTE.—Percent changes are calculated from constant-dollar estimates, which are based on actual and planned current-dollar
spending and on estimated capital goods price deflators developed by BEA.

26

SURVEY OF CURRENT BUSINESS

Manufacturing Programs
In manufacturing, current-dollar
spending declined 1.6 percent in the
second quarter of 1986, to an annual
rate of $141.7 billion, following a 9.0percent decline in the first. A 3.5-percent decline in second-quarter spending by nondurable goods industries
more than offset a 0.5-percent increase by durables. Manufacturers
plan a 0.7-percent increase in the
third quarter and a 3.4-percent increase in the fourth.
For the year 1986, manufacturers
plan to spend $144.0 billion, 6.2 percent less than in 1985; in the previous
survey, a planned decline of 2.6 percent was reported. Manufacturers'
spending increased 10.6 percent in
1985, following a 19.5-percent increase
in 1984.
Durable goods industries plan a 6.9percent decline in 1986; the largest
planned decline is in machinery
(except electrical), 16.9 percent. Other
notable declines are planned in motor
vehicles, 12.4 percent; blast furnacessteel works, 10.5 percent; stone-clayglass, 6.8 percent; and electrical machinery, 6.3 percent. Aircraft and fabricated metals plan increases of 11.9
percent and 11.7 percent, respectively.
Compared with the previous survey,
the largest downward revisions in
planned 1986 spending are in motor
vehicles, machinery (except electrical), and blast furnaces-steel works.
The downward revision in motor vehicles is consistent with announced cutbacks in capital spending plans. The
downward revision in machinery
(except electrical) may be related to
weak demand for farm machinery,




machine tools, and computers due to
sluggish economic growth and increased foreign competition. The
downward revision in blast furnacessteel works is consistent with the
sharp second-quarter drop in the industry's capacity utilization rate,
which may be reflecting strong foreign competition as well as the increasing substitution of other materials in applications formerly using iron
and steel.
Nondurable goods industries plan a
5.5-percent decline in 1986. A large
planned decline in petroleum, 27.5
percent, and smaller ones in textiles,
7.0 percent, and food-beverage, 0.2
percent, more than offset planned increases in other nondurables industries. The largest planned increase in
the nondurables industries is in
"other nondurables," 14.4 percent,
and is led by printing-publishing.
Compared with the previous survey,
the largest downward revision in
planned 1986 spending is in petroleum. The downward revision in petroleum in the latest survey follows even
larger downward revisions reported in
the January-March and April-May
surveys and appears to reflect continued attempts by many firms to cut
costs in the face of further declines in
petroleum prices in the second quarter.
Real spending by manufacturing is
estimated to decline 7.0 percent in
1986—6.0 percent in durables and 7.9
percent in nondurables. In 1985, real
spending increased 10.1 percent—10.5
percent in durables and 9.7 percent in
nondurables.

September 1986

Nonmanufacturing Programs
In nonmanufacturing, currentdollar spending increased 0.1 percent
in the second quarter of 1986, to an
annual rate of $234.2 billion, following a 2.4-percent decline in the first.
Nonmanufacturing industries plan a
1.5-percent increase in the third quarter and a 0.6-percent decline in the
fourth.
For the year 1986, nonmanufacturing industries plan to spend $235.6
billion, 0.8 percent more than in 1985;
in the previous survey, a planned increase of 2.1 percent was reported.
Nonmanufacturing industries' spending increased 8.4 percent in 1985, following a 14.3-percent increase in 1984.
In 1986, the largest increase is
planned in air transportation, 22.6
percent; "commercial and other"
plans an increase of 5.8 percent. The
largest decline is planned in mining,
28.9 percent; notable declines are also
planned in electric utilities, 6.9 percent; railroads, 6.9 percent; and
"other transportation," 4.4 percent.
Compared with the previous survey,
the largest downward revision in
planned 1986 spending is in mining,
8.5 percent, and is concentrated in oil
and gas extraction, apparently reflecting the continued decline in petroleum prices.
Real spending by nonmanufacturing industries is estimated to increase
0.5 percent in 1986; it increased 7.8
percent in 1985. Estimated increases
in "commercial and other," 6.7 percent, and transportation, 1.3 percent,
offset estimated declines in mining,
32.9 percent, and public utilities, 5.6
percent.

By BARBARA F. BRERETON

U.S. Multinational Companies: Operations in 1984
1OTAL assets of U.S. multinational
companies (MNC's) increased 4.5 percent in 1984, to $3,820 billion, and
sales increased 4.6 percent, to $3,415
billion (table 1). Stronger economic
growth in the United States than in
most other countries and an appreciation of the U.S. dollar against major
foreign currencies resulted in significantly higher rates of increase in
assets and sales for U.S. parent companies than for their foreign affiliates. For parent companies, assets
were up 5.5 percent, to $3,064 billion,
and sales were up 6.0 percent, to
$2,520 billion. In contrast, foreign affiliates' assets increased only 0.7 percent, to $756 billion, and sales increased 0.9 percent, to $895 billion.1
Employment of U.S. MNC's declined in 1984, although at a slower
rate than in 1983. MNC's had
24,560,200 employees, down 0.9 percent; of these, U.S. parent companies
employed 18,170,900, down 1.2 percent, and foreign affiliates employed
6,389,300, up 0.1 percent. A sharp decline in the petroleum industry, resulting from weak petroleum markets
in both the United States and abroad,
was partly offset by an increase in
manufacturing, resulting largely from
a strong recovery in the North American automobile industry.
The major share of all MNC operations was accounted for by U.S. parents; parents accounted for threefourths of all MNC sales and employment and for four-fifths of all MNC
NOTE.—The 1984 annual survey was conducted under the supervision of Patricia C. Walker,
Chief, Direct Investment Abroad Branch, International Investment Division. David H. Galler
was project leader for the survey. Marie C. Gott
and Arnold Gilbert designed the computer programs for data retrieval and analysis.
1. Total assets and sales of MNC's are shown on an
aggregated basis, in which parent and affiliate data
have been added together. The resulting sums contain
duplication because of intercompany positions and
transactions between parents and affiliates and between affiliates of the same parent. Data needed to
derive consolidated assets and sales of MNC's were
not collected.




assets. These proportions varied considerably from one industry to another. For example, parent companies
accounted for 69 percent of total MNC
assets in petroleum, 74 percent in
manufacturing, and 87 percent in
services. Among major industries,
MNC's in manufacturing accounted
for the largest share of all MNC operations—39 percent of assets, 48 percent of sales, and 62 percent of employment.
These results are universe estimates based on the second annual
sample survey of U.S. direct investment abroad, which covered the operations of U.S. parent companies and
their foreign affiliates in 1984.2 The
annual survey updates key items—
such as assets, sales of goods and services, net income, employment, employee compensation, and merchandise trade—from BEA's more comprehensive 1982 benchmark survey.3 The
annual survey also supplements other
data on U.S. direct investment abroad
regularly published by BEA.4
This article discusses major changes
in the operations of U.S. parent companies and their nonbank foreign affiliates from 1983 to 1984. After an
explanation of two factors affecting
the direct investment survey sample,
the
article briefly summarizes
2. U.S. direct investment abroad exists when one
U.S. person (U.S. parent) has a direct or indirect ownership interest of 10 percent or more in a foreign business enterprise (foreign affiliate).
3. A summary of the results of the 1982 benchmark
survey can be found in "1982 Benchmark Survey of
U.S. Direct Investment Abroad," in the December
1985 SURVEY OF CURRENT BUSINESS. Complete results
of the benchmark survey, including over 300 tables,
reprints of the survey forms and instructions, and a
methodology, are published in U.S. Direct Investment
Abroad: 1982 Benchmark Survey Data. Copies may be
obtained from the Superintendent of Documents, U.S.
Government Printing Office, Washington, DC, 20402;
price $18.00; stock number 003-010-00161-5.
4. The annual survey focuses on the overall operations of U.S. parents and their foreign affiliates. It
covers parents' and affiliates' transactions and positions with all U.S. and foreign persons, not just with
each other. Current data published by BEA on the
U.S. direct investment position abroad and related
capital and income flows (see the August 1986 SURVEY)
focus on positions and transactions between U.S. parents and their foreign affiliates.

Table 1.—Total Assets, Sales, and Employment
of Nonbank U.S. MNC's, U.S. Parents, and
Foreign Affiliates, 1977 and 1982-84
MNC's
worldwide

Parents

2,033,418
3 493 105
3,653,615
3,819,680

1,548,240
2 741 619
2,902,793
3,063,520

490,178
751 486
750,823
756,160

114
4.6
45

122
5.9
55

_ .1

2 060 263
3,284,168
3,263,802
3,414,684

1 412,293
2,348,388
2,377,488
2,520,097

647,969
935,780
886,314
894,587

98
-.6
4.6

107
1.2
6.0

26,081.3
25,344.8
24 782 6
24,560.2

18,884.6
18,704.6
18 399 5
18,170.9

Affiliates

Total assets
Millions of dollars:
1977
1982
1983 . .
1984
Percent change:
1977-82 l
1982-83
1983-84

8.9

7

Sales
Millions of dollars:
1977
1982
1983
1984
Percent change:
1977-82 x
1982-83
1983-84

76
-5.3

.9

Number of employees
Thousands:
1977
1982
1983
1984
Percent change:
1977-82 x
1982-83
1983-84

6
-2.2

9

-.2
-1.6

-12

7,196.7
6,640.2
6,383.1
6,389.3

-1.6
-3.9

.1

MNC Multinational company.
1. Compound annual rate.

changes in assets, sales, and merchandise trade and then focuses on
changes in employment. When comparing data for MNC's, U.S. parents,
and foreign affiliates, affiliates are
classified by the industry of their U.S.
parent. When discussing affiliates
only, as in the last two sections of the
article, affiliates are classified by
their own industry.
Two factors significantly affected
the 1984 direct investment survey
sample. First, and most important,
was the breakup of a major U.S. telephone company, from which seven regional operating companies across the
United States were divested. The
newly organized regional companies
did not have direct investment holdings abroad in 1984, and, therefore,
were removed from the direct investment survey sample. Their removal
substantially reduced assets, sales,
employment, and other data items for
27

28

SURVEY OF CURRENT BUSINESS

the company that remained in the
survey sample.
Second, a number of large parent
companies shifted their mix of operations and, as a result, were reclassified into different industries.5 This
shift was primarily due to the recent
wave of mergers and acquisitions and
other restructuring activities of many
U.S. parent companies. In 1984, two
parent companies in radio, television,
and communications manufacturing
were reclassified, one to nonferrous
metals manufacturing and the other
to motion pictures. A parent company
classified in industrial chemicals
manufacturing and another classified
in electrical machinery manufacturing were reclassified into transportation equipment manufacturing. In addition, a large company classified in
integrated petroleum refining and extraction was reclassified into railroads, the result of a large acquisition
it made. Although the parent companies that changed industries were relatively few in number, their large size
resulted in unusual changes in the
data for these industries.

eign currencies; this appreciation depressed the dollar value of foreign affiliates' assets and sales denominated
in foreign currencies.
For U.S. parents, manufacturing accounted for large shares of the increases in both assets and sales in
1984. Increases were particularly
strong for parents in nonelectrical
machinery, led by office and computing machines, and in transportation
equipment, led by motor vehicles and
equipment. Parents in finance and insurance also had significant increases
in assets, probably associated with increases in the value of their security
holdings resulting from strong stock
and bond markets. Assets of parents
in petroleum also increased, particularly in integrated petroleum refining; however, sales declined throughout the industry.
Assets and sales of parent companies would have increased more if not
for the breakup of the U.S. telephone
company mentioned earlier. Had the
telephone company been reported at
the same level in 1984 as it was in
1983, assets for parent companies

Assets and sales
As noted earlier, the stronger performance of U.S. parent companies as
compared with their foreign affiliates
can be explained in part by two developments in the world economy—
faster growth in the United States
than in the rest of the world, and the
appreciating U.S. dollar. In 1984, real
GNP in the United States grew 6.4
percent, compared with 5.0 percent in
Canada, 5.1 percent in Japan, and 2.4
percent in Europe. Developing countries in Latin America and Africa,
burdened with large debt payments
and falling commodity prices, registered negative growth rates. Only
among the developing countries in
Asia did the growth rate, at 7.9 percent, surpass that of the United
States. Meanwhile, the U.S. dollar appreciated 12 percent, on a tradeweighted basis, against 10 major for5. Industry codes are assigned to the U.S. parent
and to each of its foreign affiliates separately; a
parent or affiliate is first classified in the major industry group that accounts for the largest percentage of
its sales, and then in the two- and three-digit industry
codes in which its sales were largest. Because an
MNC-wide industry code (that is, a code based on the
worldwide consolidated activities of the MNC as a
whole) is not available, each MNC is classified by industry of parent. For further discussion of industry
classification procedures, see U.S. Direct Investment
Abroad: 1982 Benchmark Survey Data, pages 9 and 10.




Table 2.—U.S. Merchandise Exports and Imports Associated With Nonbank U.S. MNC's,
1983 and 1984
[Millions of dollars]

1983

1984

MNC-associated U.S. exports, total
Shipped to affiliates, as reported on
affiliates' forms
To majority-owned foreign affiliates....
By US. parents
By unaffiliated U.S. persons
To other affiliates l
Shipped to unaffiliated foreigners by
U S parents

154,360

168,713

57,545
54,468
45,107
9,361
3077

66,240
63,408
52,533
10,875
2832

MNC-associated U S. imports, total
Shipped by affiliates, as reported on
affiliates' forms
By majority-owned foreign affiliates ...
To U.S. parents.
To unaffiliated U S persons
By other affiliates 1
Shipped by unaffiliated foreigners to
U.S. parents

124,740

Addenda:
U.S. exports shipped by U.S. parents
to all affiliates,2 as reported on
parents' forms
U.S. imports shipped to U.S. parents
by all affiliates,3 as reported on
parents' forms .
....

96815

102473
140,997

53237
48,328
41,551
6777
4,909

62529
57,162
48,919
8243
5,367

71,503

78,468

49397

56 932

43,632

51,441

MNC Multinational company.
1. In the annual survey, U.S. exports shipped to minorityowned foreign affiliates were not disaggregated by affiliation
of shipper, and U.S. imports shipped by minority-owned foreign affiliates were not disaggregated by affiliation of person
to whom the goods were shipped.
2. Includes exports shipped by U.S. parents to all foreign
affiliates—whether bank or nonbank, majority- or minorityowned, regardless of size—as reported on the U.S. parents'
report forms. Such exports may differ from exports shipped by
parents to affiliates, as reported on the affiliates' forms,
because of differences in tuning and valuation and the inclusion of data for affiliates covered on the parents' forms but
exempt from being reported on affiliates' forms.
3. Includes imports shipped to U.S. parents by all foreign
affiliates—whether bank or nonbank, majority- or minorityowned, regardless of size—as reported on the U.S. parents'
report forms. Such imports may differ from imports shipped by
affiliates to parents, as reported on the affiliates' forms,
because of differences in timing and valuation and the inclusion of data for affiliates covered on the parents' forms but
exempt from being reported on affiliates' forms.

September 1986

would have increased 9.3 percent
rather than 5.5 percent, and sales
would have increased 7.5 percent
rather than 6 percent.
Classified by industry of affiliate,
assets and sales declined sharply for
foreign affiliates in petroleum, particularly in Japan, Europe, and Latin
America. These declines were offset
by increases in manufacturing; affiliates in Japan and in ' 'other Asia and
Pacific" had large increases in sales,
and affiliates in the Middle East and
Latin America had large increases in
assets. By far the most important
factor was the recovery of the North
American auto industry. As a result,
assets of Canadian affiliates in transportation equipment manufacturing
increased 16.1 percent, to $10 billion,
and sales increased 27.5 percent, to
$31 billion. Sales in transportation
equipment also increased in Japan,
Mexico, and Brazil. In the Middle
East, U.S. minority interests in new
petrochemical plants in Saudi Arabia
resulted in a large increase in assets.
U.S. merchandise trade
MNC-associated exports increased
9.2 percent in 1984, to $169 billion,
and imports increased 13.0 percent, to
$141 billion (table 2). Although U.S.
imports associated with MNC's did increase faster than exports, exports exceeded imports by $28 billion, down
slightly from 1983. U.S. MNC's, therefore, did not contribute significantly
in 1984 to the large increase in the
deficit on U.S. merchandise trade.
The largest proportion of both exports and imports continued to be between U.S. parent companies and unaffiliated foreigners, rather than between parents and their foreign affiliates.
Employment
Employment is not directly influenced by price and exchange rate
movements, nor is it affected—as are
assets and sales—by intra-MNC transactions and positions. For these reasons, the remainder of this article will
focus on employment as an indicator
of real economic activity. It should be
noted, however, that employment figures do not perfectly mirror the level
of output by MNC's, because that
level is determined not only by the
number of employees, but also by the
output per worker.

29

SURVEY OF CURRENT BUSINESS

September 1986

Table 3.—Employment of Nonbank U.S. MNC's, U.S. Parents, and Foreign Affiliates, by Industry of U.S. Parent, 1982-84
Percent change

Number of employees (thousands)
MNC's worldwide
1982

All industries..

1984

1982

1983

1984

25,344.8 24,782.6 24,560.2 18,704.6 18,399.5 18,170.9

Petroleum

1,731.8

Manufacturing
Food and kindred products
Chemicals and allied products ..
Primary and fabricated metals
Machinery, except electrical
Electric and electronic equipment ...
Transportation equipment
Other manufacturing
. .
Wholesale trade
Finance (except banking), insurance, and real estate
Services

1983

Affiliates

Parents

.....

Other industries

1,595.8

1,492.7

1,225.3

1,129.6

1,050.0

15,347.1 15,014.0 15,246.0 10,532.8 10,403.1 10,622.4
1,531.9 1,476.6 1,474.1 1,011.2
986.7
996.7
2,139.9 2,104.7 2,050.1 1,364.6 1,368.3 1,328.2
976.2
1,346.3 1,178.9 1,169.8
858.0
876.5
2,067.1 2,036.5 2,164.0 1,457.9 1,446.1 1,530.5
2,189.0 2,209.7 2,157.1 1,619.5 1,651.3 1,607.2
2,690.0 2,731.6 2,973.4 1,687.3 1,735.1 1,941.1
3,382.9 3,276.0 3,257.5 2,416.0 2,357.6 2,342.2

MNC's
worldwide

1983

1982

1983

1984

1983

1984

6,640.2

6,383.1

6,389.3

-2.2

-0.9

-1.6

506.5

466.1

442.7

-7.9

-6.5

-7.8

4,814.3 4,610.8
520.7
489.9
736.4
775.3
370.1
320.8
590.4
609.1
569.5
558.4
1,002.7
996.5
966.9
918.4

4,623.6 -2.2
477.4 -3.6
721.9 -1.6
293.3 -12.4
633.5 -1.5
549.9
0.9
1,032.3
1.5
915.3 -3.2

535.8

493.2

518.2

396.7

378.9

406.4

139.0

114.3

111.8

1,395.4

1,404.2

1,392.6

1,004.0

1,003.8

992.5

391.4

400.4

400.1

1,140.4

1,164.4

1,203.5

993.8

1,035.5

1,072.4

146.5

129.0

131.1

2.1

5,194.4

5,111.1 4,707.4

4,551.9

4,448.6

4,027.3

642.5

662.5

680.1

-1.6

-7.9
.6

1.5 -1.2
-.2 -2.4
.3
-2.6
-.8 -12.1
6.3
-.8
-2.4
2.0
2.8
8.9
-.6 -2.4
5.1
-.8
3.4

-7.9

Affiliates

Parents

-4.5
0
4.2

-2.3

1984

12

1984

1983

3.9

Affiliates
as a
percentage of
MNC's
worldwide

0.1

26

50

30

2.1 -4.2
1.0 -5.9
29 -5.0
2.2 -13.3
5.8 -3.1
1.9
27
-.6
11.9
50
-.7

.3
26
-2.0
-8.6
7.3
-1.5
3.6
3

30
32
35
25
29
25
35
28

7.3 -17.8

-2.2

-7.1

-1.1
3.6

-9.5

-8.0

22

2.3

-.1

29

120

.1.6

11

3.1

2.7

14

MNC Multinational company.

Employment of MNC's.— MNC's had
24,560,200 employees throughout the
world in 1984; three-fourths of these
were employed by U.S. parents and
one-fourth by their foreign affiliates.
Foreign affiliates accounted for especially large proportions of MNG employment in manufacturing, particularly in soap, cleaners, and toilet
goods; motor vehicles and equipment;
drugs; tobacco manufactures; and
rubber products. In each case, affiliates accounted for over 40 percent of
MNC employment.
The 0.9-percent decline in MNC employment was more than accounted
for by a 1.2-percent decline in parent
employment, to 18,170,900. Employment by foreign affiliates increased
marginally, to 6,389,300 (table 3). As
with assets and sales, employment by
U.S. parent companies would have
been larger in the absence of the
breakup of the telephone company
mentioned earlier.
Increases in employment in manufacturing, wholesale trade, and services were more than offset by declines
in petroleum and in finance, and by a
large drop in "other industries," due
to the telephone company divestiture.
In manufacturing, MNC employment
increased 1.5 percent, to 15,246,000,
compared with a 2.2-percent decline
in 1983. The increase was in large
part due to the strong recovery of the
North American automobile industry;
transportation equipment inceased 8.9
percent, to 2,973,400.
In petroleum, weak markets continued to depress employment of both
parents and affiliates. MNC employment in petroleum dropped 6.5 percent, to 1,492,700; employment of U.S.




parents fell 7.1 percent, and that of
foreign affiliates fell 5.0 percent. Employment may also have been depressed by restructuring in the oil industry; in 1984, three fully integrated,
major U.S. petroleum companies acquired three other large, fully integrated U.S. petroleum companies. The
consolidations may have resulted in
some reductions in employment, as
duplicative functions were cut and
some operations were sold. The weakness in petroleum markets also affected employment in construction, as petroleum companies cut back on their
exploration and development. Employment in construction dropped 13.0
percent, to 238,200; while employment
of U.S. parent companies declined 7.3
percent, their affiliate employment
dropped 34.2 percent. The decline for
affiliates was largely in petroleum exporting countries—Indonesia, Venezuela, and Saudi Arabia.
Employment of U.S. parents.—Despite strong growth in the U.S. economy, employment of U.S. parents continued to decline, although not as rapidly as in 1983 (tables 4 and 5). This
decline was largely due to the breakup of the U.S. telephone company
mentioned earlier.
Employment of U.S. parents in petroleum declined at about the same
rate as in 1983, and employment in
"other industries" fell 9.5 percent.
These declines were partly offset by a
large increase in wholesale trade and
smaller increases in manufacturing
and services. Within manufacturing,
employment in transportation equipment increased 11.9 percent, to
1,941,100, following a 2.3-percent increase in 1983. Employment in none-

lectric machinery increased 5.8 percent, primarily due to a pickup in
office equipment. Parents in ferrous
metals and chemicals manufacturing
continued to reduce employment in
response to weak markets and an
oversupply of commodity chemicals
and steel. New chemical plants in developing countries (Saudi Arabia, for
example) and lower cost steel production in newly industrialized countries
such as Brazil and South Korea continued to erode U.S. parents' world
market share of these products; this
erosion was exacerbated by the appreciating U.S. dollar.
Employment of foreign affiliates.—
As with U.S. parents, affiliate employment in petroleum, finance, and construction declined, and employment
in manufacturing increased.
When affiliates are classified in
their own industries rather than in
those of their U.S. parents, employment was more concentrated in
wholesale trade, services, and "other
industries" (which includes mining
and retail trade), and less concentrated in petroleum, manufacturing, and
finance, insurance, and real estate
(table 6). This pattern occurs because
Table 6.—Distribution of Employment of Nonbank Foreign Affiliates, by Industry of U.S.
Parent and by Industry of Affiliate, 1984
By
By
industry of industry of
affiliate
parent

All industries
Petroleum
Manufacturing
Wholesale trade
..
Finance (except banking), insurance,
and real estate
Services
Other industries

100.0

100.0

6.9
724
1.7

.5.7
67.5

6.3
2.1
10.6

7.4

1.9
4.8
12.7

30

SURVEY OF CURRENT BUSINESS

U.S. parents in manufacturing, petroleum, and finance often own affiliates
overseas to market, distribute, or
service their products, or to provide
raw materials for their operations.
By country, over two-thirds of total
affiliate employment, or 4,343,000 em-

ployees, was located in developed
countries, primarily in Canada, with
14 percent of employment, and the
European Communities (10), with 37.1
percent. The remaining one-third, or
2,013,600 employees, was located in
developing countries, primarily in

September 1986

Latin America, with 19 percent, and
"other Asia and Pacific," with 8.6 percent (tables 7-9). OPEC accounted for
4.3 percent of affiliate employment.
Canada continued to be the country
with the largest share of employees;
the United Kingdom, Germany,

Table 4.—Selected Data for Nonbank U.S. Parents, by Industry of U.S. Parent, 1983
Millions of dollars
Sales
Total
assets

Total
liabilities

Owners'
equity

Total

Goods

Services

Net
income

Expenditures for
property,
plant, and
equipment

Employee
compensation

Number of
employees
(thousands)

2,902,793

1,899,046

1,003,747

2,377,488

1,830,974

546,513

102,007

160,656

522,645

18,399.5

Petroleum
Oil and gas extraction
Crude petroleum extraction (no refining) and natural gas
Oil and gas field services
Petroleum and coal products
Integrated petroleum refining and extraction
Petroleum refining without extraction
Petroleum and coal products nee
Petroleum wholesale trade
Other

494,121
32,427
16,344
16,083
330,715
326,380
3,418
916
127,034
3,945

285,337
18,604
10,241
8,363
166,869
163,373
2,971
525
97,737
2,128

208,783
13,823
6,103
7,720
163,845
163,007
447
391
29,298
1,817

518,440
12,352
4,617
7,735
350,639
340,039
9,260
1,340
152,231
3,217

491,031
6,579
4,079
2,500
338,643
329,490
(DD)
( )
145,564
245

27,409
5,773
538
5,235
11,996
10,549
(DD)
( )
6,667
2,972

22,567
300
233
68
18,940
19,164
-184
-40
3,146
181

45,090
3,674
2,549
1,126
35,443
35,316
98
29
5,610
362

42,085
3,874
730
3,144
30,476
30,025
163
288
7,332
404

1,129.6
110.3
18.3
92.1
797.3
780.7
7.8
8.7
211.8
10.2

Manufacturing
Food and kindred products
Grain mill and bakery products
Beverages
Other..
Chemicals and allied products....
Industrial chemicals and synthetics
Drugs
Soap, cleaners, and toilet goods
Agricultural chemicals
Other
Primary and fabricated metals
Primary metal industries
Ferrous . . . .
Nonferrous
Fabricated metal products
Machinery, except electrical
Farm and garden machinery
Construction, mining, and materials handling machinery
Office and computing machines
Other.
Electric and electronic equipment
Household appliances
Radio, television, and communication equipment
Electronic components and accessories
Other
Transportation equipment
Motor vehicles and equipment
Other
Other manufacturing
Tobacco manufactures
Textile products and appareL
Lumber, wood, furniture, and fixtures
Paper and allied products
Printing and publishing
Rubber products
Miscellaneous plastics products
Glass products
Stone, clay, and other nonmetallic mineral products
Instruments and related products
Other

1,056,589
76,574
17,548
19,188
39,838
176,309
95,495
38,745
21,070
7,980
13,020
109,871
73,109
39,644
33,465
36,762
138,684
8,639
22,112
71,497
36,436
140,868
7,766
53,341
17,627
62,135
213,335
156,029
57,306
200,948
27,036
14,339
17,508
33,212
19,976
15,147
2,389
7,134
14,591
40,673
8,943

574,333
36,058
8,162
8,971
18,926
80,729
47,571
13,885
9,035
4,200
6,039
70,177
47,766
28,461
19,305
22,411
63,107
5,660
10,841
27,963
18,644
82,062
3,976
32,372
7,482
38,231
147,730
113,484
34,246
94,468
13,500
6,061
8,663
15,326
9,807
6,980
1,048
3,439
7,412
17,460
4,770

482,256
40,516
9,387
10,218
20,912
95,579
47,923
24,860
12,035
3,780
6,981
39,693
25,342
11,182
14,160
14,351
75,577
2,979
11,271
43,535
17,792
58,807
3,789
20,969
10,144
23,904
65,605
42,544
23,060
106,479
13,535
8,278
8,845
17,885
10,169
8,167
1,341
3,695
7,179
23,213
4,173

1,080,267
116,894
29,792
18,790
68,312
178,069
94,625
34,001
26,805
7,513
15,126
94,705
60,706
32,277
28,429
33,999
118,662
6,612
16,541
58,244
37,265
136,216
10,593
55,747
17,898
51,979
217,998
140,717
77,281
217,723
24,799
22,924
19,992
32,659
24,061
19,540
3,542
8,148
12,913
36,585
12,559

1,002,093
112,718
29,619
17,164
65,934
173,940
92,147
33,532
26,465
(D)
(°)
86,964
57,327
30,389
26,938
29,637
104,029
6,189
15,485
47,514
34,841
117,793
10,334
46,137
(°)
(°)
201,331
129,536
71,794
205,318
(D)
22,879
32,230
20,786
18,404
(D)
7,804
12,564
32,950
12,171

78,175
4,176
173
1,625
2,378
4,129
2,477
469
340
(°)
(D)
7,741
3,379
1,888
1,491
4,362
14,633
423
1,056
10,730
2,424
18,423
258
9,610
(DD)
( )
16,667
11,181
5,486
12,405
(D)
45
(°)
429
3,275
1,136
(°)
344
349
3,635
388

49,020
5,391
1,431
1,496
2,464
11,541
3,873
4,864
1,937
270
597
-1,681
2327
-1,797
-530
646
6,950
106
-1,039
7,100
995
6,149
455
1,656
541
3,497
10,043
7,384
2,659
10,628
2,172
952
727
1,274
1,784
636
181
240
136
2,180
346

59,455
4,887
1,304
1,050
2,533
11,229
6,295
2,318
1,184
471
962
4,520
3,093
1,398
1,694
1,427
7,989
139
769
5,525
1,557
8,968
342
4,292
1,360
2,973
8,958
5,797
3,161
12,905
1,495
710
1,012
3,141
1,543
960
179
392
634
2,416
424

314,719
21,809
4,540
3,918
13,351
42,802
22,009
9,467
5,793
(DD)
( )
27,149
17,562
10,689
6,873
9,587
45,217
2,304
5,786
24,005
13,122
48,305
2,944
20,039
5,754
19,568
68,066
39,844
28,223
61,371
4,040
6,717
4,590
8,410
6,312
6,327
949
3,198
3,618
13,327
3,884

10,403.1
986.7
221.9
122.5
642.2
1,368.3
650.7
308.2
188.4
(DD)
( )
858.0
495.6
301.4
194.2
362.5
1,446.1
64.4
170.1
687.5
524.0
1,651.3
116.3
701.5
232.9
600.5
1,735.1
892.1
843.0
2,357.6
169.1
404.0
166.5
275.8
273.5
202.4
43.5
102.5
121.6
416.5
182.1

45,267
26,841
18,426

27,456
15,542
11,914

17,810
11,299
6,511

120,484
50,253
70,231

117,568
48,329
69,239

2,916
1,924
992

1,818
1,246
572

2,131
1,226
905

8,482
4,926
3,556

378.9
202.3
176.6

764,739
135,560
626,181
1,839
1,160

677,827
128,269
548,304
1,084
170

86,912
7,291
77,876
755
990

208,380
18,429
189,740
(D)
(")

11,670
88
11,536
(DD)
( )

196,710
18,341
178,203
165
0

12,620
1,414
11,184
(DD)
( )

5,165
(°)
4,107
(°)
1

28,504
5,886
22,563
46
9

1,003.8
107.9
893.1
2.7
(*)

56,364
5,551
16,985
4,274
1,804
3,401
2,905
4,600
4,614
5,405
11,591
12,218

33,885
3,569
10,294
2,834
1,365
2,314
1,361
2,420
2,633
2,817
7,422
7,150

22,479
1,983
6,691
1,441
439
1,087
1,545
2,180
1,980
2,588
4,169
5,067

52,313
5,330
17,929
4,054
1,661
1,136
3,402
7,676
3,123
3,699
10,747
11,485

7,574
(D)
2,566
717
(")
111
64
(DD)
()
1,193
343
1,114

44,739
(D)
15,364
3,337
(D)
1,025
3,339
(D)
(°)
2,506
10,404
10,372

2,671
249
743
160
20
40
183
339
188
-239
712
1,019

6,606
846
1,181
103
100
214
449
314
168
478
2,191
1,742

19,103
2,054
6,888
1,773
620
154
1,480
2,861
760
1,496
3,897
4,009

1,035.5
172.3
324.0
56.3
16.8
5.5
59.6
185.9
43.7
60.3
238.0
197.1

485,714
3,254
3,394
1,611
1,783
12,455
352,730
113,880

300,208
1,555
1,347
500
847
8,191
209,309
79,806

185,506
1,699
2,047
1,111
936
4,264
143,422
34,074

397,604
2,825
1,937
730
1,207
27,816
198,368
166,658

201,039
(D)

196,565

13,311
53
113
2
111
474
8,195
4,476

42,209
154
358

109,751
543
509
209
300
7,513
69,587
31,599

4,448.6
26.3
15.3
7.6
7.7
215.1
1,965.7
2,226.1

All industries

Wholesale trade
Durable goods
Nondurable goods
Finance (except banking), insurance, and real estate
Finance, except banking
Insurance
Real estate
Holding companies
Services
Hotels and other lodging places
Business services
Advertising ...
.
Management, consulting, and public relations services..
Equipment rental (ex automotive and computers)
Computer and data processing services
....
Other
Motion pictures, including television tape and film
Engineering, architectural, and surveying services
Health services
Other services
Other industries
Agriculture forestry and fishing
Mining
Metal mining
Nonmetallic minerals
Construction
Transportation, communication, and public utilities
Retail trade
D

Suppressed to avoid disclosure of data of individual companies.
* Less than $500,000 or 50 employees.




(D)

8

1,207
22,566
20,342
153,623

(D)

(°)
(°)
(*)

5,250
178,026
13,035

8

745
35,299
5,654

September 1986

SURVEY OF CURRENT BUSINESS

France, Mexico, Brazil, Japan, and
Australia, in that order, also had relatively large shares of employment.
By industry, developed countries accounted for 55 percent, and developing countries accounted for 45 percent, of petroleum employment. The

relatively large share of petroleum
employment in developing countries
was a reflection of the high concentration—27 percent—of petroleum
employment in OPEC. In manufacturing, developed countries accounted for
68 percent, or 2,913,900 employees,

31

and developing countries accounted
for 32 percent. In developed countries,
manufacturing employment was most
highly concentrated in nonelectrical
machinery and transportation equipment; in developing countries, it was
most highly concentrated in electric

Table 5.—Selected Data for Nonbank U.S. Parents, by Industry of U.S. Parent, 1984
Millions of dollars
Sales
Total
assets

Total
liabilities

Owners'
equity

Total

Goods

Services

Net
income

Expenditures for
property,
plant, and
equipment

Employee
compensation

Number of
employees
(thousands)

3,063,520

2,088,866

974,654

2,520,097

1,967,727

552,370

117,357

169,873

534,207

18,170.9

Petroleum
Oil and gas extraction
Crude petroleum extraction (no refining) and natural gas
Oil and gas field services ....
Petroleum and coal products
Integrated petroleum refining and extraction
Petroleum refining without extraction
Petroleum and coal products, nee
Petroleum wholesale trade
Other

511,908
25,806
13,044
12,761
341,425
338,506
1,986
932
140,637
4,041

325,720
14,925
8,548
6,377
197,658
195,013
2,158
487
110,933
2,205

186,187
10,881
4,496
6,385
143,767
143,493
-172
445
29,704
1,836

498,733
10,619
3,665
6,954
340,810
332,862
6,559
1,389
143,939
3,365

475,662
5,168
3,235
1,933
334,202
326,340
(DD)
( )
136,028
263

23,070
5,450
430
5,021
6,608
6,522
(DD)
( )
7,911
3,102

21,653
152
118
35
18,037
18,945
-960
53
3,339
125

45,806
2,971
1,823
1,149
36,705
36,597
69
40
5,948
181

39,606
3,511
559
2,951
28,580
28,114
184
281
7,109
407

1,050.0
95.0
14.4
80.6
739.7
725.1
6.3
8.2
205.0
10.3

Manufacturing
Food and kindred products
Grain mill and bakery products...
Beverages
Other
Chemicals and allied products
Industrial chemicals and synthetics
Drugs
Soap, cleaners, and toilet goods
Agricultural chemicals
....
Other
Primary and fabricated metals
Primary metal industries
Ferrous
Nonferrous
„
Fabricated metal products
Machinery, except electrical
Farm and garden machinery
Construction, mining, and materials handling machinery
Office and computing machines...
Other
Electric and electronic equipment
Household appliances
..
Radio, television, and communication equipment
Electronic components and accessories
Other
Transportation equipment
Motor vehicles and equipment
. ..
Other
Other manufacturing
Tobacco manufactures
Textile products and apparel
Lumber, wood, furniture, and fixtures
Paper and allied products
Printing and publishing
Rubber products
Miscellaneous plastics products
Glass products
Stone, clay, and other nonmetallic mineral products ..
Instruments and related products
Other

1,136,984
83,191
18,556
21,656
42,979
181,925
95,034
40,917
23,863
8,348
13,762
119,529
80,797
41,597
39,200
38,732
154,530
8,808
21,223
83,632
40,866
138,637
7,670
40,458
21,421
69,088
244,437
183,199
61,238
214,736
31,901
16,875
20,536
32,973
22,292
15,160
2,658
7,682
14,082
41,969
8,609

631,359
41,703
9,467
10,820
21,416
84,536
47,252
15,608
10,786
4,496
6,395
79,034
55,016
30,803
24,213
24,018
72,818
5,793
11,649
34,633
20,743
80,648
3,918
23,201
9,311
44,218
168,798
132,111
36,687
103,823
14,991
7,872
11,367
15,689
10,909
6,954
1,183
3,842
6,625
19,490
4,901

505,625
41,488
9,089
10,836
21,563
97,388
47,782
25,309
13,077
3,853
7,367
40,496
25,782
10,794
14,988
14,714
81,712
3,015
9,575
48,999
20,123
57,990
3,752
17,257
12,110
24,871
75,639
51,088
24,551
110,913
16,910
9,003
9,169
17,284
11,383
8,207
1,474
3,839
7,457
22,478
3,709

1,194,673
128,181
34,646
19,687
73,848
186,450
97,195
35,336
29,065
8,217
16,636
104,206
67,688
33,711
33,977
36,518
141,987
7,904
19,699
69,645
44,740
141,559
11,436
55,371
20,990
53,762
261,390
173,428
87,963
230,899
23,650
26,806
22,400
33,963
26,936
20,883
4,105
8,971
14,364
37,397
11,425

1,110,908
123,202
34,379
17,469
71,355
182,149
94,798
34,847
28,627
(D)
<°)
94,782
62,829
31,527
31,303
31,952
123,903
7,450
18,449
55,939
42,065
124,539
11,219
48,002
(°)
(°)
243,805
160,962
82,843
218,529
(D)
26,722
t0)
33,632
22,951
19,595
<")
8,609
14,174
33,466
10,998

83,765
4,979
267
2,218
2,494
4,301
2,397
490
437
(DD)
( )
9,425
4,859
2,184
2,674
4,566
18,084
454
1,250
13,706
2,675
17,020
218
7,369
(D)
(°)
17,586
12,466
5,119
12,370
(D)
84
(D)
330
3,985
1,288
(D)
361
190
3,931
427

65,191
5,960
1,620
1,267
3,073
12,309
5,320
4,278
1,696
311
704
1,461
-116
-746
630
1,577
9,303
-90
-636
8,217
1,813
7,738
342
2,487
1,265
3,643
15,451
11,551
3,900
12,971
2,635
944
726
1,576
2,084
722
231
332
588
2,708
423

73,100
5,034
1,385
1,145
2,505
12,853
7,460
2,299
1,574
(°)
(D)
5,200
3,627
1,190
2,437
1,573
9,450
155
668
6,650
1,977
11,342
322
5,413
2,058
3,550
13,811
9,622
4,189
15,409
1,161
1,004
1,716
3,642
1,732
1,214
245
556
743
2,976
420

340,387
23,729
4,956
3,810
14,963
43,440
21,872
9,466
6,222
(°)
(D)
28,464
18,710
10,513
8,198
9,753
50,799
2,454
6,344
26,983
15,017
50,792
2,789
21,225
6,599
20,180
79,258
45,973
33,285
63,905
4,249
7,450
5,028
8,334
6,873
6,845
1,064
3,438
3,834
13,306
3,483

10,622.4
996.7
227.2
125.2
644.3
1,328.2
608.8
292.2
195.5
(D)
(°)
876.5
521.8
278.1
243.6
354.8
1,530.5
66.5
180.1
723.3
560.6
1,607.2
107.7
665.6
250.5
583.4
1,941.1
995.9
945.2
2,342.2
172.0
436.2
177.3
257.8
284.0
208.1
46.0
106.3
120.2
393.3
140.9

50,777
29,660
21,117

31,478
17,470
14,008

19,299
12,190
7,109

145,934
61,379
84,556

142,571
59,209
83,362

3,363
2,170
1,193

2,506
1,807
699

2,202
1,304
898

8,848
5,166
3,682

406.4
207.8
198.6

882,497
217,367
662,173
1,985
973

792,312
204,529
586,422
1,164
197

90,185
12,838
75,751
821
776

235,817
30,202
205,394
221
0

12,192
198
11,974
20
0

223,625
30,003
193,420
201
0

8,465
1,826
6,398
33
208

5,636
(°)
4,296
(D)

30,254
8,107
22,105
42
(*)

992.5
163.0
826.7
2.8
(*)

65,344
6,417
17,685
4,723
2,157
2,511
2,538
5,756
7,255
6,166
13,705
14,116

40,664
4,362
10,566
2,983
1,652
1,525
1,397
3,009
5,024
2,839
8,790
9,084

24,680
2,055
7,119
1,739
506
986
1,141
2,747
2,232
3,327
4,916
5,032

58,653
6,028
18,578
4,754
1,805
925
2,576
8,518
5,627
3,509
12,285
12,627

8,612
(D)
2,738
769
(°)
61
52
(D)
(°)
871
447
637

50,041
<°)
15,839
3,985
(D)
864
2,524
<")
(°)
2,637
11,838
11,990

2,103
283
745
221
49
84
33
358
-527
248
842
1,008

7,406
1,150
1,184
122
38
169
456
399
205
(°)
2,005
(°)

21,162
2,370
7,403
2,082
679
86
1,166
3,391
1,162
1,414
4,305
4,509

1,072.4
187.9
333.3
60.0
19.0
3.4
43.2
207.8
53.6
55.4
244.8
197.4

416,011
2,878
7,222
3,862
3,360
13,055
262,559
130,296

267,333
1,449
3,597
1,560
2,037
8,934
160,515
92,838

148,678
1,429
3,625
2,301
1,323
4,121
102,044
37,458

386,287
2,788
3,754
1,850
1,904
23,981
174,909
180,855

217,781
(DD)
(D)
(D)
( )
20,357
25,395
166,107

168,506
(°)
(D)
(°)
(D)
3,624
149,514
14,748

17,438
47
-129
200
71
354
11,719
5,448

35,723
146
683
(°)
(°)
633
27,588
6,674

93,950
557
969
499
470
6,877
51,513
34,034

4,027.3
25.1
28.0
15.2
12.8
199.4
1,449.4
2,325.4

AH industries

Wholesale trade
Durable goods
Nondurable goods
Finance (except banking), insurance, and real estate
Finance, except banking
Insurance
Real estate
Holding companies
Services
Hotels and other lodging places
Business services
Advertising
Management, consulting, and public relations services
Equipment rental (ex. automotive and computers)
Computer and data processing services
Other
Motion pictures, including television tape and film
Engineering, architectural, and surveying services
Health services
Other services
Other industries
Agriculture, forestry, and fishing
Mining
Metal mining
Nonmetallic minerals
Construction
Transportation, communication, and public utilities
Retail trade
D

Suppressed to avoid disclosure of data of individual companies.
* Less than $500,000 or 50 employees.




32
and electronic equipment and in food
and kindred products.
In 1984, affiliate employment increased slightly. Large increases in
manufacturing and wholesale trade
were almost entirely offset by declines in petroleum and "other industries," primarily construction and
retail trade.
Employment in developed countries
increased 0.9 percent; an increase in
manufacturing was partly offset by
declines in petroleum and finance. In
Canada, employment declined 3.9 percent, despite a large increase in transportation equipment; that increase
was more than offset by declines in
all other manufacturing industries
and in petroleum, retail trade, finance, and services.
In Europe, employment increased
1.7 percent, to 2,693,900, despite declines in petroleum, motor vehicles
manufacturing, and finance. This increase was primarily due to the acquisition of a minority interest in an
Italian office equipment manufacturer by a U.S. telecommunications firm.
Employment also increased in electronic equipment manufacturing in
Germany, the Netherlands, and the
United Kingdom.
In the United Kingdom, employment declined, largely in petroleum,
finance, and manufacturing. Within
manufacturing, employment in transportation equipment and "other manufacturing" declined, while that in
electric and electronic equipment and
in nonelectrical machinery increased.
Employment of affiliates in "other industries" also increased substantially,
primarily due to the expansion of a
fast-food chain.
Japanese affiliates registered a 1.6percent increase in employment, to
315,400; the sale of a minority interest in a large Japanese refinery,
which resulted in a decline in petroleum employment, was more than
offset by increased employment in
electronic equipment manufacturing
and in wholesale and retail trade.
For affiliates in developing countries, employment declined 1.4 percent, to 2,013,500; increases in "other
Asia and Pacific," which reflected
strong economic growth among the
newly industrialized countries, were
more than offset by declines in Africa,
the Middle East, and Latin America.
In Mexico, employment fell 2.6 percent, to 430,800. Increases by affiliates
in transportation equipment and electronics manufacturing were more




SURVEY OF CURRENT BUSINESS
Table 10.—Employment of All, MajorityOwned, and Minority-Owned Nonbank Foreign Affiliates, by Area, 1984
Percent
accounted for by
Majority- Minority- majorityAll
owned
owned
owned
affiliates affiliates
affiliates affiliates
Number of employees
(thousands)

All countries....

6,389.3

4,841.0

1,548.2

75.8

Developed countries ..
Canada
Europe
Of which:
France
Austria
Spain
Japan
Australia, New
Zealand, and
South Africa

4,343.0
896.7
2,693.9

3,327.3
821.2
2,139.6

1,015.7
75.5
554.2

76.6
91.6
79.4

506.0
36.2
150.0
315.4

278.6
23.2
104.9
90.6

227.3
13.0
45.1
224.8

55.1
64.1
70.0
28.7

437.0

275.8

161.2

63.1

2,013.5
1,216.3

1,487.7
910.9

525.8
305.4

73.9
74.9

430.8
106.8
138.2

243.5
71.0
98.1

187.3
35.8
40.2

56.5
66.5
71.0

552.3

407.7

144.5

73.8

75.4
38.7

24.1
17.5

51.3
21.2

31.9
45.3

32.8

26.1

6.7

79.5

Developing
countries
Latin America
Of which:
Mexico
Other Africa
Middle East
Other Asia and
Pacific
Of which:
India
South Korea....
International

than offset by a decline in retail
trade. In Brazil, affiliate employment
increased 1.5 percent, to 378,500, due
to an increase in transportation
equipment manufacturing.
In "other Africa," affiliate employment fell 3.6 percent, to 106,800; a decline in Nigeria, primarily in electronic equipment manufacturing and
petroleum, was partly offset by an increase in Egypt in petroleum.
The effect of weaker petroleum
markets was particularly evident
among affiliates in the Middle East,
where affiliate employment declined.
In Saudi Arabia, employment in
chemicals manufacturing increased as
new petrochemical plants in which
U.S. firms held minority interests
came on line, but this increase was
more than offset by a severe decline
in services.
In "other Asia and Pacific," total
employment increased 1.9 percent, to
552,300. Substantial growth in electronics manufacturing in Hong Kong,
Taiwan, South Korea, Singapore, and
Malaysia was largely offset by deServices
The sales data from the annual surveys, linked to similar data from the
1982 benchmark survey, allow, for the
first time, a comparison of growth between services-producing and goods-producing activities of U.S. MNC's. An analysis of U.S. MNC's role in international
services transactions will appear in a
forthcoming issue of the SURVEY.

September 1986

clines in the Indonesian petroleum industry, as well as in fabricated metal
products manufacturing in the Philippines.
Employment of majority-owned foreign affiliates
(MOFA's).—Majorityowned foreign affiliates, or MOFA's—
affiliates in which U.S. parent companies owned more than a 50-percent interest—employed 4,841,000 workers in
1984, or 76 percent of all affiliate employment (tables 10-12). The MOFA
share of total affiliate employment
was much higher than average in
Canada, the United Kingdom, and
Germany, where MOFA shares were
95 percent, 88 percent, and 93 percent, respectively.
MOFA shares were lower in countries that had restrictions on majority
ownership. The lowest shares were in
Japan (29 percent), India (32 percent),
and South Korea (45 percent). For
MOFA's in all industries, 69 percent
of the employees were located in developed countries and 31 percent were
located in developing countries.
The changes in employment for
MOFA's generally followed the pattern for all nonbank affiliates. Employment declined slightly in both developed and developing countries. By
industry, declines in petroleum, finance, and "other industries" were
almost entirely offset by increases in
manufacturing—primarily transportation equipment and electric and electronic equipment—and in wholesale
trade.
MOFA's in transportation equipment manufacturing increased employment in Canada and in Latin
America, particularly in Brazil and
Mexico, and cut employment in
Europe, particularly in Germany, the
United
Kingdom, and
France.
MOFA's in electric and electronic
equipment manufacturing, particularly those manufacturing electronic
components $nd accessories, increased
employment in Europe and "other
Asia and Pacific." The increase in
wholesale trade was almost entirely
accounted for by affiliates in Japan
and in Australia, New Zealand and
South Africa. The decline in "other
industries" was largely due to a drop
in employment in the construction industry—in both developed and developing countries—and a decline in
retail trade in Latin America, "other
Asia and Pacific", and Canada.
Text continues on page 38.

SURVEY OF CURRENT BUSINESS

September 1986

33

Table 7.—Selected Data for Nonbank Foreign Affiliates, Major Industry and Area of Affiliate, 1983 and 1984

Total
assets

Sales

All industries
750,823 886,314
Developed countries
504,165 676,896
Canada
114,609 129,674
Europe
295,764 422,069
Japan
52,438 78,123
Australia, New Zealand, and South Africa ... 41,354 47,031
Developing countries
230,772 200,875
Latin America
153,612 101,935
Other Africa
15,354 17,378
Middle East
22,271 22,253
Other Asia and Pacific
39,535 59,309
International
15,886
8,543

1983

1984

Millions of dollars

Millions of dollars

Net
income

Number of
U.S.
U.S.
exports imports Employee employees
shipped shipped compen- (thousands)
by
sation
to
affiliates affiliates

Number of
U.S.
U.S.
exports imports Employee employees
shipped shipped compen- (thousands)
sation
to
by
affiliates affiliates

1983-84
percent
change
in
number
of
employees

Total
assets

Sales

Net
income

756,160
497,319
118,988
288,827
49,374
40,130
244,830
162,493
15,850
25,620
40,867
14,011

894,587
688,424
141,044
421,373
77,453
48,555
198,657
98,958
17,062
21,658
60,980
7,506

43,476
29,630
7,750
18,113
1,632
2,135
13,843
6,731
882
1,455
4,775
3

66,240
53,012
28,273
19,289
2,890
2,560
13,171
6,548
426
848
5,348
57

62,529
42,208
28,893
8,234
4,124
957
20,321
8,347
1,262
1,086
9,626
9,999

100,242
82,300
19,534
49,073
6,821
6,873
17,194
9,093
783
4,188
3,129
748

6389.3
4342.9
896.7
2693.9
315.4
437
2013.5
1216.3
106.8
138.2
552.3
32.8

0.10
.89
43
1.69
1.58
-1.62
-1.45
-2.12
-3.61
643
1.88
-7.61

10,463
5,330
1,852
2,584
(DD)
()
4,530
797
356
(")
(D)
604

361.6
174.8
51.9
92.3
(D)
(D)
164.2
37.6
22.4
<")'
(D)
22.5

-4.87
766
-5.81
-6.96
(DD)
()
120
-8.96
5.16
(DD)
()
-8.54

36,624
24,115
5,935
14,710
1,833
1,636
11,984
5,693
688
1,290
4,314
525

57,545
45,410
23,336
17,487
2,401
2,185
11,820
5,815
505
588
4,911
316

53,237
35,824
24,598
6,632
3,860
734
17,411
7,099
1,710
1,477
7,125
2

102,770
83,756
19,349
51,001
6,467
6,938
18,157
9,992
947
4,262
2,955
857

6383.1
4304.4
900.6
2649.2
310.5
444.2
2043.2
1242.6
110.8
147.7
542.1
35.5

Petroleum
186,056 299,652 12,189
Developed countries
119,362 196,838 8,052
Canada
29,810 30,721 1,713
Europe
65,157 119,307 5,364
Japan
17,374 35,567
668
Australia, New Zealand, and South Africa ...
7,021 11,243
307
Developing countries
54,021 96,338 3,701
Latin America
802
16,864 37,437
Other Africa
11,341 13,793
602
Middle East..
65
10,328 11,650
Other Asia and Pacific
15,488 33,457 2,232
International .
6,476
435
12,673

2,623
1,045
284
551
35
174
(D)
433
(D)
84
427
(D)

12,435
5,783
3,696
2,069
(D)
(°)
6,650
2,481
1,308
1,368
1,493
2

11,176
5,878
1,920
2,925
(°)
(°)
4,597
911
402
2,698
586
702

380.1
189.3
55.1
99.2
(DD)
()
166.2
41.3
21.3
69.3
34.4
24.6

177,157 281,530 11,797
112,325 186,269 7,832
30,814 32,000 2,080
62,646 114,898 4,896
12,338 28,560
305
6,526 10,812
551
53,988 89,606 4,080
14,475 31,448
409
12,075 13,888
851
12,106 11,688
484
15,332 32,582 2,337
10,844
5,655 -115

2,314
881
275
521
(°)
1,382
472
302
137
471
52

12,982
6,590
3,735
2,656
6
(D)
6,393
2,367
950
965
2,110
0

Manufacturing
263,034 348,450 11,206
Developed countries
201,465 289,807 9,174
Canada
38,517 63,896 2,737
Europe
119,670 173,445 4,987
Japan
26,466 33,034
751
Australia, New Zealand, and South Africa ... 16,811 19,433
698
Developing countries
„
61,570 58,643 2,032
Latin America
41,568 39,929
653
Other Africa
1,447
72
1,451
Middle East
5,751
109
1,780
Other Asia and Pacific
12,803 15,483 1,198

39,638
31,772
20,191
9,345
1,106
1,130
7,865
4,450
102
132
3,181

35,712
27,106
19,683
3,576
3,357
491
8,606
3,481
(°)
(D)
4,996

65,021
56,201
11,284
36,451
4,762
3,704
8,819
6,694
198
337
1,591

4229.6
2871.9
470.8
1960.5
216.2
224.6
1357.7
886.5
39.3
19.2
412.7

266,008 369,333 16,387
200,876 305,791 13,107
40,676 73,005 4,057
116,853 174,693 7,325
867
27,351 37,853
15,996 20,240
859
65,132 63,542 3,280
43,098 42,390 1,672
1,337
85
1,335
1,881
-2
7,059
13,640 17,934 1,525

47,260
38,509
24,965
10,902
1,248
1,393
8,751
5,062
68
109
3,512

43,673
32,519
23,772
4,660
3,566
521
11,154
4,873
15
76
6,190

64,187
55,657
11,666
35,277
5,092
3,622
8,530
6,218
166
383
1,762

4313.8
2915.5
479.5
2001.3
217.2
217.5
1398.3
911.4
35.6
20.8
430.4

1.99
1.52
1.85
2.08
.46
-3.16
2.99
2.81
-9.41
8.33
4.29

Wholesale trade
Developed countries
Canada... .
Europe
Japan
Australia, New Zealand, and South Africa ...
Developing countries
Latin America
Other Africa
Middle East
Other Asia and Pacific..

2,966
2,094
295
1,396
204
199
872
285
19
119
448

13,737
11,855
2,497
7,307
1,252
798
1,882
530
20
182
1,149

3,247
2,278
658
968
447
204
969
357
(DD)
(D)
()

9,369
8,293
1,087
5,720
802
684
1,076
580
67
109
321

460.4
369.8
48.7
253.1
35.8
32.2
90.6
52.4
6.3
3.6
28.3

472.5
379.2
51.9
255.3
37.3
34.8
93.3
53.7
6.4
3.7
29.5

2.63
2.54
6.57
.87
4.19
8.07
2.98
2.48
1.59
2.78
4.24

57,627 119,353
46,390 104,476
5,474
9,704
33,463 82,379
4,437
7,313
3,016
5,080
11,237 14,877
6,491
7,217
539
598
642
978
3,566
6,084

(D)

58,709 125,669
47,245 108,891
5,873 10,981
32,919 83,768
8,384
5,245
5,759
3,207
11,464 16,777
7,963
6,478
527
521
970
642
7,324
3,818

3,737
2,632
400
1,795
226
211
1,105
457
4
119
525

15,016
12,970
2,684
7,654
1,589
1,043
2,047
603
20
160
1,263

4,128
2,459
788
893
552
225
1,669
335
1,282

9,444
8,336
1,176
5,571
844
745
1,108
577
62
112
357

(D)

(°)

Finance (except banking), insurance,
and real estate
173,510
Developed countries
90,476
Canada
24,902
Europe
56,443
Japan
3,252
Australia, New Zealand, and South Africa ...
5,879
Developing countries
83,034
Latin America
78,299
Other Africa
654
Middle East
805
Other Asia and Pacific
3,276

28,639
17,981
6,247
9,355
1,073
1,307
10,657
9,582
100
213
762

6,650
2,837
725
1,847
164
100
3,813
3,595
36
15
167

13
10
(*)
8
2
0
3
3
0
0
0

0
0
0
0
0
0
0
0
0
0
0

2,317
2,036
684
1,090
99
164
281
163
10
21
87

127.1
105.6
32.4
57.7
5.1
10.4
21.5
11.6
.7
1.1
8.2

185,306
92,281
25,758
57,099
3,514
5,910
93,025
87,860
731
898
3,535

32,197
20,241
6,277
11,333
1,288
1,343
11,956
10,754
113
281
809

8,056
3,954
615
2,984
178
177
4,102
3,818
43
23
218

13
8
(*)
D
(D)
()
0
5
5
0
0
0

0
0
0
0
0
0
0
0
0
0
0

2,286
2,012
657
1,074
121
160
274
162
10
16
87

121.8
100.6
29.1
55.9
5.6
10
21.2
11.6
0.7
0.8
8

-4.17
473
-10.19
-3.12
9.80
3 85
-1.40
0
0
-27.27
-2.44

Services
Developed countries
Canada
Europe
Japan
Australia, New Zealand, and South Africa ...
Developing countries
Latin America
Other Africa
Middle East
Other Asia and Pacific

19,684
14,518
1,998
11,030
333
1,157
5,166
2,430
279
1,574
883

20,661
16,313
2,312
11,892
424
1,685
4,348
1,625
267
1,887
570

1,338
936
142
716
36
43
403
12
30
275
85

130
68
12
34
1
21
63
26
(*)
29
8

40
6
1
5
0
1
34
(*)
0
0
34

5,626
4,550
707
3,301
113
428
1,076
408
47
510
112

307.2
225.0
41.0
158.1
4.2
21.8
82.2
46.0
5.1
21.0
10.1

19,082
13,663
2,138
10,015
343
1,167
5,419
2,700
256
1,840
622

19,888
15,749
1,965
11,693
533
1,558
4,139
1,685
276
1,661
517

1,350
907
123
746
21
17
443
137
28
215
64

161
86
14
(DD)
()
(°)
75
25
(*)
45
6

19
10
2
8
0
(*)
9
1
0
(D)
(°)

5,305
4,275
591
3,138
147
399
1,030
453
40
431
106

306
225.2
38.7
159.9
4.7
21.9
80.8
53.2
5.2
13.1
9.4

-.39
.09
-5.61
1.14
11.90
.46
-1.70
15.65
1.96
3762
-6.93

Other industries
Developed countries....
Canada
Europe
Japan
....
Australia, New Zealand, and South Africa ...
Developing countries
Latin America
Other Africa
Middle East
Other Asia and Pacific
International

50,911
31,954
13,909
9,999
576
7,470
15,744
7,961
1,093
3,172
3,518
3,213

69,560
51,480
16,794
25,692
712
8,282
16,012
6,146
1,169
5,745
2,952
2,067

2,275
1,022
324
400
10
288
1,163
345
-72
707
183
90

1,405
660
351
242
5
62
(D)
372
(D)
161
146
(D)

1,802
650
561
13
(DD)
()
1,152
780
(D)

9,261
6,799
3,667
1,514D
((D))

878.8
542.9
252.7
120.7
(DD)
()
325.0
204.8
38.2
33.6
48.4
10.9

49,899
30,929
13,729
9,293
583
7,323
15,803
7,882
926
3,075
3,919
3,167

65,970
51,483
16,817
24,988
835
8,843
12,636
4,718
927
5,177
1,814
1,851

2,149
1,199
475
368
36
320
833
238
-128
617
105
118

1,477
559
336
(DD)
(D)
()
913
381
37
398
97
6

1,727
630
596
(D)
(*)
(°)
1,097
771
(D)
1
(D)
(*)

8,556
6,690
3,592
1,428
(D)
(")
1,722
886
150

813.5
547.5
245.6
129.2
(DD)
()
255.6
148.7
36.4
D
((D)
)

-7.43
.85
-2.81
7.04
(DD)
()
-21.35
-27.39
-4.71
(DD)
()
-5.50

D

Suppressed to avoid disclosure of data of individual companies.
* Less than $500,000 or 0.05 percent (±).

163-323 0 - 86 - 3 : QL 3




(D)
(*)

2,307
1,237
224
588
258
156

.1448

10.3

34

SURVEY OF CURRENT BUSINESS

September 1986

Table 8.—Employment of Nonbank Foreign Affiliates, Country by Industry of Affiliate, 1983
[Thousands]
Manufacturing

All countries
Developed countries

All
industries

Petroleum

6,383.1

380.1

Total

4,229.6

Machin- Electric
Chemi- Primary
Food
Transand
Other
and
ery,
and
cals and
portation manufacelecfabriexcept
kindred
allied
equiptronic
turing
cated
elecment
products products metals
equiptrical
ment
422.9

572.8

287.3

504.9

673.8

893.0

874.7

Wholesale
trade

460.4

Finance
(except
banking),
Services
insurance, and
real
estate

Other
industries

127.1

307.2

878.8
542.9

4,304.4

189.3

2,871.9

224.4

353.0

196.3

407.3

352.9

753.5

584.4

369.8

105.6

225.0

Canada

900.6

55.1

470.8

41.8

62.7

35.1

44.7

54.7

111.7

120.0

48.7

32.4

41.0

252.7

Europe

2,649.2

99.2

1,960.5

145.8

222.4

131.6

312.4

253.9

519.2

375.1

253.1

57.7

158.1

120.7

2,322.5
129.0
18.3
508.5
531.5
11.8
34.8
182.4
7.0
128.1
771.1
326.7
35.5
5,2
18.6
22.7
154.9
33.4
46.0
8.1
2.3

85.4
4.2
2.2
9.7
19.3
1.0
1.2
7.6
.1
8.0
32.1
13.8
1.4
.6
5.4
.5
1.0
2.1
1.0
1.6
.3

1,745.5
96.0
8.4
414.2
417.8
6.1
31.3
139.5
6.8
86.5
538.9
214.9
16.5
.8
7.2
15.2
134.8
19.6
14.9
4.8
1.2

123.2
5.6
2.4
18.4
17.2
1.2
3.4
11.3
0
11.9
51.8
22.5
1.1
0
(D)
1.7
14.9
3.3
(D)

107.6
4.3
.5
12.6
33.6
.4
1.1
8.6
.6
10.3
35.7
24.1
.1
0
(DD)
( )
18.0
.7
1.7
0
0

292.0
13.9
.1
71.0
71.0
0
5.1
32.7
.6
8.3
89.5
20.4
1.1
0
(*)
.8
8.2
8.4
1.9
0
0

210.5
20.9
2.8
17.9
60.8
.5
5.5
27.3
.3
3.1
71.3
43.4
4.0
.4
(DD)
( )
26.6
(D)
3.1
(D)
0

479.8
(D)
.3
(D)
134.9
0
1.2
8.3
0
18.2
99.6
39.4
(D)
0
0
(D)
31.7
1.5
0
1.0
0

335.8
(D)
1.8

o'

196.6
16.6
.5
32.3
38.4
1.6
(D)
21.3
(D)
15.8
65.0
25.8
.7
.1
.5
2.0
17.1
2.2
2.6
.5
.1

(D)
1.1

202.5
17.4
5.8
44.5
32.1
2.0
1.3
17.9
(*)
15.2
66.1
50.6
5.9
3.0
4.0
3.6
7.8
8.5
17.3
.2
.4

46.0
1.2
.2
2.8
4.6
(*)
.3
1.5
.1
2.3
32.8
11.7
9.1
0
(*)
(*)
.6
.3
1.6
0
(*)

129.3
7.6
1.4
28.3
22.1
1.2
.5
9.5
0
10.5
48.2
28.8
2.6
.7
(D)
(D)
8.6
2.6
10.6
.5
.2

113.9
2.6
.4
8.9
35.6
1.5
.1
6.3
0
5.6
53.0
6.8
.1
.1
(DD)
( )
2.1
.3
.7
.9
.1

European Communities (10)
Belgium
Denmark
France
Germany
Greece
Ireland
Italy
Luxembourg. .
Netherlands
United Kingdom
Other Europe
Austria....
Finland..
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
Other

.

(D)

62.0
2.4
(D)
30.1
(D)
18.9
126.0
39.3
(D)
.3
1.5
3.4
18.3
(D)
(D)

(D)

Japan

310.5

(D)

216.2

11.6

33.0

8.8

34.4

20.8

72.2

35.4

35.8

5.1

4.2

Australia, New Zealand, and South Africa...
Australia..
New Zealand
South Africa

444.2
299.0
18.4
126.8

(°)
(°)

1.8
6.0

224.6
133.7
9.5
81.3

25.3
13.3
1.5
10.4

35.0
25.5
1.6
7.8

20.8
6.1
.6
14.1

15.8
10.0
.2
5.6

23.5
14.2
.5
8.8

50.3
(DD)
( )
14.1

53.9
(DD)
( )
20.5

32.2
19.2
2.8
10.3

10.4
6.1
1.7
2.6

21.8
14.0
.8
7.1

(°)
(D)
1.9
19.5

2,043.2

166.2

1,357.7

198.5

219.8

91.0

97.6

320.9

139.5

290.4

90.6

21.5

82.2

325.0

1,242.6

41.3

886.5

128.2

162.3

73.3

70.4

12,5.7

120.6

206.0

52.4

11.6

46.0

204.8

655.4
82.1
377.0
12.6
54.0
11.5
24.2
83.4
10.6
534.5
442.9
19.0
72.6
52.7
7.5
3.5
8.2
3.6
10.9
.7
18.4

25.1
4.9
6.4
.5
3.8
1.1
3.9
4.0
.6
5.4
2.3
1.4
1.6
10.8
.6
.2
.3
(D)
7.7
(*)
(°)

500.8
63.8
326.8
5.9
33.0
7.4
7.7
52.0
4.2
368.3
344.9
1.9
21.5
17.5
.6
0
5.1
.2
1.5
.1
10.0

69.3
12.4
34.6
.6
4.7
2.1
2.5
10.6
1.8
55.3
47.3
.5
7.5
3.7
.1
0
.9
.1
.1
0
2.5

92.1
13.4
55.6
1.3
8.7
1.4
2.8
8.3
.5
65.7
60.6
.5
4.6
4.5
.4
0
2.5
.1
1.1
0
.4

43.6
3.5
30.1
1.7
2.2
.2
.5
5.3
.2
29.3
28.7
(*)
.5
.4
0
0
0
(*)
0
0
.4

41.8
3.3
36.8
.1
.1
0
0
1.1
.4
28.6
28.6
0
0
0
0
0
0
0
0
0
0

55.3
4.1
45.4
.5
2.0
.5
.2
2.6
(*)
68.7
66.2
0
2.5
1.6
0
0
0
0
0
.1
1.5

78.9
12.4
55.8
.2
1.6
.6
0
8.3
.2
41.7
41.7
0
0
0
0
0
0
0
0
0
0

119.8
14.7
68.6
1.5
13.8
2.5
1.8
15.9
1.0
79.0
71.9
.8
6.3
7.2
.1
0
1.7
0
.2
0
5.2

33.0
5.9
14.3
1.6
2.7
(D)
1.7
5.5
(D)
18.0
12.2
(DD)
( )
1.4
.2
.2
.3
.1
.2
.1
.4

5.6
.6
2.6
(D)
.6
(D)
(*)
.5
0
1.8
.7
.5
.6
4.2
.3
1.8
.2
.7
.4
.2
.7

22.6
1.3
9.6
.5
4.8
.5
.5
5.2
.2
11.7
10.4
.4
.9
11.7
5.0
1.3
1.1
1.0
1.0
.2
2.2

68.4
5.7
17.3
(D)
9.1

110.8
17.5
7.2
4.1
6.3
93.3
16.8
17.5
59.0

21.3
7.3
2.3
3.7
1.3
13.9
.1
4.3
9.5

39.3
5.2
1.8
0
3.4
34.1
0
9.3
24.9

9.9
.6
.1
0
.4
9.4
0
1.3
8.0

4.6
1.2
.7
0
.4
3.5
0
1.9
1.5

2.6
.2
.1
0
.1
2.4
0
.2
2.2

.2
.1

8.5
(D)

1.1

.1
.1

(D)
(D)
0
5.0
(D)

12.3
(D)
0
D0
.8
(D)

6.3
1.3
.7
.3
.3
5.1
(*)
1.5
3.6

.7
(*)
(')
0
0
.6
.2
0
.4

5.1
2.6
2.0
.1
.5
2.4
.3
.5
1.7

38.2
1.1
.4
0
.7
37.1
16.2
2.0
18.9

Middle East
Israel
Saudi Arabia
United Arab Emirates
Other.

147.7
16.6
117.8
6.2
7.1

69.3
1.2
(D)
2.8
(°)

19.2
10.6
5.7
.1
2.7

.3
0
.2
0
.1

3.5
1.8
1.4
(*)
•3

4.2
(DD)
( )
0
2.0

1.2
.8
.1
.1
.3

6.3
5.4
1.0
0

(*)
0
0
0

3.7
(DD)
( )
0
0

3.6
1.3
.8
.5
.8

1.1
.8
.1
0
.2

21.0
2.1
16.4
2.1
.5

33.6
.5
(D)
.6
(D)

Other Asia and Pacific
Hong Kong
India
Indonesia
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Other

542.1
48.3
74.9
49.7
62.8
104.4
51.3
36.5
60.9
29.4
23.9

34.4
.6
1.4
19.0
2.5
1.2
3.9
(D)
.3
(°)
(D)

412.7
31.1
72.1
11.0
52.3
89.0
38.4
32.1
56.6
19.0
11.1

60.0
.8
(°)
.3
1.1
41.3
.4
2.4
.6
5.3
(D)

49.5
.9
21.9
3.1
1.4
8.1
.6
3.3
3.2
1.7
5.3

10.9
.6
5.2
.7
.5
2.1
.4
.5
.8
.2
0

25.7
1.7
11.1
.1
.9
(*)
9.8
0
2.1
0
0

180.5
15.7
13.7
3.0
44.6
16.6
23.5
13.7
40.5
7.7
1.4

17.8
0
2.5
0
0
D
( )
2.6
3.9
0
0

68.3
11.4
(D)
3.8
3.9
D
( )
1.1
(D)
5.4
4.1
(D)

28.3
8.9
.1
.5
3.6
4.7
4.9
.8
2.1
2.4
.4

8.2
3.5
(*)
.3
.4
2.0
.6
.6
.6
.1
.1

10.1
2.5
.2
1.6
.1
.5
1.3
.9
.5
1.5
1.0

48.4
1.7
1.0
17.3
3.8
7.1
2.2
(D)
.7
(DD)
( )

35.5

24.6

296.1

99.7

85.4

14.5

16.2

7.8

1.3

12.1

8.9

24.7

10.3

1.1

26.3

73.3

Developing countries
Latin America
South America
Argentina . . .
Brazil..
Chile
Colombia
Ecuador
Peru
Venezuela
Other
Central America
Mexico
Panama
Other
Other Western Hemisphere
Bahamas
Bermuda
Jamaica
Netherlands Antilles
Trinidad-Tobago
United Kingdom Islands, Caribbean
Other
.
Other Africa
Saharan
EffVDt

Libya
Other
Sub-Saharan
Liberia
Nigeria
Other

Addendum—OPEC 1
D

,

0
0

.1

o'

o

.4
.4
0
0
.7
0
0
.7

(*)

(D)

(D)
( 0)

10.4
16.2
(D)
129.3
72.4

8

7.1
1.0
.1
1.3
(D)
.1
(*)
(D)

10.9

Suppressed to avoid disclosure of data of individual companies.
* Less than 50 employees.
1. OPEC is the Organization of Petroleum Exporting Countries. Its members are Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, Venezuela, and
the United Arab Emirates.




0
0

(D)

35

SURVEY OF CURRENT BUSINESS

September 1986

Table 9.—Employment of Nonbank Foreign Affiliates, Country by Industry of Affiliate, 1984
[Thousands]
Manufacturing

All countries
Developed countries

All
industries

Petroleum

6,389.3

361.6

4,342.9

Canada

896.7

Europe

2,693.9

European Communities (10).....
Belgium
Denmark
France...
Germany
Greece
Ireland .
Italy
Luxembourg
Netherlands
United Kingdom
Other Europe
Austria
Finland
Norway
Portugal....
Spain
„
Sweden
Switzerland
Turkey
Other

2,372.8
132.5
17.9
506.0
537.4
11.2
34.3
229.4
8.1
132.4
763.5
321.0
36.2
5.2
18.6
22.6
150.0
32.4
46.2
8.0
1.9

174.8

51.9
92.3
79.2
3.7
1.9
9.1
17.3
1.0
1.0
6.6
.1
7.9
30.5
13.1
1.3
.6
5.4
.5
.8
1.9
.7
1.6
.3

Total

4,313.8
2,915.5
479.5
2,001.3

Machin- Electric
Chemi- Primary
Food
and
and
ery,
cals and
and
elecexcept
fabriallied
kindred
tronic
eleccated
products products metals
equiptrical
ment
415.2
218.1

568.3
351.3

197.4

557.2
454.5

705.8
368.2

Finance
(except
banking),
Services
insurance, and
real
estate

Other
industries

813.5

Transportation
equipment

Other
manufacturing

910.5

870.3

472.5

121.8

306.0

570.8

379.2

100.6

225.2

547.5

38.7

245.6

755.3

40.8

62.4

35.0

43.9

52.8

125.3

119.3

51.9

29.1

141.4

223.0

131.5

362.6

268.6

509.2

365.0

255.3

55.9

159.9

129.2

44.6
1.2
.2
2.8
4.9
(*)
.3
1.5
.1
2.5
31.0
11.3
8.7
0
(*)
(*)
.6
.3
1.5
0
(*)

131.7
7.4
2.1
28.0
24.0
1.3
.5
10.6
0
9.2
48.6
28.2
2.3
.7
8.5
2.2
10.8
.5
.2

122.6
2.3
.4
9.3
38.6
1.3
.1
6.4
0
6.1
58.0
6.6
.1
.1
(DD)
( )
2.4
.3
.7
.9
.1

5.6

4.7

(D)

1,791.5
100.9
8.2
411.2
421.0
5.8
30.9
186.0
7.9
92.4
527.1
209.8
17.2
.8
7.3
15.3
129.9
19.1
14.5
4.8
.8

120.6
5.4
2.4
18.0
16.8
1.2
3.9
11.1
0
12.2
49.7
20.8
1.0
0
.1
1.4
13.5
3.2
(°)
(D)
0

199.0
21.6
.5
32.5
37.2
1.7
(D)
22.5
(°)
15.8
62.2
24.0
.7
.1
.5
1.9
15.9
1.8
2.5
.5
.1

Japan

315.4

(D)

217.2

11.1

33.2

Australia, New Zealand, and South Africa
Australia
New Zealand
South Africa

437.0
297.5
19.5
119.9

(°)
(°)
2.0
5.9

217.5
133.5
9.7
74.3

24.8
13.1
1.6
10.0

32.7
23.9
1.6
7.2

Developing countries

286.4

Wholesale
trade

107.9
4.1
.5
13.4
32.5
(*)
1.1
8.5
.8
10.6
36.5
23.5
.1
0
(DD)
( )
17.6
.7
1.6
0
0
8.9

22.1
7.0
.4
14.8

470.1
(D)
.3
(D)
130.3
0
.4
8.6
0
(D)
94.3
39.2
(D)
0
0
(°)
32.5
1.5
0
1.0
(*)

325.4
(D)
1.8
(°)
62.3
2.6
(°)
28.9
(D)
118.4
39.7
(D)
.3
1.5
3.4
18.5
(")
(DD)
()
.7

203.2
17.1
5.0
45.5
31.5
1.8
1.5
18.3
(*)
14.3
68.3
52.1
6.6
3.1
4.1
3.7
7.7
8.5
17.9
.2
.4

24.0

71.0

34.1

37.3

22.9
14.9
.9
7.1

49.6
(DD)
( )
13.3

52.3
(DD)
( )
16.7

34.8
19.9
2.8
12.0

10.0
5.9
1.7
2.4

21.9
14.5
.7
6.7

342.3
14.6
.1
70.0
71.9
0
4.8
79.2
.9
8.7
92.1
20.3
1.1
0
(*)
.9
8.4
8.2
1.6
0
0

226.2
20.1
2.7
17.2
70.0
.3
6.4
27.0
.4
8.3
73.8
42.4
4.5
.5
(D)
4.4
23.6

34.9
13.1
7.7
.2
5.2

(D)

3.3
(D)
0

(D)

(D)
(D)

(°)
?>)
2.5
18.7

2,013.5

164.2

1,398.3

197.2

217.0

89.0

102.8

337.6

155.3

299.6

93.3

21.2

80.8

255.6

1,216.3

37.6

911.4

128.4

160.7

73.4

71.4

130.6

132.4

214.6

53.7

11.6

53.2

148.7

642.4
80.5
378.5
12.6
51.7
12.1
20.6
76.4
10.0
523.9
430.8
20.2
72.9
50.0
7.6
3.0
7.7
3.5
10.2
.8
17.2

22.6
4.8
5.7
.4
3.8
1.0
3.7
2.7
.5
5.0
1.7
(°)
(D)
10.0
.5
.1
.3
(°)
7.2
(*)
(°)

505.0
62.4
332.3
6.0
31.6
7.6
6.3
54.8
4.1
389.9
364.9
2.2
22.8
16.5
.5
0
4.8
(DD)
( )

40.3
3.4
35.6
.1
.1
0
0
.6
.4
31.0
31.0
0
0
0
0
0
0
0
0
0
0

53.8
2.9
43.8
.5
1.3
.5
.2
4.5
(*)
75.2
72.3
0
2.8
1.7
0
0
0
0
0
.1
1.6

126.5
14.9
74.9
1.7
13.1
2.4
1.8
16.9
.9
81.2
72.7
1.2
7.3
7.0
.1
0
1.7
0
.2
0
4.9

32.9
6.3
14.4
1.8
2.4
1.0
(D)
5.0
(D)
19.3
13.3
1.2
4.7
1.5
.2
.2
.3
.1
.2
.2
.4

5.2
.6
2.3
1.2
.6
.1
(*)
.4
0
2.3
.9
.7
.6
4.1
.2
1.9
.2
(DD)
( )
.2
.7

26.8
1.4
12.0
.8
5.3
.6
.5
6.0
.3
14.0
12.1
.9
1.0
12.4
5.4
.7
1.2
1.1
1.0
.3
2.8

Other Africa
Saharan
Egypt
Libya
Other
Sub-Saharan
Liberia
Nigeria..
Other

106.8
18.2
8.7
4.2
5.3
88.6
16.0
16.5
56.0

.2
.1

7.4
(D)
.4
0
D
( )
(")
0
4.2
(D)

D

(D)
10.0
0
.9
9.1

6.4
1.5
D
( )
.2
(D)
5.0
(*)
1.5
3.5

.7
.1
.1
0
0
.6
.2
0
.4

5.2
2.6
1.9
.1
.6
2.6
.2
.5
1.9

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

0
0

(DD)
( )
1.4
(*)
0

3.7
1.5
.8
.5
.9

.8
.6
.1
0
.2

13.1
1.6
9.2
1.9
.4

Other Asia and Pacific
Hone Kong

70.2
13.3
(D)
3.5
5.2
D
()
1.0
5.8
6.3
3.0
(D)

29.5
9.8
.1
.4
3.8
3.6
5.2
.9
2.5
2.6
.4

8.0
3.5
(*)
.2
.4
1.8
.6
.6
.6
D
(D)
( )

9.4
2.6
.2
1.4
.1
.5
1.4
.9
.4
1.0
1.0

9.7

.9

Latin America
South America
Argentina
Brazil
Chile
Colombia
Ecuador
. .
Peru
Venezuela
Other
Central America
Mexico
Panama
Other
Other Western Hemisphere
Bahamas
Bermuda .
Jamaica
Netherlands Antilles
Trinidad-Tobago
United Kingdom Islands, Caribbean
Other

India
..
Indonesia

: : : : : I::::::::::::::::::::::::::::::::

Malaysia
Philippines
Singapore
South Korea .
Taiwan
Thailand
Other
International
Addendum—OPEC '
D

..

86.8
12.9
51.3
1.1
9.1
1.5
1.9
8.5
.6
69.6
64.8
.5
4.2
4.3
.4
0
2.3
.1
1.1
0
.4

45.1
3.3
31.8
1.7
2.1
.1
.4
5.5
.2
27.9
27.3
(*)
.5
.4
0
0
0

9!4

70.1
12.4
35.3
.7
4.3
2.4
2.0
11.3
1.8
55.1
46.7
.5
7.9
3.2
0
0
.8
(°)
D
( )
0
2.2

22.4
8.3
3.3
3.9
1.1
14.0
.2
3.9
10.0

35.6
5.2
2.0
0
3.2
30.5
0
8.3
22.1

9.5
.5
.1
0
.4
8.9
0
1.3
7.6

4.4
(°)
.8
0
(°)
(D)
0
1.8
(°)

1.7
.2
.1
0
.1
1.5
0
.2
1.3

138.2
17.1
107.5
6.4
7.2

(D)
1.1
O5)
P)
(D)

20.8
11.9
6.1
.1
2.7

.3
0
(D)
0
(°)

3.8
1.3
2.2
(*)
.3

552.3
51.6
75.4
47.9
66.5
97.1
56.7
38.7
65.0
29.9
23.4

(°)

430.4
33.1
72.0
9.6
58.0
84.4
44.4
34.2
60.8
19.0
15.0

59.0
1.5
<")
.2
1.1
38.4
.6
2.6
.7
(D)
1.4

48.2
.8
22.0
2.4
1.4
7.7
1.0
2.7
3.1
1.9
5.3

15.4

16.4

32.8

276.5

L6
20.8
2.9
1.1
3.3
D
( )
(*)
(D)
(°)

0
.4

4.3

(D)

0
0
.1
.1
0
0
.1
1.0
.6

6.5
5.6
1.0
0
0

D

( )

'A

0
0

(°)

0
0

(D)
(DD)
( 0)

(D)
0
2.0

P)

9.6
.2
5.5
.2
.3
1.5
.4
(D)
.8
(D)
0

30.2
2.3
11.3
.2
.9
D
( )
12.4
0
2.2
D
( )
0

193.0
14.9
13.3
3.1
49.1
17.0
26.7
16.0
44.0
7.5
1.4

20.2
0
2.5
0
0
(°)
2.3
(D)
3.7
0
(D)

7.1

1.0

13.3

8.1

(")'

( )
(°)

o'

22.5
99.1

Suppressed to avoid disclosure of data of individual companies.
* Less than 50 employees.
1. See footnote 1, table 8.




(*)0

82.4
12.7
59.6
.2
1.6
.6
0
7.5
.2
50.0
50.0
0
0
0
0
0
0
0
0
0
0

49.9
4.9
11.8
2.3
8.0
1.9
(D)
7.5
(D)

93.3
37.8
(DD)
()
5.6
.8
.1
1.0
(D)
.1
(*)
(D)

36.4
.5

(D)

0
(D)
35.9
15.4
2.4
18.1
(D)
.5
(D)
(D)

(°)
(D)
2.1

1.5
15.5
1.3
5.7
1.8
(°)
.6
(D)

(°)

10.3
86.5

25.2

19.9

60.4

September 1986

SURVEY OF CURRENT BUSINESS

36

Table 11.—Selected Data for Majority-Owned Nonbank Foreign Affiliates, Major Industry and Area of Affiliate, 1983
Millions of dollars
Sales
Total
assets

Total
liabilities

Owners'
equity

Total

Services

Goods

Net
income

U.S.
imports
shipped
by
MOFA's

U.S.
exports
shipped
to
MOFA's

Employee
compensation

dumber of
employees
thousands)

585,196
384,129
99,824
244,502
13,414
26,389
187,571
132,599
13,106
11,477
30,389
13,496

352,113
239,866
56,057
156,182
9,396
18,230
105,767
71,798
8,545
7,527
17,897
6,480

233,083
144,263
43,766
88,319
4,018
8,160
81,804
60,801
4,561
3,950
12,492
7,016

705,811
535,402
119,562
355,288
25,110
35,441
163,986
86,315
14,981
15,650
47,039
6,423

640,030
494,804
108,317
331,017
22,978
32,491
145,221
73,718
14,113
12,939
44,450
5

65,781
40,598
11,245
24,271
2,132
2,950
18,765
12,597
868
2,711
2,589
6,418

30,600
19,927
5,588
12,503
776
1,059
10,289
5,129
724
516
3,919
384

54,468
43,383
23,222
16,648
1,603
1,910
10,799
5,214
428
423
4,733
286

48,328
31,732
24,059
6,338
697
638
16,594
6,548
1,535
1,440
7,070
2

82,049
66,919
17,649
42,319
2,100
4,851
14,498
7,880
654
3,588
2,376
632

4,853.6
3,331.5
824.2
2,143.1
85.1
279.2
1,494.4
905.3
70.7
106.9
411.5
27.6

147,152
89,597
24,607
56,869
2,517
5,604
46,620
15,578
10,799
7,229
13,014
10,936

94,423
61,051
12,412
42,552
1,974
4,113
28,049
8,102
7,167
4,738
8,042
5,323

52,729
28,546
12,194
14,318
543
1,491
18,571
7,476
3,632
2,491
4,973
5,612

245,340
155,663
27,694
105,438
11,422
11,108
84,826
36,341
12,992
8,816
26,677
4,851

235,135
153,185
27,012
103,870
(DD)
( )
81,946
35,198
12,420
8,193
26,135
5

10,205
2,478
683
1,569
(D)
<")
2,881
1,143
572
623
542
4,846

9,540
5,837
1,526
3,888
132
290
3,447
739
591
-16
2,133
257

2,381
865
260
546
35
24
(D)
429
(D)
64
423
(D)

12,381
5,741
3,683
2,040
(D)
(°)
6,638
2,470
1,308
1,368
1,493
2

9,768
4,911
1,786
2,552
(DD)
( )
4,358
841
378
2,631
507
499

325.6
156.5
50.1
85.6

189,554
151,111
34,553
100,152
5,372
11,034
38,443
28,784
845
595
8,220

106,642
85,279
16,618
58,675
3,136
6,849
21,364
16,551
490
363
3,960

82,912
65,832
17,934
41,477
2,236
4,185
17,080
12,233
355
232
4,260

270,363
228,746
60,111
146,493
7,043
15,099
41,617
29,641
837
603
10,537

265,100
223,835
59,246
143,089
(DD)
( )
41,265
29,323
834
592
10,516

5,264
4,912
866
3,404
(°)
(°)
352
318
3
11
21

10,029
8,514
2,689
5,039
329
457
1,514
454
61
49
949

37,555
30,519
20,117
8,687
636
1,078
7,036
3,922
52
40
3,023

31,304
23,232
19,172
3,343
301
416
8,072
3,069
(DD)
( )
4,942

50,880
44,141
10,626
29,367
1,246
2,902
6,739
5,325
104
125
1,186

3,200.8
2,206.4
442.0
1,538.7
50.6
175.1
994.4
661.5
24.0
7.8
301.2

52,228
42,230
5,219
31,251
2,953
2,807
9,998
5,657
327
538
3,475

32,854
27,315
2,967
20,408
2,134
1,807
5,539
3,068
197
324
1,950

19,373
14,915
2,253
10,842
820
1,000
4,459
2,589
131
214
1,524

110,929
97,757
9,174
78,565
5,212
4,806
13,173
6,092
271
842
5,967

106,188
93,692
8,594
75,743
4,944
4,411
12,496
5,719
249
766
5,763

4,741
4,065
580
2,822
268
395
676
373
22
76
205

2,817
1,971
291
1,334
140
206
846
273
22
104
448

13,078
11,297
2,487
7,134
925
750
1,781
473
14
153
1,141

3,071
2,135
657
936
340
203
936
329
(D)
(°)
(°)

8,592
7,632
1,025
5,429
532
646
960
515
45
88
312

413.9
337.4
45.2
238.4
23.6
30.2
76.6
42.2
4.6
2.8
26.9

150,920
72,417
23,947
41,975
2,214
4,281
78,503
75,423
446
259
2,376

90,541
48,228
17,919
25,393
1,785
3,130
42,314
40,409
175
207
1,522

60,379
24,189
6,028
16,581
428
1,152
36,190
35,014
271
51
854

23,690
13,885
6,117
5,866
948
953
9,805
9,121
48
46
590

20
19
1

23,670
13,866
6,116
D
((D)
)

2
2
0
0
0

952
9,803
9,119
48
46
590

6,063
2,383
701
1,445
161
76
3,680
3,508
17
5
150

13
10
(*)
8
2
0
3
3
0
0
0

0
0
0
0
0
0
0
0
0
0
0

1,789
1,598
643
753
85
117
191
129
4
5
53

95.2
80.5
30.9
38.7
4.0
6.9
14.6
8.5
.3
.3
5.5

Services
Developed countries
..
..
Canada
Europe .
. . .
Japan
Australia New Zealand and South Africa
Developing countries
Latin America
Other Africa
Middle East
Other Asia and Pacific

17,195
12,933
1,903
9,972
203
854
4,262
1,939
200
1,417
707

10,921
8,379
1,185
6,308
214
672
2,542
1,236
131
748
427

6,274
4,554
718
3,665
-11
182
1,721
703
69
669
280

18,256
14,679
2,095
10,922
320
1,342
3,577
1,329
200
1,600
448

1,334
1,203
69
1,048
0
86
131
60
6
(°)
(D)

16,922
13,476
2,026
9,874
320
1,256
3,445
1,268
194
(DD)
( )

1,153
845
132
649
32
32
308
-11
23
224
72

126
65
12
34

29
7

40
6
1
5
0
1
34
(*)
0
0
34

4,977
4,113
653
3,034
91
335
864
313
34
435
82

259.3
198.3
38.7
140.0
3.2
16.5
61.0
34.7
4.3
16.1
5.9

Other industries
Developed countries
Canada
Europe
Japan
.
Australia New Zealand and South Africa
Developing countries
.
Latin America
Other Africa
Middle East
Other Asia and Pacific
International

28,146
15,841
9,594
4,283
155
1,809
9,745
5,217
489
1,440
2,598
2,561

16,731
9,614
4,955
2,846
153
1,660
5,960
2,431
386
1,147
1,996
1,157

11,416
6,227
4,639
1,437
2
149
3,785
2,786
104
293
602
1,404

37,233
24,672
14,371
8,004
164
2,132
10,988
3,793
633
3,743
2,820
1,572

32,252
22,871
13,396
(D)
138
(D)
9,381
3,417
605
(DD)

4,980
1,801
975
(D)
26
(D)
1,607
376
29
(DD)
( )
1,572

999
376
249
147
-18
-2
495
166
10
151
168
128

1,314
628
345
239
4
39
(D)
361
(D)
138
139
(°)

1,531
617
547
13
(D)
(D)
914
680
(D)
1
(D)
(*)

6,044
4,524
2,916
1,184
(DD)
( )
1,387
758
89
304
236
133

558.8
352.5
217.2
101.8
(°)
(D)
196.6
121.4
18.4
13.4
43.4
9.7

All industries.
Developed countries
Canada
Europe
Japan
Australia, New Zealand and South Africa
Developing countries
Latin America
Other Africa
Middle East
Other Asia and Pacific
International
. .

..

Petroleum
Developed countries
Canada.
Europe
Japan
Australia, New Zealand, and South Africa
Developing countries
Latin America
;
....
... .
Other Africa
Middle East
...
. .
Other Asia and Pacific
International

,

,

Manufacturing
Developed countries
Canada
Europe
Japan
Australia, New Zealand, and South Africa
Developing countries
Latin America
....
Other Africa
Middle East
Other Asia and Pacific
Wholesale trade
Developed countries
..
Canada
Europe..
. .
...
Japan
Australia, New Zealand, and South Africa ....
Developing countries
Latin America
Other Africa
Middle East
Other Asia and Pacific
Finance (except banking), insurance, and real estate
Developed countries
Canada
Europe
Japan
Australia, New Zealand and South Africa
..
Developing countries
Latin America. *
...
.
Other Africa
Middle East
Other Asia and Pacific

D

,

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




(DD)
()

(:

18
61
26

(D)
(D)

151.2
36.9
19.1
66.6
28.6
17.9

37

SURVEY OF CURRENT BUSINESS

September 1986

Table 12.—Selected Data for Majority-Owned Nonbank Foreign Affiliates, Major Industry and Area of Affiliate, 1984
Millions of dollars
Sales
Total
assets

Total
liabilities

Owners'
equity

Total

Goods

Services

Net
income

U.S.
exports
shipped
to
MOFA's

U.S.
imports
shipped

Number of
Employee employees
compen- (thousands)
sation

MOFA's

352,189
237,453
57,711
152,264
9,738
17,740
109,415
74,852
8,630
8,349
17,584
5,321

242,825
146,784
46,657
87,488
4,965
7,674
89,555
66,379
5,184
4,376
13,615
6,487

716,410

646,722

69,688

36,730

63,408

57,162

79,598

4,841.0

384,237
104,368
239,752
14,703
25,414
198,969
141,231
13,814
12,725
31,199
11,808

549,711
130,371
355,700
27,234
36,406
161,045
83,021
15,049
14,964
48,011
5,653

505,142
119,081
327,920
24,671
33,469
141,573
69,428
14,240
12,490
45,415
7

44,570
11,290
27,779
2,564
2,936
19,472
13,593
809
2,473
2,596
5,646

24,807
7,300
15,083
878
1,545
12,066
5,888
992
865
4,321
-143

51,219
28,138
18,398
2,231
2,451
12,147
5,911
388
707
5,142
43

37,688
28,215
7,714
959
800
19,474
7,695
1,178
1,037
9,563
9,999

65,207
17,792
40,265
2,339
4,811
13,837
7,322
565
3,466
2,485
554

3,327.3
821.2
2,139.6
90.6
275.8
1,487.7
910.9
71.0
98.1
407.7
26.1

Petroleum
Developed countries
Canada
Europe
Japan
Australia, New Zealand, and South Africa
Developing countries
Latin America
Other Africa
.
Middle East
Other Asia and Pacific
International

142,433
87,385
25,528
54,976
2,100
4,782
45,695
13,164
11,534
8,246
12,751
9,352

89,648
57,891
12,384
40,269
1,634
3,604
27,461
6,916
7,252
5,705
7,588
4,296

52,785
29,494
13,144
14,707
466
1,177
18,235
6,248
4,282
2,541
5,164
5,056

235,267
152,529
28,700
102,540
10,722
10,568
78,457
30,288
13,175
9,081
25,913
4,280

226,078
150,102
28,007
101,026
(DD)
( )
75,969
29,322
12,699
8,525
25,422
7

9,189
2,428
693
1,514
(°)
(D)
2,488
966
475
556
490
4,273

9,624
6,026
1,815
3,603
62
546
3,851
340
843
399
2,269
-252

2,221
847
250
514

9,202
4,493
1,709
2,261
(DD)
( )
4,276
728
335
(D)
(°)
432

311.0
145.6
46.8
79.7

(°)
1,337
465
298
120
454
37

12,949
6,569
3,723
(°)
6
(°)
6,381
2,355
950
965
2,110
0

Manufacturing
Developed countries
Canada
Europe
Japan
Australia, New Zealand, and South Africa.
Developing countries
Latin America
,
Other Africa
Middle East
Other Asia and Pacific

190,118
150,101
36,834
95,983
6,518
10,766
40,017
29,632
800
610
8,976

104,966
83,392
17,092
55,771
3,653
6,876
21,574
16,727
475
339
4,033

85,152
66,709
19,742
40,212
2,865
3,890
18,443
12,905
325
271
4,943

284,581
239,600
68,990
145,867
8,712
16,031
44,981
31,124
776
682
12,398

278,858
234,218
67,972
142,244
(D)
44,640
30,825
774
669
12,371

5,723
5,382
1,018
3,623
(")
(D)
341
299
2
13
27

14,189
11,698
3,979
6,683
441
595
2,491
1,162
65
70
1,194

45,176
37,244
24,877
10,216
797
1,354
7,932
4,522
41
33
3,336

38,697
28,163
23,121
4,178
490
374
10,534
4,371
(D)
(°)
6,128

49,767
43,280
10,990
28,003
1,395
2,893
6,487
4,932
87
134
1,333

3,227.9
2,208.9
451.0
1,531.7
54.2
172.0
1,019.0
676.9
21.6
8.4
312.1

Wholesale trade
'.
Developed countries
Canada
Europe
Japan
Australia, New Zealand, and South Africa
Developing countries
Latin America
Other Africa
Middle East
Other Asia and Pacific

52,732
42,518
5,547
30,759
3,202
3,009
10,214
5,663
328
550
3,673

32,288
26,972
3,037
19,739
2,208
1,988
5,316
2,706
204
315
2,091

20,444
15,546
2,510
11,020
995
1,021
4,898
2,956
124
236
1,582

116,796
101,885
10,375
79,853
6,198
5,459
14,911
6,751
250
846
7,064

111,243
97,216
9,739
76,709
5,850
4,918
14,027
6,304
216
699
6,809

5,553
4,669
636
3,144
349
541
884
447
34
148
255

3,556
2,502
390
1,728
175
209
1,054
431

3,960
2,339
786
(°)
463

107^
518

14,422
12,491
2,669
7,461
1,386
976
1,931
528
13
135
1,255

8,641
7,654
1,072
5,283
591
708
986
510
43
93
340

422.4
345.2
46.7
240.0
25.9
32.6
77.2
42.8
4.6
2.9
26.9

165,165
76,679
24,892
44,896
2,583
4,308
88,487
84,970
516
361
2,639

98,910
52,248
18,922
28,157
1,997
3,172
46,662
44,668
221
265
1,508

66,256
24,431
5,970
16,739
586
1,136
41,825
40,303
295
97
1,130

28,517
17,499
6,152
9,255
1,148
943
11,018
10,253
66
71
628

36
34
1
30
3
1
2
2
0
0
0

28,480
17,465
6,151
9,225
1,145
943
11,016
10,251
66
71
628

7,157
3,198
603
2,260
179
155
3,959
3,729
21
4
204

13
8
(*)
D
(D)
()
0
5
5
0
0
0

0
0
0
0
0
0
0
0
0
0

o

1,807
1,613
621
779
99
114
194
132
5
5
52

90.6
76.3
27.9
37.9
4.1
6.4
14.3
8.3
.4
.2
5.4

Services
Developed countries
Canada
Europe
Japan
Australia, New Zealand, and South Africa
Developing countries
Latin America
Other Africa
Middle East
Other Asia and Pacific

16,670
12,204
2,048
9,095
175
885
4,466
2,168
190
1,662
446

10,088
7,741
1,224
5,648
158
711
2,347
1,161
112
798
276

6,582
4,463
824
3,447
17
174
2,119
1,006
79
864
169

17,380
14,010
1,808
10,638
339
1,224
3,371
1,380
218
1,379
394

1,330
1,193
72
1,020
0
101
137
70
4
(")
(°)

16,050
12,816
1,736
9,618
339
1,122
3,234
1,310
214
(D)
(D)

1,172
822
114
684
16
8
350
107
22
173
48

159
85
13
38
(*)
34
74
24
C)
45
5

19
10
2
8
0
(*)
9
1
0
(D)
(D)

4,619
3,830
552
2,860
109
309
789
347
31
336
75

257.2
198.4
37.6
141.4
3.0
16.4
58.8
40.5
4.7
8.3
5.3

Other industries
Developed countries .. .
Canada
Europe
Japan
Australia, New Zealand, and South Africa
Developing countries.
Latin America.....
Other Africa
Middle East
Other Asia and Pacific
International

27,896
15,351
9,519
4,043
125
1,664
10,090
5,634
446
1,295
2,715
2,456

16,289
9,209
5,052
2,680
88
1,389
6,055
2,674
366
927
2,088
1,025

11,607
6,142
4,467
1,363
36
275
4,035
2,960
80
368
627
1,431

33,869
24,188
14,346
7,545
114
2,182
8,308
3,224
565
2,905
1,615
1,373

29,176
22,378
13,291
6,890
79
2,118
6,798
2,905
546
(DD)
( )
0

4,693
1,810
1,056
655
35
63
1,510
319
18
(DD)
( )
1,373

1,032
562
399
126
5
32
361
119
43
111
88
109

1,418
543
329

1,536
607
583

5,562
4,336
2,847
1,079

532.0
353.0
211.3
108.9
(DD)
( )
169.8
108.9
19.6
(D)
(D)
9.2

All industries
Developed countries
Canada
Europe
Japan
Australia, New Zealand, and South Africa
Developing countries
Latin America
...
Other Africa
Middle East. .
Other Asia and Pacific
International

595,014
. .

.. .

.

. .

Finance (except banking), insurance, and real estate
Developed countries
Canada
Europe
Japan
Australia, New Zealand, and South Africa
Developing countries...
Latin America
Other Africa
Middle East .
Other Asia and Pacific

D

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




(D)

(D)

a
(D)
869
(D)

367
35
375
92
6

(D)

1,621
290

(D)
(°)

1,282

(D)

(*)
(D)

929
677

(D)
D
((D)
)

(*)

(D)

(°)

1,104
672
63
(DD)
( )
122

(D)

(°)
148.5
33.4
20.1
(D)

(D)
16.9

38

SURVEY OF CURRENT BUSINESS

Technical Note
The tables in this article present
preliminary estimates for 1984 and
revised estimates for 1983, based on
data from BEA's annual sample
survey of U.S. direct investment
abroad (BE-11). For 1984, reports were
required from every U.S. person
having a foreign affiliate at the end of
its 1984 fiscal year with assets, sales,
or net income exceeding $10 million.
Banks were excluded from the survey.
Each report consisted of a form BE11 A, which obtained data for the nonbank U.S. parent company, a form
BE-11B, which obtained data for each
nonbank majority-owned foreign affiliate (MOFA), and a form BE-11C,
which obtained data for each nonbank foreign affiliate in which U.S.
ownership was at least 25 percent and
not more than 50 percent. Foreign affiliates in which U.S. ownership was
less than 25 percent were exempt
from reporting, but are covered in the
estimates.
The estimates for 1984 shown in the
tables in this article and in the additional tables available (see box on this
page) were obtained by expanding the
sample data collected in the survey to
universe totals. Universe estimates
were derived for virtually all of the
items collected in the annual survey.
Tables 13 arid 14 show, for U.S. parents and for foreign affiliates, respectively, the portion of the universe estimates of total employment accounted for by the 1984 sample data. For
parents, the reported sample data accounted for 90 percent of the universe
estimate. By industry, sample coverage tended to be higher for industries—such as petroleum and transportation equipment manufacturing—
that are dominated by a relatively
small number of large firms.
For foreign affiliates, the sample
data accounted for 81 percent of the
universe estimate. Sample coverage
was significantly higher for MOFA's,




September 1986

Additional detail from the 1984 annual
survey of U.S. direct investment abroad,
including further breakdowns of foreign
affiliates' balance sheets, income statements, and external financial position,
and of U.S. parents' and foreign affiliates' sales and merchandise trade, is
available in U.S. Direct Investment
Abroad: Operations of U.S. Parent Companies and Their Foreign Affiliates, Preliminary 1984 Estimates. Revised estimates for 1983 are available in U.S.
Direct Investment Abroad: Operations of
U.S. Parent Companies and Their Foreign Affiliates, Revised 1983 Estimates.
These publications may be obtained from
Economics and Statistical Analysis/BE A,
U.S. Department of Commerce, Citizens
and Southern National Bank, 222 Mitch-

ell Street, P.O. Box 100606, Atlanta, GA
30384; price $5.00 apiece. When ordering,
specify title and enclose a check or
money order made payable to "Economics and Statistical Analysis/BEA."
The annual survey data are stored on
magnetic tape. The estimates are available on magnetic tape, and BEA can
make additional tabulations or perform
regressions or other statistical analyses
of the data at cost, within the limits of
available resources and subject to the
legal requirement to avoid disclosure of
data of individual companies. Requests
should be directed to Office of the Chief,
International Investment Division (BE50), Bureau of Economic Analysis, U.S.
Department of Commerce, Washington,
DC 20230.

at 90 percent. The pattern of coverage
by industry for MOFA's was similar
to that for U.S. parents.
For minority-owned foreign affiliates (affiliates owned 50 percent or
less by U.S. parents), the sample data
accounted for only 55 percent of the
universe estimate of employment. The
low coverage primarily reflected the
fact that those affiliates owned less
than 25 percent by U.S. parents were
exempt from reporting in the annual
survey. Industries and areas with particularly low sample coverage of mi-

nority-owned affiliates—such as transportation equipment manufacturing—
were those in which the size of the
exempt affiliates was significant. For
example, a number of U.S. automobile
manufacturers owned less than 25percent interests in very large Japanese automobile companies; these interests, while exempt from the
survey, were substantial. For the largest of these exempt affiliates, information from outside sources, when
available, was used to modify BEA estimates for 1984.

Table 13.—Employment of Nonbank U.S. Parents: Percent of Universe Estimate Accounted for by
the Sample, by Industry of Parent, 1983 and 19841
19£ 4

198 0q

Universe
estimate
(thousands)
AH industries
Petroleum
Manufacturing. . .
Food and kindred products
Chemicals and allied products
Primary and fabricated metals
Machinery, except electrical
Electric and electronic equipment
Transportation equipment
Other manufacturing

;..

Percent
accounted for
by sample

Universe
estimate
(thousands)

Percent
accounted for
by sample

18,399.5

91

18,170.9

90

1 1296

98

10500

98

10 403 1
986.7
1,368.3
8580
1,446.1
1 651.3
17351
2,357.6

92
96
96
78
94
91
98
87

10,622.4
996.7
1,328.2
876.5
1,530.5
1,607.2
1,941 1
2,342.2

91
96
96
77
91
89
99
87

3789

83

4064

81

Finance (except banking) insurance and real estate

10038

93

992.5

93

Services

1,035.5

73

1,072.4

73

4,448.6

91

4,027.3

90

Wholesale trade

Other industries

,

1. Because the sample was skewed toward large U.S. parents, it accounted for a much smaller percentage of the universe in
terms of number of parents than in terms of parents' total assets or employment. In terms of number, the sample accounted for
60 percent of the 2,088 parents in the universe in 1984.

39

SURVEY OF CURRENT BUSINESS

September 1986

Table 14.—Employment of Nonbank Foreign Affiliates: Percent of Universe Estimate Accounted for by the Sample, by Industry of Affiliate and by
Area, 1983 and 1984 l
1984

1983
All affiliates
Universe
estimate
(thousands)
All industries, all areas

Majority-owned
affiliates

Percent
accounted Universe
estimate
for by
(thousample
sands)

Percent
accounted
for by
sample

Universe
estimate
(thousands)

Percent
accounted
for by
sample

Universe Percent
estimate accounted
for by
(thousample
sands)
55

96

50.6

78

91
93
91
73
91
90
98
89

1,085.9
85.5
100.5
90.7
128.5
129.7
335.4
215.7

53
74
80
56
68
59
19
73
49

93

311.0

82
90
89
68
86
84
69
85

3,227.9
329.8
467.8
195.7
428.7
576.1
575.1
654.6

361.6
4,313.8
415.2
568.3
286.4
557.2
705.8
910.5
870.3

Minority-owned
affiliates

1,548.2

90

55
82
79
68
50
83
18
70

1,028.8
82.9
97.1
91.7
79.6
125.2
330.5
221.9

3,200.8
340.0
475.8
195.7
425.3
548.7
562.5
652.9

Majority-owned
affiliates

4,841.0

80

54.5

91
94
91
76
91
91
98
88

325.6

82
91
89
74
85
89
68
84

Universe
estimate
(thousands)

Percent
accounted
for by
sample
81

95

93

380.1
4,229.6
422.9
572.8
287.3
504.9
673.8
893.0
874.7

All affiliates

6,389.3

57

90

82

Universe Percent
estimate accounted
(thoufor by
sample
sands)
1,529.6

4,853.6

6,383.1

Minority-owned
affiliates

By industry
Petroleum
Manufacturing
Food and kindred products
Chemicals and allied products
Primary and fabricated metals
Machinery, except electricalElectric and electronic equipment
Transportation equipment
Other manufacturing

.

Wholesale trade

460.4

77

413.9

80

46.4

46

472.5

77

422.4

80

50.2

Finance (except banking), insurance, and real estate

127.1

78

95.2

84

31.9

59

121.8

79

90.6

86

31.2

60

Services

307.2

70

259.3

74

47.9

49

306.0

69

257.2

74

48.8

45

878.8

82

558.8

93

320.0

63

813.5

81

532.0

93

281.5

59

Developed countries
Canada
Europe
Japan
Australia, New Zealand and South Africa

4,304.4
900.6
2,649.2
310.5
444.2

81
91
80
74
71

3,331.5
824.2
2,143.1
85.1
279.2

91
94
91
91
91

972.9
76.4
506.1
225.4
165.0

46
63
38
67
38

4,342.9
896.7
2,693.9
315.4
437.0

81
91
79
74
72

3,327.3
821.2
2,139.6
90.6
275.8

91
93
91
92
91

1,015.7
75.5
554.2
224.8
161.2

45
63
36
66
39

Developing countries. .
Latin America
Other Africa
Middle East
Other Asia and Pacific

2,043.2
1,242.6
110.8
147.7
542.1

83
83
78
80
84

1,494.4
905.3
70.7
106.9
411.5

86
84
80
91
88

548.8
337.3
40.1
40.8
130.6

75
79
74
50
74

2,013.5
1,216.3
106.8
138.2
552.3

82
83
73
80
84

1,487.7
910.9
71.0
98.1
407.7

86
85
80
91
87

525.8
305.4
35.8
40.2
144.5

73
77
58
52
75

35.5

88

27.6

87

7.9

90

32.8

87

26.1

88

6.7

87

Other industries
By area

International

1. Because the sample was skewed toward large foreign affiliates, it accounted for a much
smaller percentage of the universe in terms of number of affiliates than in terms of affiliates'
total assets or employment. In terms of number, the sample accounted for 52 percent of the
16,892 foreign affiliates in the universe; it accounted for 54 percent of the 14,366 majority-owned
affiliates and 42 percent of the 2,526 minority-owned affiliates in 1984.




By ANTHONY J. DILULLO

U.S. International Transactions, Second Quarter 1986
Tm

IE U.S. current-account deficit
was $34.7 billion in the second quarter compared with $34.0 billion in the
first. The merchandise trade deficit
decreased slightly, as exports increased more than imports. An increase in exports of nonmonetary gold
was partly offset by a continued drop
in agricultural exports. Petroleum imports decreased, due to sharply lower
prices, while nonpetroleum imports
increased again. Net service receipts
decreased slightly. Net investment
income receipts increased; payments
for other services were lower. Unilateral transfers rose due to an increase
in U.S. Government grants.
In the private capital accounts, net
U.S. purchases of foreign securities
decreased, reflecting a sharp reduction in U.S. purchases of British
bonds. Net U.S. purchases of stocks
were unchanged from the record firstquarter level. Foreign purchases of
U.S. stocks, spurred by rising prices,
reached a record high. New issues of
U.S. corporate bonds sold abroad rebounded as long-term rates continued
to decline. In transactions reported by
banks, claims on foreigners shifted to
net outflows; the increase in liabilities
to foreigners slowed due to slack U.S.

loan demand and lower short-term interest rates. Net outflows for U.S.
direct investment abroad decreased,
largely because of a shift to intercompany debt inflows. Net inflows for foreign direct investment in the United
States increased because of a similar
shift in intercompany debt and an increase in equity inflows.
U.S. official reserve assets were virtually unchanged. Foreign official
assets in the United States increased
sharply, largely due to exchange
market intervention by some foreign
monetary authorities.
The statistical discrepancy (errors
and omissions in reported transactions) was an inflow of $6.0 billion.
U.S. dollar in exchange markets
In the second quarter, the dollar depreciated 2 percent against the currencies of 22 OECD countries and 4
percent against the currencies of 10
industrial countries on a tradeweighted quarterly average basis
(table C; chart 3). The depreciation
was less than in the previous quarter;
the dollar reached a record low
against the Japanese yen and a &l/2year low against the German mark.

Depreciation was limited by purchases of dollars in exchange markets
by foreign monetary authorities.
Within the quarter, as a result of a
temporary rise in U.S. interest rates
while most rates abroad were unchanged, the dollar gained 5 percent
against the mark and 2 percent
against the yen between mid-May and
early June. However, the dollar again
depreciated when U.S. interest rates
resumed their decline amid indications of a slowdown in U.S. economic
growth and expectations of a further
reduction in the U.S. discount rate.
The first overall realignment in
more than 3 years of central rates
within the European Monetary
System (EMS) occurred in early April.
The French franc's central rate was
devalued by 6 percent against the
German mark and the Dutch guilder.
Other adjustments included devaluations of 2-3 percent of the other
EMS currencies against the mark and
the guilder.
Merchandise trade
The merchandise trade deficit was
$36.0 billion in the second quarter
compared with $36.5 billion in the

Table A.—Summary of U.S. International Transactions
[Millions of dollars, seasonally adjusted]

1986

1985

Line

Lines in tables 1, 2, and 10 in which transactions are included are indicated in ( )

1 Exports of goods and services (1)
2
Merchandise excluding military (2)
3
Other goods and services (3-14)

.

....

..

4 Imports of goods and services (16)
5
Merchandise, excluding military (17)
6
Other goods and services (18-29)

1984

1985

360,111
219,900
140,211

358,498
214,424
144,074

461 191
454 420
-332,422 -338,863
121 998 -122,328

I
88,040
55,324
32,716

II
89,350
53,875
35,475

110 872 -115,309
-80,369 -84,242
-30,503 -31,067

Change:
1986 I-II

III

IV

lr

II"

90,234
52,498
37,736

90,873
52,727
38,146

91,593
53,661
37,932

91,158
54,795
36,363

-435
1,134
1,569

114 688 -120,324 -122,608 -121,842
90,120 -90,818
-84,173 -90,079
30,245 -32,488 -31,024
-30,515

766
-698
1,464

-8,536
3621

-11,196
3787

-2,224
1056

-2,577
-881

-3,087
914

-3,307
-937

2069
-954

-3,204
-843

-1,135
111

..

-23,639
-3,131
-5,523
-14,986

32436
-3,858
-2,824
25,754

-510
233
-807
530

2793
-356
1055
-1,382

5867
-121
-422
5324

23,266
-3,148
540
-19,579

-12,898
-115
250
-12,533

-17,749
16
181
-17,584

-4,851
131
69
5,051

13 Foreign assets in the United States net (increase/ capital inflow (4-)) (50)
14
Foreign official assets, net (51)
15
Other foreign assets net (58)

102,767
3,037
99,730

127,106
-1,324
128,430

14,247
-11,066
25,313

25,358
8,486
16,872

35,665
2,577
33,088

51,837
-1,322
53,158

36,620
2,469
34,151

46,504
13,766
32,738

9,884
11,297
-1,413

27,338

23,006

i2,375

6,852

-1,343

5,125

10,316

5,976

4,340

7 U S. Government grants (excluding military grants of goods and services) (32)
8 Remittances pensions and other transfers (33 34)
9 U.S. assets abroad net (increase/capital outflow ( )) (35)
10
U.S. official reserve assets, net (36)
..
.
11
U.S Government assets other than official reserve assets net (41)
12
U.S. private assets, net (45)

16 Allocations of special drawing rights (64)
17 Statistical discrepancy (65)
r

Revised.
" Preliminary.

40




....

.

.

September 1986

SURVEY OF CURRENT BUSINESS

41

Table B.—Selected Transactions With Official Agencies
[Millions of dollars]
1986

1985
I

1

2
3
4

Changes in foreign official
assets in the U S , net (decrease
Industrial countries x
Members of OPEC a •
•
Other countries

5 Changes in U.S. official reserve assets (increase

Xtable 1 line 51)

) (table 1 line 36)

3037
463
—4304
6,878

.

-3131

Activity under3 U.S. official reciprocal currency arrangements with foreign monetary
authorities:
6
Foreign drawings, or repayments ( ) net
6a
Drawings
.
6b
Repayments

490
545
55

1324
1 178
6599
4,097
-3,858

-11,066
6361
1923
-2,782

-233

500

500
143
643

Change:
1986 I-II

II"

III

8486
6851
1843
3,478

2,577
2 889
1831
1,519

-1,322
2201
-1002
1,881

2,469
529
1,421
1,577

13,766
11,225
-2,609
5,150

11,297
11,754
4,030
3,573

-356

-121

-3,148

-115

16

131

75
75

75
75

IV

143

143
143

500

lr

II

143

r
Revised.
p

Preliminary.
1. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.
2. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting countries.
3. Consists of transactions of the Federal Reserve System and the U.S. Treasury Department's Exchange Stabilization Fund.

first. Exports increased $1.1 billion, or
2 percent, to $54.8 billion. Imports increased $0.7 billion, or 1 percent, to
$90.8 billion.
Nonagricultural exports increased
$2.1 billon, or 5 percent, to $48.6 billion; volume increased 6 percent. The
increase was more than accounted for
by nonmonetary gold exports, up $2.8
billion to $3.2 billion. Nearly all of
the increase was accounted for by
gold purchased by Japan for the minting of commemorative gold coins. The
gold had been imported into the
United States earlier. Most other categories of nonagricultural exports decreased or were unchanged. Excluding
nonmonetary gold, industrial supplies
and materials decreased $1.0 billion;
most of the decrease was in energy
products—petroleum products and
coal—and chemicals, and partly reflected the sharp drop in petroleum
prices. Exports of capital equipment
were virtually unchanged; a decrease
of $0.2 billion in construction machinery, related to the worldwide slowdown in oil well drilling activity,

offset increases in other types of machinery, mainly electrical.
Agricultural exports decreased $1.0
billion, or 13 percent, to $6.2 billion,
the lowest level since the fourth quarter of 1977; volume decreased 12 percent. Expanded production in other
countries and continued slack demand
abroad were among the developments
that contributed to declines in agricultural exports. Also, the dollar exchange rate has changed relatively
little against the currencies of some
important competitors, such as
Canada and Australia, and has appreciated against the currencies of
others, such as Argentina and Brazil.
Anticipation of lower prices resulting
from the Food Security Act of 1985,
which lowers price supports beginning
in the 1986 crop year, may also have
led some importers to delay purchases
until later this year. Finally, quotas
were introduced earlier this year on
imports of oilseeds and grain into
Spain and Portugal—traditional U.S.
markets—from non-European Community (EC) countries as a result of

the integration of Spain and Portugal
into the EC. All these developments
resulted in drops of corn exports of
$0.6 billion, or 50 percent; soybeans,
$0.2 billion, or 17 percent; and wheat,
$0.1 billion, or 12 percent. A drop in
Brazil's soybean production because of
drought may have restrained decreases in the volume and price of
soybean exports.
Nonpetroleum imports increased
$2.9 billion, or 4 percent, to $83.0 billion; volume increased 2 percent. The
largest increase—$1.2 billion—was in
imports of passenger cars from areas
other than Canada, mainly Japan,
and reflected an 8-percent increase in
domestic sales of foreign cars. Nonmonetary gold imports increased $0.7
billion. Other major increases were in
machinery, up $0.6 billion; manufactured consumer durables, up $0.5 billion; and civilian aircraft and parts,
mainly completed aircraft from
France, up $0.3 billion. Only limited
price increases have appeared in key
import categories since the dollar

Table C.—Indexes of Foreign Currency Price of the U.S. Dollar
[1977 = 100]

1985

Trade-weighted average against 22 OECD currencies
Trade-weighted average against 10 currencies 2
Selected currencies: 3
Canada
United Kingdom
European Monetary System currencies:
Belgium
France
Germany
Italy
Netherlands
Switzerland
....
Japan

1

IV

I

II

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

163.2
....... 144.1

155.9
134.5

151.4
123.9

147.9
115.5

145.5
110.4

162.7
142.7

156.4
136.2

157.3
132.9

154.0
134.4

152.7
126.3

150.3
123.8

151.2
121.6

149.8
119.5

144.4
114.8

149.6
112.2

143.4
111.8

147.9
109.5

145.2
110.0

1290
1388

1281
1266

1299
1215

1322
1210

1304
1155

128.8
1361

1274
1262

1279
1259

1291
1278

1287
1226

1296
121 1

1314
1207

1325
1224

1323
1219

1319
1188

130.7
1163

129.6
1146

130.9
1156

1734
1916
1329
222.4
142.0
108.0
933

1603
1765
1225
213.6
130.4
98.2
887

1462
1604
1112
197.6
118.5
88.9
77 1

1339
1466
1010
180.5
107.9
82.4
699

127.7
1452
966
173.9
102.9
77.7
632

172.1
1898
1318
220.4
140.6
107.1
926

1634
1799
1251
214.5
133.3
100.2
898

1576
1735
1202
211.3
127.9
95.6
884

1600
1760
1221
214.9
129.9
98.9
880

1495
1640
1138
201.5
121.4
903
799

1462
1609
1116
198.0
119.0
88.7
760

1429
1563
1081
193.2
115.2
87.6
755

138.7
1521
1049
187.7
111.9
86.0
745

1334
1455
1003
179.2
107.2
81.4
688

129.6
1423
979
174.7
104.5
79.7
665

129.0
146 5
97.8
176.0
104.3
79.2
652

126.7
144 3
958
172.5
102.1
77.2
621

127.3
1448
96.1
173.1
102.4
76.6
624

1. Australia, Austria, Belgium-Luxembourg, Canada, Denmark, Finland, France, Germany,
Greece, Iceland, Ireland, Japan, Netherlands, New Zealand, Norway, Portugal, Spain, Sweden,
Switzerland, Turkey, United Kingdom. Data: U.S. Department of the Treasury. End-of-month
rates. Index rebased by BEA.




1986

1985

1986

III

II

2. Belgium, Canada, France, Germany, Italy, Japan, Netherlands, Sweden, Switzerland, United
Kingdom. Data: Federal Reserve Board. Monthly average rates. Index rebased by BEA.
3. Data: Federal Reserve Board. Monthly average rates. Indexes rebased by BEA.

42

SURVEY OF CURRENT BUSINESS

began to depreciate in the first quarter of 1985, partly because some exporters may have reduced profit margins to maintain their share of U.S.
markets and partly because the currencies of several important U.S.
trading partners have remained virtually unchanged against the dollar
(table E). The largest increases have
been in prices of passenger car imports from areas other than Canada.
In the second quarter, there were increases of 9 percent and 8 percent in
prices of cars imported from Japan
and Germany, respectively. However,
the increase in the average price of
all cars from areas other than Canada
was dampened by a doubling in the
quantity of relatively low-priced cars
imported from Korea. In contrast to
the rise in prices noted above, prices
of nonpetroleum industrial supplies
and materials have fallen, largely reflecting weakness in world prices for
commodities such as iron ore, bauxite,
nonferrous metals, rubber, and some
steel products.
Petroleum imports decreased $2.2
billion, or 22 percent, to $7.8 billion.

The decrease, which was more than
accounted for by lower prices, was
partly offset by a substantial increase
in volume. The average price per
barrel decreased 39 percent—to $13.17
from $21.56. The average number of
barrels imported daily increased 28
percent—to 6.52 million from 5.09
million. The increase went into inventories, perhaps, in part, in anticipation of a pickup in gasoline consumption in response to lower prices, particularly in the summer when
demand is strongest.
By area, the merchandise trade deficit with Western Europe increased
$1.4 billion to $8.0 billion due to a decrease in agricultural exports and an
increase in nonpetroleum imports,
mainly from Germany, France, and
the United Kingdom. A small drop in
petroleum imports from Canada resulted in a $0.4 billion decrease in the
deficit with Canada. The deficit with
Japan decreased $0.9 billion to $12.4
billion, mostly due to the increase in
nonmonetary gold exports. A decrease
in agricultural exports to Eastern
Europe was reflected in a shift to a
3

Indexes of Foreign Currency Price of the U.S. Dollar (1977=100)
180

Trade-Waghted Averages

170

160

150

22 OECD currencies
140

130

120

110

1QQ i M i t
1983

i i

t i \i i I in M I i i i i i I t i i i t I t i i i i l
1984

1985

1. Australia, Austria, Belgium-Luxembourg, Canada, Denmark, Finland, France, Germany, Greece Iceland Ireland ItalvX> Jaoan
P
New Zealand, Norway, Portugal, Spain, Sweden , Switzerland, Turkey, and United Kingdom.
Data: U.S. Department of the Treasury. End-of-month rates. Index rebased by BEA.
2. Belgium, Canada, France, Germany, Italy, Japan, Netherlands, Sweden, Switzerland, and United Kingdom.
Data: Federal Reserve Board. Monthly average rates. Index rebased by BEA.
U.S. Department of Commerce, Bureau of Economic Analysis




1986

September 1986

small deficit. The deficit with the
newly industrialized countries in Asia
increased $0.6 billion to $6.4 billion.
The deficits with Latin America and
with OPEC members in Asia and
Africa decreased $1.1 billion to $2.6
billion, and $0.8 billion to $1.8 billion,
respectively.
Service transactions
Net service receipts decreased $0.1
billion to $5.3 billion. A decrease in
net investment income was largely
offset by an increase in military sales
and by smaller net payments for
travel and passenger fares.
Receipts of income on U.S. direct
investment abroad decreased $1.3 billion to $9.4 billion. Earnings before
capital gains decreased $1.0 billion.
Reduced operating earnings of petroleum affiliates accounted for the decrease, as falling product prices reduced profits from refining and marketing operations. Operating earnings
of nonpetroleum affiliates were unchanged. Capital gains were $2.1 billion, compared with $2.5 billion in the
first quarter.
Payments of income on foreign
direct investment in the United
States decreased $0.6 billion to $1.8
billion. A shift of $1.1 billion to capital losses was mostly the result of a
write-down of assets of an energy affiliate; a reduction in capital gains of
insurance affiliates also contributed.
Earnings before capital losses increased $0.4 billion, mainly due to a
rise in earnings of U.S. automobile,
insurance, and retail trade affiliates.
Receipts of income on other private
investment decreased $0.5 billion to
$11.5 billion. A decrease in receipts of
interest on bank loans, which reflected the continuing decline in U.S. interest rates, was partly offset by an
increase in income on securities. Payments were unchanged at $9.6 billion.
Increases in foreign holdings of U.S.
securities and in bank liabilities were
offset by a decline in yields.
Receipts of income on U.S. Government assets decreased $0.2 billion to
$1.4 billion. Payments decreased $0.1
billion to $5.6 billion, as lower yields
on U.S. Treasury securities more than
offset increased foreign holdings.
Net travel and passenger fare payments decreased $0.4 billion to $1.9
billion. Travel receipts were $3.0 billion, down $0.1 billion; receipts from
overseas visitors declined. Travel pay-,
ments decreased $0.2 billion to $4.3

43

SURVEY OF CURRENT BUSINESS

September 1986

Table D.—Selected Direct Investment Transactions With Netherlands Antilles Finance Affiliates
[Millions of dollars]

Capital
Equity capital
Reinvested earnings
Intercompany debt

....

Income
Of which interest

II

1986

1985

19 84
I

III

IV

I

II

III

IV

lr

II"

1730
981
943
3654

3 040
703
874
2868

1527
-292
286
2105

1301
'896
276
2473

296
171
283
750

1394
379
98
1675

53
201
199
51

917
—2
280
-635

1 249 1836
927
25
136
368
245
150 — 146
-818 -1,466 -1,716

672
258
-207
723

3429
5213

3240
4957

814
1 199

877
1321

892
1 344

846
1349

802
1255

821
1249

-847
1267

-770
1 186

-749
1065

-718
1073

"r Preliminary.
Revised.
NOTE.—Table shows only transactions with affiliates established primarily to borrow funds abroad and relend them to their U.S. parents.

billion, as fewer U.S. residents traveled overseas because of higher foreign currency costs and heightened
fears of terrorism. Part of the decrease was offset by a 9-percent increase in payments to Canada. Passenger fare receipts were unchanged
at $0.8 billion; payments decreased
$0.3 billion to $1.5 billion.
Other transportation receipts were
unchanged at $3.5 billion. Payments
decreased $0.1 billion to $3.9 billion
due to a decline in port expenditures.
Transfers under military sales contracts increased $0.3 billion to $2.3
billion as deliveries of aircraft to several countries increased. Direct defense expenditures were unchanged at
$3.1 billion. A decrease in outlays for
petroleum was offset by increases in
those for other goods and services.
Unilateral transfers increased $1.0
billion to $4.0 billion. An increase of
$1.1 billion in U.S. Government
grants to developing countries reflected a catchup in financing for military
sales from prior year appropriations
and an increase in other assistance.
U.S. assets abroad
U.S. official reserve assets were virtually unchanged in the second quarter. A $0.4 billion increase in foreign
currency holdings and special drawing rights was offset by a decrease in
the U.S. reserve position in the International Monetary Fund.
Net U.S. purchases of foreign securities were $1.6 billion compared with
$6.1 billion. Net stock purchases were
$2.1 billion, unchanged from the
record first quarter. An increase of
$0.8 billion in purchases of Western
European stocks, mostly British, was
more than offset by a decrease of $0.9
billion in purchases of Japanese
stocks. Net purchases, spurred by
lower interest rates and expectations
of gains from dollar depreciation,
were heaviest in April. In May and




June, net purchases of most foreign
stocks slowed and net purchases of
Japanese stocks shifted to net sales.
Stock prices declined in May and
June in most foreign countries, except
Japan.
Transactions in foreign bonds shifted to net U.S. sales of $0.6 billion
from net purchases of $4.0 billion.
Sales of outstanding bonds were $1.0
billion compared with purchases of
$2.8 billion; the turnaround reflected
a decline in purchases of British
bonds, including gilt-edge bonds, to
$1.5 billion from $5.5 billion. Investors' preferences may have shifted as
continuing petroleum price declines
dimmed the outlook for the British
economy and other European currencies stengthened against the British
pound. Net sales of other outstanding
bonds were $2.5 billion compared with
$2.7 billion, reflecting profit-taking by
U.S. investors. Redemptions were $0.4
billion, down $0.2 billion.
New foreign bond issues in the
United States were $0.8 billion compared with $1.9 billion. Canadian provincial governments and international organizations reduced their new
issues by one-half. Eurobond markets
remained an important alternative
source of funds, particularly after
Table E.—Fixed-Weighted Price Indexes for
Nonpetroleum Imports
[Percent change from preceding quarter]
19 36

19 85
IV

III

Nonpetroleum imports
Foods feeds and beverages
Capital goods
Automotive products
Passenger cars 1
From Canada
From other areas...
Consumer goods
Nonpetroleum industrial supplies
and materials

0
14
2
6
20
2.6
-3.4
7

I

II

0.5

1.5

1.3
6.1
1.0
1.5
3.9
2.5
7.6
5.8
2.0 -1.6
9.0
9.8
1.2
1.3

3.1
2.6
2.9
2.4
.4
3.5
1.8

0.9

-.8 -1.8

.9

1.4

1. Percent change in average prices of imported passenger
cars.

U.S. bond yields increased in April
and May.
Claims on foreigners reported by
U.S. banks increased $10.7 billion
compared with a decrease of $6.3 billion. The shift partly reflected the absence of large reductions in claims
early in the first quarter reversing
yearend transactions. Slack domestic
loan demand and a small widening in
interest rate differentials may also
have encouraged some banks to invest
funds abroad.
Claims on banks' own foreign offices increased $8.0 billion. Outflows
of $4.6 billion to offices in Caribbean
banking centers partly offset a decrease in foreigners' deposits at those
offices: Some foreigners may have reduced their dollar balances to invest
in other assets because of the decline
in U.S. short-term interest rates and
dollar depreciation. Outflows to Japan
slowed to $2.3 billion from $5.1 billion
as Japanese interest rates eased.
Claims on unaffiliated foreign banks
increased $2.2 billion compared with
a decrease of $6.0 billion. Most of the
shift was in claims on the United
Kingdom and other Western European countries. These increases were
partly offset by decreases of $1.6 billion and $0.2 billion in claims on private nonbank foreigners and claims
on foreign public borrowers, respectively.
Claims of banks' domestic customers increased $0.3 billion. Claims on
the United Kingdom increased $3.0
billion, partly because U.S. moneymarket mutual funds took advantage
of the temporary strengthening of
Eurodollar rates relative to U.S. rates
in May. Claims on other Western European countries and Japan decreased.
Net outflows for U.S. direct investment abroad were $5.3 billion, down
from $9.9 billion. Net intercompany
debt shifted to a small inflow; a few

44

SURVEY OF CURRENT BUSINESS

large outflows to petroleum trading were $1.4 billion compared with $7.7
affiliates had boosted first-quarter billion. A shift to net sales of U.S.
outflows. Repayment of debt to Neth- Treasury bonds and bills by internaerlands Antilles finance affiliates was tional and regional organizations acpartly offset by a large inflow to a counted for the slowdown. Net JapaU.S. parent (table D). Net equity cap- nese purchases, which had accounted
ital flows shifted to inflows, reflecting for most of the large increases in
the sale of the remainder of a large 1985, were small. Net purchases by
insurance affiliate in the United the United Kingdom also slowed: As
Kingdom. Reinvested earnings in- yields on British Government bonds
creased $1.1 billion.
increased, some foreign investors may
have purchased them as substitutes
Foreign assets in the United States
for U.S. Treasury securities.
Net foreign purchases of U.S. secuForeign official assets increased
rities
other than U.S. Treasury issues
$13.8 billion in the second quarter,
compared with an increase of $2.5 bil- were $22.6 billion compared with
lion in the first (table B). Assets of in- $18.7 billion. Net purchases of U.S.
dustrial countries increased $11.2 bil- stocks were a record $6.9 billion, up
lion, largely as a result of exchange from the first-quarter record of $6.1
market intervention by monetary au- billion (chart 4). Most purchases octhorities to limit depreciation of the curred in April and May in response
dollar against their currencies. Assets to rising U.S. stock prices. In addiof OPEC members decreased $2.6 bil- tion, strong foreign demand for U.S.
lion. Assets of other countries in- stocks in recent quarters has led U.S.
creased $5.2 billion; most of the in- corporations to allocate a growing
share of new stock issues—total new
crease was in a few Asian countries.
Net purchases of U.S. Treasury se- issues were a record in the second
curities by private foreigners and quarter—to European underwriters.
international financial institutions Net purchases tapered off in June
amid early indications that secondquarter U.S. economic growth was
4 slower than expected. Japanese purchases doubled to $0.8 billion, partly
Private Foreign Transactions
reflecting a further liberalization in
in U.S. Stocks
March of Japanese rules permitting
Billion $
45
overseas investments by Japanese institutions.
Net foreign purchases of U.S. bonds
40
HI Purchases
increased to $15.7 billion from $12.6
Q Sales
billion. New issues sold abroad by
. »«*
U.S. corporations rebounded to $11.8
35
billion after dropping to $10.0 billion
(chart 5). The decline in long-term
_ rates continued to induce U.S. corpo30
rations to issue record amounts of
bonds
in U.S. and foreign markets.
25
•'' - Although overseas sales remained
concentrated in straight fixed-rate
bonds,
sales of those bonds declined
;,
.
.«,
20
and issues convertible into stocks
picked up substantially, reflecting the
•~
15
\- strength in U.S. stocks. U.S. dollar
1
issues increased $2.1 billion to $8.3
billion. Foreign currency issues inv
• - - creased $0.3 billion to $3.5 billion, and
10
were denominated mainly in Japa**
;
5
; }V- nese yen and Swiss francs.
/
Liabilities to foreigners and international financial institutions report/ "~
***
^
\
ed by U.S. banks, excluding U.S.
^U^,
Treasury securities, increased $5.0 billion compared with $8.4 billion. Slack
_5
i 1 1 |V i i j 1 i i i
U.S. loan demand and lower U.S.
1984
1985
1986
rates provided little incentive for U.S.
U.S. Department of Commerce, Bureau of Economic Analysis
86-9-4
banks to borrow funds from abroad or




September 1986

for foreigners to place funds with U.S.
banks.
Liabilities to U.S. banks' own foreign offices increased $1.4 billion. Liabilities to U.S. banks' foreign offices
in the Caribbean decreased $0.8 billion. A $1.1 billion decrease in liabilities to Japanese offices partly reflected the reversal of inflows in March
related to the end of the Japanese
fiscal year. In contrast, liabilities to
banks' offices in Western Europe increased $6.5 billion, reflecting an increase in borrowing by U.S. agencies
and branches from parents in the
United Kingdom. Liabilities to unaffiliated foreign banks decreased $1.9
billion, mainly to Canada and banking centers in the Caribbean and
Asia, and liabilities to other foreigners increased only $0.5 billion. Liabilities payable in foreign currencies increased $2.8 billion, mostly to Japan
and Caribbean banking centers.
Net inflows for foreign direct investment in the United States increased to $3.8 billion from $1.4 billion. A shift to inflows of $1.8 billion
in intercompany debt partly reflected
repayment of debt to a U.S. finance
affiliate. Several acquisitions of U.S.
companies led to a $1.0 billion increase in equity capital inflows. Reinvested earnings decreased $0.6 billion
due to a shift to capital losses.
5

Selected Net Private Foreign
Transactions in U.S. Securities
Billion $
15

10 —

New Corporate Bond
Issues SoW Abroad1

1984

1985

1. Withholding tax on interest on bonds held by foreigners
repealed July 1984.
U.S. Department of Commerce, Bureau of Economic Analysis

1986

Table 1-2.—U.S. International Transactions
[Millions of dollars]
Seasonally adjusted

Not seasonally adjusted
(Credits +; debits -) l

Line

1985

1985

I
1 Exports of goods and services

2

.

.

4
5
6
7
8
9
10
11

Merchandise, adjusted, excluding military 3 .
Transfers under U.S. military agency sales contracts
Travel
Passenger fares .
Other transportation
Royalties and license fees from affiliated foreigners 4
Royalties and license fees from unaffiliated foreigners
Other private services from affiliated foreigners
Other private services from unaffiliated foreigners
U.S. Government miscellaneous services

12
13
14

Receipts of income on U.S. .assets abroad:
Direct investment
Other private receipts
U S Government receipts

2
3

15 Transfers of goods and services under U.S. military
grant programs, net.

II

1986

1985

1986

III

IV

lr

II »

I

II

III

IV

lr

UP

348,498

87,575

90,984

87,561

92,378

90,891

89,350

90,235

55,472
2,209

50,185
2,195

53,420
1,898

53,525
2,022

55,324
2,699

53,875
2,209

52,498
2,195

90,873
52,727
1,898

91,593

55,347
2,699

92,943
56,384
2,346

88,040

214,424
9,001

53,661
2,022

91,158
54,795
2,346

11,663
2,989
13,972
4,123
1,700
2,526
7,235
874

3,009
655
3,375
859
416
616
1,796
218

3,003
841
3,399
906
422
621
1,804
230

3,186
833
3,526
886
428
599
1,795
273

2,465
660
3,672
1,473
434
690
1,840
155

3,085
712
3,447
894
478
619
1,918
165

3,149
895
3,528
1,210
488
755
1,902
106

3,031
765
3,470
940
416
642
1,796
231

2,874
758
3,383
932
422
627
1,804
213

2,840
694
3,451
953
428
630
1,795
248

2,918
772
3,668
1,298
434
627
1,840
182

3,125
836
3,547
969
478
645
1,918
176

3,022
810
3,511
1,230
488
763
1,902
93

34,320
50,180
5,491

4,285
13,010
1,291

8,238
12,700
1,139

9,723
12,256
1,677

12,074
12,214
1,384

10,510
11,934
1,582

9,451
11,456
1,272

4,449
13,010
1,267

8,285
12,700
1,268

10,647
12,256
1,599

10,938
12,214
1,357

10,693
11,934
1,589

9,376
11,456
1,366

64

10

12

15

28

22

61

10

12

15

28

22

61

119 382 -118,995 -124,660

110,872

16502
-7,322
-15,928

2999
-1,491
-3,571

-4,512
-2,440
3994

-5,536
-1,932
-4,123

-3,455
-1,459
-4,240

-3,303
-1,511
-3,834

-4,654
-1,942
-4,023

Royalties and license fees to affiliated foreigners 4
Royalties and license fees to unaffiliated foreigners
Other private services to affiliated foreigners
Other private services to unaffiliated foreigners
U S Government miscellaneous services

-467
-380
694
-3,965
-1,737

-128
-94
88
-1,001
-432

-94
131
971
-429

97

119
-95
196
-984
468

-124
-97
279
-1,009
-407

-145
-111
290
-1,064
-446

-150
-112
293
-1,067
375

115,309 -114,688 120,324 122,608 -121,842
80369 -84,242 -84,173 -90,079 -90,120 -90,818
3,050
2,814 -3,220 -3,088
-2,945 -2,938
4,284
4,138 -4,194 -4,479
-4,034 -4,136
1,757 -1,473
1,733 -1,860 -1,847 -1,882
-3,701 -3,883 -4,031 -4,313 -3,973 -3,910
-145
-150
-124
-119
-97
-128
-112
-111
-97
-95
-94
-94
293
290
279
196
131
88
-984
-1,009 -1,064 -1,067
-971
-1,001
-462
-363
-431
-443
-415
448

Payments of income on foreign assets in the United
States:
Direct investment
Other private payments
U.S. Government payments

8,068
-35,429
21306

2,475
-8,736
5296

-2,691
-8,841
-5,272

-2,144
8727
-5,369

-759
-9,126
-5,369

-2,391
9600
-5,708

-1,771
9577
-5,560

-2,475
-8,736
-5,296

-461,191 -107,893 -117,971 -115,946
83830
-338,863 -78,813 -85,824
-11,918 -2,945 -2,938 -2,814

16 Imports of goods and services
17
18

Merchandise adjusted excluding military 3
Direct defense expenditures

19
20
21

Travel
Passenger fares.. .
Other transportation

22
23
24
25
26
27
28
29

. .

.

,

...

90396 -88,084
-3,220 -3,088

92671
-3,050

2,691
-8,841
5,272

-2,144
-8,727
-5,369

-759
-9,126
-5,369

-2,391
-9,600
5,708

-1,771
9,577
-5,560

64

10

12

-15

28

-22

-61

-10

-12

-15

-28

-22

-61

-14,983

-3,212

-3,375

-3,891

-4,506

-2,916

-4,036

-3,280

-3,458

-4,001

-4,244

-3,023

-4,047

U.S. Government grants (excluding military grants of
-11,196
goods and services).
U.S. Government pensions and other transfers . . . . -2,171
Private remittances and other transfers
-1,616

-2,224

-2,577

-3,087

-3,307

-2,069

-3,204

-2,224

-2,577

-3,087

-3,307

-2,069

-3,204

-492
-496

-424
-374

-466
-337

-789
-410

-464
-384

-530
302

-549
-507

-530
-351

-538
-376

-554
-383

-559
-395

-564
-279

35 U.S. assets abroad, net (increase/capital outflow (— ))
-32,436
36
U S. official reserve assets net 5
-3,858
37
Gold
38
Special drawing rights
-897
39
Reserve position in the International Monetary Fund ...
908
40
Foreign currencies
-3,869
41
U.S. Government assets, other than official reserve
-2,824
assets, net.
42
U S credits and other long-term assets
-7,579
43
Repayments
on U.S. credits and other long-term
4,644
assets 6.
44
U.S. foreign currency holdings and U.S. short-term
111
assets, net.

-1,999

-3,022

-5,734 -21,681 -14,700 -18,192

-510

-2,793

-233

-356

-121

-3,148

-115

16

-233

-356

-264
281
-250

-180
72
-248

-264
388
-245

-189
168
-3,126

-274
344
-185

-264
281
250

-180
72
-248

-456

-380

45
46
47
48

30 U S military grants of goods and services net
31 Unilateral transfers (excluding military grants of goods
and services), net.
32
33
34

49

U S private assets net
Direct investment
Foreign securities
U.S. claims on unaffiliated foreigners reported by
U.S. nonbanking concerns.
U.S. claims reported by U.S. banks, not included
elsewhere.

50 Foreign assets in the United States, net (increase/capital
inflow ( + )).
51
52
53
54
55
56
57
58
59
60
61
62
63

Foreign official assets in the United States net
U S Government securities7
U S Treasury
securities
Other 8
Other U.S. Government liabilities 9
U.S. liabilities reported by U.S. banks, not included
elsewhere.
Other foreign official assets 10
Other foreign assets in the United States net
Direct investment.....
U.S. Treasury securities
U.S. securities other than U.S. Treasury securities
U.S. liabilities to unaffiliated foreigners reported by
U.S. nonbanking concerns.
U.S. liabilities reported by U.S. banks, not included
elsewhere.

64
65 Statistical discrepancy (sum of above items with sign
reversed).
65a
Of which seasonal adjustment discrepancy

Memoranda:
66 Balance on merchandise trade (lines 2 and 17)
67 Balance on goods and services (lines 1 and 16) 11
. .
68 Balance on goods, services, and remittances (lines 67, 33,
and 34).
69 Balance on current account (lines 67 and 31) 1 1
Transactions in U.S. official reserve assets and in
foreign official assets in the United States:
70
Increase (-) in U.S. official reserve assets, net (line 36) ..
71
Increase (+) in foreign official assets in the United
States (line 51 less line 55).
See footnotes on page 57.




-189
168
3,126

-807

-1,055

-422

-540

-1,793
1,056

2,495
1,178

-1,727
1,285

-1,564
1,126

46

-70

262

20

5 176 -18,077
14204 -18,090
-6,004 -8,599 -11,562 -5,778
1 664
1 411
6 133 -1,567
-1,517
418 -2,842
n.a.

530
1,714
-2,577
1,058

1382
-4,213
-2,325
1,706

6,333 -10,744

335

3,450

36,620

46,504

14,247

2,469
3,079
3,256
-177
288
-1,261

13,766
13,292
13,889
-597
663
350

-11,066
-7,480
-7,174
306
-445
-3,025

-437

-2,495
1,230

-1,727
1,270

-70

262

20

837
346
-2,577
1,058

1 664
-4,495
2325
1,706

335

3,450

4,009

-8,485

14,247

25,358

35,665

51,837

1324 -11,066
-841
7480
-7,174
-546
-295
-306
483
-445
522 -3,025

8,486
8,821
8,685
136
606
-107

2,577
-35
-81
46
58
2,932

-1,322
-2,147
-1,976
-171
263
722

127,106

388
-245

-118

-1,003

1793
935

-691

264

-1,581
1,417

-929

25754
-18,752
7 977
1,665

-104
366
-246

-5,867 -23,266 -12,898 -17,749
16
115
-3,148
-121

1 564 -1,808
1,411
1,210

-102

16

-102

-274
344
-185

-104
366
-246

-250

-181

-1,808
1,542

-1,581
1,354

16

46

-5,324 -19,579
10,101
-6,152
1,664 -1,411
418
-1,517

12,533 -17,584
-9,891 -5,273
6,133 -1,567
-2,842
n.a.

4,009

-8,485

6,333 -10,744

25,358

35,665

51,837

36,620

46,504

8,486
8,821
8,685
136
606
-107

2,577
-35
81
46
58
2,932

-1,322
-2,147
-1,976
171
263
722

2,469
3,079
3,256
-177
288
-1,261

13,766
13,292
13,889
-597
663
350

363

-539

-1,488
128,430
17,856
20,500
50,859
-1,172

-116

-834

-378

-160

-539

-116

-378

-160

25,313
3,607
2,217
9,567
-2,156

16,872
5,757
5,123
7,223
-1,837

33,088
6,111
7,484
11,628
589

53,158
2,382
5,676
22,441
2,232

34,151
1,422
7,666
18,686
-2,057

32,738
3,774
1,391
22,590
n.a.

25,313
3,607
2,217
9,567
-2,156

16,872
5,757
5,123
7,223
-1,837

33,088
6,111
7,484
11,628
589

53,158
2,382
5,676
22,441
2,232

34,151
1,422
7,666
18,686
-2,057

32,738
3,774
1,391
22,590
n.a.

40,387

12,078

606

7,276

20,427

8,434

4,983

12,078

606

7,276

20,427

8,434

4,983

23,006

11,282

8,026

2,343

1,354

9,100

7,440

12,375

6,852

-1,344

5,125

10,316

5,976

1,094

-1,174

-3,687

3,771

1,216

-1,464

363

30 352 -33,645 -36,976
124 439
23466
34 559
36 287
-102,694 -20,318 -26,988 -28,384 -27,004 -28,104 -31,717
-106,481 -21,305 -27,785 -29,188 -28,203 -28,951 -32,549

-23,529

-30,362

-233
-3,858
-1,807 -10,621

-356
7,880

-117,677

-32,275 -31,510 -31,020

-121
2,519

-3,148
-1,585

-115
2,181

-35,753

16
13,103

834

30 367 -31,675 -37,352 -36,459 -36,023
25045
-22,832 -25,959 -24,454 -29,451 -31,015 -30,684
-23,888 -26,840 -25,368 -30,388 -31,969 -31,527

-26,112 -29,417

-233
-10,621

-356
7,880

-28,455 -33,695 -34,038 -34,731

-121
2,519

-3,148
-1,585

-115
2,181

16
13,103

September 1986

SURVEY OF CURRENT BUSINESS

46

Table 3.—U.S. Merchandise Trade
[Millions of dollars]
Seasonally adjusted

Not seasonally adjusted
Line

1985

1985

I

II

III

I

IV

1986

1985

1986
r

I

UP

II

r

II"

l

IV

III

A Balance of payment adjustments to Census trade data:

EXPORTS
1 Merchandise exports, Census basis * including reexports and
excluding military grant shipments.

212,606

55,039

54,966

49,708

52,893

52,999

55,362

55,005

53,394

52,022

52,185

53,122

53,795

Adjustments:
2

Private gift parcel remittances

251

67

57

54

73

58

49

67

57

54

73

58

49

3

Gold exports, nonmonetary

406

131

38

143

94

58

170

131

38

143

94

58

170

4
5
6

Inland U.S. freight to Canada . .
U.S.-Canadian reconciliation adjustments, n.e.c., net 2
Merchandise exports transferred under U.S. military
agency sales contracts identified in Census documents 3.
Other adjustments, net 4

1,345
5,202
-5,461

330
1,290
-1,405

370
1,459
-1,383

328
1,230
-1,407

317
1,223
-1,266

314
1,363
-1,300

319
1,414
-950

340
1,290
-1,405

344
1,459
-1,383

328
1,230
-1,407

333
1,223
-1,266

328
1,363
-1,300

298
1,414
-950

7

-104

-35

128

85

33

19

104

35

128

85

33

19

214,424

55,347

55,472

50,185

53,420

53,525

56,384

55,324

53,875

52,498

52,727

53,661

54,795

336,228

78,180

85,270

82,951

89,827

87,013

91,873

79,736

83,688

83,294

89,510

89,051

90,020

1,030
559
1,438

225
138
354

264
52
382

292
293
350

250
76
352

263
697
336

204
487
365

225
138
354

264
52
382

292
293
350

250
76
352

263
697
336

204
487
365

-1,005

-251

-219

-251

-219

-249

-287

-302

613

168

74

193

178

75

11

168

74

193

178

75

11

338,863

78,813

85,824

83,830

90,396

88,084

92,671

80,369

84,242

84,173

90,079

90,120

90,818

75

8 Equals: Merchandise exports, adjusted to balance of
payments basis excluding "military" (table 1, line 2).

IMPORTS
9 Merchandise imports, Census basis * (general imports)

Adjustments:
10
11
12
13
14
15

Electric energy .
Gold imports, nonmonetary
Inland freight in Canada
U.S.-Canadian reconciliation adjustment, n.e.c., net 2
Merchandise imports3 of U.S. military agencies identified in
Census documents .
Other adjustments, net 5

16 Equals: Merchandise imports, adjusted to balance pf
payments basis, excluding "military" (table 1, line 17).
B Merchandise trade, by area and country, adjusted to balance
of payments basis, excluding military: 6

-249

-287

-302

-269

-269

EXPORTS
214,424

55,347

55,472

50,185

53,420

53,525

56,384

55,324

53,875

52,498

52,727

53,661

54,795

2
3
4
5
6
7
8
9
10
11

Western Europe
European Communities
Belgium and Luxembourg
France
Germany Federal Republic of
Italy
Netherlands
United Kingdom
Other
Western Europe, excluding EC

56,015
45,191
4,805
6,097
8,939
4,557
7,241
11,087
2,465
10,824

14,945
12,201
1,238
1,591
2,419
1,236
1,787
3,298
632
2,744

14,040
11,507
1,152
1,517
2,291
1,261
1,797
2,798
691
2,533

12,535
10,029
1,147
1,346
1,928
952
1,693
2,400
563
2,506

14,495
11,454
1,268
1,643
2,301
1,108
1,964
2,591
579
3,041

15,268
13,343
1,344
1,844
2,540
1,191
2,022
2,845
1,558
1,925

14,957
12,783
1,392
1,750
2,390
1,303
1,814
2,827
1,307
2,174

14,972
12,237
1,242
1,600
2,430
1,238
1,777
3,318
632
2,735

13,603
11,143
1,109
1,462
2,216
1,226
1,770
2,692
668
2,460

13,127
10,492
1,197
1,401
2,018
998
1,789
2,498
591
2,635

14,313
11,319
1,257
1,634
2,275
1,095
1,905
2,579
574
2,994

15,291
13,357
1,351
1,857
2,548
1,187
2,001
2,868
1,544
1,935

14,515
12,408
1,346
1,689
2,317
1,266
1,787
2,729
1,274
2,107

12
13
14

Canada2
Japan
Australia, New Zealand, and South Africa

53,879
22,145
6,967

13,382
5,857
1,704

15,125
5,356
1,679

12,761
5,283
1,880

12,611
5,649
1,704

13,044
5,434
1,859

13,535
7,813
1,580

13,477
5,816
1,711

14,604
5,251
1,609

13,187
5,589
1,948

12,611
5,489
1,699

13,168
5,405
1,880

13,100
7,622
1,519

15

Eastern Europe

3,258

1,183

861

351

863

834

524

1,146

903

386

823

802

528

16
17
18
19
20

Latin America and Other Western Hemisphere
Brazil
t
Mexico
Venezuela
Other

30,788
3,311
13,386
3,063
11,028

7,567
855
3,334
747
2,630

7,572
733
3,381
824
2,634

7,600
694
3,268
786
2,853

8,049
1,029
3,403
706
2,911

7,101
786
3,070
700
2,545

7,951
814
3,312
852
2,973

7,535
852
3,323
740
2,620

7,353
712
3,283
800
2,558

7,952
728
3,403
833
2,988

7,948
1,019
3,377
690
2,862

7,136
788
3,090
704
2,554

7,734
785
3,218
834
2,897

21
22
23
24
25
26
27
28
29
30

Other countries in Asia and Africa
Asia
Members of OPEC
China
Hong Kong
Korea, Republic of .. .
Sinfiraoore
Taiwan
Africa
.
Members of OPEC

41,180
35,265
6,203
3,853
2,754
5,728
3,444
4,274
5,618
1,557

10,634
9,138
1,645
763
747
1,457
902
1,152
1,410
404

10,797
9,121
1,524
955
740
1,646
884
1,034
1,611
401

9,700
8,362
1,525
989
611
1,316
845
944
1,260
348

10,049
8,644
1,509
1,146
656
1,309
813
1,144
1,338
405

9,985
8,801
1,525
902
732
1,392
845
1,188
1,117
242

10,024
8,899
1,493
834
703
1,511
815
1,223
1,065
210

10,592
9,124
1,645
766
748
1,445
908
1,140
1,381
398

10,510
8,843
1,476
916
718
1,615
849
1,015
1,602
400

10,234
8,796
1,599
1,027
643
1,394
876
1,011
1,355
368

9,844
8,502
1,483
1,144
645
1,274
811
1,108
1,280
391

9,980
8,816
1,531
911
734
1,384
854
1,183
1,096
238

9,778
8,650
1,452
804
685
1,475
786
1,198
1,069
213

192

75

42

75

75

42

75

139,008
11,409
63,815

35,889
2,944
16,440

36,199
2,885
16,345

32,459
2,808
14,843

35,976
2,929
16,344

35,067
2,809
15,957

33,851
2,958
15,614

34,112
2,714
15,901

35,744
2,624
15,293

36,756
2,658
15,383

1 Total all countries

,

31

.....

Memoranda:
32
33
34

Industrial countries6 6
Members of OPEC
Other countries 6
See footnotes on page 57.




.

34,460
2,772
16,188

35,604
2,619
15,302

37,884
2,718
15,782

SURVEY OF CURRENT BUSINESS

September 1986

47

Table 3.—U.S. Merchandise Trade—Continued
[Millions of dollars]
Seasonally adjusted

Not seasonally adjusted
Line

I

II

IV

III

Ir

1986

1985

1986

1985

1985

II *

II

I

IV

III

Ir

II"

B Merchandise trade, by area and country, adjusted to balance
of payments basis, excluding military 6—Continued:

IMPORTS
35 Total, all countries
36
37
38
39
40
41
42
43
44
45

Western Europe
European Communities
Belgium and Luxembourg
France
.
Germany, Federal Republic of

46
47
48

Canada2
Japan .
Australia, New Zealand, and South Africa

49

Eastern Europe

50
51
52
53
54

Latin America and Other Western Hemisphere
Brazil
Mexico... .
Venezuela
Other

55
56
57
58
59
60
61
62
63
64

Other countries in Asia and Africa
Asia
.. .
Members of OPEC
China.
Hong Kong
Korea Republic of
Singapore
Taiwan
Africa ...
Members of OPEC

65

International organizations and unallocated

Netherlands
United Kingdom
Other
Western Europe excluding EC

. . .

338,863

78,813

85,824

83,830

90,396

88,084

92,671

80,369

84,242

84,173

90,079

90,120

90,818

77,454
62,591
3,269
8,908
19,535
9,355
4,111
14,474
2,939
14,863

17,416
13,939
748
1,995
4,575
2,131
841
2,974
675
3,477

19,838
16,039
888
2,492
4,809
2,317
1,101
3,748
684
3,799

18,805
15,308
772
2,036
4,619
2,348
1,036
3,750
747
3,497

21,395
17,305
861
2,385
5,532
2,559
1,133
4,002
833
4,090

21,266
17,255
877
2,207
5,637
2,555
966
3,500
1,514
4,011

22,986
19,112
1,196
2,684
6,131
2,467
1,077
3,877
1,681
3,874

17,835
14,277
768
2,053
4,697
2,180
858
3,029
692
3,558

19,414
15,698
867
2,432
4,686
2,269
1,084
3,693
667
3,716

18,882
15,371
776
2,046
4,637
2,356
1,040
3,766
750
3,511

21,323
17,245
858
2,377
5,515
2,550
1,129
3,986
830
4,078

21,816
17,711
901
2,274
5,802
2,620
986
3,576
1,552
4,105

22,485
18,698
1,169
2,618
5,985
2,414
1,058
3,804
1,650
3,787

71,173
65,653
5,601

17,354
14,907
1,272

18,855
16,247
1,456

16,656
16,542
1,541

18,308
17,957
1,332

17,612
18,164
1,413

18,050
20,539
1,383

17,728
15,318
1,301

18,479
15,832
1,427

16,721
16,606
1,546

18,245
17,897
1,327

18,040
18,700
1,449

17,677
20,049
1,351

1,847

483

496

391

477

474

591

488

491

391

476

482

583

46,110
7,194
19,104
6,521
13,291

11,319
1,790
4,685
1,374
3,470

11,212
1,785
4,837
1,510
3,081

11,489
1,873
4,637
1,703
3,275

12,090
1,746
4,945
1,934
3,465

10,731
1,677
4,378
1,342
3,335

10,497
1,812
4,422
1,181
3,082

11,381
1,830
4,709
1,343
3,500

11,131
1,746
4,807
1,534
3,044

11,549
1,879
4,661
1,716
3,293

12,049
1,739
4,928
1,928
3,454

10,877
1,722
4,445
1,320
3,391

10,357
1,772
4,352
1,196
3,037

71,025
60,776
8,460
3,830
7,936
9,978
4,126
15,480
9,891
5,945

16,062
14,013
1,563
812
1,831
2,223
1,038
3,606
2,023
1,103

17,720
14,483
1,976
922
1,796
2,505
1,029
3,816
2,975
1,834

18,406
16,093
2,057
1,046
2,211
2,770
1,017
4,231
2,267
1,354

18,837
16,188
2,863
1,050
2,098
2,482
1,043
3,827
2,625
1,654

18,424
16,309
2,442
1,127
1,878
2,712
1,011
4,160
2,094
1,171

18,625
16,852
1,906
981
1,965
3,092
1,097
4,694
1,750
956

16,318
14,297
1,542
825
1,880
2282
1,060
3,703
1,994
1,074

17,468
14,200
1,996
910
1,748
2,444
1,006
3,718
3,008
1,866

18,477
16,154
2,070
1,050
2,218
2,780
1,021
4,246
2,278
1,360

18,762
16,125
2,852
1,045
2,090
2,473
1,039
3,813
2,611
1,645

18,756
16,662
2,411
1,147
1,933
2,789
1,039
4,282
2,073
1,145

18,317
16,533
1,926
963
1,918
3,019
1,073
4,582
1,762
975

219,881
22,680
96,302

50,948
4,416
23,448

56,396
5,673
23,755

53,545
5,626
24,660

58,992
6,965
24,439

58,454
5,332
24,298

62,959
4,386
25,326

52,182
4,334
23,853

55,152
5,748
23,342

53,755
5,660
24,757

58,792
6,938
24,349

60,005
5,256
24,859

61,563
4,438
24,818

Memoranda:
66
67
68

Industrial countries6 6
Members of OPEC
Other countries 6

. .

BALANCE (EXCESS OF EXPORTS +)
69 Total, all countries

.

70
71
72
73
74
75
76
77
78
79

Western Europe
..
European Communities
Belgium and Luxembourg..
France
Germany, Federal Republic of
Italy
Netherlands
United Kingdom
Other
Western Europe, excluding EC

80
81
82

Canada 2
Japan
Australia, New Zealand, and South Africa

. .

-124,439 -23,466

.. ..

83

Eastern Europe

84
85
86
87
88

Latin America and Other Western Hemisphere
Brazil
.
Mexico
Venezuela
Other.. ..

89
90
91
92
93
94
95
96
97
98

Other countries in Asia and Africa
Asia
Members of OPEC
China
Hong Kong
Korea, Republic of
Singapore
Taiwan
Africa
Members of OPEC

99

International organizations and unallocated

.

.

30,352 -33,645 -36,976 -34,559

21439
-17,400
1,536
-2,811
-10,596
-4,798
3,129
-3,387
-474
4039

-2,471
-1,738
489
405
-2,156
-895
946
324
-43
-733

17294
-43,508
1,366

-3,972 -3,730
-9,050 -10,891
432
223

-5,798
-4,532
264
976
-2,518
1 056
695
-950
7
-1,266

36287

25,045 -30,367 -31,675 -37,352

36,459 -36,023

-6,900
5851
407
-741
-3,232
-1,451
831
-1,411
254
-1,050

-5,998
-3,912
467
364
-3,097
-1,364
1,056
-655
44
-2,084

-8,030
-6,331
196
934
-3,741
1 164
737
-1,050
-374
-1,700

-2,863
-2,040
474
-453
-2,267
-943
920
289
-60
-823

-6,524
4,354
450
417
-3,254
-1,432
1,015
-708
8
-2,170

7,970
-6,291
177
-929
-3,669
1,148
729
-1,075
-376
-1,680

-3,895 -5,697
11 259 -12,308
339
372

-4,568
12731
446

-4,516
12726
'197

3534 -5,634 -4,873
-4,251 -3,875
9502 -10,580 -11,017 -12,408 -13,296
372
431
182
402
410

-4,577
12,428
169

-6,270
5279
375
690
-2,691
-1,396
657
-1,350
-184
-991

-5,811
-4,555
241
-970
2470
-1,043
686
-1,001
1
-1,256

-5,755
-4,879
420
-645
2619
-1,358
, 748
-1,268
-159
876

-7,010
-5,926
399
744
-3,240
-1,455
776
-1,407
256
-1,084

1,411

700

365

-40

386

360

-67

658

412

5

347

319

-55

15322
3,883
5719
-3,458
-2,262

-3,752
-936
-1,351
-626
-840

-3,640
1052
-1,456
-686
-446

-3,889
-1,179
-1,370
-918
-423

-4,041
-717
-1,542
-1,228
554

-3,630
-891
-1,308
-642
790

-2,545
-998
-1,111
-329
107

-3,846
-978
-1,386
-602
879

3778
-1,034
1523
-735
-486

-3,597
-1,151
-1,258
-882
-305

-4,101
-719
1,551
-1,238
-592

-3,741
-934
-1,355
-616
-836

-2,623
-987
-1,134
-362
-140

29845
-25,511
-2,256
22
-5,182
-4,251
-683
-11,206
-4,272
-4,388

-5,428
-4,874
82
-50
-1,084
-765
-136
-2,454
-613
-699

-6,923
-5,362
452
33
-1,055
858
-145
-2,782
-1,365
-1,433

-8,706
-7,731
-532
-57
-1,600
1454
-172
-3,287
1 008
-1,006

-8,788
-7,544
1354
' 96
-1,443
1 173
-230
-2,683
-1,287
-1,249

-8,439
-7,508
-917
-225
1 146
-1,320
-166
-2,972
-977
-929

-8,600
-7,953
-413
-147
-1,262
1581
-282
-3,471
-685
-746

-5,726
5 174
103
-59
1 132
-836
-151
-2,563
-612
-676

-6,958
-5,357
519
5
-1,030
829
-158
-2,702
-1,406
-1,466

-8,243
-7,357
-471
-23
-1,575
1,386
-145
-3,236
-923
-992

8918
-7,623
-1,370
98
-1,445
-1,200
-229
-2,705
-1,332
-1,254

-8,776
-7,845
881
-237
-1,200
-1,405
-185
-3,099
977
-907

8539
-7,884
-474
160
-1,233
-1,544
287
-3,384
-693
-762

191

75

42

75

75

42

75

1

Memoranda:
100
101
102

Industrial countries6 6
Members of OPEC
Other countries 6
See footnotes on page 57.




..

..

-80,873 -15,060 -20,196 -21,086 -24,533 -22,850 -25,075 -16,206 -20,085 -19,904 -24,680 -24,261 -24,807
-11,271 -1,473 -2,788 -2,817
4193 -2,713 -1,668 -1,406 -2,940 -2,702 -4,224 -2,632 -1,780
-32,487 -7,007 -7,410 -9,818 -8,250
8996 -9,544 -7,509
7384 -9,143 -8,448 -9,566 -9,436

48

SURVEY OF CURRENT BUSINESS

September 1986

Table 3.—U.S. Merchandise Trade—Continued
[Millions of dollars]
Seasonally adjusted

Not seasonally adjusted
Line

1985

1985

I

II

1986

III

IV

lr

1986

1985

II"

I

II

III

IV

lr

UP

C Merchandise trade, by principal end use category, adjusted
to balance of payments basis, excluding military: 2

EXPORTS
1 Total (A-8)

214,424

55,347

55,472

50,185

53,420

53,525

56,384

55,324

53,875

52,498

52,727

53,661

54,795

2
3

29,595
184,829

8,816
46,531

7,026
48,446

5,824
44,361

7,929
45,491

7,560
45,965

5,806
50,578

8,338
46,986

7,458
46,417

6,678
45,820

7,121
45,606

7,110
46,551

6,158
48,637

Foods, feeds, and beverages
Foods, feeds, and beverages— agricultural
Grains
Soybeans
Other agricultural foods, feeds, and beverages
Nonagricultural foods, feeds, and beverages

24,043
22,840
12,713
3,751
6,375
1,203

6,862
6,678
3,804
1,266
1,608
183

5,756
5,489
3,153
716
1,620
267

5,097
4,524
2,534
468
1,522
574

6,328
6,149
3,223
1,302
1,624
179

6,264
6,026
2,929
1,517
1,581
238

4,854
4,573
2,043
931
1,599
281

6,767
6,469
3,674
1,079
1,716
298

6,101
5,768
3,338
848
1,583
333

5,408
5,070
2,782
681
1,607
338

5,767
5,532
2,919
1,144
1,469
235

6,110
5,729
2,789
1,265
1,674
382

5,130
4,794
2,171
1,049
1,575
336

10
11
12
13
14
15
16
17

Industrial supplies and materials
Agricultural
Nonagricultural
Energy products
Fuels and lubricants
Petroleum and products
Other nonagricultural
Nonmonetary gold

60,056
6,357
53,700
10,153
10,144
4,996
43,546
1,740

15,470
2,035
13,434
2,349
2,349
1,271
11,085
466

15,044
1,445
13,599
2,406
2,400
997
11,192
299

14,555
1,203
13,352
2,517
2,515
1,185
10,835
506

14,987
1,673
13,314
2,880
2,880
1,543
10,434
470

14,500
1,402
13,097
2,143
2,140
1,170
10,954
334

17,100
1,114
15,986
2,170
2,170
903
13,817
3,169

15,657
1,766
13,892
2,600
2,600
1,258
11,292
466

14,718
1,598
13,119
2,264
2,258
989
10,855
299

14,794
1,510
13,284
2,427
2,425
1,204
10,857
506

14,887
1,482
13,405
2,862
2,862
1,546
10,543
470

14,899
1,250
13,650
2,409
2,406
1,160
11,241
334

16,765
1,245
15,520
2,049
2,049
898
13,471
3,169

18
19
20
21
22

Capital goods, except automotive
Machinery, except consumer-type
Civilian aircraft, complete —all types
Parts and engines for civilian aircraft
Other transportation equipment

75,645
60,754
6,742
6,393
1,755

19,158
15,568
1,686
1,446
458

19,791
15,960
1,813
1,599
420

17,868
14,474
1,385
1,595
414

18,828
14,752
1,858
1,754
464

18,919
14,931
1,708
1,827
454

19,677
15,498
1,857
1,831
491

19,195
15,790
1,515
1,432
458

19,118
15,548
1,590
1,560
420

18,745
14,762
1,906
1,662
414

18,587
14,652
1,731
1,740
464

18,963
15,151
1,549
1,809
454

19,047
15,117
1,652
1,787
491

23
24
25

Automotive vehicles, parts and engines
To Canada....
To all other areas

24,538
18,899
5,640

6,160
4,794
1,366

6,934
5,475
1,459

5,571
4,188
1,383

5,873
4,442
1,431

6,144
4,795
1,350

6,671
5,143
1,528

5,961
4,574
1,387

6,230
4,812
1,419

6,258
4,835
1,422

6,089
4,678
1,412

5,951
4,580
1,371

5,995
4,502
1,492

26
27

Consumer goods (nonfood), except automotive
All other, including balance of payments adjustments not
included in lines C 4-26.

12,952
17,190

3,331
4,366

3,352
4,595

3,047
4,047

3,222
4,182

3,374
4,324

3,579
4,500

3,362
4,382

3,215
4,493

3,140
4,153

3,235
4,162

3,397
4,342

3,438
4,419

28 Total (A-16)

338,863

78,813

85,824

83,830

90,396

88,084

92,671

80,369

84,242

84,173

90,079

90,120

90,818

29
30

Petroleum and products
Nonpetroleum products

50,525
288,338

10,696
68,117

13,368
72,456

12,288
71,542

14,173
76,223

10,242
77,842

7,675
84,996

10,403
69,966

13,632
70,610

12,371
71,802

14,119
75,960

10,014
80,106

7,831
82,987

31

Foods, feeds, and beverages

21,317

5,418

5,297

5,003

5,599

5,887

6,048

5,424

5,219

5,170

5,504

5,940

5,977

27,503
11,236
10,973
16,267
1,875

25,520
8,708
8,505
16,811
2,622

4
5
6
7
8
9

Agricultural products
Nonagricultural products

,
,
,

IMPORTS

32
33
34
35
36

Industrial supplies and materials
Energy products
Fuels and lubricants
Nonenergy products
Nonmonetary gold

37
38
39
40

113,471
56,022
54,992
57,449
3,179

26,418
12,163
11,939
14,255
1,009

29,727
14,880
14,616
14,847
564

27,819
13,465
13,173
14,353
917

29,507
15,513
15,263
13,994
689

27,401
11,545
11,282
15,856
1,875

25,998
8,547
8,343
17,451
2,622

26,335
11,759
11,534
14,576
1,009

29,394
15,158
14,894
14,236
564

28,010
13,694
13,402
14,316
917

29,732
15,411
15,161
14,321
689

Capital goods, except automotive
Machinery, except consumer-type
Civilian aircraft, engines and parts
Other transportation equipment

64,022
56,811
5,973
1,238

15,263
13,629
1,334
299

15,948
14,046
1,595
307

15,700
13,971
1,389
341

17,111
15,166
1,654
291

17,307
15,407
1,675
225

19,049
16,888
2,021
140

15,824
14,190
1,335
299

15,735
13,834
1,595
307

15,587
13,857
1,389
341

16,876
14,930
1,655
291

17,947
16,048
1,675
225

18,816
16,655
2,021
140

41
42
43
44
45

Automotive vehicles, parts and engines
From Canada
Passenger cars, new and used
From all other areas
Passenger cars, new and used

65,105
24,624
11,168
40,480
24,897

14,846
5,961
2,528
8,885
5,363

16,894
6,574
2,956
10,319
6,447

15,110
5,436
2,514
9,674
5,723

18,255
6,653
3,170
11,602
7,364

17,930
6,274
2,860
11,656
6,988

20,446
6,747
3,357
13,699
8,575

14,721
5,896
2,491
8,825
5,229

15,716
5,867
2,548
9,849
6,020

16,720
6,307
2,969
10,412
6,453

17,948
6,554
3,160
11,394
7,196

17,818
6,217
2,840
11,601
6,830

19,105
6,028
2,914
13,077
8,014

46
47

Consumer goods (nonfood) except automotive.....
....
All other, including balance of payments adjustments not
included in lines C 31-46.

65,158
9,790

14,700
2,168

15,334
2,625

17,779
2,419

17,346
2,578

17,072
2,486

18,401
2,730

15,786
2,279

15,719
2,459

16,254
2,432

17,399
2,620

18,305
2,608

18,848
2,552

See footnotes on page 57.




49

SURVEY OF CURRENT BUSINESS

September 1986

Table 3.—U.S. Merchandise Trade—Continued
[Millions of dollars]
Seasonally adjusted

Not seasonally adjusted
Line

1985

1985

I

II

III

IV

Ir

1986

1985

1986

II"

I

II

III

IV

lr

II"

D Merchandise trade, by end-use category, Census basis, 1
including military grant shipments:
1 Merchandise exports, Census basis, including military grant
shipments.

212,619

55,043

54,971

49,711

52,894

53,002

55,363

55,009

53,399

52,025

52,186

53,125

53,796

2
3
4

29,469
183,150
183,134

8,872
46,171
46,167

7,004
47,967
47,962

5,753
43,958
43,955

7,840
45,054
45,053

7,473
45,529
45,526

5,741
49,622
49,621

8,393
46,616
46,612

7,436
45,963
45,957

6,608
45,417
45,414

7,032
45,154
45,153

7,023
46,102
46,099

6,093
47,703
47,702

5

Agricultural products
Nonagricultural products ...
Excluding military grant shipments

23,898

6,915

5,726

5,014

6,243

6,175

4,782

6,820

6,072

5,325

5,681

6,021

5,058

6
7
8
9
10

Agricultural . . . . .
Grains and preparations
Wheat
Soybeans .. . . .. .... . .
Other agricultural goods, feeds and beverages

22,764
12,677
3,863
3,884
6,203

6,750
3,797
1,086
1,385
1,568

5,482
3,163
965
744
1,575

4,462
2,527
918
457
1,478

6,070
3,190
894
1,298
1,583

5,956
2,903
860
1,515
1,538

4,522
2,037
746
930
1,555

6,541
3,668
1,116
1,198
1,675

5,761
3,348
1,006
876
1,538

5,008
2,775
911
670
1,563

5,454
2,886
830
1,140
1,427

5,659
2,764
888
1,264
1,631

4,743
2,165
778
1,047
1,531

11

Nonagricultural (fish, distilled beverages, etc ) .

1,134

165

245

552

172

219

260

280

310

316

227

362

314

13,676

12

Foods, feeds, and beverages

Industrial supplies and materials

13
14
15
16

Agricultural
Raw cotton, including linters
Tobacco, unmanufactured
Other agricultural industrial supplies (hides, tallow,
etc.).

17
18
19
20

Nonagricultural
Fuels and lubricants 7
Coal and related fuels
Petroleum and products

21
22
23
24

Paper and paper base stocks
Textile supplies and materials
Chemicals, excluding medicinals
Other nonmetals (minerals, wood, rubber, tires, etc.)

25
26
27

Steel making materials
Iron and steel products....
Other metals, primary and advanced, including
advanced steel.
Precious metals (gold, silver, platinum)

28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48

58,376

15,002

14,684

14,046

14,644

14,091

14,012

15,190

14,357

14,284

14,545

14,491

6,306
1,612
1,499
3,196

2,019
748
381
890

1,430
431
276
723

1,195
214
256
725

1,662
219
585
858

1,385
203
294
888

1,100
103
251
746

1,750
567
390
792

1,584
440
369
774

1,502
328
371
802

1,471
276
368
827

1,232
147
299
785

1,231
99
342
790

52,070
10,167
4,543
5,019

12,982
2,353
907
1,275

13,253
2,392
1,274
989

12,851
2,525
1,202
1,195

12,983
2,897
1,161
1,560

12,706
2,144
824
1,174

12,912
2,162
1,142
895

13,440
2,604
1,171
1,262

12,774
2,250
1,140
981

12,782
2,435
1,092
1,213

13,073
2,879
1,140
1,563

13,259
2,410
1,100
1,164

12,446
2,041
1,025
890

4,072
2,479
18,044
8,179

1,064
606
4,691
2,007

1,056
653
4,624
2,157

973
604
4,436
2,021

979
616
4,294
1,993

1,099
636
4,551
2,150

1,159
637
4,547
2,181

1,086
615
4,757
2,048

1,016
622
4,530
2,054

982
628
4,382
2,051

987
613
4,374
2,026

1,122
646
4,627
2,195

1,118
608
4,450
2,078

1,184
1,537
6,408

225
406
1,631

310
408
1,653

326
371
1,595

323
351
1,529

322
342
1,463

340
328
1,558

266
413
1,651

278
392
1,631

321
381
1,602

318
351
1,524

430
347
1,483

. 298
315
1,538

1,649

427

355

417

451

375

468

427

355

417

451

375

468

73,680

18,694

19,314

17,341

18,331

18,474

19,200

18,732

18,640

18,218

18,090

18,518

18,571

Machinery, except consumer-type
Electrical and electronic, including parts and
attachments.
Generators, transformers and accessories
Broadcasting and communications equipment
Telephonic and other electrical apparatus
Nonelectrical, including parts and attachments.
Construction machinery and nonfarm tractors
Textile and other specialized industry machinery
Other industrial machinery, n.e.c
Agricultural machinery and farm tractors
Business and office machines, computers, etc
Electronic computers and parts .
Scientific, professional, and service industry
equipment.

59,195
13,462

15,171
3,599

15,560
3,488

14,078
3,180

14,386
3,194

14,546
3,443

15,110
3,829

15,394
3,664

15,148
3,412

14,367
3,190

14,286
3,196

14,766
3,502

14,730
3,754

1,520
6,500
5,442
45,733
6,310
3,660
12,910
1,888
15,930
14,460
5,034

382
1,816
1,401
11,572
1,484
959
3,230
437
4,195
3,820
1,267

407
1,688
1,393
12,071
1,726
958
3,327
573
4,189
3,788
1,298

373
1,529
1,278
10,898
1,574
872
3,113
444
3,696
3,358
1,199

358
1,466
1,370
11,192
1,527
872
3,240
434
3,850
3,494
1,269

369
1,683
1,390
11,103
1,565
864
3,135
421
3,789
3,458
1,329

386
2,018
1,426
11,281
1,420
935
3,193
444
3,955
3,610
1,333

395
1,865
1,404
11,730
1,523
973
3,256
466
4,252
3,873
1,261

382
1,660
1,370
11,736
1,665
938
3,273
490
4,110
3,712
1,260

383
1,509
1,298
11,176
1,572
915
3,174
459
3,815
3,466
1,240

360
1,466
1,371
11,090
1,550
835
3,208
472
3,753
3,408
1,272

381
1,730
1,391
11,264
1,605
878
3,164
450
3,845
3,510
1,322

363
1,987
1,404
10,976
1,364
916
3,143
381
3,877
3,533
1,295

Civilian aircraft, engines, parts
Civilian aircraft, complete, all types
Other transportation equipment

12,991
6,693
1,494

3,107
1,684
416

3,357
1,785
397

2,954
1,381
309

3,574
1,842
372

3,508
1,706
420

3,635
1,830
455

2,922
1,513
416

3,094
1,562
397

3,542
1,902
309

3,432
1,715
372

3,331
1,547
420

3,386
1,625
455

22,873

5,747

6,410

5,244

5,472

5,707

6,163

5,547

5,706

5,931

5,689

5,514

5,487

17,234
5,640

4,381
1,366

4,951
1,459

3,861
1,383

4,042
1,431

4,358
1,350

4,635
1,528

4,160
1,387

4,287
1,419

4,508
1,422

4,278
1,412

4,143
1,371

3,994
1,492

Capital goods, except automotive

Automotive vehicles, parts and engines
To Canada
To all other areas

. . ..

49
50
51

Passenger cars new and used
Trucks buses and special vehicles
Bodies, engines, parts and accessories, n.e.c

6,072
2,745
14,056

1,572
611
3,564

1,769
766
3,875

1,259
671
3,314

1,472
698
3,303

1,750
690
3,268

1,986
922
3,255

1,478
608
3,461

1,453
667
3,586

1,601
711
3,618

1,539
760
3,391

1,650
692
3,173

1,654
802
3,031

52

Consumer goods (nonfood) except automotive

12,611

3,247

3,264

2,964

3,136

3,285

3,494

3,278

3,127

3,057

3,149

3,308

3,353

4,498
7,636
477

1,152
1,978
117

1,206
1,930
128

1,027
1,838
98

1,112
1,890
133

1,119
2,046
120

1,226
2,131
138

1,176
1,986
115

1,136
1,873
119

1,074
1,871
112

1,112
1,906
131

1,139
2,051
118

1,156
2,069
128

53
54
55

Consumer durables, manufactured
. .
Consumer nondurables manufactured
Unmanufactured consumer goods (gem stones)

56

Special category (military-type goods)

57

Exports, n.e.c., and reexports

58
59

Domestic (low-value, miscellaneous)
Foreign (reexports)
See footnotes on page 57.




5,366

1,450

1,435

1,292

1,189

1,264

973

1,450

1,436

1,292

1,188

1,264

973

15,815

3,988

4,138

3,810

3,879

4,006

6,739

3,992

4,061

3,918

3,844

4,009

6,679

9,571
6,244

2,417
1,571

2,508
1,629

2,302
1,509

2,344
1,535

2,393
1,613

2,357
4,382

2,447
1,546

2,430
1,631

2,336
1,582

2,358
1,485

2,422
1,587

2,284
4,395

50

SURVEY OF CURRENT BUSINESS

September 1986

Table 3.—U.S. Merchandise Trade -Continued
[Millions of dollars]
Seasonally adjusted

Not seasonally adjusted
Line

1986

1985

1985

I

II

III

IV

r

l

1986

1985

UP

I

II

III

IV

lr

II"

D Merchandise trade, by end-use category, Census basis, 1
including military grant shipments —Continued:
336,228

78,180

85,270

82,951

89,827

87,013

91,873

79,736

83,688

83,294

89,510

89,051

90,020

61

Foods, feeds and beverages

21,317

5,418

5,297

5,003

5,599

5,887

6,048

5,423

5,219

5,170

5,505

5,940

5,977

62
63
64

Coffee, cocoa, and sugar
Green coffee
Cane sugar

4,424
3,079
848

1,267
813
256

1,116
796
199

914
678
166

1,128
792
226

1,535
1,208
188

1,416
1,171
151

1,199
813
263

1,121
796
211

925
678
142

1,178
792
232

1,489
1,208
196

1,424
1,171
163

65
66
67
68
69

Other foods, feeds, and beverages
Meat products and poultry
Fish and shellfish
....
Vegetables, fruits, nuts and preparations
Whiskey and other alcoholic beverages

16,894
2,279
3,891
3,240
2,880

4,152
535
899
994
570

4,181
583
973
869
685

4,089
590
980
649
778

4,471
570
1,038
729
847

4,352
543
995
1,023
628

4,633
534
1,181
1,012
707

4,225
535
989
808
699

4,097
583
963
769
695

4,245
590
938
804
770

4,327
570
1,001
858
716

4,451
543
1,092
843
770

4,553
534
1,171
911
717

60 Merchandise imports, Census basis .

111,900

26,057

29,413

27,240

29,190

26,452

25,316

25,974

29,080

27,432

29,414

26,554

24,838

71
72

Fuels and lubricants 7
Petroleum and products

55,009
50,543

11,940
10,697

14,618
13,370

13,180
12,295

15,271
14,181

11,293
10,252

8,353
7,685

11,535
10,404

14,896
13,634

13,409
12,378

15,169
14,127

10,983
10,025

8,514
7,841

73
74

Paper and paper base stocks
Materials associated with nondurable goods and farm
output, n.e.s.
Textile supplies and materials
Tobacco, unmanufactured
Chemicals, excluding medicinal
Other (hides, copra, materials for making photos,
drugs, dyes).

7,179
16,104

1,819
4,041

1,786
4,167

1,772
3,846

1,803
4,049

1,814
4,438

1,817
4,442

1,863
3,925

1,749
3,927

1,798
3,976

1,770
4,275

1,862
4,347

1,782
4,196

3,476
549
8,526
3,554

847
158
2,170
867

881
158
2,256
873

861
107
2,009
869

887
126
2,091
945

1,002
176
2,310
951

1,071
158
2,278
935

849
122
2,123
831

842
121
2,092
872

853
122
2,088
913

932
184
2,222
937

1,017
142
2,260
928

1,025
126
2,114
931

Building materials, except metals
Materials associated with durable goods output, n.e.s
Steelmaking materials
Iron and steel products
Other metals, primary and advanced, including
advanced steel.
Precious metals (gold silver platinum)
Nonmetals (oils, gums, resins, minerals, rubber, tires,
etc.).

5,764
27,844
1,510
9,043
12,782

1,228
7,030
282
2,286
3,303

1,558
7,283
405
2,415
3,268

1,550
6,893
460
2,248
3,099

1,429
6,638
363
2,094
3,111

1,468
7,440
309
2,244
-3,776

1,855
8,850
438
2,176
5,080

1,339
7,312
367
2,485
3,303

1,452
7,056
361
2,330
3,174

1,435
6,814
437
2,157
3,131

1,538
6,663
344
2,070
3,174

1,619
7,743
408
2,448
3,779

1,732
8,614
391
2,104
4,969

4,611
4,509

1,322
1,159

1,121
1,195

1,080
1,086

1,088
1,069

1,675
1,111

2,664
1,156

1,322
1,156

1,121
1,191

1,080
1,088

1,088
1,074

1,675
1,108

2,664
1,151

63,282

15,044

15,861

15,490

16,887

17,208

19,024

15,606

15,648

15,376

16,652

17,849

18,791

13,898
4,502
9,396
1,709

13,919
4,361
9,557
1,677

14,930
4,722
10,209
1,760

16,048
5,110
10,938
1,812

16,655
5,375
11,280
1,967

70

Industrial supplies and materials

75
76
77
78
79
80
81
82
83
84
85
86

Capital goods, except automotive

87
88
89
90

Machinery, except consumer-type
Electrical and electronic, and parts and attachments
Nonelectrical, and parts and attachments
Construction, textile and other specialized industry
machinery, and nonfarm tractors.
Other industrial machinery, n.e.s
Agricultural machinery and farm tractors
Business and office machines, computer, etc
Scientific, professional, and service industry
equipment.

91
92
93
94
95
96
97

Transportation equipment, except automotive
Civilian aircraft, engines, parts
Civilian aircraft, complete, all types

98

Automotive vehicles, parts, and engines

99
100

From Canada.....
From all other areas

101
102

Passenger cars, npw and used
Trucks, buses, and special vehicles

103

Bodies, engines, parts and accessories, ne.s

104
105
106
107
108
109

Consumer goods (nonfood) except automotive
Consumer durables, manufactured
Electric household appliances, radio, television
Consumer nondurables manufactured
Textile products except rugs
Unmanufactured consumer goods (gems, nursery stock)

110

Imports, n.e.s. (low value, U.S. goods returned, military
aircraft, movies, exhibits).

See footnotes on page 57.




,

56,948
18,311
38,636
6,780

13,639
4,434
9,205
1,634

14,110
4,494
9,616
1,710

14,032
4,513
9,519
1,677

15,166
4,870
10,296
1,760

15,407
4,788
10,619
1,810

'16,888
5,362
11,526
1,968

14,200
4,726
9,474
1,635

10,956
1,671
13,142
6,088

2,504
438
3,338
1,292

2,859
448
3,126
1,474

2,725
379
3,111
1,626

2,868
406
3,567
1,696

2,975
461
3,623
1,750

3,323
475
3,844
1,917

2,597
434
3,488
1,319

2,688
403
3,120
1,477

2,689
409
3,177
1,605

2,981
425
3,356
1,686

3,091
458
3,790
1,788

3,124
429
3,840
1,920

6,335
5,972
1,889

1,405
1,334
480

1,750
1,595
602

1,458
1,389
351

1,722
1,654
456

1,801
1,675
466

2,136
2,021
806

1,405
1,334
480

1,750
1,595
602

1,458
1,389
351

1,722
1,654
456

1,801
1,675
466

2,136
2,021
806

65,149

14,890

16,894

15,110

18,255

17,930

20,446

14,765

15,717

16,720

17,947

17,818

19,105

24,624
40,525

5,961
8,929

6,575
10,320

5,436
9,674

6,653
11,602

6,274
11,656

6,747
13,699

5,896
8,869

5,867
9,850

6,307
10,412

6,554
11,394

6,217
11,601

6,028
13,077

36,110
9,430

7,935
2,264

9,404
2,441

8,236
2,124

10,534
2,601

9,847
2,640

11,932
2,775

7,764
2,300

8,568
2,245

9,422
2,346

10,356
2,539

9,670
2,701

10,928
2,569

19,609

4,691

5,049

4,750

5,120

5,442

5,739

4,702

4,904

4,952

5,052

5,447

5,608

65,158
33,118
11,261
28,066
14,870
3,974

14,700
7,424
2,522
6,328
3,480
948

15,334
7,890
2,729
6,543
3,444
901

17,779
8,742
3,023
8,014
4,286
1,022

17,345
9,061
2,986
7,181
3,661
1,103

17,072
8,385
2,844
7,624
4,097
1,063

18,401
9,464
3,369
7,839
4,042
1,098

15,786
8,175
2,861
6,666
3,630
946

15,719
8,132
2,837
6,679
3,500
907

16,254
8,239
2,744
6,986
3,616
1,029

17,399
8,572
2,820
7,735
4,124
1,092

18,305
9,227
3,236
8,017
4,258
1,060

18,848
9,750
3,504
7,993
4,109
1,105

9,422

2,071

2,471

2,329

2,551

2,465

2,639

2,182

2,305

2,342

2,593

2,586

2,461

SURVEY OF CURRENT BUSINESS

September 1986

51

Table 4.—Selected U.S. Government Transactions
[Millions of dollars]
Line
Al U.S. Government grants (excluding military) and transactions increasing Government assets, total

1986

1985

1985

I

II

Ir

IV

III

II"

18,664

4,088

4,809

4,795

4,973

3,860

4,739

11,196
2,964
8,232

2,224
874
1,350

2,577
891
1,687

3,087
564
2,523

3,307
635
2,672

2,069
668
1,401

3,204
1,252
1,952

By category
2
3
4

Grants, net (table 1, line 32, with sign reversed)
Financing military purchases * .
Other grants

5
6
7
8
9

Credits and other long-term assets (table 1, line 42 with sign reversed)
Capital subscriptions and contributions to international financial institutions, excluding IMF
Credits repayable in U.S. dollars
Credits repayable in other than U.S. dollars
.
Other long-term assets

7,579
1,302
5,754
82
442

1,793
335
1,301
52
104

2,495
340
2,043
6
105

1,727
336
1,251
14
127

1,564
290
1,159
9
106

1,808
208
1,483
17
100

1,581
394
1,084
2
101

10
11

-111
82

70
19

262
1

-20
-27

102
-38

-16
12

-46
-29

10
35
104

(*)
8
20

10
12
25

(*)
7
32

(*)
8
27

9
19
36

10
11
24

15

3

5

2

4

30

5

17
18
19
20
21
22
23

Foreign currency holdings and short-term assets net (table 1 line 44 with sign reversed)
Foreign currency holdings (excluding administrative cash holdings), net
Receipts from:
Sales of agricultural commodities
Interest
Repayments of principal
Reverse grants .
.
....
Other sources
Less currencies disbursed for:
Grants and credits in the recipient's currency
Other grants and credits
Other U.S. Government expenditures
Assets acquired in performance of U S Government guarantee and insurance obligations net
Other assets held under Commodity Credit Corporation Charter Act net
Assets financing military sales contracts, net 2
Other short-term assets (including changes in administrative cash holdings) net

3
1
77
-49
(*)

(*)

24
25
26
27
28
29
30
31
32

Capital subscriptions and contributions to international financial institutions, excluding IMF
Under Agricultural Trade Development and Assistance Act and related programs
Under Foreign Assistance Act and related programs
Under Export-Import Bank Act
Under Commodity Credit Corporation Charter Act
Under other grant and credit programs
Other foreign currency assets acquired (lines A13, A14 and A16)
Less foreign currencies used by U.S. Government other than for grants or credits (line A19)
Other (including changes in administrative cash holdings) net

12
13
14
15
16

2
4
240
-53
14

(*)

(*)

(*)

50
6
(*)

50
202
(*)

67
25
4

1
4
73
118
9

11

83

-61

-23

13

21

35

1,302
2,258
12,195
1,779
246
524
154
240
446

335
512
2,545
373
46
111
32
50
184

340
705
2,925
623
35
145
42
50
42

336
680
3,145
399
34
124
40
67
104

290
362
3,580
385
130
143
40
73
117

208
442
2,507
352
93
131
84
77
120

394
326
3,545
283
55
106
40
79
69

12,218
6,150
2,382
2,945
1,536

3,068
1,554
573
774
289

3,715
1,692
679
1,058
567

2,785
1,531
541
537
267

2,649
1,373
588
575
414

3,031
1,315
686
603
303

3,175
1,388
499
1,160
413

1,409
491
503
5

485
101
119
4

492
251
91
-1

271
92
148
5

161
47
146
-4

300
352
170
-10

747
148
58
8

19

7

5

3

4

7

7

79
18
(*)

By program

By disposition 3
33
34
35
36
37
38
39
40
41
42

44

Estimated transactions involving no direct dollar outflow from the United States
Expenditures on U.S. merchandise
Expenditures on U.S. services4
Financing of military sales contracts by U.S Government 5 (line C6)
By long-term credits 1
By short-term
credits
By grants 1
U.S. Government grants and credits to repay prior U.S. Government credits 1 4 6
U.S. Government long- and short-term credits to repay prior U.S. private credits and other assets
Increase in liabilities associated with U.S. Government grants 7and transactions increasing
Government assets (including changes in retained accounts) (line Cll).
Less receipts on short-term U.S. Government assets (a) financing military sales contracts, 1 (b)
financing repayment of private credits and other assets, and (c) financing expenditures on U.S.
merchandise.
Less foreign currencies used by U.S. Government other than for grants or credits (line A19)

45

Estimated dollar payments to foreign countries and international financial institutions . ..

43

Bl Repayments on U.S. Government long-term assets, total (table 1, line 43)
2
3
4
5
6
7

Receipts of principal on U.S. Government credits
Under Agricultural Trade Development and Assistance Act and related programs
Under Foreign Assistance Act and related programs
Under Export-Import Bank Act
Under Commodity Credit Corporation Charter Act
Under other credit programs
.

8

Receipts on other long-term assets

Cl U.S. Government liabilities other than securities, total net increase ( + ) (table 1 line 55)
2
3
4
5
6
7
8
9
10

Associated with military sales contracts 2
U.S. Government cash receipts from foreign governments
(including principal repayments on credits
financing military sales contracts), net of refunds 1.
Less U.S. Government receipts from principal repayments
Less U.S. Treasury securities issued in connection with prepayments for military purchases in the
United States.
Plus financing of military sales contracts by U.S. Government 5 (line A36)
By long-term credits.....
By short-term credits *
By grants *
.. ..
Less transfers of goods
and services (including transfers financed by grants for military purchases,
and by credits) 1 2 (table 1, line 3).

11

Associated with U.S. Government
grants and transactions increasing Government assets (including
changes in retained accounts) 7 (line A42).

12
13
14
15

Associated with other liabilities
Sales of nuclear material by Department of Energy . . . .
Sales of space launch and other services by National Aeronautics and Space Administration
Other sales and miscellaneous operations

See footnotes on page 57.




,

240

50

50

67

73

77

79

6,447

1,020

1,094

2,009

2,324

830

1,564

4,644

935

1,230

1,270

1,210

1,411

1,417

4,215
288
1,180
2,481
150
117

830
30
239
544
10
7

1,125
51
308
743
23
(*)

1,161
68
346
663
78
6

1,100
140
287
531
38
104

1,302
87
461
717
28
11

1,308
46
321
880
57
3

429

105

105

109

110

109

110

483

-445

606

58

263

288

663

689
7,984

358
2,523

558
1,405

132
1,370

357
2,686

318
1,955

657
1,429

607
633

116
840

179
-482

165
-585

146
860

219
(*)

150
-564

2,945
1,536

774
289

1,058
567

537
267

575
414

603
303

1,160
413

1,409
9,001

485
2,699

492
2,209

271
2,195

161
1,898

300
2,022

747
2,346

5

4

—1

5

-4

-10

8

-211
-109
-144
41

-91
-38
-16
-37

50
11
-36
97

-80
-28
-48
-4

-90
-32
-44
-14

-20
-24
5
(*)

—2
-15
24
-11

52

September 1986

SURVEY OF CURRENT BUSINESS
Table 5.—Direct Investment: Income, Capital, Royalties and License Fees, and Other Private Services
[Millions of dollars]

1986

1985

Line

(Credits +; debits — )

1985

I

II

HI

lr

IV

11"

U.S. direct investment abroad:
34,320
29,420
4,899
38,582
17,918
20,664
-4,262
1,618
-5,880

4,285
7,044
2759
5,356
4,432
924
-1,071
392
-1,463

8,238
7,275
963
9,335
2,904
6,431
-1,097
387
-1,483

9,723
6,031
3,692
10,805
3,630
7,175
-1,082
411
1493

12,074
9,070
3,003
13,087
6,951
6,135
1,013
428
1440

10,510
8,035
2,475
11,438
4,152
7,286
-928
365
-1,293

9,451
7,361
2,090
10,338
3,093
7,246
-887
392
-1,280

-18,752
2,280
-6,675
8,956
-20,664
-368
455
87

346
249
-1,479
1,728
-924
1,021
-567
1,588

-4,495
548
-1,477
928
-6,431
2,484
1,514
970

-6,004
2,601
-1,380
3,982
-7,175
1431
-1,450
19

-8,599
-22
-2,339
2,317
-6,135
2442
48
-2,490

-11,562
-112
-1,433
1,321
7,286
-4,164
-1,875
2,289

-5,778
1,091
642
1,733
7,246
376
-1,101
1,477

4,123
4,235
112

858
879
20

906
938
32

886
918
-32

1,473
1,501
-28

894
916
-21

1,210
1,230
-20

2,526
4,811
-2,285

616
1,119
503

620
1,156
-535

599
1,171
-572

690
1,365
675

619
1,266
-647

755
1,352
-597

34,320
9,204
14,954
10,162
29,420
9,664
11,863
7,893

4,285
1,415
1,527
1,342
7,044
2,612
2,599
1,832

8,238
2,244
3,337
2,658
7,275
2,248
2,869
2,158

9,723
2,140
4,518
3,065
6,031
1,800
2,326
1,906

12,074
3,404
5,573
3,097
9,070
3,004
4,069
1,997

10,510
3,138
3,904
3,468
8,035
2,573
3,167
2,295

9,451
1,842
4,772
2,838
7,361
1,454
3,605
2,302

2,280
2,604
1 119
795
-20,664
2434
-10,514
7 716
-368
1,464
1,176
-3,008

249
81
-105
273
924
117
378
-663
1,021
101
451
469

-548
37
401
-184
6431
-1,428
2540
-2,463
2,484
2,295
504
315

2,601
2,577
-319
343
7,175
-776
3,501
-2,898
1,431
-922
410
-918

-22
-90
-294
362
-6,135
347
-4,095
-1,693
-2,442
-10
-189
-2,244

-112
-131
316
-297
-7,286
-1,491
-2,826
-2,970
-4,164
889
-544
-2,731

1,091
125
177
790
-7,246
-727
-3,913
-2,605
376
1,214
37
-801

52

Income (table 1, line 27)
Income before capital gains/losses
Capital gains/losses (gains — ; losses +) 5
Earnings (net of withholding taxes) ..
Distributed earnings
Reinvested earnings
Interest (net of withholding taxes)
U.S. affiliates' payments
U.S. affiliates' receipts

8068
-7,453
615
-5,040
3 934
-1,106
3028
-3,713
685

-2,475
-2,166
-309
-1,766
-1,082
684
-709
-869
160

-2,691
-2,153
-538
1959
-1,465
-494
-732
-898
166

-2,144
2,281
137
-1,332
-639
-692
-812
972
160

759
-853
94
17
748
764
-776
-975
199

-2,391
-1,606
-785
1,699
-991
-707
-693
-899
206

-1,771
2,043
272
-1,043
-897
-146
-728
926
198

53
54
55
56
57
58
59
60

Capital (table 1, line 59)
Equity capital
Increases in equity capital 23
Decreases in equity capital
Reinvested earnings.
Intercompany debt
U.S. affiliates' payables
U.S. affiliates' receivables

17,856
11,902
14,949
-3,046
1,106
4,848
7,336
-2,488

3,607
2,545
3,003
-458
684
378
1,247
-869

5,757
2,518
3,318
-800
494
2,745
2,928
-183

6,111
3,254
4,101
847
692
2,164
2,036
128

2,382
3,585
4,526
-941
-764
-439
1,125
-1,564

1,422
834
2,031
-1,197
707
-119
2,164
-2,284

3,774
1,814
2,148
-333
146
1,814
1,274
539

61
62
63

Royalties and license fees (table 1, line 22)
U.S. affiliates' payments
U.S. affiliates' receipts

-467
-570
103

128
-143
15

-96
-123
27

-119
140
21

-124
163
39

-145
-171
27

-150
-188
37

64
65
66

Other private services (table 1, line 24)
U.S. affiliates' payments
U.S. affiliates' receipts

693
-1,330
2,023

88
-335
423

131
-333
465

195
-301
496

279
361
639

289
-326
616

293
-401
684

-8,068
-2,425
-1,116
-4,528
-7,453
-2,548
1537
-3,368

-2,475
-663
-475
-1,337
-2,166
-665
479
-1,022

-2,691
-735
510
-1,445
-2,153
-708
-538
-907

-2,144
-864
-347
-933
-2,281
-838
-343
-1,099

-759
-162
216
-813
-853
-337
-176
-339

-2,391
435
-302
1655
-1,606
-459
-338
-809

-1,771
128
-405
-1,494
-2,043
518
-397
-1,128

11,902
833
4,705
6,364
1,106
883
-456
679
4,848
1,002
4,373
-527

2,545
63
1,028
1,454
684
329
89
266
378
-74
1,198
-746

2,518
144
1,599
775
494
240
152
101
2,745
1,292
1,084
369

3,254
318
1,133
1,804
692
460
-12
245
2,164
61
1,673
430

3,585
309
946
2,331
-764
-146
-685
67
-439
-276
418
-580

834
17
68
748
707
83
-82
707
-119
-226
281

1,814
4
502
1,309
146
455
-8
609
1,814
291
335
1,189

1
2
3
4
5
6
7
8
9

Income (table 1, line 12).
Income before capital gains/losses ..
Capital gains/losses (gains +* losses )1
Earnings (net of withholding taxes) ..
Distributed earnings
Reinvested earnings
.
Interest (net of withholding taxes)
U.S. parents' receipts
U S parents' payments

10
11
12
13
14
15
16
17

Capital (table 1, line 46)
Equity capital
Increases in equity capital 23...
Decreases in equity capital
Reinvested earnings
Intercompany debt
U.S. parents' receivables
U.S. parents' payables

18
19
20

Royalties and license fees (table 1, line 7)
U S parents' receipts
U.S. parents' payments

21
22
23

Other private services (table 1 line 9)
U.S. parents' receipts
U.S. parents' payments

.

By industry of affiliate: 4
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43

Income (line 1)
Petroleum
Manufacturing
Other
Income before capital gains/losses (line 2)
Petroleum
Manufacturing
Other
Capital:
Equity capital (line 11)
Petroleum
Manufacturing
Other
Reinvested earnings (line 14, or line 6 with sign reversed)
Petroleum
Manufacturing
Other
Intercompany debt (line 15)
Petroleum
Manufacturing
Other

,

Foreign direct investment in the United States:
44
45
46
47
48

851

By industry of affiliate: *
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86

Income (line 44)
Petroleum....
Manufacturing
Other
Income before capital gains/losses (line 45)
Petroleum
Manufacturing
Other
Capital:
Equity capital (line 54) .
Manufacturing..
Other
Reinvested earnings (line 57 or line 49 with sign reversed)
Petroleum
Manufacturing
Other
Intercompany debt (line 58)
Petroleum
.
Manufacturing. .
Other

See footnotes on page 57.




388

53

SURVEY OF CURRENT BUSINESS

September 1986

Table 6.—Securities Transactions
[Millions of dollars]
T i«£»

1985

(Credits +; debits — )

Al Foreign securities, net US purchases ( ) (table 1 line 47 or lines 2 + 12 below)
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23

Stocks, net U.S. purchases
New issues in the United States
Of which Canada
Japan
Transactions in outstanding stocks net
Western Europe .
Of which United Kingdom
Canada
Japan
Other
„
Bonds, net U.S. purchases

.

New issues in the United States
By issuer:
Central governments and their agencies and corporations
Private corporations
International financial institutions 2
By area:
Western Europe
Canada

.

.

Latin America
Other countries
International financial institutions 2

24
25
26
27
28

Redemptions of U S -held foreign bonds 3

29
30
31
32
33
34

Other transactions in outstanding bonds, net 3
Western Europe
Of which United Kingdom
Canada
Japan . . .
.
Other

Canada
Other countries
International financial institutions

2

Bl U.S. securities, excluding Treasury securities and transactions of foreign official agencies, net
foreign purchases ( + ), (table 1, line 61 or lines 2 + 10 below).
2
3
4
5
6
7
8
9

Stocks, net foreign purchases
By area:
Western Europe
Of which Germany
Switzerland
United Kingdom
Canada .
Japan
Other

....

10

Corporate and other bonds, net foreign purchases

11
12
13

By type:
New issues sold abroad by U.S. corporations 4
U.S. federally-sponsored agency bonds, net
Other outstanding bonds net

14
15
16
17
18
19
20
21

By area:
Western Europe
Of which Germany
Switzerland
United Kingdom
Canada
Japan .
Other countries
International financial institutions 2

. . . .
,

19*J6

19 85
I

II

III

IV

Ir

II"

7 977

2577

—2,325

— 1,664

— 1,411

-6,133

-1,567

3959

1951

210

— 1,009

-789

-2,109

-2,125

-435
72

-85
72

11

-152

-187

3524
-1,576
-687
1 160
— 111
-675

1866
-851
-386
297
-566
-152

-199
-307
-212
152
371
-111

-857
-213
172
-267
-96
-281

-602
205
83
-444
180
-133

-309

-2,109
-562
-368
-536
-1,098
87

-1,816
1,093
-719
-330
199
-194
558

—4,018

— 626

-2,116

654

-622

4,024

-5,596

-1,278

-1,610

-1,210

1,498

-1,863

843

3223
400
934
-1,039

290
200
195
-593

497
200
739
-174

-1,210

-1,226

885
-385
-96
-497

-497
247

-1,509
—2,229
198
55
566
-1,039

-200
—350

-527
—831

239
—900

—481

45
90
-593

10
-68
-174

-543
— 148
198

-71

-337
272

-885
-497

-300
99

2,125

525

500

525

575

625

400

1400

400

400

325

275

350

200

725

125

100

200

300

275

200

-547
6260
-5,407
376
472
5,809

127
780
-969
87
41
1,035

1,006
-2,702
-1,752
340
193
1,163

31
-1,629
1,600
115
250
1,795

301
-1,149
-1,086
8
-374
1,816

2,786
-5,269
5,494
-362
1,728
1,117

1,001
-2,228
-1,478
188
76
2,965

50,859

9,567

7,223

11,628

22,441

18,686

22,590

4855

1 140

551

1,375

4,069

6,104

6,871

2079
730
75
1,686
355
298
2,123

1359
-357
412
-253
217
-191
193

-271
67
-89
-248
23
191
654

862
232
-87
693
169
-124
468

2,847
788
513
1,494
-8
422
808

4,743
598
1,427
2,227
135
351
875

3,817
-29
807
1,330
223
849
1,982

46,004

10,707

6,672

10,253

18,372

12,582

15,719

37,597
4651
3756

9,628
644
435

5,274
639
759

10,238
1,227
-1,212

12,457
2,141
3,774

9,977
1,380
1,225

11,825
2,435
1,459

39,424
2001
3,987
32488
188
5420
1,086
114

9,852
202
808
9144
49
428
354
24

5,313
151
225
4,690
38
1 117
187
17

8,759
439
889
7,114
70
1,442
115
7

15,500
1,613
2,065
11,540
171
2,433
430
-162

9,670
-190
1,228
8,426
-226
2,530
483
125

12,770
320
2,178
10,248
183
1,575
801
390

8427
-295
—1602
114
21,359
40

1384
-306
44
73
1,743

5580
136
-935
102
7,519
40

2,965
46
-413
35
5,050

1,266
171
-210
50
7,047

1,375
-177
97
266
6,418

5,480
-597
-693
154
2,739

272

-99
197

Memoranda:
Other foreign transactions in marketable, long-term U.S. securities included elsewhere in
international transactions accounts:
Foreign official assets in the United States (lines in table 9):
1
U S Treasury marketable bonds (line A4)
2
Other U.S. Government securities (line A6)
3
U S corporate and other bonds (part of line A14)
4
U S stocks (part of line A14)
5 Other foreign transactions in U.S. Treasury bonds and notes (table 9, line B4)
6 New issues of bonds sold abroad by U S corporations' finance affiliates in the Netherlands
Antilles (included in table 5, line 17) *.
See footnotes on page 57.




,

SURVEY OF CURRENT BUSINESS

54

September 1986

Table 7.—Claims on and Liabilities to Unaffiliated Foreigners Reported by U.S. Nonbanking Concerns
[Millions of dollars]
(Credits +; increase in U.S. liabilities or decrease in U.S. assets.
Debits —; decrease in U.S. liabilities or increase in U.S. assets.)

Line

Al Claims, total (table 1, line 48)
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19

5
6
7
8
9
10
11

III

I"

IV

31,060

1,665

1,058

1,706

-1,517

418

-2,842

1,050
840
210

707
908

1,862
1,837
25

-2,512
-2,307

993
402
591

-3,476
-3,576
100

n.a.
n.a.
n.a.

21,506
19,958
1,548

By type: Deposits
Other claimsl

-245
1,295

191
516

1,711
151

-2,479
-33

332
661

-3,309
-167

n.a.
n.a.

18,113
3,393

By area: Industrial countries 2
Of which United Kingdom.
Canada.....
Caribbean banking centers3
Other

-133
-626
672
195
988

-238
-5
365
651

745
174
186
1,124
-7

-1,735
-858
-275
-1,011
234

1,166
296
766
-283
110

-1,184
-468
-768
-2,278
-14

n.a.
n.a.
n.a.
n.a.
n.a.

11,228
5,960
4,024
9,434
844

615
-128
743

351
124
227

-156
-76

995
1,025

-575
-1,201
626

634
619
15

n.a.
n.a.
n.a.

9,554

427
188

393
-42

-305
149

1,101
-106

-762
187

644
-10

450
82
83

227
-118
242

56
7

-219

523
194
278

-356
-1
-218

359
-633
908

Financial claims
Denominated in U.S. dollars
Denominated in foreign currencies

Commercial claims
Denominated in U.S. dollars
Denominated in foreign currencies
By type: Trade receivables
Advance payments and other claims
By area: Industrial countries4
Members of OPEC
Other

2

Bl Liabilities, total (table 1, line 62)
2
3
4

Amounts
outstanding March
31, 1986

1986

1985
1985

Financial liabilities
Denominated in U.S. dollars
Denominated in foreign currencies
By area: Industrial countries 2
Of which United Kingdom
Caribbean banking centers3
Other
Commercial liabilities
Denominated in U.S. dollars
Denominated in foreign currencies

8,916
638

8,107
1,447

n.a.
n.a.
n.a.

5,621
1,407
2,526

26,703

-1,172

-2,156

-1,837

589

2,232

-2,057

—742
—1,719
977

-1,876
-2,680
804

-233
-340
107

254
247
7

1,113
1,054
59

-449
-551
102

n.a.
n.a.
n.a.

12,407
10,284
2,123

474
564
—1,159
-57

-578
-219
-1,206
-92

-163
-214
-5
-65

621
493
-489
122

594
504
541
-22

-58
-140
-366
-25

n.a.
n.a.

9,008
3,682
2,616
783

-430
— 860
430

-280

-1,604
-1,180
-424

335
171
164

1,119
392
727

-1,608
-1,912

~-37

n.a.
n.a.
n.a.

14,296
12,806
1,490

12
13

By type: Trade payables
Advance receipts and other liabilities

-320
—110

47
-327

-1,198
-406

-160
495

991
128

-1,088
-520

5,598
8,698

14
15
16

By area: Industrial countries42
Members of OPEC
Other

—23
-23
-384

-850
480
90

-437
-631
-536

670
-322
-13

594
450
75

-301
-636
-671

8,617
2,953
2,726

See footnotes on page 57.




55

SURVEY OF CURRENT BUSINESS

September 1986

Table 8.—Claims on Foreigners Reported by U.S. Banks
[Millions of dollars]

(Credits +; decrease in U.S. assets. Debits — ; increase in U.S. assets.)

1985

1 Total (table 1 line 49)

— 691

By type:
Banks' own claims

—4,715

2
3

By borrower:
Claims on:
own foreign offices
unaffiliated foreign banks
foreign public borrowers 1
other private foreigners . .

4
5
6
7

By bank ownership: 2
U.S.-owned banks' claims on:
own foreign offices
unaffiliated foreign banks
other foreigners
Foreign-owned banks' claims on:
own foreign offices
unaffiliated foreign banks
other foreigners

8
9
10
11
12
13
14

...

.

.

.

Payable in foreign currencies

15
16
17
18
19
20

Banks' domestic customers' claims
Payable in dollars
Deposits
Negotiable and readily transferable instruments
Outstanding collections and other
Payable in foreign currencies

21
22
23
24
25
26

By area:
Industrial countries 3
Western Europe
Of which United Kingdom
Canada
Japan
Other

27

Caribbean banking centers 4

28
29
30
31
32
33

Other areas . . .
Of which Members of OPEC, included below 5 .. .
Latin America .
Asia
Africa 6
Other

...

...

Memoranda:
1 International banking facilities' (IBF's) own claims, payable in dollars (lines 1-13
above).
By borrower:
Claims on:
2
own foreign offices
....
3
unaffiliated foreign banks
4
foreign public borrowers
5
all other foreigners
By bank ownership: 2
6
U S -owned IBF's
7
Foreign-owned IBF's
....
8 Banks' dollar acceptances payable by foreigners
See footnotes on page 57.




335

II

III

3,450

4,009

ing June
30, 1986

I'

n.

-8,485

6,333

10,744

451,618

IV

141

5,632

-11,423

3,342

10,410

424,813

1,569

1,702

6,686

10,495

6,815

8,461

403,230

18218
9,080
1906
6,694

1,502
1,085
313
1,673

-5,161
4,764
638
1,461

3,359
1,428
904
995

14,914
1,803
51
2,565

563
6,000
69
183

-7,998
2,177
155
1,559

181,696
112,820
60,272
48,442

-6,158
11864
4,621

381
3,207
763

-2,742
2,534
2,103

956
2,624
-537

-4,753
3,499
2,292

5,939
2,254
507

-3,145
-1,128
1,801

91,433
53,184
59,789

-12,060
-2,784
3,979

-1,883
-2,122
1,223

-2,419
2,230

2,403
-1,196
2,436

10,161
-1,696
324

-5,376
3,746
—255

-4,853
1,049

90,263
59,636

4,177

-634

-1,561

-1,054

-928

3,473

-1,949

21,583

4,024
4,034
43
4,473
482
-10

-600
-729
-427
-836
534
129

3,309
3,112
936
2,477
301
197

-1,623
-1,539
—444
-1,267
172
-84

2,938
3,190
-22
4,099
-887
252

2,991
3,837
841
1,473
1,523
-846

-334
374
-982
645
-37
40

26,805
25,418
3,476
17,214
4,728
1,387

7291
-6,445
4450
1,319
2659
494

5770
-3,875
2587
-2,557
315
347

5631
3,016
2413
1,492
936
187

—4451
-5,857
3266
799
335
272

-2,701
271
-1,010
1,585
-4,245
-312

178
7,249
6,436
-1,918
-5,381
228

6,269
-5,146
-2,756
880
2,555
552

198,810
129,265
78,464
21,428
43,569
4,548

5,176

538

Payable in dollars

I

Amounts

19 36

19 35

Line

935

jo QOK

200

2447

1581

6,250

-7,316

-4,836

109,126

6800
1321
4702
1713
385

3658
303
1840
1382
32
404

600
-181
878
1500
226
204

2210
327
2510
-534
45
279

1,532
872
-526
2,365
172
479

979
657
494
-8
208
285

361
69
115
843
31
-628

143,682
19,272
98,565
37,398
3,601
4,118

-8,719

-6,770

3,331

3,151

-8,431

1,880

-2,912

195,029

9392
-1,287
113
1,847

3521
-3,519
821
1,091

1020
2,087
238
-14

1,109
521
1,275
246

-8,000
-376
-579
524

2,368
4,268
-667
647

-4,147
1,309
-163
89

58,918
64,891
45,266
25,954

273
—8,992
8923

1523
5,247
1523

3753
-422
3829

683
3,834
1556

-1,274
-7,157
2,015

2,341
-461
-170

641
-3,553
357

70,518
124,511
28,179

56

SURVEY OF CURRENT BUSINESS

September 1986

Table 9.—Foreign Official Assets and Other Foreign Assets in the United States Reported by U.S. Banks
[Millions of dollars]

198 6

19*55
Line

1985

(Credits +; increase in foreign assets. Debits -; decrease in foreign assets.)

Al Foreign official assets in the United States (table 1, line 51)
2
3
4
5
6
7
8
9
10
11
12
13
14

By type:
U.S. Treasury securities (table 1, line 53)
Bills and certificates
Bonds and notes, marketable
Bonds and notes nonmarketable .
Other U S Government securities (table 1 line 54)
Other U.S. Government liabilities (table 1 line 55)
U S liabilities reported by U S banks not included elsewhere (table 1 line 56)
Banks' liabilities for own account payable in dollars *
Demand deposits
Time deposits 1 2
Other liabilities
Banks' custody liabilities payable in dollars * 3
Other foreign official assets (table 1, line 57)

I

Amounts

III

IV

l

UP

II

r

ing June
30, 1986

— 1,324

— 11,066

8,486

2,577

1,322

2,469

13,766

218,551

-546
6723
8,427
2250

-7,174
—5290
-1,384

8,685
3,905
5,580
-800

-81
-2,096
2,965
-950

-1,976
-3,242
1,266

3,256
2,681
1,375
-800
-177

13,889
9,359
5,480
-950

-539

153,181
65,292
86,089
1,800
6,732
16,231
25,823
22,797
2,131
10,257
10,409
3,026
16,584

295
483
522

1787

255

1561

-29

500
306

—445
3025
-2188

100
841

-1,447

136
606
107
966
-41
633
374

46
58

2932
2,445

270

-213
2,388

-171

263
722
564
-74

1,982
1,344

158
160

288

-1,261

884

-160

650

1,694
2,145

597
663
350

1,078

214
-41
905
728

-1,073
-834

487
378

14,295

5,729

14,760

26,103

16,100

6,374

462,223

5,123

7,484

5,676

7,666

1,391

92,889

-2,396
7,519

2,434
5,050

1,371
7,047

1,248
6,418

-1,348
2,739

15,433
77,456

208

333

319

-398
4,010
2,064

315

7,595

2,623
4,728

4,035
-2,311

9,536
67,575
15,778

7,276
6,268
3,605

20,427
19,094
16,699

8,434
8,420
2,468

4,983
2,761

369,334
347,484
323,338

1,721

15,873

2,304

1,362

177,746

254

-751
-210
1,125

837

1265
-1,488

-116

60,887

363

By area: (see text table B)

Bl Other foreign assets in the United States (table 1, lines 60 and 63)
2

20500

2217

3
4
5

By security:
Bills and certificates
Marketable bonds and notes
Nonmarketable bonds and notes 4

-859
21359

1743

6
7
8

By holder:
Foreign banks
Other private foreigners
International financial institutions 5

1892
21,089
1303

2,870

-857
6,614

40,387
37650
30,941

12,078
10931
11,525

1,357
-888

22966

4243

1,129

1238
3,507
3230

1600
8,579

1,347
-3,809

303

445

22966
4486
3136

4243
5662
1136

1,129
3631

9
10
11

U S Treasury securities (line 60)

U.S. liabilities reported by
U.S. banks (line 63)
Banks' own liabilities 1
Payable in dollars

13
14
15

By account:
Liabilities to own foreign offices
Liabilities to unaffiliated foreigners:
demand deposits
tune deposits l 2
other liabilities

16
17
18
19

By holder:
Liabilities to:
own foreign offices
.
unaffiliated foreign banks
other private foreigners
international financial institutions 5

12

20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39

353

By bank ownership: 6
U.S.-owned banks' liabilities to:
own foreign offices
unaffiliated foreign banks
other private foreigners and international financial institutions 5
Foreign-owned banks' liabilities to:
own foreign offices
unaffiliated foreign banks
other private foreigners and international financial institutions 5

By area:
Industrial countries 7
.
Western Europe
Canada
Other.
Caribbean banking centers 8
Other areas
Of which Members of OPEC, included below 9
Latin America
Asia
Africa 10
Other

Memoranda:
1 International banking facilities' (IBF's) own liabilities, payable in dollars (in lines A9, and
Bll above).
By holder:
Liabilities to:
own foreign offices
unaffiliated foreign banks .
.. .
foreign official agencies
other private foreigners and international financial institutions

2

3
4
5

5

606

19,201
105,088
21,303

1,362
-1,910
1,010
-527

177,746
78,326
66,389

2,304

1 565

-909

1,218

2,004
-508

1,152

1,738
2,376
2,416

-6,516

—417

77,746
19,827
39,026

-283
1,380

14,721
1,819
-340

4,042
-1,481
1,685

7,878

428

846
544

100,000
58,499
28,240

2,245

2,663

2,395

5,952

2,826

24,146

-751

1,008

1,333

14

2,222

21,850
12,423

-713
—659
2,326
1,126
3,649

14,280
2,357
1,480
10,443
-2,222
2,702

13,429
6,270

7,205
6,522

-1,587

2,224

1,241
2,330
-386

2,793
-234

483

924
894

12,554
-362
5,725
7,191
-140
3,686
-617
-766
1,336
-770
3,886

-3,307

243,046
160,607
26,037
56,402
119,756
99,421
17,238
48,143
29,991
2,351
18,936

3,043
-2,872
-502

594

1,031
-1,319

15,873
1,583

3410
4,219

965

-451
1,023

923

872

14071
4,546

551

1,237
-812
1,459

-65

1,799
-787

49

1914
-759
2116

1,721

584

152

236

895
487

102
-61

877

2737

1,147

35,988
10964

7,325
3050

24,247
11,287
13612
2,464
5,361
5538
1079
1,634

4,355
4,086
2884
1,197

10,790

9,172

-7,880

-1,497

10,995

1,485

-2,858

182,002

6858
2,466
1867
—401

1621
6,601

3892
-5,114

368
-421

9,497
1,400
1610
-1,512

767
1,155

41
2,686

-470

-1,069

84,821
60,904
10,459
25,818

55

3617
5,555

473

111

.

484

634

655

6709

.

192

7653
1443

60

,

845

2938

8895

Payable in foreign currencies .
Banks' custody liabilities, payable in dollars 1 3
Of which negotiable and readily transferable instruments

474

209

80

834

1,218

215
617

556

1,506

768
954

206
493
326
606

873
253

446

404

60

-648

586

36

7,123
8,297
4,377

657

-396

33

679

423
260
756
89

1,208

354
158

856

6

By bank ownership:
U S -owned IBF's
Foreign-owned IBF's

6
7

8 Negotiable certificates of deposit held for foreigners l (in lines A13 and B27 above)
See footnotes on page 57.




10,735

-631

-1,064

5177
-2,703
-733

83
-1,414

1698
9,297

-1,052
2,537

-5,525
2,667

61,513
120,489

548

618

-3,242

-1,060

5,543

September 1986

SURVEY OF CURRENT BUSINESS

57

Footnotes to U.S. International Transactions Tables 1-10
General notes for all tables:
r
p

Revised.

* Less than $500,000 (±).

Preliminary.

n.a. Not available.

Table 1-2:
1. Credits, +: exports of goods and services; unilateral transfers to United States; capital inflows (increase in foreign assets (U.S. liabilities) or decrease in U.S. assets); decrease in U.S. official reserve assets; increase in foreign official assets in the United States.
Debits, —; imports of goods and services, unilateral transfers to foreigners; capital outflows
(decrease in foreign assets (U.S. liabilities) or increase in U.S. assets); increase in U.S. official reserve assets; decrease in foreign official assets in the United States.
2. Excludes transfers of goods and services under U.S. military grant programs (see line 15).
3. Excludes exports of goods under U.S. military agency sales contracts identified in Census
export documents, excludes imports of goods under direct defense expenditures identified in
Census import documents, and reflects various other adjustments (for valuation, coverage, and
timing) of Census statistics to balance of payments basis; see table 3.
4. Beginning in 1982, line 7 and line 22 are redefined to include only net receipts and payments
for the use or sale of intangible property rights, including patents, industrial processes, trademarks, copyrights, franchises, designs, know-how, formulas, techniques, and manufacturing

separately available prior to 1982.
5. For all areas, amounts outstanding June 30, 1986, were as follows in millions of dollars: Line
36, 46,595; line 37, 11,084; line 38, 8,213; line 39, 12,069; line 40, 15,229.
6. Includes sales of foreign obligations to foreigners.
7. Consists of bills, certificates, marketable bonds and notes, and nonmarketable convertible
and nonconvertible bonds and notes.
8. Consists of U.S. Treasury and Export-Import Bank obligations, not included elsewhere, and
of debt securities of U.S. Government corporations and agencies.
9. Includes, primarily, U.S. Government liabilities associated with military agency sales contracts and other transactions arranged with or through foreign official agencies; see table 4.
10. Consists of investments in U.S. corporate stocks and in debt securities of private corporations and State and local governments.
11. Conceptually, the sum of lines 69 and 64 is equal to "net foreign investment" in the national income and product accounts (NIPA's). However, the foreign transactions account in the
NIPA's (a) includes adjustments to the international transactions accounts for the treatment of
gold, (b) excludes capital gains and losses of foreign affiliates of U.S. parent companies from the
NIPA measure of income receipts from direct investment abroad, and from the corresponding
income payments, on direct investment in the United States, (c) includes an adjustment for the
different geographical treatment of transactions with U.S. territories and Puerto Rico, and (d)
includes an adjustment for services furnished without payment by financial intermediaries,
except life insurance carriers and private noninsured pension plans. In addition, for NIPA purposes, U.S. Government interest payments to foreigners are excluded from "net exports of goods
and services" but included with transfers in "net foreign investment." A reconciliation table of
the international accounts and the NIPA foreign transactions account appears in the "Reconciliation and other Special Tables" section in this issue of the SURVEY OF CURRENT BUSINESS.
TableS:
1. Exports, Census basis, represent transaction values, f.a.s. U.S. port of exportation; imports,
Census basis, represent Customs values (see Technical Notes, June 1982 SURVEY). Both unadjusted and seasonally adjusted data have been prepared by BEA from "actual" and "revised statistical" month data supplied by the Census Bureau (see Technical Notes, December 1985 SURVEY).
The seasonally adjusted data are the summation of seasonally adjusted 4-digit end-use commodity
categories (see Technical Notes, June 1980 SURVEY).
2. Adjustments in lines A5 and A13, B12, B46, and B80 reflect the Census Bureau's reconciliation of discrepancies between the merchandise trade statistics published by the United States and
the counterpart statistics published in Canada. These adjustments also have been distributed to
the affected end-use categories in section C.
3. Exports of military equipment under U.S. military agency sales contracts with foreign governments (line A6), and direct imports by the Department of Defense and the Coast Guard (line
A14), to the extent such trade is identifiable from Customs declarations. These exports are included in tables 1, 2, and 10, line 3 (transfers under U.S. military agency sales contracts); and the
imports are included in tables 1, 2, and 10, line 18 (direct defense expenditures).
4. Addition of electrical energy; deduction of exposed motion picture film for rental rather than
sale; net change in stock of U.S.-owned grains in storage in Canada; and coverage adjustments for
special situations in which shipments were omitted from Census data.
5. Deduction of foreign charges for repair of U.S. vessels abroad, which are included in tables 1,
2, and 10, line 21 (other transportation); and coverage adjustments for special situations in which
shipments were omitted from Census data.
6. Annual and unadjusted quarterly data shown in this table correspond to country and area
data in table 10, lines 2 and 17. Trade with international organizations includes purchases of nonmonetary gold from the IMF, transfers of tin to the International Tin Council (ITC), and sales of
satellites to Intelsat. The memoranda are defined as follows: Industrial countries: Western
Europe, Canada, Japan, and Australia, New Zealand, and South Africa; Members of OPEC: Venezuela, Ecuador, Iraq, Iran, Kuwait, Saudi Arabia, Qatar, United Arab Emirates, Indonesia, Algeria, Libya, Nigeria, Gabon; Other countries: Eastern Europe, Latin American Republics, other
Western Hemisphere, and other countries in Asia and Africa, less OPEC. For all years, "Asia"
and "Africa" exclude certain Pacific Islands and unidentified countries included in "Other countries in Asia and Africa."
7. Includes nuclear fuel materials and fuels.
Table 4:
1. Expenditures to release foreign governments from their contractual liabilities to pay for defense articles and services purchased through military sales contracts—first authorized (for
Israel) under Public Law 93-199, section 4, and subsequently authorized (for many recipients)
under similar legislation—are included in line A3. Deliveries against these military sales contracts are included in line CIO; see footnote 2. Of the line A3 items, part of these military expenditures is applied in lines A40 and A43 to reduce short-term assets previously recorded in lines
A38 and C8; this application of funds is excluded from lines C3 and C4. A second part of line A3
expenditures finances future deliveries under military sales contracts for the recipient countries
and is applied directly to lines A39 and C9. A third part of line A3, disbursed directly to finance
purchases by recipient countries from commercial suppliers in the United States, is included in
line A34. A fourth part of line A3, representing dollars paid to the recipient countries to finance
purchases from countries other than the United States, is included in line A45.
2. Transactions under military sales contracts are those in which the Department of Defense
sells and transfers military goods and services to a foreign purchaser, on a cash or credit basis.
Purchases by foreigners directly from commercial suppliers are not included as transactions
under military sales contracts. The entries for the several categories of transactions related to
military sales contracts in this and other tables are partly estimated from incomplete data.
3. The identification of transactions involving direct dollar outflows from the United States is
made in reports by each operating agency.
4. Line A35 includes foreign currency collected as interest and line A40 includes foreign currency collected as principal, as recorded in lines A13 and A14, respectively.




5. Includes (a) advance payments to the Department of Defense (on military sales contracts)
financed by loans extended to foreigners by U.S. Government agencies and (b) the contraentry for
the part of lines CIO which was delivered without prepayment by the foreign purchaser. Also
includes expenditures of appropriations available to release foreign purchasers from liability to
make repayment.
6. Includes purchases of loans from U.S. banks and exporters and payments by the U.S. Government under commercial export credit and investment guarantee programs.
7. Excludes liabilities associated with military sales contracts financed by U.S. Government
grants and credits and included in line C2.
TableS:
1. Also included in line 4.
2. Acquisition of equity holdings in existing and newly established companies, capital contributions, capitalization of intercompany accounts, and other equity contributions.
3. Sales, liquidations, and other dispositions of equity holdings, total and partial.
4. Petroleum includes the exploration, development and production of crude oil and gas and the
transportation, refining, and marketing of petroleum products exclusive of petrochemicals. Manufacturing excludes petroleum refining. "Other" industries includes mining; trade; banking; finance (except banking), insurance, and real estate; agriculture, forestry, and fishing; construction, transportation, communications, and public utilities; and services.
5. Also included in line 47.
Table 6:
1. Primarily provincial, regional, and municipal.
2. Largely transactions by International Bank for Reconstruction and Development (IBRD),
International Development Association (IDA), International Finance Corporation (IFC), Asian Development Bank (ADB), and Inter-American Development Bank (IDE).
3. Estimate for scheduled redemptions and identifiable early retirements. Includes estimates
based on Canadian statistics for redemptions of Canadian issues held in the United States. Unidentified and nonscheduled retirements appear in line 29.
4. Issues through finance affiliates established primarily to borrow capital from abroad. Issues
are almost always guaranteed by the establishing U.S. parent and are often convertible into the
parents' securities. To the extent proceeds are transferred from offshore affiliates to U.S. parents—the common practice—they are recorded as direct investment transactions in table 5, line
8.
Table?:
1. Primarily mortgages, loans, and bills and notes drawn on foreigners.
2. Consists of Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.
3. Bahamas, British West Indies (Cayman Islands), Netherlands Antilles, and Panama.
4. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting
countries.
TableS:
1. Includes central governments and their agencies and corporations; state, provincial, and
local governments and their agencies and corporations; and international and regional organizations.
2. U.S.-owned banks are mainly U.S.-chartered banks and Edge Act subsidiaries. U.S. brokers'
and dealers' accounts may be commingled in some categories. Foreign-owned banks include U.S.
branches and agencies of foreign banks and majority-owned bank subsidiaries in the United
States.
3. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.
4. Bahamas, British West Indies (Cayman Islands), Netherlands Antilles, and Panama.
5. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting
countries.
6. Includes Eastern Europe and international and regional organizations.
Table 9:
1. Negotiable certificates of deposit issued by banks in the United States are included in banks'
custody liabilities and are separately identified in memorandum line 8. Nonnegotiable certificates
of deposit are included in time deposits.
2. Includes borrowing under Federal funds or repurchase arrangements, deferred credits, and
liabilities other than deposits.
3. Mainly negotiable and readily transferable instruments, excluding U.S. Treasury securities.
4. U.S. Treasury notes denominated in foreign currencies and subject to restricted transferability that were sold through foreign central banks to domestic residents in country of placement.
None of these notes were outstanding after July 1983.
5. Mainly International Bank for Reconstruction and Development (IBRD), International Development Association (IDA), International Finance Corporation (IFC), Asian Development Bank
(ADB), Inter-American Development Bank (IDE), and the Trust Fund of the International Monetary Fund.
6. U.S.-owned banks are mainly U.S.-chartered banks and Edge Act subsidiaries. U.S. brokers'
and dealers' liabilities may be commingled in some categories. Foreign-owned banks are U.S.
branches and agencies of foreign banks and majority-owned bank subsidiaries in the United
States.
7. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.
8. Bahamas, British West Indies (Cayman Islands), Netherlands Antilles, and Panama.
9. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting
countries.
10. Includes Eastern Europe and international and regional organizations.
Table 10:
For footnotes 1-11, see table 1.
12. The "European Communities (10)" includes the "European Communities (6)," United Kingdom, Denmark, Ireland, and Greece. "European Communities (12)" reflects the admission of
Spain and Portugal in 1986.
13. The "European Communities (6)" includes Belgium, France, Germany, Italy, Luxembourg,
Netherlands, European Atomic Energy Community, European Coal and Steel Community, and
European Investment Bank.
14. Includes, as part of international and unallocated, the estimated direct investment in foreign affiliates engaged in international shipping, in operating oil and gas drilling equipment that
is moved from country to country during the year, and in petroleum trading.
15. Details not shown separately; see totals in lines 51 and 58.
16. Details not shown separately are included in line 63.

58

SURVEY OF CURRENT BUSINESS

September 1986
Table 10.—U.S. International
[Millions
European Communities (10) 12

Western Europe
Line

(Credits +; debits -)

x

1 Exports of goods and services

2

I

II

1985

1986

1985
1985

III

IV

lr

UP

1985

I

II

106,677

24,249

26,276

25,945

30,207

28,731

28,136

85,404

19,468

21,193

56,015
2,200

14,945
614

14,040
492

12,535
661

14,495
433

15,268
640

14,957
648

45,191
1,453

12,201
443

11,507
354

Travel ...
Passenger fares
Other transportation

2,263
1,116
4,318

498
256
978

573
282
1,088

661
328
1,123

531
250
1,128

591
310
1,080

719
322
1,097

1,731
894
3,222

381
210
729

430
233
801

7
8
9
10
11

Royalties and license fees from affiliated foreigners 4
Royalties and license fees from unaffiliated foreigners
Other private services from affiliated foreigners
Other private services from unaffiliated foreigners
U.S. Government miscellaneous services

2,687
634
794
1,604
191

549
155
169
391
62

630
157
174
396
24

517
160
185
405
55

992
162
266
413
51

542
177
200
419
57

753
182
275
421
24

2,330
516
675
1,283
156

484
125
147
312
40

553
128
152
315
20

12
13
14

Receipts of income on U.S. assets abroad:
Direct investment
Other private receipts
U.S. Government receipts

20,543
13,366
947

2,002
3,411
219

4,812
3,386
223

5,893
3,178
245

7,836
3,390
260

5,936
3,231
280

5,478
3,065
197

16,501
10,995
459

1,453
2,854
89

3,833
2,758
110

28

4

8

9

7

5

16

3

2

1

133,370 -30,053 -35,114 -33,626 -34,578

35,392

2
3

Merchandise, adjusted, excluding military 3
Transfers under'U.S. military agency sales contracts

4
5
6

15 Transfers of goods and services under U.S. military grant programs, net

.

..

16 Imports of goods and services
17
18

Merchandise adjusted excluding military 3
Direct defense expenditures

19
20
21

Travel
Passenger fares
Other transportation . .

22
23
24
25
26

Royalties and license fees to affiliated foreigners 4
Royalties and license fees to unaffiliated foreigners . . . .
Other private services to affiliated foreigners..
Other private services to unaffiliated foreigners
U S Government miscellaneous services

27
28
29

Payments of income on foreign assets in the United States:
Direct investment
Other private payments .
U.S. Government payments

-77,454 -17,416 -19,838 -18,805 -21,395 -21,266
-7,565 -1,778 -1,797 -1,832 -2,157 -2,067
..

.

. .

30 U.S. military grants of goods and services, net

37,781 -107,252 -23,824 -28,219
22986
-2,021

62591 -13,939 -16,039
-7,097 -1,637 -1,678

582
-1,105
1 126

1743
-1,908
1321

2214
-1,368
1340

956
-1,030
1383

-599
-1,080
1,223

-1,423
-1,394
-1,291

-4,374
4050
-3,683

-373
-277
64
771
-580

-102
68
6
172
-165

-83
69
8
-182
-137

-92
69
9
215
-135

-97
-71
42
202
-143

-110
-78
39
212
-138

-109
-79
-2
-219
-115

292
-231
164
-630

-87
-57
23
-140
-95

-67
-57
31
-148
101

-6,331
-14,904
-9,105

-1,774
-3,419
2352

-2,101
-3,679
2264

-1,523
-3,747
-2,294

-932
-4,059
-2,195

-2,066
4328
-2,264

-1,278
-4,624
-2,241

5552
-12,010
-6,522

-1,481
-2,655
1,688

-1,856
-2,973
1,597

7

-5

-16

-3

2

1

60

-270

82

2

6

-29
-179
148

-285
-185
200

-20
-525
627

-6
131
138

-3
131
140

-4,923 -12,226

29,321

-7,598

-1,828

-99

682

g

-28

-4

31 Unilateral transfers (excluding military grants of goods and services) net

-740

-252

-192

-92

-205

32
33
34

-543
-708
511

190
-173
110

-132
-174
115

-54
-172
135

-167
189
151

33,407

-6,903

-2,926

13,764

-9,813

2734

-668

-73

-147

1,846

-103

-2,734

-668

-73

-147

-1,846

-103

-99

135
-265
447
-48

-165
351
158
28

U.S. Government grants (excluding military grants of goods and services)
U.S. Government pensions and other transfers .
Private remittances and other transfers

35 U.S. assets abroad, net (increase/capital outflow ( — ))
36
37
38
39
40

U.S. official reserve assets, net 5
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies

41
42
43
44

U.S. Government assets, other than official reserve assets net
U.S. credits and other long-term assets
Repayments on U S credits and other long-term assets 6
U.S. foreign 'currency holdings and U.S. short-term assets, net.

45
46
47
48
49

U.S. private assets, net
Direct investment
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns
U S claims reported by U S banks not included elsewhere

.

..

50 Foreign assets in the United States, net (increase/capital inflow (+))
51
52
53
54
55
56
57

Foreign official assets in the United States net
U.S. Government securities7
U.S. Treasury
securities ....
Other8
Other U.S Government liabilities 9
U S liabilities reported by U S banks not included elsewhere
Other foreign official assets 10

58
59
60
61
62
63

Other foreign assets in the United States net
Direct investment
U.S. Treasury securities
U.S. securities other than U S Treasury securities
.
.
.
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
U.S. liabilities reported by U S banks not included elsewhere

64 Allocations of special drawing rights

.

..

Memoranda:
Balance on merchandise trade (lines 2 and 17) X 1
Balance on goods and services (lines 1 and 16)
Balance on goods services and remittances (lines
67 33 and 34)
Balance on current account (lines 67 and 31) X1
See footnotes on page 57.




328
-792
1,173
52

42
191
300
-67

-31,000
-14,612
-9,676
-373
6339

-6,277
-914
-1,838
332
3 857

71,208

7,580

4,919

5946

(15)
(15)
(15)

(15)
(15)
(15)

-8

OQO

-1,428
1,375
-932

-682

-66

-682

682

-66

319
-112
459
-28

16
-23
101
-62

2
-64
56
10

-4,955 -11,962
—5,930 -3,156
-5,831 -3,730
-384
n.a.
7,190 -5,075

-28,958
-12,227
-10,474
-317
5,941

-6,932

1,764

1,909
214
-3,833

-3,561
121
3,231

187
159
339
6

149
-182
332
-1

-2,804 -13,804
-2,357 -5,191
-3,536 -2,217
24
-577
5819
3,065

8,116
— 6,151
-2,085
-152
272

14,653

21,557

27,418

11,966

32,134

60,634

7,122

11,652

6,701

4,209

-46

-1,975

7,312

(16)
(16)
(16)
(16

(16)

(16)
(16)
(16)
(16)

65

-12
(16)
(16)

-50
261
202
10

(15)
(15)
(15)

(15)
(15)
(15)

(15)
(15)
(15)

(15)
(15)
(15)

(15)
(15)
(15)

(16)
(16)
(16)

415

110
(15)
(15)

(15)
(15)

29

(15)
(15)

183
(15)
(15)

(15)
(15)

8

368

(15)
(15)

66,290
13,127

13,526
2,917

7,952
3,967

17,348
4,240

27,464
2,003

13,941
375

24,822
1,722

(16)

(16)

(16)

9,602

2,089

3,057

41,503
716

8,493
-921

5,041
-326

9,622
1,089

18,347
874

14,414
-523

16,587
n.a

37,481
364
16
13,122

8,066
-859
-2,162

4,910
-496
16
4,245

-10,368

5,379

-2,698

-321

-9,994

-9,547

4,830

-2,803

21439
-26,693
26891
-27,433

-2,471
5,804
-5,867
6,056

-5,798
-8,837
-8,897
-9,029

-5,998
-6,661
-6,692
-6,721

-8,029
-9,645
-9,630
-9,915

17400
-21,848
21746
-21,766

-1,738
-4,356
-4,349
-4,355

-4,532
-7,026
-7,018
-7,021

(15)

(15)

(15)

(15)

93

(15)

(15)

(15)

(15)

(15)

(15)

(15)

(15)

(15)
(15

(15

(15

(16
(16

(16)

(16)

16

-64

(16)
(16)

(16)

....

65 Statistical discrepancy, and transfers of funds between foreign areas, net (sum of
above items with sign reversed).
66
67
68
69

-433
-839
-796

-5,495
-5,411
5,170

-21 -13,028

-6,270
-7,680
-7,718
-7,772

-6,900
-4,371
-4,409
-4,577

SURVEY OF CURRENT BUSINESS

September 1986

59

Transactions, by Area
of dollars]

EC (12)12

European
Communities (10)

1986

19o5

European Communities (6) *3

United Kingdom

1985

r

1985

1985

III

IV

Ir

UP

12,499

12,876

15,072

15,257

14,794

1

8,018
167

7,066
254

8,284
196

8,940
191

8,649
343

2
3

248
112
413

286
115
480

372
153
490

273
94
485

287
142
484

360
140
479

4
5
6

1,694
359
310
715
81

351
87
62
175
8

407
89
71
177
9

323
91
62
180
17

614
92
115
184
47

354
99
55
187
11

487
104
108
191
17

7
8
9
10
11

1,237
1,621
5

8,819
3,383
295
(*)

317
878
66

1,745
854
81

2,969
819
80

3,788
832
68

3,567
830
109

3,042
773
101

12
13
14

(*)

(*)

(*)

-8,739

-8,966

-69,325

-15,623

-18,021

-17,337

-18,343

-17,758

-19,725

16

-4,002
-224

-3,500
-228

-3,877
-220

-45,178
-5,994

-10,290
-1,360

-11,607
-1,397

-10,811
-1,481

-12,470
-1,755

-12,241
-1,635

-13,554
-1,608

17
18

-644
-392
-232

-331
-303
-219

-158
-296
-184

-426
-353
-192

-2,323
-2,174
-2,071

-247
-463
-441

-765
-748
-549

-890
-515
-515

-421
-448
-567

-240
-425
-509

-616
-571
-537

19
20
21

-22
-22
25
-62
-21

-21
-22
7
-65
-14

-22
-23
29
-68
-7

-19
-30
27
-71
-16

-23
-31
12
-74
-8

-204
-140
80
-329
-274

-67
-35
5
-70
-61

-44
-35
11
-75
-69

-47
-35
11
-102
-76

-47
-36
54
-83
-69

-49
-34
41
-85
-77

-55
-34
43
-88
-60

22
23
24
25
26

-781
-1,865
-516

-953
-2,150
-501

-453
-2,248
-462

-223
-2,456
-444

-1,032
-2,777
-454

-239
-3,026
-511

-3,077
-3,192
-4,448

-694
-765
-1,136

-888
-798
-1,059

-983
-754
-1,139

-513
-875
-1,114

-644
-806
-1,052

-702
-897
-1,047

27
28
29

(*)

(*)

(*)

(*)

(*)

43

56

76

55

73

81

-2

40

31

-22
103

-7
_7
-84
84

-2

-22
94

-15
3
-85
73

25

—20
-337
356

-5
g
-84
85

—4
-84
114

—4
-87
88

—3
-88
131

32
33
34

-2,723

-1,887

-5,999

-12,329

-2,283

-501

-5,113

-4,432

-3,423

-5,864

35

-1

-1

-1

-663

-666

-65

-48

116

-550

-1,660

-1

-1

-1

-1

-663

-666

-65

-48

116

-550

-1,660

36
37
38
39
40

7
—2
13
-4

111

59

6

150

-13

33

107

24

-3

46

110
1

63
-3

11
-5

176
-25

46
-59

26
6

81
26

22
2

23
-26

18
28

41
42
43
44

-887
-1,445
-1,965
109
2,413

-7,452
-1,663
-1,838
-686
-3,266

-2,833
-987
-1,013
177
-1,010

-1,946
-2,161
-5,862
-359
6,436

-6,004 -11,816
-1,027
-6,034
-2,221
-4,922
124
n.a.
-2,756
-984

-1,604
-114
-576
260
-1,174

-469
99
-1,489
20
901

-5,172
-2,758
-1,147
18
-1,285

-4,572
-3,262
-1,710
-174
574

-2,871
-2,435
-1,562
89
1,037

-4,250
-1,440
-1,262
n.a.
-1,548

45
46
47
48
49

10,221

19,232

16,126

-4,892

4,813

9,258

2,989

-742

(16)

(16)
(16)
(16)
(16)

(16)

6
(16)
(16)

(16)
(16)

II

6,987

7,370

I

IV

I

II"

20,805

23,938

24,597

23,893

10,029
375

11,454
281

13,343
532

12,783
530

11,087
401

3,298
104

2,798
153

2,400
79

2,591
65

2,845
139

2,827
100

31,639
884

8,271
267

511
253
853

409
198
839

480
275
909

573
286
907

435
351
770

106
86
173

110
103
186

114
89
210

105
73
201

133
103
190

139
113
186

1,179
474
1,869

461
130
148
324
49

832
132
228
333
47

493
153
185
346
53

681
158
249
347
20

554
138
265
491
69

116
34
63
120
30

130
34
56
120
9

123
35
69
125
29

185
35
77
126
(*)

107
38
72
128
38

145
40
87
119
3

4,923
2,646
104

6,292
2,738
155

4,856
2,789
184

4,655
2,545
158

6,513
7,259
87

958
1,890
8

1,847
1,816
8

1,681
1,740
9

2,027
1,813
63

1,109
1,817
7

(*)

1

3

14

-27,197

-28,012

-28,820

-31,325

-32,784

-7,074

-8,946

-8,472

-8,292

-15,308
-1,731

-17,305
-2,051

-17,255
-1,973

-19,112
-1,928

-14,474
-855

-2,974
-230

-3,748
-226

-3,750
-176

-1,702
-994
-960

-811
-842
-994

-468
-896
-989

-1,201
-1,117
-1,045

-1,645
-1,535
-814

-152
-288
-169

-518
-552
-195

-69
-58
22
-179
-101

-70
-59
88
-164
-86

-70
-65
73
-173
-112

-79
-66
52
-179
-91

-83
-89
83
-256
-66

-18
-22
23
-60
-24

-1,451
-3,027
-1,639

-765
-3,355
-1,598

-1,682
-3,651
-1,559

-951
-3,987
-1,622

-2,410
-8,718
-1,923

(*)

-1

-3

-14

33

42

8

12

231

-7
-132
171

-4
-132
179

-14
-150
172

58
-152
222

-83
314

-20
63

-21
77

-21
97

-21
77

-12,318

-7,576

-5,532

-11,989

-16,187

-5,110

-909

-7,446

-49

115

-550

-1,661

-18

-16

-1

-1

-49

115

-550

-1,661

-18

-16

-i

142
-7
135
15

159
-18
168
9

99
-89
229
-40

-123
-253
105
25

119
37
158
-2

22

(*)

-21
—35
13
1

-12,412
-4,642
-2,318
-689
-4,763

-7,850
-4,626
-2,686
37
-576

-5,081
-4,932
-7,388
-262
7,501

-10,206 -16,288
-2,796 -5,208
-3,458 -6,170
n.a.
-460
-3,952 -4,450

-5,115
-1,113
-1,355
-60
-2,587

19,790

22,069

15,379

(16)
(16)
(16)
(16)

81
(16)
(16)

(16)

60
(16^
(16)

(16)

16

3,632

823

(16)

(16)

8,778
1,010
6,289

-19
(16)
(16)

15,727
709
4,750

16

(16)

11,736
-428
4,316

11,803

6,345

(16)
(16)
(16)
(16)

(16)
(16)
(16)
(16)

113
(16)
(16)

34
(16)
(16)

35

-68

(16)
(16)

(16)

(16)

(16)

(16)

16

22

(16)
(16)
(16)
(16)

47,601

1,153

-226
16

28,421

III

(16)
(16)
(16)
(16)

25,452

(16)
(16)
(16)
(16)

13,195
n.a.
10,992

(16)

(16)

1,262

1,922

(16)

(16)

(16)

34,175
478
7,611

16

8,891
-558
2,173

4,442
320
369

16

IV

12,169

(16)
(16)
(16)
(16)

(16)
(16)
(16)
(16)

(16)
(16)

43
(16)
(16)

11
(16)
(16)

(16)
(16)

(16)

(16)

-25

(16)

7,807
660
-529

51,701

15,625

92

(16)

6,621

6,726

(16)
(16)
(16)
(16)

(16)
(16)
(16)
(16)

2,192
16

"

(16)
(16)
(16)
(16)
(16)
(16)

II '

l

7,361

6,703

(16)
(16)

5,303
16

Line

II

I

III

(16)
(16)
(16)
(16)

1986

1985

1986

-72

133

(16)

(16)

13,035
696
5,598

16

10,653
449
5,747

16

29

(16)

(16)

3,889

-657
(16)

11,578
na
4,692

16

(16)

18

11,254

(*)

(16)
(16)
(16)
(16)

8
(
|
)

(16)

3

-19

(16)
(16)

(16)
(16)

(16)

(16)

(16)
(|«)

39
(16)

(16)

631

1,135

1,453

670

(16)

(16)

(16)

(16)

3,254
-829
— 135 18 —286
5,132 -4,390

16

442
— 189
3,422

18

979
340
6,481

-381

30

8,216

50

(16)
(16)
(16)
(16)

(16)
(16)
(16)
(16)

(*)
(16)
(16)

-83
(16)
(16)

51
52
53
54
55
56
57

(16)

(16)

-357

1,785

(16)

2,662
16

15

16

1,035
— 13
-1,408

(16)

16

1,517
na
4,997

58
59
60
61
62
63
64

-1,113

-10,461

-5,634

-6,043

-27,282

-6,649

-3,917

-1,083

-15,633

-12,299

-7,361

17,786

11,549

1,225

-5,279
-6,392
-6,352
-6,359

-5,851
-4,074
-4,027
-4,032

-3,912
-4,222
-4,200
-4,214

-6,329
-7,432
-7,362
-7,420

-3,387
-4,363
-4,132
-4,132

324
-87
-44
-44

-950
-1,576
-1,519
-1,519

-1,350
-1,769
-1,693
-1,693

-1,411
-932
-876
-876

-655
-2,013
-1,940
-1,940

-1,050
-2,346
-2,265
-2,265

-13,539
-17,624
-17,605
-17,625

-2,019
-4,369
-4,368
-4,374

-3,589
-5,522
-5,534
-5,537




323

4,689

6,669

2,539

65

-3,745
-4,461
-4,461
-4,468

-4,186
-3,271
-3,242
-3,246

-3,301
-2,501
-2,499
-2,503

-4,905
-4,931
-4,888
-4,891

66
67
68
69

60

SURVEY OF CURRENT BUSINESS

September 1986
Table 10.—U.S. International
[Millions

Eas1 tern Europ>e
(Credits +; debits -)l

Line

Canada

1985

1 Exports of goods and services 2

.

2
3

Merchandise, adjusted, excluding military 3. .. . J
Transfers under U S military agency sales contracts

4
5
6

Travel
Passenger fares
Other transportation

I

3,812

II

1,331

3258

1 183

98

7
8
9
10
11

Royalties and license fees from affiliated foreigners 4
Royalties and license fees from unaffiliated foreigners
Other private services from affiliated foreigners
Other private services from unaffiliated foreigners
U.S. Government miscellaneous services

12
13
14

Receipts of income on U.S. assets abroad:
Direct investment
Other private receipts
U.S. Government receipts

.

...

41

1985

19? 6

19£ 5
III

\r

IV

I

UP

II

968

514

998

927

643

70,541

17,038

19,683

861

351

863

834

524

53,879

13,382

15,125

111

16

25

3,037

909

797

926

213

237

477
86
767
700
52

118
21
183
176
1

91
21
226
172
25

359

1,340
1,615

18

16

23

23

19

24

6

6

6

6

7

7

83
11

20
9

21
1

21
1

21
1

22
2

22
1

166
172

44
28

47
16

40
79

35
49

37
7

39
27

— 2,205

— 562

—578

508

— 558

— 553

-1,847

3

483
1

496
1

391
1

477
1

474
1

96

6

23

58

9

4

-45

-37

-33

-48

(*)

(*)

(*)

(*)

4070
6,383

1,642

53

19

8

—688

—78,891

-18,936

-20,768

-591

-71,173

-17,354

-18,855

15 Transfers of goods and services under U S military grant programs net
16 Imports of goods and services

...

.

,

3

17
18

Merchandise, adjusted, excluding military
Direct defense expenditures

19
20
21

Travel
Passenger fares
Other transportation...

22
23
24
25
26

Royalties and license fees to affiliated foreigners 4
Royalties and license fees to unaffiliated foreigners
Other private services to affiliated foreigners
Other private services to unaffiliated foreigners
U.S. Government miscellaneous services

27
28
29

Payments of income on foreign assets in the United States:
Direct investment
Other private payments
U.S. Government payments
....

. .

,

-163

.

2
. , .,

1

250

125

16

2694

273

640

-51

-51

-725

141

-204

(*)

(*)

-15
— 12
-326

4
-3
-112
-123

-46

4
-3
76
-99
-26

25
40

6
12

6
8

6
11

7
9

7
_9

7
—11

29

8

7
(*)

7
_1

7
_1

6
_1

-10
(*)

-695
-1,969
-503

31 Unilateral transfers (excluding military grants of goods and services) net

197

47

50

51

50

34

-36

-235

32
33
34

50
21
126

12
6
29

16
6
29

12
4
34

10
6
34

2
-6
26

-5
—6
-26

425

10

—5

144

277

39
60
90
9

9
6
11
3

10
43
34
—2

8
10
-2

33
11
34
9

14
-2

28
5
33
(*)

386

1

5

136

244

324

347

1083

8
332

-3
n,a
344

-1,686

1319

2125
1,068
-407
-229
-2,557

3

200

1,153

408

-711

)
)
)
)
)
)
)

(16)
(16)
(16)
(16)

213

-158

(15)
(15)
(15)

198
(* )
(i )
(i )

i
(16)
(16)

(*)
(15)
(15)

(i )
(i )

(15)
(15)

210
300

-553

—1

423

-107

-8
-132
-545

116

-200
-495
-122

30 U.S. military grants of goods and services, net

U.S. Government grants (excluding military grants of goods and services)
U.S. Government pensions and other transfers
...
Private remittances and other transfers

35 U.S. assets abroad, net (increase/capital outflow (— ))
36
37
38
39
40

U.S. official reserve assets, net 5
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies

41
42
43
44

U.S. Government assets, other than official reserve assets net
U.S. credits and other long-term assets
Repayments on U.S. credits and other long-term assets 6
U.S. foreign currency holdings and U.S. short-term assets, net

45
46
47
48
49

U.S. private assets, net
Direct investment
Foreign securities ...
U.S. claims on unaffiliated foreigners reported by U S nonbanking concerns
U.S. claims reported by U S banks not included elsewhere

50
336

50 Foreign assets in the United States, net (increase/capital inflow (+))

1

17

10
126

22
27

115

30

33
211

12

69

-57

272
37

67
7

-68
11

1,173

-2,082

683

90
_7
94

43

36

49
-6

17
19

769

681

(16)
(16)
(16)
(16)

(i
(i
(i
(i

(16)
(16)
(16)
(16)

(16

1
(16)
(16)

(i
(i

(*)
(16)
(16)

1
(16)
(16)

(i
(i
(i
(i
(
(i
(i

(16)

(16)

(16)

(16)

(16)

(16)

(16

1,366

(16)

(16)

(16)

(16)

(16)

(16)

(16

(15

(15)

543

266

51
52
53
54
55
56
57

Foreign official assets in the United States, net
U.S. Government securities
...
U.S. Treasury securities 7
Other 8
Other U.S. Government liabilities 9
U.S. liabilities reported by U.S.
banks, not included elsewhere
Other foreign official assets 10

(i
(i
(i
(i
(
(i
(i

58
59
60
61

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

62
63

29
28

-320

-312

-60

)
)
)
)
)
)
)

-29
12

16

16

4
g

-11

16 43

16

i

117

(16
(16
(16)

-24
16

92

572

11

648
-974
-243

372

1,492

(15)
(15)
(15)

15

296
(15)

15

n.a
198

-526

-276

-205

(15

(15)

(15)

-30

201

6,259

3,631

1,170

360

67

17294
8350
8584
8584

3972
1897
1 957
1957

3730
1085
1 142
1142

-15
16

18

16

64 Allocations of special drawing rights
65 Statistical discrepancy, and transfers of funds between foreign areas, net (sum of
above items with sign reversed).

Memoranda:
66 Balance on merchandise trade (lines 2 and 17)
67 Balance on goods and services (lines 1 and 16) J1
68 Balance on goods, services and remittances (lines 67 33 and 34)
69 Balance on current account (lines 67 and 31) 11
See footnotes on page 57.




-1,817

1411
1,606
1460
1,410

-732

700

770
735
723

-365

365

390
356
340

16

40

6
32
45

-736

386

441
401
391

374
342
340

45
77
8

September 1986

61

SURVEY OF CURRENT BUSINESS

Transactions, by Area—Continued
of dollars]
Canada

Japan

Latin American Republics and Other Western Hemisphere

1985

1986

1986

1985
1985

III

IV

lr

HP

16,988

16,832

17,524

18,252

62,992

12,761
31

12,611
39

13,044
24

13,535
30

30,788
478

776

555

928

803

221

256

210

129
22
167
177
12

139
22
192
175
13

107
25
211
195
2

1,110
1,563
19

1,261
1,562
7

-19,249

Line

1986

1985
1985

Ir

II"

8,738

8,864

11,260

1

5,649
61

5,434
83

7,813
43

2
3

268
177
504

402
192
504

365
285
517

4
5
6

123
145
-25
67
5

187
147
-42
68
3

132
163
-40
70
10

158
165
-35
72
2

7
8
9
10
11

175
757
37

483
720
48

907
759
51

959
858
97

914
886
76

12
13
14

-17,671

-19,176

-19,748

-21,465

-21,517

-24,265

16

-65,653
-1,588

-14,907
-368

-16,247
-404

-16,542
-359

-17,957
-456

-18,164
-428

-20,539
-430

17
18

-1,597
—208
-418

-454
311
-2,727

-70
63
-606

-158
112
-630

-119
—87
-759

-107
—49
-731

-114
—72
-709

-251
-113
-736

19
20
21

-5
-3
1
-513
-82

-6
-3
-17
-502
-57

-71
-66
321
-120
-42

-18
-16
53
-27
-11

-15
-16
62
-29
-7

-18
-17
95
-31
-16

-21
-17
111
-34
-8

-24
-23
104
-38
-21

-28
-24
99
-40
-12

22
23
24
25
26

433
-3,114
-279

36
-3,174
-310

118
-2,888
-310

-1,709
-1,628
-4,013

-427
-385
-825

-323
-395
-902

-437
-378
-1,081

-522
-470
-1,205

-244
-529
-1,255

-369
-570
-1,252

27
28
29

7

4

16

1

-643

-630

-632

-659

-54

-22

(*)

-11

-20

-25

-19

31

—512
-91
-174

—361
-105
-177

—348
-101
-180

—388
-94
-149

—382
-114
-163

6
-59

-7
-16

14
-14

4
-15

-6
-15

-8
-17

-8
-12

32
33
34

6,172

-659

6,824

-9,534

1,236

-5,136

-6,071

-518

2,004

-806

-6,751

-4,972

-3,448

35

500

143

143

75

— 1,635

—82

32

241

—1,280

—83

72

36
37
38
39
40

II

III

IV

Ir

U"

15,600

15,514

15,873

16,005

14,747

15,356

7,567
96

7,572
125

7,600
169

8,049
87

7,101
67

7,951
91

209

3,567
459
1,685

874
99
363

917
115
382

878
153
484

898
92
457

818
115
374

151
25
241
194
4

133
97
174
1,414
104

33
24
64
360
22

24
24
35
353
31

28
24
55
338
27

47
25
20
362
24

1,195
1,564
19

1,495
1,560
7

2,724
20,796
574

595
5,411
92

495
5,239
202

726
5,205
187

909
4,941
94

10

1

1

1

7

4

16

1

-19,938

-19,070

-20,009

-70,318

-17,806

-17,422

-17,446

-17,643

-17,198

-16,473

-16,656
-53

-18,308
-27

-17,612
-58

-18,050
-60

-46,110
-306

-11,319
-69

-11,212
-74

-11,489
-90

-12,090
-73

-10,731
-88

-1,319

-462

-325

-790

-187

-194

-147

-170

-5,748
—626
-1,878

-1,616
150
-412

-1,418
— 197
-459

-1,337
183
-504

-1,377
—96
-504

-5
-3
-75
-100
-46

-2
-3
-63
-102
-27

_4
-3
-24
-104
-9

-5
-3
62
-106
-11

-19
-14
30
-1,918
-268

-4
-3
-7
-505
-67

-2
-3
9
-481
-67

-7
-3
21
-451
-75

-197
-477
-131

-165
-451
-134

-140
-521
-123

-244
-484
-149

290
-12,891
-862

-108
-3,391
-155

-58
-3,272
-189

— 10

1

-53

-66

-57

-75

-2,709

-69
16

-69
4

-71
14

-72
-3

1,153

1,419

-4,737

199

I

IV

I

II

32,792

8,226

7,760

8,068

22,145
385

5,857
119

5,356
86

5,283
119

867
137
444

1,418
798
1,995

392
191
504

335
272
467

423
158
520

32
27
55
390
29

39
27
62
365
21

476
576
-101
263
15

86
141
-20
64
5

79
143
-15
65
2

806
4,802
131

657
4,550
146

1,594
3,045
184

30
809
48

-78,059

-10,497
-88

-1,770
— 160
-400

-7
-3
8
-480
-59

1

23
-3,113
-239
_j

-660

-777

— 1617
-405
-687

—397
-108
-155

2,804
500

III

1

15

1

30

500

500

—143

143

—75

— 1,635

—82

—32

—241

—1,280

-83

-72

-1,042
2310
1,214
54

-228
—399
206
-35

-287
—945
454
205

-249
—550
321
-19

-278
—415
233
-96

-86
—399
280
33

-124
—487
369
-6

86
— 13
99
-1

23
— 13
34
2

17

33

12

35

14

13
6

4
_7
14
-4

18
-1

33
(*)

14
-2

33
3

1,403
-720
-309
846
1,585

-4,756
-1,003
-1,029
-806
-1,918

195
-496
-189
n.a.
880

3,345
-3,875
1,957
781
4,483

5,900
607
372
653
4,267

-229
-1,373
860
983
-699

6,931
-1,809
545
-565
8,760

-9,256
-1,300
179
-290
-7,845

1,322
-2,650
378
-2,076
5,669

-4,937
-1,493
1,289
n.a.
-4,733

-4,522
-1,131
-782
50
-2,659

-460
-49
-607
-119
315

2,019
108
564
411
936

-598
-227
-346
-360
335

-5,483
-963
-393
118
-4,245

-4,925
-511
629
338
-5,381

13
(*)
-3,389
-712
-123
n.a.
-2,555

1,329

127

6,597

2,216

20,191

3,441

12,460

-2,099

4,763

31,930

4,473

4,942

12,095

10,421

10,976

6,848

-6

-246

159

111

(15)
(15)
(15)

(15)
(15)
(15)

(16)
(16)
(16)
(16)

(16)
(16)
(16)
(16)

-5
_7
12
-10

16

19

16
(*)

1,158
1,394
-727
-308
799

(15)
(15)
(15)

(15)
(15)
(15)

4
(15)
(15)

(15)
(15)

28
(15)
(15)

(15)
(15)

1,335
-105

374
81

6,438
884

(15)

(15)

2,105
1,275

(15)

(15)

99
-139

163
94

-91
-80

(15)

(15)

(15)

1

27

407
n.a.
(15)

2,845

1,445

(16)
(16)
(16)
(16)

(16)
(16)
(16)
(16)

(16)
(16)
(16)
(16)

(16)
(16)
(16)
(16)

(16)
(16)
(16)
(16)

-142
(16)
(16)

43

61
(16)
(16)

-186
(16)
(16)

-60

-3

52

(16)
(16)

(16)
(16)

(16)
(16)

(16)
(16)

(16)

(16)

(16)

(16)

(16)

684
(16)

236

89
(16)

995

2,209
-2,076
19,516

16

(16)

510
-1,296
3,948

16

16

660
-719
2,754

(16)

(16)

16

117
-527
1,046

16

-637

-439

(16)

(16)

922
466
11,768

16

543
-688
-1,513

-202

(16)
(16)
(16)

(16)
(16)
(16)
(16)

(16)
(16)
(16)
(16)

-62

(16)

-130

(16)
(16)

(16)
(16)

-17
(16)
(16)

7
(16)
(16)

(16)

(16)

(16)

(16)

(16)

216

3,081

232

(16)

(16)

771
(16)

828
(16)

(16)

16

(16)
(16)
(16)
(16)

(16)
(16)
(16)
(16)

1,900
n.a.
2,595

16

5,717
502
22,832

16

237
-186
4,320

16

1,309
29
2,850

18

1,317
377
9,565

40

-109

(16)
(16)

(16)
(16)

(16)
(16)

(16)

(16)

(16)

1,250
(16)

16

(16)
(16)
(16)
(16)

(16)
(16)
(16)
(16)

2,854
282
6,097

16

505

301

(16)

(16)

2,881
288
7,411

16

2,424
n.a.
4,083

41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64

-168

1,626

-257

-582

-12,959

-6,746

499

-6,053

-659

3,946

2,149

19,463

5,513

4,471

402

9,077

6,674

9,624

65

-3,895
-2,261
-2,314
-2,314

-5,697
-3,106
-3,171
-3,171

-4,568
-1,546
-1,603
-1,603

-4,515
-1,758
-1,833
-1,833

-15,322
-7,326
-8,419
-10,036

-3,752
-2,207
-2,470
-2,866

-3,640
-1,909
-2,174
-2,686

-3,889
-1,573
-1,855
-2,216

-4,041
-1,638
-1,920
-2,268

-3,630
-2,451
-2,695
-3,083

-2,546
-1,117
-1,394
-1,776

-43,508
-45,267
-45,321
-45,321

-9,050
-9,445
-9,467
-9,467

-10,891
-11,416
-11,416
-11,416

-11,259
-11,680
-11,691
-11,691

-12,308
-12,727
-12,747
-12,747

-12,730
-12,653
-12,678
-12,678

-12,726
-13,005
-13,024
-13,024

66
67
68
69




62

SURVEY OF CURRENT BUSINESS

September 1986
Table 10.—U.S. International
[Millions
Australia, New Zealand, and South Africa

Line

1985
1 Exports of goods and services

2

2
3

Merchandise, adjusted, excluding military 3
Transfers under U S military agency sales contracts

4
5
6

Travel
Passenger fares
Other transportation

.

7
8
9
10
11

Royalties and license fees from affiliated foreigners *
Royalties and license fees from unaffiliated foreigners
Other private services from affiliated foreigners
.
Other private services from unaffiliated foreigners
U.S. Government miscellaneous services

12
13
14

Receipts of income on U.S. assets abroad:
Direct investment
Other private receipts
U.S. Government receipts

.

.

.

1986

1985

(Credits +; debits -) *

.
.

....

II

I

Ir

IV

III

II *

10,804

2,259

2,669

3,126

2,751

2,987

2,616

6,967
586

1,704
133

1,679
145

1,880
151

1,704
157

1,859
100

1,580
112

442
241
348

85
39
89

142
73
85

144
65
88

71
64
85

87
42
79

151
72
90

235
65
232
267
29

47
16
43
64
4

54
16
55
65
1

61
16
70
68
14

73
17
64
70
10

51
18
48
71
6

75
19
52
71
(*)

483
882
28

-202
232
5

118
231
4

351
205
12

215
214
7

417
203
5

186
201
7

-7,610

1783

-1,920

2,024

-1,884

-1,887

1,849

-5,601
54

-1,272
13

-1,456
12

-1,541
-17

-1,332
-13

-1,413
15

1,383
-15

-614
397
-417

165

124

-69
-95

-90
105

-118
-124
105

-207
114
-112

-182
-86
-75

164
-90
79

(*)
-1
-1
12
-17

-1
-1
(*)
-12
-8

(*)
-13
-9

-2
-1
1
-14
-8

-1
2
1
-14
-25

-1
-2
(*)
-15
-18

15 Transfers of goods and services under U S military grant programs net
16 Imports of goods and services
17
18

Merchandise adjusted excluding military 3
Direct defense expenditures

19
20
21

Travel
Passenger fares
Other transportation

22
23
24
25
26

Royalties and license fees to affiliated foreigners 4
Royalties and license fees to unaffiliated foreigners
Other private services to affiliated foreigners
Other private services to unaffiliated foreigners
U.S. Government miscellaneous services

.

-3
-4
1
-52
-42

27
28
29

Payments of income on foreign assets in the United States:
Direct investment
Other private payments
U.S. Government payments

31
-130
327

8
34
-112

11
-32
-89

8
-31
-73

-53

4
33

14
-36
-53

7
-37
53

-71

-21

-16

-17

17

-18

-19

(*)
-5
-12

(*)
-5
13

-1
5
-13

,
,

.

30
31 Unilateral transfers (excluding military grants of goods and services) net
32
33
34

U.S. Government grants (excluding military grants of goods and services)
U.S. Government pensions and other transfers
Private remittances and other transfers

35 U.S. assets abroad, net (increase/capital outflow (—))

-1
20
-50

(*)
-5
-16

(*)
-5
-11

-1
5

828

746

352

460

-730

15

18
19
(*)

11

832

-536

5

36
37
38
39
40

U S official reserve assets net
Gold

41
42
43
44

U.S. Government 1assets other than official reserve assets net
U S credits and other long-term assets
Repayments on U.S. credits and other long-term assets 6
U.S. foreign currency holdings and U.S. short-term assets, net

48
6
56
-2

6
5
1

16
_i

9
6
17
-2

45
46
47
48
49

U.S. private assets, net
Direct investment
Foreign securities
U S claims on unaffiliated foreigners reported by U S nonbanking concerns
U.S. claims reported by U.S. banks, not included elsewhere

780
255
(*)
31
494

739
304
84
4
347

338
179
-23
-5
187

451
92
54
33
272

50 Foreign assets in the United States net (increase/capital inflow ( + ))

21

15

73

ii

4

75
-2

-748
-320
-115
-1
-312

550
-175
-630
26
228

759
78
129
n.a.
552

-509

551

1,139

312

(16)
(16)
(16)
(16)

(16)
(16)
(16)
(16)

(16)
(16)
(16)
(16)

(16)
(16)
(16)
(16)

67

81
(16)
(16)

67
(16)
(16)

-1,443

403

51
52
53
54
55
56
57

Foreign official assets in the United States, net .
U S Government securities7
U S Treasury securities
Other8
Other U S Government liabilities 9
U S liabilities reported by U10S banks not included elsewhere
Other foreign official assets

(16)
(16)
(16)
(16)

(16)
(16)

(16)
(16)

(16)
(16)

49
(16)
(16)

-17
(16)
(16)

(16)
(16)

58
59
60
61
62
63

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

(16)

(16)

(16)

334

125

(16)
(16)

(16)

26

(16)

(16)

(16)

(16)

(16)

(16)

(16)

40
(16)

189
(16)

-68
(16)

174
(16)

171
-262
-2,036

95
45
16 _474

-17
-98
-248

-48
-58
-426

141

75

-61
888

-44
" 1,095

559

16

(16)
(16)
(16)

-5
18

16

16

16

199
n.a.
-128

64 Allocations of special drawing rights
65 Statistical discrepancy, and transfers of funds between foreign areas, net (sum of above items with
sign reversed).
66
67
68
69

Memoranda:
Balance on merchandise trade (lines 2 and 17)
Balance on goods and services (lines 1 and 16) * *
Balance on goods services and remittances (lines
67 33 and 34)
Balance on current account (lines 67 and 31) ll
See footnotes on page 57.




•.

-2,508

1,366
3,194
3,125
3,124

-798

432
476
455
455

-1,107

-1,036

432

-1,685

-1,891

223
749
734
734

339
1,102
1,086
1,085

372
867
850
850

446
1,100
1,082
1,082

197
767
749
748

63

SURVEY OF CURRENT BUSINESS

September 1986
Transactions, by Area—Continued
of dollars]

International organizations and unallocated 14

Other countries in Asia and Africa

1985

1985

1986

1985

1986
lr

1985

I

II

66,134

17,583

16,904

15,847

15,799

16,033

15,708

4,747

1,289

1,210

1,200

41,180
5,243

10,634
1,722

10,797
1,335

9,700
1,064

10,049
1,121

9,985
1,108

10,024
1,423

192

75

42

75

936
375
3,671

251
70
959

239
99
873

304
129
882

142
77
958

259
53
947

244
79
950

932

229

251

193

115
218
599
1,653
288

25
53
151
410
57

27
54
141
413
89

29
55
147
413
91

35
56
161
416
51

31
62
167
423
60

35
63
149
426
53

27
311
56

(*)
5
319
57

(*)

61
1,250
184

4,630
4,561
2,664

1,407
1,216
627

1,197
1,171
469

1,089
1,109
836

937
1,066
731

1,152
1,005
782

693
938
631

277
982
869

94
245
253

-2,970

-738

III

IV

UP

I

II

(*)

Ir

IV

III

1,079

1,048

Line

UP

973

1
2
3

260

234

200

4
5
6

(*)
305
68

29
316
2

-24
329
1

12
332
1

7
8
9
10
11

102
254
181

72
235
252

9
248
184

45
234
260

29
218
182

12
13
14

-771

-712

-749

-804

-748

27

5

3

6

13

13

29

-87,769

-20,345

-22,222

-22,634

-22,568

-22,574

-22,846

-71,025
-2,153

-16,062
-592

-17,720
605

-18,406
-463

18 837
-493

18424
-432

18,625
-435

-1,401
-509
-3,521

-287
-84
-850

-406
-121
-898

-371
-152
-868

-337
-152
-906

-309
-93
-901

-413
-125
-928

14
-7
603
-548
-657

(*)
2
150
-131
-153

7
2
128
-134
176

2
-2
145
-139
-176

4
-2
181
-143
-153

-1
-2
169
-147
-162

-1
-2
151
-150
-150

-110
-1

-25
(*)

-28
-1

-28

-29

345
-3,529
-5,381

-41
-872
-1,422

-20
-856
-1,420

18
-877
-1,309

424
-925
-1,229

9
-926
-1,357

-3
-914
-1,251

-350
-1,114

-82
-314

-104
-286

-97
-240

15
16
17
18

-68
-1,327

-20
-297

-12
-341

-18
-329

-12
-351

19
20
21

-30

-29
-1

22
23
24
25
26

-67
-274

-81
-346

-52
-303

27
28
29

-18
-361

-20
-327

-27

-5

-3

-6

-13

13

29

-9,735

-1,969

-1,939

-2,767

-3,060

-1,911

-2,682

-1,242

-180

-346

-258

-458

-179

-276

31

-8,199
-313
-1,223

-1,493
-80
-396

-1,603
-79
-257

-2,443
-75
249

-2,660
-79
-322

-1,491
-80
-340

-2,325
-83
-274

-785
-438
-19

-133
-48

-315
-16
-15

-216
-40
-2

-121
-334
-2

-158
-20
1

-207
-57
-12

32
33
34

2,058

701

-2,027

-134

3,517

-884

1,819

-246

-123

-445

389

-66

430

88

35

12

17

108

124

-22

70

262

-897
908

-264
281

-180
72

-264
388

-189
168

-274
344

104
366

36
37
38
39
40

30

-1,552
-3,568
1,916
100

-615
-972
326
31

-479
-1,001
489
33

-217
-803
539
47

-241
-792
562
-11

-412
-1,042
609
21

321
-464
755
30

-821
-824
4

-209
-213
4

-244
-244

-202
-202

-165
-165

-98
-102
4

-267
-267

41
42
43
44

3,610
-117
1,288
442
1,996

1,316
-568
84
388
1,412

-1,547
-18
-196
-57
-1,277

83
-318
806
246
-650

3,758
787
594
-135
2,511

-472
-1,320
502
55
290

1,498
58
813
n.a.
627

564
-40
922
3
-321

69
-102
-266

-93
-61
249

436

-281

467
56
221
4
186

121
67
717
1
-662

457
26
-153
3
587

94
-57
247
n.a.
-96

45
46
47
48
49

3,697

-1,963

3,449

721

1,491
(i6)

4,525

3,003

388

712

130

-857

403

3,513

-2,972

50

-(16)
(16)
(16)
(16)

-138

-48

-36

-55

(')

(*)

-138

-48

-36

-55

(*)

(*)

51
52
53
54
55
56
57

166

-802

403

3,513

-2,972

(16)

(16)

(16)

(16)

57
14
-873

-62
66
"399

178
15
3,320

375
n.a.
i« -3,347

(16)
(16)
(16)
(16)

(16)
(16)
(16)
(16)
-457
(16)
(16)

425
(16)
(16)
(16)

(16)

165

-74
(16)

(16)

16

751
351
2,335

(16)
(16)
(16)
(16)

16

-24
513
-1,921

(16)
(16)
(16)
(16)

(16)

(16)
(16)
(16)

(16)
(16)

(16)
(16)

133

282

(16)
(16)

105

(16)
(16)

(16)
(16)

(16)

(16)

(16)

(16)

(16)

113

165

759

(16)

-504

526

(16)

87
(16)

(16)

(16)

235
-528
2,969

464
-169
1637

473

300

16

(16)
(16)
(16)

276

(16)

16

76
535
1,250

(16)

686
-1,010
4,402

16

16

700
n.a.
2,112

-35
152
409

16

-10
51
718

(16>
-20
21
18
165

16

16

16

58
59
60
61
62
63
64

25,615

5,994

5,834

-29,845
-21,635
-23,171
-31,370

-5,428
-2,762
-3,239
-4,732

-6,923
-5,318
-5,654
-7,256




-8,706
-6,786
-7,110
-9,553

4,822

4,812

4,997

-677

-959

222

238

-179

-4,039

2,936

65

-8,788
-6,769
-7,169
-9,829

-8,439
-6,542
-6,962
-8,453

-8,601
-7,138
-7,495
-9,820

192
1,777
1,320
535

75
551
504
371

42
439
408
93

75
488
446
230

299
-37
-158

275
254
96

225
155
-52

66
67
68
69

64

September 1986

SURVEY OF CURRENT BUSINESS

Summary National Income and Product Series:
Annually, 1929-85, and Quarterly, 196O-85
Table 1.—Gross National Product
[Billions of dollars; quarterly data are seasonally adjusted at annual
Personal consumption expenditures
Year and
quarter

1929
1930
1931
1932
1933
1934.
1935
1936
1937
1938
1939
1940
1941 ....'.
1942
1943
1944
1945
1946
1947.....
1948
1949
1950.....
1951
1952
1953
1954
1955
1956
1957
1958
1959
I960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976 . ..
1977
1978
1979
1980
1981
1982
1983
1984
1985
1960: I
II
Ill
IV
1961: I
II
HI
IV......
1962: I.
II..
Ill
IV
1963: I

n

Ill
IV
1964: I
II
III
IV
1965: I

n

HI
IV

GNP

103.9
91.1
76.4
58.5
56.0
65.6
72.8
83.1
91.3
85.4
91.3
100.4
125.5
159.0
192.7
211.4
213.4
212.4
235.2
261.6
260.4
288.3
333.4
351.6
371.6
372.5
405.9
428.2
451.0
456.8
495.8
515.3
533.8
574.6
606.9
649.8
705.1
772.0
816.4
892.7
963.9
1,015.5
1,102.7
1,212.8
1,359.3
1,472.8
1,598.4
1,782.8
1,990.5
2,249.7
2,508.2
2,732.0
3,052.6
3,166.0
3,405.7
3,765.0
3,998.1
516.1
514.5
517.7
513.0
517.4
527.9
538.5
551.5
564.4
572.2
579.2
582.8
592.1
600.3
613.1
622.1
636.9
645.6
656.0
660.6
682.7
695.0
710.7
732.0




Total

77.3
69.9
60.5
48.6
45.8
51.4
55.8
62.0
66.7
64.1
67.0
71.0
80.8
88.6
99.5
108.2
119.6
143.9
161.9
174.9
178.3
192.1
208.1
219.1
232.6
239.8
257.9
270.6
285.3
294.6
316.3
330.7
341.1
361.9
381.7
409.3
440.7
477.3
503.6
552.5
597.9
640.0
691.6
757.6
837.2
916.5
1,012.8
1,129.3
1,257.2
1,403.5
1,566.8
1,732.6
1,915.1
2,050.7
2,234.5
2,428.2
2,600.5
325.5
331.6
331.7
333.8
334.4
339.1
341.9
349.1
354.0
359.7
363.7
370.2
374.0
378.2
385.1
389.6
398.8
406.4
414.9
417.1
427.6
434.4
443.4
457.4

Durable
goods

9.2
7.2
5.5
3.6
3.5
4.2
5.1
6.3
6.9
5.7
6.7
7.8
9.7
6.9
6.5
6.7
8.0
15.8
20.4
22.9
25.0
30.8
29.9
29.3
32.7
32.1
38.9
38.2
39.7
37.2
42.8
43.5
41.9
47.0
51.8
56.8
63.5
68.5
70.6
81.0
86.2
85.7
97.6
111.2
124.7
123.8
135.4
161.5
184.5
205.6
219.0
219.3
239.9
252.7
289.1
331.2
359.3
43.3
44.2
43.7
42.5
40.0
41.0
42.3
44.3
45.3
46.6
47.1
49.1
50.2
51.5
52.2
53.3
55.4
56.8
58.6
56.6
62.1
61.9
63.8
66.1

Nondurable
goods

37.7
34.0
29.0
22.7
22.3
26.7
29.3
32.9
35.2
34.0
35.1
37.0
42.9
50.8
58.6
64.3
71.9
82.7
90.9
96.6
94.9
98.2
109.2
114.7
117.8
119.7
124.7
130.8
137.1
141.7
148.5
153.2
157.4
163.8
169.4
179.7
191.9
208.5
216.9
235.0
252.2
270.3
283.3
305.1
339.6
380.9
416.2
452.0
490.4
541.8
613.2
681.4
740.6
771.0
816.7
870.1
905.1
150.9
153.8
153.5
154.6
156.0
156.8
157.3
159.5
161.5
162.9
164.5
166.4
167.5
168.2
170.6
171.1
175.2
178.4
182.0
183.1
185.6
189.1
192.8
199.9

Services

30.4
28.8
26.1
222
20.1
20.4
21.3
22.8
24.5
24.4
25.2
26.2
28.3
31.0
34.3
37.2
39.7
45.4
50.6
55.5
58.4
63.2
69.0
75.1
82.1
88.0
94.3
101.6
108.5
115.7
125.0
134.0
141.8
151.1
160.6
172.8
185.4
200.3
216.0
236.4
259.4
284.0
310.7
341.3
373.0
411.9
461.2
515.9
582.3
656.1
734.6
831.9
934.7
1,027.0
1,128.7
1,227.0
1,336.1
131.3
133.5
134.5
136.7
138.4
141.2
142.3
145.3
147.2
150.2
152.1
154.7
156.4
158.6
162.3
165.2
168.2
171.2
174.3
177.4
179.9
183.4
186.9
191.4

Gross private domestic investment

Total

16.7
10.6
5.9
1.1
1.6
3.5
6.6
8.7
12.1
6.7
9.5
13.4
18.3
10.3
6.2
7.7
11.3
31.5
35.0
47.1
36.5
55.1
60.5
53.5
54.9
54.1
69.7
72.7
71.1
63.6
80.2
78.2
77.1
87.6
93.1
99.6
116.2
128.6
125.7
137.0
153.2
148.8
172.5
202.0
238.8
240.8
219.6
277.7
344.1
416.8
454.8
437.0
515.5
447.3
502.3
662.1
661.1
88.7
78.1
77.4
68.5
69.5
74.7
81.2
83.0
87.9
88.0
89.3
85.4
88.9
92.2
95.7
95.8
98.2
98.7
100.0
101.6
114.4
114.0
117.4
118.8

tfonresi- Residential dential

11.0
8.6
5.3
2.9
2.5
3.3
4.3
5.8
7.5
5.5
6.1
7.7
9.7
6.3
5.4
7.4
10.6
17.3
23.5
26.8
24.9
27.8
31.8
31.9
35.1
34.7
39.0
44.5
47.5
42.4
46.3
48.8
48.3
52.5
55.2
61.4
73.1
83.5
84.4
91.4
102.3
105.2
109.6
123.0
145.9
160.6
162.9
180.0
214.2
259.0
302.8
322.8
369.2
366.7
356.9
416.5
458.2
49.4
49.6
48.4
48.1
47.1
48.0
48.3
49.9
51.0
52.6
53.5
53.0
52.8
54.3
55.9
57.7
58.8
60.5
62.5
63.9
68.6
71.5
74.4
78.0

4.0
2.4
1.8
.8
.6
.9
1.3
1.7
2.1
2.1
3.0
3.5
4.1
2.2
1.4
1.4
1.7
7.8
12.1
15.6
14.6
20.5
18.4
18.6
19.4
21.1
25.0
23.5
22.2
22.7
28.1
26.3
26.4
29.0
32.1
32.8
33.1
30.9
31.1
37.7
41.2
40.5
55.1
68.6
73.3
64.8
62.3
81.7
108.6
129.2
139.1
122.5
122.3
105.1
152.5
181.4
191.8
28.4
26.1
25.3
25.3
25.3
25.5
26.9
27.8
28.4
29.2
29.2
29.1
30.2
32.2
32.5
33.7
34.0
32.8
32.4
32.1
33.3
33.4
33.0
32.7

Net

CBI

1.7
-.4
11
-2.5
16
-.7
1.1
1.3
2.5
-.9
.4
2.2
4.5
1.8
-.6
-1.0
-1.0
6.4
-.5
4.7
-3.1
6.8
10.2
3.1
.4
-1.6
5.7
4.6
1.4
-1.5
5.8
3.1
2.4
6.1
5.8
5.4
9.9
14.2
10.3
7.9
9.8
3.1
7.8
10.5
19.6
15.4
-5.6
16.0
21.3
28.6
13.0
-8.3
24.0
-24.5
-7.1
64.1
11.1
11.0
2.5
3.7
-4.9
-2.9
1.1
6.0
5.4
8.6
6.1
6.6
3.3
5.9
5.6
1(
4.4

5.5
5.4
5.2
5.6
12.5
9.1
10.0
8.0

Government purchases of
goods and services

Net exports

1.1
1.0
.5
.4
.4
.6
.1
.1
.4
1.3
1.2
1.8
1.5
.2
-1.9
-1.7
-.5
7.8
11.9
7.0
6.5
2.2
4.5
3.2
1.3
2.6
3.0
5.3
7.3
3.3
1.5
5.9
7.2
6.9
8.2
10.9
9.7
7.5
7.4
5.5
5.6
8.5
6.3
3.2
16.8
16.3
31.1
18.8
1.9
4.1
18.8
32.1
33.9
26.3
-6.1
-58.7
789
4.3
5.1
6.5
7.7
8.3
7.0
6.6
6.9
6.3
7.6
7.3
6.6
6.9
8.5
8.0
9.5
11.5
10.2
10.9
10.9
9.0
10.8
9.5
9.5

Exports

7.1
5.5
3.7
2.5
2.4
3.0
3.3
3.6
4.7
4.4
4.6
5.4
6.1
5.0
4.6
5.5
7.4
15.2
20.3
17.5
16.4
14.5
19.8
19.2
18.1
18.8
21.1
25.2
28.2
24.4
25.0
29.9
31.1
33.1
35.7
40.5
42.9
46.6
49.5
54.8
60.4
68.9
72.4
81.4
114.1
151.5
161.3
177.7
191.6
227.5
291.2
351.0
382.8
361.9
352.5
382.7
369.8
28.7
29.7
30.6
30.6
31.1
30.0
31.2
32.0
31.7
33.6
33.6
33.4
33.3
35.7
36.0
37.6
39.9
39.5
40.9
41.8
39.1
44.2
43.3
45.2

Imports

5.9
4.5
3.2
2.1
2.1
2.4
3.2
3.5
4.3
3.1
3.4
3.7
4.7
4.8
6.5
7.2
7.9
7.3
8.3
10.6
9.8
12.3
15.3
16.0
16.8
16.3
18.1
19.9
20.9
21.1
23.5
24.0
23.9
26.2
27.5
29.6
33.2
39.1
42.1
49.3
54.7
60.5
66.1
78.2
97.3
135.2
130.3
158.9
189.7
223.4
272.5
318.9
348.9
335.6
358.7
441.4
448.6
24.4
24.6
24.0
22.9
22.8
23.1
24.5
25.1
25.5
26.1
26.3
26.8
26.4
27.2
28.1
28.2
28.4
292
29.9
30.9
30.1
33.4
33.8
35.7

Total

8.9
9.5
9.5
8.4
8.3
10.1
10.2
12.2
12.1
13.2
13.6
14.2
25.0
59.9
88.9
97.1
83.0
29.1
26.4
32.6
39.0
38.8
60.4
75.8
82.8
76.0
75.3
79.7
87.3
95.4
97.9
100.6
108.4
118.2
123.8
130.0
138.6
158.6
179.7
197.7
207.3
218.2
232.4
250.0
266.5
299.1
335.0
356.9
387.3
425.2
467.8
530.3
588.1
641.7
675.0
733.4
815.4
97.6
99.6
102.1
103.0
105.3
107.1
108.7
112.5
116.2
116.9
118.9
120.6
122.3
121.4
124.4
127.2
128.5
130.2
130.1
131.0
131.8
135.8
140.3
146.3

Federal

1.5
1.6
1.7
1.6
2.2
3.2
3.1
5.1
4.8
5.5
5.2
6.1
17.0
52.0
81.4
89.4
74.8
19.2
13.6
17.3
21.1
19.1
38.6
52.7
57.9
48.4
44.9
46.4
50.5
54.5
54.6
54.4
58.2
64.6
65.7
66.4
68.7
80.4
92.7
100.1
100.0
98.8
99.8
105.8
106.4
116.2
129.2
136.3
151.1
161.8
178.0
208.1
242.2
272.7
283.5
311.3
354.1
53.0
53.8
55.3
55.6
56.0
57.7
58.5
60.4
63.8
63.9
65.0
65.8
66.0
64.3
65.5
67.0
67.0
67.0
65.9
65.7
65.2
67.1
69.0
73.3

State
and
local
7.4
7.9
7.8
6.7
6.1
6.9
7.2
7.1
7.3
7.7
8.3
8.1
8.0
7.8
7.5
7.6
8.2
9.9
12.8
15.3
18.0
19.8
21.8
23.1
24.8
27.7
30.3
33.3
36.9
40.8
43.3
46.1
50.2
53.5
58.1
63.5
69.9
78.2
87.0
97.6
107.2
119.4
132.5
144.2
160.1
182.9
205.9
220.6
236.2
263.4
289.9
322.2
345.9
369.0
391.5
422.2
461.3
44.5
45.8
46.8
47.4
49.2
49.4
50.2
52.1
52.4
53.0
53.8
54.8
56.3
57.1
58.8
60.2
61.4
63.2
64.2
65.3
66.6
68.7
71.4
73.0

Final
sales

102.2
91.5
77.5
61.0
57.6
66.3
71.7
81.8
88.7
86.3
90.9
98.3
121.0
157.2
193.4
212.3
214.4
206.0
235.7
256.9
263.4
281.4
323.2
348.6
371.1
374.1
400.2
423.6
449.6
458.3
490.0
512.3
531.4
568.5
601.1
644.4
695.2
757.8
806.1
884.8
954.1
1,012.3
1,094.9
1,202.3
1,339.7
1,457.4
1,604.1
1,766.8
1,969.2
2,221.0
2,495.2
2,740.3
3,028.6
3,190.5
3,412.8
3,700.9
3,987.0
505.0
512.0
514.0
517.9
520.4
526.7
532.5
546.2
555.9
566.1
572.6
579.5
586.2
594.7
605.8
617.7
631.5
640.2
650.8
655.0
670.2
685.9
700.7
723.9

Gross
domestic
purchases

Percent change from
preceding period

GNP

Final
sales

Gross
domestic
purchases

102.8
90.1 -12.3 -10.5 -12.3
158
75.9 -16.2 -15.2
-21.4 -23.4
58.1 -23.4
-4.2
-5.5
55.7
-4.2
16.7
15.1
65.0
17.0
8.2
11.9
72.7
11.0
14.2
14.1
14.1
83.0
8.4
9.5
90.8
9.8
-7.5
-2.7
84.0
-6.5
5.4
7.3
7.0
90.1
9.5
8.1
98.7
10.0
25.7
23.2
124.1
25.0
29.9
28.0
26.6
158.8
22.6
23.0
194.6
21.2
9.8
9.5
213.0
9.7
1.0
.4
.9
213.9
-4.4
-3.9
204.5
-.5
9.2
14.4
223.3
10.8
14.0
11.2
9.0
254.7
-.3
2.5
253.8
-.5
6.8
12.7
10.7
286.0
14.8
15.0
329.0
15.7
5.9
7.9
348.4
5.5
6.3
6.5
370.3
5.7
_i
.8
370.0
.2
7.0
8.9
402.9
9.0
5.8
5.0
5.5
422.9
6.1
4.9
443.7
5.3
1.9
2.2
453.5
1.3
6.9
9.0
494.3
8.5
3.1
4.6
509.4
3.9
3.7
3.4
526.6
3.6
7.0
7.8
567.7
7.6
5.7
5.5
598.7
5.6
7.2
6.7
7.1
638.9
7.9
8.8
695.4
8.5
9.0
9.9
764.5
9.5
6.4
5.8
809.0
5.8
9.7
9.8
887.2
9.3
7.8
8.0
958.3
8.0
5.1
5.4
6.1
1,007.0
8.2
8.9
1,096.4
8.6
9.8
10.3
1,209.6
10.0
11.4
11.0
12.1
1,342.5
8.5
8.8
1,456.5
8.3
7.6
1,567.4
8.5
10.1
12.5
10.1
1,764.0
11.5
11.5
12.7
11.7
1,988.6
12.9
12.8
2,245.6
13.0
12.3
10.9
2,489.4
11.5
9.8
8.5
8.9
2,699.8
10.5
11.8
3,018.7
11.7
4.0
5.3
3,139.7
3.7
8.7
7.0
3,411.8
7.6
8.4
12.1
10.5
3,823.7
7.7
6.6
4,077.0
6.2
7.4
9.6
511.8
11.4
5.7
-1.9
509.4
-1.2
1.6
1.4
511.2
2.5
-4.5
505.3
-3.6
3.1
1.9
3.0
3.5
509.1
4.9
9.6
520.9
8.4
4.5
531.8
8.3
8.6
10.7
10.1
544.7
10.0
7.3
558.2
9.7
10.3
7.5
4.7
564.6
5.6
4.7
5.3
571.9
5.0
576.2
4.9
3.0
2.5
585.2
4.7
6.4
6.5
591.9
5.7
5.9
4.7
7.7
9.3
605.2
8i
612.6
e!o
5.0
8.1
9.2
8.7
625.5
9.9
635.3
5.6
6.4
5.6
6.8
6.3
6.6
645.1
649.7
2.8
2.6
2.9
673.8
14.1
9.6
15.7
684.2
7.4
9.7
6.3
701.2
9.3
8.9
10.3
722.5
12.5
13.9
12.7

65

SURVEY OF CURRENT BUSINESS

September 1986

Table 1.—Gross National Product—Continued
[Billions of dollars; quarterly data are seasonally adjusted at annual rates]
Personal consumption expenditures
Year and
quarter

1966: I
II....
III..
IV..
1967: I
II
III..
IV.,
1968: I
II
III.,
IV.,
1969: I
II
III.,
IV..
1970: I
II
III.,
IV....
1971: I
II
III.,
IV...
1972: I
II
III..
IV...
1973: I
II
III...
IV...
1974: I

n
in...
IV...

1975: I
II
III...
IV...
1976: I
II.....
III.,
IV...
1977: I
II
III.,
IV.,
1978: I
II
III.,
IV.,
1979: I
II
III.,
IV.,
1980: I
H
III.,
IV.,
1981: I
II
III.,
IV.,
1982: I
II
III.,
IV.,
1983: I
II
III.,
IV.,
1984: I
II....
III.,
IV..
1985: I
II....
III..
IV..

GNP

Total

Durable
goods

754.8
764.6
777.7
790.9

467.7
472.7
481.7
486.9

69.2
66.5
69.1
69.3

799.7
805.9
822.9
837.1

491.4
500.5
507.5
514.7

67.8
71.2
71.3
72.2

862.9
886.7
903.6
917.4

532.4
545.8
561.6
570.1

941.3
955.6
975.4
983.5

Nondurable
goods

Services

Gross private domestic investment

Total

Nonresidential

Residential

CBI

Government purchases of
goods and services

Net exports

Net

Exports

Imports

Total

Federal

State
and
local

Final

Gross
domestic
purchases

Percent change from
preceding period

GNP

Final

Gross
domestic
purchases

204.1
207.6
210.7
211.4
213.7
215.5
217.8
220.6

194.5
198.5
202.0
206.2

128.2
129.1
127.6
129.6

81.2
83.4
84.5
85.0

33.2
31.9
30.7
27.9

13.8
13.9
12.4
16.7

8.7
7.6
6.4
7.3

45.6
45.8
46.6
48.4

36.9
38.2
40.2
41.0

150.2
155.2
162.0
167.1

75.1
78.3
83.1
85.1

75.1
76,9
78.9
82.0

741.0
750.7
765.2
774.2

746.1
757.0
771.3
783.6

13.1
5.3
7.0
7.0

9.8
5.3
8.0
4.8

13.7
6.0
7.8
6.5

209.9
213.8
218.4
221.9

125.5
120.6
126.5
130.1

83.5
83.9
84.0
86.2

27.0
30.5
32.2
34.6

15.0
6.2
10.4
9.4

8.0
7.8
7.4
6.4

49.7
48.9
49.1
50.4

41.6
41.2
41.7
43.9

174.8
177.0
181.4
185.8

90.3
91.1
93.9
95.5

84.4
85.9
87.5
90.2

784.7
799.6
812.5
827.6

791.7
798.1
815.5
830.6

4.5
3.1
8.7
7.1

5.5
7.8
6.6
7.6

4.2
3.3
9.0
7.6

77.3
79.3

227.6
232.6
238.6
241.2

227.5
233.8
239.3
245.1

133.8
137.4
136.8
139.9

90.1
89.2
91.0
95.2

36.1
37.1
37.8
39.8

7.6
11.1
8.0
4.9

5.2
6.1
5.6
5.0

52.1
54.2
56.8
56.1

46.9
48.1
51.1
51.1

191.4
197.4
199.6
202.4

98.0
100.9
100.8
100.8

96.5
98.8
101.6

855.3
875.6
895.6
912.5

857.6
880.7
898.0
912.4

12.9
11.5
7.8
6.3

14.1
9.8
9.5
7.8

13.7
11.2
8.1
6.6

581.7
592.7
602.7
614.3

85.8
86.2
86.4
86.5

245.6
250.2
254.2
258.7

250.3
256.3
262.1
269.0

151.3
151.8
158.1
151.6

98.8
100.9
104.5
104.9

41.7
41.8
41.8
39.3

10.8
9.0
11.9
7.5

5.2
5.1
5.3
6.8

52.4
61.8
62.4
64.9

47.2
56.6
57.0
58.1

203.0
206.0
209.2
210.8

99.4
99.6
100.8
100.4

103.7
106.4
108.5
110.3

930.5
946.6
963.5
976.0

936.1
950.5
970.0
976.7

10.8
6.2
8.5
3.4

8.1
7.1
7.3
5.3

10.8
6.3
8.5
2.8

994.2
1,008.9
1,027.9
1,030.9

625.1
635.1
646.8
653.0

85.4
86.7
87.7
82.9

275.1
280.2
287.2
293.6

146.2
148.2
153.5
147.3

104.5
105.6
106.7
104.2

39.5
38.4
39.6
44.3

2.2
4.2
7.2
-1.2

8.1
9.8
8.4
7.5

66.7
69.9
69.4
69.6

58.6
60.1
61.0
62.2

214.7
215.7
219.1
223.1

100.8
98.6
97.3
98.3

113.9
117.1
121.8
124.8

992.0
1,004.6
1,020.7
1,032.1

986.0
999.0
1,019.5
1,023.5

4.4
6.0
7.7
1.2

6.7
5.2
6.6
4.5

3.9
5.4
8.5
1.6

1,075.2
1,094.3
1,113.9
1,127.3

671.7
685.2
696.8
712.4

93.4
96.2
98.5
102.2

264.7
268.2
271.9
276.5
278.3
282.0
284.4
288.4

300.0
307.0
313.9
321.7

166.6
173.4
177.0
172.9

106.4
. 109.1
110.2
112.5

47.9
54.0
58.0
60.7

12.3
10.3
8.8
-.3

9.4
5.7
6.1
4.0

71.8
72.6
75.3
69.7

62.4
67.0
69.3
65.7

227.5
230.0
234.0
238.0

99.2
98.5
100.4
101.3

128.3
131.5
133.6
136.7

1,062.9
1,084.0
1,105.1
1,127.6

18.3
7.3
7.4
4.9

12.5
8.2
8.0
8.4

17.6
8.8
7.2
5.7

1,166.5
1,197.2
1,223.9
1,263.5

729.3
747.0
764.8
789.2

105.7
108.9
112.3
118.0

293.1
301.5
308.4
317.4

330.5
336.7
344.0
353.9

188.3
199.1
205.7
214.9

117.7
120.5
123.0
130.7

65.8
66.7
68.3
73.4

4.8
11.9
14.4
10.8

2.1
2.2
3.8
4.5

77.8
77.6
81.9
88.2

75.6
75.4
78.1
83.7

246.8
248.9
249.6
254.8

106.8
107.3
104.4
104.9

140.0
141.6
145.2
149.9

1,161.7
1,185.3
1,209.5
1,252.7

1,065.8
1,088.6
1,107.8
1,123.3
1,164.4
1,195.0
1,220.0
1,259.0

14.7
11.0
9.2
13.6

12.7
8.4
8.4
15.1

15.5
10.9
8.6
13.4

1,311.6
1,342.9
1,369.4
1,413.3

813.2
827.9
846.2
861.6

126.3
125.3
125.0
122.3

327.0
333.5
344.0
353.7

359.9
369.1
377.2
385.7

228.0
237.8
237.2
252.3

137.2
144.9
149.4
152.2

75.9
73.5
72.8
70.9

14.8
19.3
15.0
29.2

9.5
13.9
21.1
22.5

100.1
109.4
118.7
128.3

90.6
95.5
97.6
105.7

261.0
263.3
265.0
276.8

106.8
105.6
103.1
110.0

154.2
157.7
161.9
166.8

1,296.8
1,323.6
1,354.4
1,384.1

1,302.1
1,329.0
1,348.3
1,390.7

16.1
9.9
8.1
13.5

14.8
8.5
9.6
9.1

14.4
8.5
5.9
13.2

1,426.2
1,459.1
1,489.1
1,516.8
1,524.6
1,563.5
1,627.4
1,678.2

880.0
907.8
935.3
943.0

120.2
124.3
130.2
120.3

365.6
376.8
388.1
393.1

394.2
406.7
417.0
429.7

238.1
241.3
238.9
245.1

154.4
159.2
163.4
165.5

67.6
66.1
66.2
59.2

16.1
16.0
9.3
20.4

25.0
14.6
10.7
14.9

141.7
151.5
152.9
159.9

116.8
136.9
142.2
145.1

283.1
295.5
304.1
313.8

109.8
114.6
117.8
122.6

173.3
180.9
186.4
191.2

1,410.1
1,443.2
1,479.8
1,496.5

3.7
9.6
8.5
7.7

7.7
9.7
10.5
4.6

3.1
13.0
9.7
6.5

967.4
996.6
1,029.6
1,057.5

124.8
130.1
140.0
146.5

442.1
455.3
466.4
481.1

204.9
204.6
229.5
239.3

160.5
160.0
163.4
167.5

56.9
59.8
64.3
68.4

-12.5
-15.2
1.8
3.4

29.3
32.7
29.4
32.9

162.0
155.4
159.0
168.9

132.8
122.7
129.7
136.0

323.1
329.7
338.9
348.5

125.5
127.3
129.6
134.3

197.6
202.4
209.2
214.2

2.1
10.6
17.4
13.1

11.3
11.3
12.4
12.7

-1.8
9.8
18.7
12.4

1,730.9 1,091.8
1,761.8 1,111.2
1,794.7 1,139.8
1,843.7 1,174.6
1,899.1 1,211.8
1,968.9 1,239.2
2,031.6 1,270.2
2,062.4 1,307.6
2,111.4 1,332.6
2,230.3 1,391.1
2,289.5 1,424.6
2,367.6 1,465.7
2,420.5 1,501.8
2,474.5 1,537.6
2,546.1 1,590.0
2,591.5 1,637.5
2,673.0 1,682.2
2,672.2 1,688.9
2,734.0 1,749.3
2,848.6 1,810.0
2,978.8 1,862.9
3,017.7 1,896.4
3,099.6 1,940.9
3,114.4 1,960.2
3,112.6 1,996.3
3,159.5 2,023.8
3,179.4 2,065.6
3,212.5 2,117.0
3,265.8 2,146.6
3,367.4 2,213.0
3,443.9 2,26218
3,545.8 2,315.8
3,670.9 2,363.8
3,743.8 2,416.1
3,799.7 2,445.6
3,845.6 2,487.2
3,909.3 2,530.9
3,965.0 2,576.0
4,030.5 2,627.1
4,087.7 2,667.9

156.4
158.9
162.4
168.1

400.5
411.2
423.2
429.9
439.4
446.4
456.0
466.0

264.6
275.8
279.6
290.6

171.8
176.3
182.7
189.2

75.9
79.9
79.5
91.3

16.8
19.6
17.4
10.2

23.6
20.0
17.0
14.7

170.6
175.1
180.5
184.8

147.0
155.1
163.4
170.1

350.9
354.9
358.2
363.8

132.3
134.9
137.5
140.7

218.6
220.0
220.8
223.0

13.2
7.3
7.7
11.4

9.7
6.7
8.3
13.3

15.9
8.4
8.5
12.1

177.0
181.9
186.5
192.6

477.5
485.6
491.9
506.8

495.9
505.8
521.4
540.6
557.4
571.7
591.7
608.2

1,401.2
1,444.6
1,478.4
1,502.0
1,537.1 1,495.3
1,578.7 1,530.8
1,625.5 1,598.0
1,674.8 1,645.3
1,714.1 1,707.3
1,742.2 1,741.9
1,777.2 1,777.6
1,833.6 1,829.0

311.5
341.4
363.7
359.6

200.1
209.5
218.0
229.0

96.3
110.2
113.0
115.0

15.1
21.7
32.7
15.6

4.0
4.2
5.3
-5.9

186.3
194.0
195.9
190.3

182.3
189.8
190.6
196.2

371.8
384.1
392.3
401.1

142.7
149.9
154.3
157.6

12.6
15.5
13.4
6.2

11.5
14.1
11.1
9.9

15.3
15.5
13.1
8.6

188.9
207.6
210.0
215.8
215.6
214.4
223.9
221.9
225.0
204.9
218.7
228.5
241.1
236.0
246.9
235.5
245.1
248.9
252.8
263.8
266.7
284.5
295.2
310.0

516.4
534.4
548.5
567.9

627.3
649.0
666.1
682.0

26.3
34.4
24.5
29.4

-6.6
1.3
6.8
15.0

9.8
24.5
11.0
14.4

7.7
23.0
13.2
13.6

9.9
22.7
10.0
12.8

21.9
28.1
9.7
-7.8

22.7
15.2
21.8
15.4

405.6
417.6
433.4
444.2
449.2
458.6
472.8
490.7

154.9
157.1
165.4
169.9

136.0
138.7
141.7
139.8

203.8
222.1
233.2
250.9
265.2
278.1
301.0
320.6

210.4
220.7
226.4
236.0

702.8
722.4
742.5
770.5

9.2
9.2
12.1
7.3

10.8
8.2
15.5
10.3

7.9
10.6
11.0
8.5

662.0
671.8
686.4
705.2
726.6
737.3
745.7
752.7
758.1
762.6
776.7
786.6
791.0
810.9
827.0
837.9
855.7
870.3
873.9
880.3
888.2
902.3
907.4
922.6

795.1
812.2
844.2
876.3
895.2
923.2
948.4
972.0

235.0
257.3
266.8
276.9
289.0
296.3
310.1
315.9
326.7
314.1
319.7
330.5
347.8
364.5
380.2
384.5
382.0
369.2
360.7
354.9
340.8
344.7
358.1
383.9
388.2
413.3
421.8
442.9

118.4
128.5
133.4
136.4

583.4
600.9
623.6
645.1

379.7
420.2
424.7
442.7
446.9
463.2
461.5
447.8
461.0
425.0
405.4
456.4
506.9
515.3
535.9
504.0
459.5
467.8
452.2
409.6
428.3
481.3
519.7
579.8
659.5
657.5
670.3
661.1
650.6
667.1
657.4
669.5

133.9
110.5
115.3
130.5

20.7
30.1
46.8
30.8

509.1
528.2
532.6
551.4

11.7
-.1
14.5
13.6

12.4
-1.5
7.0
20.9

19.6
5.3
11.3
1.9
-.2
6.2
2.5
4.2

14.4
6.1
9.5
5.4

18.5
6.8
11.2
1.1

4.2
3.6
3.1
11.0

.1
5.2
6.2
4.3

130.2
147.8
167.1
,164.9

-42.6
-11.2
-5.5
31.0

22.7
-2.1
-19.3
-25.8

197.0
208.9
207.2
219.3
229.3
233.9
245.4
260.2
262.9
259.3
275.3
293.2
285.5
287.7
284.9
276.1

13.2
-.1
9.6
17.9

101.7
103.6
100.5
114.7

.4
.5
-29.6
-4.6
28.0
22.7
35.7
9.7
-24.1
-5.0
-9.0
-59.9

6.8
13.0
9.4
12.4

4.5
8.8
8.6
7.8

5.7
16.5
11.6
13.1

175.8
184.4
184.0
181.5

95.5
59.9
64.4
36.7

1,895.1
1,964.7
2,026.3
2,046.8 2,068.3
250.7 2,085.1 2,117.9
260.6 2,195.9 2,228.9
268.1 2,265.0 2,282.7
274.3 2,338.2 2,352.6
277.1 2,398.7 2,397.9
285.4 2,446.4 2,459.3
294.2 2,536.4 2,524.3
2,576.1
302.7
312.2 2,672.5 2,652.3
319.2 2,671.7 2,642.1
325.4 2,763.6 2,687.2
332.1 2,853.3 2,817.8
340.8 2,950.8 2,939.9
343.2 2,995.0 2,988.7
346.5 3,064.0 3,068.8
353.1 3,104.7 3,077.5
359.2 3,136.7 3,077.9
366.4 3,164.5 3,117.3
371.8 3,188.4 3,164.9
378.7 3,272.4 3,198.5
3,243.1
382.7
387.5 3,378.6 3,369.5
395.8 3,449.4 3,463.1
400.0 3,514.8 3,571.6
409.8 3,575.4 3,716.5
418.1 3,683.9 3,807.0
426.6 3,735.3 3,859.7
3,911.7
434.3
3,958.7
443.5
458.1 3,945.9 4,042.1
468.8 4,027.4 4,114.2
474.7 4,090.8 4,193.0

14.9
8.2
6.1
4.9

7.1
12,7
5.7
8.1

17.2
10.1
5.7
5.5

6.8
5.8
6.8
5.8

8.1
6.5
8.5
6.4

4.9
8.7
7.3
7.9

321.2
331.3
331.8
340.4

347.7
354.0
373.3
362.0

993.1
1,012.2
1,036.1
1,066.5
1,088.9
1,117.6
1,140.6
1,167.9
1,186.9
1,214.5

1,266.5
1,294.9
1,319.7
1,346.4
1,383.2

439.8
459.2
459.8
474.0

NOTE.—GNP=Gross national product; CBI=Change in business inventories.




131.1
128.1
120.1
109.8

185.4
188.8
194.5
198.6

38.9
29.0
30.9
36.9
34.7
42.1
14.5
14.1

-45.6
-63.2
-60.0
-66.1

-49.4
25.4
-77.1
19.1
3.1 -83.7
-3.1
-105.3

346.5
348.4
350.1
358.9
380.7
383.4
382.3
384.8
373.0
378.9
359.9
335.9
343.6
344.1
357.7
364.7
373.4
382.1
389.2
386.2
378.4
370.0

242.6
262.9
279.2
305.2
325.8
318.3
303.3
328.1
341.9
354.4
351.4
347.9
338.4
336.8
345.4
321.9
320.9
346.2
376.9
390.5
419.0
445.3
449.1
452.2
427.9
447.1
446.0
473.6

570.1
577.0
591.9
613.3
622.1
625.7
647.1
671.8
668.1
675.2
680.7
676.1
693.2
733.3
743.8
763.4

777.3
799.0
829.7
855.6

172.1
173.1
178.6
188.0

283.4
315.2
317.2
329.1
333.7
340.9
360.9
380.9

229.2
234.2
238.0
243.4

1,884.1
1,947.2

66

September 1986

SURVEY OF CURRENT BUSINESS
Table 2.—Gross National Product in Constant Dollars
[Billions of 1982 dollars; quarterly data are seasonally adjusted at annual rates]
Personal consumption expenditures

Year and
quarter

GNP

1929
1930
1931
1932
1933
1934

709.6
642.8
588.1
509.2
498.5
536.7
1935
580.2
1936
662.2
1937
695.3
1938
664.2
1939
716.6
1940
772.9
1941
909.4
1942
1,080.3
1943
1,276.2
1944
1,380.6
1945
1,354.8
1946
1,096.9
1947
1,066.7
1948
1,108.7
1949
1,109.0
1950
1,203.7
1951
1,328.2
1952
... . 1,380.0
1953
1,435.3
1954
1,416.2
1955
1,494.9
1956
1,525.6
1957
1,551.1
1958
1,539.2
1959
1,629.1
I960
1,665.3
1961
1,708.7
1962
1,799.4
1963
1,873.3
1964
1,973.3
1965..
2,087.6
1966
2,208.3
1967
2,271.4
1968
2,365.6
1969
2,423.3
1970
2,416.2
1971
2,484.8
1972
2,608.5
2,744.1
1973
1974
2,729.3
1975
2,695.0
1976
2,826.7
1977 . .....
2,958.6
1978
3,115.2
1979
3,192.4
1980
3,187.1
1981
3,248.8
1982
3,166.0
1983
.. . 3,279.1
1984
3,489.9
1985
3,585.2
I960: I
1,671.6
1,666.8
II
1,668.4
ra
IV
1,654.1
1961: I
1,671.3
n .. . 1,692.1
ra
1,716.3
IV
1,754.9
1962: I
1,777.9
n
1,796.4
ra ....... 1,813.1
1,810.1
IV
1963: I
1,834.6
n
1,860.0
in
1,892.5
IV
1,906.1
1964: I
1,948.7
II ..
1,965.4
1,985.2
ra
1,993.7
IV
1965: I
2,036.9
2,066.4
n
2,099.3
ra
2,147.6
IV




Total

471.4
439.7
422.1
384.9
378.7
390.5
412.1
451.6
467.9
457.1
480.5
502.6
531.1
527.6
539.9
557.1
592.7
655.0
666.6
681.8
695.4
733.2
748.7
771.4
802.5
822.7
873.8
899.8
919.7
932.9
979.4
1,005.1
1,025.2
1,069.0
1,108.4
1,170.6
1,236.4
1,298.9
1,337.7
1,405.9
1,456.7
1,492.0
1,538.8
1,621.9
1,689.6
1,674.0
1,711.9
1,803.9
1,883.8
1,961.0
2,004.4
2,000.4
2,024.2
2,050.7
2,146.0
2,246.3
2,324.5
997.1
1,009.8
1,005.7
1,007.8
1,009.5
1,023.5
1,024.6
1,042.9
1,053.6
1,063.6
1,072.8
1,085.8
1,094.1
1,100.2
1,115.5
1,123.6
1,145.2
1,164.4
1,184.8
1,188.0
1,208.2
1,221.7
1,242.3
1,273.2

Durable
goods

40.3
31.9
27.5
21.0
20.7
23.4
28.9
35.9
37.7
30.4
35.7
40.6
46.2
31.3
28.1
26.3
28.7
47.8
56.5
61.7
67.8
80.7
74.7
73.0
80.2
81.5
96.9
92.8
92.4
86.9
96.9
98.0
93.6
103.0
111.8
120.8
134.6
144.4
146.2
161.6
167.8
162.5
178.3
200.4
220.3
204.9
205.6
232.3
253.9
267.4
266.5
245.9
250.8
252.7
283.1
318.9
343.9
96.9
99.9
98.7
96.4
91.2
91.8
93.7
97.8
99.9
102.0
103.1
106.8
109.2
111.2
112.9
113.9
118.1
120.7
124.2
120.3
130.7
131.2
135.9
140.8

Nondurable
goods

211.4
203.1
201.7
187.0
181.8
192.4
201.5
224.3
232.8
235.4
248.0
259.4
275.6
279.1
284.7
297.9
323.5
344.2
337.4
338.7
342.3
352.8
362.9
376.6
388.2
393.8
413.2
426.9
434.7
439.9
455.8
463.3
470.1
484.2
494.3
517.5
543.2
569.3
579.2
602.4
617.2
632.5
640.3
665.5
683.2
666.1
676.5
708.8
731.4
753.7
766.6
762.6
764.4
771.0
800.2
828.6
841.6
460.7
465.9
463.1
463.6
465.3
470.4
469.2
475.5
480.2
481.3
485.7
489.7
492.4
492.2
495.9
496.5
505.1
514.6
524.4
526.0
531.2
536.1
544.7
560.8

Services

219.7
204.8
193.0
176.9
176.2
174.7
181.7
191.4
197.4
191.3
196.7
202.7
209.3
217.2
227.2
232.9
240.5
262.9
272.6
281.4
285.3
299.8
311.1
321.9
334.1
347.4
363.6
380.1
392.6
406.1
426.7
443.9
461.4
481.8
502.3
532.3
558.5
585.3
612.3
641.8
671.7
697.0
720.2
756.0
786.1
803.1
829.8
862.8
898.5
939.8
971.2
991.9
1,009.0
1,027.0
1,062.7
1,098.7
1,139.0
439.6
444.1
443.9
447.9
453.0
461.3
461.7
469.7
473.6
480.3
484.0
489.3
492.6
496.7
506.7
513.1
522.0
529.1
536.1
541.8
546.3
554.4
561.7
571.7

Gross private domestic investment

Total

139.2
97.5
60.2
22.6
22.7
35.3
60.9
82.1
99.9
63.1
86.0
111.8
138.8
76.7
50.4
56.4
76.5
178.1
177.9
208.2
168.8
234.9
235.2
211.8
216.6
212.6
259.8
257.8
243.4
221.4
270.3
260.5
259.1
288.6
307.1
325.9
367.0
390.5
374.4
391.8
410.3
381.5
419.3
465.4
520.8
481.3
383.3
453.5
521.3
576.9
575.2
509.3
545.5
447.3
504.0
652.0
647.7
288.7
261.4
258.3
233.6
238.3
249.1
270.5
278.4
287.7
291.2
294.7
280.7
291.9
306.9
315.6
314.0
324.7
323.6
324.5
330.8
362.1
364.3
369.9
371.8

Nonresidential

93.0
76.9
49.4
29.6
25.8
32.4
40.0
54.4
65.5
48.8
53.2
65.0
76.6
47.4
39.4
52.6
74.2
105.5
121.7
127.4
114.8
124.0
131.7
130.6
140.1
137.5
151.0
160.4
161.1
143.9
153.6
159.4
158.2
170.2
176.6
194.9
227.6
250.4
245.0
254.5
269.7
264.0
258.4
277.0
317.3
317.8
281.2
290.6
324.0
362.1
389.4
379.2
395.2
366.7
361.2
422.2
461.4
161.1
161.4
157.7
157.6
155.3
157.0
158.0
162.6
165.5
171.3
173.4
170.5
168.9
174.3
179.4
183.9
186.5
192.3
197.9
202.9
214.7
224.1
231.1
240.6

Residential

35.4
21.5
17.9
9.4
7.7
10.5
14.7
18.7
20.2
20.4
28.9
32.5
34.4
17.3
10.4
9.0
10.7
44.7
57.2
68.6
63.6
86.7
72.6
71.2
73.8
79.8
92.4
84.4
79.3
81.0
100.2
93.3
93.6
102.2
113.9
115.3
114.2
103.2
100.6
116.2
115.4
109.3
141.3
166.6
163.4
130.2
114.9
140.8
168.1
178.0
170.8
137.0
126.5
105.1
149.3
170.6
177.2
100.9
92.7
89.8
89.9
90.2
90.5
95.4
98.4
100.2
103.1
102.9
102.7
106.1
114.0
116.0
119.4
121.3
116.0
112.9
111.0
115.0
116.4
113.3
111.9

CBI

jovernment purchases of
goods and services

Net exports

Net

4.7
10.8
9
2.3
-1.0
-7.1
5
-16.4
-1.4
107
.1
-7.6
6.2
-5.9
9.0
42
-.3
14.1
-6.0
6.0
6.1
3.9
8.2
14.4
3.9
27.8
-7.7
12.0
.7 -23.0
-5.2
-23.8
-8.4
-18.9
27.0
27.9
42.4
-1.0
19.2
12.3
-9.7
18.8
4.7
24.2
30.8
14.6
10.0
6.9
-2.7
2.8
2.5
-4.8
0
16.3
4.3
12.9
3.0
7.0
34 -10.3
16.5 -18.2
7.7
-4.0
-2.7
7.3
16.2
-7.5
-1.9
16.6
15.7
5.9
25.2
-2.7
36.9 -13.7
28.8 -16.9
21.0 -29.7
25.1 -34.9
8.2 -30.0
19.6 -39.8
21.8 -49.4
40.0 -31.5
.8
33.3
18.9
-12.8
22.1 -11.0
29.1 -35.5
268
36.8
3.6
15.0
57.0
-6.9
49.4
23.9
26.3
-24.5
-19.9
-6.4
59.2 -83.6
9.0 -108.2
-9.4
26.7
-6.9
7.3
-2.4
10.8
-13.9
2.6
-7.1
3.8
1.7
-3.0
17.1
-5.4
17.4
-6.0
22.0
-9.4
-5.2
16.7
18.4
-6.5
7.5
-9.0
17.0
-6.6
-1.4
18.6
-2.6
20.2
3.0
10.7
9.7
16.9
15.3
4.8
5.6
13.8
3.7
16.9
-3.0
32.3
_4
23.9
-43
25.4
-3.2
19.2

Exports

42.1
35.6
29.3
23.2
22.7
24.7
26.6
28.4
35.7
34.1
36.2
40.0
42.0
29.1
25.1
27.3
35.2
69.0
82.3
66.2
65.0
59.2
72.0
70.1
66.9
70.0
76.9
87.9
94.9
82.4
83.7
98.4
100.7
106.9
114.7
128.8
132.0
138.4
143.6
155.7
165.0
178.3
179.2
195.2
242,3
269.1
259.7
274.4
281.6
312.6
356.8
388.9
392.7
361.9
348.1
369.7
362.3
95.0
98.0
99.9
100.5
102.1
96.9
100.8
102.9
102.3
108.9
108.8
107.5
107.3
114.7
115.8
120.9
128.0
126.0
129.6
131.5
120.1
135.8
132.7
139.3

Imports

37.4
33.3
30.4
23.7
24.2
24.6
32.5
32.5
35.9
28.1
30.1
31.7
38.2
36.9
48.0
51.1
54.1
42.0
39.9
47.1
46.2
54.6
57.4
63.3
69.7
67.5
76.9
83.6
87.9
92.8
101.9
102.4
103.3
114.4
116.6
122.8
134.7
152.1
160.5
185.3
199.9
208.3
218.9
244.6
273.8
268.4
240.8
285.4
317.1
339.4
353.2
332.0
343.4
335.6
368.1
453.2
470.5
104.3
104.9
102.3
97.9
98.3
99.9
106.2
109.0
111.7
114.1
115.3
116.5
113.9
116.1
118.5
117.9
118.3
121.3
124.0
127.8
123.1
136.3
137.0
142.5

Total

94.2
103.3
106.8
102.2
98.5
110.7
113.0
132.5
127.8
137.9
144.1
150.2
235.6
483.7
708.9
790.8
704.5
236.9
179.8
199.5
226.0
230.8
329.7
389.9
419.0
378.4
361.3
363.7
381.1
395.3
397.7
403.7
427.1
449.4
459.8
470.8
487.0
532.6
576.2
597.6
591.2
572.6
566.5
570.7
565.3
573.2
580.9
580.3
589.1
604.1
609.1
620.5
629.7
641.7
649.0
675.2
721.2
395.2
402.6
406.8
410.1
419.7
422.4
426.7
439.6
446.0
446.9
452.1
452.6
455.2
454.4
464.1
465.5
469.2
472.7
470.3
471.1
469.6
480.8
491.5
505.8

Federal

18.3
20.6
21.2
21.9
27.0
34.7
34.1
53.6
48.9
55.0
53.8
63.6
153.0
407.1
638.1
722.5
634.0
159.3
91.9
106.1
119.5
116.7
214.4
272.7
295.9
245.0
217.9
215.4
224.1
224.9
221.5
220.6
232.9
249.3
247.8
244.2
244.4
273.8
304.4
309.6
295.6
268.3
250.6
246.0
230.0
226.4
226.3
224.2
231.8
233.7
236.2
246.9
259.6
272.7
275.1
291.7
323.6
217.0
220.4
221.8
223.2
226.9
230.8
233.1
240.7
248.7
248.1
250.9
249.4
248.2
245.5
249.5
248.0
248.3
246.8
241.8
239.9
236.3
241.3
244.9
255.2

State
and
local

75.9
82.7
85.6
80.3
71.5
76.1
79.0
78.9
79.0
82.9
90.3
86.6
82.6
76.7
70.8
68.3
70.5
77.6
87.9
93.4
106.5
114.2
115.4
117.3
123.1
133.4
143.4
148.3
157.0
170.4
176.2
183.1
194.2
200.1
212.0
226.6
242.5
258.8
271.8
288.0
295.6
304.3
315.9
324.7
335.3
346.8
354.6
356.0
357.2
370.4
373.0
373.6
370.1
369.0
373.9
383.5
397.6
178.2
182.2
185.0
186.9
192.8
191.6
193.5
198.9
197.3
198.8
201.2
203.2
207.0
208.9
214.6
217.5
220.9
225.9
228.5
231.2
233.4
239.6
246.6
250.6

Final
sales

698.7
643.6
595.2
525.6
509.2
544.3
574.0
653.1
681.2
670.2
712.7
758.5
881.6
1,068.3
1,275.5
1,385.7
1,363.3
1,069.0
1,067.7
1,096.4
1,118.7
1,179.5
1,297.4
1,370.0
1,432.5
1,421.0
1,478.6
1,512.7
1,548.1
1,542.6
1,612.6
1,657.5
1,701.4
1,783.3
1,856.7
1,957.6
2,062.4
2,171.5
2,242.6
2,344.6
2,398.1
2,407.9
2,465.2
2,586.8
2,704.1
2,696.0
2,707.8
2,804.6
2,929.5
3,078.4
3,177.4
3,194.0
3,225.0
3,190.5
3,285.5
3,430.7
3,576.2
1,644.9
1,659.5
1,657.6
1,668.0
1,678.5
1,690.4
1,699.2
1,737.5
1,755.9
1,779.7
1,794.7
1,802.6
1,817.7
1,841.4
1,872.3
1,895.4
1,931.8
1,950.1
1,971.4
1,976.8
2,004.6
2,042.5
2,073.9
2,128.3

Gross
domestic
purchases

Percent change from
preceding period

GNP

Final
sales

Gross
domestic
purchases

704.9
-9.1
640.5
94
79
-8.0
-7.5
-8.5
589.1
-11.7
-13.5
509.7 -13.4
-1.9
499.9
-2.1
-3.1
7.3
6.9
7.7
536.5
5.5
9.2
586.1
8.1
13.7
13.8
666.3
14.1
4.4
4.3
5.0
695.6
-1.6
-5.4
-4.5
658.2
6.3
7.9
710.5
7.9
6.4
7.6
764.6
7.8
18.4
16.2
17.7
905.5
21.2
20.1
1,088.0
18.8
19.4
19.4
1,299.2
18.1
8.6
8.1
1,404.3
8.2
-1.6
2.2
1,373.7
-1.9
-22.1
-21.6
1,069.9 -19.0
-.1
-4.3
-2.8
1,024.3
2.7
6.4
1,089.5
3.9
.1
2.0
1,090.2
0
10.0
5.4
1,199.0
8.5
9.6
10.0
10.3
1,313.6
4.5
5.6
1,373.1
3.9
4.7
4.6
1,438.0
4.0
-1.7
-.8
1,413.7
-1.3
5.7
4.1
5.6
1,494.9
2.3
1.8
2.1
1,521.3
2.3
1.5
1.7
1,544.2
.4
-.4
1,549.6
-.8
6.3
4.5
1,647.3
5.8
1.3
2.8
2.2
1,669.3
2.5
2.6
2.6
1,711.3
5.6
4.8
5.3
1,807.0
3.8
4.1
4.1
1,875.3
4.9
5.4
5.3
1,967.3
5.4
6.3
5.8
2,090.3
5.3
6.3
2,222.1
5.8
3.0
3.3
2.9
2,288.3
4.7
4.5
4.1
2,395.3
2.6
2.3
2.4
2,458.1
.4
-.5
2,446.2
-.3
3.2
2.4
2.8
2,524.6
5.3
4.9
2,658.0
5.0
4.4
4.5
5.2
2,775.7
-1.7
-.3
2,728.5
-.5
-1.9
.4
2,676.1
-1.3
6.0
3.6
2,837.7
4.9
5.5
4.5
2,994.1
4.7
4.9
5.1
5.3
3,142.0
3.2
1.5
2.5
3,188.8
-1.8
.5
-.2
3,130.1
2.2
1.0
1.9
3,199.4
-1.9
-1.1
3,139.7
-2.5
5.1
3.0
3,299.1
3.6
8.3
4.4
6.4
3,573.5
3.4
4.2
3,693.4
2.7
5.4
5.2
1,681.0
7.0
-1.7
3.6
-1.1
1,673.8
-.7
— 5
.4
1,670.8
-4.5
2!5
-3.4
1,651.5
2.5
4.0
1,667.6
4.2
2.9
6.8
1,695.1
5.1
6.4
2.1
1,721.7
5.8
9.4
9.3
92
1,761.0
6.1
4.3
1,787.3
5.3
3.2
5.5
4.2
1,801.6
3.4
4.1
3.S
1,819.6
-.1
1.8
1,819.1
3.4
4.9
1,841.2
5.5
5.3
4.5
5.7
1,861.5
6.9
7.4
1,895.1
7.2
5.0
1.7
1,903.1
2.9
7.9
7.8
9.2
1,939.0
3.8
4.6
3.5
1,960.7
4.4
4.1
3.9
1,979.6
2.1
1.1
1,989.9
1.7
10.4
5.7
9.0
2,039.9
7.8
5.4
5.9
2,066.8
6.3
7.3
6.5
2,103.6
10.9
2,150.8
9.5
9.3

September 1986

67

SURVEY OF CURRENT BUSINESS
Table 2.—Gross National Product in Constant Dollars—Continued
[Billions of 1982 dollars; quarterly data are seasonally adjusted at annual rates]
Personal consumption expenditures

Year and
quarter

GNP
Total

1966: I
H

2,190.1 1,287.6
2,195.8 1,293.1
2,218.3 1,305.5
IV.,
2,229.2 1,309.5
I
2,241.8 1,319.4
H
2,255.2 1,336.5
III.,
2,287.7 1,343.3
IV...
2,300.6 1,351.5
I
2,327.3 1,378.1
II
2,366.9 1,396.7
III.,
2,385.3 1,421.5
IV.,
1,427.1
I
2,416.5 1,442.9
II
2,419.8 1,451.7
HI...
2,433.2 1,459.9
IV.,
2,423.5 1,472.0
I
2,408.6 1,481.5
II....
2,406.5 1,488.1
HI.,
2,435.8 1,501.3
IV.,
2,413.8 1,497.2
I
2,478.6 1,520.9
II
2,478.4 1,533.0
III.,
2,491.1 1,541.0
2,491.0 1,560.1
IV.,
I
2,545.6 1,581.8
H
2,595.1 1,607.9
HI.,
2,622.1 1,629.9
IV.,
2,671.3 1,667.8
I
2,734.0 1,689.9
H
2,741.0 1,687.2
in., 2,738.3 1,694.5
IV.,
2,762.8 1,686.8
I
2,747.4 1,667.5
II....
2,755.2 1,677.2
2,719.3 1,686.7
IV..
2,695.4 1,664.7
I
2,642.7 1,677.1
n.... 2,669.6 1,706.0
ra.. 2,714.9 1,723.9
IV..
2,752.7 1,740.4
I
2,804.4 1,777.5
n
2,816.9 1,790.4
in... 2,828.6 1,809.9
IV...
2,856.8 1,837.8
I
2,896.0 1,863.7
II
2,942.7 1,869.0
3,001.8 1,888.0
ra...,
IV...
2,994.1 1,914.2
I
3,020.5 1,923.0
n
3,115.9 1,960.8
ra...3,142.6 1,970.3
IV...
3,181.6 1,989.7
I
3,181.7 1,997.5
n
3,178.7 1,994.1
3,207.4 2,007.9
ra....
IV...
3,201.3 2,018.0
I
3,233.4 2,015.4
n
3,157.0 1,974.1
ra...3,159.1 1,996.3
IV...
3,199.2 2,015.6
I
3,261.1 2,022.9
n
3,250.2 2,022.4
HI...
3,264.6 2,031.5
IV...
3,219.0 2,020.0
I
3,170.4 2,031.2
H
3,179.9 2,041.0
ra...3,154.5 2,051.8
IV...
3,159.3 2,078.7
I
3,186.6 2,094.2
3,258.3 2,135.1
n
ra...3,306.4 2,163.0
IV...
3,365.1 2,191.9
I
3,444.7 2,213.8
3,487.1 2,246.3
n
ra...3,507.4 2,253.3
IV...
3,520.4 2,271.7
3,547.0 2,292.3
I
n
3,567.6 2,311.9
ra...
2,342.0
IV...
2,351.7

m...

1967:

1968:

1969:

1970:

1971:

1972:

1973:

1974:

m..

1975:

1976:

1977:

1978:

1979:

1980:

1981:

1982:

1983:

1984:

1985:

Durable
goods

147.3
140.9
144.8
144.5
142.1
148.4
147.1
147.2
155.8
159.1
166.4
165.3
168.8
168.2
167.6
166.7
163.5
165.6
166.2
154.8
170.7
175.1
180.0
187.4
191.7
196.1
201.4
212.4
225.7

221.8
220.0

213.8
208.2
209.9

211.6
189.7
193.5
198.7
211.7
218.3
229.7
230.6
232.4
236.7
246.7

251.8
256.2

261.1
252.6
272.4
270.9
273.9
268.9
262.9
270.9
263.4
260.6

231.9
242.7
248.6
258.7
248.4
255.5
240.4
247.7

249.1
251.8
262.0
263.3
280.0
288.5
300.5

311.1
319.0
318.8
326.8
332.3
338.8
357.4
347.0

Nondurable
goods

Gross private domestic investment

Final
Services

Total

Nonresidential

Residential

CBI

Net

Exports

Imports

Total

Federal

State
and
local

396.9
390.9
389.1
385.2

247.9
251.2
252.9
249.7

113.3
105.8
102.3
91.4

35.7
33.8
33.9
44.0

-7.9
-11.6
-18.2
-17.2

138.4
136.9
137.8
140.5

146.3
148.5
155.9
157.8

513.5
523.4
541.9
551.7

259.4
267.1
282.9
285.9

254.1
256.2
259.0
265.8

578.7
582.7

601.0
609.1
617.5
621.6

368.7
361.7
378.8
388.4

87.6
99.3
104.3
111.3

36.6
18.1
31.1
29.3

-15.5
-16.1
-13.5
-22.5

144.0
142.3
142.7
145.2

159.5
158.5
156.2
167.7

569.2
573.1
579.1
583.2

594.2
599.2
608.6
607.6

628.2
638.3
646.5
654.2

387.7
397.2
392.0
390.2

112.9
115.8
116.8
119.3

19.1
31.4
23.2
10.5

-28.7
-27.5
-29.2
-33.2

149.3
153.1
161.8
158.5

178.0
180.6
191.0
191.8

613.4
616.2
617.6
621.4

660.7
667.3
674.7
683.9
689.7
692.8
700.8
704.6

412.0
409.1
419.5
400.5

244.5
244.3
243.4
247.8
255.7
250.0
252.1
260.4
266.0
267.9
273.8
271.1

119.4
118.3
116.5
107.5

26.6
22.9
29.2
21.9

-31.6
-36.9
-36.6
-34.3

144.9
171.3
170.3
173.3

265.9
264.3
266.9
259.0

108.2
102.1
107.6
119.2

5.8
10.0
16.1
1.0

-31.4
-27.7
-27.7
-33.3

175.8
181.2
178.4
177.8

268.8 2,205.2
270.3 2,237.1
271.5 2,256.6
276.5 2,271.3
281.1 2,308.1
287.1 2,335.5
290.7 2,362.1
293.2 2,372.5
294.2 2,389.9
296.2 2,397.0
296.2 2,403.9
295.8 2,401.6
298.8 2,402.8
300.8 2,396.5
307.7 2,419.7
310.2 2,412.7

710.8
717.0
722.0
731.0

379.9
376.4
390.6
379.3
415.5
423.1
425.9
412.8

257.7
258.6
257.6
259.6

126.1
139.3
147.7
152.2

31.7
25.2
20.6
1.0

-25.3
-41.7
-42.7
-49.3

178.7
180.2
187.5
170.4

742.7
750.0
758.1
773.2

439.5
462.3
473.8
486.0

163.6
164.5
165.6
172.8

8.1
25.6
32.4
21.0

-52.2
-49.2
-47.7
-48.6

189.5
186.9
196.6
207.8

776.3
784.6
790.0
793.5

515.7
521.7
511.4
534.2

177.1
165.3
158.7
152.5

34.1
39.6
30.1
56.3

-44.1
-36.6
-23.4
-22.4

227.7
239.2
247.8
254.1

271.8
275.7
271.2
276.5

572.5
568.6
555.8
564.2

794.4
801.9
804.9
811.0
666.9
816.7
677.8
829.6
679.8
832.4
681.5
840.5
696.2
851.7
705.0
854.8
712.1
865.4
721.8
879.4
728.8
888.2
727.3
889.9
728.3
903.5
740.9
912.2
745.8
924.6
749.1
939.2
753.5
945.9
766.3
949.6
766.2
962.4
762.1
969.1
766.0
971.0
772.2
982.4
767.9
986.9
760.9
981.3
759.9
993.6
761.5 1,005.6
763.3 1,000.9
764.5 1,009.5
764.7 1,011.4
765.2 1,014.3
764.2 1,019.2
768.3 1,023.5
772.8 1,027.2
778.6 1,038.1
786.3 1,044.6
795.7 1,059.4
806.2 1,068.3
812.7 1,078.6
819.7 1,083.0
832.8 1,094.6
831.7 1,102.8
830.5 1,114.4
834.3 1,125.8
841.3 1,131.8
843.8 1,140.8
847.2 1,157.5

501.1
496.5
465.5
462.2

267.9
272.2
275.9
292.2
304.5
316.7
322.6
325.5
324.4
324.7
316.0
306.2

176.5
208.2
206.9
207.7
207.2
208.9
206.1
211.1
204.0
221.8
230.2
219.7
241.7
236.1
244.3
256.4

590.1
600.5
601.0
599.0
593.2
596.0
590.4
585.3
578.6
569.7
571.6
570.6
567.6
564.0
566.9
567.4
576.4
574.1
566.1
566.1

300.4
302.8
307.6
306.6
309.0
313.4
310.4
305.7
299.0
299.8
294.2
289.5

141.4
134.4
130.6
114.4

35.3
37.5
18.8
41.5

11.0
1.4
-5.5
-3.5

266.8
276.6
266.7
266.7

255.8
275.2
272.3
270.2

285.5
277.6
279.6
282.1

106.9
110.8
118.2
123.6

-21.8
-30.3
-3.4
4.4

17.4
28.2
14.4
15.5

260.0
252.5
256.9
269.3

284.9
286.8
292.8
297.9
311.5
320.4
327.8

135.4
139.1
136.3
152.4

24.4
29.0
23.7
11.6

-.2
-8.7
-13.4
-21.8

268.5
272.0
277.9
279.1

156.3
172.7
174.4
169.1

24.2
25.9
44.7
21.7

-39.9
-32.8
-28.1
-41.0

172.9
179.8
180.8
178.6

31.6
41.1
33.1
41.3

-39.0
-30.7
-22.4
-15.1

174.6
172.4
170.6
165.7

23.9
32.8
10.9
-7.6

-4.8
-12.4
12.5
18.7

277.8
284.8
287.0
276.9
290.8
307.6
318.5
333.1
340.4
343.6
363.5
378.8

154.9
124.1
126.8
142.2
139.3
134.1
122.3
110.4

43.5
58.6
74.1
52.2
59.7
50.2
42.1
45.3

101.2
103.4
100.1
115.8

4.1
2.3
-29.5
-4.5
27.3
21.8
35.7
10.6
-24.0
-5.4
-9.4
-59.3

127.8
147.4
161.9
159.9

-42.3
-9.3
-1.0
27.0

16.1
-14.6
-35.0
-46.2

242.6
224.3
242.5
253.9
268.7
280.7
291.3
300.9
317.7
317.7
315.1
317.9
329.8
338.3
341.0
348.2
345.2
356.1
351.0
360.1
355.4
334.5
309.6
328.4
334.8
345.1
349.0
344.5
333.7
336.8
347.8
324.3
326.4
356.3
387.8
401.6

567.8
580.2
572.6
572.1
577.5
577.2
582.1
586.8
582.4
580.3
579.4
579.0
580.2
587.5
594.9
593.6
592.5
601.3
611.5
611.1
606.7
606.9
611.3
611.7

169.7
173.2
171.2
168.3

85.1
57.0
60.6
33.9

-68.6
-87.2
-85.7
-92.7

571.5
576.3

579.1

628.4
629.6
634.3
637.7
639.4
640.9
639.0

641.8
647.5

661.8
670.4
682.2
687.8
680.8
684.5
679.4
664.9
665.4
670.2
663.9

370.6
358.1
394.4
410.1
444.7
454.9
452.8
461.8
492.0
519.0
546.9
527.2
544.0
584.6
583.3
595.8
582.2
590.1
575.7
552.9
556.7
499.2
467.7
513.5
552.3
551.2
560.7
517.9
464.2
467.5
448.6
408.8
427.1
486.9
524.8
577.2
649.3
649.7
658.9
649.9
638.2
655.6
643.8
653.2

363.6
369.4
376.0
383.7
384.9
394.2
394.8
397.7
372.9
370.4
375.8
385.7
395.3
402.7
397.0
387.0
369.5
358.0
352.3
341.6
348.8
363.9
390.4
394.4
419.5
427.1
447.6
442.7
463.0
463.1
476.9

172.4
175.1
180.0
181.5

40.4
41.7
11.7
11.7

23.2 -78.8
17.4 -108.1
.7 -113.8
-5.2 -132.0

398.9
393.1
383.6
380.6
394.5
395.3
391.1
389.8
374.1
378.5
359.5
336.0
342.5
341.7
352.8
355.5
361.3
367.0
375.5
375.0
369.4
361.2
355.8
362.9

429.9
454.2
461.2
467.7
448.2
469.3
469.6
494.8

617.8
625.1
621.1
617.9
626.3
626.4
630.2
635.9

634.6
629.7
642.5
660.1
649.2
650.9
653.6
642.2
650.2
678.2
681.0
691.5
695.3
708.3
731.8
749.4

279.8
268.9
264.0
260.4

Gross
domestic
purchases

Percent change from
preceding period

GNP

Final

Gross
domes-

tic
purchases

576.9
583.6
587.1
593.4

563.4
568.6
573.6

NOTE.—GNP=Gross national product; CBI=Change in business inventories.




Government purchases of
goods and services

Net exports

1.0
4.2
2.0

5.0
1.4
4.2
.1

9.1
1.7
5.4
1.8

2,257.3
2,271.4
2,301.2

2.3
2.4
5.9
2.3

3.7
5.9
3.5
2.6

2.0
2.5
5.4
3.9

2,356.0
2,394.4
2,414.5
2,416.2
2,448.1
2,456.7
2,469.8
2,457.8

4.7
7.0
3.1
-.4

6.6
4.8
4.6
1.8

5.8
6.7
3.4
.3

5.7
.5
2.2
-1.6

3.0
1.2
1.2
— 4

5.4
1.4
2.2
-1.9

2,440.0
2,434.1
2,463.5
2,447.1

-2.4
-.3
5.0
-3.6

.2
-1.0
3.9
-1.2

-2.9
-1.0
4.9
-2.6

2,154.3 2,198.0
2,162.0 2,207.4
2,184.4 2,236.5
2,185.1 2,246.4

255.5
249.1
251.1
246.6
253.6
252.2
241.7
236.4

312.1
314.9
315.8
320.8

2,447.0
2,453.2
2,470.5
2,489.9
2,537.5
2,569.6
2,589.7
2,650.3

2,503.9
2,520.1
2,533.8
2,540.3
2,597.8
2,644.3
2,669.8
2,719.9

11.2
0
2.1
0

5.8
1.0
2.9
3.2

9.6
2.6
2.2
1.0

9.1
8.0
4.2
7.7

7.9
5.2
3.2
9.7

9.4
7.4
3.9
7.7

240.4
235.8
220.0
223.9
223.9
232.0
225.2
224.4

332.2 2,700.0
332.8 2,701.4
335.8 2,708.2
340.3 2,706.5
343.9 2,712.1
348.2 2,717.8
347.4 2,700.4
347.7 2,653.9
351.1 2,664.4
351.7 2,699.9
356.5 2,718.3
359.0 2,748.3
360.3 2,780.0
357.0 2,787.9
354.0 2,805.0
352.8 2,845.2

2,778.1
2,777.6
2,761.7
2,785.1
2,736.4
2,753.8
2,724.8
2,699.0
2,625.2
2,641.4
2,700.5
2,737.2

9.7
1.0
-.4
3.6

7.7
.2
1.0

8.8
-.1
-2.3
3.4

226.3
225.5
225.7
227.8
222.1
223.4
225.4
226.1

238.0
234.8
228.4
230.3
238.3
237.9
236.4
233.9
237.3
237.1
243.3
251.6
248.2
244.4
252.0
256.0
262.7
267.5
267.0
260.5
273.8
289.5
278.2
278.5
277.6
266.0
271.2
296.3
295.6

305.8
311.4
329.9
347.2

322.8
321.9
324.4
329.7

356.3
356.7
357.0
358.9
364.1
371.0
373.2
373.2
370.3
373.0
374.0
374.6

374.5
373.5
372.9
373.4
374.2
370.4
367.5
368.4
367.7
370.6

371.0
372.4
376.0
376.2

379.0
381.8
385.4
387.7
389.5
396.9
401.9
402.2

2,871.8
2,916.8
2,957.1
2,972.4
2,988.9
3,074.8
3,109.5
3,140.3
3,157.7
3,145.8
3,196.5
3,229.3
3,154.8
3,188.6
3,203.8
3,233.8
3,228.4
3,228.9
3,208.5
3,194.4
3,185.3
3,164.0
3,218.6
3,228.9
3,267.6
3,307.4
3,430.0
3,446.8
3,486.4
3,523.9
3,550.2
3,603.1
3,627.5

-2.2
1.1
-5.1
-3.5

-2.5
-6.7

-6.8
2.6
-4.1
-3.7

-7.6
4.1
7.0
5.7

1.6
5.4
2.8
4.5

-10.5
2.5
9.3
5.5

7.7
1.8
1.7
4.0

4.7
1.1
2.5
5.9

10.2
3.0
2.4
5.2

5.6
6.6
8.3
-1.0

3.8
6.4
5.6
2.1

8.2
5.5
7.5
.7

3.6
13.2
3.5
5.1

2.2
12.0
4.6
4.0

3.3
11.9
2.4
4.1

0
-.4
3.7
-.8

2.2
-1.5
6.6
1.6

-1.3
.6
.5
-1.5

4.1
-9.1
13
5.2
8.0
-1.3
1.8
-5.5

2.6
-8.9
4.4
1.9
3.8
-.7
.1
-2.5

.9
-11.0
-1.7
8.3
7.1
-.2
2.8
-5.9

-5.9
1.2
-3.2
.6

-1.7
-1.1
-2.6
7.1

3.5
9.3
6.0
7.3

1.3
4.9
5.0
3.8

-5.4
1.1
.6
.6
2.9
13.6
8.6
8.6

3,613.1

9.8
5.0
2.3
1.5

2.6
8.6
2.0
4.7

12.5
7.1
2.1
2.2

3,625.9
3,675.7
3,717.6
3,754.3

3.1
2.3
4.1
2.1

4.4
3.0
6.1
2.7

1.4
5.6
4.6
4.0

2,804.6
2,825.6
2,842.1
2,878.6
2,935.9
2,975.5
3,029.9
3,035.0
3,059.5
3,146.6
3,165.0
3,196.7
3,186.5
3,191.1
3,194.9
3,182.6
3,189.9
3,098.4
3,085.1
3,147.0
3,201.4
3,200.0
3,222.5
3,173.8
3,130.0
3,138.2
3,142.9
3,147.6
3,170.5
3,273.0
3,341.4
3,411.3
3,513.3
3,574.2

68

SURVEY OF CURRENT BUSINESS

September 1986

Table 3.—Price Indexes and the Gross National Product Implicit Price Deflator
[Index numbers, 1982=100; quarterly data are seasonally adjusted at annual rates]
Percent change from preceding
period

Fixed-weighted price indexes
Year and
quarter

Personal consumption expenditures

GNP
Total

1959 ... .
1960 .
1961
1962 .. .
1963
1964
1965
1966
1967 . . .
1968
1969 .
1970
1971
1972 . .
1973
1974 .
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1959: I
II
Ill
IV
1960: I
II
Ill
IV
1961: I
II
Ill
IV
1962: I
II
Ill
IV
1963: I.
II.
Ill
IV
1964: I
II
III...
IV
1965: I
II
Ill
IV..
1966: I
II
Ill
IV
1967: I
II
Ill
IV..
1968: I
II

in

IV.
1969: I
II
Ill
IV
1970: I
II
Ill
IV
1971: I

n

Ill
IV

1972: I
II
III......
IV




Durable Nondurable
Services
goods
goods

Fixed investment
Total

Nonresidential

Government purchases of
goods and services

Residential

Cxports

mports
Total

Federal

State
and
local

GNP
Final
sales

FWPI

PCE

GNP

GNP
Chain
price
index

GNP
IPD

24

37.6

35.2

52.3

35.0

31.2

58.0

65.9

30.2

32.8

27.0

25.8

26.9

24.9

37.6

30.4

38.1
38.4
38.7
39.1
39.6

35.7
36.1
36.4
36.8
37.2

52.1
51.9
51.7
51.6
51.9

35.5
35.8
36.0
36.4
36.8

31.9
32.4
32.9
33.4
33.9

58.1
58.0
58.0
58.0
58.2

66.1
66.0
66.1
66.2
66.4

30.3
30.2
29.9
29.5
29.6

33.5
34.0
34.1
34.4
34.8

27.3
27.0
26.7
27.1
27.7

26.4
27.0
27.8
28.5
29.3

27.3
27.8
28.4
29.3
30.1

25.7
26.4
27.3
27.9
28.5

38.1
38.3
38.7
39.1
39.5

30.9
31.2
31.9
32.4
32.9

1.4
.7
.8
1.0
1.2

1.5
.9
.9
1.1
1.2

1.6
1.0
2.2
1.6
1.5

1.5
1.0
1.2
1.3
1.5

40.1
41.1
42.1
43.7
45.6

37.7
38.5
39.5
41.0
42.8

51.2
50.6
51.2
52.6
53.8

37.5
38.7
39.6
41.2
43.2

34.5
35.4
36.5
38.0
39.7

58.5
59.3
60.2
61.4
63.2

66.7
67.4
68.4
69.5
71.0

30.0
30.8
31.6
33.1
36.0

35.9
37.1
38.2
39.3
40.9

28.1
29.1
29.5
30.1
31.2

30.0
31.3
32.7
34.5
36.6

30.8
32.0
32.8
34.5
36.4

29.3
30.6
32.5
34.4
36;7

40.0
41.0
42.0
43.6
45.5

33.8
35.0
35.9
37.7
39.8

1.4
2.5
2.6
3.7
4.4

1.2
2.2
2.5
3.8
4.3

2.7
3.6
2.6
5.0
5.6

1.8
3.0
2.8
4.3
5.0

47.2
48.8
50.3
53.1
57.2

44.7
46.6
48.3
51.0
55.8

55.0
56.7
57.1
58.1
61.6

45.2
46.6
48.2
52.3
59.0

41.9
44.2
46.1
48.3
52.0

61.5
60.6
59.8
61.8
64.4

68.4
66.6
65.0
66.6
68.5

37.4
39.5
41.6
45.1
50.1

43.3
45.3
46.5
50.8
59.8

33.4
35.6
37.8
42.4
54.5

39.6
42.3
45.2
48.8
53.5

39.5
42.4
46.0
50.1
54.8

39.6
42.2
44.6
47.8
52.6

47.2
48.8
50.2
53.0
57.2

42.0
44.4
46.5
49.5
54.0

3.6
3.5
2.9
5.5
7.8

4.6
4.2
3.5
5.7
9.4

5.5
5.7
4.7
6.5
9.1

5.2
4.8
4.2
5.9
8.9

61.8
65.1
68.4
72.7
78.8

60.1
63.5
67.5
72.2
78.6

66.7
70.4
73.3
77.3
82.5

63.2
65.4
68.5
73.1
80.8

56.2
60.4
65.3
70.2
76.0

69.0
71.4
72.6
74.5
80.3

73,1
75.2
74.9
75.0
80.1

54.6
58.4
64.8
72.5
81.2

65.4
67.4
70.3
74.5
82.9

59.7
61.3
66.1
71.3
80.9

58.6
62.2
66.0
70.9
77.3

59.4
62.4
65.8
70.6
76.8

57.9
62.0
66.2
71.2
77.7

61.8
65.1
68.4
72.6
78.8

59.3
63.1
67.3
72.2
78.6

8.0
5.3
5.1
6.2
8.5

7.7
5.6
6.3
7.0
8.8

9.8
6.4
6.7
7.3
8.9

9.2
5.9
6.1
7.2
8.7

86.1
94.1
100.0
104.1
108.3

86.8
94.6
100.0
104.2
108.4

89.6
95.8
100.0
102.3
104.1

89.6
97.0
100.0
102.1
105.2

84.0
92.6
100.0
106.3
111.9

86.9
94.5
100.0
100.4
101.8

86.1
93.9
100.0
99.9
100.5

89.4
96.6
100.0
102.2
106.3

90.5
97.7
100.0
101.6
104.5

96.3
101.5
100.0
97.7
97.7

86.3
94.1
100.0
104.5
109.2

86.4
94.9
100.0
104.1
107.9

86.2
93.5
100.0
104.8
110.3

86.1
94.1
100.0
104.1
108.3

85.7
94.0
100.0
103.9
107.9

9.3
9.3
6.2
4.1
4.0

10.5
9.0
5.6
4.2
4.0

9.0
9.7
6.4
3.9
3.8

9.0
9.4
6.3
4.1
4.0

112.3

112.4

105.1

107.8

117.7

103.3

101.9

108.2

104.0

95.9

114.1

112.2

111.5

3.7

3.7

3.3

3.6

35.0
35.1
35.3
35.5

52.1
52.3
52.3
52.3

34.8
34.9
35.1
35.3

30.9
31.0
31.3
31.5

57.9
58.0
58,0
58.1

65.7
65.9
66.0
66.1

30.2
30.2
30.2
30.2

32.7
32.8
32.9
33.0

26.9
27.0
27.1
27.1

25.5
25.6
25.7
25.9

111.0
26.9
27.0
27,1
27.2

116.3

37.4
37.5
37.6
37.8

24.7
24.9
25.0
25.1

37.4
37.5
37.5
37.7

30.2
30.4
30.6
30.6

0
1.3
1.7
1.4

0
1.1
2.1
1.9

4.1
2.7
2.7
0

0
1.2
1.9
1.6

37.8
38.0
38.1
38.2

35.5
35.7
35.8
36.0

52.2
52.2
52.0
51.8

35.2
35.5
35.6
35.8

31.6
31.8
32.0
32.2

58.1
58.2
58.2
58.1

66.1
66.2
66.2
66.1

30.2
30.3
30.3
30.3

33.4
33.5
33.7
33.6

27.2
27.4
27.4
27.2

26.1
26.1
26.4
26.6

27.2
27.1
27.7
27.7

25.5
25.6
25.8
25.9

37.8
37.9
38.1
38.1

30.9
30.9
31.0
31.0

.9
1.8
1.5
.6

.4
2.3
1.4
1.4

4.0
0
1.3
0

1.0
2.0
1.8
1.2

38.2
38.3
38.4
38.4

36.0
36.0
36.1
36.1

51.8
51.9
52.0
51.8

35.8
35.7
35.8
35.7

32.3
32.4
32.5
32.6

58.1
58.0
58.0
58.0

66.1
66.0
66.0
66.0

30.2
30.3
30.2
30.1

33.6
34.1
34.0
34.1

27.2
27.0
27.0
26.8

26.7
26.8
27.0
27.2

27.7
27.9
27.9
28.1

26.1
26.3
26.5
26.7

38.2
38.2
38.3
38.3

31.0
31.2
31.4
31.4

.5
.5
.8
.5

.8
-.1
1.2
.2

0
2.6
2.6
0

.7
.6
1.1
.7

38.5
38.6
38.7
38.8

36.2
36.4
36.4
36.5

51.8
51.7
51.7
51.5

35.9
36.0
36.0
36.2

32.7
32.9
33.0
33.1

58.0
58.1
58.1
58.0

66.1
66.1
66.1
66.1

30.1
30.0
29.9
29.7

34.2
34.1
34.1
34.2

26.6
26.6
26.6
26.6

27.5
27.6
27.7
28.0

28.3
28.4
28.5
29.0

27.2
27.3
27.4
27.4

38.4
38.6
38.6
38.7

31.7
31.8
31.9
32.2

1.1
.9
.5
1.1

1.2
1.4
.7
1.1

3.9
1.3
13
3.8

1.7
1.3
.8
1.8

38.9
38.9
39.0
39.2

36.6
36.7
36.9
37.0

51.5
51.5
51.6
51.8

36.3
36.3
36.5
36.6

33.2
33.3
33.5
33.6

58.1
58.0
58.0
58.0

66.2
66.2
66.2
66.2

29.8
29.6
29.3
29.5

34.2
34.3
34.3
34.5

26.7
27.0
27.2
27.5

28.2
28.3
28.4
28.7

29.1
29.2
29.2
29.7

27.7
27.8
27.9
28.2

38.8
38.9
39.0
39.2

32.3
32.3
32.4
32.6

1.1
.9
1.1
1.7

1.0
.9
1.6
1.4

1.2
0
1.2
2.5

1.4
.9
1.1
2.4

39.3
39.4
39.6
39.7

37.1
37.2
37.3
37.3

52.1
51.9
51.8
51.7

36.8
36.8
36.9
36.9

33.7
33.8
34.0
34.1

58.0
58.1
58.3
58.3

66.3
66.3
66.4
66.4

29.3
29.5
29.8
30.0

34.5
34.6
34.9
35.1

27.6
27.7
27.7
27.7

28.8
29.0
29.2
29.3

29.9
30.1
30.2
30.4

28.3
28.4
28.6
28.7

39.3
39.4
39.5
39.6

32.7
32.8
33.0
33,1

1.3
c
L2
1.0

1.5
.5
1.0
.8

1.2
1.2
2.5
1.2

1.3
1.1
1.7
1.3

39.9
40.0
40.1
40.2
40.5
40.9
41.2
41.5
41.7
41.9
42.2
42.6

37.5
37.7
37.7
37.8
38.1
38.4
38.7
39.0

51.8
51.5
51.0
50.5

37.0
37.4
37.6
37.8

34.3
34.5
34.6
34.7

58.4
58.4
58.6
58.7

66.5
66.6
66.7
66.9

30.0
29.8
30.1
30.1

35.8
35.9
35.9
35.9

29.5
29.7
29.9
30.2

30.6
30.7
31.0
31.4

29.0
29.1
29.4
29.6

1.8
1.6
1.3
1.3

1.6
1.9
.8
.8

4.9
1.2
3.6
2.4

1.8
2.0
2.2
2.2

38.3
38.6
38.8
39.1

34.9
35.2
35.6
35.9

58.8
59.2
59.4
59.7

67.0
67.3
67.6
67.9

30.2
30.9
30.8
31.3

36.4
36.9
37.3
37.8

30.5
30.9
31.4
31.6

31.6
31.8
32.2
32.3

30.0
30.5
30.9
31.3

34.5
34.8
35.1
35.5

2.6
3.8
3.1
3.3

2.8
3.1
3.0
3.3

4.8
3.5
3.5
4.6

3.3
4.2
3.3
3.3

39.1
39.3
39.6
40.0

50.8
50.9
51.3
51.8

39.2
39.3
39.7
40.1

36.1
36.3
36.6
37.0

60.0
60.1
60.3
60.5

68.2
68.3
68.5
68.7

31.5
31.4
31.6
31.8

38.1
38.1
38.2
38.4

29.4
29.4
29.5
29.6

32.0
32.4
32.7
33.2

32.3
32.6
32.9
33.6

35.7
35.7
36.0
36.4

1.9
2.0
3.1
3.8

1.1
1.9
3.6
3.6

2.3
0
3.4
4.5

2.1
2.2
3.6
4.3

43.0
43.5
43.8
44.4

40.4
40.8
41.2
41.6

52.1
52.3
52.7
53.1

40.5
41.0
41.4
41.9

37.4
37.8
38.2
38.6

60.9
61.2
61.5
62.1

69.0
69.3
69.6
70.2

32.6
32.7
33.0
33.9

38.8
39.4
39.3
39.6

29.8
30.1
30.2
30.4

33.8
34.2
34.7
35.3

33.9
34.2
34.9
35.3

31.9
32.3
32.7
33.1
33.7
34.2
34.6
35.2

39.8
39.9
40.1
40.1
40.4
40.8
41.1
41.4
41.6
41.8
42.2
42.5

33.5
33.6
33.9
34.1

50.4
50.5
50.7
50.9

27.7
27.9
28.1
28.6
28.6
29.1
29.2
29.3

43.0
43.4
43.8
44.3

37.1
37.5
37.9
38.5

3.9
4.3
3.5
4.8

4.0
4.3
3.9
4.5

7.9
4.4
4.3
6.5

4.9
4.5
4.1
5.5

44.8
45.3
45.8
46.4

42.0
42.5
43.0
43.5

53.3
53.7
53.9
54.3

42.3
42.9
43.5
44.1

39.0
39.5
39.9
40.5

62.7
63.1
63.4
63.7

70.6
70.9
71.2
71.4

35.3
35.8
36.3
36.8

40.2
40.4
41.0
42.0

30.7
30.9
31.3
32.0

35.6
36.1
37.0
37.5

35.5
35.8
36.9
37.3

35.7
36.3
37.0
37.6

44.7
45.2
45.8
46.3

39.0
39.5
40.1
40.6

4.1
4.3
5.2
4.6

3.6
4.9
4.6
5.2

5.3
5.2
6.2
5.1

4.7
4.9
6.2
5.1

46.8
47.1
47.3
47.8

44.0
44.5
44.9
45.5

54.4
54.7
55.0
55.9

44.7
45.1
45.4
45.8

41.0
41.6
42.1
42.8

62.7
61.6
60.9
60.7

70.0
68.4
67.7
67.4

37.0
37.9
37.2
37.6

42.5
43.3
43.5
43.9

32.4
32.9
34.0
34.5

38.5
39.2
39.9
40.5

38.6
39.2
39.8
40.4

38.5
39.2
39.9
40.5

46.7
47.0
47.2
47.7

41.3
41.9
42.2
42.7

3.4
2.6
1.9
4.1

4.7
4.1
3.9
5.4

7.1
5.9
2.9
4.8

6.0
5.0
3.3
5.2

48.3
48.7
49.0
49.3

45.9
46.4
46.9
47.2

56.6
56.9
56.7
56.4

45.9
46.4
46.8
47.1

43.3
43.9
44.5
45.0

60.8
60.7
60.5
60.4

67.1
66.9
66.5
66.1

38.5
39.3
39.7
40.4

44.9
45.2
45.3
45.7

35.3
35.3
35.8
36.1

41.5
42.1
42.6
43.1

41.7
42.4
42.7
43.4

41.3
42.0
42.5
42,8

48.2
48.7
49.0
49.3

43.4
44.2
44.7
45.3

4.3
4.0
2.5
2.3

3.8
4.4
3.9
2.8

6.7
7.6
4.6
5.5

5.9
5.2
3.7
3.4

49.9
50.1
50.4
50.9

47.7
48.0
48.4
48.9

56.8
57.1
57.3
57.2

47.6
47.9
48.3
48.9

45.5
45.9
46.4
46.8

60.3
59.7
59.5
59.7

65.9
65.0
64.6
64.5

40.7
41.1
41.7
42.8

46.2
46.4
46.4
47.1

37.0
37.6
38.1
38.7

44.4
44.9
45.5
46.2

45.4
45.8
46.2
47.0

43.6
44.2
44.9
45.6

49.8
50.0
50.3
50.8

45.8
46.1
46.7
47.3

4.4
1.5
2.4
3.9

4.2
2.8
3.4
3.7

4.5
2.6
5.3
5.2

5.8
2.8
3.8
4.8

September 1986

69

SURVEY OF CURRENT BUSINESS
Table 3.—Price Indexes and the Gross National Product Implicit Price Deflator—Continued
[Index numbers, 1982=100; quarterly data are seasonally adjusted at annual rates]

Percent change from preceding
period

Fixed-weighted price indexes
Year and
quarter

Personal consumption expenditures

GNP
Total

Durable Nondurable
Services
goods
goods

Government purchases of
goods and services

Fixed investment
Total

Nonresidential

Residen- Exports Imports
tial

Total

Federal

State
and
local

Final
sales

GNP
IPD

FWPI

GNP

PCE

GNP
IPD

GNP
Chain
price
index

1973: I
II
Ill
IV

51.7
52.6
53.7
54.4

49.5
50.5
51.5
52.4

57.5
58.0
58.3
58.5

50.0
51.5
53.1
54.5

47.2
47.9
48.6
49.4

60.5
61.8
62.5
62.5

65.5
66.6
67.2
67.0

43.2
44.7
46.1
46.7

48.1
49.6
51.6
53.8

39.6
41.8
43.0
45.5

47.3
48.3
49.4
50.2

48.3
49.3
51.0
51.9

46.5
47.5
48.3
49.0

51.6
52.5
53.6
54.4

48.0
49.0
50.0
51.2

6.3
7.4
8.3
5.9

5.5
8.2
7.8
7.7

6.1
8.6
8.4
10.0

5.8
7.4
8.3
6.8

1974: I
II
Ill
IV

55.5
56.4
57.8
59.3

53.8
55.2
56.4
57.8

59.0
60.5
62.6
64.4

56.8
58.4
59.6
61.1

50.3
51.4
52.5
53.6

62.8
63.7
64.9
66.3

67.1
67.8
68.9
70.4

48.0
49.4
51.0
52.2

56.5
58.2
60.9
63.8

49.5
53.7
56.4
58.3

51.5
52.5
54.2
55.9

53.1
53.4
55.4
57.4

50.3
51.8
53.4
54.8

55.5
56.4
57.7
59.3

51.9
53.0
54.8
56.3

8.2
6.7
9.9
11.2

11.2
10.1
9.4
10.0

5.6
8.8
14.3
11.4

8.5
8.8
12.5
12.3

1975- I
II ...
Ill
IV

60.4
61.1
62.3
63.3

58.7
59.4
60.6
61.7

65.4
66.4
67.1
68.1

61.8
62.3
63.8
64.7

54.8
55.6
56.6
57.8

68.0
68.9
69.2
69.8

72.1
73.1
73.4
73.8

53.6
54.2
54.6
55.7

65.5
65.2
65.2
65.7

59.6
60.3
59.5
59.6

57.0
57.9
59.0
60.3

58.1
58.6
59.7
61.1

56.1
57.4
58.6
59.6

60.4
61.1
62.2
63.3

57.7
58.6
59.9
61.0

7.8
4.6
7.7
6.7

6.7
4.9
8.4
6.9

10.3
6.4
9.2
7.6

9.3
6.0
8.3
7.2

1976- I
II
Ill
IV

64.0
64.7
65.4
66.3

62.3
62.9
63.9
64.8

69.1
69.9
70.7
71.8

64.7
65.0
65.6
66.2

58.8
59.7
60.8
62.1

70.7
71.4
71.7
71.8

74.7
75.3
75.4
75.2

56.5
57.8
58.8
60.3

66.4
67.0
67.5
68.6

60.1
61.0
61.9
62.2

61.0
61.8
62.4
63.4

61.6
62.0
62.2
63.6

60.7
61.7
62.5
63.3

64.0
64.6
65.3
66.3

61.7
62.5
63.4
64.5

4.6
4.2
4.4
5.9

4.2
4.2
6.0
6.2

4.7
5.3
5.9
7.1

4.8
4.6
5.4
6.8

1977: I
II
Ill
IV

67.2
68.1
68.7
69.7

65.9
67.0
68.0
69.0

72.5
72.9
73.5
74.4

67.1
68.1
69.0
69.7

63.5
64.7
66.0
67.1

72.2
72.6
72.5
73.1

75.1
75.1
74.6
74.6

62.0
64.1
65.0
68.0

69.5
70.6
70.3
70.7

64.1
65.8
67.0
67.6

64.6
65.6
66.2
67.8

64.8
65.4
65.3
67.6

64.4
65.8
66.8
68.0

67.2
68.1
68.7
69.7

65.6
66.9
67.7
68.9

5.5
5.6
3.4
6.0

7.0
6.8
6.2
5.6

7.0
8.2
4.9
7.3

6.2
6.7
4.7
7.5

1978: I
II
Ill
IV

70.7
72.0
73.2
74.7

70.0
71.6
72.9
74.2

75.3
76.6
78.0
79.2

70.6
72.7
74.0
75.3

68.3
69.6
70.9
72.2

73.1
73.9
74.7
75.9

74.4
74.7
75.0
75.9

68.6
71.5
73.7
76.2

72.1
73.8
74.8
76.9

69.0
70.9
72.0
73.3

69.0
70.1
71.4
73.3

69.1
69.7
70.6
73.0

69.0
70.3
71.9
73.5

70.6
71.9
73.2
74.7

69.9
71.6
72.9
74.4

5.4
7.7
7.0
8.7

6.3
9.3
7.5
7.6

5.9
10.1
7.5
8.5

5.8
9.1
7.8
9.1

1979: I . ...
II
Ill
IV

76.3
78.0
79.7
81.3

75.8
77.6
79.5
81.4

80.5
81.9
83.0
84.6

77.4
79.8
81.9
83.9

73.4
74.9
76.8
78.7

77.6
79.6
81.3
82.6

77.6
79.5
80.9
82.1

77.8
80.2
82.7
84.2

79.5
82.3
84.0
85.6

75.8
78.6
82.3
86.8

74.5
76.0
77.9
80.8

74.1
75.2
77.0
80.9

74.9
76.5
78.6
80.7

76.2
78.0
79.7
81.3

76.1
77.8
79.4
81.0

8.3
9.6
8.7
8.7

8.7
10.0
9.9
9.9

9.5
9.2
8.5
8.3

8.4
9.6
8.1
8.2

1980: I
II
Ill .
IV

83.2
85.1
86.9
89.3

83.7
85.8
87.8
90.0

86.9
88.8
90.5
92.2

86.6
88.6
90.6
92.8

80.8
82.9
85.1
87.3

84.3
86.2
87.9
89.2

83.7
85.4
87.0
88.5

86.3
89.1
90.9
91.7

87.6
88.9
91.4
94.4

92.4
95.3
98.1
100.0

83.0
85.4
86.8
90.0

82.7
85.3
86.2
91.4

83.3
85.4
87.2
88.9

83.2
85.1
86.9
89.3

82.7
84.6
86.5
89.0

9.4
9.5
9.0
11.3

12.1
10.1
9.9
10.2

8.7
9.5
9.3
12.1

9.0
9.4
9.4
11.3

1981: I
II....
Ill
IV

91.5
93.1
95.1
96.9

92.2
93.8
95.5
97.1

93.4
95.2
96.7
98.0

95.4
96.5
97.6
98.4

89.5
91.4
93.8
95.8

91.4
93.4
95.6
97.7

90.7
92.8
94.8
97.1

94.0
95.4
98.1
99.6

96.6
97.4
98.0
98.7

101.9
102.5
100.7
101.0

91.7
93.1
94.6
96.8

92.6
93.7
95.0
98.1

91.0
92.7
94.3
95.9

91.4
93.1
95.1
96.9

91.3
92.8
94.9
96.7

10.0
7.5
8.8
7.7

10.2
7.4
7.6
6.4

10.7
6.7
9.4
7.8

9.8
7.5
9.0
7.9

1982: I
II
Ill
IV

98.2
99.4
100.7
101.7

98.3
99.1
100.7
101.8

98.9
99.9
100.4
100.7

99.2
99.2
100.5
101.0

97.4
98.9
100.8
102.7

99.2
100.0
100.6
100.2

98.8
100.0
100.7
100.5

100.5
100.2
100.4
99.1

99.7
100.1
100.1
100.0

101.4
100.0
99.3
99.3

98.1
99.4
100.5
102.0

98.7
99.6
100.0
101.7

97.7
99.2
100.9
102.2

98.2
99.4
100.7
101.7

98.2
99.4
100.8
101.7

5.7
4.7
5.5
4.0

5.2
3.5
6.3
4.8

6.4
5.0
5.8
3.6

5.9
4.8
5.6
4.1

1983: I
II
Ill
IV

102.6
103.6
104.6
105.7

102.6
103.7
104.8
105.8

101.4
101.7
102.5
103.4

100.7
102.0
102.7
103.3

104.3
105.5
106.9
108.4

100.7
99.9
100.6
100.5

100.3
99.7
99.9
99.6

101.9
100.4
103.2
103.3

100.4
101.0
101.7
103.2

98.3
97.4
97.7
97.6

103.0
103.9
105.0
106.0

102.8
103.7
104.5
105.4

103.2
104.1
105.3
106.4

102.6
103.5
104.6
105.6

102.5
103.3
104.2
105.4

3.6
3.8
4.2
4.0

2.8
4.6
4.1
4.1

3.2
3.2
3.5
4.7

3.7
3.6
4.1
3.9

1984- I
II
Ill
IV

106.9
107.8
108.8
109.8

107.1
107.9
108.9
109.9

103.5
104.1
104.3
104.5

104.6
104.7
105.3
106.2

109.8
111.1
112.7
114.0

100.6
101.6
102.2
102.7

99.7
100.2
100.7
101.2

103.7
106.4
107.4
107.7

104.0
105.0
104.7
104.3

97.8
98.4
97.7
97.2

107.7
108.8
109.6
110.8

106.9
107.7
107.9
108.9

108.2
109.7
110.9
112.2

106.9
107.8
108.7
109.7

106.6
107.4
108.3
109.2

4.7
3.6
3.5
3.6

4.7
3.0
3.8
3.8

4.6
3.0
3.4
3.4

4.8
3.6
3.6
3.5

1985: I
II
Ill
IV

110.9
111.9
112.6
113.7

110.8
112.0
112.8
114.1

105.1
105.2
105.0
105.3

106.7
107.5
107.8
109.2

115.4
117.0
118.5
120.0

102.7
103.0
103.4
104.0

101.3
101.6
102.0
102.4

107.6
107.8
108.1
109.4

104.1
104.3
103.8
103.8

95.7
95.9
95.4
96.5

112.6
113.5
114.4
115.8

110.5
110.5
110.8
112.1

114.1
115.7
117.0
118.5

110.8
111.8
112.5
113.6

110.2
111.1
111.8
112.8

4.2
3.6
2.8
4.0

3.6
4.2
3.0
4.7

3.7
3.3
2.5
3.6

3.9
3.5
2.5
3.9

NOTE.—GNP=Gross national product; PCE=Personal consumption expenditures; IPD=Implicit price deflator; FWPI=Fixed-weighted price index.




SURVEY OF CURRENT BUSINESS

70

September 1986

Table 4.—National Income and Disposition of Personal Income
[Billions of dollars; quarterly data are seasonally adjusted at annual rates]
Compensation of
employees
Year and
quarter

National
income

Total

Proprietors'
income with
Rental
IVA and CCAdj income
of
Wages ments to
persons
and
wages
Nonwith
Farm
salaries
and
farm
CCAdj
salaries

Corporate profits with IVA and CCAdj

Total

IVA

CCAdj

Profits
before
tax

Less:
PersonLess: Equals:
Personal
tax Equals: PersonPersonNet
Profits interest
al
and
DPI
al
al
after
income nontax
outlays saving
tax
Payments

Saving DPI in
conas
percent- stant
(1982)
age of
dollars
DPI

1929

84.7

51.1

50.5

.7

6.1

8.3

4.9

9.6

.5

8.6

4.7

84.3

2.6

81.7

79.2

2.6

3.2

498.6

73.5
58.3
42.0
39.4
48.3

46.9
39.8
31.1
29.6
34.3

46.2
39.2
30.5
29.0
33.7

.7
.6
.6
.6
.6

4.3
3.4
2.1
2.5
2.9

6.9
5.2
3.1
2.9
4.3

4.2
3.4
2.7
2.0
1.6

6.3
1.6
-1.6
-1.5
1.1

3.3
2.4
1.0
-2.1
-.6

-.9
7
-.4
-.3
-.3
-.6

10.0

1930
1931
1932
1933
1934

3.7
-.4
2g
1.0
2.3

2.9
-.9
-2.7
.4
1.6

4.9
4.9
4.6
4.1
4.1

75.5
64.7
49.4
46.3
53.1

2.5
1.8
1.4
1.4
1.6

73.0
62.9
48.0
44.9
51.6

71.1
61.4
49.3
46.5
52.0

1.9
1.4
-1.3
-1.6
-.4

2.6
2.3
-2.8
-3.6
-.9

459.2
438.7
380.2
370.8
392.1

1935
1936
1937
1938
1939

56.1
64.0
72.2
65.8
71.2

37.4
43.0
48.0
45.0
48.2

36.7
42.0
46.1
43.0
46.0

.7
1.0
1.8
2.0
2.2

5.2
4.3
6.0
4.4
4.4

5.1
6.3
6.8
6.5
7.1

1.6
1.7
1.9
2.4
2.6

2.7
5.0
5.8
3.9
5.5

-.2
7
0
1.0
-.7

-.6
-.6
-1.1
-1.1
-1.0

3.6
6.3
6.9
4.0
7.2

2.6
4.9
5.4
3.0
5.7

4.1
3.8
3.7
3.6
3.6

59.8
68.0
73.4
67.6
72.1

1.9
2.2
2.9
2.8
2.4

57.9
65.8
70.5
64.8
69.7

56.4
62.8
67.5
64.9
67.9

1.5
3.0
2.9
-.1
1.8

2.5
4.5
4.2
-.1
2.6

427.8
479.1
494.7
462.3
499.5

1940
1941
1942
1943
1944

79.6
102.8
136.2
169.7
182.6

52.2
64.8
85.3
109.6
121.3

49.9
62.1
82.1
105.8
116.7

2.3
2.8
3.2
3.8
4.5

4.4
6.4
10.1
12.0
11.9

8.2
10.8
13.8
16.8
18.1

2.7
3.2
4.1
4.6
4.8

8.8
14.3
19.7
24.0
24.2

-.2
-2.5
12
-.8
-.3

-1.1
-1.1
-.8
5
.2

10.0
17.9
21.7
25.3
24.2

7.2
10.3
10.3
11.2
11.3

3.3
3.3
3.1
2.7
2.3

77.6
95.2
122.4
150.7
164.5

2.6
3.3
5.9
17.8
18.9

75.0
91.9
116.4
132.9
145.6

72.0
81.9
89.5
100.2
109.0

3.0
10.0
27.0
32.7
36.5

4.0
10.9
23.2
24.6
25.1

530.7
604.1
693.0
721.4
749.3

1945
1946
1947
1948
1949

181.6
180.7
196.6
221.5
215.2

123.3
119.6
130.1
142.1
142.0

117.5
112.0
123.1
135.5
134.7

5.8
7.6
7.0
6.5
7.3

12.4
14.8
15.1
17.5
12.8

19.1
21.5
20.4
22.9
23.1

5.0
5.8
5.8
6.4
6.7

19.7
17.2
22.9
30.3
28.0

-.6
-5.3
-5.9
-2.2
1.9

.4
-2.4
-2.9
-3.2
30

19.8
24.8
31.8
35.6
29.2

9.1
15.7
20.5
23.2
19.0

2.2
1.8
2.3
2.4
2.6

170.0
177.6
190.2
209.2
206.4

20.8
18.7
21.4
21.0
18.5

149.2
158.9
168.8
188.1
187.9

120.5
145.3
163.6
177.0
180.6

28.7
13.6
5.2
11.1
7.4

19.2
8.6
3.1
5.9
3.9

739.5
723.3
694.8
733.1
733.2

1950
1951
1952
1953
1954

239.8
277.3
291.6
306.6
306.3

155.4
181.6
196.3
210.4
209.4

147.2
171.6
185.6
199.0
197.2

8.2
10.0
10.7
11.5
12.1

13.6
16.0
15.0
13.0
12.4

25.2
28.0
29.4
30.4
31.1

7.7
8.3
9.4
10.7
11.6

34.9
39.9
37.5
37.7
36.6

-5.0
-1.2
1.0
-1.0
-.3

3.0
-3.4
-3.2
-2.5
-1.8

42.9
44.5
39.6
41.2
38.7

25.0
21.9
20.2
20.9
21.1

3.0
3.5
3.9
4.4
5.2

228.1
256.5
273.8
290.5
293.0

20.6
28.9
34.0
35.5
32.5

207.5
227.6
239.8
255.1
260.5

194.8
211.0
222.4
236.7
244.1

12.6
16.6
17.4
18.4
16.4

6.1
7.3
7.3
7.2
6.3

791.8
819.0
844.3
880.0
894.0

1955
1956
1957
1958
1959

336.3
356.3
372.8
375.0
409.2

225.9
244.7
257.8
259.8
281.2

212.1
229.0
239.9
241.3
259.8

13.8
15.7
17.8
18.5
21.4

11.3
11.1
11.0
13.1
10.8

34.0
35.8
37.8
38.5
40.9

12.0
12.4
13.1
13.9
14.6

47.1
45.7
45.3
40.3
51.4

-1.7
-2.7
-1.5
-.3
-.3

49.2
49.6
48.1
41.9
52.6

27.2
27.6
26.7
22.9
28.9

5.8
6.5
7.8
9.5
10.2

314.2
337.2
356.3
367.1
390.7

35.4
39.7
42.4
42.2
46.1

278.8
297.5
313.9
324.9
344.6

262.8
276.2
291.2
300.6
322.8

16.0
21.3
22.7
24.3
21.8

5.8
7.2
7.2
7.5
6.3

944.5
989.4
1,012.1
1,028.8
1,067.2

1960
1961
1962
1963
1964

424.9
439.0
473.3
500.3
537.6

296.7
305.6
327.4
345.5
371.0

272.8
280.5
299.3
314.8
337.7

23.8
25.1
28.1
30.7
33.2

11.6
12.0
12.1
11.9
10.7

40.5
42.3
44.4
45.7
49.8

15.3
15.8
16.5
17.1
17.3

49.5
50.3
58.3
63.6
70.7

-.2
.3
0
.1
-.5

-.4
1.2
-1.3
-1.3
-.8
3
.2
3.1
3.8
4.5

49.9
49.8
55.1
59.8
66.7

27.2
27.1
31.2
33.5
38.7

11.3
12.9
14.6
16.3
18.2

409.4
426.0
453.2
476.3
510.2

50.5
52.2
57.0
60.5
58.8

358.9
373.8
396.2
415.8
451.4

338.1
348.9
370.2
391.2
419.9

20.8
24.9
25.9
24.6
31.5

5.8
6.6
6.5
5.9
7.0

1,091.1
1,123.2
1,170.2
1,207.3
1,291.0

1965
1966
1967
1968
1969

585.2
642.0
677.7
739.1
798.1

399.8
443.0
475.5
524.7
578.4

363.7
400.3
428.9
471.9
518.3

36.1
42.7
46.6
52.8
60.1

13.0
14.0
12.7
12.8
14.6

52.1
55.5
58.4
62.6
64.7

18.1
18.6
19.6
18.4
18.4

81.3
86.6
84.1
90.7
87.4

12
-2.1
-1.6
37
-5.9

5.2
5.4
5.5
5.3
6.1

77.4
83.3
80.1
89.1
87.2

46.5
49.6
47.5
49.7
47.5

20.9
24.3
27.4
29.8
34.6

552.0
600.8
644.5
707.2
772.9

65.2
74.9
82.4
97.7
116.3

486.8
525.9
562.1
609.6
656.7

452.5
489.9
516.9
567.1
614.5

34.3
36.0
45.1
42.5
42.2

7.0
6.8
8.0
7.0
6.4

1,365.7
1,431.3
1,493.2
1,551.3
1,599.8

1970
1971
1972
1973
1974

832.6
898.1
994.1
1,122.7
.. 1,203.5

618.3
659.4
726.2
812.8
891.3

551.5
584.5
638.7
708.6
772.2

66.8
74.9
87.6
104.2
119.1

14.7
15.5
19.4
33.7
27.5

65.4
71.4
79.0
85.3
91.3

18.2
18.6
17.9
18.0
16.1

74.7
87.1
100.7
113.3
101.7

-6.6
-4.6
66

-39.5

5.2
4.3
5.8
6.2
2.3

76.0
87.3
101.5
127.2
138.9

41.7
49.6
59.6
77.9
87.1

41.2
46.3
51.0
59.6
75.5

831.8
894.0
981.6
1,101.7
1,210.1

116.2
117.3
142.0
152.0
171.8

715.6
776.8
839.6
949.8
1,038.4

657.9
710.5
778.2
860.8
941.7

57.7
66.3
61.4
89.0
96.7

8.1
8.5
7.3
9.4
9.3

1,668.1
1,728.4
1,797.4
1,916.3
1,896.6

1975
1976
1977
1978
1979

1,289.1
1,441.4
1,617.8
1,838.2
2,047.3

948.7
1,057.9
1,176.6
1,329.2
1,491.4

814.7
899.6
994.0
1,119.6
1,251.9

134.0
158.3
182.6
209.7
239.5

25.4
20.6
20.5
27.0
31.7

100.0
117.1
132.4
149.2
160.1

13.5
11.9
8.2
9.3
5.6

117.6
145.2
174.8
197.2
200.1

110
-14.9
-16.6
-25.3
-43.2

-6.2
-10.1
-9.0
-10.9
-14.0

134.8
170.3
200.4
233.5
257.2

83.9
106.0
127.4
150.0
169.2

83.8
88.8
105.3
126.3
158.3

1,313.4
1,451.4
1,607.5
1,812.4
2,034.0

170.6
198.7
228.1
261.1
304.7

1,142.8
1,252.6
1,379.3
1,551.2
1,729.3

1,038.2
1,156.9
1,288.6
1,441.1
1,611.3

104.6
95.8
90.7
110.2
118.1

9.2
7.6
6.6
7.1
6.8

1,931.7
2,001.0
2,066.6
2,167.4
2,212.6

1980
1981
1982
1983
1984

2,203.5
2,443.5
2,518.4
2,719.5
3,032.0

1,638.2
1,807.4
1,907.0
2,020.7
2,214.7

1,372.0
1,510.4
1,586.1
1,676.2
1,837.0

266.3
297.1
320.9
344.5
377.7

160.1
156.1
150.9
178.4
205.3

6.6
13.3
13.6
13.2
8.3

177.2
188.0
150.0
213.7
264.7

-43.1
-24.2
-10.4
-10.9
-5.5

-16.8
144
-9.2
17.0
34.5

237.1
226.5
169.6
207.6
235.7

136.9
159.4
153.9
130.6
168.7

1,965.8

402.4

225.2

7.6

280.7

-.6

58.1

223.2

3,314.5

486.5

1,918.0
2,127.6
2,261.4
2,428.1
2,670.6
2,828.0

1,781.1
1,968.1
2,107.5
2,297.4
2,501.9

2,368.2

200.9
248.1
272.3
281.0
307.4
311.4

340.5
393.3
409.3
410.5
439.6

3,222.3

152.3
145.4
106.5
130.4
140.3
131.4

2,258.5
2,520.9
2,670.8
2,838.6
3,110.2

1985

20.5
30.7
24.6
12.4
31.5
29.2

2,684.7

143.3

7.1 2,214.3
7.5 2,248.6
6.8 2,261.5
5.4 2,331.9
6.3 2,470.6
5.1 2,528.0

425.3
425.3
425.7
423.1

294.2
297.1
297.9
297.4

270.7
273.4
273.9
273.3

23.5
23.8
24.0
24.1

53.8
49.5
48.6
46.0

11.0
10.9
11.5
11.9

404.3
409.5
411.4
412.4

49.4
50.4
50.9
51.2

354.9
359.1
360.5
361.1

332.6
339.0
339.3
341.5

22.3
20.1
21.3
19.7

6.3
5.6
5.9
5.4

1,087.3
1,093.6
1,093.0
1,090.5

24.5
24.8
25.2
25.7

15.6
15.7
15.9
16.1

45.0
49.4
51.6
55.4

0
.3
.3
.3

55.0
50.5
48.3
45.9
45.0
48.0
51.0
55.3

29.6
27.5
26.5
25.3

273.8
277.6
282.2
288.4

-.9
-.6
.5
.3
-.1
1.0
.3
-.2

-.4
-.4
-.2
-.2

298.3
302.4
307.4
314.1

40.8
40.7
40.3
40.2
41.3
42.1
42.6
43.3

15.2
15.3
15.4
15.5

424.3
434.1
442.5
454.9

10.3
11.8
12.0
12.1
12.1
11.8
11.9
12.2

24.8
26.1
27.6
29.7

12.1
12.6
13.1
13.8

416.0
422.1
428.7
437.2

51.4
51.7
52.4
53.2

364.6
370.3
376.2
383.9

342.1
346.8
349.7
357.0

22.5
23.5
26.5
26.9

6.2
6.3
7.0
7.0

1,100.8
1,117.7
1,127.4
1,146.8

464.4
470.9
475.8
482.2

320.6
326.6
329.5
333.0

293.2
298.7
301.1
304.2

27.4
27.9
28.3
28.8

12.4
12.2
12.0
12.0

43.8
44.4
44.8
44.8

16.2
16.3
16.6
16.9

57.7
57.0
58.1
60.3

.4
-.1
-.8
.5

3.0
3.0
3.2
3.2

54.3
54.0
55.7
56.6

30.5
30.5
31.4
32.3

13.8
14.4
14.8
15.3

443.7
451.4
456.1
461.5

54.5
56.4
57.8
59.3

389.2
394.9
398.3
402.2

362.0
367.9
372.2
378.9

27.2
27.0
26.1
23.4

7.0
6.8
6.6
5.8

1,158.4
1,167.8
1,174.7
1,179.8

487.9
496.8
503.8
512.6

337.9
342.7
347.7
353.9

307.9
312.3
316.8
322.2

30.0
30.3
30.9
31.7

12.1
12.1
11.9
11.6

44.9
45.3
45.9
46.8

17.0
17.2
17.0
17.2

60.3
63.5
64.7
66.0

1.0
.2
-.2
-.8

3.3
3.9
3.9
4.3

56.1
59.5
61.0
62.5

31.7
33.3
34.1
35.0

15.7
16.0
16.5
17.0

467.0
472.2
478.8
487.4

59.9
60.3
60.7
61.1

407.1
411.9
418.1
426.2

383.0
387.5
394.8
399.5

24.1
24.5
23.3
26.8

5.9
5.9
5.6
6.3

1,190.9
1,198.2
1,210.9
1,229.4

524.3
533.4
543.3
549.4

360.3
367.7
375.0
381.0

328.2
334.8
341.4
346.6

32.1
32.9
33.6
34.3

10.6
10.5
10.5
11.1

48.3
49.7
50.5
50.6

17.4
17.3
17.3
17.3

70.3
70.3
71.5
70.6

-.2
-.1
-.9
-.7

4.5
4.3
4.6
4.4

66.0
66.1
67.8
66.8

38.3
38.3
39.3
38.9

17.4
17.9
18.6
18.8

496.5
505.9
515.2
523.4

59.9
56.4
58.5
60.4

436.6
449.5
456.7
462.9

408.9
416.8
425.7
428.1

27.7
32.6
31.0
34.8

6.4
7.3
6.8
7.5

1,253.7
1,287.7
1,304.1
1,318.6

566.4
578.6
589.3
606.7

387.6
394.4
402.6
414.6

352.8
358.8
366.2
377.1

34.9
35.6
36.5
37.5

11.9
13.3
13.5
13.3

50.9
51.7
52.2
53.6

17.7
18.1
18.2
18.3

78.2
80.4
81.4
85.3

-.4
-1.1
-1.5
-1.9

4.8
5.1
5.5
5.2

73.8
76.4
77.5
82.0

44.3
46.0
46.6
49.1

20.1
20.7
21.4
21.5

534.0
544.6
558.3
571.1

64.4
65.7
64.6
66.1

469.6
478.9
493.7
505.0

438.8
446.1
455.4
469.6

30.8
32.7
38.3
35.5

6.6
6.8
7.8
7.0

1,327.1
1,346.8
1,383.2
1,405.8

1960: I
II
HI
IV
1961: I
II ..

ra

IV

1962: I

n. ..
ra
IV

1963: I

n

HI
IV

1964: I
II

ra

IV

1965: I
II
Ill .
IV




-2o!o

September 1986

71

SURVEY OF CURRENT BUSINESS
Table 4.—National Income and Disposition of Personal Income—Continued
[Billions of dollars; quarterly data are seasonally adjusted at annual rates]
Compensation of
employees

Year and
quarter

1966- I ..
II
Ill
IV
1967: I
II
Ill
IV
1968- I
II
Ill
IV
1969- I
II

in

IV
1970: I

n

HI
IV...
1971: I
II

ni
rv

1972: I
II

ra

IV
1973- I .. ..

n
Ill
rv

1974: I

n
m

IV
1975: I
II

in

IV
1976- I
II....
Ill
IV
1977: I

n

III
IV
1978: I
II

m ....'.'...

IV
1979- I
II...

in

IV
1980: I

n...
Ill
rv

1981: I

n
Ill

IV
1982: I
II
III.

rv

1983- I
II
III

rv

1984: I
II
Ill
IV
1985- I
II..
Ill
IV

National
income

627.1
636.4
647.0
657.4
662.7
669.3
682.6
696.3
713.0
732.4
748.0
762.9
777.1
792.0
808.1
815.2
818.8
829.5
841,0
840.9
872.7
890.6
905.2
923.9
956.3
973.4
1,002.5
1,044.3
1,084.3
1,104.6
1,132.3
1,169.6
1,178.5
1,190.6
1,216.5
1,228.2
1,228.6
1,256.5
1,315.5
1,355.6
1,403.4
1,425.6
1,452.7
1,483.9
1,533.5
1,596.9
1,654.8
1,685.9
1,724.4
1,821.4
1,870.3
1,936.9
1,986.7
2,023.2
2,072.1
2,107.1
2,161.9
2,150.5
2,201.0
2,300.8
2,388.4
2,415.2
2,483.1
2,487.2
2,483.1
2,514.0
2,528.4
2,548.2
2,599.1
2,685.5
2,741.8
2,851.5
2,963.2
3,010.3
3,052.3
3,102.0
3,157.0
3,201.4
3,243.4
3,287.3

Total

426.9
438.1
449.2
457.6
463.9
469.4
479.0
489.8
504.5
518.0
531.9
544.5
556.6
570.4
587.4
599.1
609.5
615.0
623.4
625.2
642.2
654.1
664.5
676.7
701.4
716.9
731.2
755.4
783.5
802.4
821.4
844.0
861.7
882.1
904.4
917.0
919.4
931.0
957.2
987.1
1,021.7
1,045.1
1,069.1
1,095.6
1,124.0
1,160.5
1,192.7
1,229.3
1,263.8
1,311.5
1,348.8
1,392.8
1,438.1
1,469.6
1,508.4
1,549.5
1,590.4
1,611.8
1,643.5
1,707.2
1,759.1
1,789.7
1,827.3
1,853.6
1,879.2
1,899.3
1,918.4
1,931.1
1,958.8
1,995.0
2,036.3
2,092.7
2,153.7
2,195.4
2,234.7
2,275.0
2,316.3
2,352.1
2,380.9
2,423.6

Proprietors'
income with
Rental
IVA and CCAdj income
Suppleof
Wages ments to
persons
and
wages
Nonwith
Farm
salaries
and
farm
CCAdj
salaries
385.7
395.9
406.1
413.4
418.8
423.5
431.9
441.5
454.1
465.9
478.3
489.4
499.0
511.3
526.4
536.4
545.0
549.0
555.6
556.3
570.1
580.2
588.6
598.9
617.8
630.4
642.3
664.2
683.2
700.0
716.1
735.3
748.1
765.2
783.0
792.4
791.8
800.2
821.2
845.6
871.1
889.2
908.3
929.8
949.9
980.8
1,007.3
1,038.0
1,063.0
1,104.6
1,136.0
1,174.0
1,208.1
1,233.7
1,266.0
1,300.0
1,332.9
1,349.2
1,375.4
1,430.3
1,468.7
1,495.5
1,528.1
1,549.0
1,566.1
1,580.1
1,594.6
1,603.7
1,622.2
1,653.3
1,689.9
1,739.4
1,784.1
1,820.5
1,854.8
1,888.6
1,922.4
1,952.2
1,976.0
2,012.8

41.2
42.2
43.1
44.2
45.1
45.8
47.0
48.3
50.4
52.1
53.6
55.1
57.6
59.1
61.0
62.7
64.5
66.0
67.8
69.0
72.2
73.9
75.9
77.7
83.6
86.5
88.9
91.3
100.3
102.4
105.3
108.7
113.6
117.0
121.4
124.6
127.7
130.7
136.1
141.5
150.6
155.9
160.8
165.8
174.1
179.8
185.3
191.3
200.8
206.9
212.2
218.7
230.0
235.9
242.4
249.5
257.5
262.5
268.1
276.9
290.3
294.2
299.1
304.5
313.1
319.2
323.8
327.4
336.6
341.7
346.4
353.4
369.6
374.9
379.8
386.3
393.9
399.8
404.9
410.9

15.7
14.1
13.7
12.7
12.5
12.7
13.2
12.6
12.6
12.7
12.9
13.1
12.8
14.5
14.9
16.3
15.6
14.4
14.9
14.1
14.7
15.5
15.0
16.5
15.2
18.1
19.5
24.8
24.7
32.4
35.2
42.5
34.7
23.2
25.0
27.2
21.9
23.0
28.6
28.2
23.3
20.9
20.0
18.1
20.3
19.4
21.9
20.3
22.0
30.0
26.6
29.6
34.2
35.2
31.9
25.8
18.0
12.1
22.5
29.5
33.4
32.1
33.7
23.5
23.3
23.6
22.9
28.5
18.1
15.9
-3.5
19.3
44.5
26.4
24.7
30.4
32.9
33.0
21.6
29.4

54.8
55.2
55.7
56.4
57.3
58.0
59.2
59.1
60.6
62.3
63.6
64.0
64.6
65.0
65.1
64.0
64.1
64.7
65.9
67.1
68.2
70.5
72.3
74.4
75.8
76.8
80.3
82.9
86.2
83.9
85.2
86.0
87.6
90.2
93.4
94.0
95.4
97.4
101.6
105.4
111.4
115.2
117.7
124.0
127.3
131.2
134.1
137.2
139.8
148.9
152.3
155.7
157.1
159.6
162.3
161.6
162.8
155.3
159.5
163.0
161.9
156.7
155.5
150.3
143.0
149.4
151.7
159.8
165.9
176.4
183.0
188.6
198.0
203.2
209.9
210.3
217.8
222.5
227.7
232.7

18.5
18.4
18.7
18.7
19.2
19.8
19.8
19.5
18.7
18.5
18.3
18.1
18.2
18.7
18.5
18.2
18.0
18.1
17.8
18.7
18.3
18.8
18.7
18.5
19.4
15.4
18.1
18.5
18.4
17.3
17.8
18.4
18.7
16.6
15.6
13.6
13.1
13.9
13.5
13.6
13.4
12.2
11.2
10.7
10.0
8.6
8.3
5.9
7.5
8.2
10.8
10.6
8.3
4.0
3.6
6.8
6.4
4.3
6.3
9.4
10.6
12.3
14.3
15.9
14.8
11.9
12.0
15.8
13.8
15.4
11.2
12.4
12.1
8.4
7.1
5.6
6.8
8.1
7.3
8.3

Corporate profits with IVA and CCAdj

Total

88.4
86.8
85.0
86.2
83.5
82.4
83.7
86.7
87.5
91.3
91.5
92.8
92.3
89.4
86.7
81.2
73.5
76.9
76.6
71.8
84.1
85.8
87.8
90.6
96.5
96.8
101.4
108.0
114.7
111.5
112.4
114.7
106.3
104.2
100.7
95.5
96.6
108.2
129.7
136.1
148.3
144.3
145.0
143.2
153.5
175.0
189.7
181.1
174.0
199.1
203.5
212.2
204.8
204.1
201.9
189.5
193.1
169.2
169.8
176.6
194.7
184.3
192.1
180.7
149.9
149.6
154.3
146.1
170.6
207.0
228.9
248.5
262.5
271.7
259.8
265.0
266.4
274.3
296.3
285.6

IVA

-1.2
-2.7
-3.6
-1.0
-.4
-1.3
-1.7
-2.8
-4.7
-2.9
-3.0
-4.1
49
-5.2
-4.9
-8.4
-8.8
-4.6
-6.2
-6.6
-3.6
-4.7
-5.6
-4.5
-5.8
-5.8
-5.8
-9.0
161
-21.7
-19.0
-23.4
-33.0
-38.3
-51.5
-35.0
-12.7
73
-12.2
-11.7
11 6
-15.5
-15.9
-16.6
-22.3
-16.0
-10.6
-17.7
-21.2
-24.5
-25.1
-30.4
353
-40.8
-46.2
-50.4
587
-29.1
-41.1
-43.5
-34.8
-23.4
-20.5
-18.0
-7.7
-10.3
-10.0
-13.4
-5.9
-10.6
-19.0
-8.1
-13.6
-4.9
-1.8
-1.6
5
1.6
6.1
-9.4

CCAdj

5.5
5.3
5.4
5.5
5.3
5.4
5.7
5.6
5.5
5.4
5.2
5.2
5.8
6.1
6.2
6.1
5.8
5.3
5.0
4.7
4.2
4.3
4.5
4.4
5.3
5.1
6.1
6.8
6.5
5.9
5.6
6.8
5.6
3.8
1.7
-2.0
-4.3
57
-6.9
-8.1
94
-10.6
-10.5
-9.9
-9.6
-9.3
-8.1
-8.9
-9.7
-10.6
-11.7
-11.8
-12.9
-14.0
-14.1
-14.9
-15.1
-16.4
-17.6
-17.9
-13.5
-14.2
-14.5
-15.3
-14.1
-11.1
-7.3
-4.5
6.7
15.8
20.5
25.1
26.7
30.2
36.5
44.7
53.2
58.9
61.0
59.2

Profits
before
tax

84.1
84.1
83.2
81.6
78.6
78.3
79.7
83.9
86.7
88.8
89.2
91.6
91.4
88.6
85.4
83.5
76.5
76.2
77.8
73.6
83.5
86.1
88.9
90.7
97.0
97.6
101.1
110.2
124.3
127.3
125.8
131.3
133.7
138.7
150.6
132.5
113.5
121.1
148.7
156.0
169.4
170.5
171.4
169.8
185.4
200.3
208.4
207,7
204.9
234.2
240.3
254.4
253.0
258.9
262.3
254.7
267.0
214.8
228.5
238.1
243.0
222.0
227.1
214.0
171.7
171.0
171.6
164.1
169.7
201.8
227.5
231.5
249.3
246.5
225.1
221.9
213.8
213.8
229.2
235.8

Less:
DPI in
PersonLess: Equals: Saving
conas
al
tax Equals: PersonPersonPerson- percentNet
stant
and
al
Profits interest
al
DPI
al
(1982)
age
of
after
income nontax
outlays saving
dollars
DPI
tax
payments

50.0
50.1
49.7
48.7
46.3
46.4
47.5
49.7
48.4
49.6
49.8
51.0
49.9
48.3
46.6
45.4
42.2
42.0
42.5
40.1
46.2
47.8
51.3
52.8
56.8
57.3
59.7
64.7
75.2
77.5
77.8
80.9
85.0
87.4
93.5
82.4
71.1
75.6
91.7
97.3
104.3
106.0
107.1
106.7
118.4
127.1
132.5
131.7
133.9
149.0
153.8
163.1
164.0
169.7
173.8
169.5
170.4
140.7
147.8
150.2
154.3
141.8
144.4
141.0
107.5
107.0
107.3
104.3
110.6
126.6
141.0
143.4
146.4
144.8
135.8
134.1
126.0
126.7
133.4
139.4

NOTE.—IVA == Inventory valuation adjustment; CCAdj=Capital consumption adjustment; DPI=Disposable personal income.




22.8
23.8
24.7
25.8
26.2
27.0
27.8
28.6
29.1
29.7
29.9
30.5
32.5
34.0
35.5
36.4
38.0
40.4
42.5
44.0
45.1
46.0
46.8
47.3
47.9
49.5
52.0
54.6
56.7
57.1
60.3
64.1
69.4
74.2
77.5
81.0
82.3
83.0
84.9
85.2
85.2
88.0
89.7
92.3
98.5
102.3
108.1
112.1
117.3
123.7
128.2
136.1
144.2
150.8
164.1
174.0
191.1
197.8
199.5
215.0
228.8
240.1
260.3
263.2
273.0
280.2
269.1
266.9
272.1
275.8
285.9
290.2
292.5
305.2
316.1
315.7
316.8
311.4
309.7
307.6

583.4
593.9
606.9
619.1
629.5
637.5
650.3
660.9
679.6
699.7
717.2
732.5
745.5
764.5
783.7
798.2
808.4
829.6
840.3
848.9
866.9
889.4
901.9
918.0
945.6
961.9
987.8
1,031.0
1,057.1
1,084.1
1,113.4
1,152.2
1,169.9
1,191.6
1,228.5
1,250.6
1,260.0
1,292.0
1,332.1
1,369.4
1,405.2
1,431.8
1,465.7
1,502.8
1,541.0
1,583.2
1,631.4
1,674.3
1,716.5
1,788.2
1,842.2
1,902.7
1,954.6
1,998.6
2,063.7
2,119.0
2,181.0
2,202.3
2,278.5
2,372.3
2,440.8
2,484.5
2,567.5
2,590.9
2,614.3
2,655.9
2,683.6
2,729.2
2,753.1
2,812.6
2,846.8
2,941.8
3,034.2
3,077.4
3,139.7
3,189.6
3,253.1
3,298.7
3,323.2
3,382.9

69.7
74.0
76.5
79.5
80.4
80.2
83.6
85.5
88.4
92.2
102.8
107.3
114.0
117.5
115.9
117.7
117.3
118.5
113.9
115.2
112.4
115.3
117.7
123.6
138.4
140.7
142.5
146.3
146.1
148.1
153.5
160.2
163.3
169.5
175.7
178.5
179.6
143.7
176.4
182.7
187.2
195.0
202.5
210.3
223.1
224.2
227.4
237.8
241.6
253.8
268.5
280.6
288.0
297.1
310.8
322.7
323.4
332.5
344.4
361.9
375.2
388.7
405.6
403.9
407.1
414.1
405.0
411.1
407.4
417.1
403.6
413.9
421.5
431.2
445.9
460.0
497.7
456.4
491.2
500.7

513.7
519.9
530.4
539.6
549.0
557.2
566.7
575.4
591.3
607.5
614.3
625.2
631.5
647.0
667.7
680.5
691.1
711.1
726.5
733.7
754.5
774.1
784.2
794.4
807.2
821.2
845.3
884.6
911.0
936.1
959.9
992.1
1,006.5
1,022.1
1,052.8
1,072.0
1,080.4
1,148.3
1,155.7
1,186.7
1,218.0
1,236.8
1,263.2
1,292.5
1,317.9
1,359.0
1,404.0
1,436.4
1,474.9
1,534.3
1,573.6
1,622.1
1,666.6
1,701.5
1,752.9
1,796.3
1,857.6
1,869.8
1,934.1
2,010.3
2,065.6
2,095.8
2,162.0
2,187.0
2,207.2
2,241.8
2,278.6
2,318.1
2,345.7
2,395.4
2,443.2
2,527.9
2,612.7
2,646.3
2,693.8
2,729.6
2,755.4
2,842.3
2,832.0
2,882.2

480.1
485.3
494.5
499.9
504.5
514.1
520.9
528.2
546.3
560.2
576.5
585.5
597.6
609.2
619.5
631.5
642.7
652.9
664.7
671.1
690.0
703.9
715.9
732.0
749.1
767.4
785.7
810.7
835.3
850.9
869.8
887.1
904.7
932.8
960.7
968.4
992.7
1,021.6
1,055.0
1,083.3
1,118.3
1,138.2
1,167.6
1,203.3
1,241.5
1,270.0
1,302.1
1,340.9
1,367.3
1,427.7
1,463.1
1,506.1
1,543.7
1,581.2
1,635.3
1,684.8
1,730.4
1,736.9
1,797.6
1,859.4
1,913.4
1,948.8
1,994.9
2,015.5
2,052.2
2,080.1
2,122.6
2,174.9
2,206.2
2,274.4
2,326.7
2,382.5
2,433.5
2,488.7
2,520.9
2,564.6
2,611.3
2,658.7
2,712.4
2,756.4

33.7
34.6
35.9
39.7
44.5
43.1
45.8
-47.2
45.0
47.3
37.8
39.8
33.9
37.8
48.2
48.9
48.5
58.2
61.7
62.5
64.4
70.3
68.3
62.4
58.1
53.8
59.6
73.9
75.7
85.2
90.1
105.0
101.8
89.2
92.1
103.6
87.7
126.7
100.7
103.4
99.7
98.6
95.6
89.2
76.4
88.9
101.9
95.6
107.6
106.6
110.5
116.0
122.8
120.3
117.6
111.5
127.3
132.9
136.5
150.9
152.2
147.0
167.0
171.6
155.0
161.7
156.0
143.1
139.5
121.1
116.4
145.4
179.2
157.6
172.9
165.0
144.1
183.6
119,6
125.8

6.6
6.7
6.8
7.4
8.1
7.7
8.1
8.2
7.6
7.8
6.2
6.4
5.4
5.8
7.2
7.2
7.0
8.2
8.5
8.5
8.5
9.1
8.7
7.9
7.2
6.5
7.1
8.4
8.3
9.1
9.4
10.6
10.1
8.7
8.8
9.7
8.1
11.0
8.7
8.7
8.2
8.0
7.6
6.9
5.8
6.5
7.3
6.7
7.3
6.9
7.0
7.1
7.4
7.1
6.7
6.2
6.9
7.1
7.1
7.5
7.4
7.0
7.7
7.8
7.0
7.2
6.8
6.2
5.9
5.1
4.8
5.8
6.9
6.0
6.4
6.0
5.2
6.5
4.2
4.4

1,414.3
1,422.3
1,437.4
1,451.1
1,474.0
1,487.9
1,500.1
1,510.7
1,530.5
1,554.7
1,555.1
1,565.1
1,566.4
1,584.7
1,617.5
1,630.6
1,638.0
1,666.2
1,686.2
1,682.1
1,708.1
1,731.9
1,734.2
1,739.6
1,750.9
1,767.6
1,801.5
1,869.4
1,893.2
1,907.6
1,922.2
1,942.1
1,907.2
1,888.3
1,898.6
1,892.4
1,873.1
1,965.7
1,935.0
1,953.1
1,983.1
1,992.8
2,005.9
2,022.2
2,026.9
2,049.6
2,086.9
2,102.8
2,128.2
2,162.7
2,176.4
2,202.0
2,216.6
2,206.6
2,213.7
2,213.7
2,225.6
2,185.7
2,207.2
2,238.8
2,242.9
2,235.0
2,262.9
2,253.7
2,245.7
2,260.9
2,263.4
2,276.1
2,288.4
2,311.1
2,335.4
2,392.7
2,446.9
2,460.3
2,481.9
2,493.1
2,495.7
2,550.8
2,524.7
2,540.7

September 1986

SURVEY OF CURRENT BUSINESS

72

Constant-Dollar Inventories, Sales, and Inventory-Sales Ratios for Manufacturing and
Trade: Revised Estimates
ventories for manufacturing by stage of fabrication. Quarterly constantdollar manufacturing and trade inventories, sales, and inventory-sales
ratios for 1976-82 were published in the February 1986 SURVEY. Quarterly and monthly constant-dollar manufacturing and trade inventories,
sales, and inventory-sales ratios for 1967-85, and constant-dollar manufacturing inventories by stage of fabrication for 1959-85, are available in
hard copy at a cost of $50.00 from the National Income and Wealth Division (BE-54), Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230.

The constant-dollar inventories, sales, and inventory-sales ratios have
been revised beginning with 1983 to incorporate new source data. Revised constant-dollar inventories through the first quarter of 1986 are
consistent with the revised inventory estimates in the July 1986 issue of
the SURVEY OF CURRENT BUSINESS. Tables 1, 2, and 3 present quarterly
and monthly constant-dollar inventories, sales, and inventory-sales
ratios, respectively. Table 4 presents quarterly fixed-weighted constantdollar inventory-sales ratios, i.e., ratios obtained by weighting detailed
industry ratios by 1982 sales. Table 5 presents quarterly and monthly in-

Table 1.—Manufacturing and Trade Inventories in Constant Dollars, Seasonally Adjusted, End of Period
[Billions of 1982 dollars]
19 33
I

II

19 B4
HI

IV

I

II

19 35
III

IV

I

III

II

1986

19 36
IV

II

I

Jan.

Feb.

Mar.

Apr.

May June July"

Manufacturing and trade

574 3 574 i 577 3 5844 598 5 610 6 623 9 630 9 634 2 635 4 6357 638 4 6459 6463 640 6 641 5 645 9 647 9 645 3 646 3 6499

Manufacturing
Durable goods.
Primary metals ..
Fabricated metals
Machinery, except electrical
Electrical machinery
Transportation equipment....
.
Motor vehicles
Other
Other durable goods *
Nondurable goods
Food and kindred products
Nonfood
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastic products
Other nondurable goods 2

308 9 307 9 307 8 309 3 315 5 323 0 329 5 329 9 330 2 329 3 327 8 325 2 323 9 324 1 323 8 323 0 323 9 324 7 324 1 324 1 3245
1986 1979 1970 1986 2026 2077 213 1 2152 2159 2152 2148 2120 210 9 2099 211 1 210 1 210 9 2106 2104 2099 2100
245 24 3 23 5 23 1 23 9 24 6 24 9 24 2 23 3 22 5 21 7 20 9 20 5 20 0 20 8 20 6 20 5 20 3 20 1 200 199
219 220 219 22 1 223 226 227 234 234 233 232 238 234 23 4 236 23 4 234 236 235 234 234
472 463 455 449 453 463 477 484 488 482 479 469 461 445 466 462 461 455 453 445 446
300 304 304 314 32 1 330 344 350 356 362 363 356 357 366 357 355 357 362 363 366 370
421 423 425 437 457 474 492 499 502 507 51 5 512 51 8 524 510 509 518 519 522 524 521
86
88
90
97 10 2 106 11 0 114 113 113 11 5 11 7 11 4 11 2 11 6 11 6 11 4 11 5 11 6 112 112
33 5 33 5 33 5 34 0 354 36 8 382 38 5 389 39 4 400 39 5 404 41 2 39 3 39 3 404 40 3 40 6 41 2 409
329 327 330 332 333 338 341 342 34 5 343 34 1 33 7 33 4 33 0 33 5 33 5 33 4 33 2 33 0 330 33 1
1103 1100 1108 1108 1129 1153 1163 1147 1143 114 1 113 0 113 1 113 0 114 3 1127 1129 113 0 1142 1137 1143 1145
234 229 230 228 232 235 233 23 1 23 1 233 232 229 230 234 229 230 230 234 232 234 238
870 87 1 878 880 896 917 930 916 912 90 8 897 90 2 90 o 90 8 89 8 89 9 900 90 8 90 6 908 907
91
91
92
93
94
96
99
9 9 102 100 101 10 1 102 10 2 10 2 10 1 10 2 103 102 102 104
242 242 245 247 254 265 274 269 265 271 271 265 268 276 268 267 268 27 1 270 276 279
169 166 166 162 165 168 168 165 163 161 151 161 15 5 160 154 15 5 15 5 158 160 160 155
72
73
72
76
72
73
75
75
73
73
76
74
75
75
76
76
7 '7
76
76
76
76
294 299 303 307 310 313 314 310 309 302 300 300 299 294 297 298 299 300 296 294 293

Merchant wholesalers .. .
Durable goods
Nondurable goods
Groceries and farm products .. .
Other nondurable goods

131 9 129 9 130 7 132 7 1349 137 5 141 8 143 4 1449 146 8 147 3 148 3 150 0 151 1 148 8 149 3 150 0 150 1 149 8 151 1 152 2
860 845 855 866 885 903 93 1 942 949 952 947 949 962 973 95 5 961 962 968 974 973 978
459 454 453 461 464 47 3 48 7 49 1 50 0 51 7 52 6 534 53 7 53 8 53 4 53 1 537 53 3 52 4 538 544
155 153 158 157 157 159 164 165 170 175 181 188 194 199 191 191 194 198 190 199 199
304 301 294 305 306 313 322 326 330 341 345 346 343 339 343 341 343 335 334 339 345

Retail trade
Durable goods
Auto dealers
Other durable goods
Nondurable goods
Food stores
Other nondurable goods ... .

133 5
61 1
272
340
724
154
57 1

136 2 138 8 142 4 148 2 150 1 152 7 157 6 159 1 159 3 160 5 1650 172 1 171 0 167 9 169 3 172 1 173 1 171 3 171 0 173 2
624 64 1 667 694 69 9 71 6 754 770 77 1 76 9 81 1 86 7 86 1 83 2 83 7 86 7 87 0 858 861 884
279 293 309 326 321 oo o 357 368 371 358 398 44 1 437 41 4 41 9 44 1 440 434 437 458
344 348 35 8 36 8 37 7 38 3 39 7 40 2 400 41 0 41 3 427 425 41 8 41 9 427 43 1 42 4 42 5 427
739 747 757 787 802 81 1 822 821 821 837 839 853 849 847 85 5 853 860 856 849 848
156 159 15 8 157 16 1 15 9 16 3 16 6 17 0 17 4 17 5 17 9 17 8 17 8 17 9 17 9 17 8 17 9 17 8 176
583 588 599 630 641 652 659 655 652 662 664 674 67 1 67 0 67 6 67 4 683 677 67 1 67 1

See footnotes to table 4.

Table 2.—Manufacturing and Trade Sales in Constant Dollars, Seasonally Adjusted Total at Monthly Rate
[Billions of 1982 dollars]

Manufacturing and trade
Manufacturing
Durable goods
Primary metals
Fabricated metals
Machinery, except electrical
Electrical machinery
Transportation equipment
Motor vehicles
Other
Other durable goods l
Nondurable goods
Food and kindred products
Nonfood.....
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastic products
Other nondurable goods 2

1986

19 36

19**5

19 34

19 33

May

June July*

352.4 362.4 372.2 382.8 392.1 398.5 399.8 403.8 404.5 409.2 413.2 414.1 415.5 420.6 415.6 415.9 415.0 424.3 417.4

420.0 424.5

I

II

III

IV

I

II

III

IV

I

II

III

IV

I

II

Jan.

Feb.

Mar.

Apr.

162.6 168.0 172.5 178.2 181.3 182.1 183.1 185.5 184.7 185.5 186.7 189.3 188.1 190.3 189.2 189.0 185.9 192.5 189.4 188.9 191.0
97.0
96.3
98.1 95.3
94.8
97.6
96.6
96.6
97.5
95.2
96.3
98.2
96.2
94.9
92.7
93.8
78.7
81.7 84.9
89.5
92.3
8.6
8.8
9.0
9.3
9.3
9.0
9.2
9.4
9.5
9.1
9.0
9.1
9.3
9.3
90
9.7
9.5
9.5
9.5
80
86
12.4
12.6
12.4
12.3 12.5 12.6 12.5 11.9 12.7
12.7
12.9
98
99 102 106 109 108 108 11.2 11.7 12.0
19.3
18.8
19.5
18.3
18.6
18.9
19.3 20.0
19.2
19.7
18.6 19.0 18.3
18.5 18.9 19.7
17.7
14.5 15.2 16.1 17.0
15.3
14.8 15.6
14.6
14.4
14.7
15.6 15.0 15.1 14.3 15.2 15.5 14.9
15.2
122 125 127 137 142 14.6 14.9
21.8 23.2
24.0
21.3 23.4 22.5
23.3 22.5
24.6
22.8
22.7
23.5
22.9
21.6
21.2
21.5 22.0
18.3 19.2 20.2
22.5
14.0
15.6 13.3 15.1 14.1 13.6
16.6
15.2 14.2
14.9 14.8 13.6 14.2
14.9
13.6 14.0
13.5 14.9
10.6 11.4 12.6
8.2
9.3
8.4
8.3
8.4
7.9
8.4
8.3
8.0
8.0
8.0
8.0
8.7
8.1
7.9
76
7.7
7.9
77
78
7.6
18.3
18.2 18.6
18.2 18.4
17.7
17.5 17.9 17.6
17.3 18.3 18.4 18.5 18.1
16.7
15.9 16.2
17.1 17.5 17.7 17.7
92.6
94.0
94.2
90.4
91.8 91.5 91.2 94.4
91.1 91.5 93.7
838 863 875 888 890 894 894 89.3 89.8 90.3
24.8
25.4
24.8
25.2
24.4
25.2
24.5
24.4
24.5
24.2
24.7
24.9
23.9
24.5
23.5
23.7
234 23.5
235 23.3
23.3
68.5
67.8
69.6
68.9
66.9
66.8
66.8
68.8 66.6
65.5 65.5 65.8
65.9
66.9
65.9
65.7
60.4
65.5 65.7
62.8 64.0
8.4
8.5
8.2
8.3
8.1
8.1
7.9
7.4
7.5
7.7
8.0
8.3
7.4
7.4
7.5
74
74
75
68
71
72
16.5
16.3 16.3 15.5 17.0 15.8 15.9
16.1 15.9 16.0 16.2
16.1 16.0 16.2
. . 143 15.0 15.5 16.1 16.0 16.2 16.2
18.6
19.6
17.8 17.8 18.1 18.0 18.5 18.4 19.8 18.1 18.1 18.9 20.1 20.8
17.6
17.8 17.6
17.7
16.7
17.8 17.9
5.4
5.5
5.6
5.6
5.5
5.4
5.7
5.5
5.5
5.6
5.6
5.8
5.6
5.6
50
5.4
5.4
5.6
5.6
47
48
18.8 18.5 18.9 19.0 18.6 18.5 19.3 18.5
17.9
18.2 18.5 19.0
19.1 19.1 18.8 18.4 18.7 18.8 18.8 19.1 18.8

99.3 102.1 105.9 109.5 110.1 110.8 111.2 113.1 113.2 113.6 114.6 114.6 114.5 114.2 115.0 116.8 112.0 114.9
52.5 51.0 51.9
50.9
49.0
49.3
50.0
49.7
50.8 50.9
51.8 51.0 50.9
49.3
49.3
44.6
46.8
42.6
63.0
64.3
60.9
64.1
63.6
62.7
63.5 63.2
61.8 61.8 63.1 63.5
62.8
568 575 591 601 60.8
25.9
26.2
25.0
26.3
25.7
26.1 25.9
26.2
25.7
25.1 25.5 26.1 25.7
25.7
25.2
25.1 25.1 25.4
37.0
37.3 37.8 38.1 36.0
384 37.3 37.5 37.0 37.4
36.1 37.4
316 324 339 347 351 35.6

117.3
52.2
65.1
26.7
38.4

Merchant wholesalers
Durable goods
Nondurable goods
Groceries and farm products...
Other nondurable goods

94.3
39.5
547
241
306

95.8
40.5
553
24.4
309

Retail trade
Durable goods
Auto dealers
Other durable goods
Nondurable goods
Food stores
Other nondurable goods

95.6
31 1
178
132
645
213
433

98.5 100.4 102.4 104.9 107.0 106.6 107.5 108.6 110.6 113.2 111.1 112.9 115.8 111.8 112.8 114.0 115.0 116.0 116.3 116.1
44.1
44.2
43.5
44.5
42.2
42.0
41.5 438 416 423 44.1 42.6
33 1 342 357 374 386 383 393 40.0
24.8
25.2
24.5
25.7
24.3
23.3
23.7
26.7
24.1 25.1 24.6
22.9
24.7
23.9
193 199 210 22.1 227 22.3
19.3
18.9 19.0
138 143 147 153 159 160 163 164 168 170 176 182 18.9 18.0 17.9 18.7 19.0
72.0
72.1
71.5
71.5
72.1
71.7
69.2
70.5
68.2
68.6
69.5
69.6
70.6
69.1
654 662 667 675 684 68.3
23.1
23.4
22.7
23.0
23.1 23.4
213 217 216 216 220 221 220 222 225 227 228 231 23.1 22.7
48.9
48.7
48.4
48.8
47.4
48.7
46.4
46.7
48.6
46.5
46.2
46.6
46.8
47.5
440 445 451 459 464 46.2

See footnotes to table 4.




SURVEY OF CURRENT BUSINESS

September 1986

73

Table 3.—-Constant-Dollar Inventory-Sales Ratios for Manufacturing and Trade, Seasonally Adjusted
[Ratio, based on 1982 dollars]

1983

Manufacturing and trade

.

I

III

1.63

1.58

1.55

Manufacturing
Durable goods
Primary metals
Fabricated metals
Machinery except electrical
Electrical machinery
.
Transportation equipment
Motor vehicles
Other
Other durable goods x
Nondurable goods
Food and kindred products
Nonfood . .
.. ..
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastic products
Other nondurable goods 2

1.90
2.52

Merchant wholesalers
Durable goods
Nondurable goods
Groceries and farm products
Other nondurable goods
Retail trade
Durable goods
..
Auto dealers
Other durable goods
Nondurable goods .. .. .
Food stores
.
Other nondurable goods

.

307
223
325
246

1.83
2.42

262

282

2.30

2.21

4.36

4.30

4.38

81

206
132

77

III

1 53

1.53

1.53

1.56

238
208
265
228

2.15
2.39
2.11

II

1.74
2.22

1.79
2.32

281
221
304
243

IV

I

72

1.74
2.19

251
205
256

2.09

250

2.06

2.26
2.03

2.27
2.21

4.39

4.65

4.67

1.00

1.29
1.00

72

69

78

II

III

IV

I

II

1.56

1.57

1.55

1.54

1.54

1.55

1.54

1.76
2.23

2.01

2.24

2.30
2.18

2.44
2.21

2.52
2.35

2.46
2.27

4.81

4.81

4.88

1.28

1.27

1.78
2.24

1.79
2.28

2.09

258

263
210
253
231

258

IV

I

1.78
2.26
2.43
1.93

1.80
2.27

1.77
2.24

246

79

76

193

193
130
.99
142

1986

19 86

19 35

19 84

II

257

253
.77

241
.83

230
1.84

249

.81

Jan.
1.54

Apr.

1.54

1.56

1.53

1.55

1.54

1.53

1.69
2.15
2.19
1.85
2.34
2.43
2.22

1.71
2.21
2.23
1.90
2.47
2.45
2.32

1.72
2.18
2.32
1.88
2.31
2.35
2.41

1.70
2.16
2.27
1.85
2.37
2.41
2.25

2.29
2.18

1.72
2.18
2.25
1.90
2.48
2.38
2.23

1.70
2.17
2.23
1.87
2.34
2.43
2.32

1.71
2.17
2.26
1.87
2.55
2.50
2.07

1.71
2.15
2.22
1.88
2.48
2.34
2.13

1.74
2.23
2.29
1.97
2.44
2.30
2.44

1.72
2.16

225
1.85

238
.79

.75

.78

.70

May June July"

Mar.

Feb.

.86

.75

.77

.82

.80

.82

4.93
1.92
1.26

4.74
1.94
1.25

4.56
1.94
1.24

4.98
1.83
1.24

4.96
1.79
1.22

4.90
1.81
1.23

4.69
1.85
1.23

5.09
1.83
1.24

4.86
1.80
1.21

4.83
1.81
1.21

5.01
1.77
1.24

4.42
1.81
1.22

1.39
1.38

1.38
1.34
1.70

1.36
1.34
1.68

1.35
1.32
1.65

1.35
1.27
1.67

1.32
1.23
1.70

1.35
1.26
1.64

1.34
1.26
1.64

1.35
1.29
1.73

1.30
1.24
1.59

1.31
1.24
1.71

1.34
1.22
1.74

1.32
1.22
1.69

197

144

202
127
.98
139

1.34

1.29

1.28

1.27

1.26

1.28

1.34

1.01
1.54

164
.95

169
.95

1.40
1.35

.80

.85

1.51

1.45

1.33

1.35

162

1.36
1.64

1.33

1.26
1.68

1.28
1.65

1.32
1.61

1.37
1.60

1.35
1.57

1.38
1.59

1.37
1.56

1.37
1.61

1.39
1.58

1.40
1.57

1.37
1.61

1.37
1.60

1.38
1.52

1.40
1.58

140
217
.84
64
99

1.36

1 32

1.26

1.29

201
80
63
93

130
194
.80
62
94

1.27

209
.82
63
97

189
.79
63
90

183
.79
63
.90

189
.80
64
.92

1.29
1.92

1.30
1.92

1.30
1.90

1.31
1.89

1.31
1.89

1.30
1.89

1.29
1.85

1.34
1.91

1.32
1.88

1.30
1.88

.85
.74
.93

.84
.74
.91

1.32
1.88

.81
66
.91

1.31
1.87

1.30
1.87

.82
.68
.91

1.30
1.90

1.38

138
188

1 39

1.41

1.40

1.43

1.47

187

186

181

187

192

1.47
1.92
1.55

1.44
1.86
1.50

1.52
2.05
1.83
2.34
1.21

•1.48
1.96
1.74
2.24
1.19

1.50
1.95
1.68
2.32
1.22

1.50
1.98
1.72
2.33
1.21

1.51
2.07
1.89
2.28
1.18

1.51
2.00
1.80
2.27
1.20

1.48
1.93
1.69
2.25
1.20

1.47
1.95
1.73
2.24
1.18

1.49
2.01
1.84
2.22
1.18

.78

.78

.76

.76

1.42

1.38

1.44

1.43

1.39

1.41

1.39

1.38

1.37

1.00

169
165

140
197
1.52

257
112
.72
132

162
.93
164

189
1.45

250
113
.73
132

198
127
.98
137

194
125
.98
134

157
93

154
.92

164

161

1.47

1.47

243
113
.73
132

244
1 13

.73
133

190
127

137

159
.93

1.48

240
117
.73
137

191
139

.97

167
.92

167

1.42

1.49

237

.80
63
.92

239
119
.72
141

1.17

.73
138

1.56

243
1.21

.74
143

.95

167
.92

246
1.20

.75
141

.95

.89

.95

.84

.83
72
.90

1.42
1.76
1.34

.95

.87

238

241

1.19

1.21

1.48
1.95
1.66
2.34
1.21

1.42

1.42

.76
140

.77

.77

.94

.93

.84

.86
.77
.92

.77

.78

.94

.91

.94

.82

.86

.84
.74
.91

.84
:74
.91

.84
.73
.92

.77

.94

.79

.83
.76
.88

.77

.95

.92

.93

.86

.77

86
.76
.93

.79

.84
.74
.90

.85
.77
.92

.79

See footnotes to table 4.

Table 4.—Fixed-Weighted Constant-Dollar Inventory-Sales Ratios for Manufacturing and Trade, Seasonally Adjusted
[Ratio, based on 1982 dollars]

19 83
I
Manufacturing and trade ..
Manufacturing
Durable goods ....
Nondurable goods

II

1984
III

IV

I

II

19 86 •

1985
III

IV

I

II

III

IV

I

II

1.52

1 64

1 59

1 56

1 52

1 52

1 52

1 55

1 55

1 55

1 54

1 53

1 52

1.54

1 93

1 85

1 81

1 75

1 76

1 78

1 81

1 79

1 80

1 78

1 76

1 72

174

172

256
132

247
128

238
127

229
124

229
127

2 31
1 29

2 34
130

2 32
129

2 36
128

2 32
126

229
125

222
124

227
124

224
123

Merchant wholesalers

1 40

1 36

1 31

1 28

1 25

1 22

1 26

1 27

1 27

1 28

1 29

1 29

130

130

Durable goods
Nondurable goods

220
83

213
81

2 05
79

197
79

1 91
78

185
'78

191
80

194
79

1 94
80

1 93
82

193
84

189
86

192
85

192
86

139

1 36

1 36

136

1 37

136

1 38

1 41

1 41

1 38

1 37

142

1 45

140

1 98
1 11

1 91
1 11

189
1 11

189
1 11

189
1 13

184
1 14

189
1 15

194
1 17

195
1 16

189
1 15

181
1 17

196
1 16

207
1 16

198
1 14

Retail trade
Durable goods
Nondurable goods
r

Revised.
Preliminary.
1. Includes lumber and wood products; furniture and fixtures; stone, clay, and glass products;
instruments and related products; and miscellaneous manufacturing industries.
2. Includes tobacco manufacturers; textile mill products; apparel products; printing and publishing; and leather and leather products.
p




NOTE.—Manufacturing inventories are classified by the type of product produced by the establishment holding the inventory. Trade inventories are classified by the type of product sold by
the establishment holding the inventory.
Table 4: The I-S ratios shown in this table were obtained by weighting detailed industry I-S
ratios by 1982 sales. For manufacturing, 21 industries were used; for merchant wholesalers, 20
kinds of business; and for retail trade, 8 kinds of business.

SURVEY OF CURRENT BUSINESS

74

September 1986

Table 5.—Manufacturing Inventories by Stage of Fabrication in Constant Dollars, Seasonally Adjusted, End of Period
[Billions of 1982 dollars]
19 33
I

II

19 34

III

IV

I

II

III

IV

I

II

1986

19i36

19*?5
III

IV

I

II

Jan.

Feb.

Mar. Apr.

May June July"

Materials and supplies

1043 1043 1048 106.0 107.7 109.1 111 1 109.9 108.9 108.0 106.2 105.5 104.4 104.5 104.8 104.6 104.4 104.8 104.3 104.5 104.6

Manufacturing

4.8
6.9
11.7

59.4
57
88
12.8
86
5.1
6.5
11.8

59.2
57
8.7
12.8
86
4.9
6.6
11.8

58.9
55
8.7
12.4
8.7
4.9
6.9
11.7

59.1
5.6
8.6
12.5
8.7
5.0
6.9
11.8

58.8
5.5
8.7
12.3
8.8
5.0
6.8
11.7

58.7
5.4
8.8
12.3
8.8
4.8
6.9
11.7

58.5
5.5
8.7
12.2
8.8
4.8
6.9
11.6

458
8.5
53
9.7
5.3
3.1
13.9

45.3
8.1
53
9.2
5.3
31
14.4

45.4
8.0
5.3
9.2
5.5
3.1
14.3

45.5
8.1
5.4
9.0
5.6
3.2
14.3

45.7
8.3
5.3
9.0
5.7
3.1
14.3

45.5
8.4
5.3
9.3
5.3
3.1
14.1

45.8
8.5
5.3
9.7
5.3
3.1
13.9

46.1
8.7
5.4
9.8
5.4
3.0
13.9

1042 1041 1040 105.2 107.9 1113 1135 114.5 115.3 115.7 117.2 115.7 115.9 116.1 115.3 114.9 115.9 115.7 115.6 116.1

115.6

Durable goods
Primary metals
Fabricated metals .....
Machinery, except electrical
Electrical machinery..
Motor vehicles
Other transportation equipment
Other durable goods

597
87
81
13.4
84
35
5.9
117

595
83
82
131
84
37
6.2
115

594
79
83
12.8
85
38
6.3
117

600
78
84
127
88
41
6.5
118

612
78
85
130
89
4.5
6.8
117

623
80
87
131
92
46
6.6
120

642
83
87
141
94
48
6.7
122

640
78
88
13.9
96
5.0
6.9
12.0

63.0
70
88
13.8
96
4.9
6.7
12.2

619
67
87
13.6
93
5.0
6.7
12.0

609
63
87
13.3
90
5.1
6.7
11.8

60.4
57
88
13.1
88
5.3
6.9
119

58.9
55
87
12.4
87
4.9
6.9
11.7

587
54
0 0

Nondurable goods.
Food and kindred products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastic products
Other nondurable goods

446
85
48
86
5.6
28
144

448
83
48
85
5.6
29
147

454
88
48
86
5.3
28
151

461
8.8
49
88
5.4
30
153

465
8.6
50
90
5.4
30
154

468
8.5
52
93
5.3
30
15.4

469
84
53
94
5.4
30
155

459
8.3
52
94
5.3
28
15.0

459
8.1
53
9.3
5.2
28
15.2

46.1
8.4
51
9.6
5.2
29
14.9

45.2
8.2
51
9.3
5.0
29
14.7

451
8.0
52
9.2
5.4
31
14.3

455
8.1
54
9.0
5.6
32
14.3

12.3
O Q

Work-in-process
Manufacturing.
Durable goods
Primary metals
Fabricated metals
Machinery except electrical
Electrical machinery
Motor vehicles
Other transportation equipment
Other durable goods

858
86
74
190
148
33
240
8.7

894
8.9
76
184
16.2
40
25.4
8.9

926
93
78
189
168
40
269
8.9

949
92
79
189
177
42
281
8.9

961
91
81
191
18.0
43
28.5
9.1

973
92
81
193
18.3
42
29.0
9.1

977
8.8
81
188
19.2
42
29.6
9.2

992
8.5
82
193
19.7
41
30.1
9.3

975
84
85
186
19.5
41
29.5
8.8

982
8.4
82
185
19.7
42
30.4
8.7

983
8.1
82
179
20.3
4.2
31.2
8.4

97.7
8.4
83
18.8
19.7
41
29.7
8.7

971
8.2
82
18.4
19.6
4.4
29.6
8.7

98.2
8.4
8.2
18.5
19.7
4.2
30.4
8.7

98,0
8.1
8.4
18.3
20.0
4.3
30.4
8.5

97.9
8.1
8.3
18.0
20.1
4.3
30.6
8.5

98.3
8.1
8.2
17.9
20.3
4.2
31.2
8.4

97.9
8.0
8.2
17.7
20.4
4.2
30.9
8.5

Nondurable goods
Food and kindred products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastic products
Other nondurable goods

184 183 184 183 185
25
25
24
24
24
10
1 1 1.0
10
1.0
43
43
42
43
44
38
37
36
33
34
1 1 1 1 1 1 1 1 12
60
58
62
59
61

188
24
10
46
35
13
60

186 184
23
24
1 1 1.1
47
44
34
34
13
13
5.9
58

181
23
1.1
44
3.2
13
5.8

179
2.3
1.1
45
3.2
12
5.6

18023
1.1
46
3.0
13
5.6

182
22
1.1
45
32
12
5.9

176
2.3
1.1
43
3.0
13
5.7

179
2.3
1.0
4.4
3.0
12
5.9

17.7
2.3
1.1
4.4
2.9
1.3
5.7

178
2.3
1.1
4.3
3.0
1.3
5.9

17.6
2.3
1.1
4.3
3.0
1.3
5.7

17.7
2.3
1.1
4.3
2.9
1.3
5.8

17.7
2.3
1.1
4.4
3.0
1.3
5.7

17.9
2.3
1.0
4.4
3.0
1.2
5.9

17.7
2.4
1.1
4.5
2.8
1.3
5.7

857
84
75
186
151
34
238
8.8

855
85
75
182
15.2
35
238
8.8

870
85
76
181
15.8
38
24.1
9.0

Finished goods

1004

996

99 0

981

999 1026 1048 1055 1060 105.7 104.5 104.0 103.6 103.4 103.7 103.5 103.6 104.2 104.2 103.4 104.3

Durable goods ..
Primary metals
Fabricated metals
Machinery, except electrical ....
Electrical machinery
Motor vehicles
Other transportation equipment
Other durable goods

531
72
63
148
69
18
3.6
125

528
75
62
146
68
18
3.5
124

521
72
61
145
68
17
34
125

516
68
62
142
68
18
3.4
125

520
72
62
139
69
18
33
127

528
73
61
142
71
19
33
128

540
74
61
147
73
20
33
131

551
74
64
154
75
21
3.1
131

556
71
65
157
76
22
3.2
132

556
70
65
159
78
21
3.2
131

547
69
64
154
76
23
3.2
130

542
67
65
152
73
23
3.1
13.0

537
6.6
65
152
73
2.2
3.1
12.9

529
6.5
63
14.3
75
2.2
3.2
12.9

54.0
6.7
66
15.0
7.3
2.3
3.1
13.0

53.8
6.7
6.5
15.0
7.3
2.3
3.1
13.0

53.7
6.6
6.5
15.2
7.3
2.2
3.1
12.9

53.5
6.6
6.6
14.7
7.4
2.3
3.1
12.9

53.7
6.5
6.5
15.0
7.4
2.3
3.1
12.9

52.9
6.5
6.3
14.3
7.5
2.2
3.2
12.9

53.6
6.4
6.5
14.7
7.8
2.2
3.2
12.9

Nondurable goods
Food and kindred products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastic products
Other nondurable goods

473
124
34
113
76
3.4
93

468
12.1

469
11.8
33
116
76
3.2
93

464
117

479
122
33
121
77
31
94

498
126
33
126
80
33
99

508
126
36
134
80
32
101

504
12.5
36
132
78
3.2
100

504
127
38
12.8
79
3.2
98

501
12.7
38
13.0
77
3.2
97

498
12.8
39
132
71
3.3
96

499
12.7
39
12.9
74
3.2
98

499
12.6
38
13.5
70
3.2
98

506
12.6
3.9
13.6
7.6
3.3
9.6

49.7
12.6
3.8
13.2
7.2
3.2
9.6

49.7
12.8
3.7
13.3
7.0
3.2
9.7

49.9
12.6
3.8
13.5
7.0
3.2
9.8

50.8
12.8
3.9
13.7
7.3
3.3
9.9

50.5
12.5
3.8
13.4
7.7
3.3
9.8

50.6
12.6
3.9
13.6
7.6
3.3
9.6

50.7
12.7
3.9
13.7
7.3
3.3
9.7

Manufacturing

See footnotes to table 4.




oq

11.5
73
3.3
93

q O

115
75
31
93

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CURRENT BUSINESS STATISTICS

The statistics here update series published in BUSINESS STATISTICS: 1984, a statistical supplement to the SURVEY OF CURRENT BUSINESS. That volume
(available from the Superintendent of Documents for $13.00, stock no. 003-010-00160-7) provides a description of each series, references to sources of
earlier figures, and historical data as follows: For all series, monthly or quarterly, 1981 through 1984, annually, 1961-84; for selected series, monthly or
quarterly, 1961-84 (where available).
The sources of the series are given in BUSINESS STATISTICS: 1984; they appear in the main methodological note for each series, and are also listed
alphabetically on pages 143-144. Series originating in Government agencies are not copyrighted and may be reprinted freely. Series from private sources
are provided through the courtesy of the compilers, and are subject to their copyrights.
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984

..
unns

Annual

1985

1986

IT

1984

1985

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Apr.

Mar.

May

Aug.

July

June

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 <>
Federal Reserve Board Index of Quantity Output
Not Seasonally Adjusted
Total index
1977 = 100 ..
By industry groupings:
Mining and utilities
do
Manufacturing
..
do
Nondurable manufactures
do....
Durable manufactures
do....
Seasonally Adjusted
Total index
do. .
By market groupings:
Products total ...
do
Final products
do
Consumer goods
do

31102

33145

33154

33205

33339

33583

33723

34180

1,836 8

19661

19658

19754

19867

19967

20105

2031 1 20357

3 417 4 34353

20448

34451

3 486 8 r3 481 3 r3 481 9 r3 492 6 35053

r

20518

20584

20549

r

2 063 2

T

r

2 069 8

20820

r
6188
r
4674
r

4864
r
5683
396.2
2090

6232
4706
4878
5725
398.4
2099

r
208
2549

235
2573

17.2
817

17.3
821
4783
515.8

5778
4391
4422
4706
346.2
1845

6077
4601
4698
5164
372.2
1969

6058
4590
4693
5185
372.3
1978

6094
4616
4720
5197
374.3
1989

6097
4613
4758
5252
376.0
1999

6138
4645
4760
5291
377.7
2008

6167
4665
4787
5329
382.3
2017

6226
4714
4818
541 7
384.9
2026

6242
471 0
4823
543 8
385.4
2036

6217
4700
4860
5499
387.3
2045

6202
4705
4873
5553
389.0
2055

621 6
4689
4848
5577
390.8
2064

6216
4697
4839
5603
392.5
2073

315
2053

292
2252

226
2256

19 3
2273

228
230 2

240
2308

260
2324

38 2
2349

23 4
237 9

26 9
241 0

228
243 8

r
53 0
247 5

r
381
2491

8.3
747
4469
4556

7.6
764
4762
487 1

9.6
763
4744
4931

10.5
763
4747
4890

1.7
762
4764
4912

10.4
764
4787
4927

2.9
768
4810
4935

11.7
769
4822
4945

12.2
780
481 4
5034

12.7
792
4807
5042

13.5
800
4804
5065

1335
30522

1502
32610

1499
32686

1509
32772

1513
32875

1521
33110

1527
33232

1540
33569

1580
3 371 1

1587
33856

1592
159 1
3 399 5 r3 411 0

31102

33145

3 3154

3 3205

3 333 9 3 3583

3 3723

3 418 0

3 417 4

3 4353

3 445 1 r3 486 8 r3 481 3 r3 481 9

4396
2,670.6
25019
2,428.2
3312
870.1
12270

4865
2,828.0
2 6847
2,600.5
3593
905.1
13361

4874
2,828.0
2 6754
2,591.2
3521
902.3
13368

4918
2,828.6
2 712 0
2,626.9
3740
906.9
1 346 1

494 5
2,839.4
2749 9
2,663.2
3940
913.0
13562

4974
2,860.9
2731 7
2,644.0
358 0
918.9
13671

500 1
2,872.2
2743 1
2,654.6
357 4
920.7
1 376 5

5046
2,913.4
2794 4
2,705.0
370 6
928.4
1 4060

496 8
2,920.7
27757
2,684.8
3649
925.4
1 394 5

4985
2,936.8
27947
2,703.1
365 5
927.6
1 4100

5005
5039
5099 r r5132
4973
2,947.8 rr2,986.3 rT2,977.4 rr2,972.0 r2,979.4
27980 2 803 0 2 825 2 2 848 3 r 2 861 1
2,765.8
'2,731.7 '2,753.8
2,705.9 '2,710.5
r
r
r
3758
3742
3685 rr3790
3520
r
r
r
936.4
937.7
926.6
922.1
936.1
14178 1 419 9 1 426 11 443 3 1 452 3

723

826

827

83 5

852

86 2

869

87 8

89 2

90 0

90 4

91 3

922

15
1687

16
1433

15
1526

15
1166

15
895

16
1292

16
1292

16
1190

17
1450

17
1420

17
1498

12
1833

12
152 3

63

51

49

42

39

41

44

45

46

50

53

24706

25280

25282

25230

25231

25312

25306

25603

2 558 1 25830

2,246 3
3189
8286
10987

23245
3439
841 6
1 1390

23165
3377
840 1
1 1387

2343 l 2 366 5
357 6
377 0
844 1
847 1
1 141 3 1 1424

2 339 2
3428
8487
1 147 7

2338 9
343 0
8449
1 150 9

2377 1
3552
847 9
1 174 0

2351 5
3487
8437
1 159 2

2377 5
349 2
859 5
1 168 8

1081

1119

1119

113 0

113 5

1138

114 2

113 7

122.9

124.9

121.4

123.8

121.6

112 1

126.7

112 5

128.6

126.2

124.3

121.6

26026

r

15.1
808
4805
5079

r
r

6191
4678
r
4841
r
5658
394.3
2082
r

16.6
81 1

r
27 5
2522

r

17.1
815

r
4801
r

r
4791
r

r
4798
r

5107

5202

511 8

1600
1608
1599
1593
r
3 420 5 r3 431 7 r3 449 0 34588

54

r

3 492 6 35053

r

r

5185
2,986.9
28932
2,797.1
4027
939.8
1 454 7

941

949

12
1184

12
937

933

12
1237

51
r

r

38

44

r

2 639 9 2 627 0 2 610 5 26147

r
2r 418 9 24272
2 389 0 r2r 396 1 24103
r
3576
3617
3566
3530
3384
r
r
r
8838
8759
882 2
873 8
8788
1 171 8 1 169 31 172 71 180 1 1 1858

113 3

123.1

113 1

1133

1138

1140

123.8

123.2

127.0

"122.8

127.4

1109
1234
122.3
124.2

1100
1264
125.1
127.3

107 9
1242
124.6
123.9

111 2
1296
131.2
128.5

111 3
131 8
133.6
130.6

106 8
1298
130.5
129.3

107 6
127 4
126.7
127.9

111 8
1234
121.9
124.5

113 1
1247
122.8
126.1

110 8
127 5
126.4
128.3

104 5
1266
125.4
127.5

101 1
128 1
127.9
128.2

98 5
127 9
128.8
127.2

103 1
131 4
134.3
129.3

P

102 1
1265
"130.4
"123.7

103 6
1319
137.7
127.8

1214

1238

1234

1244

1243

1236

1248

125 6

1262

1253

1236

1247

1242

1242

P

124 6

1248

P
1329
P
1317
P

1333
1322
1251

1267
1273
1180

1308
131 1
1202

1306
1306
1194

1321
1322
1209

1320
1322
121 1

131 0
131 0
1205

132 8
1331
1227

133 0
1332
1233

1340
1339
123 8

1329
1328
1233

131 2
1306
1218

1327
132 1
1245

r

1324
1316
1243

1322
1309
1242

P

1248

See footnotes at end of tables.




S-l

S-2
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984

SURVEY OF CURRENT BUSINESS
Annual

.. .

September 1986
1986

1985

unus

1984

1985

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

115.2
113.4
.110.8
'87.8

GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTION Q— Continued
Seasonally Adjusted — Continued
By market groupings— Continued
Final products— Continued
Durable consumer goods
1977 = 100...
Automotive products
do ....
Autos and trucks, consumer
do....
Autos, consumer
do
Trucks, consumer
do
Home goods
do
Nondurable consumer goods .
do
Consumer staples
do
Consumer foods and
tobacco
do
Nonfood staples
do
Equipment . .
do
Business
and
defense
equipment
do
Business equipment
do ....
Construction, mining,
and farm .
.
do
Manufacturing
do
Power
do
Commercial
do
Transit
do
Defense and space equipment
do....
Intermediate products
do....
Construction supplies
do ....
Business supplies
do
Materials
do
Durable goods materials
do
Nondurable goods materials
do....
Energy materials
do
By industry groupings:
Mining and utilities
do
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
Manufacturing
do
Nondurable manufactures
do ....
Foods
do
Tobacco products
do
Apparel products ...
Paper and products
Printing and publishing
Chemicals and products .
Petroleum products
Rubber and plastics products .
Leather and products
Durable manufactures
Lumber and products
Furniture and fixtures
Clay glass and stone products
Primary metals
Iron and steel
Nonferrous metals
Fabricated metal products
Nonelectrical machinery ..
Electrical machinery
Transportation equipment
Motor vehicles and parts
Instruments
...
BUSINESS SALES

do
do
do ....
do
do
do
do
do
do
do
do
do
do
do
do ....
do
do....
do ....
do....
do

112.2
109.4
103.0
932
1212
1143
1201
1249

112.9
114.0
112.0
989
1363
1122
1229
1290

111.5
113.0
112.9
1010
1349
1103
1223
1284

114.5
118.6
119.4
1012
1531
1114
1233
1295

113.1
116.2
115.8
988
1474
1107
1241
1301

112.3
113.2
111.3
r
949
1418
1116
1235
1294

115.4
115.6
114.1
r
956
1486
1153
1253
1313

115.3
113.9
110.4
r
946
1398
1164
1263
1325

116.0
116.2
118.2
1055
1417
1158
1266
1328

116.6
117.6
119.4
107 1
1421
1158
1258
1323

112.4
110.4
106.3
r
937
1296
1139
1253
1316

115.9
116.4
115.1
1008
1415
1155
1277
1343

113.8
113.2
110.3
r
948
139.1
1143
1281
135.0

114.3
113.7
112.2
r
99.3
136.1
114.8
127.9
134.9

" 115.9
"115.8
"114.5
"95.3
"150.3
"116.0
"128.1
"135.0

1260
1239
1396

1288
1292
1454

1286
1281
1456

1297
1293
147 1

1301
1301
1469

1287
1301
1449

1305
1321
1470

1316
1334
1464

1301
1356
1475

131 1
1335
1454

1303
1330
1423

1319
1367
1423

1324
1377
1412

1327
137 1
1397

"1326
"1374
"140.8

138.6
141.6

1387
134.2

1460
139.6

1459
139.5

1475
141.0

1474
140.4

1457
138.3

1482
140.8

1478
140.0

1491
141.5

1478
140.5

1455
137.7

1466
138.6

146.0
137.9

144.8
136.2

"146.1
"137.5

146.9
137.9

r
643
1082
r
789
r
2091
r
979
156.4
124.7
114.0
133 8
1142
1215
111.4
1039

r
643
1107
r
835
r
2179
1054
170.6
130.0
118.3
1400
1142
121.4
112.2
1034

r
650
1113
r
847
r
2184
101 5
170.8
130.6
118.7
1407
1136
1201
113.3
1025

r
646
1119
r
848
r
2195
107 1
173.3
131.7
120.4
141 3
1139
1212
112.7
1022

r
644
1122
r
843
r
2169
1095
174.5
131.3
120.3
140 7
1138
119.9
114.2
1028

r
642
1100
r
853
r
2123
1095
174.8
131.2
120.2
1405
1134
120.1
113.6
101 5

r
651
1105
r
841
r
2186
1097
177.2
131.8
120.5
1415
1139
1212
113.3
1018

r
663
1116
r
854
r
2170
1055
178.5
132.0
119.8
1424
1154
121.9
114.9
1045

r
653
1130
r
829
r
2178
1127
178.7
134.2
124.0
1429
115.5
122.2
116.2
1030

r
630
1129
r
823
r
2168
1117
176.3
133.4
122.6
1426
1148
1213
116.1
1021

r
595
1124
r
820
r
2143
1043
176.2
133.3
122.6
1425
1133
119.3
114.8
1014

r
586
1119
r
830
r
2134
1121
178.0
134.5
123.6
1438
1138
120.2
116.5
1004

r
609
1119
829
r
2129
1073
178.0
135.1
123.5
1450
113.0
118.4
116.5
1005

r
619
111.7
r
83.5
r
207.2
108.8
178.4
136.7
124.1
1474
113.3
117.9
117.6
1015

"60.7
"112.4
"81.4
"213.6
"104.1
"179.7
"136.9
"124.2
"1477
"113.3
"118.5
"117.9
"1004

1109
111 1
770
1281
109.1
1061
899
117 4
1107
1168
1234
122.3
1269
1004
104 2
1027
1272
146.5
1216
874
1435
r
76 5
1242
109 1
1343
113
4
r
823
r
734
99 3
102.6
141 8
170.5
112.2
104.4
1367

1100
1088
750
1268
106.2
108
1
r
857
118 3
1119
1197
1264
125.1
1302
1002
103 2
1009
1276
153.9
127 1
868
1469
r
68 5
1273
113 4
1397
1155
r
805
r
704
997
107.3
1453
168.4
121.4
111.5
1391

1085
1075
r
621
1240
106.0
1081
r
836
117 9
1100
1174
1263
125.4
1305
r
988
104
3
r
999
1286
154.3
1272
r
872
1475
r
69 2
1269
113 8
1457
116
6
r
785
r
677
r
98 8
106.4
1454
165.5
121.5
111.9
1402

1088
1081
r
749
1250
105.7
1080
r
832
118 1
1100
1176
1272
126.0
1315
r
983
104 2
100 0
1265
155.8
1279
r
892
1482
r
707
1281
1153
140 9
1164
r
823
r
723
101 3
107.4
1454
165.8
125.0
115.6
141 0

1101
1082
r
738
1269
105.4
1073
r
847
118 8
1133
1208
1270
126.4
1322
r
989
107 0
1018
1280
153.4
1291
r
853
1488
r
70 1
1274
1160
1428
117
4
r
808
r
703
1004
106.7
144 2
164.5
124.5
113.7
1390

1088
1069
r
760
1229
104.4
1078
r
841
118 5
1118
1194
1263
125.8
1294
1032
107 7
1021
127 7
154.5
1273
r
879
1490
r
68 2
1267
116 2
1400
116
1
r
819
r
724
1000
107.9
141 7
164.2
123.3
111.4
1384

1088
1069
783
1258
103.6
1079
r
845
118 0
1119
1201
1278
127.2
1315
1028
110 0
1038
1289
156.8
1282
r
876
1501
r
687
1282
1150
142 2
1167
r
829
r
739
100 0
107.6
144 8
166.9
124.8
112.6
1399

1102
1074
r
773
128.4
104.2
1086
r
857
114 6
1148
1224
1282
127.5
1321
1003
107 7
1045
1313
157.6
1281
r
889
1494
r
664
1287
116 1
140 5
1182
817
r
716
100 8
10&2
1462
168.7
124.0
111.4
1404

1098
1081
r
735
130.8
104.9
1089
r
872
113 5
1125
1197
1294
129.3
1320
r
938
107 9
1055
1336
160.9
1317
r
947
1502
r
654
1295
1205
141 2
1200
r
824
r
722
101 8
109.2
144 9
166.1
128.2
116.5
1415

1068
105 1
772
1265
101.1
1076
r
843
1168
1097
1195
1287
128.7
1329
r
970
109 9
1028
1326
156.7
1320
r
901
151
1
r
648
1287
120 3
143 2
1193
r
803
r
695
1008
108.5
1439
164.8
127.5
116.4
1419

1054
1030
r
759
1247
r
99.2
1082
r
854
111 6
1093
1198
1272
127.7
132.2
r
93.6
1080
1028
1324
157.8
1302
r
886
1478
r
627
1268
120 7
1429
1200
r
763
r
643
r
988
107'.6
1417
165.2
122.6
108.1
1420

1042
101
0
r
760
124.4
r
96.2
1068
r
839
1150
1094
1216
128.7
129.6
133.1
100.3
111 4
1031
1341
161.6
1328
913
1468
r
615
1281
1213
1459
1216
781
656
1016
10&2
1408
166.8
126.2
112.6
1424

1031
998
72.0
124.0
95.1
1075
r
853
1124
108.5
121.7
128.2
129.9
133.7
101.6
111 3
102 6
133.2
161.9
131.5
r
95.7
150.1
r
595
127.0
1216
1462
1202
r
748
r
60.2
1023
106.5
141.3
166.0
124.1
108.7
140.3

103.6
r
99.4

"102.1
"97.4

127.3
93.7
1070
84.4
1145
110.4
123.3
128.0
130.6
134.0
97.6
1126
101.7
136.0
163.2
133.1
r
91.9
152.2
r
579
126.2
120.9
147 1
120.8
r
71.3
r
58.3
r
960
106.6
140.4
163.2
125.1
110.6
139.9

"120.2
"92.4
"1070

do
do
do

Retail trade total $
Durable goods stores
Nondurable goods stores
Merchant wholesalers total 1"
Durable goods establishments

do
do
do
do
do

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

4,940,798 1 5,104 187 r421 565
2 274 932 1 2 341 220 193 793
1 182 019 1 243 793 102 478
1 092 913 1 097 427 91 315
1 1 293 0621 1 373 941 114 620
465 798 514 207 rr42 887
827 264 859 734 71 733
1 1 360 853 1 1 373 926 113
152
r
609 210 626 749 r51 099
751 643 747 177 62 053

1

1

4080
1856
1109
1115

"1128
"102.1
"138.3
"165.0
"134.2
"90.4
"153.5
"600
"127.0
"1489
"118.9
"73.1
"61.3
"953
"105.7
"142.0
"167.2
"125.2
"110.5
"138.5

430 763 449 535

400 358 399 191 428 762

428 945 436 092 r441 850 415 964

427 963 428,998 426,033 431,965 434,952
196 593 194 229 197 229 200 131 199 084
105 311 103 656 106 479 107 007 105 777
91 282 90 573 90750 93 124 93307
116
224 119 118 114 785 115433 116 861
r
44 187 46748 42355 42 631 43882
r
72 037 72370 72430 72802 72979
115 146 114 344 113 675 115 762 116 852
52469
53 408 53948
52538 52249
62 608 62095 61 206 62354 62 904

431,957 426,854 420,230
198 716 196 274 191 051
105 631 105 545 102 693
93 085 90729 88 358
117 349 117 200 116 684
44 187 43 949 43 279
73162 73251 73405
115 648 113 380 112 495
52674
53428 52994
62 220 60 386 59 321

428,455 421,613 r425,475
196 132 193,068 193,642
553
106 592 103 672 104
89 540 89396 r89 089
117 715 118,675 118,960
45554 rr45 596
44874
72841 73 121 73 364
873
114 608 109 870 112
53415 rr54 491
55317
59 291 56 455 58 382

4 940 798 5 104 187 r407 949 432 109 431 396 440 377
Mfg. and trade sales (seas, adj.),
total
Manufacturing total
Durable goods industries

"1126
"109.8
"122.0
"128.8
"131.4
"134.1

r

4156
1885
1129
1143

4159
1861
1159
1139

4114
1887
1104
112.4

4148
1907
110 5
113.6

4161
1886
1126
114.9

4156
1892
111 8
114.5

4159
1890
1128
114.2

4150
1859
114 0
115.0

r

424.3
192.5
1150
116.8

417.4
189.4
1160
112.0

r

420.0
188.9
1163
114.9

428,546
194,448
105 470
88978
119,258
45883
73375
114,840
55,105
59735
424.5
191.0
116.1
117.3

116.5
128.7
135.8

111.9
e
81.2
e
214.8
107.9
182.2
137.4
125.1
113.1
118.5
119.0
e
98.6
100.6
e
96.0
C

91.0

108.2
129.2
132.1

165.7
'93.7
127.1

€

73.3

106.5
140.5
167.7
124.8
108.0
140.0

Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984

S-3

SURVEY OF CURRENT BUSINESS

September 1986
Unit*
umis

1984

1986

1985

Annual

1985

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

June

May

July

GENERAL BUSINESS INDICATORS—Continued
BUSINESS INVENTORIES
Mfg. and trade inventories, book value, end of
period (unadj.), total
mil $
566 119 576 673 r575 630 574575
Mfg. and trade inventories, book value, end of
period (seas, adj.), total
mil $
573 434 584 005 r580 372 r578 635
Manufacturing, total
do
285 709 281 884 285 036 284 688
Durable goods industries
do
191 109 189 164 192 163 192 037
Nondurable goods industries
do
92720
94600
92873 92651
Retail trade, total $
.do
157 845 165 324 160
574 159 078
Durable goods stores
do ...
77 142
82875 rr79 370 78042
Nondurable goods stores
do
80 703
82449 81 204 81036
Merchant wholesalers, total t
do.... 131 544 135 940 134
762 134 869
Durable goods establishments
do
86283
87246 rr87 195 87 091
Nondurable goods establishments..,
do ....
45,261
48,694 47,567 47778
Mfg. and trade inventories in constant (1982)
dollars, end of period(seas adj ) total § bil $
6359
6366
Manufacturing
...
do
3282
3291
Retail trade
do
1599
1603
Merchant wholesalers
do
147 8
1472
BUSINESS INVENTORY-SALES RATIOS
Manufacturing and trade, total
ratio
136
134
138
135
Manufacturing, total
do
145
147
145
146
Durable goods industries . . .
do
185
188
182
185
Materials and supplies
.
do
53
51
53
55
Work in process
do
85
89
87
87
Finished goods
do
45
44
45
45
Nondurable goods industries
do
1 03
102
101
102
Materials and supplies
do
39
39
39
41
Work in process
do
16
16
16
16
Finished goods
do
47
47
47
46
Retail trade, total $
do
137
140
139
140
Durable goods stores
do
185
185
177
185
Nondurable goods stores
do
113
112
113
1 13
Merchant wholesalers, total t
do....
1.12
1.19
1.17
1.17
Durable goods establishments
do ....
171
167
162
166
Nondurable goods establishments
do
77
76
75
72
Manufacturing and trade in constant (1982)
dollars, total §
do
156
153
Manufacturing
do
177
174
Retail trade
do
145
142
Merchant wholesalers
do
132
129
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS
Shipments (not seas, adj.), total
mil. $.. 2,274,932 2 341 220 179 513 194 000
Durable goods industries, total
do
1,182 019 1 243 793 92728 101 590
Stone, clay, and glass products
do ....
54,993
4753
5055
57,255
Primary metals
do
9710 10726
131 152 125 777
4432
52 519
Blast furnaces, steel mills
do
4*030
53836
Fabricated metal products
do
139 213 168 953
13*459 14811
Machinery, except electrical...
do
210 168 212 620
15827 16273
Electrical machinery
do
182 534 185 514
13586 15064
Transportation equipment
do
21466 24088
288 306 313 427
Motor vehicles and parts
do.... 191,493 203 371 13113 15063
Instruments and related products
do
4430
53511
56743
4 630
Nondurable goods industries total
do
1 092 913 1 097 427 86785 92410
Food and kindred products
do.... 295,050 296,142
23581 24*285
Tobacco products
do
16918
20606
1 349 1 727
Textile mill products
do
52627
3718
55 078
4 544
Paper and allied products
do
95944
7702
97565
8251
Chemical and allied products
do
211 833 214 345
16687 17578
Petroleum and coal products
do
200 588 194 030
16029 16463
Rubber and plastics products
do ....
52147
3829
48 246
3947
Shipments (seas, adj.), total
do....
193 793 196 593
By industry group:
Durable goods industries, total #
do
102 478 105 311
Stone, clay, and glass products..
do ....
4808
4747
Primary metals
do....
10666 10932
Blast furnaces, steel mills ...
do ....
4419
4550
Fabricated metal products ..
do
14 404 14 546
Machinery, except electrical ...
do . . . .
17,549 17566
Electrical machinery
do
15012 15539
Transportation equipment
do ....
24985 26879
Motor vehicles and parts
do
15836 17 141
Instruments and related
products
do '
4829
4706
Nondurable goods industries, total # do....
91315 91282
Food and kindred products
do ....
24895 24286
Tobacco products
do
1465
1634
Textile mill products
do....
4351
4355
Paper and allied products ...
do
8135
8090
Chemicals and allied products..
do....
18184 18110
Petroleum and coal products
do
15975 16 281
Rubber and plastics products
do
3826
3977
See footnotes at end of tables.




578 331 590 970 593 692 576 673

577 997

585 078 591 545 593 990

588 319 r586,303 585,830

578 918
284 030
191 930
92 100
160 302
78425
81877
134 410
86688
47722

582 173
282 444
190 508
91 936
164 262
81668
82 594
134 810
87 037
47773

582 763
281993
190 284
91 709
165 557
83056
82 501
134 831
87281
47550

584 005
281 884
189 164
92720
165 324
82875
82449
135 940
87 246
48694

584 968
280 357
188 518
91 839
167 987
84755
83232
136 624
87 815
48809

585 176
279 236
187 644
91 592
169 379
85 863
83516
136 561
88230
48331

588 178
279 571
188 333
91 238
171 551
88132
83419
137 056
88521
48,535

586 727
278 352
187 637
90715
170,869
87,198
83671
137,506
89 845
47,661

6357
3278
1605
1473

6377
3261
1641
1475

6386
3257
1655
1474

6384
3252
1650
1483

6406
3238
1679
1488

6415
3230
1693
1493

6459
3239
1721
1500

6479
3247
1731
1501

6453
3241
1713
1498

r
6463
r

3241
1710
151 1

649 9
3245
173.2
1522

588 599
279 358
188 031
91 327
172 158
88,263
83895
137 083
89267
47,816
r

r

r

588 908
278 410
187,148
r
91 262
171,705
r
88,281
r
83 424
138,793
r
90 000
r
48,793
r

591,345
278,300
186,663
91637
173,556
90,297
83259
139,489
90572
48,917

135
146
185
52
89
44
102
39
16
47
135
168
113
1.18
166
77

137
143
179
50
86
43
1 01
39
16
46
143
193
1 14
1.19
166
78

135
141
178
50
85
43
98
38
16
45
143
195
1 13
1.16
163
76

134
142
179
51
85
43
99
38
16
46
141
189
113
1.16
162
77

135
141
178
50
86
43
99
38
15
45
143
192
1 14
1.18
164
78

137
142
178
49
85
43
101
39
16
46
145
195
1 14
1.20
166
80

140
146
183
50
89
44
103
40
16
48
147
204
1 14
1.22
168
81

137
142
176
49
85
43
102
39
15
47
146
197
115
1.20
161
81

139
144
181
50
88
44
101
39
15
47
144
191
114
1.25
1.68
84

138
144
179
49
.87
43
102
40
16
47
1 44
194
1.14
1.23
1.65
84

138
143
177
.49
.86
43
103
40
15
48
146
1.97
1.13
1.21
1.64
82

153
176
139
129

155
173
149
131

154
171
150
130

153
172
147
129

154
171
150
130

154
171
150
131

156
174
151
130

153
169
151
129

155
171
148
134

1 54
172
147
132

153
170
149
130

192 213
101 517
4162
9 187
3945
13182
18904
16237
25930
14177
5068
90696
24*559
2274
4 220
7 851
17 498
16*960
3574
199 084

182 163 196 648 200 540 197,446 195 769 r206,929 179,697
95,452
94879 105 708 109 751 108655 106 469 114,059
r
5,363
4,851
5,108
4563
4841
5,171
4409
8761
171
9 815 10 509 10691 10 621 10 262 10
r
4216
3781
4180
4*342
4*299
4 153
4369
12777 14 116 14362 14754 14552 15 353 13485
14831 17064 18846 17666 16903 19 353 15,457
14,586
13614 15887 17024 15549 15504 17,537
r
25861 28 381 27533 28953 28219 29,019 23,585
13,968
18180 18891 17879 19 478 18,574 18,830
r
4298
5 023
4569
4 556
4446
4383
4832
r
87 284 90940 90 789 88791 89300 r92 870 84 245
24,972
23672 25008 25*646 24*,635 25,708 26,698
r
990
1373
2331
1985
1542
1 627 2069
r
3,827
4 814
4328
4454
4443
3 959
4708
r
8762
9532
8886
8989
8422
8906
8819
17496 18403 18565 19016 17912 18 508 16,431
10,836
643
15578 13721 12320 12029 12 573 11
r
3,724
4,315
4078
4036
3731
3976
3926
198 716 196 274 191 051 196 132 193 068 193,642 194,448

103 656 106 479 107 007 105 777
4766
4771
4773
4765
10389 10*523 10513 10263
4464
4319
4326
4384
14 391 14 932 14878 14 232
17229 17967 18 161 17622
15601 15840 16528 16338
26176 27421 27283 27*931
17286 17 640 18 120 17 428

105,470
105 631 105 545 102 693 106 592 103 672 104553
r
4,873
4,903
4942
5108
4901
4784
5209
r
9,627
9,484
9852
9833 10 122
10119 10159
r
3,886
4,146
4123
4,066
4246
4173
3926
14466 14300 13 733 14 553 14 145 14 199 14450
16764 16939 17377 17932 16784 17 535 17,103
14841 15819 16 187 15 539 15520 16 316 16106
28520 27962 25030 27 517 26610 r25 887 27,398
19 448 18 461 16 112 18 080 16992 16 455 16885

204 504
109 177
5208
10469
4375
15171
18312
16565
27 196
17905
4983
95327
25875
1 868
4846
8 276
18525
16048
4086
194 229

4606
90573
24296
1684
4490
8 111
17821
15664
3831

202 238
109 516
5055
10 520
4*314
15 596
17*842
16 104
28444
18824
4 692
92722
24*793
1 591
4859
8 177
17 209
16*091
4220
197 229

4 572
90750
24160
1 567
4659
8 097
17963
15949
3959

197 448
105 135
4682
9940
4081
14 513
17854
16509
26971
17783
4799
92313
25 038
1 854
4 513
7 900
16 600
16981
4018
200 131

4789
93124
25241
1 841
4643
8 194
17604
16961
4 131

4908
93 307
24732
2 117
4494
8390
17994
16 728
4020

4842
93085
25817
1089
4551
8 687
18403
15729
4049

4696
90729
24933
1 800
4452
8 637
18185
13 955
4005

4 591
88358
24764
2 155
4299
8462
17*068
12798
3921

4613
89540
25279
1570
4*487
8917
18363
12 344
4 016

4648
89396
25791
2057
4255
8853
17273
12 629
4044

r

4 680

r
89 089
r
25,490
r
2 127
r
4398
r

9125
17 346
11
278
r
4002

4685
88978
26,422
1491
4,481
9257
17901
10782
3869

Aug.

S-4
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984

SURVEY OF CURRENT BUSINESS
,, ..
uims

1984

September 1986
1986

1985

Annual

1985

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS-Continued
Shipments (seas, adj.)—Continued
By market category:
Home goods and apparel
mil. $.. '156,346 '158,665
13,021
Consumer staples
do
'403,584 '416,515
34,704
Equipment and defense products,
except auto
.
do
'338,881 '364,145
29,992
Automotive equipment
do .... '215,445 '226,166
17,631
Construction materials, supplies, and
intermediate products
do .... '179,172 '206,611
17,442
Other materials, supplies, and
intermediate products
do
'981,500 '968,923
81,003
Supplementary series:
Household durables
do
'75,036
'78,031
6,377
Capital goods industries
do .... '386,980 '411,381
33,869
Nondefense
do
'314,475 '326,712
27,042
Defense
do
'72,503
'84,669
6,827
Inventories, end of year or month:
Book value (unadjusted), total
do .... 281,956
277,885 284,842
Durable goods industries, total
do ....
188,091 186,014 192,382
Nondurable goods industries, total
do....
93,865
91,871
92,460
Book value (seasonally adjusted), total
do.... 285,709
281,884 285,036
By industry group:
Durable goods industries,
total #
do
189,164 192,163
191,109
Stone, clay, and glass
products
do.. .
5,666
5,869
5,981
Primary metals
do
20,632
17,837
18,822
Blast furnaces steel mills
do
9,401
7,830
8,427
Fabricated metal products
do ....
19,251
19,385
18,540
Machinery, except electrical
do....
40,696
39,448
40,981
Electrical machinery
do ....
32,783
33,496
34,504
Transportation equipment
do ....
47,418
49,068
48,869
Motor
vehicles
and
parts
do
11,219
11,477
11,262
Instruments and related
products ..
...
.
do
9,412
9,594
9,686
By stage of fabrication:
Materials and supplies
do....
56,469
53,527
54,257
Work in process
do....
88,105
89,912
91,383
Finished goods
do....
46,535
45,725
46,523
Nondurable goods industries,
total #
.
do
94,600
92,720
92,873
Food and kindred products
do....
21,500
23,533
23,217
Tobacco products . . .
do
3,558
3,270
3,317
Textile mill products
do ....
7,017
6,744
6,662
Paper and allied products
do....
9,691
9,728
9,533
Chemicals and allied
products
do
21,872
21,419
21,887
Petroleum and
coal
products
do
8,427
7,920
7,736
Rubber
and plastics
products
do
5,989
6,313
6,143
By stage of fabrication:
Materials and supplies
do ....
36,635
35,503
35,917
Work in process
do....
14,811
14,568
14,216
Finished goods
do ....
43,154
42,649
42,740
By market category:
Home goods and apparel
do
23,046
22,060
22,351
Consumer staples
do ....
34,262
33,823
34,126
Equip, and defense prod.,
exc. auto
do
83,372
86,111
83,871
Automotive equipment
do ....
13,713
13,795
13,642
Construction materials, supplies, and
intermediate products
do
19,551
19,256
19,253
Other materials, supplies, and
intermediate products
do ....
111,765
109,079 109,553
Supplementary series:
Household durables
do ....
11,585
10,974
11,489
Capital goods industries
do ....
94,813
96,735
98,362
Nondefense
do
72,296
70,465
73,045
Defense
do
22,517
26,270
25,317
New orders, net (not seas, adj.),
total
do
2,299,609 2,349,640 179,067
Durable goods industries, total
do .... 1,207,327 1,251,657
92,085
Nondurable goods industries, total
do .... 1,092,282 1,097,983
86,982
New orders, net (seas, adj.), total
do.... '2,299,609 '2,349,640 1 QC 7QO
By industry group:
Durable goods industries, total
do .... '1,207,327 '1,251,657 104,370
Primary metals
do
'129,346 '126,373
10604
Blast furnaces, steel mills
do ...
'52,547
'53,022
4,509
Nonferrous and other primary metals
do
'61,342
' 58 193 4,859
Fabricated metal products
do ... '140,282 '167,724
14,206
Machinery, except electrical
do . . . '213,008 '210,691
17,766
Electrical machinery.
do... '191,281 '189,012
15,189
Transportation equipment
do ... '301,530 '320,028
26,730
Aircraft, missiles, and parts
do...
'93,227 '101,549
9,336
Nondurable goods industries, total
do... '1,092,282 '1,097,983
91 423
Industries with
unfilled
' 244 241 '253,010
21 101
orders $
do
Industries without unfilled
'848,041 '844,973
70,322
orders A
..
do
By market category:
12,964
Home goods and apparel
do... '156,164 '158,436
Consumer staples
do
'403,509 '416,615
34,696
Equip, and defense prod., exc. auto
do... '361,887 '372,485
31,800
Automotive equipment
do ... '214,151 '225,235
17,357
Construction materials, supplies, and
intermediate products
do ... '179,527 '206,388
17,339
Other materials, supplies, and
intermediate products
do ... '984,368 '970,244
81,637
Supplementary series:
Household durables
do...
'74,969
'77,761
6,291
Capital goods industries
digu,. '413931 '423,055
36,279
Nondefense
do ... '324,208 '326,584
26,685
Defense
do
'89,723
'96,471
9,594
See footnotes at end of tables.




13,509
34,250

13,335
34,403

13,408
34,043

13,661
35,385

13,315
35,666

13,463
36,173

13,551
35,870

13,528
35,765

13,362
35,920

13,208
36,956

14,057
'37,350

13,695
37,439

30,519
18,973

29,945
19,151

30,871
19,550

30,915
20,034

31,906
19,291

28,871
21,459

29,793
20,287

30,412
17,822

30,384
19,899

29,679
18,744

'30,751
18,274

30,600
18,746

17,624

17,619

18,086

17,357

16,640

18,170

17,679

17,969

18,765

18,286

18,216

18,114

81,718

79,776

81,271

82,779

82,266

80,580

79,094

75,555

77,802

76,195

'74,994

75,854

6,444
34,952
27,788
7,164

6,625
33,848
26,722
7,126

6,505
35,392
27,721
7,671

6,746
35,629
27,771
7,858

6,519
36,573
28,630
7,943

6,720
32,385
25,352
7,033

6,720
34,145
26,564
7,581

6,838
34,383
27,304
7,079

6,689
34,688
27,355
7,333

6,711
34,068
26,582
7,486

'7,374
'35,207
'27,243
'7,964

7,058
35,574
27,355
8,219

284,979
192,582
92,397
284,688

282,567
191,127
91,440
284,030

282,136
189,961
92,175
282,444

280,930
188,867
92,063
281,993

277,885
186,014
91,871
281,884

279,029
186,961
92,068
280,357

280,374
188,382
91,992
279,236

280,348 281,358
189,131 189,491
91,867
91,217
279,571 279,358

280,845 '278,858 278,126
189,753 188,023 186,903
91,092 '90,835 91,223
278,352 '278,410 278,300

192,037

191,930

190,508

190,284

189,164

188,518

187,644

188,333

188,031

187,637 187,148

5,826
18,597
8,362
18,622
40,874
34,443
49,384

5,841
18,486
8,295
18,890
40,392
34,315
49,837

5,648
18,146
8,139
19,282
39,999
33,910
49,251

5,721
17,986
8,082
19,317
39,710
33,524
49,611

5,666
17,837
7,830
19,385
39,448
33,496
49,068

5,618
17,316
7,504
19,148
39,441
33,617
49,232

5,546
17,281
7,615
18,885
39,285
33,452
48,931

5,576
17,220
7,578
18,926
39,017
33,544
49,896

5,551
17,036
7,486
19,072
38,409
33,830
50,030

5,561
16,903
7,484
18,858
38,108
34,004
50,206

'5,593
16,883
'7,373
18,832
'37,328
'34,243
'50,434

5,621
16,730
7,161
18,679
37,158
34,554
50,057 •"""•"••••

11,555

11,403

11,263

11,335

11,477

11,301

11,355

11,264

11,279

11,204

10,856

10,895

9,651

9,636

9,741

9,701

9,594

9,613

9,535

9,533

9,463

9,542

'9,507

9,541

54,217
91,473
46,347

53,844
92,181
45,905

53,644
91,072
45,792

52,999
91,020
46,265

53,527
89,912
45,725

52,317
90,477
45,724

51,921
90,125
45,598

51,688
91,236
45,409

51,864
90,825
45,342

51,387
90,714
45,536

'51,559
'90,918
'44,671

51,280
90,406
44,977

92,651
23,496
3,220
6,598
9,650

92,100
23,610
3,227
6,689
9,660

91,936
23,564
3,314
6,781
9,629

91,709
23,427
3,245
6,651
9,659

92,720
23,533
3,270
6,744
9,728

91,839
23,203
3,266
6,477
9,806

91,592
23,386
3,316
6,554
9,725

91,238
23,439
3,267
6,609
9,781

91,327
23,401
3,223
6,622
9,763

90,715
23,179
3,202
6,535
9,757

'91,262
'23,188
3,057
'6,617
'9,825

91,637
23,408
3,086
6,487
9,942

21,826

21,895

21,697

21,677

21,419

21,549

21,434

21,554

21,631

21,499

'22,203

22,337

7,366

7,028

7,190

7,464

7,920

7,326

6,916

6,436

6,265

6,302

'6,161

5,833

6,248

6,262

6,094

6,161

6,313

6,382

6,478

6,449

6,322

6,350

'6,271

6,261

35,974
14,161
42,516

35,433
14,310
42,357

35,539
14,607
41,790

35,051
14,680
41,978

35,503
14,568
42,649

35,500
14,150
42,189

35,462
14,198
41,932

35,110
13,921
42,207

35,078
13,790
42,459

34,889
13,697
42,129

'35,289
13,938
'42,035

35,543
13,730
42,364

22,278
34,125

22,012
33,650

21,916
34,022

21,876
33,677

22,060
33,823

21,973
33,640

21,936
33,885

22,197
33,798

22,504
34,292

22,219
34,067

'22,366
'34,188

22,294
34,969

86,086
13,948

86,214
13,800

85,136
13,641

85,188
13,731

83,871
13,795

84,141
13,558

83,634
13,631

83,514
13,557

83,160
13,533

83,287
13594

'82,840
13,237

82,837
13,182

18,914

186,663

18,651

18,495

106,271 107,128

106,523

11,460
'96,956
'68,839
'28,117

11,560
96,737
68,600
28,137

194,594 191,789 '201,600
105,748 102,415 108,946
89 374 '92,654
88,846
193,151 192,122 191,795

178,832
94,369
84,463
196,005

102,624 102,730
'9,323
8,831
'3,822
3443

106,902
9,075
3,678

19,139

19,184

18,791

19,178

19,256

18,953

19,007

18,939

19,075

109,112

109,170

108,938

108,343

109,079

108,092

107,143

107,566

106,794

11,451
98,508
72,585
25,923

11,226
98,878
72,402
26,476

11,176
97,879
71,292
26,587

11,156
97,669
71,071
26,598

10,974
96,735
70,465
26,270

10,935
97,102
70,340
26,762

10,979
96,493
70,239
26,254

11,098
97,253
70,173
27,080

11,351
96,928
69,363
27,565

192,940
100,755
92,185
198,782

205,698
110,339
95,359
197,332

201,856 192,718
109,151 100,621
92,705 92,097
195,381 196,865

198,395
107,294
91,101
201,213

188,488 201,355 205,866
101,034 110,155 115,035
90,831
87,454
91,200
201,133 198,559 192,996

11,252
96,990
69,236
27,754

107,661 106,641 104,495
10,212
10,749
11,038
4,638
4,826
4,179

103,796
10,560
4,421

107,531
10,059
4,085

108,194
10,596
4,228

107,545
10,614
4,516

104,682
9,762
4,110

103,747
9,625
3,918

4,638
15,280
17,983
16,250
24,199
5,993
93,069

4,876
14,146
16,195
16,297
31,031
12 961
93,682

4994
14,326
15,603
15,346
31,002
10,928
92,939

4,825
14,274
18,277
15,704
28,458
8,720
91 014

4,463
13,141
16,081
17,066
28,496
8,238
88 314

4,263
14,653
16,800
15,467
26,497
7,169
89,404

4,202
14,024
16441
14,650
27,933
10,023
89,498

'4,361
13,998
16,888
17,913
'23 531
'5,303
'89,065

4,256
14,337
17,237
16,967
28,689
9,530
89,103

4,919
14,560
17,812
14,685
29,861
11,321
91,121

4,733
14,356
17,370
16,856
28,080
9,235
90,691

4,858
14,837
16,718
15,820
26,503
7 911
90,886

20,692

21,483

21,180

21,090

22,093

21,948

22,063

21,660

21,901

21,916

'22,914

22,804

70,429

69,208

69,706

71,979

71,589

70,991

68,951

66,654

67,503

67,582

'66,151

66,299

13,448
34,205
32,386
19,112

13,350
34,474
32,319
18,989

13,577
34,086
28,595
19,327

13,468
35,402
28,085
19,918

13,151
35,676
33,690
18,939

13,942
36,132
29,852
21,482

13,549
35,916
29,968
20,512

13,534
35,858
32,463
18,132

13,249
35,946
29,456
19,835

12,963
36,918
29,954
18,530

'13944
'37,284
'30,495
18,286

13,540
37,447
32,750
18,655

17,640

17,662

18,216

17,230

16,838

18,220

17,869

17,399

18,635

18,326

18,106

18,107

81 991

80,538

81,580

82,762

82,919

81,505

80,745

75,610

76,030

75,431

'73,680

75,506

6,328
37,824
27,554
10,270

6652
37,346
29,240
8,106

6,711
33,271
27,092
6,179

6,665
32,598
25,788
6,810

6,328
37,718
30,566
7,152

7,139
34,638
24,288
10,350

6,639
35,837
28,637
7,200

6,824
36,987
26,540
10,447

6,641
32,679
26,179
6,500

6,471
34,575
26,145
8,430

'7,289
'33,674
'26,42
'7,253

6,852
37,878
27,385
10,493

Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984

S-5

SURVEY OF CURRENT BUSINESS

September 1986
...
tinira

Annual

1986

1985

1T

1984

1985

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

June

May

July

Aug.

GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS-Continued
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
Fabricated metal products .
do
Machinery, except electrical...
do
Electrical machinery
do
Transportation equipment
do
Aircraft, missiles, and
parts
do
Nondurable goods industries with
unfilled orders $
„
do
By market category:
Home goods and apparel
do
Consumer staples .
do
Equip, and defense prod., excl.
auto
do
Automotive equipment
. do
Construction materials, supplies, and
intermediate products
do
Other materials, supplies, and
intermediate products
.do
Supplementary series:
Household durables
do
Capital goods industries
do
Nondefense
do
Defense
do
BUSINESS INCORPORATIONS @
New incorporations (50 States and Dist. Col.):
Unadjusted
number
Seasonally adjusted ...
..
do
INDUSTRIAL AND COMMERCIAL
FAILURES @
Failures, total
number
Commercial service
do .
Construction . . . .
do
Manufacturing and mining
do
Retail trade
do
Wholesale trade.
do
Liabilities (current), total
mil $
Commercial service
do
Construction
do
Manufacturing and mining
do....
Retail trade
do
Wholesale trade
do
Failure annual rate (seasonally adjusted)
No. per 10,000 concerns ..

352 940 361 360
343 026 350*891

9914

10 469

360 156 359 096 360 290 359 908 355 178 361 360
349 666 348 831 349 993 349*628 345 114 350 891

10490

10265

10297

10280

10064

10469

r
367 685 372 392 377 718 374 866 370 886 r365 557 364 692
357 046 361 493 366 777 363 870 359 816 354,703 353,620

10639

10899

10941

10,996

11,070

10,854

11,072

r

366 226 368 511 370 456 367 475 366529 364,682 366,239

355 640 363 809

861 502 363 691 366 794 364946 361 680 363 809

345 443 353 036
19100 19*747
8660
9191

r
351 142 353 492 356 477 354 493 351 282 353 036 355 599 357 599 359 588 356 743 355 695 353 872 355 304
18,377
19 749 19*855 19678 19904 19951 19747
20224 20,679 20,608 20,111 19*090 18,929
r
8808
8340
8872
9700
9495
9330
9085
9361
9076
9432
9 191
9173
9516

7444
7064
21651 20414
61328 59407
78,868
82339
147 596 154 122

7412
7 192
7204
6951
7203
7064
20 214 20228 20193 20098 20 500 20414
61874 62120 62261 61012 60834 59407
82277 81423 82,678 82658 82380 82339
150 138 153 120 155 024 154 106 151 022 154 122

119 920

123 442

10197

130 785

10773

4562
649

4202
751

219 947
6,287

228 264
5377

12 640

10360
4436
655

126 779

10199

128 702

10317

128 441 126 867

10453
4559
724

10398

130 785

10773

4366
*741

4202
751

227 345 229 212 231 586 229 310 226 480
5845
6091
6230
6,068
5729

228 264
5377

4375
610

4390
681

12418

12158

12174

12217

111,555 112,797

110 817

111 090

111,852

4155
3749
263 713 275 320
133 938 133 823
129,775 141 497

3815
4021
3904
3788
3940
3749
272 957 275 829 279 327 277 206 274 175 275 320
132 215 131 981 134 499 133 870 131 887 133 823
140 742 143 848 144,828 143,336 142 288 141 497

12347

7422
20 274
58246
82844
156 604

r
6,193
6,296
6,222
7212
6745
7511
19,321
20248 19656 19 756 19,635 19,434
r
59584 58288 57 156 56,813 r56,166 56,300
82,729 83,608 83,536 82,666 84,263 85,124
157 100 160 566 159 546 160 869 158 513 159,804

134 093 134 871 135 647

10627

4681
710

10912
4679
756

10,868
4685
849

134 934

10,732
4572
875

136,851 134,229
10,834
4327
837

10,810
r

4214
r
771

134,908
10,935
4,059
779

232,712
229 245 229,420 231,471 230,543 230,818 r230,562
r
5,578
5,935
5,871
5,657
5,669
5400
5,625

12220

12 418

12468

112,161 112 144

112 797

113 722

12658

12088

115,373 115,428

11958

11998

11 888

11881

113,656 112,892 111,578 111,230

3494
4073
4025
3785 r3700
4168
4 087
277 573 279 265 281 869 279 860 280 367 r278 834 281,138
131,663
132 759 134 832 134 068 132 892 132 455 131,633
144 814 144,433 147 801 146,968 147,912 147,201 149,475

634991 668 904

55706
53926

54587
55*418

52639
55999

60455
57576

51015
57320

57 958
57 785

60497
57452

55750
61 062

61263
59020

52078 57067
12,787
16,626
6936
6956
5759
5647
13787 13418
4882
4815
29 268 6 33 375 9
40581 7 091 8
1,651 4 20283
5,954.3 76515
23854 28382
35678 28978

4185
1209
538
401
985
363
21505
5626
1243
1852
1475
1892

5468
1703
700
512
1288
440
3 162 4
3858
1423
5156
2561
3195

4146
1,168
520
410
992
367
19253
4899
1053
4602
1274
1719

4767
1420
565
485
1 133
390
18246
4708
1060
3490
1582
1438

5776
4168
1763
1361
701
491
585
413
1331
923
473
366
50269 17078
1 781 8 2679
2908
2497
13503
3460
218 5
181 7
1992
5039

5563
1797
654
513
1336
428
35904
13953
2026
5968
257 7
1092

4839
1528
606
434
1 157
372
35182
5680
1308
13838
2008
2393

4992
1,542
555
495
1 143
432
27466
5308
1350
856.8
3010
1844

63652
59880

r
59 407
r

55 886

54636
51,398

551
492
734
476
358
370
540
1379
612
734
742
263

560
493
719
480
371
331
583
1374
630
734
111
266

554
471
574
476
347
276
655
1,374
641
728
798
271

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, REVISED
(CPI-W)
1967= 100 ..
ALL ITEMS, ALL URBAN CONSUMERS
(CPI-U)...
.
1967-100
Special group indexes:
All items less shelter
do....
All items less food
do....
All items less medical care
do....
See footnotes at end of tables.




650
600
673
554
459
394
746
1484
701
823
854
308

586
520
638
472
385
365
678
1496
654
779
802
271

574
523
656
511
394
337
669
1393
626
740
769
260

554
492
613
473
372
334
632
1432
618
740
748
270

549
484
569
465
350
345
673
1523
616
752
730
286

560
479
558
479
332
354
690
1 519
644
771
111
285

578
495
661
473
345
368
698
1 418
665
771
805
304

583
509
865
450
358
370
644
1 417
661
771
802
297

567
489
685
447
361
365
591
1 423
649
764
794
278

557
478
581
468
357
360
569
1 411
640
759
787
265

557
482
626
464
356
372
556
1386
635
746
769
284

r

569
455
584
r
495
r
307
r
251
r
609
1,374
r
689
r
734
r
857
322

569
431
587
442
273
245
644
1243
713
740
887
345

897

873

868

865

857

856

862

860

866

862

(2)

844

840

1,130
58

1,121
52

1,119
52

1,117
50

1,113
49

1,112
50

1,116
52

1,116
52

1,121
51

1,119
50

(2)

1,108
50

1,108
51

307.6

318.5

319.1

319.6

320.5

321.3

322.6

323.4

324.3

323.2

321.4

320.4

321.4

323.0

322.9

323.4

311 1

3222

322 8

323 5

3245

325 5

326 6

327 4

3284

327 5

3260

3253

3263

327 9

328 0

328 6

295.1
311.3
307.3

303.9
323.3
317.7

304.4
324.2
318.4

304.6
325.0
318.9

305.7
326.2
319.9

306.3
327.4
320.8

307.2
328.5
321.9

307.9
328.9
322.6

308.8
329.5
323.4

307.4
328.5
322.2

305.2
326.6
320.5

303.6
325.7
319.7

304.7
326.7
320.6

306.5
328.6
322.2

306.1
328.0
322.1

306.4
328.1
322.6

(2)

S-6
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984

SURVEY OF CURRENT BUSINESS
IT
u

Annual

.,

1984

September 1986
1986

1985

1985

Aug.

July

Nov.

Oct.

Sept.

Dec.

Mar.

Feb.

Jan.

June

May

Apr.

Aug.

July

COMMODITY PRICES—Continued
CONSUMER PRICES—Continued
(U.S. Department of Labor Indexes)— Continued
Not Seasonally Adjusted
All items (CPI-U)—Continued
Commodities .
1967—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
Dec 1982—100
Fuel and utilities #
1967=100 ..
Fuel oil, coal, and bottled
gas
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
Seasonally Adjusted t
All items, percent change from
previous month
Commodities
1967 — 100 ..
Commodities less food
do .
Food
do
Food at home
. do
Apparel and upkeep
do....
Transportation
do
Private
do
New cars
do....
Services
do. .
PRODUCER PRICES §
(U.S. Department of Labor Indexes)
Not Seasonally Adjusted
All commodities
1967—100
By stage of processing:
Crude materials for further
processing
. do
Intermediate materials, supplies, etc
do
Finished goods #
do
Finished consumer goods
do
Capital equipment
do...
By durability of product:
Durable goods
do....
Nondurable goods
do
Total manufactures..
do...
Durable manufactures
do ....
Nondurable manufactures
do....
Farm 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., and
power
do.
Furniture and household durables
do...,
Hides, skins, and leather products
do....
Lumber and wood products
do...
Machinery and equipment
do....
Metals and metal products
do....
Nonmetallic mineral products
do....
Pulp, paper, and allied products
do....
Rubber and plastics products
do ....
Textile products and apparel
do
Transportation equip. #
Dec. 1968—100.,
Motor vehicles and equip
1967 — 100
Seasonally Adjusted t
Finished goods, percent change from previous
month
:
By stage of processing:
Crude materials for further processing
1967-100
Intermediate materials, supplies, etc
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
1967— $1.00
Consumer prices
do
See footnotes at end of tables.




2807
2866
270.8
2665
2670
3630
3029
2926
3365
3617
2493
1073
387.3

2867
2932
277.2
2707
2725
3815
3098
2968
3499
3820
2646
1131
393.6

2865
2935
277.9
2693
2724
3833
3095
2962
3516
3832
2650
1135
399.9

2865
2937
278.1
2686
2723
3849
3097
2959
3529
3859
2666
1143
398.9

287 1
2946
279.6
2687
2731
386 5
309 9
2956
3538
3869
2677
1146
400.5

287 9
295 1
280.7
2702
2744
3877
3098
2953
354 4
3891
2699
1151
395.6

289 2
2964
282.0
2715
2757
3887
311 0
2966
3550
3913
2717
1158
392.1

289 9
297 4
282.0
2714
2757
389 5
313 2
2993
3558
3923
2724
1163
393.3

290 1
2977
280.4
2714
2747
391 7
3156
3025
3568
3938
2734
1167
394.6

2874
2943
274.5
2705
2709
3933
3153
3015
3565
3948
2737
1170
390.0

2837
2895
265.6
2697
2652
3949
3154
3012
3570
3970
2750
1179
385.5

2812
2863
259.2
2692
261.2
3968
3161
3015
3580
4001
2779
1187
381.8

2821
2874
260.5
269.6
262.1
3979
3170
3021
3585
4009
2784
118.9
382.5

2828
2882
261.8
2699
263.0
4010
3171
3016
3612
4016
2794
1190
393.8

2819
287 1
257.3
269.6
260.2
4023
3201
3055
3615
4035
281.2
119.4
389.4

2819
287.4
255.6
269.0
259.0
4037
3227
3089
3624
405.2
281.7
119.9
389.5

6418
445.2

6195
452.7

6019
467.1

5946
465.1

6017
4665

6153
453.9

6416
440.5

657 3
439.9

6503
442.6

5912
444.5

5499
442.3

5183
439.2

4968
444.6

4866
466.0

4594
462.3

4473
464.5

2425
2002
3117
3066
2085
3757
3852
3795

2472
2060
3199
3142
2152
3797
4028
4031

2465
2028
3218
3161
2147
3767
4024
4040

2470
2053
3207
314.9
2146
3740
4037
4066

247 1
2096
3197
3136
2145
3743
4080
4083

2484
211 1
3209
314.7
2162
3753
4115
4105

2489
2112
3232
3170
2184
3764
4128
4130

2488
2090
3240
317.8
2194
3756
4129
4147

2488
2050
3239
317.3
2199
3741
4196
4182

2490
2041
319.2
312.2
2204
3707
4222
4223

2498
2063
3096
302.1
2203
3672
4212
4258

249.6
207.3
303.3
295.3
2212
3648
4222
428.0

249.9
206.4
305.7
297.8
2230
3636
4237
429.7

250.2
204.5
308.6
300.8
2242
3625
425.4
432.0

250.5
203.2
304.7
296.5
2247
360.3
428.0
434.8

250.5
207.0
301.3
292.8
2247
358.0
428.0
437.5

2
2860
2722
3092
2956
205.6
3203
3146
2152
3830

.2
286.2
2723
3096
2956
205.9
3198
3140
2157
3844

.2
2867
2725
3107
2964
206.8
3193
3132
2162
3851

.4
287.5
2735
311 1
2969
207.7
3205
3143
217.0
3867

.6
289.0
2748
3132
2994
208.4
3226
3165
217.7
3890

.4
290.2
2755
3152
3018
208.3
3239
3177
218.4
390.3

.3
291.1
2760
3159
3026
207.7
3255
3191
218.6
3919

-.4
287.6
2719
3138
299.5
206.6
3209
314.0
219.5
393.7

-.4
283.7
2660
3141
2994
206.3
3118
3044
219.9
3956

-.3
280.7
2610
315.0
300.0
206.9
304.0
296.2
221.2
397.8

.2
281.4
2613
316.4
301.2
206.5
304.9
297.0
223.0

5
282.2
2624
316.7
301.1
205.8
307.4
299.5
224.4
400.7

.0
281.6
260.1
319.5
304.9
206.2
303.6
295.4
225.2
401.7

.2
281.9
259.1
322.5
308.5
207.7
300.8
292.3
225.8
402.9

3090

3073

3055

3079

3095

3102

3089

3044

3003

r

2982

2992

2989

297.7

297.2

3103

3087

OQO O

3308

3061

3038

2953

2918

2978

3047

3043

3010

2890

281 1

r

2737

278.9

2749

278.0

275.5

3200
291 1
2903
2940

3187
2937
2918
3005

3186
2948
2931
3008

3179
2935
2914
3010

3177
2900
2882
2963

3176
2947
2923
3035

3181
2964
2944
3038

3189
2972
2954
3037

3174
2960
2938
3039

3135
2919
2884
304.3

3095
2880
2834
3043

r
307 1
r
2872
r

3068
2890
284.2
305.8

3071
2889
284.1
305.8

3050
2880
282.7
306.4

3045
288.3
283.1
306.3

293.6
3233
3029
293.9
312.3

297.3
3172
3043
298.1
310.5

297.8
3173
3046
298.7
310.6

297.8
3141
3038
298.6
309.0

295.2
3130
3022
296.0
308.4

298.8
3143
3044
299.7
309.2

298.5
3176
3054
299.5
311.4

298.5
3188
3060
299.5
312.5

298.1
3168
3048
299.0
310.6

298.4
3084
301 1
299.3
302.9

298.6
3007
2973
299.4
294.9

r
299.7
r
2960
r
296.1
r

299.7
2979
296.9
300.5
292.8

299.6
2974
297.0
300.5
293.1

300.0
294.9
295.4
300.9
289.2

300.1
294.0
295.6
300.9
289.7

2624
2558
265.0
3226
3008

2505
2305
260.4
3238
3032

2494
2293
259.4
3244
3046

2440
2180
257.3
3237
3046

2409
2128
255.3
3223
3047

2451
2199
257.8
3242
3030

2510
2304
261.2
3247
3026

2526
2322
262.8
3251
3019

2515
2274
263.3
3238
3051

2483
2218
261.4
318.9
3037

2473
2202
260.7
3140
3038

r
2462
r

2506
226.0
262.5
311.7
298.6

2495
221.4
263.4
311.6
298.0

255.6
228.1
267.0
308.5
299.3

256.2
224.5
269.9
307.7
297.3

6568
2187
286.3
3074
293.1
316.1
337.3
318.5
246.8
2100
2626
261 5

6336
2216
286.1
3036
298.9
314.9
347.8
327.2
245.9
2104
2695
2673

6354
2220
284.6
3101
299.2
314.5
349.7
326.8
245.8
2102
2699
2677

6276
222.0
286.3
3055
299.6
314.7
350.3
326.9
244.8
2104
270.0
2677

6286
2219
287.2
3005
299.8
314.4
3499
326.6
245.1
2103
2599
2548

6280
221.8
288.6
2994
299.9
314.2
350.5
327.2
245.2
210 1
275.2
2733

6347
2222
290.0
2969
300.1
313.3
350.5
327.3
245.5
2106
2752
2732

6396
2224
292.4
2981
300.4
313.4
351.1
327.4
246.0
2106
2741
2719

6203
222.7
293.7
2989
301.1
311.0
352.5
330.6
246.9
2107
273.3
2703

567.0
223.0
294.1
297.1
301.6
311.2
352.3
331.1
247.5
2109
273.8
2708

5121
223.2
293.6
301.2
302.0
311.2
352.4
331.3
246.7
2114
273.5
2702

r
482.4
r

484.4
223.4
297.5
308.3
302.8
310.6
353.8
333.2
246.7
211.3
275.8
273.7

483.5
223.6
299.0
306.4
303.0
311.0
352.8
334.0
246.4
211.1
275.5
273.2

447.5
224.0
297.3
307.2
303.7
310.5
352.7
335.1
245.4
211.4
276.2
273.9

439.5
224.0
297.2
307.0
304.0
311.1
351.5
336.5
246.4
211.0
275.4
272.7

-3

c

9

— 1.6

-1.0

c

6

0

3030
317.8
2943
2925
2709
2984
2421
340.7
3007

2961
317.4
2934
2912
2690
2975
242.3
339.0
3013

2931
3172
2918
2896
2664
2963
239.8
338.9
2997

3022
317.5
2944
2921
2708
2980
243.0
339.3
3027

3080
318.6
2964
2945
2737
3000
243.8
342.3
3034

3070
319.9
2983
2967
2765
3019
2436
346.0
3038

3029
318.4
2961
2941
2749
2988
242.3
341.3
3033

286.6
313.8
2913
2878
2703
291.8
242.9
328.7
3037

280.2
310.1
2885
284"
2707
2860
243.7
337.9
3043

r
270.7
r
307.1
r
2870
r

275.9
306.3
2886
283.8
274.7
283.5
245.8
312.0
3055

273.0
306.4
2885
283.6
274.7
283.2
246.0
311.4
305.7

276.4
304.4
2873
281.9
279.9
278.1
246.5
301.9
306.3

275.9
304.2
288.2
282.9
283.6
277.7
246.7
301.1
306.6

339
310

341
309

345
308

339
307

.337
306

336
305

.338
305

.343
305

.347
307

.34
30

.34
30

.34
30

.347
.304

.343
321

340
310

6

281.9
305.6

300.5
291.2

2186
'259.9
r
311.6
r
300.2
223.6
'295.0
r
308.6
'302.7
'311.0
'352.8
'332.8
'246.7
211.1
r
275.5
r
2729
r

281 9
'271."
r
282.5
r
245.9
'310.
3053
r

.348
307

.3

Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984

S-7

SURVEY OF CURRENT BUSINESS

September 1986
..
IT
unus

1984

1986

1985

Annual

1985

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

June

July

r

34,628
27,903
16,735
12,301

34,621
27,467
16,299
12973

7,702
1123
4,823

r
7,860
1,113
r
4,928

7,935
1,182
4,933

634
6,040
1,870
121
159
312
1,991

r

704
6,724
r
2,026
109
122
r
314
r
2,380

7,155
2,129
124
150
317
2,569

r

r

376.7
304.7
175.8
137.3

May

Aug.

CONSTRUCTION AND REAL ESTATE
CONSTRUCTION PUT IN PLACE @
New construction (unadjusted), total
mil $
Private, total #
do
Residential
do
New housing units
do
Nonresidential buildings, except farm and
public utilities, total #
...mil. $..
Industrial
.
do
Commercial . . . .
do
Public utilities:
Telephone and telegraph
do
Public, total #
do
Buildings (excl. military) #
do
Housing and redevelopment
do
Industrial
do
Military facilities
do
Highways and streets
do
New construction (seasonally adjusted at
annual rates), total
.. .bil. $ ..
Private, total #
do
Residential
do
New housing units
do
Nonresidential buildings, except farm and
public utilities total #
bil $
Industrial
do
Commercial
.
do
Public utilities:
Telephone and telegraph
do
Public, total #
do ..
Buildings (excl. military) # . . .
do
Housing and redevelopment ...
. do ..
Industrial
do ....
Military facilities
do....
Highways and streets
do
CONSTRUCTION CONTRACTS
Construction contracts in 50 States (F.W. Dodge
Division, McGraw-Hill):
Valuation total
mil $
Index (mo data seas adj )
1977 — 100
Public ownership
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: Q
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
Dept. of Commerce composite $ .
1982—100
American Appraisal Co., The:
Average, 30 cities
1913 — 100
Atlanta
do
New York
do....
San Francisco
do
St. Louis
do....
Boeckh indexes:
Average, 20 cities:
Apartments,
hotels,
office
buildings
1977 — 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.)
1977 — 100 .
See footnotes at end of tables.




r

31,983
25,943
15,049
11 336

327 209
271 975
155 147
115 124

355 572
292 792
158 817
115 974

32388
25954
14403
10829

33590
26900
15055
11 010

34203
27311
15350
10877

34755
28665
16*211
10785

31 004
25564
13702
10259

28 219
23709
12031
8909

25207
21 004
10643
8 389

24608
20628
10456
8 040

26943
22560
12273
9368

28753
23627
12840
10177

81,147
13745
48107

95,317
15769
59*628

8,095
1365
5038

8,365
1345
5236

8,685
1425
5467

8,761
1446
5494

8,500
1361
5386

8,253
1417
5160

7,534
1 172
4827

7,326
1208
4577

7,303
1057
4637

7,678
1 149
4865

7174
55234
17883
1636
1828
2839
16341

7484
62780
20172
1511
1968
3283
19998

665
6434
1900
120
154
321
2309

674
6690
1944
114
193
261
2526

637
6892
2015
144
242
302
2426

685
6090
1775
115
118
238
2297

612
5441
1689
127
122
300
1731

574
4510
1593
124
130
295
1 151

511
4203
1533
113
131
284
904

513
3980
1544
107
142
331
807

583
4,384
1618
95
142
306
981

652
5,127
1797
129
150
297
1,409

3551
2903
1568
1153

3533
2898
1549
1155

3613
2960
1610
1161

374.0
3120
1748
1172

357.6
294.4
1582
117.5

3656
3006
1618
1187

373 4
3054
1634
1228

373.9
305.7
1647
124.7

368.0
298.9
1656
1265

374.1
303.8
1705
129.4

935
158
577

953
153
594

972
158
610

969
159
608

977
161
612

1007
165
639

1012
158
652

1005
164
635

946
134
607

951
146
599

r

76
648
21 1
14
1.9
3.9
192

75
63.5
210
1.4
2.3
3.1
200

73
653
220
1.7
2.9
3.6
195

72
621
20.3
1.4
1.4
2.9
194

7.1
63.2
200
1.5
1.5
3.6
199

70
649
204
15
16
35
210

75
680
202
14
1.6
34
221

7.5
68.3
215
1.3
1.7
4.0
223

74
692
215
11
1.7
37
227

79
703
224
15
1.8
3.6
232

r

r

374.5
302.5
172.5
132.4
r

r

374.8
303.9
174.3
135.1
r

915
131
r
573

917
137
565

r
7.6
72.1
r
22.6
1.5
1.9
3.7
r
233

78
709
226
13
1.5
3.8
r
220

72.0
236
1.5
1.8
3.8
218

r

920
137
574

r

r

r

211 480 227 650
'150
161
49068 54224
162 412 173 426

r

22 047
164
r
5272
16 775

20687
164
5000
15687

19891
167
4873
15019

21 146
168
5164
15982

17 120
162
3910
13211

15166
*162
3860
11*306

13681
146
2974
10706

14572
162
4212
10361

17733
149
4243
13490

22438
176
5384
17054

21 589
160
5236
16352

21649
161
5655
15994

21835
163
5906
15929

74259
101 389
35,833

80750
106 771
40129

r
7926
10
240
r
3880

7236
9625
3826

7300
9067
3524

8487
9598
3060

6208
8015
2897

5308
6976
2882

4998
6623
2060

4726
6602
3,244

5589
9,069
3,076

6634
11791
4,012

6,482
11,252
3,854

6,761
10,977
3,911

6,970
10,840
4,025

193 603 206 622

13229

18894

14265

22 852

25088

19975

18812

16793

17478

12929

17953

12,525

16,767

161 0
1607
105.6

161 1
1607
99.5

148 6
147 7
89.9

173 2
173 0
104.7

124 1
124 1
73.4

120 5
120 5
66.0

1157
115 6
72.0

107 2
1072
65.1

151 0
151 0
97.0

1882
1882
118.4

1867
1866
126.1

183 6
1836
124.9

1756
1754
116.2

1664
110.6

1673
1068

1737
1071

1653
1006

1784
1 118

1654
1006

1882
1098

2034
1335

2001
1202

1960
1221

2019
1242

1853
1,241

1,852
1,230

1,815
1,162

1,822
1,197

1,759
1,093

1,654
1,031

17558
17495
1,084.2

1 744 9
1 741 8
1,072.4

1682
922

1733
957

1709
961

1782
990

1846
956

1703
984

1668
932

1839
963

1861
1,060

1808
1,033

1834
1,043

1885
1,139

1,788
1,092

1,792
1,121

2956

2835

243

277

24 5

277

209

169

189

187

205

229

225

214

203

285

286

283

291

287

285

280

266

240

249

239

226

236

1097

110 0

1102

110 3

1103

1106

1106

1109

1120

1130

1130

1129

1063

1094

1096

1668
166.2
1651

1695
169.1
169 8

1696
169.3
1704

3578
3862

358 1
3890

362 2
3928

1550

1721

1703
170.4
171 0
3606
3919

359 5
3904

1753

1708
170.7
171 5
3598
3898

3605
3903

359 5
3917

1715

359 5
3915

3609
3926

361 2
3927

1757

1723
172.1
1731

1717
171.5
1723

1714
171.3
1720

171 2
171.0
171 9

3633
3937

3664
3968

3684
3989
169.0

3693
4024

2
368
2

8
402.3

S-8
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984

SURVEY OF CURRENT BUSINESS
1T

Annual

..
1984

September 1986
1986

1985
1985

July

Aug.

Sep,

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

CONSTRUCTION AND REAL ESTATE—Continued
REAL ESTATE <>
Mortgage applications for new home construction:
20.2
24.7
FHA applications....
thous. units..
26.9
41.0
17.6
17.1
115.6
51.0
24.8
39.1
24.1
17.1
16.3
180.8
14.8
14.8
r
232
280
Seasonally adjusted annual rates
do
314
441
200
455
548
190
186
212
329
208
219
20.7
'23.2
Requests for VA appraisals
do....
24.3
198.7
28.6
27.3
16.9
21.2
17.0
215.0
18.2
21.4
16.4
16.8
16.8
14.3
241
Seasonally adjusted annual rates
do
'258
277
326
228
291
215
218
198
236
216
219
240
211
Home mortgages insured or guaranteed by:
Fed. Hous. Adm.: Face amount
mil. $.. 14,524.93 23,963,94
801.85 1,957.07 3,317.63 2,430.88 3,277.07 1,605.68 3,150.98 3,276.93 4,032.79 3,390.61 5,277.44 3,944.51 4,434.27 6,551.19
Vet. Adm.: Face amount §
do.... 12,728.42 13,047.56 1,104.49 1,275.00 1,318.29 1,120.09 1,693.10 1,347.17 1,304.65 1,242.44 1,621.70 1,298.65 1,742.12 2,396.95 1,942.20 2,656.80
Federal Home Loan Banks, outstanding advances
to member institutions, end of
period
mil. $.. 74,621 88,835
94,840
97,373 98,360
91,882
87,231 91,107
81,607 84,218 85,745 86,797
87,190
86,942 88,835
New mortgage loans of all savings and loan
21,056
associations, estimated total
mil. $. 172,091 180,144
16,730
14,503
15,991
16,605
19,440 12,093 11,669 14,628 17,155 19,109 '22,216
14,329
By purpose of loan:
r
Home construction
do...
2,203
'2,136
1,647
2,015
2,204
25,523 25,328
1,953
2,463
2,434
2,332
2,230
2,543
1,610
1,954
16,300
Home purchase *
do... 102,670 111,706
7,801
'9,752 11,503 14,391 16,435
11,156
10,631
9,014
10,753
11,509
7,690
9,474
2,553
All other purposes *
do....
'3,645
'2,862
3,285
2,694
43,895 43,105
'2,765
'3,189
2,220
3,242
3,744
5,497
'2,794
2,900

DOMESTIC TRADE
ADVERTISING
Magazine advertising (Leading National
Advertisers):
Cost, total
mil $
46680
Apparel and accessories
do
2400
Automotive, incl. accessories
... .
.do
473.5
Building materials
do....
68.7
Drugs and toiletries
do
463.6
Foods, soft drinks, confectionery
do
3349
Beer, wine, liquors
.do
242.1
Houshold equip., supplies, furnishings
do
191.6
Industrial materials.
do
48.0
Soaps, cleansers, etc
do
346
Smoking materials
do
422.6
All other
do..
21485
Newspaper advertising expenditures (Newspaper
Advertising Bureau, Inc.):
Total
mil $
23,523 25,170
1,889
Classified
do
7,657
708
8,376
National
do
3,081
223
3,352
Retail
do
12,784
957
13,443
WHOLESALE TRADE t
Merchant wholesalers sales (unadj.),
total
mil $ 1,360,853 1 373 926 113,211
Durable goods establishments
do
609,210 626,749
51,406
Nondurable goods establishments
do
751,643 747,177
61,805
Merchant wholesalers inventories, book value,
end of period (unadj.), total
mil $
132,733 137,139 132,836
Durable goods establishments
do.... 86,024
86,984
87,457
Nondurable goods establishments
do
46,709
45,379
50,155
RETAIL TRADE t
All retail stores:
Estimated sales (unadj.), total
mil. $..1,293,062 1,373,941 115,225
Durable goods stores #
do
465,798 514,207
44,919
Building materials, hardware, garden
supply, and mobile home dealers mil. $.. 69,488 74,062
6,973
Automotive dealers
do
278,534 312,793
28,091
Furniture, home furnishings,
and equipment
do
61,843
68,112
5,457
Nondurable goods stores
do.... 827,264 859,734
70,306
General merch. group stores
do .... 152,913 159,456
11,488
Food stores. ....
do
270,230 282,198
24,148
Gasoline service stations
do.... 99,464 100,767
9,070
Apparel and accessory stores
do...
65,103 69,673
5,073
Eating and drinking places
do.... 124,541 131,035
11,673
Drug and proprietary stores
do....
43,174
46,014
3,726
Liquor stores
do
18,157
1,514
17,802
Estimated sales (seas, adj ), total
do
114,620
Durable goods stores #
do
'42,887
Bldg. materials, hardware, garden supply, and mobile home dealers#
mil. $.,
'6,140
Building materials and
supply stores
do...,
'4,416
Hardware stores
do
'902
Automotive dealers
..
do
'26,253
Motor vehicle and miscellaneous
auto dealers
do...,
'24,235
Auto and home supply
stores
.do.
'2,018
Furniture, home furnishings,
and equipment #
do...,
'5,602
Furniture, home furnishings stores
do
'3,073
Household appliance, radio, and
TV stores
do
'2,127
See footnotes at end of tables.




2,046
743
242
1,061

2,152
741
295
1,116

2,285
726
340
1,219

2,402
708
335
1,358

2,280
573
264
1,442

1,862
677
266
919

1,902
671
255
975

2,220
781
291
1,147

2,259
793
294
1,172

116,066
54,272
61,794

111,775
52,040
59,735

121,011
57,296
63,715

113,874
52,393
61,481

116,941
52,653
64,288

112,335
50,115
62,220

102,577
47,324
55,253

113,986
53,148
60,838

115,789
56,202
59,587

114,902 114,570
55,285 '56,071
59,617 '58,499

115,795
55,821
59,974

132,424
87,178
45,246

133,789
87,642
46,147

136,122
87,298
48,824

136,376
87,019
49,357

137,139
86,984
50,155

137,103
86,586
50,517

137,385
87,701
49,684

138,407
88,610
49,797

138,205
89,624
48,581

136,087 137,340
89,665 '90,450
46,422 '46,890

137,420
90,753
46,667

120,772
46,053

113,842
45,165

115,750
42,787

118,060
41,120

138,646
46,346

105,642
38,985

99,661
37,469

114,236
42,843

115,710
46,098

125,421 120,351 120,472 122,655
49,856 '48,810 '48,047 1 47,530

6,899
28,507

6,541
28,544

6,950
25,007

6,236
23,103

5,993
23,093

5,393
23,811

4,996
23,328

6,401
26,241

7,702
28,242

5,816
74,719
13,513
24,837
9,005
6,172
11,979
3,866
1,532
116,224
'44,187

5,509
68,677
12,027
22,753
8,380
5,491
10,987
3,595
1,491
119,118
46,748

5,983
72,963
13,217
23,709
8,647
5,881
11,307
3,863
1,430
114,785
42,355

6,406
76,940
16,422
24,297
8,285
6,809
10,754
3,832
1,544
115,433
42,631

8,102
92,300
24,720
25,409
8,618
9,783
10,728
5,186
2,077
116,861
43,882

5,565
66,657
9,383
23,948
8,067
4,694
10,338
3,828
1,363
117,349
44,187

5,101
62,192
9,550
21,813
7,122
4,401
9,826
3,619
1,242
117,200
43,949

5,717
71,393
12,661
24,213
7,173
6,128
11,309
3,997
1,395
116,684
43,279

5,684
69,612
12,498
23,354
6,941
5,737
11,663
3,865
1,366
117,715
44,874

'6,213

6,226

6,409

6,456

6,641

6,925

6,908

7,143

7,384

6,947

'6,998

'7,103

'4,521
'936
'27,294

4,493
936
29,790

4,679
1,012
25,065

4,683
941
25,289

4,882
940
26,164

5,121
927
26,327

5,053
953
26,040

5,121
974
25,026

5,451
948
26,357

5,107
933
27,164

'5,087
'984
'27,101

5,187
979
'27,030

'25,272

27,740

23,018

23,187

24,117

24,286

24,002

23,029

24,369

25,151

'25,096

'25,063

'2,022

2,050

2,047

2,102

2,047

2,041

2,038

1,997

1,988

2,013

'2,005

1,967

'5,679

5,796

5,884

5,909

6,012

5,969

5,971

6,049

6,099

6,262

'6,378

'6,504

'3,115

3,137

3,123

3,160

3,211

3,253

3,300

3,329

3,338

3,373

3,404

3,493

'2,151

2,239

2,307

2,301

2,348

2,263

2,244

2,268

2,301

2,426

'2,509

2,530

2,306
799
304
1,203

8,129
30,576

2,321
839
309
1,173

'8,128
'29,740

'8,089
'28,825

1
7,701
'28,420

1
'6,343
6,495
'6,089
6,094
1
75,125
75,565 '71,541 '72,425
14,017 12,755 12,142 13,655
1
25,419
25,635 '24,206 '25,535
1
'7,403
7,225
'7,451
7,442
1
6,409
'5,680
'5,539
6,313
12,377 12,250 12,640 13,095
1
'4,034
4,078
'3,994
4,118
1,489
1,551
1,496
1
118,675 118,960 119,258 120,178
45,554 '45,596 '45,883 1 46,698
1

7,117

1

27,905

1

25,905

1

6,476

Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984

S-9

SURVEY OF CURRENT BUSINESS

September 1986
Annual

.. ..
umis

1984

1986

1985
1985

Aug.

July

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

r

July

Aug.

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
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 (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
do
Food stores
do
Apparel and
accessory
stores
do
Book value (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
do
Food stores
do
Apparel and
accessory
stores
do
Firms with 11 or more stores:
Estimated sales (unadjusted),
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
Eating places
Drug stores and proprietary
stores
Estimated sales(sea. adj.), total* ..
Auto and home supply stores
Department stores
Variety stores
Grocery stores
Apparel and accessory stores
Women's clothing, specialty stores,
and furriers
Shoe stores.
Drug stores and proprietary
stores

do
do
.. do
do
do
do
do
do

r

71 733
13,209
11r 156
739
r
23 508
r
22
189
r
8524
r
5771

r

72 037
13,427
11 323
737
r
23 548
r
22
207
r
8479
r
5 876

r

r

685

688

r

72370
13,410
11270
775
23828
22505
8388
5890

72430
13,322
11295
726
23 787
22453
8420
5897

72802
13,455
11430
721
24043
22692
8420
5964

72979
13,416
11416
723
24250
22873
8499
5954

73162
13,340
11330
768
24337
23002
8421
5915

73,251
13,621
11532
747
24261
22,948
8,186
5,996

73,405
13,801
11705
803
24463
23,131
7,615
6,189

72,841
13,860
11774
774
24126
22,825
7,112
6,205

73,121
13,730
11,716
737
24,233
22,906
7,190
6,211

684

697

704

704

695

730

752

770

759

2438
r
898
10 940
3,853
1466

2484
r
915
10
890
r
3,901
1462

2497
898
11,009
3,878
1591

2470
885
11,107
3,954
1465

2493
891
11,110
3,910
1482

2505
893
11003
3,911
1495

2,492
924
11,255
3,925
1489

2,562
937
11,400
4,017
1520

161 865 167 319
84120 87,254

172 790
90,722

2498
886
11 274
3,938
1503

73,364
13,766
11,784
r
711
r
24,398
r
23,063
r
7,144
r
6,283
r

754

740

2,625
r
955
11,722
r
4,118
1,519

2,630
961
11,802
r
4,154
1,493

387
174 427 171
91,285 r89,146

170 415
89,396

160 372
81979

157 952
77999

156 747
75224

161 329
76,126

171 829
81,529

175 337
84310

160 372
81979

12383
37451

13 176
42 404

13371
37 656

13 517
34218

13 559
34544

13 749
38326

13 564
41293

13 176
42404

13 547
44113

13 980
46462

14575
48581

14897
48,099

r

14 624
46,396

14835
46,477

11,971
76766

12,749
78393

12342
79953

12,502
81523

12,734
85 203

13,423
90300

13,704
91 027

12,749
78393

12,593
77745

12,641
80065

12,917
82068

13,192
83142

13,072
r
82 241

13,276
81019

28104
22264
15474

28002
22086
16278

29922
23226
15403

30916
23 981
15346

32942
25676
15,662

35581
27 795
16,385

36035
28477
16696

28002
22086
16278

27739
21 730
16190

29244
22954
16,201

30616
24268
16,290

31,608
25225
16,135

r
31,115
r

30,086
24001
16,408

14678
15297
15937
16 966
160 333 159 078 160 302 164 262
79 205 78 042 78425 81 668

17259
165 557
83056

14418
165 324
82875

24 913
16,299

13 696
42*193

13 331
38 582

13 531
37032

13 710
37224

13930
39799

13912
41 459

13696
42 193

13995
43418

14 022
44250

14192
45961

14324
45462

14 129
r
44 697

14587
45432

12141
80703
31 136
24 574
15275

12943
82449
31 059
24404
16069

12454
81 128
30384
23748
15685

12477
81 036
30340
23 697
15*723

12633
81 877
30752
24086
15836

12957
82 594
31*066
24 360
15*970

13076
82501
31 079
24402
15947

12943
82449
31 059
24404
16069

12942
83 232
31 568
24778
16288

12952
83 516
31 603
24788
16365

13061
83419
31*498
24865
16*323

13258
83895
31767
25200
16216

13 151
r
83 671
r
31 534
r
25 114
16 414

13,223
83401
31255
24*949
16441

14540

15387

14826

14909

14992

15285

15647

15387

15 403

15 653

15,611

15,812

15,804

15,759

450 603 472 244
37697 40049

37327
3284

40626
3380

36963
3138

39527
3346

44041
3717

56786
5246

34526
2679

32703
2554

39075
3116

37972
3361

r

41 666
r
3704

38,814
3,565

4687
4895
412 906 432 195

423
34 043

426
37 246

409
33 825

455
36 181

454
40 324

437
51 540

361
31 847

341
30149

412
35959

34611

r

r
466
37 962

449
35249

142 334 148 412
148 957 156 131
146 983 154 083
25354
28 120
26999 28404

10636
13 140
12987
2 003
2*494

12553
13 570
13413
2 607
2586

11 140
12408
12260
2 212
2386

12239
12979
12822
2 351
2436

15387
13 516
13340
2 §49
2 379

23218
14 177
13880
4 234
2405

8708
13401
13 235
1 743
2268

8911
12073
11 904
1 726
2125

11863
13419
13225
2561
2485

11,690
12835
12677
2318
2459

13,158
14165
13*992
r
2533
r
2588

11,973
13062
12895
2344
2,552

2 099
39217
394
10 661
624
12858
2328

2 195
39604
402
10889
625
12738
2380

2016
39717
418
10808
664
13 043
2373

2 122
39664
419
10827
616
12925
2403

2 147
40028
429
10974
606
13 015
2448

3 174
40234
423
10940
609
13 181
2423

2083
40077
424
10851
640
13 156
2435

1 939
40282
437
11060
607
13 125
2,497

2213
40,533
436
11266
695
13225
2,543

2079
40,284
443
11301
641
13096
2,544

r
2251
40,276
r
434
11,270
616
13 175
r
2,542

2174
40,424
433
11,309
599
13266
2,579

26016

' 73,480
13,870
'11,941
1
24,515
1
23,207
1
1

6,829
6,259

11,915
1
4,187

15018
15455 15701 15 346
14063 14 964
869 171 846
167 987 169 379 171 551 172 158 170
r
84755 85863 88 132 88263 87 198 88445

12859
37265

24387

73,375
13,774
11,857
683
r
24,530
r
23,211
r
6,951
r
6,254

2,553
951
11,710
4,089
1,497

2,548
941
11,651
4,022
1493

r

153 046
76280

13653 14418
157 845 165 324
77 142 82875

r

451

do
do

1 043
450

1 037
472

1 058
451

1 059
461

1 100
452

1 077
459

1 099
452

1 111
477

1 113

1 101

482

507

do....

2,191

2,247

2,198

2,227

2,164

2,189

2,207

2,169

2,220

2,224

181,361
117 122
1,691
179,670
115,431
106 959
8472

181,512
117 416
1,691
179,821
115,725
106,685
9041

r

1 107

1 144

503

508

2,238

2,251

181,678
118 002
1,693
179,985
116,309
107,643
8667

181,843 181,998
118012 118,886
1,687
1,695
180,148 180,311
116,317 117,199
108,201 109,041
8158
8115

182,183
121,324
1,680
180,503
119,644
110,869
8775

182,354
121,975
1,672
180,682
120.303
111,832
8,471

182,525
121,168
1,697
180,828
119,471
111,515
7,955

r

LABOR FORCE, EMPLOYMENT, AND EARNINGS
LABOR FORCE AND POPULATION
Not Seasonally Adjusted
Noninstitutional population, persons 16
years of age and over
thous ..
Labor force @
do
Resident Armed Forces....
do....
Civilian noninstitutional population
do....
Civilian labor force, total
do....
Employed
do ...
Unemployed
do
Seasonally Adjusted <>
Civilian labor force, total
do
Participation rate t
percentEmployed, total
,
thous ..
Employment-population ratio t percent ..
Agriculture
thous ..
Nonagriculture
do....
Unemployed, total
do
Long term, 15 weeks and
over
..
do
See footnotes at end of tables.




178,080
115 241
1,697
176,383
113,544
105,005
8539

179,912
117 167
1,706
178,206
115,461
107,150
8312

64.4

64,8

59.5
3,321
101,685

60.1
3,179
103,971

2737

2305

2

179,967
119 240
1,704
178,263
117,536
108 854
8682

180,131
118 405
1,726
178,405
116,679
108,628
8051

180,304
117 582
1,732
178,572
115,850
107,867
7984

180,470
118 046
1,700
178,770
116,346
108,428
7917

180,642
117 799
1,702
178,940
116,097
108,282
7815

180,810
117 478
1,698
179,112
115,780
108 063
7717

115 272
64.7
106,871
60.0
3,120
103,751
8401

115 343
64.7
107,210
60.1
3,095
104,115
8133

115 790
64.8
107,519
60.2
3,017
104,502
8,271

116 114
65.0
107,813
60.3
3,058
104,755
8,301

116 130
64.9
107,969
60.3
3,070
104,899
8161

116 229
64.9
108,206
60.4
3,151
105,055
8023

116 786
65.0
108 955
60.6
3,299
105,655
7831

117 088
65.1
108,561
60.4
3,096
105,465
8,527

117207
65.1
108,788
60.4
3,285
105,503
8,419

117,234
65.1
108,892
60.4
3,222
105,670
8,342

117,664
65.3
109,110
60.5
3,160
105,950
8,554

118,116
65.4
109,673
60.8
3,165
106,508
8,443

118,072
65.3
109,882
60.8
3,112
106,769
8,190

118,182
65.4
110,155
60.9
3,048
107,107
8,027

2329

2274

2307

2277

2205

2188

2056

2340

2,258

2135

2209

2320

2,256

2,295

S-10
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984

SURVEY OF CURRENT BUSINESS
fT .
u us

1984

September 1986
1986

1985

Annual

1985

Sept.

Aug.

July

Nov.

Oct.

Jan.

Dec.

Feb.

Aug.

July

June

May

Apr.

Mar.

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 payrolls of nonagricultural estab.:
Total, not adjusted for seas, variation
thous..
Private sector (excl. government)
do ....
Seasonally Adjusted
Total employees, nonagricultural
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
Machinery, except electrical
do
Electric and electronic
equip
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 plastics products, nee
.
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
doLocal.
..
do
Production or nonsupervisory workers on private
nonagric. payrolls, not seas, adjusted
thous..
Manufacturing.....
do
Seasonally Adjusted
Production or nonsupervisory workers on private
nonagricultural 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...
Machinery, except electrical
do...
Electric and electronic
equip
do...
Transportation equipment
do...
Instruments and related
products
do
Miscellaneous manufacturing
do...
See footnotes at end of tables.




75
66
68
189
65
159
107
4.6
5.7
10.4

72
62
66
186
62
151
10 5
43
56
10.4

73
62
66
193
63
150
109
44
57
103

71
60
66
175
61
141
104
41
54
10.8

71
61
67
181
61
152
10 4
43
5.6
11.3

7i
61
64
198
61
149
11 1
42
53
10.4

70
60
64
184
59
156
107
43
55
100

69
59
62
188
59
149
104
43
53
94

67
57
61
184
57
144
10 1
43
51
9.9

73
62
67
190
64
148
123
45
55
99

72
62
66
182
62
147
10 3
45
56
101

71
60
64
196
61
148
104
42
53
9.4

73
64
65
190
62
148
11 0
4.5
5.4
10.2

71
62
64
191
61
151
106
45
5.2
10.1

69
62
61
175
60
14.0
105
4.4
5.3
9.2

68
59
61
177
58
14.6
110
4.1
5.1
10.3

74
143
75
72

72
13 1
77
76

73
134
79
79

71
13 1
78
79

72
136
77
77

71
135
75
73

70
134
77
76

69
126
73
73

67
129
70
70

72
132
72
74

72
13 0
72
68

72
120
68
68

73
133
75
73

71
121
73
71

72
132
69
67

69
122
68
69

135

132

140

140

133

129

12 5

10 6

109

143

11 9

134

158

132

116

138

2.6

2.4

2.7

2.9

2.7

2.3

2.1

2.0

2.3

2.4

2.4

2.1

2.2

2.4

2.8

2.7

50
91
7.5
11.5
85

48
88
7.2
11.2
86

49
85
6.4
11.0
63

48
82
6.2
10.4
62

49
88
6.7
10.4
67

49
88
6.0
10.6
74

44
85
6.7
10.9
90

42
89
7.2
10.6
94

47
90
8.3
12.3
97

53
91
9.5
12.3
124

48
89
8.6
12.3
108

44
88
8.0
11.1
82

48
87
7.3
10.4
73

5.0
84
6.7
10.6
62

4.9
84
6.7
10.0
55

4.8
82
6.0
9.5
60

94,496
78,472

97,614
81,199

97,531
81,841

97,782
82,241

98,643
82,383

99,176
82,436

99,428
82,534

99,546
82,686

97,903
81,286

98,113
81,165

98,617
81,604

99,553
82,547

94496
78,472
59,094
24727
966
4383
19378
11505
703
486
592
857
1463
2197

97614
81,199
61,885
24930
930
4687
19314
11516
700
493
590
812
1467
2181

97672
81,222
61,954
24875
928
4679
19268
11483
698
492
589
807
1465
2176

97890
81,428
62,172
24880
922
4702
19256
11473
700
495
591
798
1463
2164

98128
81,592
62,394
24843
917
4728
19198
11421
702
491
590
795
1459
2147

98428
81,853
62,617
24903
913
4754
19 236
11447
705
493
591
797
1460
2146

98666
82,073
62,814
24931
907
4765
19259
11453
708
493
591
801
1 459
2139

98910
82,281
62,992
24977
901
4787
19289
11461
710
494
593
803
1456
2*133

99296
82,659
63,356
25101
897
4901
19303
11466
716
494
596
798
1455
2137

99429
82,748
63,454
25038
880
4864
19294
11455
716
494
597
795
1452
2127

99484
82,785
63,530
24945
852
4838
19255
11418
715
493
594
787
1450
2118

99783
83,072
63,827
25038
821
4972
19245
11415
719
494
600
785
1451
2111

99918
83,198
63,997
24965
790
4974
19,201
11,378
719
496
599
780
1,447
2,100

2208
1900

2207
1971

2 196
1 970

2 195
1 977

2 179
1970

2 181
1987

2 179
1 993

2 182
1998

2 182
1996

2 181
1*998

2177
1989

2177
1986

2175
1972

713
382
7873
1,612
64
746

723
368
7798
1,608
64
703

724
366
7785
1,604
64
698

724
366
7 783
1,608
64
698

723
365
7 777
1,607
65
697

722
365
7789
1,610
64
699

723
367
7 806
1,612
65
701

725
367
7 828
1,623
64
702

724
368
7 837
1,623
64
702

725
370
7 839
1,631
63
705

726
369
7837
1,632
63
707

723
369
7830
1,633
63
703

721
369
7823
1,640
62
705

1 185
681
1,376
1,049
189

1 125
682
1,435
1,045
177

1 122
683
1,440
1,045
178

1 117
682
1,442
1,043
177

1 121
682
1,442
1,042
171

1 121
683
1,447
1,040
171

1122
687
1,454
1,037
170

1 130
686
1,457
1,035
169

1 133
687
1,461
1,034
168

1 122
687
1,467
1,032
167

1 117
688
1,469
1,031
166

1 119
689
1,472
1,028
166

1 113
689
1,474
1,024
166

780
189
69,769
5,159
5555
16545

789
166
72,684
5,242
5,740
17360

784
167
72797
5,241
5740
17 404

787
165
73010
5,219
5762
17464

785
165
73,285
5,257
5,777
17489

790
164
73525
5,260
5796
17543

794
164
73735
5,272
5796
17 589

798
164
73933
5,277
5809
17622

802
163
74195
5,286
5830
17734

803
162
74,391
5,277
5,843
17795

804
160
74539
5,280
5841
17828

800
157
74,745
5,266
5,864
17851

796
154
74,953
5,265
5,872
17911

5689
20,797
16024
2807
3,734
9482

5953
21974
16 415
2875
3,848
9692

5964
21998
16450
2879
3851
9720

5988
22115
16462
2886
3855
9721

6014
22,212
16 536
2899
3,878
9759

6038
22313
16575
2895
3895
9785

6070
22415
16593
2904
3901
9788

6095
22501
16629
2913
3904
9812

6123
22585
16637
2918
3916
9803

6157
22,638
16681
2918
3,924
9839

6184
22707
16699
2923
3927
9849

6228
22,825
16711
2914
3,938
9859

6261
22,924
16720
2,899
3,936
9885

63,415
13285

65,635
13 130

66,165
12986

66,544
13153

66,673
13213

66,758
13174

66,830
13127

66,946
13085

65,558
12969

65,407
12973

65,795
12982

66,672
12997

63415
17377
'686
3406
13285
7739
589
390

65635
17459
660
3670
13130
7660
586
394

65627
17400
659
3662
13079
7621
586
392

65815 65936
17414 17381
'650
655
3702
3681
13078 13029
7572
7619
590
589
395 / 392

66168
17425
647
3719
13059
7594
593
393

66 347
17440
642
3724
13 074
7594
595
394

66510
17486
638
3748
13 100
7595
597
394

66856
17597
634
3 852
13 111
7595
602
394

66945
17536
622
3 817
13097
7579
602
394

66916
17454
598
3795
13061
7545
602
395

455
651
1,078
1,329

452
615
1,085
1,311

452
610
1,082
1,304

453
603
1,082
1,299

452
602
1,079
1,288

453
603
1,080
1,289

454
608
1,078
1,283

455
611
1,076
1,278

459
606
1,076
1,280

459
604
1,072
1,272

1,354
1,215

1,305
1,251

1293
1,248

1,289
1,253

1,273
1,244

1,274
1,258

1270
1,260

1267
1,263

1262
1,259

398
277

393
265

392
262

392
264

390
262

389
262

389
263

390
264

39
266

100,016 "100,232
100,341 100,752
83,301 r83,985 r84,164 "84,518
r

99 843 100,122 "100,324
'83,502 "83,676
'83,161
r
'64,386 "64,541
64,026
r
24r854 r24r 861 "24 923
764
"752
772
r
r
4947
4981 "5,036
19,135 19,116 "19,135
11,307 11,294 "11,295
720
"725
721
r
"497
498
496
'592
"594
597
r
"733
'756
761
"1,432
1,429
1,440
r
r
2,081 "2,079
2,089
r

2143
1974

2169
1975

"2,165
"1,985

717
r
369
7828
1,648
62
707

711
r
363
'7822
1,646
62
'710

"717
"368
"7,840
"1,649
"59
"713

1 106 1,106
687
690
1,481
1,477
1,026
1,026
162
164

"1,106
"687
"1,478
"1,034
"163

r

r

797
151
74,989
r
5,167
r
5,829
17 944

"796
791
"155
151
'75,261 "75,401
'5,276 "5,236
'5,851 "5,866
'17 997 "18,027

'6 295
23,072
16
682
r
2,875
r
3,927
r
9880

'6335 "6,376
'23,182 "23,248
'16 620 "16,648
'2,868 "2,878
'3,932 "3,943
'9820 "9827

67,369
13,008

r

67,976
13 076

'68,098 "68,422
12,872 "13,065

67167
17546
573
3913
13060
7547
605
395

67261
17475
547
3903
13025
7519
605
397

r

'67 531 "67 665
'17,394 "17,461
"525
'531
'3900 "3952
'12 963 "12 984
'7447 "7451
"610
604
"399
398

459
596
1,069
1,267

463
596
1,073
1,263

462
591
1,068
1,256

r
460
r

574
1,062
1,250

'457
'568
1,053
1,240

"458
"545
"1,057
"1,241

1258
1,258

1252
1,247

1249
1,245

1250
1,233

1224
1,233

'1247
1,229

"1244
"1,236

392
268

392
266

392
266

390
267

389
267

'386
265

"393
"268

r

r

67 223
17 r388
535
r
3874
12
979
r
7462
r
606
397

Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984

S-ll

SURVEY OF CURRENT BUSINESS

September 1986
,T ..

1985

1984

1986

1985

Annual
July

Aug.

Sept.

Oct.

Nov.

Jan.

Dec.

Feb.

Mar.

Apr.

May

June

July

Aug.

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
do....
Petroleum and coal products
do ....
Rubber and plastics products nee..
.
do
Leather and leather products
do....
Service-producing
do
Transportation and public utilities
do ....
Wholesale trade ....
do
Retail trade
. do.
Finance, insurance, and real
estate
do
Services
do
AVERAGE HOURS PER WEEK §
Seasonally Adjusted
Avg. weekly hours per worker on private nonag.
payrolls: <>
Not seasonally adjusted
hours ..
Seasonally adjusted
do
Mining $
.
. d o
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....
Machinery, except electrical
do....
Electric
and
electronic
equip
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 plastics products, nee $
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
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): Q
Private nonagric. payrolls, total
...1977=100.
Goods-producing .
do
Mining
do ...
Construction
do..
Manufacturing
do ...
Durable goods
do...
Nondurable goods
do...
Service-producing
do
Transportation and public
utilities
do...
Wholesale trade
do...
Retail trade
do
Finance, insurance, and real
estate
do...
Services
do
See footnotes at end of tables.




5,546
1,119
48
645

5,470
1,122
48
607

5,458
1,119
48
603

5,459
1,122
48
603

5,457
1,122
49
602

5,465
1,124
48
603

5,480
1,126
48
605

5,505
1,137
48
606

5,516
1,137
48
608

5,518
1,145
47
609

5,516
1,145
48
611

5,513
1,145
48
607

5,506
1,149
47
610

'5,517
1,160
46
611

'5,516
1,157
47
'614

"5,533
"1,160
"43
"617

1,002
511
758
583
111

948
515
793
579
107

946
516
797
578
108

941
517
799
577
108

944
516
798
578
104

945
517
799
577
104

946
520
804
575
105

952
520
808
575
104

956
521
811
573
104

946
521
815
574
104

940
521
817
573
103

943
522
820
572
103

938
523
820
569
103

933
524
'823
r
572
103

'934
'521
'825
'574
103

"933
"521
"823
"581
"104

607
158
46,037
4,261
4,454
14,765

610
137
48,176
4,342
4,616
15,458

605
138
48,227
4,340
4,620
15,491

607
137
48,401
4,325
4,637
15,542

607
137
48,555
4,356
4,642
15,556

611
137
48,743
4,362
4,659
15,613

615
136
48,907
4,374
4,658
15,657

619
136
49,024
4,381
4,665
15,669

623
135
49,259
4,384
4,686
15,794

623
134
49,409
4,377
4,695
15,854

625
133
49,462
4,373
4,693
15,867

623
130
49,621
4,362
4,712
15,880

620
127
49,786
4,361
4,711
15,939

621
124
49,835
'4,270
'4,674
15,981

'617
124
'50,137
'4,375
'4,706
16,018

"622
"129
"50,204
"4,337
"4,714
"16,038

4,229
18,328

4,414
19,346

4,423
19,353

4,440
19,457

4,455
19,546

4,472
19,637

4,495
19,723

4,513
19,796

4,532
19,863

4,554
19,929

4,571
19,958

4,603
20,064

4,629
20,146

4,651
'20,259

'4,682
'20,356

"4,709
"20,406

35.1
34.8
42.8
38.6

35.2
34.9
43.3
38.4

35.0
34.9
43.7
38.5

34.9
34.9
43.2
38.3

34.8
34.8
43.2
36.7

35.2
34.9
43.8
36.9

34.7
35.0
44.4
37.2

34.4
34.9
42.4
35.2

34.7
34.9
42.3
36.4

34.6
34.8
42.0
37.6

34.7
34.8
41.8
37.9

r

34.9
34.7
42.0
'37.8

'35.0
'34.7
'41.5
'38.2

"35.1
"34.8
"41.7
"38.3

35.2

34.9

r

43.3
37.8

43.4
37.7

40.7

40.5

3.4
41.4
3.6
39.9
39.7
42.0
41.7
41.4
41.9

3.3
41.2
3.5
39.9
39.4
41.9
41.5
41.3
41.5

40.1
40.4
3.2
41.1
3.4
39.8
39.0
41.9
41.4
41.4
41.4

40.5
40.6
3.3
41.3
3.4
40.1
39.3
42.0
41.7
41.4
41.6

40.8
40.7
3.3
41.3
3.5
40.1
39.4
42.0
41.5
41.5
41.6

40.8
40.7
3.4
41.3
3.5
40.2
39.5
42.1
41.8
41.5
41.5

40.9
40.7
3.4
41.3
3.6
39.9
39.4
41.8
41.9
41.5
41.6

41.7
40.9
3.6
41.6
3.7
40.2
39.9
41.8
42.1
41.6
41.7

40.7
40.8
3.5
41.5
3.6
40.4
40.0
42.7
41.9
41.5
41.6

40.3
40.7
3.4
41.4
3.5
40.0
39.7
41.9
42.1
41.5
41.6

40.7
40.7
3.4
41.4
3.6
40.2
39.4
41.9
41.9
41.4
41.6

40.5
40.7
3.4
41.3
3.6
40.3
39.1
42.4
41.3
41.2
41.8

40.6
40.7
3.4
41.2
3.4
40.3
39.4
42.3
41.7
41.1
41.8

40.8
40.6
r
3.3
'41.2
3.5
'39.9
'39.4
42.2
41.6
41.1
41.7

40.2
40.6
'3.5
'41.2
'3.5
'40.0
39.4
42.2
41.3
'41.0
41.5

"40.7
"40.8
"3.5
"41.4
"3.6
"40.0
"39.7
"42.5
"42.1
"41.2
"41.0

41.0
42.7

40.6
42.6

40.4
42.6

40.7
42.9

40.5
42.9

40.6
42.8

40.9
42.7

41.1
43.0

41.0
42.8

40.9
42.7

41.0
42.7

41.1
42.1

41.0
41.9

41.0
42.2

'41.3
'42.1

"41.4
"43.1

41.3
39.4
39.7
3.1
39.8
38.9
39.9

41.0
39.4
39.6
3.1
40.0
37.2
39.7

40.8
38.6
39.4
3.0
40.0
33.9
39.2

40.9
39.1
39.6
3.1
40.0
37.1
40.0

40.9
40.0
39.8
3.1
40.1
38.3
40.5

40.9
40.3
39.8
3.2
40.2
39.3
40.7

41.0
40.2
39.8
3.2
40.0
36.4
40.8

41.6
40.7
40.0
3.4
40.1
38.1
41.0

41.1
39.8
39.9
3.3
40.1
37.7
40.8

41.2
39.3
39.7
3.2
39.8
36.6
40.6

41.3
39.9
39.8
3.2
39.9
37.5
40.7

41.3
39.7
39.9
3.3
40.2
36.6
41.3

40.9
39.4
39.9
3.4
40.2
37.7
41.1

41.0
'39.6
39.8
3.2
r
40.0
38.3
'40.8

'40.7
38.8
'39.8
3.4
'40.1
'37.1
'40.9

"40.8
"39.4
"40.0
"3.4
"40.5
"36.6
"41.4

36.4
43.1
37.9
41.9
43.7

36.4
43.1
37.8
41.9
43.0

36.4
42.9
37.5
41.8
43.0

36.4
43.1
37.9
41.9
43.3

36.6
43.1
37.9
41.7
43.3

36.6
43.2
37.9
41.8
44.2

36.8
43.3
37.9
41.9
43.2

36.8
43.5
38.1
42.0
43.6

36.7
43.6
38.0
41.9
43.5

36.3
43.5
38.0
41.8
43.7

36.5
43.5
38.0
41.9
43.8

36.9
43.0
38.0
41.9
43.6

36.5
43.2
38.0
42.0
43.4

'36.5
43.1
'37.8
'41.9
'44.0

'36.7
'43.3
'37.8
41.9
'43.3

"36.4
"43.7
"37.8
"42.0
"43.5

41.7
36.8
39.4
38.5
29.8

41.1
37.2
39.5
38.4
29.4

40.6
37.5
39.3
38.4
29.4

40.7
37.3
39.5
38.4
29.4

41.1
37.6
39.5
38.4
29.4

41.1
37.6
39.5
38.4
29.3

41.3
37.6
39.4
38.4
29.3

42.0
37.9
39.5
38.4
29.2

41.4
37.1
39.4
38.5
29.3

41.0
36.0
39.5
38.4
29.3

41.3
36.3
39.6
38.5
29.3

41.1
36.3
39.2
38.5
29.2

41.2
36.7
39.2
38.4
29.2

r

41.3
37.7
39.1
38.3
29.1

'40.5
'37.0
'39.2
'38.3
'29.2

"41.4
"37.0
"39.3
"38.4
"29.2

36.5
32.6

36.4
32.5

36.3
32.4

36.3
32.5

36.5
32.4

36.3
32.5

36.2
32.4

36.7
32.5

36.4
32.6

36.8
32.6

36.7
32.5

36.4
32.5

36.3
32.5

36.6
32.4

'36.4
'32.4

"36.5
"32.5

177.32
145.49
2.18
8.62
40.92
10.59
11.12
25.64

182.27
149.58
2.10
9.19
40.72
10.77
11.46
26.54

181.80
149.21
2.07
9.14
40.45
10.72
11.47
26.60

182.58
149.88
2.08
9.18
40.59
10.74
11.50
26.70

183.11
150.05
2.08
9.27
40.50
10.81
11.53
26.64

184.42
150.68
2.04
9.36
40.68
10.83
11.56
26.69

184.58
150.89
2.03
9.25
40.74
10.86
11.58
26.79

184.81
151.58
2.03
9.26
41.00
10.87
11.59
26.75

185.63
152.68
2.09
9.80
40.98
10.84
11.67
27.05

185.29
152.24
1.96
9.27
40.85
10.86
11.68
27.15

185.41
152.33
1.89
9.28
40.74
10.87
11.68
27.22

185.82
152.63
1.81
9.78
40.58
10.75
11.74
27.12

185.76
152.56
1.72
9.68
40.52
10.70
11.72
27.17

185.45
152.40
1.68
'9.54
'40.32
10.71
11.61
'27.22

10.80
35.62
31.83

11.28
37.51
32.69

11.26
37.49
32.58

11.33
37.77
32.70

11.42
37.80
33.06

11.41
38.11
33.73

11.45
38.20
33.69

11.65
38.41
32.23

11.61
38.65
32.96

11.78
38.69
33.05

11.81
38.84
33.08

11.82
39.03
33.18

11.83
39.22
33.20

11.99
'39.32
'33.05

12.00
'39.56
'33.03

"12.12
"39.77
"33.21

112.3
98.8
110.9
116.6
94.8
94.1
95.8
119.8

115.4
98.8
106.6
125.4
93.3
92.7
94.3
124.5

115.0
98.2
106.2
124.8
92.7
92.0
93.8
124.4

115.7
98.7
105.8
125.4
93.2
92.4
94.3
125.0

115.9
98.6
104.9
126.8
92.9
91.8
94.5
125.4

116.3
99.0
104.2
127.7
93.2
92.2
94.8
125.8

116.4
98.9
103.4
126.2
93.3
92.2
95.1
126.0

116.8
99.3
102.8
126.4
94.0
92.7
95.8
126.5

117.8
100.6
104.5
134.1
93.9
92.6
95.9
127.3

117.5
98.8
99.3
126.3
93.5
92.1
95.5
127.8

117.4
98.5
95.0
126.6
93.3
91.7
95.7
127.8

117.8
99.4
90.2
133.7
93.2
91.5
95.8
127.9

117.7
98.8
85.3
132.6
92.9
91.0
95.7
128.2

117.3
'98.0
'83.4
130.3
'92.4
'90.3
'95.6
128.0

118.0
'98.1
'83.2
131.8
'92.3
90.0
'95.7
128.9

"118.6
"99.0
"81.6
"134.3
"93.0
"90.6
"96.5
"129.4

105.0
114.0
112.2

107.1
117.9
115.9

106.6
117.9
116.0

106.8
118.4
116.3

107.5
118.5
116.4

107.7
118.9
116.5

107.7
118.9
116.8

108.1
119.1
116.5

107.9
119.9
117.8

108.0
119.8
118.3

108.2
120.1
118.4

106.8
120.6
118.1

106.8
120.2
118.5

104.3
119.0
118.4

107.2
119.8
119.1

"106.5
"120.3
"119.2

124.6
132.1

129.9
138.9

129.4
138.7

130.2
139.9

131.4
140.1

131.2
141.2

131.9
141.4

133.5
142.3

133.3
143.2

135.4
143.7

135.6
143.5

135.4
144.2

135.8
144.8

137.6
145.2

137.3
145.9

"138.9
"146.7

185.88 "186.79
152.85 "153.58
1.65
"1.63
9.63
"9.80
40.24
"40.47
10.77
"10.72
11.67
"11.70
'27.32
"27.37

S-12
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984

SURVEY OF CURRENT BUSINESS
IT

Annual

..

1984

September 1986
1986

1985

1985

July

Aug.

Sept.

Jan.

Dec.

Nov.

Oct.

Feb.

Mar.

July

Aug.

8.71
12.50
12.31
9.70
r
9.32
10.26
9.85
r
8.43
r
7.46
10.04
11.94
9.88
10.55

'8.69
12.46
12.31
'9.73
'9.35
10.27
'9.87
'8.35
'7.44
10.06
12.07
'9.85
10.56

"8.69
"12.47
"12.42
"9.68
"9.26
"10.22
"9.78
"8.40
"7.47
"10.07
"11.81
"9.82
"10.54

r
9.61
12.77

'9.68
12.74

"9.66
"12.74

June

May

Apr.

LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
HOURLY AND WEEKLY EARNINGS §
Average hourly earnings per worker: 0
Not seasonally adjusted:
Private nonagric. 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....
Machinery, except electrical
do
Electric and electronic
equip
do .
Transportation equipment
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 plastics products, nee
.. 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 nonagricultural 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: ^
Current dollars seasonally adjusted
1977 dollars, seasonally adjusted $
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
EMPLOYMENT COST INDEX @
Civilian workers t
6/81 = 100
Workers, by occupational group
White-collar workers
do.
Service workers
Workers, by industry division
Manufacturing




8.57
11.98
12.31
9.53
9.16
10.10
9.69
8.22
7.17
9.84
11.68
9.70
10.29

8.52
11.92
12.21
9.55
9.19
10.10
9.72
8.22
7.20
9.90
11.78
9.70
10.31

8.52
11.99
12.28
9.49
9.12
10.06
9.65
8.27
7.20
9.87
11.63
9.64
10.26

8.67
12.05
12.46
9.57
9.16
10.15
9.72
8.33
7.27
9.91
11.69
9.74
10.38

8.64
12.00
12.42
9.56
9.17
10.15
9.73
8.30
7.29
9.87
11.61
9.71
10.41

8.66
12.07
12.28
9.63
9.23
10.22
9.78
8.29
7.32
9.91
11.77
9.76
10.48

8.71
12.27
12.47
9.74
9.31
10.34
9.86
8.35
7.38
9.95
11.84
9.91
10.55

8.72
12.24
12.34
9.70
9.31
10.27
9.86
8.30
7.36
9.96
11.81
9.85
10.50

8.74
12.32
12.35
9.70
9.33
10.29
9.88
8.36
7.31
9.94
11.96
9.85
10.53

8.73
12.35
12.22
9.72
9.33
10.30
9.88
8.33
7.35
9.93
11.99
9.88
10.58

8.72
12.43
12.29
9.70
9.33
10.28
9.87
8.32
7.36
10.00
12.00
9.84
10.55

8.72
12.44
12.33
9.71
9.34
10.28
9.88
8.37
7.39
10.04
12.02
9.85
10.55

9.04
12.20

9.47
12.72

9.47
12.65

9.50
12.65

9.54
12.78

9.55
12.78

9.61
12.85

9.68
13.06

9.60
12.91

9.60
12.87

9.62
12.90

9.62
12.83

9.64
12.79

8.84

9.16

9.17

9.19

9.25

9.24

9.27

9.39

9.32

9.39

9.41

9.41

9.40

9.41

'9.48

"9.46

7.05
8.38
8.06
8.39
11.22
6.46

7.30
8.71
8.38
8.57
11.94
6.71

7.32
8.75
8.42
8.57
12.83
6.69

7.28
8.70
8.36
8.50
12.34
6.72

7.33
8.73
8.36
8.53
11.34
6.75

7.32
8.72
8.37
8.51
11.31
6.76

7.37
8.79
8.43
8.61
11.97
6.79

7.48
8.87
8.50
8.71
11.78
6.83

7.48
8.86
8.52
8.72
11.89
6.85

7.50
8.86
8.53
8.71
12.38
6.83

7.51
8.88
8.54
8.74
12.76
6.86

7.50
8.88
8.55
8.75
12.84
6.87

7.54
8.90
8.56
8.78
13.38
6.88

7.54
r
8.91
8.56
r
8.74
13.68
'6.87

'7.58
'8.99
'8.63
'8.75
13.49
6.89

"7.52
"8.94
"8.56
"8.66
"13.38
"6.96

5.55
10.41
9.41
11.07
13.44

5.73
10.82
9.71
11.56
14.06

5.70
10.91
9.69
11.59
14.05

5.69
10.86
9.76
11.60
14.02

5.75
10.91
9.81
11.65
14.09

5.74
10.91
9.78
11.70
13.99

5.75
10.97
9.83
11.80
14.07

5.80
11.07
9.92
11.85
14.24

5.82
11.02
9.85
11.86
14.26

5.79
10.99
9.86
11.81
14.21

5.80
11.03
9.90
11.78
14.22

5.81
11.05
9.87
11.82
14.16

5.78
11.12
9.91
11.89
14.02

'5.79
11.15
9.88
11.94
14.14

5.75
11.29
'9.97
12.05
14.15

"5.81
"11.21
"10.03
"11.99
"14.19

8.29
5.71
11.12
8.89
5.85

8.54
5.82
11.40
9.16
5.94

8.55
5.84
11.37
9.14
5.90

8.52
5.81
11.42
9.12
5.88

8.56
5.83
11.54
9.22
5.98

8.54
5.77
11.48
9.16
5.95

8.63
5.83
11.59
9.23
5.97

8.73
5.83
11.61
9.33
5.99

8.69
5.86
11.59
9.28
6.03

8.69
5.83
11.64
9.36
6.04

8.72
5.86
11.62
9.33
6.03

8.68
5.89
11.55
9.29
6.01

8.75
5.88
11.54
9.29
6.00

8.75
5.88
11.57
'9.32
5.99

'8.80
'5.88
11.60
'9.30
5.97

"8.82
"5.88
"11.56
"9.31
"5.95

7.63
7.59

7.94
7.89

7.88
7.80

7.91
7.82

8.04
7.99

8.01
7.99

8.06
8.05

8.15
8.12

8.14
8.12

8.28
8.17

8.30
8.18

8.29
8.12

8.31
8.10

8.37
8.10

'8.31
'8.03

"8.32
"8.04

8.32
11.58
12.13
9.19
11.12
8.89
5.85

8.57
11.95
12.31
9.53
11.40
9.16
5.94

8.55
0)
12.29
9.54
11.39
9.15
5.93

8.59
(x)
12.32
9.57
11.43
9.17
5.94

8.62
C1)
12.35
9.58
11.49
9.20
5.98

8.63
C1)
12.33
9.61
11.47
9.19
5.96

8.65
0)
12.34
9.63
11.52
9.24
5.97

8.70
0)
12.40
9.68
11.56
9.30
6.02

8.68
C1)
12.25
9.65
11.56
9.22
5.99

8.71
C1)
12.29
9.68
11.62
9.34
5.99

8.73
(x)
12.23
9.70
11.65
9.36
6.01

8.72
(*)
12.34
9.68
11.58
9.27
5.99

8.73
0)
12.38
9.72
11.62
9.29
5.99

'8.74
t1)
12.43
9.71
11.63
r
9.35
6.00

'8.72
12.40
'9.72
11.61
'9.31
6.00

"8.76
C1)
"12.46
"9.76
"11.57
"9.36
"6.01

7.62
7.59

7.93
7.89

7.91
7.88

7.98
7.93

8.04
7.97

8.04
7.98

8.08
8.02

814
8.05

8.10
8.05

8.21
8.11

8.27
8.16

8.28
8.11

8.31
8.12

8.40
8.17

'8.34
'8.11

"8.40
"8.15

160.3
97.8
173.8
148.0
162.8
161.7
164.4
153.2

165.2
94.1
178.9
150.4
168.6
166.3
169.0
155.6

165.0
93.9
178.9
149.9
169.0
166.2
168.5
155.3

165.5
94.1
178.8
150.3
169.4
166.6
168.3
155.7

166.4
94.4
179.4
150.7
169.5
167.9
170.2
156.8

166.2
94.0
178.8
150.4
169.7
167.4
169.1
156.4

166.8
93.9
180.1
150.3
170.2
168.5
170.3
156.6

167.7
94.0
181.7
151.2
171.0
169.1
172.2
157.5

167.3
93.5
180.9
149.7
170.7
168.6
171.1
157.0

168.2
94.4
180.5
149.7
171.3
169.6
172.4
157.3

168.5
95.1
180.1
149.2
171.8
170.2
171.9
157.4

168.4
95.4
181.2
150.6
172.0
169.3
171.3
1573

168.7
95.4
181.1
151.0
172.5
170.1
171.4
157.2

169.2
95.2
181.4
151.4
172.4
170.7
172.0
157.8

168.8
95.1
181.6
150.9
172.6
170.3
171.4
157.7

"169.2
"95.1
"181.6
"151.7
"172.8
"169.6
"171.6
"158.2

165.7
161.8

171.8
168.2

170.7
167.7

171.4
168.9

174.0
169.8

173.2
169.9

174.3
170.9

176.2
171.6

175.8
171.7

178.8
173.1

179.2
174.0

178.9
173.1

1793
173.4

180.5
174.3

179.2
173.2

"179.4
"174.2

15.71
20.66
13.33

15.95
20.96
13.62

16.00
21.01
13.54

15.97
20.95
13.60

15.95
21.00
13.73

15.92
12.02
13.51

15.93
20.97
13.91

16.05
20.97
13.97

16.05
21.02
13.67

16.10
21.14
13.91

16.10
21.14
13.77

16.12
21.20
13.59

16.19
21.21
13.82

16.33
21.44
13.77

16.57
21.65
13.72

16.57
21.69

292.86
172.78

299.09
170.42

297.54
169.44

299.79
170.43

300.84
170.74

301.19
170.45

301.02
169.49

303.63
170.20

303.80
169.72

303.98
170.58

304.68
171.94

303.46
171.93

303.80
171.83

'303.28
170.67

'302.58 "304.85
170.37 "171.26

292.86
503.58
458.51
374.03
403.24
332.69

299.09
519 93
464.09
385.97
416.12
344.92

299.05
510.18
471.31
382.96
410.06
343.88

299.90
519.17
471.55
384.35
412.46
345.39

303.45
526.59
479.71
390.46
420.21
349.20

301.54
518.40
475.69
390.05
419.20
347.93

301.37
521.42
450.68
393.87
424.13
351.60

306.59
537.43
460 14
406.16
439.45
359.24

302.58
543.46
459.05
394.79
425.18
352.63

300.66
522.37
434.72
390.91
421.89
347.31

302.93
522.41
444.81
395.60
426.42
352.54

301.71
522.06
462.10
392.85
423.54
351.65

302.58
519.99
46731
394.23
423.54
354.22

303.98
'525.00
'465.32
395.76
424.76
'355.51

'304.15
'517.09
'470.24
'391.15
'417.99
'356.00

438.13
342.27
174.33

450.30
35174
17464

449.12
352.80
177.59

454.52
351.12
176.99

458.14
354.97
175.81

453.46
35174
173.74

457.81
355.36
173.73

460.92
36014
178.50

452.01
355.42
173.06

456.29
355.68
17274

457.83
35734
174.27

450.45
355.81
173.69

450.06
356.74
174.60

'455.86
'358.82
176.71

'457.04 "457.78
'358.05 "358.44
178.50 "177.91

278.50
247.43

289.02
256.43

28604
25584

287.13
256.50

293.46
258.88

290.76
259.68

291.77
260.02

299.11
263.90

296.30
263.09

304.70
26471

304.61
265.03

301.76
263.09

301.65
262.44

306.34
264.06

'302.48 "303.68
'263.38 "264.52

do
do

Services
do
Public administration
do
HELP-WANTED ADVERTISING
Seasonally adjusted index
1967 — 100 .
See footnotes at end of tables.

8.32
11.63
12.13
9.19
8.82
9.74
9.33
8.03
6.84
9.57
11.47
9.40
9.96

131

139

141

134

128.4

129.2

130.6

131.5

130.7
1244
1309

131.6
1249
1318

133.1
1262
133.1

134.2
126.8
133.7

1255
1297
136.4
1342

1260
1306
137.1
1348

1277
131.9
138.8
136.8

128.7
1328
139.4
138.0

136

140

144

145

143

142

138

132

128

141

140

"305.02
"520.00
"475.69
"393.98
"420.04
"358.49

Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984

S-13

SURVEY OF CURRENT BUSINESS

September 1986
IT
u

Annual

..

1984

1986

1985

1985

Aug.

July

Nov.

Oct.

Sept.

Jan.

Dec.

Apr.

Mar.

Feb.

Aug.

July

June

May

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
Unemployment insurance programs:
Insured unemployment, all programs, average
weekly #@
thous
State programs (excluding extended duration
provisions):
Initial claims......
thous
Insured unemployment, avg.
weekly...
do
Percent of covered employment: @@
Unadjusted
Seasonally adjusted
Beneficiaries average weekly
thous
Benefits paid @
mil $
Federal employees, insured unemployment,
average weekly
thous
Veterans' program (UCX):
Initial claims
*
do
Insured unemployment, avg.
weekly
do
Beneficiaries, average weekly
do....
Benefits paid
mil $
Railroad program:
Applications
thous
Insured unemployment, avg.
weekly
do
Benefits paid
mil. $..

62

54

9

6

11

4

2

3

4

3

3

4

324
7,079

52
500

15
870

70
864

75
1,429

26
688

8
662

8
170

24
310

12
391

7
322

2565

2662

2523

2361

2212

2149

2441

2884

3370

3295

3144

2799

19632

20840

1912

1454

1344

1758

1816

2238

2464

1587

1509

1,574

2480

2580

2455

2292

2139

2072

2355

2795

3262

3194

3048

2711

29

29

2148
13400

2269
14499

27
28
2109
1 171

25
28
2034
1094

23
28
1881
972

24
28
1762
968

27
29
1913

I'oio

30
28
2385
1310

35
28
2839
1660

34
28
2868
1491

33
29
2836
1556

29
2.8
2563
1469

2

376
8,499

2

24

25

19

18

18

21

23

24

27

26

25

22

158

148

12

13

13

15

13

13

14

11

12

12

21
19
1351

20
18
1302

17
15
96

17
15
94

18
15
90

21
19
117

22
19
118

22
24
126

23
21
138

21
20
114

20
19
112

7

g

11

12

22

21

27

31

41

38

35

30

68,314

67,188

66,882

66,235

100
25

28
148.0

31

8

19
6.7

20
8.3

6

11

11

8

30
315

199
r
3,684

42
r
832

111
1,514

67,080

66,427

64,559

19
17
11 1

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
Agricultural loans and discounts outstanding of
agencies supervised by the Farm Credit Adm.:
Total, end of period
.
mil $
Farm mortgage loans:
Federal land banks
do
Loans to cooperatives
do
Other loans and discounts
do
Federal Reserve banks, condition, end of period:
Assets, total #
mil $
Reserve bank credit outstanding, total # . ' . . .
do
Time 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:
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: $
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 Q
do....
Other loans
do....
Investments, total
do....
U.S. Treasury and Govt. agency securities,
total Q
.
.do . .
Investment account 0
do....
Other securities Q
do....
See footnotes at end of tables.




77,121

r

68,115

231 760 293 909
166 776 213 739
57191 79596
109 585 134 143
64984 80170

71,082

69,505

70,845

69,272

67,890

r

68,115

r

66,759

r

r
314,598
r

265,863 271 857 278 386 283 464 292,023 293 909
188 099 195 035 201 673 200 158 206 507 213 739
67 130 67590 70049 68209 73127 79596
120 969 127 445 131 624 131 949 133 380 134 143
77764 76822 76713 83306 85516 80170

313,619
297 704 297 423 298,885 300,309 310,364
212 097 213 590 218 742 221 789 230 276 234 938 232 361
79359 79439 83823 85106 88540 90463 88537
475 143 824
132 738 134 151 134 919 136 683 141 736 144
r
85607 83833 80143 78520 80 088 79 660 81258

223 914 215 550 238 164 215 631 217 182 237 572

228 512 224 550 226 838 235 015 229 691 231,206 232,409 234,762

78003
50714
8760
18528
208 523 237 572

i

179 906
1 602
169,168
11090
217 182
27062
23,830

195 296
3060
181,327
11090
237 572
39503
28,631

189 332 185 172 186 185 193 259 191 111 193 221 193 151 195 158
913
952
737
850
954
818
827
661
178,992 176,536 176,620 181,834 181,992 183,849 183,446 185,937
11,084 11,084
11090 11090 11090 11089 11,085 11,084
228 512 224 550 226 838 235 015 229,691 231,206 232,409 234,762
r
40441 35063 37593 41733 38,083 35,887 35,179 36,364
23,480 29,324 30,782 29,416 31,329 31,940 30,275 34,570
174 453 175 072

174 052 195 296
3577
3060
160,850 181,327
11096 11090
208 523 237 572
28252 39503
21,818
28,631

176 348 180 252 180 518 178 153
1567
2068
2 520
886
167,095 170,109 169,702 168,705
11 090 11090 11090 11090
223 914 215 550 238 164 215 631
37383 29933 54806 29 287
26,253 25,665 27,162 27,119

168 327

181 450

171 286

172 712

171 476

173 590

177 504

181 450

MO
696
1
39 843
'853

1
48 142
1

42803
41948
855

42963
42135
827

44447
43782
666

45469
44716
753

46382
45454
928

48142
47085
1 058

48060
46949
I'lll

46652
45555
1 097

47274
46378
896

48882
48081
801

U318
204

1 107
85

1073
25

1289
420

1 187
262

1741
*706

1318
204

770
377

884
269

761
203

893
19

223 965 220 230

197 428

186 750

186 682

195 740 211 612 220 230

193 230

195 234 200 318 222 160 223,183 208,322 216,858 216,797

172,700 164,788
6,219
5,748
1 160
2068
26,297 29,131

150,014 142,789
5,867
4,697
1600
1830
23,943 22,647

146,856
4,807
2682
22442

148,975 152,583
5,194
5,012
2520
2705
23,329 23,024

36226 41799
456,258 482,622

38585 38361 38 079 39042 40 584 41 799
472,175 474,262 476,615 478,276 479,747 482,622

422,480 446,601
659,091 717,700
251,957 255,245

436,059 437,559 439,566 440,933 444,194 446,601 454,032 454,458 455,090 451,865 453,483 454,064 458,438 460,309
683,580 684,027 689,965 693,931 706,723 717,700 717,002 722,494 729,963 738,952 733,880 735,619 736,814 739,053
253,598 251,661 252,908 252,574 254,986 255,245 254,600 257,916 258,894 260,964 258,072 259,807 256,816 256,879

'3186
2 220

18066

47 085
i\ 058

1

22527

18 591

25,460 25,279
158 428 179 122
29,210 33,257
175,970 202,270
127,885 153 310

24,300
170 632
30,449
186,010
135,897

78539
64,697
49,346

85422
69,647
67,888

86085
72,244
49,812

16052

142,323 148,659
5,094
4,854
1839
2506
22,356 22,436

16466

17052

160,610
5,346
2907
26,530

20649

164,788
5,748
2068
29131

22527

24,804 24359 24272 25,086 25279
172 449 174 128 176 658 177 880 179 122
30,987 30,846 31,326 31,886 33,257
188 074 191 258 192 049 196 236 202 270
137 811 140 468 137 079 148 853 153 310
84736
70,626
53075

87309
70,278
53 159

82863
67,082
54216

90441
70,549
58412

85422
69,647
67888

177 189

183,040

184,198

185,349

48419
47581
838

49,938
49,007
931

r
51,029
r
50,118
r

910

51,284
50,547
737

876
56

803
236

741
285

872
9

178 418 181 634

r

167,022 166,909 158,886 165,772
5,854
5,101
5,051
6,072
2,834
1,896
1,861
4754
24,601 27,045 23,968 25,077

163,752
5,314
2,583
24,502

40983 41 930 43198 44323 44433 45133 46546 47 933
492,088 493,947 494,275 490,165 492,205 492,320 495,338 499,034

16503

16542

20704

21964

18625

16610

16538

16,742

24181 23594 24,061 24,328 24,812 25,860 25,592 26,735
181 825 183 464 185 250 187 513 189 826 191371 194 224 196 606
36,954 36,800 36,640 36,416 36,216 36,371 36,005 36,335
202 939 204 178 204 414 207 767 206 329 205 600 207 639 205,756
162 240 166 581 159 009 161 794 160 763 161 948 172 634 176,920
87 106
69,152
75134

94835
71^608
71746

90179
70,193
68830

92526
71,031
69268

92761
72,031
68002

93681 103 278 102,778
73,507 80,689 81,938
68267 69,356 74,142

S-14
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984

SURVEY OF CURRENT BUSINESS
IT

..

1984

September 1986
1986

1985

Annual

1985

July

Aug.

Sept

Oct.

Nov.

Dec.

July

June

Jan.

Feb.

Mar.

Apr.

May

1,930.0
268.2
192.5
1,469.3

1,935.5
273.6
188.1
1,473.7

1,944.6
269.5
183.3
1,491.8

1,947.9
270.0
182.1
1,495.8

1,957.5 '1,963.7
'274.8
274.1
183.6
181.9
1,501.5 '1,505.3

Aug.

FINANCE—Continued
BANKING— Continued
Commercial bank credit, seas, adj.: §
Total loans and securities <>
bil. $ ..
1,722.6
1,900.4 1,822.2 1,833.9 1,847.2 1,855.5 1,876.0 1,900.4
U.S. Treasury securities
do .
260.9
273.1
275.4
274.2
273.1
275.1
275.5
276.0
Other securities
do
142.1
150.7
177.6
148.5
153.6
157.3
163.3
177.6
Total loans and leases ^
do
1,319.7
1,449.7 1,398.2 1,408.0 1,418.0 1,424.0 1,436.8 1,449.7
Money and interest rates:
Prime rate charged by banks on
short-term business loans
percent12.04
9.50
9.50
9.50
9.93
9.50
9.50
9.50
Discount rate (New York Federal
Reserve Bank) @ @
do ....
8.80
7.50
7.50
7.50
7.69
7.50
7.50
7.50
Federal intermediate credit bank
loans
do
11.20
10.64
10.38
10.36
10.22
10.25
10.24
10.26
Home mortgage rates (conventional 1st
mortgages):
2
2
New home purchase (U.S. avg.)
percent..
11.88
11.09
10.94
10.78
10.64
10.47
10.69
10.55
2
Existing home purchase(U.S. avg.)
do....
12.00
11.02
10.87
10.86
10.76
10.80
10.70
Open market rates, New York City:
Bankers' acceptances, 90 days
do ....
10.14
7.92
7.53
7.68
7.76
7.81
7.70
7.65
Commercial paper, 6-month $
do ....
10.16
8.01
7.57
7.74
7.86
7.79
7.69
7.62
Finance co. paper placed directly, 6-mo
do
9.65
7.34
7.55
7.75
7.60
7.59
7.57
7.51
Yield on U.S. Gov. securities (taxable):
3-month bills (rate on new issue)...percent..
9.580
7.180
7.490
7.050
7.080
7.170
7.070
7.200
CONSUMER INSTALLMENT CREDIT t
Not seasonally adjusted
Total outstanding (end of period) #
mil. $..
460,822
543,223 499,869 508,249 519,778 525,093 530,388 543,223
By major holder:
Commercial banks
do
211,606
243,713 229,062 231,686 235,167 235,818 238,220 243,713
Finance companies . .
do
96,747
120,842 107,985 110,378 116,422 118,846 119,632 120,842
Credit unions
do
67,070
72,434
75,726
71,406
73,159
74,142
74,679
75,726
Retailers
do
40,773
43,071
37,520
37,952
37,852
38,175 39,267
43,071
Savings institutions *
do....
40,311
55,567
49,580
51,332
52,832
53,871
54,445
55,567
By major credit type:
Automobile
do ....
Revolving
do ....
Mobile home
do ....
Seasonally adjusted
Total outstanding (end of period) #
do
500,039 506,090 516,420 522,978 528,621 535,098
By major holder:
Commercial banks
do ....
229,088 230,644 233,545 235,364 238,620 240,796
Finance companies
do
107,498 109,457 114,927 117,565 118,356 120,095
Credit unions
do ....
75,127
71,446
71,938
72,433 73,474
74,117
Retailers
do
38,890
39,187
38,423
38,751 38,723
39,039
Savings institutions *
do..
53,509
55,555
49,474
51,115
52,656
54,307
By major credit type:
Automobile
do ....
191,201 192,923 198,656 201,994 203,766 206,482
Revolving
do
110,904 112,373 113,850 115,218 117,050 118,296
Mobile home
do..
25,015
25,173
25,341
25,320
25,461
25,315
Total net change (during period) #
do ...,
6,477
6,786
6,051
10,330
6,558
5,643
By major holder:
Commercial banks
. do
2,263
1,556
2,901
1,819
2,176
3,256
Finance companies
do
1,392
1,959
1,739
5,470
2,638
791
Credit unions
do . .
492
1,041
757
495
1,010
643
Retailers ..
do
96
328
167
149
148
-28
Savings institutions *
do
2,239
1,641
1,541
853
1,248
798
By major credit type:
Automobile
do
1,742
1,722
5,733
3,338
1,772
2,716
Revolving
do ...
1,644
1,469
1,477
1,368
1,246
1,832
c
21
Mobile home
do
247
158
168
146
FEDERAL GOVERNMENT FINANCE
Budget receipts and outlays:
Receipts (net)
mil $
'666,457 '733,996 r3 57,650 '55,781 73,808
57,881 51,163 68,193
Outlays (net)
do
'841,800 '945,927 r3 79,183 '83,378
74,572
84,968
82,849
84,548
Budget surplus or deficit (— )
do .... '-175,342 ' -211,931 '-21,533 -27,597
-764 -27,087 -33,386 -14,656
Budget financing, total
do
'185,339 '211,931 '21,533 27,597
764
27,087
33,386
14,656
Borrowing from the public
do .... '170,817 '197,269
23,921
16,157
11,390
5,975
45,863
33,261
Reduction in cash balances
do
'14,522
'14,662 '-2,388
11,440 -5,211 15,697
12477 -18,605
Gross amount of debt outstanding
do .... '1,576,748 '1,827,470 1,805,324 1,822,387 1,827,470 1,836,210 1,904,542 1,950,293
Held by the public
do
'1,312,589 '1,509,857 1,487,725 1,503,882 1,509,857 1,521,247 1,567,110 1,600,371
Budget receipts by source and outlays by
agency:
Receipts (net) total
mil $
'666,457 '733,996 '57,650 '55,781 73,808
57,881 51,163
68,193
Individual income taxes (net)
do... '295,955 '330,918 '27,148 '25,776
30,595
34,643
23,405
30,199
Corporation income taxes (net)
do ...
'56,893
1,892
1,078
'61,331
10,950
1,181
1,390
12,287
Social insurance taxes and contributions
(net)
mil $
'241,902 '268,805 '21,632 '22,936
21,977
19,565
20,145
19,656
Other
do
'71,706
'72,942
'5,990
6,237
'6,979
6,540
6,222
6,050
Outlays, total #
do
'841,800 '945,927 '379,183 '83,378
74,572
84,968
84,548
82,849
Agriculture Department
do
'37,426
'49,596
'5,013
'4,171
3,113
5,269
6,321
5,182
Defense Department, military
do ... '220,838 '244,054 '21,422
22,580
21,018
21,243
23,184
21,569
Health and Human Services
Department .
mil $
'292,313 ' 315 553 '27,095 '27 113
25,091
27,276
27,175
26,627
Treasury Department
do ... '141,105 '165,043 '11,928 '12,990
10,491
11,443
13,772
23,788
National
Aeronautics and
Space Adm
do
'7,048
'7,318
'570
'554
593
889
603
749
Veterans Administration
do ...
'25,593
'26,333
2,320
3,408
2,126
3,296
939
2,407
GOLD AND SILVER:
Gold:
Monetary stock, U.S. (end of
period)
mil. $
11,096
11,090
11,090
11,090
11,090
11,090
11,090
11,090
Price at New York $$
dol. per troy oz.
360.287
317.299 317.802 330.234 322.624 326.023 325.466 322.420
Silver:
Price at New York $$
dol. per troy oz.
8.141
6.142
6.247
6.134
6.104
6.054
6.188
5.888
See footnotes at end of tables.




1,987.4
284.8
185.8
1,516.8

9.50

9.50

9.10

8.83

8.50

8.50

8.16

7.90

7.50

7.50

7.10

6.83

6,50

6.50

6.16

5.82

10.24

10.24

10.20

10.13

10.01

9.90

9.73

9.81

10.40
10.40

10.21
10.46

10.04
10.24

9.87
10.00

9.84
9.80

9.74
9.83

'9.89
'9.88

9.85
9.90

7.62
7.62

7.54
7.54

7.09
7.08

6.48
6.47

6.54
6.53

6.60
6.63

6.23
6.24

5.80
5.83

7.47

7.40

7.10

6.44

6.33

6.53

6.24

5.90

7.040

7.030

6.590

6.060

6.120

6.210

5.840

5.570

544,105

543,585

545,082

550,943

558,400 '566,412

572,928

244,409
122,878
75,484
41,147
55,823

243,619 243,136 245,990
124,245 125,511 127,060
76,141
75,580
77,277
39,258
39,093
39,558
57,300
57,950
56,613

246,967 '249,313 250,938
130,271 134,735 137,863
80,075
78,035 '79,017
39,493
39,445 39,295
61,199
60,230 '60,457

(4)
(4)
(4)

542,753

547,852

550,939

555,810

562,267 '567,652

573,029

243,256
123,717
75,810
39,416
56,290

244,761
126,001
76,430
39,497
57,048

245,172
127,422
76,952
39,844
57,573

247,498
128,728
77,957
39,826
58,024

248,681 '249,753
131,172 134,933
78,474 '79,094
40,076
40,139
60,248 '60,352

251,040
137,197
80,102
40,251
61,049

210,661
119,682
25,371
7,655

213,343
120,723
25,573
5,099

214,361
122,131
25,584
3,087

215,814
123,442
25,513
4,871

218,965 '222,606
124,545 '124,721
25,561 '25,480
6,457
'5,386

226,232
125,347
25,398
5,377

2,460
3,622
683
229
735

1,505
2,284
621
80
758

411
1,421
522
347
526

2,326
1,306
1,004
-18
451

1,183
2,444
517
313
2,223

'1,072
3,761
'621
-63
'105

1,287
2,264
1,008
175
697

4,179
1,386
90

2,682
1,042
202

1,019
1,407
11

1,453
1,311
-71

3,151
1,103
48

'3,642
'175
' 81

3,626
626
-82

62,974
77,024
56,523
46,246
49,557
91,438
53,370
76,710
84,434
78,034
85,203
85,642
81,510
79,700
77,950
83,201
9,928 -39,396 -1,011 22 229 -27,911
-6,492 -24,580 -30,142
22,229
27,911
39,396
1,011
30,142 -9,928
24,580
6,492
14,980
20,278
18,500
17,960
14,213
8,441
12,660
16,010
7,249
7,633
21,436 -17,489
21,701 24,141
-6,168
8,570
1,966,846 1,983,428 1,991,098 2,012,556 2,035,634 2,063,627 2,078,696 2,098,625
1,613,032 1,629,042 1,637,483 1,651,696 1,669,656 1,688,156 1,703,136 1,723,414
76,710
41,130
2,825

53,370
25,376
620

49,557
12,572
8,113

91,438
45,120
8,716

46,246
9,820
1,448

77,024
36,412
10,667

62,974
31,438
3,374

56,523
25,764
1,075

26,002
6,752
83,201
5,697
20,249

22,040
5,335
77,950
3,546
20,659

22,785
6,089
79,700
4,114
23,370

31,756
5,847
81,510
5,763
22,234

28,745
6,233
85,642
5444
23,105

24,399
5,546
78034
3,749
21,842

21564
6,598
85,203
4,536
23,034

23,738
5,945
84,434
3,290
21,858

28,085
13,921

27,281
13,622

26,636
12,305

27,959
13,255

28,441
13,651

29,431
24,517

28,985
12,641

29,148
13,525

572
2,070

687
2,321

380
1,072

632
2,332

614
3,449

456
912

513
2,361

582
3,369

11,090
345.491

11,090
339.332

11,090
345.420

11,089
340.552

11,085
342.457

11,084
342.788

11,084
348.850

11,084
376.852

6.053

5.874

5.039

5.229

5.115

5.153

5.049

5.218

Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984

S-15

SURVEY OF CURRENT BUSINESS

September 1986
Annual

.,
IT us
1984

1986

1985

July

1985

Sept.

Aug.

Oct.

Nov.

Jan.

Dec.

Feb.

Apr.

Mar.

May

June

July

Aug.

FINANCE—Continued
MONETARY STATISTICS
Currency in circulation (end of period)
bil. $..
Money stock measures and components (averages
of daily figures): t
Measures (not seasonally adjusted): $
Ml
bil $
M2
do
M3
do
L (M3 plus other liquid assets)
do....
Components (not seasonally adjusted):
Currency
do
Demand deposits
do
Other checkable deposits $$
do....
Overnight RPs and Eurodollars Q
do .
General purpose and broker/dealer
money market funds
do....
Money market deposit accounts
do....
Savings deposits ...
.
do
Small time deposits @ ..
do
Large time deposits @
do ...
Measures (seasonally adjusted): $
Ml
do....
M2
do....
M3
..
do
L (M3 plus other liquid assets)
do
Components (seasonally adjusted):
Currency
..
.
do
Demand deposits
do....
Other checkable deposits $f
do .
Savings deposits
do ..
Small time deposits @
.do....
Large time deposits @
do ....
PROFITS AND DIVIDENDS (Q'TRLY.)
Manufacturing corps. (Bureau of the (Census):
Net profit after taxes, all industries
.
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

183.8

5445
22777
28478
3,365.6
1543
2459
139.2
567

150.4
396.8
2975
8389
378.8




1873

5940 r 5996 r 6020 r 6091 r 6122
5 2 501 1 2 511 2 2 521 4 25342
4 r3,109 8 r3 126 4 r3 144 3 r3 162.7
3,684.3 r3,682.8 '3,709.2 '3,735.4 '•3,759.1

r
2 484
r
3 104
r

6192
6217
6399
6335
549 7 rr2 574 7 rr2 578 7 rr2 571.0
184 7 r3 213 8 3,232 2 3,233.6
3,801.9 3,844.4 '3,865.8 '3,871.6

r
2,594.4
r
3,263.0
r

r
2,631.8
r
3,300.3
r

r
2,640.7
r
3,308.7
r

651.8

r
669.2
r
2,672.7
r

r
2
r
3
r

630.5

3,897.0

652.9

3,926.8

679.8
'2,704.4
r
3,373.0
3,339.9
3,936.8 '3,974.6 4,011.0

684.4
2,717.4
3,393.4

179.1
290.0
203.5

179.9
288.8
208.5

1650
2594
163.8

1668
2618
164.5

1677
2604
167.3

1676
2650
170.3

1684
2656
172.3

1707
2690
176.4

173 1
2813
180.1

1705
2751
182.4

1706
2620
181.0

1723
2671
185.3

1736
2787
194.7

1758
276.7
193.4

177.4
285.6
199.6

r

r

r

r

r

r

r

r

r

r

r

r

r

175.8
487.2
2989
8871
4161

176.8
495.2
2989
8825
421.4

176.7
499.8
2991
8805
427.6

177.0
504.1
3029
881.3
432.5

176.8
509.5
3033
8807
4353

176.5
512.0
3018
8825
438.7

177.7
515.7
3027
8891
447.6

181.0
516.3
3027
891.7
451.0

186.2
520.5
306.5
891.8
450.8

596.2

604.8

611.5

614.2

620.1

626.6

633

175.7
480.1
2958
8837
424.3

608

63.8

3 683 3 37115

1653
260.4
1648
2967
888.0
r
418.2

107,648
9760
1635
3015
13883
17 154
1,870
84
379

199.3

193.2

1975

64.5

65.2

664

70.3

r
2,496.2 rr2,515.6 rr2,529.9 rr2,538.9 rr2,551.4 rr2,566.5
r
3 112 2 r3 130 5 r3 150 8 r3 165 7 r3 181 2 r3 201 1
r

Fabricated metal products (except ordnance,
machinery, and transportion
equipment)
mil. $..
4646
Machinery (except electrical)
do
11963
Electrical machinery, equipment,
and supplies ..
do
8616
Transportation equipment (except motor
vehicles, etc.)
mil $
4117
Motor vehicles and equipment... .
do
10575
All other manufacturing industries .
do
20877
Dividends paid (cash), all industries
do
45102
SECURITIES ISSUED
Securities and Exchange Commission:
Estimated gross proceeds total
mil $
89247
By type of security:
Bonds and notes corporate
do
59483
Common stock
do
22151
Preferred stock
do ..
4219
By type of issuer:
Corporate, total #
mil $
85853
Manufacturing
do
14467
Extractive (mining)
do
5522
Public utility
do ...
7523
Transportation
do
1638
Communication
do .
2018
Financial and real estate
do
45150
State and municipal issues (Bond Buyer):
Long-term
do
101 882
Short-term
do
31*068
SECURITY MARKETS
Stock Market Customer Financing
Margin credit at brokers, end of year
or month
mil $
22470
Free credit balances at brokers:
Margin accounts
do
1755
Cash accounts
do.
10215
Bonds
Prices:
Standard & Poor's Corporation:
High grade corporate:
(i)
Composite §
dol per $100 bond
Domestic municipal (15 bonds)
do....
47.9
Sales:
New York Stock Exchange, exclusive of some
stopped sales, face value, total
mil. $.. 6,982.29
See footnotes at end of tables.

1975

1669
263.1
169.0
299.7
880.9
421.0

3 739 7 3 761 6 3 799 2 3 838 2

1677
266.4
171.5
300.3
878.3
425.6

1687
266.0
173.7
302.3
875.7
429.7

1698
267.8
1767
303.7
876.0
432.9

1706
271.5
178.6
303.6
880.3
436.5

71.9

74.1

199.4
546.2
r
333.7
r
882.6
r
443.3

200.2
553.2
336.6
877.8
447.3

r
638.4
658.7
666.8
631.0
646.1
627.2
r
2,569.9 rr2,577.7 rr2,592.4 rr2,622.2 rr2,649.7 rr2,670.5
r
3 224 5 3 241 6 r3 262 7 r 3 293 9 3 315 5 r3,339 2
r
r
r

r
2,699.1
r

676.1

687.5
2,722.5
3,398.7

68.6

67.6

3 860 6 3 879 2 38928

1719
268.9
180.5
304.0
885.9
447.9

1729
269.2
183.1
304.9
891.0
451.2

68.5

191.4
525.2
312.9
r
889.6
447.6

3,916 7

69.1

193.2
530.8
319.9
884.7
445.1

3 950 0 3,974 4

1744
275.7
189.9
311.4
r
895.9
452.1

1739
273.2
185.2
306.9
894.7
450.5

1758
281.6
195.1
318.5
891.2
446.3

574

919

3 105

1386

1,168
2,205

1515

1726

2,358

1340

491
2667

1 103
2489

1,173
2,891

16580

4647

3482

2513

3,979

45517

11961

11756

10849

10,927

3388
9 676

871
2195

6886

1566

3594
9087

768

131 539

13057

12770

9703

20,146
3626
466
695
771
3,276
432
545
409

10222

13 194

19137

13354

17773

24688

r

23 976

214
2,596
r
782

1,937
11 432

13,908
r
2,794
822
1,925
432
r
362
r
5,538

21,877
4,561
50
2,174
154
613
11,773

8 508
3508

6 146
2904
653

7 137
2416

10098
1864
782

450

8 120
3869
570

12413
3,413
1,947

16234
6816
772

19 205
r
3,772

371

15 118
3420

754

127 698
25558
4499
9914
4036
3854
65356

12 161
3441

9703
1689
277
966
257
372
5686

9924
1464
65
1 173
447
328
4998

12744
3*220
541
1308
146
885
5777

18988
3 108
467
831
325
580
12422

12559
1853
257
685
576
831
7375

17773
3,610
147
2,431
601
1,928
8008

23822
4222
321
2,491
660
1,660
11994

r

79
486
0
99
5983

12770
3060
839
904
610
216
5798

203 954
19492

13086
5129

13766
'620

12036
1444

22342
1049

31648
'450

54439
640

28390

25 220

25780

25330

26 350

26400

2715
12840

1950
9700

1810
9440

1745
10,080

1715
9,630

2080
10,340

54.6

52.9

52.6

56.2

844.56

713.33

747.23

767.98

9,046.45

51.9

551.78

751

23
728
r
4,610

r

445.4

179.0
291.6
210.4
337.3
876.5
447.1

20,395
r
4,891

18,410
749

177.5
288.3

r
203.9
r
331.1
r
883.8
r

21,877
17505
3,161
1,211

7 682
3848

53.0

r

8271
4,834
r
803

85828
35646
6224

631

14 058

3 375 4
4 010.9

176.7
284.9
199.0
325.0
r
885.7
r
445.1

27,125
3,387
525
922
3,737
4,220
699
259
-398

21,413
3542
269
597
2,212
3,451
504
278
271

r

66.3

197.2
540.4
327.0
r
881.7
r
442.9

68.9

19,802
2720
426
589
3,114
2,798
200
169
350

87,648
12798
1200
2880
9542
12739
1627
1000
1349

r

r

3116

721

546

7636
373

11913
3,832

13,262
278

11,746
4,452

28390

26810

27,450

29090

30,760

32,370

32,480

33,170

34,550

2715
12,840

2645
11,695

2,545
12,355

2715
13,920

3,065
14,340

2,405
12,970

2,585
13,570

2,570
14,600

3,035
14,210

60.0

64.5

67.4

65.4

57.0

836.45

1 654

907.61

993.95 1,064.44

958.56

62.8

804.98

60.6

730.56

63.1

852.42

65.6

806.33

S-16

SURVEY OF CURRENT BUSINESS

Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984

1T

Annual

..
1984

September 1986
1986

1985

July

1985

Sept.

Aug.

Oct.

Nov.

Dec.

Jan.

Feb.

Apr.

Mar.

May

June

July

Aug.

FINANCE—Continued
Bonds— Continued
Yields:
Domestic corporate (Moody's)
percent..
By rating:
Aaa
do
Aa
do
A
do
Baa
do
By group:
Industrials
do
Public utilities
do
Railroads
do .
Domestic municipal:
Bond Buyer (20 bonds)
do
Standard & Poor's Corp. (15
bonds)
do
U.S. Treasury bonds, taxable $
do
Stocks
Prices:
Dow Jones averages (65 stocks)
Industrial (30 stocks)
Public utility (15 stocks)
Transportation (20 stocks)
Standard & Poor's Corporation: §
Combined index (500 Stocks)
1941-43=10..
Industrial, total (400 Stocks) #
do....
Capital goods (105 Stocks)
do....
Consumer goods (191 Stocks)
do....
Utilities (40 Stocks)
do ....
Transportation (20 Stocks)
1982=100...
Railroads (6 Stocks)
1941-43=10..
Financial (40 Stocks)
...1970=10..
New York City banks (6 Stocks)
1941-43=10...
Banks outside NYC (10 Stocks)
do ....
Property-Casualty Insurance (5 Stocks)
do....
N.Y. Stock Exchange common stock indexes:
Composite
12/31/65—50..
Industrial
do
Transportation
do
Utility
do
Finance
..
do
Yields (Standard & Poor's Corp.):
Composite (500 stocks)
percent..
Industrials (400 stocks)
do ....
Utilities (40 stocks)
do
Transportation (20 stocks)
do....
Financial (40 stocks)..
do
Preferred stocks, 10 high-grade
do ....
Sales:
Total on all registered exchanges (SEC):
Market value
mil. $..
Shares sold
millions
On New York Stock Exchange:
Market value
mil $
Shares sold (cleared or settled)
millions
New York Stock Exchange:
Exclusive of odd-lot and stopped stock
sales (sales effected)
millions
Shares listed, NYSE, end of period:
Market value, all listed shares
bil. $ .,
Number of shares listed
millions

1

13.49

12.05

11.69

11.76

11.75

11.69

11.29

10.89

10.75

10.40

9.79

9.51

9.69

9.73

9.52

9.44

1

12.71
13.31
13.74
14.19

11.37
11.82
12.28
12.72

10.97
11.42
11.92
12.43

11.05
11.47
12.00
12.50

11.07
11.46
11.99
12.48

11.02
11.45
11.94
12.36

10.55
11.07
11.54
11.99

10.16
10.63
11.19
11.58

10.05
10.46
11.04
11.44

9.67
10.13
10.67
11.11

9.00
9.49
10.15
10.49

8.79
9.21
9.83
10.19

9.09
9.43
9.94
10.29

9.13
9.49
9.96
10.34

8.88
9.28
9.76
10.16

8.72
9.22
9.64
10.18

13.21
14.03
13.07

11.80
12.29
11.94

11.49
11.88
11.63

11.57
11.93
11.56

11.55
11.95
11.63

11.53
11.84
11.54

11.23
11.33
11.35

10.96
10.82
11.18

10.83
10.66
10.86

10.63
10.16
10.58

10.24
9.33
10.05

9.98
9.02
9.78

9.85
9.52
9.58

9.95
9.51
9.72

9.85
9.19
9.73

9.73
9.15
9.69

10.12

9.07

9.01

9.09

9.33

8.76

8.51

8.33

7.86

6.98

7.15

7.33

7.70

7.51

7.54

6.93

10.15
11.99

9.18
10.75

8.90
10.51

9.18
10.59

9.37
10.67

9.24
10.56

8.64
10.08

8.51
9.60

8.06
9.51

7.44
9.07

7.07
8.13

7.32
7.59

7.67
8.02

7.98
8.23

7.62
7.86

7.31
7.72

1

463.10
1,178.48
131.77
513.85

712.53
541.56
541.18 547.98 577.56
659.83 693.86
706.04
699.26 715.91 698.61
606.50
614.75
557.59 549.77
1,328.23 1,343.17 1,326.18 1,317.95 1,351.58 1,432.88 1,517.02 1,534.86 1,652.73 1,757.35 1,807.05 1,801.80 1,867.70 1,809.92 1,843.45
210.95
202.28
154.54
188.34
189.33
155.85
163.98
173.44
157.58
180.93
183.48
157.30
169.56
186.35
163.87
743.80
660.91 652.77
802.01 789.55 784.47 737.39
679.68 707.14
715.74
804.40
645.11
774,86
685.75 683.94

160.46
181.26
171.84
150.87
67.98
136.77
101.40
16.99

186.84
207.79
188.75
184.52
82.97
166.62
123.17
22.04

192.54
212.90
190.61
190.30
87.22
177.97
130.00
23.19

188.31
209.40
189.60
185.93
83.21
174.45
125.85
22.07

184.06
205.15
184.53
182.75
81.46
168.07
123.58
21.06

186.18
207.65
184.97
187.49
81.49
168.89
126.58
21.60

197.45
219.44
196.54
200.75
86.80
177.68
133.46
23.79

207.26
230.29
210.81
212.60
90.83
187.65
140.41
25.10

208.19
230.37
211.67
211.38
92.06
191.27
142.49
25.87

219.37
241.91
223.60
226.76
97.51
206.37
150.10
27.76

232.33
256.25
229.34
248.55
102.01
212.11
156,43
30.27

237.98
263.89
232.60
260.51
103.78
208.18
148.69
30.12

238.46
266.38
231.79
265.98
102.39
201.88
142.02
28.93

245.30
274.55
236.16
279.47
106.65
202.31
144.23
28.85

240.18
266.17
223.40
283.70
112.13
187.79
134.52
28.58

245.00
270.23
226.20
280.30
118.53
186.18
131.50
29.51

63.82
95.21

85.44
101.62

90.93
106.55

85.57
100.10

79.73
94.28

82.48
93.89

89.85
99.55

97.89
104.47

100.70
103.95

100.33
106.60

118.69
118.90

125.26
120.46

123.55
120.82

124.21
121.92

119.89
115.83

122.42
116.52

181.26

246.47

257.13

250.40

243.24

249.47

278.01

283.54

294.56

314.73

387.97

329.19

325.94

312.46

310.66

320.60

92.46
108.01
85.63
46.44
89.28

108.09
123.78
104.10
56.74
114.21

111.64
126.94
111.67
59.68
119.85

109.09
124.92
109.92
56.99
114.68

106.62
122.35
104.96
55.93
110.21

107.57
123.65
103.72
55.84
112.36

113.93
130.53
108.61
59.07
122.83

119.33
136.77
113.52
61.69
128.86

120.16
137.13
115.72
62.46
132.36

126.43
144.03
124.18
65.18
142.13

133.97
152.75
128.66
68.06
153.94

137.27
157.30
126.17
69.46
155.07

137.37
158.59
122.21
68.65
151.28

140.82
163.15
120.65
70.69
151.73

138.32
158.06
112.03
74.20
150.23

140.91
160.10
111.24
77.84
152.90

4.64
4.05
9.48
3.22
5.35
11.62

4.25
3.76
8.12
2.86
4.21
10.44

4.14
3.67
7.84
2.67
4.02
9.92

4.23
3.73
8.18
2.74
4.23
10.15

4.32
3.82
8.17
2.84
4.44
10.26

4.28
3.77
8.32
2.81
4.32
10.35

4.06
3.59
7.84
2.65
3.84
10.12

3.88
3.44
7.45
2.55
3.63
10.05

3.90
3.47
7.42
2.52
3.54
9.85

3.72
3.32
7.11
2.35
3.30
9.62

3.50
3.13
6.78
2.26
3.00
9.13

3.43
3.05
6.68
2.39
3.03
8.97

3.42
3.02
6.81
2.38
3.12
9.00

3.36
2.95
6.60
2.38
3.14
8.89

3.43
3.04
6.28
2.56
3.15
8.66

8.42

959,235 1,197,249
30,451
37,031

106,150
3,208

85,501
2,782

78,885
2,476

104,281
3,160

108,183
3,327

131,583
4,002

119,804
3,635

128,234
3,772

156,551
4,466

162,274 137,396
r
4,500
3,758

127,536
3,609

822,714 1,023,179

3,030

2,702

25,150
23,071
1,586.10
49,092

91,151

74,974

67,460

89,592

92,545

111,908

101,520

109,681

131,144

138,839

115,403

108,454

30,222

2,653

2,263

2,032

2,587

2,744

3,240

2,934

3,087

3,546

3,653

3,034

2,918

27,511

2,463

1,924

1,860

2,543

2,445

2,802

2,879

2,899

3,215

3,240

2,680

2,649

1,950.33 1,800.46 1,778.90 1,702.80 1,774.44 1,874.53 1,950.33 1,959.17 2,094.86 2,204.12 2,165.55 2,260.99 2,289.30 2,163.40 2,279.44
57,452
57,046
53,407
52,427
54,251 56,106
53,259
52,734
51,605
52,175
52,427
52,105
53,259
51,361 51,493

FOREIGN TRADE OF THE UNITED STATES
VALUE OF EXPORTS
Exports (mdse.), incl. reexports,
total @
Excl. Dept. of Defense shipments
Seasonally adjusted . . .
By geographic regions:
Africa
Asia
Australia and Oceania
Europe
Northern North America
Southern North America
South America
By leading countries:
Africa:
Egypt
Republic of South Africa
Asia; Australia and Oceania:
Australia, including New
Guinea
Japan
See footnotes at end of tables.




mil $ 217,888.1 213,146.1 16,726.5 16,584.3 17,034.2 17,618.3 17,720.5 16,994.3 17,006.2 17,734.6 18,912.9 17,964.8 17,430.6 19,069.7 17,707.2
do.... 217,865.2 213,133.0 16,725.3 16,583.7 17,033.2 17,617.8 17,720.2 16,993.8 17,005.9 17,734.2 18,910.8 17,964.1 17,430.3 19,069.2 17,706.8
do
17,411.5 17,423.2 17,732.2 17,368.1 17,975.5 17,023.9
(2)
do
do
do
do .
do
do ....
do

8,826.6
64,532.6
5,744.5
62,207.1
46,526.2
18,632.6
11,049.8

7,388.1
60,745.3
6,399.1
59,978.0
47,257.6
19,991.2
11,022.3

576.1
5,150.9
689.8
4,234.5
3,721.2
1,353.8
985.8

525.9
4,664.2
517.8
4,501.7
3,502.1
1,909.2
864.0

do
do....

2,704.2
2,265.2

2,322.8
1,205.0

181.1
93.9

101.2
93.2

142.4
94.8

4,845.8
23,575.0

5,481.1
22,630.8

602.0
1,845.2

440.1
1,742.9

487.2
1,925.7

do
do

533.5
4,889.0
606.6
4,437.4
4,031.0
1,541.7
930.9

528.8
4,655.0
479.3
5,198.4
4,085.6
1,747.8
901.0

544.3
4,889.8
535.5
5,259.1
3,695.9
1,839.7
922.9

535.0
5,120.2
490.1
4,892.7
3,275.2
1,525.9
1,143.4

472.4
4,742.9
474.4
4,975.2
3,999.3
1,517.1
824.9

504.2
4,843.5
594.5
5,623.9
3,786.1
1,553.0
829.4

483.7
5,424.1
831.2
5,960.4
3,659.2
1,673.5
880.9

468.5
5,184.0
433.3
5,290.0
4,058.1
1,632.6
898.2

437.5
4,740.2
525.5
5,163.7
3,780.9
1,767.0
998.2

485.3
6,793.9
477.2
4,841.7
3,857.6
1,574.0
1,035.5

491.9
5,978.5
511.0
4,830.2
3,172.7
1,594.3
1,128.5

202.5
89.9

205.6
84.2

175.3
73.7

139.1
77.0

185.8
78.5

151.8
98.3

132.0
92.3

141.1
95.5

163.9
101.4

133.0
92.2

407.1
1,834.1

470.3
1,972.1

433.9
1,760.8

371.1
1,762.5

467.1
1,813.0

688.8
1,998.1

370.0
1,905.8

462.2
1,732.2

408.3
3,860.5

425.9
2,941.0

Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984

S-17

SURVEY OF CURRENT BUSINESS

September 1986
Annual

1986

1985

IT H

1984

1985

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

FOREIGN TRADE OF THE UNITED STATES-—Continued
VALUE OF EXPORTS— Continued
Exports (mdse.), incl. reexports—Continued
Europe:
France
..
mil $
German Democratic Republic
do....
Federal Republic of Germany
do....
Italy
do
Union of Soviet Socialist Republics
do
United Kingdom..
do....
North and South America:
Canada
do
Latin American Republics,
total #
do...
Brazil
do
Mexico..
do
Venezuela..
.....
do
Exports of U.S. merchandise, total §..,.
do....
Excluding military grant-aid
do....
Agricultural products, total...
do....
Nonagricultural products, total
do ....
By commodity groups and principal
commodities:
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 #
.
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
do
Seasonally adjusted
do
By geographic regions:
Africa
do
Asia
do
Australia and Oceania
do....
Europe
do
Northern North America.....
„
do....
Southern North America
do ....
South America
do
By leading countries:
Africa:
Egypt
do
Republic of South Africa
..do ....
Asia; Australia and Oceania:
Australia, including New
Guinea
mil $
Japan
do
Europe:
France
do
German Democratic Republic
do....
Federal Republic of Germany
do....
Italy
do
Union of Soviet Socialist Republics
do
United Kingdom
do
North and South America:
Canada
.
do
Latin American Republics,
total #
do
Brazil
do
Mexico.. . .
do
Venezuela.
do
By commodity groups and principal
commodities:
Agricultural products, total
mil. $..
Nonagricultural products total
do
Food and live animals #
;
do ....
Beverages and tobacco
do
Crude materials, inedible, exc.
fuels #
do .
Mineral fuels lubricants etc
do
Petroleum and products
do ....
Oils and fats, animal and vegetable
do
Chemicals
do
Manufactured goods #
do ....
Machinery
and
transport
equipment
do ....
Machinery, total #
do ....
Transport equipment
do ....
Motor vehicles and parts
do ....
See footnotes at end of tables.




6,036.7
136.9
9,083.6
4,374.9

6,095.7
72.3
9,050.0
4,625.2

407.1
4.0
638.1
354.7

462.5
.3
692.5
308.4

471.9
1.4
651.4
315.8

532.8
1.2
834.4
356.2

550.5
19.5
790.8
371.6

508.1
12.8
680.1
388.1

548.2
6.0
768.4
390.2

743.0
.9
927.3
405.2

614.4
11.5
917.7
432.1

645.8
1.4
919.3
392.9

524.6
1.2
763.3
414.3

546.1
1.2
777.8
478.9

571.6
1.6
710.1
320.4

3,283.9
12,209.7

2,422.8
11,272.9

43.8
831.4

67.3
784.4

50.3
842.8

96.0
925.9

292.1
896.5

203.1
820.6

139.2
836.2

271.8
911.5

171.6
1,166.7

184.4
926.7

74.9
960.0

90.1
961.1

55.1
862.7

46,524.3

47,251.1

3,720.9

3,502.0

4,030.0

4,085.3

3,695.7

3,275.0

3,999.1

3,786.0

3,659.2

4,057.3

3,780.9

3,857.5

3,172.4

26,301.7 27,849.8 2,045.8 2,535.8 2,255.1 2,374.9 2,405.8 2,390.3 2,083.9 2,134.4 2,282.9 2,256.9 2,476.7 2,389.4 2,472.6
336.2
301.6
242.1
2,639.7
223.4
259.7
452.4
274.2
263.9
246.8
268.4
255.8
246.9
3,139.6
234.5
11,992.1 13,634.7
820.3 1,405.7 1,015.7 1,170.8 1,214.1 1,017.4 1,023.2 1,064.8 1,029.4 1,100.9 1,121.0 1,060.7 1,039.1
279.2
298.4
254.0
322.4
3,377.2
334.7
253.8
321.0
219.3
234.1
263.2
3,399.4
271.5
316.1
255.6
212,057.1 206,925.3 16,172.2 16,106.1 16,543.0 17,122.3 17,226.8 16,478.7 16,501.2 17,163.7 18,349.2 17,376.0 16,690.7 16,426.5 15,911.3
212,034.2 206,912.2 16,171.0 16,105.5 16,542.0 17,121.8 17,226.5 16,478.2 16,500.9 17,163.3 18,347.1 17,375.3 16,690.4 16,426.0 15,910.9
37,813.9 29,241.5 1,801.6 1,982.8 1,884.9 2,343.5 2,786.0 2,642.2 2,535.8 2,445.4 2,399.6 2,120.4 1,859.9 1,682.9 1,703.3
174,243.2 177,683.8 14,370.5 14,123.3 14,658.1 14,778.8 14,440.8 13,836.5 13,965.4 14,718.2 15,949.6 15,255.5 14,830.8 14,743.6 14,207.9
24,462.6
2,849.4

19,267.9
2,958.2

1,445.4
159.0

1,491.0
291.6

1,465.7
243.3

1,601.5
234.7

1,747.8
380.0

1,543.1
364.3

1,629.6
166.9

1,460.8
228.3

1,431.9
273.7

1,222.5
252.4

1,169.1
226.0

1,233.7
204.3

1,452.0
196.2

20,248.9
9,310.5

16,939.5
9,970.9

1,141.3
759.9

1,225.4
933.6

1,148.0
868.1

1,268.0
902.9

1,457.1
991.1

1,463.8
888.4

1,557.1
812.1

1,582.7
675.6

1,638.9
621.7

1,542.0
790.7

1,404.6
728.1

1,119.5
584.1

1,040.3
652.8

1,922.2
22,336.3
15,139.9

1,434.0
21,758.7
14,008.9

131.3
1,780.6
1,119.0

99.2
1,859.6
1,174.0

99.2
1,857.6
1,105.3

113.7
1,835.0
1,166.4

110.5
1,642.5
1,095.5

107.1
1,642.7
994.9

97.4
1,719.2
1,122.9

108.3
1,875.5
1,116.9

88.8
2,000.8
1,196.7

103.4
1,857.6
1,169.5

94.8
1,934.1
1,199.6

72.4
1,844.6
1,083.9

70.7
1,801.5
1,073.1

89,972.7
60,317.5
29,655.2
17,547.9

94,278.4
59,488.2
34,790.2
19,364.0

7,414.8
4,665.5
2,749.4
1,419.8

6,980.7
4,696.7
2,284.0
1,338.7

7,535.3
4,707.5
2,827.8
1,670.8

7,796.3
4,953.8
2,842.6
1,664.8

7,694.1
4,750.4
2,943.7
1,680.2

7,397.4
4,529.9
2,867.5
1,292.6

7,269.4
4,681.7
2,587.6
1,601.5

7,894.5
4,920.1
2,974.4
1,613.1

8,693.8
5,312.2
3,381.5
1,675.0

8,262.2
5,129.9
3,132.2
1,820.5

7,762.2
4,892.1
2,870.1
1,690.1

8,048.6
4,885.0
3,163.6
1,732.2

7,390.9
4,763.7
2,627.2
1,249.2

325,725.7 345,275.5 27,000.3 26,247.3 31,349.1 28,429.4 30,010.4 30,728.0 32,005.2 28,895.4 31,971.5 28,761.6 30,272.3 31,763.7 34,120.7
26,630.2 26,083.3 31,764.2 27,594.0 30,285.1 32,887.6
(*)
917.3
831.5
593.4
779.9
912.7
968.9
890.1 1,233.0
883.6
1,231.1
943.1
983.9 1,031.8
14,354.9 11,964.3
120,132.2 131,884.2 10,558.7 10,469.6 12,635.2 10,478.2 11,622.4 11,468.3 13,158.7 11,402.8 13,028.1 11,157.7 11,903.4 13,295.4 15,033.5
296.0
390.0
264.6
315.5
312.8
451.0
288.0
278.1
268.7
317.7
3,558.0
313.5
299.2
344.8
3,819.3
73,306.7 81,692.1 6,274.0 6,130.4 7,112.2 6,728.9 7,326.6 7,629.7 7,558.6 7,053.0 8,128.1 7,543.3 7,515.6 8,409.7 8,630.3
66,496.3 69,014.4 5,074.1 4,815.7 6,153.9 6,078.0 5,696.0 5,940.2 5,681.1 5,660.1 5,923.7 5,822.0 5,923.1 5,712.3 5,476.4
26,833.7 25,969.5 2,231.9 1,952.3 2,036.5 2,022.6 2,166.2 2,361.1 2,136.8 2,035.8 2,065.1 1,852.3 2,250.3 1,724.3 2,146.4
21,043.0 20,931.6
1,497.8 1,581.8 2,080.2 1,864.7 2,030.9 1,750.9 1,921.1 1,591.4 1,568.1 1,480.2 1,635.5 1,494.4 1,526.7
3.0
210.7

3.4
145.4

4.2
175.1

4.4
175.9

19.8
228.2

193.9
5,860.6

224.4
7,185.4

237.9
6,333.2

191.3
6,439.1

177.4
7,240.1

273.7
8,101.9

866.6
3.4
1,988.8
960.0

733.0
7.7
1,897.0
823.6

893.8
9.0
2,163.8
937.8

921.4
7.2
2,030.7
805.7

902.0
8.5
2,131.0
798.2

926.7
7.7
2,058.8
902.5

944.8
7.8
2,334.5
1,067.5

23.0
1,273.0

41.9
1,234.4

29.1
1,288.5

22.0
1,219.9

27.1
1,232.1

198.0
1,519.1

31.6
1,289.2

3.2
3.2
236.3 . 191.9

169.5
2,487.7

79.2
2,070.8

2.4
182.9

2.0
166.5

2.5
211.7

2.6
147.1

3.0
176.9

2.9
170.3

2,702.8
57,135.0

2,870.4
68,782.9

364.7
5,418.3

220.2
5,444.2

209.9
6,451.5

219.8
5,236.9

220.1
6,042.6

268.1
6,221.6

240.4
6,901.6

8,113.0
148.9
16,995.9
7,934.5

9,481.9
91.5
20,239.2
9,673.7

670.2
5.2
1,480.1
772.6

675.7
5.2
1,488.4
803.5

760.6
4.5
1,807.5
878.2

758.3
6.4
1,511.9
817.4

904.0
4.9
1,851.3
896.5

843.2
5.2
2,035.1
839.9

554.2
14,491.6

408.6
14,937.3

25.1
1,297.1

12.9
1,233.2

28.8
1,300.1

36.6
1,433.2

31.3
1,331.4

30.1
1,346.7

66,478.1

69,006.3

5,073.1

4,813.7

6,153.8

6,077.9

5,695.6

5,939.7

5,680.7

5,659.5

5,922.9

5,821.1

5,922.5

5,711.7

5,475.6

3,448.7
554.9
1,708.0
430.4

3,309.2
638.2
1,461.0
454.2

3,835.4
732.1
1,479.4
657.9

3,682.1
607.4
1,562.7
696.3

3,888.0
579.3
1,786.3
601.5

3,762.3
631.2
1,501.1
664.7

3,347.3
581.6
1,474.4
394.1

3,411.8
517.5
1,487.7
504.4

3,170.5
596.7
1,376.9
382.2

3,675.1
664.4
1,707.2
391.2

3,037.4
564.4
1,237.9
416.0

3,501.8
599.4
1,667.0
383.6

42,340.6
7,621.0
18,020.0
6,542.8

43,447.5
7,526.2
19,131.8
6,537.0

3,920.9
608.2
1,647.1
696.9

2,043.6 1,778.1 1,861.2 1,779.5 2,045.8 1,601.5 1,789.5
19,765.5 20,004.5 1,438.1 1,507.8 1,651.9 1,393.7 1,590.6 1,868.9
305,960.3 325,271.0 25,562.1 24,739.5 29,697.2 27,035.7 28,419.7 28,859.1 29,961.6 27,117.3 30,110.3 26,982.1 28,226.5 30,162.2 32,331.2
17,972.8 18,649.3 1,364.4 1,399.6 1,542.6 1,277.9 1,521.6 1,788.5 1,889.6 1,646.5 1,799.2 1,721.8 1,982.9 1,586.4 1,826.8
316.4
299.2
296.2
346.1
319.4
320.3
343.1
325.7
261.5
300.8
3,726.7
3,653.4
276.7
360.0
349.7
11,081.7
60,979.8
55,906.1

10,391.2
53,917.1
49,606.6

873.8
4,146.4
3,839.5

849.9
3,936.8
3,684.3

914.9
4,596.8
4,323.6

909.6
4,699.2
4,382.9

770.7
4,824.2
4,488.9

731.4
5,228.2
4,840.7

834.4
5,344.4
4,893.8

818.0
3,874.3
3,509.5

895.3
3,330.7
3,023.7

966.3
2,175.5
1,952.5

913.2
2,700.3
2,500.2

938.4
3,184.6
2,954.8

980.2
2,933.3
2,689.4

696.0
13,697.4
46,144.7

672.2
14,532.8
46,451.2

65.0
1,085.4
3,600.8

64.7
1,018.7
3,661.5

50.4
1,264.3
4,506.5

46.8
1,202.7
3,647.8

61.8
1,255.5
3,883.6

51.7
1,166.0
3,867.3

55.5
1,280.3
3,879.6

48.7
1,249.1
3,939.9

57.6
1,362.3
4,225.9

34.0
1,275.2
3,782.0

45.8
1,228.5
4,015.9

40.4
1,236.2
4,113.9

49.0
1,359.5
4,738.4

119,191.7 137,263.5 10,300.2 10,179.3 12,313.7 11,003.4 12,152.4 12,476.7 12,909.2 11,953.4 14,144.9 13,187.3 13,426.4 13,908.1 14,874.9
68,389.9 75,298.7 5,765.3 5,852.1 6,957.1 6,113.7 6,463.3 6,495.3 6,885.6 6,342.7 7,888.1 6,917.9 7,077.9 7,231.9 8,220.3
6,023.7 5,610.7 6,256.7 6,269.3 6,348.6 6,676.2 6,654.6
50,801.8 61,964.8 4,534.8 4,327.3 5,356.6 4,889.7 5,689.2 5,981.4
45,412.2 55,739.7 4,094,7 3,941.5 4,882.7 4,378.5 5,264.6 5,429.8 5,346.6 5,028.6 5,484.5 5,442.4 5,660.3 6,088.7 6,023.3

Aug.

S-18
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984

SURVEY OF CURRENT BUSINESS
,, .f
unus

Annual
1984

September 1986
1988

1985

July

1985

Sept.

Aug.

Nov.

Oct.

Dec.

Jan.

Mar.

Feb.

June

May

Apr.

Augi

July

FOREIGN TRADE OF THE UNITED STATES—Continued
Indexes
Exports (U.S. mdse., excl. military grant-aid):
Unit value
1977 — 100
Quantity
do
Value
do
General imports:
Unit value . . . .
do
Quantity
do
Value
do
Shipping Weight and Value
Waterborne trade:
Exports (incl. reexports):
Shipping weight
thous sh tons
Value
mil $
General imports:
Shipping weight
thous. sh. tons..
Value
mil. $..

156 2
115 1
1798

1550
113 0
1752

1564
1052
164 6

1544
1053
162 6

154 5
1087
167 9

154 4
1129
174 3

153 6
1134
174 2

1547
1084
167 7

156 2
107 5
167 9

1553
112 5
1747

1555
1201
1867

1551
1140
1768

1561
1088
1699

157 1
1064
1672

1577
1027
1619

1635
1367
2235

1594
1486
2369

1584
1404
2223

1591
1359
2161

1592
1622
2582

1597
146 6
2341

1610
1534
247 1

1620
1562
2530

1602
164 5
2635

1580
1506
2379

1539
1710
2633

1526
1552
2368

1525
1634
2492

1524
1717
261.6

1530
1837
281.0

374 689 349 964
101 803 91679

27342
7355

28750
7369

27012
7243

28 962
7362

32282
7976

29618
7742

28120
7288

25092
7389

25855
7893

27875
7441

413 092 394,442
191,113 205,606

30618
16,199

30744
16,227

38902
19,188

33442
16,367

33580
17,564

35907
18,254

37363
20,187

31387
17,130

34206
18,811

29664
16,080

141 9

P1543

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)
bil..
Cargo ton-miles
mil
Mail ton-miles
.. do
Operating revenues (quarterly) §
mil. $ ..
Operating expenses (quarterly) §
do....
Net income after taxes (quarterly) §
do....
International operations:
Passenger-miles (revenue) ..
bil
Cargo ton-miles.....
mil
Mail ton-miles
do
Operating revenues (quarterly) §
mil. $
Operating expenses (quarterly) §
do
Net income after taxes (quarterly) §
do....
Urban Transit Systems
Passengers carried, total
. mil
Motor Carriers
Carriers of property, large, class I, qtrly.:
Number of reporting carriers
Operating revenues, total
mil $
Net income, after extraordinary and prior
period charges and credits
mil. $.
Tonnage hauled (revenue), common and
contract carrier service
mil tons
Freight carried—volume indexes, class I and II
intercity truck tonnage (ATA):
Common carriers of general freight,
seas, adj
.
1967—100
Class I Railroads £
Financial operations, quarterly (AAR),
excluding Arntrak:
Operating revenues, total #
mil. $.
Freight
do...
Passenger, excl. Amtrak
do
Operating expenses
do ...
Net railway operating income
do...
Ordinary income t
do...
Traffic:
Revenue ton-miles, qtrly. (AAR)
bil
Price index for railroad freight
12/84—100 .
Travel
Lodging industry:
Restaurant sales index.. ..same month 1967 — 100
Hotels: Average room sale Q
dollars.
Rooms occupied
% of total.
Motor hotels: Average room sale Q
dollars .
Rooms occupied
% of total.
Economy hotels: Average room
sale Q
.
.
.
dollars
Rooms occupied
% of total.
Foreign travel:
U.S. citizens: Arrivals (quarterly)
thous .
Departures (quarterly)
do .
Aliens: Arrivals (quarterly)
doDepartures (quarterly)
do...
Passports issued
do
National parks, recreation visits ##
do...
See footnotes at end of tables.




305.12
59.2
38,697
43,790
36,978
1
2 952
705
41662
747

7

243.69
3565
1 160
35,373
33787
416

1

32.85
65.8
3,908

33.80
67.1
4,011

26.03
55.7
3,232
12,431
10,525
661
211
11,684
402

270.06
'3132
1
1213

25.43
257
88

26.06
262
96

19.84

'6584
2874
443

742
245
33

774
237
35

8030

8116

641

672

100
17 413

100
17543

4 541

100
4587

100
4203

'412

316

120

46

71

161

151

38

40

40

1439

137 0

29,459
28,478
101
25,804
1
3,655
2,659

27635
26,660
103
25,258
1,761
1779

921.5
99.3

8760
99.9

998

99.8

998

998

2
213
69.01

*213
6992
64
47.71
64

217
6702
65
47.87
73

203
6702
68
48.24
73

204
6782
63
48.11
62

225
7307
69
48.22
65

2990
65

3013

3125

3141

3006
65

2949
64

14,242
13,909
8,970
7,698
4696
49,015

15,252
14768
8,903
7,725
4955
49,329

6142
3001

457
7872
7378
287

1

1

66
45.75
66

1

335.90
61.4
41,252

64

26.88
55.8
3,408

2432
54.3
3,139

28.26
591
3,512

2636
551
3,289

2454
579
3,113

30.93
642
3,844

28.74
60.3
3,595

3016
58.7
3,751

21.43

19.97

21.64

299
102

20.79
296
93

26.11

24.27
316
102

25.13

328
105

447
268
34

504
267
34

1448

1409

290
104

275
100

23.48
246
135

619
256
33
5575
5589
174

545
292
34

436
286
46

479
250
55

473
218
34

375
240
31

482
283
36

639

735

675

666

657

631

692

253
88
9,732
9,285
216

100

1322

134 3

135 1

1383

1403

6743
6524
26
5914
573
646

76

461
9,342

353
9,142

4,878
4413
2734
2,444
279
5,504

1448

141 8

2157

275
4,140

1009

1010

2196
1010

170
56
4724
55

206
7754
66
4922
65

223
7462
66
5021
68

29 51

29 53

45

51

31 12

31 49

3,211
3187
2018
1818

3
1,309
J
1003
3
687
3

1,365
1 154

261

368

980
991
570
520
382

1328

1419

1308

2217

998

998

214
60
4848
58

218
6966
49
4754
47

3021

6818

56

247
1896

1384

6700
6,474
26
6040
410
402

6745
6,523
26
6736
159
85

2162

78

1368

332
101

7012

631

57

63

783
590
446

6,641
6,427

27

6,117

705
31

r

1009

1009

212

244

7183

7165

68
49.45
66

66
48.75
63

61 60

63

3062
65

476
2873

r
329
4527

2215
1009

r
361
6962

4

637
101.1

*866

365

313

9710

Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984

S-19

SURVEY OF CURRENT BUSINESS

September 1986
Annual

IT ..
Umts

1984

1986

1985

July

1985

Sept.

Aug.

Oct.

Nov.

July

June

May

Apr.

Mar.

Feb.

Jan.

Dec.

Aug.

TRANSPORTATION AND COMMUNICATION—Continiied
COMMUNICATION
Telephone carriers: <>
Operating revenues $
mil $
Station revenues
do
Tolls, message
..
do
Operating expenses (excluding taxes)
do....
Net operating income (after taxes)..,
do....
Access lines *
mil..
Telegraph carriers, domestic and overseas: @
Operating revenues
mil $
Operating expenses
do
Net operating revenues (before
taxes).. ..
.
..
do

71,685
29,817
8,214
47,035
12,934

67,625
28,322
10,353
44,435
12,206

1,382.9 1,367.0
1,227.6 1,203.8

6,073
2,510
674
3,907
1,102
105.6

6,154
2,542
769
3,928
1,157
105.9

5,984
2,528
700
3,922
1,083
106.4

6,118
2,567
C
694
4,136
1,034
106.6

5,943
2,531
656
3,995
1,022
107.2

6,025
2,549
740
4,093
1,151
107.2

6,014
2,572
680
3,884
1,121
107.1

5,958
2,569
628
3,774
1,167
107.3

6,179
2,587
725
4,065
1,116
107.6

117.3
102.4

113.3
99.4

114.9
93.1

111.1
110.9

106.6
104.0

107.4
108.3

110.7
99.3

106.0
99.3

110.8
101.2

10.1

16.0

-6.5

-3.1

-10.6

"84.4

67.7

8.3

5.5

1.0

3.9

6,122
2,612
723
4,017
1,040
107.6

6,028
2,592
707
3,980
976
107.6

CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic Chemicals
Production:
Aluminum sulfate, commercial (17% AkOa) $
Chlorine gas (100% C12) $
Hydrochloric acid (100% HC1) $
Phosphorus elemental $
Sodium hydroxide (100% NaOH) $

01.
if t ' \\ A
t
Sodium tripolyphosphate
(100% NasPaOio) I
Titanium dioxide (composite and
pure) $
Sulfur, native (Frasch) and recovered:
Production
thous. met
Stocks (producers') end of period
Inorganic Fertilizer Materials
Production:
Ammonia, synthetic anhydrous $

386

359

10914

10959

t\

685
901

1 199

89
905
237
29
943
57
105

do

675

607

52

do
do
do
do

1 129
10,700
2732

2

9407
2434

16 702
Ammonium nitrate, original sor
lution $
do ..
7,165
Ammonium sulfate $
do ...
2,067
r
Nitric acid (100% HNO3) $
do
7798
r
Nitrogen solutions (100% N) $
do
2894
Phosphoric acid (100% P2Os) $
do
11 394
r
Sulfuric acid (100% HaSOJ $
do
41 893
Superphosphate and other phosphatic
fertilizers (gross weight):
Production
thous sh tons
17363
Stocks, end of period
do
1 179
6'l95
Potash sales (K2O)
do
Exports, total #
do ...
24,703
Nitrogenous materials
do
2313
Phosphate materials
.
do
13680
Potash materials
do
1044
Imports:
Ammonium nitrate
do
532
Ammonium sulfate
.„
do.
363
Potassium chloride
do
8639
Sodium nitrate
do
'l22
Industrial Gases t
Production:
Acetylene
mil cu ft
4855
Hydrogen (high and low purity)
do
109 059
Nitrogen (high and low purity)
do
601 206
Oxygen (high and low purity)
do
375 476
Organic Chemicals §
Production:
1
Acetylsalicylic acid (aspirin)
mil. lb..
33.9
7
Creosote oil.
mil. gal ..
86.0
Ethyl acetate t
••
mil lb 1 '2104
Formaldehyde (37% HCHO)
do
5 814 5
Glycerin, refined, all grades
do
3027
1 1 232 8
Methanol synthetic
mil gal
Phthalic anhydride
mil lb
'8702
ALCOHOL
Ethyl alcohol and spirits:
Production
mil tax gal
631 3
Stocks end of period
do
1506
Denatured alcohol:
Production
mil wine gal
4169
Consumption (withdrawals) ...
do
4105
For fuel use
do ..
1167
Stocks end of period
do
245
See footnotes at end of tables.




737

814

835

do
tons ..
do

1 003
10469
0777

1

914

2 523

17 319

1 403

r

6776
r
2,093
r
7364
r
2780
10 518
r
39 651
15475
1 129
5964
2
13
182
2
1207
2
6921
2
597

82
846
238
25
899
59
125

86
849
243
30
908
86
132

79
779
202
29
835
64
136

77
875
214
27
907
50
64

89
783
225
33
849
79
68

85
759
221
30
809
87
71

98
893
246
31
960
62
70

97
873
262
32
926
54
69

98
900
299
32
940
81
69

106
897
275
28
946
71
69

113
907
280
30
943
54
62

53

50

53

43

40

50

51

55

56

56

51

46

82

73

80

65

71

10 324
2799

90
848
217
29
885
52
113

72

867

855

2561

2575

1 315 1 328

67

68

880

780

843

828

826

2948

2915

2951

2977

820
2880

2900

1 344

1 237

1 180

1 ?54

1 266

1255

1 120

1008

481
172
568
235
579

521
169
584
246
666

613
193
691
280
842

529
166
638
287
823

495
192
624
253
779

2 608

2736

3 252

3212

3106

r

r

r

179
r

165
r

168
r

189
r

157

166
r

580

196

r
844
3 344

r

1 325

927
228

533

r

476

562
r
216
r
804
r
3 271

588
r
223
r
921
r
3 399

615
r
213
r
924
r
3432

604
r
221
r
801
rg ug

517
r
215
r
737
r
2983

1 220

1 235

1 1%

1 147
1084

929

800

1137

1031

1000

655

765

904
834
387

1086

1 129

269

778
429

559
853

671
620

47
24
503
4

34
37
568
13

85
33
903
9

53
13
413
9

52
40
835
29

74
66

57
12
729
17

833
544

798
545

799
434

369

425

382

345

296

337

342

324

354

339

8362
53010
30954

8 191
54421
32407

7 967
55453
32281

9858
57*989
32048

9541
54845
32080

9812
55416
33011

10304
56720
33852

9488
53285
32563

9818
57226
34 725

10048
55731
33456

32
11
586

(3)

58
30
682
6

38
43
712
I

41

44
183
618

14.9

519

1 396 8

287

237

261

278

235

248

254

2157
2033

2408
2011

13

921

2899

956
756

813
226

*168

48
21
347
13

19
16
268

253

284

26.7

556
394

2235
2163

472

462

47 1

456
393

375

51 5

565
415

525
417

r
5077
r

37 9

446
445
220
120

365
365
157

412
466
192
265

400

51 1

358
419

324
444

309
325

361
365

347
388

23.7

24.4

24.1

16.4

18.3

19.1

407
188
124

11 1

169

265

184

181

358

7.1

466

51 8

34,050

238

281

338
40.5
25.4

193

(3)

10167
55122
32,024

54.2
1,537.1
25.9
229 4
212.0

594
530

265

r
r

5.8

554
605

513 8
2229

r
721
2914

422

584
945

64 1

r
403
r
9 783
r
57
009
r

1 511 1

13936

336

1229

6806

462

198

r

366
159
446
185
692

(2)

4481
106 850
647 030
378 654

r

528

(2)

8233
'l42

23.8
71.2
2144
5699 1
321 1
9005
8357

448
180
r

819

(2)
(2)

23
12
399
14

561
403

r

2935

1 415 1 281
550

78

888

r

522

78

2799

r

498

77

849

r

545

75

2670

897

2614

75

23.0

S-20
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984

SURVEY OF CURRENT BUSINESS
Annual

..
tT
unus

1984

September 1986
1986

1985
1985

July

Aug.

Sept.

Oct.

Nov.

Dec.

Feb.

Jan.

Mar.

Apr.

May

Aug.

July

June

CHEMICALS AND ALLIED PRODUCTS—Continued
PLASTICS AND RESIN MATERIALS
Production:
Phenolic resins
mil Ib
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 ....

1

1

1 656 3
14,620 6
'52164
1
6 857 0
'68275
86864
36294
32705
1,786.5

1

1 423 3
15 385 7
'51803
1
5 652 0
1
6 893 8

99249
41066
34889
2,329.4

3470
39396
13289
1 376 6
1 759 4

3478
38107
13369
1 3794
1 6598
9255
4178
2851
222.7

9254
4140
301 5
209.8

8643
3426
2983
223.4

8784
3442
314 5
219.7

7200
2652
274 4
180.5

6099
2280
2334
148.5

r
3500
3 949 8
14184
405 7
'"" 118112

363.7
3,978.4
1,417.8
14437
1 877 0

r

""

7743
2946
3032
176.6

7535
2847
2988
169.9

995.4
460.5
3188
216.1

991.8
451.1
3142
226.5

196,711 187,180
168,366 159,617
28,346 27,562

197,871
170,627
27,244

8282
3460
2938
188.4

r
974.8
r
443.1
r
3061
r

225.6

944.1
439.4
2790
225.7

ELECTRIC POWER AND GAS
ELECTRIC POWER
Production:
Electric utilities total
mil kw -hr 2,416,304 2,469,841 226,722 226,050 202,499 194,789
By fuels ...
do
2,095,154 2,188,686 205,429 206,069 183,733 174,741
By waterpower
do
21,293 19,981 18,767 20,048
321,150
281,149
Sales to ultimate customers, total (Edison
Electric Institute) $
mil. kw.-hr.. 2,286,040 '2,318,473
620,612
Commercial §
do
170,183
583,831 '613,155
Industrial §
,
. do .
211,033
836,105 '821,661
Railways and railroads
do....
1,135
4,488
'4,728
Residential or domestic
..do .
216,511
780,664 '794,404
Street and highway lighting
do ....
3,373
14,129
'14,396
Other public authorities...
do....
16,815
61,029 '64,346
Interdepartmental
do .
1,563
5,793
'5,783
Revenue from sales to ultimate customers
(Edison Electric Institute) \
mil. $.. 142,281 '148,892
41,347
GASf
Total utility gas, quarterly
(American Gas Association):
49,589
49,494
Customers, end of period, total
thous
50,370
Residential
.
do
45,614
45,516
46,299
3,750
Commercial
do .
3,845
3,751
Industrial
do
178
180
178
Other
do
47
48
48
Sales to customers, total
tril. Btu..
1,990
13,162
12,298
383
4,628
Residential
...do .
4,529
2,362
272
2,396
Commercial
do ..
Industrial
do....
1,315
5,991
5,265
Other
do
146
142
19
Revenue from sales to customers, total
.
mil $
67,496
61,952
9,486
Residential
do
27,485
26,791
2,674
13,205
Commercial
do
12,750
1,474
Industrial
do
26,093
21,749
5,255
Other
do
713
661
83

192,427 219,255
169,473 193,895
22,954 25,359

217,735 192,433
195,920 169,114
21,815 23,319

563,117
150,520
204,073
1,208
187,754
3663
14,509
1,391

594,034
151,284
199,337
1,271
220,216
3,839
16,532
1,555

553,878
152,473
204,079
1,116
175,244
3,428
16,065
1,474

35,928

37,609

35,503

50,370
46,299
3,845
178
48
3,205
1,242
655
1,266
40

51,033
46,840
3,963
183
47
4,288
2,064
993
1,178
53

15,686
7073
3,379
5,043
192

21,151
11267
5,128
4,515
240

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
Imports
mil proof ^al
Whisky:
Production
mil tax gal
Stocks end of period
do
Imports..
.
mil proof gal
Wines and distilling materials:
Effervescent wines:
Production
mil wine gal
Taxable withdrawals
do
Stocks end of period
do
Imports
do
Still wines:
Production
.
do
Taxable withdrawals
do
Stocks end of period
do
Imports
do
Distilling materials produced at
wineries
do
See footnotes at end of tables.




19302
17556
1286

19331
17513
1307

1859
1663
1497

1771
1604
1393

14 54
1359
1377

1436
1401
1323

1312
1239
1312

1313
1211
1307

1571
1399
1348

1521
1301
1422

1650
1466
1468

1799
16.02
15.24

18.67
17.10
15.13

18.65
16.59
15.38

12424

9673

602

4 68

7 57

1203

870

642

864

784

869

862

668

'42652
554 61
117 86

'41630
530 46
11578

3288
545 16
7 94

3541
538 94
9 10

4957
640 44
1346

2858
535 56
11 02

oq qo
532 73

1200

4471
530 46
9 02

2737
529 58
683

2628
530 07
697

3149
53047
784

524 50
792

52867
765

795

8.92

80 30
48213
7804

60 17
460 53
7968

3 94
47703
502

3 13
47234
597

3 38
46670
945

497
46368
805

509
461 31
827

463
46053
621

500
45904
437

532
45954
466

577
46003
530

661
45434
5.04

446
459.65
4.88

5.36

5.57

3589
3238
1639
1491

31 62
3032
14 68
1576

3 36
3 34
1598
2 35

234
382
14 68
202

245
2 17
1701
104

240
1 46
1792
97

143
331
1546
101

87

.96

650
2956
60267
958

4.87
3103
57010
631

4.56
3563
55097
800

4.85
4330
53954
737

4.54
4133
47874
7.98

7.44

7.10

853

11 18

690

6.28

4.10

44936
'37888
63790
12749
13658

2 10
1 22
1822
102

3 47
276
19 14
90

309
1 89
21 30
1 40

528
682
17 09
1 55

46345
408 22
59456
12100

329
3845
41747
906

5599
3891
40613
903

20791
3445
60222
1046

10978
3484
66018
1028

4034
3339
64889
1291

1842
3052
59456
1082

15398

259

2447

4951

2922

1344

897

r

198
1 44
1587
125

221
1 05
1727
76

Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984

S-21

SURVEY OF CURRENT BUSINESS

September 1986
,. .,
turns

1984

1986

1985

Annual
1985

July

Sept.

Aug.

Nov.

Oct.

Dec.

May

Apr.

Mar.

Feb.

Jan.

Aug.

July

June

FOOD AND KINDRED PRODUCTS; TOBACCO-Continued
DAIRY PRODUCTS
Butter:
Production (factory)
mil Ib
1 1033
Stocks, cold storage, end of period
do....
296.6
Producer Price Index
1967 = 100 ..
228.8
Cheese:
Production (factory), total
mil Ib
46740
American whole milk
do
26485
Stocks, cold storage, end of period
do ....
9862
American whole milk. .
do
8848
Imports
do
3060
Price, wholesale, cheddar, single daisies
(Chicago)
$ per Ib..
1.704
Condensed and evaporated milk:
Production case goods
mil Ib
6477
Stocks, manufacturers', case goods, end of
period
do
41 7
Exports
do
81
Fluid milk:
Production on farms
do. . 135,479
Utilization in manufactured dairy
products...
do
76489
Price, wholesale, U.S. average
$ per 100 Ib ..
13.46
Dry milk:
Production:
Dry whole milk
. ..
..
mil Ib
1196
Nonfat dry milk (human food) ...
do
1 1607
Stocks, manufacturers', end of period:
Dry whole milk
do
54
Nonfat dry milk (human food)
do
611
Exports, whole and nonfat
7
(human food) . . . .
do
2027
Price, manufacturers' average selling, nonfat
dry milk (human food)
$ per Ib
912
GRAIN AND GRAIN PRODUCTS
Exports (barley, corn, oats, rye,
wheat).,
mil. bu .. 3,611.0
Barley:
2
Production (crop estimate)
do
599 2
Stocks (domestic), end of period, total
do. .
4369
On farms
do
3073
Off farms
do ....
129.6
Exports, including malt §
do....
95.5
Producer Price Index, No. 2 feed,
Minneapolis...
,
1967=100..
200.9
Corn:
Production (crop estimate, grain
only)
mil. bu .. 2 7,674.0
Stocks (domestic), end of period, total
do.... 58642
On farms
do
43041
Off farms
do
15602
Exports, including meal and flour
do
19286
Producer Price Index, No. 2, Chicago
.1967=100 ..
250.9
Oats:
Production (crop estimate)
mil. bu .. 2473.7
Stocks (domestic), end of period,
total
do....
358.1
On farms
do....
300.3
Off farms
do ....
57.7
Exports, including oatmeal
do....
1.9
Producer Price Index, No, 2, Minneapolis
1967=100..
266.5
Rice:
Production (crop estimate)
.....mil. bags # .. 2 138.8
California mills:
Receipts, domestic, rough
mil. Ib..
(9)
Shipments from mills, milled
(9)
rice
do
Stocks, rough and cleaned (cleaned basis),
(9)
end of period
mil Ib
Southern States mills (Ark., La., Tenn., Tex.):
Receipts, rough, from producers
.mil. Ib..
9,476
Shipments from mills, milled
rice
do
6183
Stocks, domestic, rough and cleaned (cleaned
basis), end of period
mil Ib
2868
Exports
do
4509
Producer Price Index, medium grain,
milled
1967=100..
202.7
Rye:
2
Production (crop estimate)
.....mil. bu ..
32.5
(9)
Stocks (domestic), end of period.....
do....
Producer Price Index, No. 2,
Minneapolis
1967—100 ..
200.9
Wheat:
2
Production (crop estimate), total
mil. bu ..
2,595
2
Spring wheat
do
534
Winter wheat
do .... 2 2,060
Distribution, quarterly @
do....
2,789
Stocks (domestic), end of period, total
do.... 2,141.0
On farms
.. . .
do
9303
Off farms
do .... 1,210.8
Exports, total, including flour
do.... 1,584.5
Wheat only
do .... 1,545 0
See footnotes at end of tables.




12478
205.5
217.1

924
280.7
215.1

921
264.6
216.1

921
247.0
215.2

1093
231.6
218.8

994
206.9
218.5

1154
205.5
218.5

1358
206.3
212.9

1194
245.5
212.9

120.2
283.3
212.9

121.7
304.8
213.2

116.0
333.8
213.2

5 024 9
2 8544
8529
7588
3025

438.6
2590
963.5
8536
223

4227
2463
962.9
8568
247

3996
2169
9410
841 5
278

4280
2291
8918
7946
355

4118
2219
8775
7825
316

4375
2366
8529
7588
oo q

4259
2392
835.8
7421
229

398.7
2272
811.2
7219
372

462.7
2636
836.7
7246
209

461.0
2661
838.4
7429
175

480.5
2808
873.3
7785
19.9

1.620

1.582

1.651

1.556

1.556

1.556

1.556

1.556

1.556

1.556

1.557

1.558

92.0
342.8
213.4

81.5
337.6
218.9

459.1
2621
r
892.4
r

7944
24.5

439.3
244.1
915.6
815.1
24.6

1.558

1.572

r

303.3
234.7

921.2
820.5
1.596

6353

598

562

474

51 1

495

485

43 1

435

502

526

538

498

493

623
116

113 8
7

119 9
8

117 1
9

1057
11

79 I
14

623
19

61 3
14

727
15

732
25

862
17

916
.4

1035
.5

1069
.3

143,667

12588

12,388

11,857

11,564

11,968

12 192

11,314

12,726

10,697

11,193

10,775

10,547

10,245

7,156
12.00

"12.10

13

83023
12.75

7419
12.10

7 178
12.10

6 522
12.30

6815
12.60 j

6281
12.60

6648
12.60

7129
12.50

6721
12.40

7495
12.20

7733
12.00

8000
12.00

7,445
11.90

1189
13900

89
1397

11 1
1327

11 1
1068

96
1083

119
967

86
1158

92
1237

107
1147

115
1281

101
1372

86
1440

88
1367

108
115.1

65
782

63
876

58
808

69
810

46
707

58
686

65
782

55
680

63
633

70
74*4

69
792

49
852

45
853

68
672

2761

246

231

469

393

308

37

183

271

412

259

400

167

413

849

826

810

810

810

808

811

811

812

807

807

810

808

807

2,695.0

165.1

153.3

212.6

298.2

242.8

238.3

163.3

117.7

96.2

39

5336
3651
1684
1

15

1

.2

8

123.2

135.9

135.9

135.9

138.7

126.6

164 8

1196

59450
39799
1 965 1
976

190.7

193.0

187.1

2

589 2
5336
3651
1684
348

150.1
2

12,058

8,865.0
78913
5525 1
2*3662
17316
204.8
2

216.8

123.2

118.9

1

28

123.2

1 380 7
'678
9
J
701 8
799

1237

2100

78913
5 525 1
23662
176 1

194.2

185.7

172.2

188.0

192.1

.1

.2

5110
4160
950
1

218.9

175.5

175.5

956

214.9

908

140.7

155.4
"6260

4
324 6
4
1990
4

(10)
(10)
(10)

125 5
.5

127.4

.3

1.6

110.4

101.9

4 988 6
33 141 5
3
1 847 0
569
466

559

199.0

199.8

189.7

93.4
"8,268.1

3

448

158.2

133.6
"413.0

2

167.0

4

186.2

(5)

194.7

4
183 2
4
146 7
4

(10)
(10)
(10)

3786
3102
684
1

1

3

202.6

185.4

191.1

36.5
.8

1

158.1

174.6

1

1

174.6

.3

153.8

158.1
" 127.5

136.0

9,230

183

900

2876

1553

673

739

207

201

148

452

692

487

5659

443

468

557

536

507

539

338

436

382

399

556

623

624

2751
4101

854
336

1017
380

2389
489

2867
417

2821
290

2751
283

2584
277

2330
163

2 144
249

1 720
208

1 559
212

1 310
450

960
603

206.3

207.0

206.2

205.9

215.9

214.4

208.0

207.3

207.5

197.2

191.1

180.8

175.6

175.7

1890

1907

1783

1998

2148

2126

1955

1976

1976

1589

1289

1289

2

8

152.9

5.3

654 8
4615
1933
9

192.9

518.6
3786
3102
68.4
1.7

2

3.9

182.9

189.2

391

20.6

196 9

1912

2

2,425
2
598
1827
2,054
2,526.1
10112
1,515.0
926.8
8931

"2,120
"588
" 1 532

2

65.6
636

86.5
856

6
886
2,971.1
12484
1/722/7
72.3
720

86.0
856

838
813

449
2,526.1
1 Oil 2
1 515 0
665
60 5

718
68 6

731
677

404
2,130.0
7994
13306
652
60 1

4

1,900.1
4
681 1
<1 219 1
599
484
54 0
463

844
79 5

1087
1040

S-22
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984

SURVEY OF CURRENT BUSINESS
.,
timra

Annual

September 1986
1986

1985

fj

1984

1985

July

Aug.

Oct.

Sept.

Nov.

Jan.

Dec.

Mar.

Feb.

Apr.

Aug.

July

June

May

FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
GRAIN AND GRAIN PRODUCTS— Continued
Wheat—Continued
Producer Price Indexes:
Hard, winter Ord, No. 1, Kansas City
1967 = 100..
204.6
228.3
191.9
Spring, No. 1, D.N. Ord, Minneapolis
186.4
1967 = 100..
220.8
189.4
Wheat flour:
Production:
Flour
thous sacks (100 Ib )
299 832 313 815 24311
Millfeed
thous sh tons
5426
5556
431
Grindings of wheat
thous bu 675 271 700 151 54612
Stocks held by mills, end of period
thous. sacks (100 Ib.).. 1 4,230
4,847
Exports
..
do
16 955 14454
850
Producer Price Index
6/83=100 ..
96.6
97.8
95.2
POULTRY AND EGGS
Poultry:
Slaughter
mil Ib
16,971
16,181
1523
Stocks, cold storage (frozen), end of period,
total
mil. Ib..
324
267
490
Turkeys
do
125
150
305
Price, in Georgia producing area,
live broilers
$ per Ib..
.280
.320
.285
Eggs:
Production on farms
. . . . mil cases §
1900
1895
157
Stocks, cold storage, end of period:
Shell
thous. cases § ..
24
30
31
Frozen
mil. Ib..
13
13
18
Price, wholesale, large (delivered; Chicago)
.634
$ per doz..
.786
.586
LIVESTOCK
Cattle and calves:
Slaughter (federally inspected):
Calves
thous. animals
3168
3030
274
Cattle
do
3023
35880 34765
Prices, wholesale:
Beef steers (Omaha)
$ per 100 Ib
6533
5837
5326
Steers, stocker and feeder
(Kansas City)
do
6311
6208
5743
Calves, vealers (So. St. Paul)
do....
58.28
63.98
62.25
Hogs:
Slaughter (federally inspected) thous. animals .. 82,478 81,974
6,399
Prices:
Wholesale, average, all weights (Sioux City)
$per!001b..
44.98
49.03
47.09
Hog-corn price ratio (bu. of corn equal in
value to 100 Ib. live hog)
154
176
176
Sheep and lambs:
Slaughter (federally inspected) thous. animals..
6,549
5,976
485
Price, wholesale, lambs, average (Omaha)
$per!001b..
68.41
61.39
71.98
MEATS
Total meats (excluding lard):
3277
Production ....
mil Ib
38987 39131
Stocks, cold storage, end of period
do ....
696
,607
738
Exports (meat and meat prepara130
tions)
do
1 461
1 422
Imports (meat and meat preparations)
do
2160
2511
230
Beef and veal:
Production, total
do
23895 24055
2102
Stocks, cold storage, end of period
do ....
372
,329
331
Exports
do
660
627
64
Imports
.
do
1449
1277
145
Price, wholesale, beef, fresh steer carcasses,
choice (600-700 Ibs.)
(Central U.S ) ....
$ per Ib
913
1001
822
Lamb and mutton:
Production, total ....
mil Ib
372
350
28
c
Stocks, cold storage, end of period
.....do ....
13
7
Pork (excluding lard):
Production, total
do
14,720 14,726
1 147
Stocks, cold storage, end of period
do ...
229
274
343
Exports
. .do.
197
192
12
Imports
do
934
784
75
Prices:
Producer Price Index, Hams, smoked
284.5
1967=100.
294.1
272.1
Fresh loins, 8-14 Ib. average,
wholesale ( N Y )
$ per Ib
1 136
1 157
1150
MISCELLANEOUS FOOD PRODUCTS
Cocoa (cacao) beans:
Imports (including shells)
thous. Ig. tons .
1909
266.1
139
Producer price, Accra (New
York)
$ per Ib
1262 2 1090
Coffee:
Imports, total
thous. bags Q.
17,734 18,698
1,217
From Brazil
.....do ...
4,148
3,866
258
Producer price, Santos, No. 4
(N.Y.)
$ per Ib
1430 21430
1430
Fish:
Stocks, cold storage, end of period
mil. Ib.
370
362
330
See footnotes at end of tables.




181.4

183.8

186.2

203.4

204.8

199.8

197.7

199.5

195.8

224.1

172.7

152.1

149.2

159.1

160.6

165.4

193.7

188.0

187.6

183.0

180.9

185.6

176.6

145.5

124.2

135.8

27308
490
60913

26829
474
59 510

29053
508
65117

28397
509
63714

25227
450
56012

27403
479
61095

27069
471
60128

25172
440
55386

25938
450
57729

26423
461
58904

26r 155
458
58,394

27,052
480
60,552

381
93.1

5,052
132
93.7

131
94.9

1079
96.6

4,847
2569
96.7

1374
96.2

2312
96.4

4,466
2171
96.4

2526
r
94.8

888
98.8

4,786
2089
92.4

2,044
87.5

1540

1415

1,644

1320

1356

1441

1310

1365

1,515

1,521

1,523

1,483

569
388

626
444

664
484

377
208

324
150

330
157

341
161

339
150

379
186

412
227

r
480
r

294

569
388

634
454

.280

.280

.265

.300

.280

.285

.270

.280

.275

.290

.320

.420

.460

158

154

160

157

163

163

147

13 7

131

134

129

13.2

20
18

22
16

23
15

28
14

24
13

28
13

21
13

20
11

32
12

44
11

38
14

25
15

33
15

.664

.705

.707

.746

.732

.706

.657

.769

.626

.620

.573

.694

.700

272
3089

271
2877

298
3,097

268
2,669

298
2,778

289
3204

256
2613

276
2,726

284
3,096

257
3,123

240
3,017

281
3,213

262
3,101

51 94

5129

5802

6330

6294

5969

5642

5555

5369

5579

5408

5827

5904

62.21
55.83

53.69
61.10

57.98
62.13

62.20
62.50

3

r

r

r

87.0

5781
58.59

5627
60.00

5912
60.00

6005
55.00

6204
45.94

6134
45.00

6168
52.50

5999
55.00

56.68
55.00

6,810

6,738

7,566

6,818

6,640

6,968

6,127

6,662

7,160

6,699

5,894

5,918

5,798

43.91

40.42

44.20

44.46

47.11

45.60

43.80

41.08

40.59

46.43

54.95

61.59

63.66

174

173

204

195

198

190

184

17.6

17.3

19.2

22.7

r

29.5

36.4

496

480

554

460

490

441

524

477

417

406

432

71.42

68.94

63.32

62.50

60.62

61.75

68.50

67.00

68.00

80.75

74.71

70.50

66.16

3 402
677

3 252
654

3544
645

3123
633

3145
607

3482
617

2937
615

3133
622

3478
663

3387
674

3157
r
641

3,282
620

3,181
565

139

118

139

122

123

124

123

123

132

139

121

125

232

226

198

196

201

225

196

197

179

180

213

260

2164
322
63
152

2027
319
55
144

2154
307
64
114

1854
314
48
106

1901
329
55
122

2185
330
63
134

1809
313
60
115

1,904
308
50
109

2,156
311
60
101

2,152
328
59
104

2,068
331
50
137

2,193
346
56
165

2,119
324

800

811

911

997

988

923

868

850

833

864

.836

.892

.910

29
10

28
c

33
10

28
13

30
13

31
12

27
14

32
12

29
13

25
13

24
14

25
14

25
14

1210
295
20
72

1 196
277
12
72

1358
277
16
73

1241
265
20
78

1215
229
16
65

1266
235
11
81

1 101
239
9
72

1,198
254
11
77

1,292
284
14
69

1,210
280
14
67

1,065
r
248
14
70

1,063
215
9
84

1,037
183

273.5

267.6

284.4

310.3

319.5

288.3

277.2

272.3

261.4

264.9

275.9

304.6

335.9

1 159

1 140

1 197

1 134

1222

1226

1 162

1 125

1 135

1 126

1325

1486

1504

125

109

102

12.6

250

294

171

151

9.3

19.0

16.1

21.2

1,757
444

1,773
454

1,385
421

1,272
230

1,785
207

2,360
558

1836
340

1,645
121

1,667
264

1,810
172

1,286
68

1,549
47

1430

1430

1430

358

378

371

362

311

283

259

262

258

507

r

(2)

367

r

277

P

289

426

September 1986
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984

S-23

SURVEY OF CURRENT BUSINESS
,. ..s

1986

1985

Annual

u

1984

1985

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

FOOD AND KINDRED PRODUCTS; TOBACCO—Cont.
MISCELLANEOUS FOOD PRODUCTS— Cont.
Sugar:
Exports raw and refined
sh tons
Imports raw and refined
thous sh tons
Producer Price Indexes:
Raw (cane)
1967—100
Refined
12/77=100 ..
Tea, imports
thous Ib
TOBACCO
Leaf:
Production (crop estimate) . . ..
mil Ib
Stocks, dealers' and manufacturers',
end of period
do ....
Exports, incl. scrap and stems
thous Ib
Imports, incl. scrap and stems
do....
Manufactured:
Consumption (withdrawals):
Cigarettes (small):
Tax-exempt .
millions
Taxable
do
Cigars (large), taxable
do
Exports, cigarettes
do ....

308 300 375 782
2947
2423

36548
51

53 010
190

35873
235

27731
100

24687
270

20329
212

60948
174

20528
131

34846
208

22788
158

31891
173

19934
152

21,618
191

3120
2913
165.6
173.5
194 565 174 617

3025
166.1
15586

2963
165.2
12745

2885
165.1
14 942

2733
163.8
14878

2676
163.1
13656

2726
163.0
13493

2840
165.1
16923

2880
165.1
13219

2916
165.7
21719

r

2889
165.5
15747

293.8
165.2
14,970

293.7
165.0
19,732

1

U728

289 5
165.1
19002

292.9
167.1

3

1511

5,293
5,444
528 451 538 648
409,102 430,273

20,374
34,845

67112 66491
597 893 594 922
2739
2961
58,968
56,517

4682
42073
196
3,999

39168
46,941

5,151
41104
33,624

48,052
30,312

6151
50092
255
7,309

6342
36012
261
5,524

7305
70606
250
4,724

r

31,869
26,374

5,145
48,826
40,183

45,947
47,524

6153
41398
207
4,142

5063
43179
179
5,290

5906
51,458
220
5,037

5 645
48,015
248
4,331

85377
47,782

5,293
89,299
33,625

21,580
32,507

5760
49853
230
6,242

5684
47972
202
5,391

28,437
42,601

4,847
22,418
30,041

16,372
40,742

5,232
52,392
r
268
5,228

6,403
55,974
272
5,416

5,610

14,560
381.7

13,945
394.8

11,902
389.3

r

1,218

LEATHER AND PRODUCTS
LEATHER
Exports:
Upper and lining leather..
thous sq ft
163 373 131 505
Producer Price Index, leather
1967=100 ..
372.3
353.1
LEATHER MANUFACTURES
Footwear:
Production total Q
thous pairs
301 398 266 042
Shoes, sandals, and play shoes,
except athletic
1'hous pairs 233 392 205 926
Slippers
do
54026 52372
Athletic
. .do
13,980
7744
Other footwear
do
4918
4 174
Exports
do.
6,240
9,205
Producer Price Indexes:
Men's leather upper, dress and casual
12/80=100..
107.9
109.7
Women's leather upper
1967=100..
219.2
223.5
Women's plastic upper
12/80=100..
102.9
104.0

9919
348.8

10763
350.4

8085
351.7

12,310
354.9

12452
360.1

7,824
362.2

12032
368.5

10849
368.8

13,050
368.9

13,652
'370.2

19759

24620

22489

24863

21127

18829

21911

20845

20476

20296

r

!9 885

17,837

15558
3766
435
287
639

18840
5118
662
411
994

17407
4,627
455
441
1,174

19160
5,172
531
588
1,321

16284
4289
554
336
806

15739
2519
571
309
611

17 872
3,562
477
414
611

16479
3*,867
499
419
664

15781
4,167
528
432
707

15340
4,374
582
436
1,039

15 043
4,370
r
472
456
899

12940
4,416
481
474
1,080

927

110.6
223.7
102.7

110.8
224.4
104.7

111.6
224.7
105.3

111.5
224.7
105.3

111.0
224.2
105.3

111.0
224.3
105.3

112.0
224.8
105.3

112.5
224.7
105.6

112.6
225.9
105.0

112.6
225.9
105.0

112.6
224.3
104.0

112.6
223.9
100.7

111.2
224.1
105.4

r

391.3

112.9
222.8
105.1

LUMBER AND PRODUCTS
LUMBER—ALL TYPES #
National Forest Products Association:
Production, total
mil. bd. ft
Hardwoods ,
do
Softwoods
do
Shipments, total
do
Hardwoods
do
Softwoods
do
Stocks (gross), mill, end of
period total
do
Hardwoods
do
Softwoods
do
Exports, total sawmill products
do....
Imports, total sawmill products
do
SOFTWOODS
Douglas fir:
Orders, new
mil bd ft
Orders, unfilled, end of period
.
do
Production
do
Shipments
do
Stocks (gross), mill, end of period
do....
Exports, total sawmill products
do....
Sawed timber
do
Boards, planks, scantlings, etc
do....
Producer Price Index, Douglas fir, dressed
1967=100..
See footnotes at end of tables.




2

2

2

2

37 390
26216
31 174
2
37 180
2
5 994
2
31 186

37 164
26474
30*690
2
36 887
2
6 322
2
30*565

3034
480
2554
2944
437
2507

3299
516
2783
3 294
504
2790

3196
517
2679
3 162
502
2660

3387
535
2852
3221
519
2702

2851
471
2380
2828
469
2359

2649
416
2233
2809
425
2384

3092
517
2575
2955
503
2452

3046
559
2487
2899
*529
2370

3,347
522
2825
3478
541
2937

3,362
538
2824
3321
536
2785

3,405
524
2881
3538
515
3023

3,355
525
2,830
3498
512
2,986

6150
1556
4594

6632
1*913
4719

6535
1 855
4680

6555
1 868
4687

6603
1904
4*699

6770
1 920
4850

6792
1922
4870

6632
1 913
4719

6769
1 927
4842

6916
1 957
4*959

6784
1*938
4846

6826
1*940
4886

6697
1949
4748

6361
1756
4,605

13615

14191

1318

1308

1307

1395

1 146

1039

1 113

1159

1 325

1380

1,438

1,411

1,594

8296
561
8329
8409
914
543
150
393

7592
528
7620
7625
909
486
127
358

568
555
602
568
897
42
17
25

596
495
642
656
883
38
6
32

734
563
683
666
900
36
g
28

659
538
744
684
960
37
6
31

654
575
618
617
961
40
g
32

568
528
563
615
909
39
7
32

670
558
666
640
935
37
10
28

659
600
671
617
989
51
12
39

833
638
739
795
933
49
9
40

679
594
739
723
949
45
10
35

741
497
780
838
891
48
g
40

702
452
684
746
813
39
9
30

650
522
572
580
805
32
6
26

328.0

336.6

379.4

343.3

313.7

299.2

283.8

301.9

314.2

303.6

316.1

'348.0

358.2

330.5

341.8

339.3

S-24
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984

SURVEY OF CURRENT BUSINESS
Annual

,, .,
1984

September 1986
1986

1985

July

1985

Sept.

Aug.

Nov.

Oct.

Dec.

Jan.

Apr.

Mar.

Feb.

July

June

May

Aug.

LUMBER AND PRODUCTS—Continued
SOFTWOODS— Continued
Southern pine:
1 10 342
Orders, new
mil bd ft
Orders, unfilled, end of period
do
561
1
Production
do
10 674
1 10 574
Shipments
..
do
Stocks (gross), mill and concentration yards,
end of period
mil bd ft
1803
Exports, total sawmill products
thous bd ft
184 793
Producer Price Index, southern pine,
dressed
1967=100..
319.8
Western pine:
Orders new
mil bd ft
9011
Orders, unfilled, end of period
do
407
Production
do
8992
Shipments
do
9014
Stocks (gross), mill, end of period
do
1257
Producer Price Index, other softwood,
dressed
1967 — 100
3855
HARDWOOD FLOORING
Oak:
Orders, unfilled end of period
mil bd ft
73
Shipments
do
1096
Stocks (gross), mill, end of period
...do....
5.7

1 10 630
595
1 10 651
1 10 596

958
577
920
909

958
640
920
892

895
618
895
913

924
628
944
915

719
581
783
766

829
595
761
791

889
612
881
872

890
687
825
816

986
678
968
997

781
618
878
842

910
570
949
949

1031
620
955
982

1863
169 925

1829
11865

1868
15477

1846
14450

1876
15166

1893
16609

1863
9836

1872
13108

1881
13278

1852
15780

1888
17007

1892
19256

1,866
15686

12,059

324.5

317.4

307.9

302.8

836
498
893
891
1340

856
464
839
890
1,289

935
457
891
943
1,260

869
467
872
859
1,273

400 0

392.8

383.0

383.0

r

300.6

321.1

297.1

288.0

283.4

279.6

279.5

288.8

288.8

304.1

9 173
433
9185
9147
1295

763
503
759
759
1308

892
456
921
939
1290

831
460
834
827
1297

816
441
866
835
1328

734
446
733
729
1332

724
433
700
737
1295

747
485
743
695
1343

728
501
736
712
1367

909
553
828
857
1338

3787

3917

3821

3762

3715

3688

3718

3723

3714

379.8

55
1218
6.2

50
99
6.9

46
111
6.1

41
110
6.0

40
124
6.1

42
102
6.0

55
87
6.2

58
11 1
4.7

66
106
4.2

82
122
3.7

86
124
3.6

95
12.5
3.5

88
11.8
4.7

8.8
11.3
4.1

87

73
892
4

74
1,185
1

72
1,063
10

61
960
1

70
898
2

68
803
9

2043
66
13

1966
66
3

1601
46
52

1627
36
22

1,732
39
14

2,060
49
31

5811
4844

2410
3234
5729
4794

2576
3311
6071
4698

2642
3420
6134
4,715

r
2512
r
3,241
r
5,896
r

4,685

2,360
3,116
5,612
4,666

2861
755
1292

3 443
1 106
1209

3 840
1226
1168

4363
4356
1,444

4836
5354
1,742

i,943

2165

2738

r

302.7

385.5

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
Prices, steel scrap, No. 1 heavy melting:
Composite
$ per Ig ton
Pittsburgh district
do
Ore
Iron ore (operations in all U.S. districts):
Mine production
thous IE tons
Shipments from mines
do
Imports
do
U.S. and foreign ores and ore agglomerates:
Receipts at iron and steel
plants
do
Consumption at iron and steel
plants
. ..
do
Exports (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
Producer Price Index basic
6/82—100
Castings, gray and ductile iron:
Orders, unfilled, for sale, end of period
thous sh tons
Shipments, total
.do....
For sale
do
Castings, malleable iron:
Orders, unfilled, for sale, end of period
thous sh tons
Shipments, total
do
For sale
do
See footnotes at end of tables.




1267

2

63
669
1

77
765
1

73
984
2

81
868
1

1,320

2028
40
22

2539
41
47

1303

1700

42
34

30 455
816
70 491
3
5 077

2488
3014
5594
5599

2629
3163
5782
5584

2571
3212
5817
5556

8169
9238

7151
77 54

6615
72 50

7051
77 00

51 269
50883
17*160

48 386
48038
15955

2974
5037
l'337

64 881

61 757

6858

65990
4993
32 146
5187
24017
2942

63658
7 135
29389
5968
21 290
2404

535

828

80

53

41

61

4 114
4333

4 110
4334

3 883
4122

1003

50446
513460
239
984

276
975

10,520
6247

9,751
6050

792
531

817
545

380
180

378
187

26
10

28
14

980
9,498
57

932
9935
32

81
856
1

26163
577
702

24256
611
344

1577

1
36
1
29
1

128
524
65 702
5261

1
51 904
1

52 097

304

3

3
38
3

4

101

2147

1748

41
33

74
22

49
24

2704
3400
6215
5498

2582
2934
5751
5257

2381
2777
5371
5077

2529
3121

7089
7500

6942
73 50

6625
69 50

6621
69 50

4 925
5819
1679

4 102
5 234
3005

4 229
5 536
1320

3 718
4 958
1589

2329
2919
1265

7 139

6 312

5762

5 620

4848

1280

5086
514
29 389
5968
21290
2404

5476
13
27 260
8073
17065
2 122

97

50

66

104

53

4060
4275
246
975

3999
4115
236
97 3

3930
3980
239
97 1

4297
4177
264
976

4002
3825
269
979

4341
4123
257

760
462

896
545

707
429

63i
354

606
402

571
336

603
352

29
14

33
19

30
14

26
13

47
17

36
13

41
14

5235
5 186
1 163
586
29 567
30727
10737
9850
17 248
19 087
1 582
1 790

289
969

1

292
983

4914

811

31 216
8790
20419
2007

39
20

5094
5083
366
509
30 576
29879
7 759
6548
21 029
21 527
1 788
1 804

1,700

4,634

6,685

6,095

5,522
5,425
(2)
218
143
23997
25140
26184
13035
12998
10407
11 102 10,312
13936
650
1 841 1 040

5,347
533
25,048
12,635
11,373
1040

4,655
589

828

98

51

47

75

4284
3,946
r
257
97.8

3,697
3,546
248
97.8

3,526

731
451

r
661
r

612
391

49
19

r
41
r

39
10

5209

4341
3,949
265
979

r

r

434

!5

2,966

Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984

S-25

SURVEY OF CURRENT BUSINESS

September 1986
Annual

,, .,
"

1984

1986

1985
1985

July

Aug.

Nov.

Oct.

Sept.

Jan.

Dec.

Apr.

Mar.

Feb.

June

May

July

Aug.

METALS AND MANUFACTURES-Continued
Steel, Raw and Semifinished
Steel (raw):
Production ...
thous sh tons
Rate of capability utilization
percentSteel castings:
Orders, unfilled, for sale, end of period
tlious sh tons
Shipments total
do
For sale total
do
Steel Mill Products
Steel products, net shipments:
Total (all grades)
tltious 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 and wire products
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 .
.
d
o
Steel mill shapes and forms, inventories, end
of period—total for the specified sectors:
mil. sh. tons ..
Producing mills, inventory, end of period:
Steel in process
mil sh tons
Finished steel
do
Service centers (warehouses), inventory, end
of period
mil. sh. tons..
Consumers (manufacturers only):
Inventory, end of period
do....
Receipts during period
do....
Consumption during period
do....
NONFERROUS METALS AND PRODUCTS
Aluminum:
Production, primary (dom. and foreign ores)
thous. met. tons ..
Recovery from scrap "j"
do
Imports (general):
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 lb..
Aluminum products:
Shipments:
Ingot and mill prod, (net ship.) ..
mil. lb..
Mill products total
do
Sheet and plate
do
Castings
do
Inventories, total (ingot, mill products, and
scrap) end of period
mil lb

1

1

92,528
68.4

88,259
66.1

940
862

890
837

73,739

'73,043

1




7,130
63.2

7,351
65.2

7,051
64.7

6,728
59.7

7,665
69.4

7,171
71.8

66
63

70
67

70
65

70
68

61
58

61
60

54
53

6,064

5,848

6,308

5,654

5,821

6,437

5,799

62
58

5,710

6,924
63.4

7,947
71.9

7,787
73.5

50
49

61
60

6,142

6,283

7,616
69.5

r

64
'62

6,212

6,352
59.2

6,730
63.5

6,007

5,815

4,407

4,345

282

362

362

381

354

333

395

383

411

430

444

433

393

'4,698
'4,327
931
'12,668

321
231
63
777

425
339
57
990

418
326
54
988

440
351
56
1,078

373
328
54
941

384
338
63
862

448
334
73
1,128

370
294
72
993

414
312
74
1,057

404
338
71
1,120

391
352
61
1,106

402
326
50
1,048

418
317
44
1,014

1
7,255
1

4,432
1,484
4,276
1,222
' 4,062

'7,027
'4,326
1,255
4,096
1,136
3,772

355
353
69
279
91
321

492
398
95
406
96
343

530
356
98
334
91
314

559
405
109
364
100
295

509
336
92
325
77
268

452
321
87
307
66
340

632
369
122
324
93
301

507
376
105
288
89
285

562
379
110
308
100
337

608
391
116
264
113
349

582
412
107
226
102
340

547
391
105
229
96
347

524
387
98
236
93
382

36,806
13,133
13,664

'37,069
12,952
13,574

2,690
942
1,000

3,045
1,108
1,067

2,962
1,018
1,057

3,243
1,110
1,202

2,902
1,001
1,051

3,129
1,167
1,129

2,999
1,019
1,093

3,130
1,049
1,151

3,195
1,030
1,214

3,189
1,036
1,180

3,077
999
1,151

2,918
906
1,075

'17,234
'6,052
2,563
12,554
1,036
2,737

17,548
6,407
2,663
12,725
1,059
2,129

4,229
1659
692
2,934
206
498

^

4,586
1,556
676
2,960
209
488

4,346
1,550
652
3,242
253
523

4,367
1,700
674
3,158
211
537

4,337
26,500

4,069
'26,098

1088
6,314

942
6,366

999
6,811

1,098
6,758

25.6

23.5

24.7

23.7

24.2

23.3

7.4
6.2

7.5
6.4

7.4
6.3

7.4
6.2

7.2
6.1

6.0

5.8

6.1

6.0

5.8

5.7

6.0
45.3
44.7

4.1
53.6
57.5

4.7
4.5
4.3

4.5
4.3
4.5

4.3
4.9
5.1

4.3
4.8
4.8

4,099
1,760

3,499
1,728

292
145

289
142

280
149

285
166

975.3
499.8

960.9
463.4

75.9
34.7

80.4
34.9

286.2
224.4

383.0
174.5

41.8
12.4

28.5
17.2

.6105

.4881

.4686

14,655
11,076
6,342
r
2,233

14,462
11,092
65442
r
2,228

7.6
6.0

23.0

23.5

3,341
1,149
1,207

23.6

23.8

23.7

7.2
6.1

6.0

6.0

4.4
4.0
>4.0

4.5
3.9
3.8

6.0

5.9

5.9

4.3
3.6
3.5

4.3
3.7
3.7

4.4
4.0
3.9

251
129

281
147

275
153

284
150

237
138

7.3
6.2

5.6

5.8

6.0

4.0
4.1
4.4

4.1
3.7
5.6

4.2
3.7
3.6

265
139

271
135

273
147

95.0
37.7

76.7
35.1

64.0
37.7

90.5
41.4

29.6
14.1

21.4
16.9

20.5
16.8

13.1
12.8

24.1
20.2

28.1
18.3

20.0
14.1

.4753

.4634

.4573

.4508

.4998

.5525

.5682

1,199
940
557
152

1,234
971
576
178

1,264
922
538
r
!73

1,278
980
556
194

1,123
850
484
'205

1,032
821
491
190

1,174
946
541
200

5,579

5,512

5,439

5,324

5,241

5,165

5,161

r

2

1,397
2
532
2
241
862
56
165
392
2,169

23.8

7.5
6.2

7.5
6.1

7.4
6.0

103.4
45.8

24.1

7.5
6.0

7.4
6.2

7.1
6.3

r

23.9

167.3
41.6

137.0
37.1

131.2
63.3

14.1
18.2

18.7
19.2

12.6
15.9

12.1
12.7

.6157

.5935

.5777

.5674

1,168
913
525
183

1,379
1,030
609
179

1,323
1,064
624
184

r

l,369
1,086
'731
173

1,201
952
611
166

5,158

5,054

5,097

r

5,045

5,047

110.9
41.5

140.9
40.5

144.4
34.0

.5412

1,110.7
1,039.1
890.4
55.2
363.2

89.6
89.0
74.7
5.8
32.0

86.3
77.1
65.3
3.4
30.0

80.7
80.9
68.6
4.0
29.6

93.1
85.6
73.8
4.2
25.9

92.3
77.8
66.7
3.9
28.7

99.3
87.2
75.8
3.7
28.5

95.6
79.7
76.6
3.1
26.5

483.2
390.7

34.2
27.2

31.1
25.7

41.5
34.6

29.7
22.0

50.2
40.4

56.4
49.9

59.6
51.9

52.4
43.9

57.4
49.5

46.6
38.2

69.7
54.9

45.3
36.8

51.8
36.0

463.0
48.1

51.8
5.7

38.1
1.5

37.2
1.3

35.4
.9

25.5
1.1

49.4
1.3

38.3
1.5

45.2
1.2

33.8
1.0

50.6
2.4

38.1
.9

29.6
.8

1,899
361

127
376

153
364

162
355

170
328

146
310

135
313

162
329

.6697

.6677

.6635

.6572

.6668

.6629

.6803

.6988

r

51.0
r
6.8

r

.6825

5,668
52.8

58
57

4,156
4,339
1,239
'13,232

1

Production:
Mine, recoverable copper
thous. met. tons.. 1,091.3
Refinery, primary
do
'1,200.2
From domestic ores
do
'974.1
From foreign ores . .
do
115.9
309.5
Refined from scrap <£>
do....
Imports, unmanufactured (general):
Refined, unrefined,
scrap (copper cont.)
do ....
652.7
Refined
do
521.3
Exports:
Refined and scrap
do
360.7
Refined
do
93.9
Consumption, refined
2,036
(reported by mills, etc.) 0
do....
Stocks, refined, end of period 6....
do....
556
Price, avg. U.S. producer cathode, delivered §
.6685
$ per ib ..
See footnotes at end of tables.

7,010
62.1

.5449

S-26
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984

SURVEY OF CURRENT BUSINESS
Annual

,. h
unns

1984

September 1986
1986

1985
1985

Aug.

July

Sept.

Oct.

Nov.

Apr.

Mar.

Feb.

Jan.

Dec.

June

May

Aug.

July

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 (general), ore (lead content),
metal
do ..
Consumption, total
do...
Stocks, end of period:
Producers', ore, base bullion, and in process
(lead content), ABMS
thous. met. tons..
Refiners' (primary), refined and antimonial
(lead content)
thous. met. tons...
Consumers' (lead content) 6
do....
Scrap (lead-base, purchased), all smelters
(gross weight)
thous. met tons.
Price, common grade, delivered..... . $ per Ib
Tin:
Imports (for consumption):
Ore (tin content)
metric tons ..
Metal, un wrought, unalloyed
do
Recovery from scrap, total (tin cont.)
do....
As metal
do....
Consumption, total ...
do
Primary
do
Exports, incl. reexports (metal)..
do
Stocks, pig (industrial), end of
period
do ...
Price, Straits quality (delivered)
$ per Ib..
Zinc:
Mine prod., recoverable zinc thous. met tons.
Imports (general):
Ores (zinc content)
do
Metal (slab, blocks)
do
Consumption (recoverable zinc content):
Ores
do
Scrap, all types
do....
Slab zinc: @
Production, total $
thous. met. tons ..
Consumption, fabricators
do
Exports
do..
Stocks, end of period:
Producers', at smelter (ABMS)
do....
Consumers'
do
Price, high grade
$ per Ib
MACHINERY AND EQUIPMENT
Heating, combustion, atmosphere equipment, new
orders (domestic), net, qtrly # .. .
mil $
Electric processing heating equipment
do...,
Fuel-fired processing heating equip
do....
Material handling equipment (industrial):
Shipments *
do ....
Industrial supplies, machinery and equipment:
New orders index, seas, adjusted... . 1977—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

2717

2363

562

549

622

2,138
3
572

1,880
541

461
128

427
128

429
138

3219
'5828

4094
5318

565
803
1 207 0 1 1 130 3

1

341
41 1

344
455

30 4
508

36 5
539

321
542

326
434

402
498

361
529

380
532

338
550

79
678

56
1018

20
1004

45
1063

31
907

22
824

63
967

40
854

23
796

17
908

13

37

147

47.5

57.5

71.5

204

629
143
4400
3300
259

936
2789
555
138
4400
3300
269

94
4111

3987
6.5224

4,026
3.4661

8
538

117
401

107.9

61.3

75.6

76.6

70.1

70.1

68.8

61.3

61.7

64.8

58.6

58.0

477
97.1

839
618

1129
681

1066
661

1030
633

925
628

817
652

839
619

869
638

936
652

1051
669

1043
62.1

209
2555

220
1907

229
1888

265
1910

273
1920

238
1893

213
1905

220
1897

240
1835

246
1779

242
1820

254
1873

3,273
41241
11 446
2202
50400
38700
3184

1,633
33831
9045
4
1,176
51600
38900
2875

1
1566
799
168
4200
3200
242

2746
916
156
4400
3300
101

44
3572
752

22
2651
873

210
1480
754

214
3278
730

67
5081
631

4500
3400
341

3354
744
112
4000
3000
333

2523
821

4300
3200
193

22
2805
811
148
4200
3 100
278

4300
3200
272

4000
2900
680

4200
3200
185

4500
3400
307

2592
6.2380

5,665
5
5.9595

2762
62631

2,663
6.2649

2985
61007

4121
6.1046

4913

5665

5310

4692

3,097
4.5579

4,127
3.6425

2528

2175

139

142

148

191

163

188

204

184

196

153

956
6325

914
5687

12
458

31
413

105
523

137
4

130
642

58
665

109
740

140
594

106
578

36
500

681
2514

527
2510

27
205

35
206

45
203

37
208

25
209

67
208

52
201

48
194

35
202

33
20.5

24.6
558

24.6
521
1

25.6
554
2

19.4
563
2

19.4
599
2

21.3
562
2

35.6
439
3361

30.5
486
3287

26.1
485
3088

25.4
459
3122

19.6
450
3213

290.0
'8489
8

301.0
7118
7

J

21.4
526

24.4
559

24.8
568

27.8
589

(2)

(2)

(2)

(2)

(2)

32.3
558
4144

34.3
524
3984

36.2
484
3786

32.4
490
3576

33.9
491
3336

r

q QQO
r

r

24.0
(2)

22.7
(2)

11.3

98

256
609

23.3

35.6
754
4037

'2542
1086
1455

'2395
'1000
'1395

4,246.1

4,272.4

3712

3725

3708

3743

3942

2831

1206

1199

1255

1203

1195

1196

1185

1159

1183

1201

1164

1160

1194

1167

116.6

1417

1443

1423

151 1

144 3

146 4

1452

134 2

1467

144 3

1369

1443

1431

1412

1457

158.8

162.9

163.6

163.3

163.4

163.4

162.9

162.9

163.4

163.6

163.8

164.4

164.5

164.7

165.1

86
91

91
101

91
94

98
104

90
99

97
116

97
101

104
105

109
108

101
100

130 80 124 10
11570 10825
14305 17495
13720 15860
1 407 2 1 3563

15600
13495
129 90
11405
1 3824

100
96

95
101

1 915 80 1 853 10
1 699 55 1 652 15
1 606 50 1 742 25
1 483 85 1 548 50
1 1324 12433

1,000.00
93150
67935
60875
542.2

1
675.00
1
610 00
1

802 95
1 742 95
414.2

149 85
11485
12505
11130
1 4194

50.00
4305
6975
63 25
512.2

5370
4690
7285
63 85
493.0

50.00
3660
6900
62 20
474.0

7385
6925
6940
64 60
478.5

96
105

13500
171 55 116 60
12475
16270 11005
91 50
13940 287 85
12635 22355
7405
1 414 6 1 243 3 1 2868
2355
2095
5975
5290
4423

5845
5320
8650
82 50
4142

5575
5020
5435
50 80
4156

9.0

3297
302
178
124

430
21 1
219

567
224
343

555
247
308

15.4

168 60
16065
123 90
10950
1 331 5

15990
14605
171 55
14820
1 3198

13615
11830
152 10
14005
1 303 9

141 70
118 50
172 45
153 10
1 273 2

4180
3760
7875
76 15
3787

5470
5075
7725
71 10
3562

57.10
5095
5745
5075
3558

r
64.50
r

5850
57 10
r
54
00
r
363.2

106
101

22.2

(2)

43.7
*725
4860

r

74.5

C
93
C

95

15680
14565
24480
22670
1 1852

" 149 75
"120.20
"151 60
"138 45
"1 183 3

44.35
4490
6710
6230
340.4

"39.40
"3425
"3905
"3470
"340.8

9.3

Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984

S-27

SURVEY OF CURRENT BUSINESS

September 1986
Annual

..
IT
vmts

1984

1986

1985
1985

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

Aug.

July

METALS AND MANUFACTURES—Continued
MACHINERY AND
EQUIPMENT-Continued
Tractors used in construction, shipments, qtrly:
Tracklaying (ex. shovel loaders)
units
mil $
Wheel (contractors' off-highway)
units
mil. $ .
Shovel loaders $
units .
mil. $ ..
ELECTRICAL EQUIPMENT
Batteries (auto.-type replacement),
shipments
thous
Radio sets, production, total market .
thous
Television sets (incl. combination models),
production, total market
thous ..
Household major appliances (electrical), factory
shipments (domestic and export) #
thous..
Air conditioners (room)
...do....
Dishwashers
do
Disposers (food waste)
....do....
Microwave ovens/ranges @
do....
Ranges
do. .
Refrigerators
do
Freezers
do
Washers
do
Dryers (incl. gas)
do
Vacuum cleaners (qtrly.)
do
GAS EQUIPMENT (RESIDENTIAL)
Furnaces warm air shipments
thous
Ranges, total, sales
do
Water heaters (storage), automatic,
sales
do

8,917
7854
5602
421.9
45,622
1,791.9

7,321
6287
7080
4866
70,653
2,364.6

59332
46420

58684
40606

22,210

20,525

39,446
3,103
3491
4,085
9,132
3,074
5994
1281
5049
3684

41,797
3,022
3575
4,105
10,883
3142
6080
1236
5278
3914

4073
2885

5359
3243

6156
'4650

992

1,611

1

2,137

3,301
171
307
'275
728
261
668
149
422
298

3,211
68
285
348
838
266
537
131
425
298

3,390
49
313
387
852
279
559
108
476
360

r

2,147
2276
1581
104.4
13,027
405.6

1886
1624
1646
1228
19752
6659

1,826
1554
1655
1084
18,103
600.7
6735
3282

6487
2 256

4776
2096

5634
3179

1

1,641

1,999

* 2,235

1,687

3,672
24
357
364
1,004
311
559
100
528
420

3,459
39
298
334
1,276
270
434
66
405
340

2,984
113
254
305
871
255
335
70
341
284

3,594
131
316
384
1,087
265
448
90
490
375

4,243

4,061

4,662

3760
2630

4089

1,616

1,888

2,045

1,570

1,975

1,583

1,916

3,185
175
287
340
904
254
407
77
399
308

3,466
422
295
339
870
240
419
80
408
314

3,749
456
337
300
879
266
549
99
446
325

3,909
451
301
318
1,051
257
570
106
459
309

4,090
427
317
410
903
301
692
140
494
324

3,985
361
323
296
892
283
730
159
521
358

3,712
89
339
363
1,024
271
605
122
500
356

635.8

3511
1969

1 849
1732

1 822
1828

128
109

182
163

196
185

220
185

181
163

170
158

155
148

150
150

160
167

140
146

151
152

149
181

3,502

3,529

288

274

273

334

288

308

337

323

343

344

270

295

261
8
645.9

243
7
646.4

260
61
646.4

300
118
635.1

294
52
635.1

297
150
636.2

294
195
636.1

78,282 72,686 77,569 73,098 71,654
75,490 65,580 64,192
63,965 54,998 53,810 48,030 51,352
10,782
9,918
9,932
3,553
3,505
3,322
464
743
650
158,033 156,440 159,034
144,896 143,986 147,263 153,949 157,534
13,137 12,454 11,771
3,293
3,177
3,061
8,181
8,489
5,922
5,145
6,089
r
534.5
536.5
538.3
535.4
537.7

71,837

66,963

7,166
534.2

7,579
534.4

PETROLEUM, COAL, AND PRODUCTS
COAL
Anthracite:
Production |
thous. sh. tons..
Exports
..
do
Producer Price Index
1967=100 ..
Bituminous:
Production "f
thous sh tons
Consumption total "j"
do
Electric power utilities
do....
Industrial total
do
Coke plants (oven and beehive)..
do....
Residential and commercial
do....
Stocks, end of period, total t
do....
Electric power utilities
do
Industrial total
do
Oven-coke plants
do
Exports
do
Producer Price Index
1967=100 ..
COKE
Production:
Beehive and oven (byproduct) thous. sh. tons ..
Petroleum coke §
..
do
Stocks, end of period:
Oven-coke plants total
do
At furnace plants
do
At merchant plants
..
do
Petroleum coke
.... . . .
do
Exports
do
PETROLEUM AND PRODUCTS
Crude petroleum:
Producer Price Index
1967—100
Gross input to crude oil distillation
units ®@
...mil. bbl..
Refinery operating ratio @@
% of capacity..
All oils, supply, demand, and stocks: @@
New supply total Q
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.




4,162
680
611.3

3,907
1,286
616.3

891,759
788,203
663,329
117,214
43,987
7,660
190,410
173,017
17,393
6,158
80,792
543.5

882,189
815,134
692,808
115,856
41,029
6,469
162,977
149,188
13,789
3,409
91,361
543.5

30,561
32,131

28,651
33,204

3,716
3,363
353
968
1,130

2,553
2,148
404
1,232
1,179

669.8
4,471.0
76

338
64
614.8

340
168
614.8

316
119
615.2

371
250
615.5

321
164
622.9

328
55
622.9

69,010 79,478 73,818 80,117 69,288 70,010
73,960 72,899 66,473 64,766 64,589 74,874
64,160 62,980 56,706 54,884 54,228 63,316
9,749 10,775
9,195
9,303
9,344
9,488
3,190
3,311
3,163
3,434
3,358
3,417
612
783
572
456
579
431
172,136 168,888 168,945 172,797 170,400 162,977
156,852
149,188
158,858 155,716 155,880 159,491
13,278 13,172 13,065 13,306 13,548 13,789
3,384
3,409
3,334
3,359
3,749
4,164
7,969
7,162
7,247 10,245
7,975
8,492
534.2
537.1
545.6
540.4
547.0
546.7

2,978

7,150
2,684

994
117

1,059
62

3,217
2,831
386
950
162

619.4

618.9

614.1

4,440.2
78

392.6
81

2,962

2,705

7,252
3,006

2,828

3,166

3,158

1,207
52

1,183
18

2,319
1,898
421
1,456
83

1,403
67

1,454
113

1,366
83

81

624.3

618.1

489.0

353.1

300.7

300.4

300.9

273.8

395.1
81

389.5
80

338.0
78

364.3
76

377.1
81

411.6
86

400.2
86

2,899

6,689
3,305

1,064
101

1,050
128

2,553
2,148
404
1,232
87

615.5

618.5

621.4

378.9
78

362.9
77

383.3
79

378.9
80

2,942

3,097

r

5,851.7

5,730.9

480.4

471.2

466.6

488.5

502.6

514.8

499.2

428.4

472.2

471.6

510.7

516.3

3,249.7
613.1

3,274.6
607.5

277.4
49.6

272.9
52.1

268.6
48.9

278.1
51.7

267.1
52.1

279.9
54.2

277.2
55.0

250.3
48.9

277.1
51.4

264.4
47.9

273.0
51.4

263.7
48.4

1,368.8
620.2
102.6
6,018.7

1,308.6
540.3
-37.5
6,024.6

112.9
40.4
5.3
499.3

111.5
34.6
-22.5
521.0

104.6
44.5
8.7
477.1

110.4
48.4
-6.9
515.6

130.4
52.9
27.9
496.0

123.6
57.1
-4.6
543.6

112.1
54.8
21.3
520.0

90.2
39.1
-22.7
473.6

101.1
42.6
-26.0
523.7

122.5
36.8
8.8
497.0

136.8
49.6
25.6
513.5

150.0
54.1
35.3
498.6

66.2
196.9

74.5
209.9

4.8
16.1

7.5
15.7

5.6
18.5

3.8
17.6

8.6
22.4

6.1
22.5

4.9
21.5

4.5
19.6

6.6
15.3

2.8
21.9

3.0
19.0

7.2
11.5

533.7

261.9

S-28
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984

SURVEY OF CURRENT BUSINESS
Annual

September 1986
1986

1985

TTnita
C)nus

1984

1985

July

Sept.

Aug.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

5018
2169
40
982
432
373
46
67
476
14890
8378
4969

4723
2135
17
882
397
376
41
12.1
404
1 4803
8369
4988

4914
2179
24
859
413
387
55
163
404
15058
8287
4999

4799
2170
11
744
405
39.4
4.2
19.3
41 1
1541 1
8272
5018

Aug.

July

PETROLEUM, COAL, AND PRODUCTS—Continued
PETROLEUM AND PRODUCTS t— Continued
All oils, supply, demand, and stocks—Continued
Domestic product demand total # mil bbl
Gasoline ....
do
Kerosene
do
Distillate fuel oil
do
Residual fuel oil .
..
do
Jet fuel
do
Lubricants.
do
Asphalt
do
Liquefied petroleum gases
do
Stocks, end of period total
do
Crude petroleum
do
Strategic petroleum reserve
do
Unfinished oils, natural gasoline, etc
do
Refined products
do
Refined petroleum products:
Gasoline (incl. aviation):
Production
...
do
Stocks, end of period ... ... ...
do
Prices, regular grade (excl. aviation):
Producer Price Index $
2/73=100 ..
Retail, U.S. city average (BLS):
Leaded
$ per gal..
Unleaded
..
do
Aviation gasoline:
Production
mil. bbl .
Stocks, end of period
do
Kerosene:
Production
do
Stocks, end of period
do
Producer Price Index (light
distillate) $
1967=100..
Distillate fuel oil:
Production
mil bbl
Imports .
do
Stocks, end of period
....
do
Producer Price Index (middle
distillate) $
1967=100..
Residual fuel oil:
Production
.
mil bbl
Imports
do
Stocks, end of period
do
Producer Price Index $
1967—100
Jet fuel:
Production
mil. bbl ..
Stocks, end of period
do
Lubricants:
Production
do
Stocks, end of period
.
do
Asphalt:
Production
do
Stocks, end of period
do
Liquefied petroleum gases:
Production, total
do
At gas processing plants
(LPG)
do
At refineries (L R G )
.
do
Stocks (at olants and refineries)
do ...

57556
24582
422
1 041 2
5012
4302
570
1495
5755
1 556 2
7959
4505

57401
497 9
4784
25033
2256
2183
416
27
16
10468
75 5
817
4388
362
328
4447
375
377
531
43
50
1551
21 1
216
440
43 7
5836
1 518 8 1 516 3 1 4938
8056
8142
810 5
4933
4835
487 1

4530
1998
23
773
309
363
41
191
453
1 5024
8066
4893

494 2
465 1
2146
2037
30
31
899
824
323
387
390
383
48
38
167
102
55 6
48 6
1 495 5 1 5234
8036
8124
4899
491 5

5150
4936
4496
2114
2017
1808
77
42
57
1009
967
1005
460
44 5
404
417
397
358
34
35
39
61
62
40
589
557
490
1 518 8 1 537 8 1 5150
8142
8273
8263
4944
4933
4954

1547
551 1

1455
5427

1479
5479

1488
5431

1521
5589

1480
5566

1510
5605

1511
5366

1457
5056

1503
4930

1541
5230

156.7
557.2

2371 1 23523
1924
2079

2115
1944

2123
1904

1898
1897

1978
1823

1952
1856

2067
1924

2028
2035

1772
2090

1886
1872

1958
1767

2207
1915

214 1
1997

515.1

507.3

539.3

526.7

513.6

506.1

520.1

523.0

486.5

427.7

327.8

310.4

348.4

361.4

1.129
1212

'1.115
2
1202

1.154
1242

1.143
1229

1.129
1216

1.117
1204

1.123
1207

1.123
1208

1.107
1 194

1.034
1 120

.894
981

.815
888

.852
923

.885
955

91
27

9.3
21

11
23

11
23

9
23

7
22

8
23

5
21

6
21

9
24

.7
22

.9
21

10
20

1.1
21

418
119

34.5
7.5

24
76

28
80

30
87

36
96

35
105

41
75

45
73

36
67

31
61

25
69

18
63

1.5
6.7

870.3

809.3

779.8

780.3

780.6

795.2

806.3

812.7

795.6

750.2

684.6

584.8

523.8

504.4

9812
994
161 1

9809
731
1437

820
30
1157

804
25
1138

778
67
1174

900
81
1234

931
84
1397

984
89
1437

899
97
1390

718
36
1128

820
67
993

837
44
953

886
45
978

820
49
1088

1398
6206

1480
5566

287.0

282.5

.822
890

.778
843

452.9

413.3

880.5

821.5

754.9

743.6

800.5

841.3

887.5

905.5

830.2

631.6

519.1

504.3

476.4

452.9

371.7

406.5

3262
2492
530
1 1196

3220
1863
504
9831

227
136
405
9082

230
131
372
8907

242
185
434
8897

283
168
504
8840

280
188
503
8857

327
211
504
9552

289
195
481
8778

240
162
427
7565

251
177
388
6472

278
151
359
r
5173

283
206
396
5231

245
206
430
499.8

4347

360.8

414.3
420

433.9
405

365
430

364
417

358
420

384
423

390
432

384
405

414
416

377
44 i

400
474

34.8
453

37.2
450

38.3
403

583
127

531
118

46
125

47
122

46
125

47
122

34
116

39
118

44
124

45
126

42
120

43
120

50
113

44
11.3

1413
172

1463
212

169
248

180
232

149
202

140
183

104
19 5

69
212

67
224

64
252

83
273

115
273

158
278

173
270

6209

6220

531

530

500

517

515

554

581

518

536

512

545

51.6

4882
1327
100.8

4793
1426
73^5

39 2
139
98.0

39 9
13 1
101 0

382
118

407
11 0
897

408
107
840

43 1
123
73.5

445
136

399
119
fi7.fi

417
119
70.4

388
124
76.5

405
140
87.0

384
13.3
97.5

7 294
7478
5433

7 591
7,742
5335

7277
7,499
4910

7372
7,563
4851

lr 358
891

1
443
r
844

1384
843

r

4807
107
3909

992

70.4

PULP, PAPER, AND PAPER PRODUCTS
PULPWOOD
Receipts
thous cords (128 cu ft )
i 88 876 11 85 503
1
Consumption
do
87 646 85 744
Inventories, end of period
do
5574
5046
WASTE PAPER
1 15 926 1 15 290
Consumption
thous sh tons
Inventories, end of period
do
1053
978
WOODPULP
Production:
1
Total
thous sh tons
55 470 1 54 170
Dissolving pulp
do
1 206
1 174
Paper grades chemical pulp
do
44690 43696
Groundwood and thermoluechanical.... ,
do
5251
5506
Semi-chemical
do
4050
4069
Inventories, end of period:
At pulp mills:
Own use woodpulp
. .
do
174
163
Market pulp
do
585
475
Market pulp at paper and board
492
mills
do
545
13694 13794
Exports all grades total
do
Dissolving and special alpha
do....
595
631
A l l other .... .
.
.
do
'2999 '3161
14490 '4466
Imports, all grades total
.
do
Dissolving and special alpha
do....
117
146
All other
. ...
do
M343 '4349
See footnotes at end of tables.




7 oo3
7022
4881

7 015
6925
4970

6913
6904
4958

7 880
7666
5312

6914
7 112
5062

6 861
6907
5046

8088
7880
5491

7 483
7261
5807

1 212
1 Oil

1 294
958

1 266
958

1 364
999

1 286
957

1 207
1 053

1 399
954

1 287
906

4492
87
3626

4518
77
3666

4433
82
3604

4595
106
3683

4499
97
3648

4385
93
3555

4846
107
3931

4407
95
3576

4844
109
3922

4763
97
3859

447
332

427
348

423
324

454
353

421

408
328

463
346

425
311

467
346

459
347

186
563

180
541

184
502

175
507

537

163
475

165
444

157
422

143
372

149
365

414
334
52
282
392
14
378

410
303
35
268
387
5
383

407
298
35
263
340
18
322

426
269
45
224
355
6
349

448
363
56
307
401
14
387

492
295
42
253
339
4
335

504
368
55
312
383
17
366

528
196
48
148
335
6
329

543
414
57
357
145
15
130

529
358
62
296
349
17
332

OOO

190

r

lr 431
887

r

4771
110
3856

r

r

466
340

447
345

164
365

171
345

r

456
368
54
315
370
16
355

r

480
365
63
303
422
6
417

294
46
254
401
5
396

Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984

S-29

SURVEY OF CURRENT BUSINESS

September 1986
« ..
unus

Annual

1984

1986

1985
1985

Aug.

July

Sept.

Nov.

Oct.

Jan.

Dec.

Apr.

Mar.

Feb.

June

May

Aug.

July

PULP, PAPER, AND PAPER PRODUCTS—Continued
PAPER AND PAPER PRODUCTS
Paper and board:
Production (API):
Total
thous sh tons 1 68 450 1 67 055
5384
Paper
do
2762
34*411 34021
Paperboard
do
34039 33 034
2622
Producer price indexes:
Paperboard
..1967= 100 ..
267.8
281.4
274.6
Building paper and board
do....
259.0
259.9
257.2
Selected types of paper (API):
Groundwood paper, uncoated:
Orders, new
thous sh tons
'1575 i \ 477
124
Orders, unfilled end of period
do
117
140
106
1
Shipments
do
119
1565 J1516
Coated paper:
Orders, new
do .
452
'6281 '5642
Orders unfilled end of period
do
575
423
393
Shipments
do
470
5875
6249
Uncoated free sheet papers:
1
Orders, new
do
8
939
761
'9704
J
Shipments
.. . .do
9474 *9 991
812
Unbleached kraft packaging and industrial
converting papers:
X
Shipments.
thous sh tons
280
3666 '3403
Tissue paper, production
do
407
'4921 7 4 941
Newsprint:
Canada:
Production
thous metric tons
717
9013
8988
Shipments from mills
do
729
8996
9018
Inventory end of period
do
368
290
298
United States:
Production
. •
do
416
4924
5025
4927
5065
Shipments from mills
... . .do .
403
Inventory end of period
do
84
57
60
Estimated consumption, all
888
11431 11 580
users A
do
Publishers' stocks, end of period #
962
thous metric tons
910
874
668
Imports
thous sh tons
8472
7899
Producer Price Index,
333.0
323.1
standard newsprint
1967 = 100..
332.5
Paper products:
Shipping containers, corrugated and solid
fiber shiDments
mil. sa. ft. surf. area.. 267.547 264.128 r22.257

5849
2923
2926

r
6045
r

r
5904
r

2,926
2978

5742
2,848
2893

267.6
260.8

266.3
262.3

268.6
262.5

270.5
262.0

128
115
127

127
103
127

115
r
99
120

139
117
123

158
153
128

490
404
488

533
428
504

r
479
r

r
487
r

r
529
r
424
r

552
503
482

890
916

827
826

879
929

r

866
875

r
904
r

r
875
r

895

889
891

271
410

290
428

263
399

295
436

292
424

282
444

274
421

285
360

747
760
371

696
111
290

772
713
349

726
696
379

747
754
373

777
800
349

783
111
361

770
807
324

818
758
384

407
420
73

397
406
65

398
406
57

420
387
90

394
394
90

444
434
99

409
415
93

446
443
96

420
425
90

433
433
89

985

1051

1041

1,015

918

881

1,004

1,000

r

993

953

988
672

962
740

935
744

889
691

910
683

920
708

927
722

904
708

889
659

870
752

r

869
678

886
090

334.9

333.9

329.3

329.8

330.2

324.1

324.5

324.3

324.1

324.1

323.1

323.6

23.167

22.037

25.515

20.726

19.594

24.075

21.306

22.567

25.174

23.365

23.419

23.976

5772
2870
2903

5546
2775
2772

5821
2942
2879

5 585
2818
2767

5396
2740
2656

5924
2985
2940

5471
2759
2713

6065
3031
3034

265.8
258.6

266.0
260.0

265.8
255.2

266.4
254.8

266.7
253.6

264.6
253.3

265.7
254.8

267.0
257.2

124
103
134

129
111
123

161
122
147

126
111
137

105
106
112

142
118
128

115
116
117

448
385
484

459
424
437

511
424
481

474
426
472

444
393
448

547
400
521

808
853

785
817

912
890

869
839

775
832

281
413

315
396

290
432

273
411

766
749
384

722
705
402

771
788
384

414
412
86

405
405
86

949

r

405
510

2,980
3065

402
497

897

1,035

504

RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
Consumption
thous metric tons
75074 774 68
Stocks, end of period
... . do
9639
9517
Imports, incl. latex and guayule
thous. long tons .. 786.01 779.80
Price, wholesale, smoked sheets
2
(N.Y.)
$ per Ib
495
418
Synthetic rubber:
Production
thous metric tons 2 155 96 1 907 07
Consumption
do
2 062 30 1 874 72
Stocks, end of period
do
37205 34895
Exports (Bu of Census) .
thous. Ig tons
327 91 306 93
TIRES AND TUBES
Pneumatic casings, automotive:
Production
thous 1 209 375 1 195 972
Shipments total
do
242 454 242 049
Original equipment
do
58770 62*536
Replacement equipment
do
176 287 173 553
Exports
.. .. do
7397
5960
Stocks, end of period
do .
39623 39823
Exports (Bu of Census)
do
6410
5627
Inner tubes, automotive:
Exports (Bu of Census)
do
1612
1 123
See footnotes at end of tables.




5536
9793

47 30
93 93

68 12
8491

47 15
8107

6571
8513

5237
9517

59 43
9695

7183
9690

7127
10042

8194
98.58

4546
98.63

59.97

45.30

40.73

69.44

71.81

64.49

63.64

70.32

76.62

83.12

47.64

54.01

68.96

403

418

418

438

425

398

15036
13978
29579
2221

154 21
15064
41353
2495

16033
171 57
39728
2760

153 64
17431
37494
2533

149 17
15400
36700
2213

13176
14027
34895
2544

16652
16066
35275
2349

15838
14691
35299
2766

18914
17573
39765
2400

17857
15756
40296
3539

17333
178.45
39647
25.71

25.04

26.34

12989
19326
4 447
14*502
377
44349
433

16635
21 054
4759
15819
476
43553
397

16 844
22 683
5*336
16868
479
41 514
339

17 626
22638
5593
16667
378
40425
444

15 198
19 290
5128
13*797
365
40023
322

13786
17916
4233
13 274
409
39,823
404

16306
19407
5 603
13 366
438
40,717
409

15966
16966
5323
11 168
475
43,499
365

16968
18910
5429
13021
460
45,359
450

16037
20442
5,459
14526
457
44,519
386

15003
20,014
5,417
14229
368
44,741
434

14647
22107
5,532
16229
346
40,009
334

350

86

75

70

91

118

72

75

69

90

57

65

60

57

(2)

274.1
261.8

322.2

S-30
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984

SURVEY OF CURRENT BUSINESS
Annual

,. ..
vans

1984

September 1986
1986

1985

July

1985

Sept.

Aug.

Nov.

Oct.

Dec.

July

Jan.

Feb.

Mar.

Apr.

May

June

43197

44,809

Aug.

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 so ft
Producer Price Index, Brick (common), f.o.b.
plant or N.Y. dock
1967 — 100
GLASS AND GLASS PRODUCTS
Flat glass, mfrs.' shipments
thous. $..
Glass containers: t
Production
thous gross
Shipments, total
do
Narrow-neck containers:
Food
do
Beverage.
.
do
Beer
....
do
Liquor and wine
do
Wide-mouth containers:
Food and dairy products
. do
Narrow-neck and wide-mouth containers:
Medicinal and toilet.....
do
Chemical, household, and industrial
do
Stocks, end of period
do
GYPSUM AND PRODUCTS
Production:
Crude gypsum (exc byproduct) thous sh tons
Imports, crude gypsum
.
Sales of gypsum products:
Uncalcined
Calcined:
Industrial plasters
Building plasters, total
(incl. Keene's cement)
Board products, total
Lath..
Veneer base
Gypsum sheathing
Regular gypsum board
Type X gypsum board
Predecorated wallboard
5
/ie mobile home board

1

435 787 1 445 585

45941

46 883

43 335

45968

33 186

26718

28904

23660

32340

41463

7005
78

657 5
83

671 9
79

519 6

4304

4876

4080

5437

6817

420

369

56
242

35
213

39
199

29
129

49
173

55
270

33 5

389

34 6

354

30 6

308

318

362

69906

68337

674 5

527

728

4426

4367

56
557

4087

393 5

344

381
359

955,088 S1,174,38C
24645
25992

25236
25611

23259
23216

25416
23949

22627
19754

26170
61575
90796
24429

23770
60085
83777
25975

2124
6279
7970
2639

2173
5893
7413
2786

2229
4825
6636
2289

2012
4 870
6970
2128

1528
4088
5859
1822

1 433
3882
6316
1 831

1 859
4303
7209
1848

64302

59935

5436

5689

5618

6201

4876

4217

20311

17322

1386

1405

1497

1558

1412

2367
42918

1957
38843

158

252

122

210

169

36527

35324

36073

37781

14784
17135
9922

1 300
1502

do

1 14 390
14829
8904

798

do

'4544

4386

do

'522

544

249
32
407
323

11474
'5083
'125
'880

6862

53

r

308

53
280

r

372

373

5

r

25 926
24 959

25919
25911

25353
23 127

25291
25787

1 911
4065
6542
1883

2405
4861
7222
2276

2229
6173
7878
2585

r

2313
5884
7742
r
2582

2161
5856
8080
2895

5295

4935

4704

4970

r

4649

5,105

1,291

1767

1,815

1,510

1,795

1,685

1,712

152

177

161

149

157

104

102

40 194

38843

38568

40484

42152

41248

42 396

42210

1262
1366

1919
1511

1084
1 173

1 135
1542

1378
1543

1363
1446

1342
1445

694

804

640

659

784

958
317

18085
19122

22887
22458

23649
21312

r

r
r

r

1 430
1*632

870

1352
1 416
1071

820

739

1276
1473
1074

415

446

429

377

358

374

271

266

212

266

253

48

49

44

51

43

36

46

41

47

15

13

14

214

19

19

17

19

17

15

16

15

24

25

23

23

19 431

1674

1718

1586

1883

1620

1585

1696

1369

1697

1880

1712

1628

1 135

34
28
974
460
11
66

28
432
328

11631
5507

128
853

2
37
29
992
486
11
69

1358
1499

309,975

284,475

312,221

302,418

273 695
272 821

18324

6784

(4)

3503

291 682
289 950

do
mil sq ft
..
do
do
do
do
do.
do .
do....

r

3
37
27

1021

488
12
81

3
37
28
938
455
10
72

2
40
30

530
12
82

2
39
23
962
451
10
53

3
41
32

2
39
28

1014

487
11
59

2
30
20
819
397
9
56

668
258
410
570
228
342
516
189
327

593
238
355
570
230
340
543
198
345

3
571
3
223
3

595

499

492

12 897
12 897
1490
10726

12 121
12 120
1 125
10271

11 478
11 477
1890
9,624

1037

472
10
63

2
43
31

1 135

41
31
1009

496
11
70

530
11
76

2
40
28
960
481
10
60

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 ^
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.




7538
2,515
5,022

6967
2623
4343

629
276
354

582
228
354

12,545
12,982
5 628

12 988
13,432
^5268

11 442
11441
3,208
7,551

13 683
13682
2374
10,696

682

612

584
215
369
613
237
376
535
180
355

3
624
3
226
3

589
236
354
535
179
356

586
218
368
602
243
359
539
166
373

2431

12365

396
153
243
596
237
359
539
172
367

574
229
345
621
254
367
525
173
351

3
728
3
268
3

70

681

369

458

4 055
4054

16777
16776
1326
2,830

425

2,908

721

686

460

6246

10052

560

562

477

15 820
15820
11 464
3726

15372
15372
8*648
6*165

14326
14325
4793
8963

3

630

559

569

398

582
228
354
533
183
349

3

486

13 683
13 682
2374
10696

612

348

571
223
348
520
190
330

700
267
432
567
227
340
539
188
351

r

570

223

r

347
562
228
r
344
r
525

3
567
3
221
3

346

r

567
220
347
497
158
339

r

r

187

338

147

624
10,506

3

681

724

764

3

620

503

10725
10724

10 162

902

'737
8,645

9,035

787

lo'iei

779

r

489

3

512

9 528
9527

9045
9044

7,931

8,124

787

809

150

770

Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984

S-31

SURVEY OF CURRENT BUSINESS

September 1986
,. ..
uniis

Annual

1984

1986

1985
1985

Aug.

July

Nov.

Oct.

Sept.

Dec.

Jan.

Apr.

Mar.

Feb.

May

June

Aug.

July

TEXTILE PRODUCTS—Continued
COTTON AND MANUFACTURES— Cont.
Cotton (excluding linters)—Continued
Exports
thous running bales
6 516
4756
Imports
thous net-weight bales §
12
46
Price(farm), American upland <>...... .cents per Ib ..
57.5
54.7
Price, Strict Low Middling, Grade 41, staple 34
3
3
(IVie"), average 10 markets
cents per Ib.
731
605
Spindle activity (cotton system spindles):
Active spindles, last working
day, total
mil
131
125
Consuming 100 percent cotton
do
50
47
Spindle hours operated, all
fibers, total .
.
bil
846
755
Average per working day
do
327
270
Consuming 100 percent cotton
do
309
27 4
Cotton cloth:
Cotton broadwoven goods over 12" hi width:
Production (qtrly.)
mil. sq. yd ..
4002
3,921
Orders, unfilled, end of period, compared
with average weekly production
no weeks' prod
128
96
Inventories, end of period, compared with
avg. weekly production. . .no weeks' prod
43
45
Ratio of stocks to unfilled orders (at cotton
mills) end of period
34
47
Exports, raw cotton equiv. thous.
480 Ib bales
1709
2205
net-Weight . .
Imports, raw cotton equivalent
do
1 053 2 9952
Producer Price Index, gray cotton
broadwovens
12/75—100
1584
1556
MANMADE FIBERS AND MANUFACTURES
Fiber production, qtrly:
Acetate filament yarn
mil Ib
1982
2046
Rayon staple, including tow
do
3892
3527
Noncellulosic, except textile glass:
Yarn and monofilaments
do .. 3,524 4 3,790.2
Staple incl. tow
do
39473 37733
Textile glass fiber . . . . . .
do
13940
Fiber stocks, producers', end of period:
Acetate filament yarn
mil Ib
124
123
Rayon staple, including tow
do. ..
285
22.5
Noncellulosic fiber, except textile glass:
Yarn and monofilaments
.do
3017
2925
Staple, incl. tow
do
3527
3118
Textile glass
fiber
'.
do
2100
Manmade fiber and silk broadwoven fabrics:
Production(qtrly.), total #
mil. sq. yd.. 11,852.4 10,796.6
Filament yarn (100%) fabrics #
do.... 4,947.8 4,754.9
Chiefly rayon and/or acetate
fabrics
.do .
Chiefly nylon fabrics
do ..
579.0
3718
Spun yarn (100%) fabrics #
do.... 5,615.7 4,903.1
Rayon and/or acetate fabrics, blends
do
1129
365
Polyester blends with cotton...
.. do
43177 38440
Acetate filament and spun
yarn fabrics
do .... 1,057.0
866.6
Producer Price Index, gray synthetic
broadwovens
12/75—100
1520
1472
Manmade fiber textile trade:
Exports, manmade fiber equivalent
mil Ibs
48787 460 68
Yarn, tops, thread, cloth. . .
do
17906 20629
Cloth, woven..
do
10940 12487
Manufactured prods., apparel,
furnishings . .
do
30881 25439
Imports manmade fiber equivalent
do
1 342 57 1 378 28
Yarn, tops, thread, cloth. . . .
do
22746 16838
Cloth, woven.
do
154 95
9361
Manufactured products, apparel,
furnishings
do
1 115 10 1 209 90
Apparel, total
do
68747 78702
Knit apparel
do
270 57 33476
WOOL AND MANUFACTURES
Wool consumption, mill (clean basis):
Apparel class
mil Ib
1290
1061
Carpet class
do
13 1
10 6
Wool imports, clean yield .
do
942
795
Duty-free
do
30 9
29 3
Wool prices, raw, shorn, clean basis, delivered
to U.S. mills:
Domestic—Graded territory, 64's, staple 2%"
and up
dollars per Ib .,
1.92
228
Australian, 64's Type 62, duty-paid . . do
263
219
Wool broadwoven goods, exc. felts:
Production (qtrly )
mil. sq yd
1594
1383
FLOOR COVERINGS
Carpet, rugs, carpeting (woven, tufted, other),
shipments quarterly
mil sq yds
1 1149 1 1592
APPAREL
Women's, misses', juniors' apparel cuttings:
Coats
.....thous. units.
12,242 10,540
Dresses
do
158 968 152 060
Suits (incl pant suits jumpsuits)
do
11433 10986
Skirts
do
97529 93577
Blouses
. . thous dozen
33940 31234
See footnotes at end of tables.




252
(i)
60.5

193
1
56.0

187
(i)
55.1

207
9
56.7

223
4
56.0

187
12
53.3

396
5
53.0

180
1
55.4

176
(i)
55.0

163
(i)
56.4

76
(i)
56.9

55
(i)
56.4

596

579

564

56 1

560

562

584

598

61.8

62.6

64.0

65.2

125
46

126
46

125
46

124
45

122
45

125
47

125
47

125
45

122
44

123
45

12.3
45

12.2
45

49
246
18

59
297
22

•*74
295
21

63
313
22

63
314
22

4

76
305
27

65
325
23

4

78
311
27

r

4

933

63
254
27

4

62
312
21

4

64
319
22

82

96

93

10 7

142

98

11 1

11 1

122

123

43

41

39

39

44

34

37

35

33

31

51

53

41

41

36

31

29

33

31

27

25

157
779

216
694

247
879

174
91 1

156
951

147
963

175
1114

201
1043

236
1231

235
1114

274
1010

236
98.8

1554

1535

1532

1556

1557

1551

1544

153.6

154.0

489
941

543
951

547
99.7

967.1
9117

952.3
9730

979.1
9727

965.0
9795

166
224

123
225

13.3
19.7

12.5
20.5

C
2994
C

3050

2925
3118

317 1
3323

307.9
330.5

26526
1,161.2

2,696.4
1,229.9

806
12190

845
1 181 1

61
9573

90
9209

2049

r

146.7

148.1

4707
2230
1091

4720
19 18
10.54

4103
1794
10.85

2229
11766
1326
644

2477
111 25
1355
670

2801
13241
1452
7.21

2310
14446
1570
7.74

10440
6774
2692

9771
6164
2805

11789
7662
3832

12877
8851
4572

75
28

10.8
9
8.0
22

11.4
6
8.6
24

1.88
238

1.98
2.52

1.98
2.42

1461

1462

1466

1470

1471

147 1

1473

1472

3802
17 18
1145

4229
1967
1194

39 87
19 53
1258

38 83
1819
1071

38 44
1926
1250

33 50
1529
827

4088
1874
1012

3608
1558
934

4242
2012
1072

2084
13698
1534
831

2262
11898
1239
630

2034
139 60
1361
646

2064
11639
862
397

19 18
10682
878
331

18 21
99 65
732
285

22 14
127 98
956
498

2050
11767
1102
557

12164
8802
40 27

106 59
7384
3530

125 98
8189
3863

107 76
6821
31 82

9804
5931
23 96

9233
5631
2047

11843
7440
27 82

10664
7034
27 13

104
4
11
69
17

86
8
71
27

88
7
55
17

1.93
224

1.93
224

1.93
217

1.93
230

1,128
10753
778
7504
2485

81
11
45
17

1.93
226

1,378
10 721
895
7807
2,635

4

4

80
24

11 1
g
88
25

116
r
8
76
20

1.93
222

193
231

1.89
229

1.80
231

4 7

340

3012

2877
1,289
12322
1396
9002
2916

774
10280
1 172
7200
2554

4

126
4
11
102
25

S9

243

1,264
11033
1002
7584
2559

154.8

148.3

148.0

212.2

1464

65
7
73
38

153.6

484
872

C

154.4

63
313
*21

89

153.8

26.8

4

r

45

1549

52.3

65.7

944

1,045

955

21
(i)
58.6

r

508
10327
1087
6870
2088

147.9

r4

13.5
4 9

374

449
14324

515
13134

626
13776

693
14085

619
10545

926
9858

8693
2620

8671
2530

9120
2425

8574
2504

7484
2232

7478
2506

7.8
25

1.93

1.90
2.29

S-32
Unless otherwise stated in footnotes
below, data through 1984 and
methodological notes are as shown in
BUSINESS STATISTICS: 1984

SURVEY OF CURRENT BUSINESS
,, ,.

1984

September 1986
1986

1985

Annual

1985

Aug.

July

Nov.

Oct.

Sept.

Jan.

Dec.

Mar.

Feb.

Aug.

July

June

Apr.

May

1 002
1662
10551
12,917
4421
28,452

1 485 1592
8,029
9138
16,123
13,758
4019
3575
25,127
23,734

TEXTILE PRODUCTS—Continued
APPAREL— Continued
Men's apparel cuttings:
Suits
thous units
Coats (separate) dress and sport
do
Trousers (separate), dress
do
Slacks (jean cut), casual.....
do .
Shirts, dress and sport
thous doz
Hosiery, shipments
thous. doz. pairs..

12 543
20864
122 965
179 496
40783
309,357

12403
19794
116413
186 355
40 363
308,660

719
1 432
8265
15569
2932
29,388

992
1 860
10244
18169
3 538
23,364

1 054
1 868
9313
14908
3317
24,648

1 092
1 924
9546
17578
4082
30,111

1 042
1 615
9080
17678
3 523
28,412

893
1 288
7219
12763
3 041
22,891

984

959

888

1 550
10188
16035
3 755
24,239

1 516
10166
15949
3890
24',442

1 503
10338
12 599
4072
25,537

819.7

1,337.2

860

987

27,870

TRANSPORTATION EQUIPMENT
AEROSPACE VEHICLES
Orders, new (net), qtrly, total
mil $ 3 104,863 110,450
3
U.S. Government
do
66,968
69,722
3
Prime contract
do
101,556 107,915
Sales (net), receipts, or billings, quarterly,
3
total
do
88,941 100,144
3
U.S. Government.
.
do
55,777 63,515
Backlog of orders, end of period #
do .... 3 132,507 142,813
3
U.S. Government
do
85,626
91,833
3
Aircraft (complete) and parts
do
56,587 62,553
3
Engines (aircraft) and parts
do
13,602
13,638
Missiles, space vehicle systems, engines,
propulsion units, and parts
mil. $.. 3 17,823 18,192
Other related operations (conversions, modifications), products, services...
mil. $.. 3 17,881
19,091
Aircraft (complete);
7,911.5 10,939.9
Shipments t
do.
33,450
40,872
Airframe weight t •
thous. lb..
Exports, commercial
mil $
3,989
6,252
MOTOR VEHICLES (NEW)
Passenger cars:
Factory sales (from U.S. plants):
Total
thous
7,621
8,002
Domestic. . . . . .
do
7,030
7,337
Retail sales, total, not seas, adj
do ....
10,394
11,039
Domestics §
do
7,952
8,205
Imports §
do
2,442
2,834
Total, seas. adj. at annual rate
mil
Domestics §
do.
Imports §
do ....
Retail inventories, end of period, domestics: §
Not seasonally adjusted
thous ..
1,415
1,630
Seasonally adjusted
do....
1,411
1,603
Inventory-retail sales ratio domestics §
2.1
2.3
Exports (BuCensus), total
do....
613.66
701.16
To Canada
.
do
589.30
677.19
Imports (ITC), complete units
do.... 3,559.4 4,394.9
From Canada, total
do
'1,067.4 1,146.3
Registrations 6, total new vehicles
do....
10,129 '10,889
Imports, including domestically
sponsored
do
2,524
'3,011
Trucks and buses:
Factory sales (from U.S. plants):
Total ..
do
3,075
3,357
Domestic
.
do
2,884
3,126
Retail sales: *
Total, not seasonally adjusted ..
do
3,485.4 3,913.2
0-10,000 Ibs. GVW
do
3,207.2 3,618.3
10,001 Ibs. GVW and over
do....
278.2
294.8
Total, seasonally adjusted
do ...
0-10,000 Ibs. GVW
do....
10,001 Ibs. GVW and over
do
Retail inventories, end of period:
Not seasonally adjusted
do....
782.8
827.6
Seasonally adjusted @ .
do
802.0
849.2
Exports (BuCensus)
do
153.38
185.27
Imports (BuCensus), including separate
chassis and bodies
thous .. 1 1,082.08 1,308.94
Registrations Q, new vehicles, excluding buses
not produced on truck chassis....
thous ..
4,049
'4,675
Truck trailers and chassis, complete (excludes
detachables), shipments tt
number
213,911 175,152
Van type ttdo
159,931 124,556
Trailer bodies (detachable), sold
separately tt
do
1,054
252
Trailer chassis (detachable), sold
24,205
11,286
separately tt
• do
RAILROAD EQUIPMENT
Freight cars (new), for domestic use; all
railroads and private car lines (excludes
rebuilt cars and cars for export):
Shipments
number
'12,396 '12,080
Equipment manufacturers
.do ... 1 12,396 '11,674
New orders
do
15,460
'9,510
Equipment manufacturers
do
15,054
'9,510
Unfilled orders, end of period
do ...
5,154
1,759
Equipment manufacturers
do...
4,748
1,759
Freight cars (revenue), class I railroads(AAR): $
Number owned, end of period
thous .
948
867
Capacity (carrying), total, end of month
mil. tons .
78.13
72.17
Average per car
tons
82.40
83.23
See footnotes at end of tables.




787.8
3,147
511

773.6
2,830
277

706.9
2,376
455

1,003.1
3,776
555

694.5
2,643
440

2,181.3
7,306
798

755.3
(5)
201

565
516
899
634
265
10.1
7.2
2.9

554
522
1,001
745
256
12.6
9.7
2.9

638
585
1,068
839
229
14.3
11.2
3.1

739
677
864
598
265
9.6
6.4
3.2

658
601
762
516
247
10.0
6.7
3.2

540
499
812
558
254
11.3
8.0
3.3

1,580
1,594
2.7
52.09
49.92
332.1
69.9
949

1,413
1,506
1.9
33.61
33.04
321.6
75.6
926

1,242
1,267
1.4
59.03
57.57
390.9
110.4
1,105

1,434
1,431
2.7
61.39
60.38
328.7
109.0
973

1,606
1,588
2.8
59.19
56.75
410.5
106.9
828

291

284

275

275

206
189

280
261

316
296

351.5
326.5
25.0
337.0
314.6
22.4

284.9
262.2
22.8
344.2
321.2
22.9

725.0
780.7
14.53

925.5 1,138.7

1,063.0

720

575

921

531

443

718

713
662
870
636
234
11.4
8.5
2.9

675
618
832
613
219
10.8
8.0
2.8

655
590
897
649
248
9.8
7.0
2.8

713
647
972
720
252
11.2
8.0
3.2

685
615
1,072
786
286
11.4
8.2
3.1

706
630
1,001
736
265
6
11.1
«8.2
6
2.9

954
649
305
10.7
7.4
3.3

952
673
'279
12.7
9.4
e
3.4

1,630
1,603
2.4
42.25
39.36
429.3
100.0
849

1,763
1,685
2.4
57.26
55.42
395.2
89.8
913

1,867
1,741
2.6
63.52
61.99
351.5
95.4
822

1,907
1,796
3.1
69.63
66.50
381.0
104.2
848

1,945
1,809
2.7
73.01
70.22
380.9
117.8
906

1,867
1,755
2.6
58.90
56.99
410.4
110.4
918

1,860
l,733
6
2.5
80.32
77.72
460.8
113.7
1,012

1,726
1,696
2.7
39.18
36.68
435.7
52.2
934

1,557
1,542
2.0

284

294

277

236

259

266

260

272

284

321
303

276
255

242
220

294
274

280
262

281
258

308
281

298
272

299
273

330.5
305.7
24.8
351.1
326.1
24.9

320.8
294.6
26.2
325.9
300.7
25.2

303.0
283.1
19.9
339.2
313.7
25.5

318.8
291.3
27.5
349.4
321.9
27.5

283.0
262.2
20.8
299.1
277.4
21.6

282.2
264.7
17.4
298.4
277.7
20.7

318.2
295.0
23.1
266.8
244.6
22.2

340.3
315.0
25.3
310.7
287.9
22.8

377.2
354.1
23.2
332.5
310.7
21.8

359.1
333.9
25.3
330.0
306.3
23.8

328.0
304.0
24.0
314.2
292.7
21.5

320.8
299.1
21.6
405.8
383.3
22.5

760.9
797.0
12.43

782.4
801.7
17.07

836.5
830.3
13.22

872.1
854.5
17.94

827.6
849.2
16.31

907.5
881.1
15.51

959.8
936.4
15.47

976.5
958.3
16.66

1,006.3
989.5
20.68

991.1
973.6
30.05

984.0
958.1
20.23

935.9
1,010.7
13.62

923.3
964.8

109.14

91.15

111.47

95.56

113.35

116.58

140.09

109.41

134.15

130.22

117.66

131.18

138.47

436

400

390

404

385

405

374

345

370

401

407

434

405

13,489
9,276

14,413
10,353

14,279
10,324

14,910
11,093

14,435
10,840

16,364
12,182

13,091
9,122

11,719
8,266

14,776
10,779

15,072
10,696

15,760
11,412

15,315
11,444

14,479
10,923

33
642

1,075
1,075
1,090
1,090
3,858
3,858

64

8

13

10

1,572

1,795

1,784

1,082

1,034
1,034
770
770
3,594
3,594

1,020
1,020
153
153
2,583
2,583

1,169
1,169
980
980
2,394
2,394

910
910
350
350
1,834
1,834

4

9

22

14

64

52

66

374

845

568

415

567

430

714
714
558
558
1,759
1,759

443
443
500
500
1,816
1,816

544
544
1,425
1,425
2,697
2,697

574
574
1,252
1,252
3,375
3,375

607
607
1,850
1,850
4,618
4,618

827
827
955
955
4,746
4,746

rt

(2)

(2)

81

55

771

975

999
999
485
485
4,232
4,232

1,247
1,247
797
797
3,782
3,782

r

892

885

879

872

869

867

862

857

850

.842

836

829

825

73.85
'82.83

74.17
83.83

73.80
83.93

73.26
84.03

73.09
84.10

72.17
83.23

71.77
83.27

71.36
82.30

70.98
83.49

70.41
83.62

69.92
83.68

69.44
8374

68.97
83.56

r

e

S-33

SURVEY OF CURRENT BUSINESS

September 1986

FOOTNOTES FOR PAGES S-! THROUGH S-32
General Notes for all Pages:
r
p
e
c

Revised,
Preliminary,
Estimated,
Corrected.

Page S-l
t Revised series. The estimates of personal income have been revised as a part of the
annual revision of the national income and product accounts (NIPA's) released in July 1986
and as part of the comprehensive revision of the NIPA's released in 1985. Articles describing those revisions appear in the July 1986 and December 1985 issues of the SURVEY. See
tables 2.6-2.9 in the July 1986 SURVEY for revised estimates for 1983-85. Pre-1983 estimates will appear soon in The National Income and Product Accounts of the United States,
1929-82: Statistical Tables.
$ 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.
O See note "O" for P- S-2.

Page S-2
1. Based on data not seasonally adjusted.
<> Effective with Sept. 1986 SURVEY, the industrial production index has been revised
back to Jan. 1984. These revisions are available upon request.
# Includes data not shown separately.
t See note "t" for p. S-8.
t See note "$" for p. S-8.
§ Revised series. Data for inventories are available from 1959; sales and ratios 1967
forward. Revisions are available upon request.

PageS-3
#
t
$
§

Includes data for items not shown separately.
See note "t" for p. S-8.
See note "$" for p. S-8.
See note "§" for p. S-2.

PageS-4
1. Based on data not seasonally adjusted.
# Includes data for items not shown separately.
$ Includes textile mill products, leather and products, paper and allied products, and
printing and publishing industries; unfilled orders for other nondurable goods industries
are zero.
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.

PageS-5
1. Based on unadjusted data.
2. Effective with the Mar. 1986 SURVEY, the reporting frequency has been changed
from monthly to 3-month intervals.
@ Compiled by Dun & Bradstreet, Inc. Monthly data from 1984 to 1985 for failures and
liabilities, are available upon request, but are not comparable to the earlier years. The
failure annual rate data will be available at a later date.
# Includes data for items not shown separately.
§ Ratio of prices received to prices paid (parity index).
1 See note "$" for p. S-4.
t Effective with the July 1986 SURVEY, data (back to 1983, for some commodities) have
been revised and are available upon request.

PageS-6
§ For producer price indexes of individual commodities, see respective commodities in
the Industry section beginning p. S-l9. All indexes subject to revision four months after
original publication.
# Includes data for items not shown separately.
t Effective with the Feb. 1986 SURVEY, data back to 1981 have been revised and are
available upon request.

Page S-7
1. Computed from cumulative valuation total.
2. Index as of Sept. 1, 1986: building, 370.0; construction, 402.5.
# Includes data for items not shown separately.
§ Data for Aug. and Oct.1985, and Jan., May, and July 1986 are for five weeks; other
months four weeks.
O Effective Feb. 1986 SURVEY, data for seasonally adjusted housing starts have been
revised back to 1983. These revisions are available upon request.
t Effective May 1986 SURVEY, data for seasonally adjusted building permits have been
. revised back to Jan. 1984. These revisions are available upon request.
@ Effective July 1986 SURVEY, data have been revised. In addition to the normal revisions, a number of important changes have been made, including the elimination of the




"Nonhousekeeping" residential category, which has been replaced for the most part by a
new "Hotels and Motels" category in nonresidential buildings; the inclusion of residential
major replacements in "Additions and Alterations," which is renamed "Improvements;"
and significant historical revisions to estimates for one-unit residential buildings, railroads,
electric, gas, and Federal industrial buildings. Due to these changes, much of the data have
been revised back to 1964 and are available from the Construction Statistics Division at the
Bureau of the Census, Washington, D.C. 20233.
t Effective July 1986 SURVEY, this index has been revised to a new comparison base of
1982= 100. Revisions back to 1964 are available upon request.

Page S-8
1. Advance estimate.
# New series effective Sept. 1985 SURVEY. All activity reported on a gross basis (i.e., the
entire amount of loan) including refinancings and combination construction—purchase
loans. Revised data are now available back to Jan. 1984. Earlier data will be available later.
O Home mortgage rates (conventional first mortgages) are under money and interest
rates on p. S-l4.
§ Data include guaranteed direct loans sold.
t Effective April 1986 SURVEY, wholesale trade data have been revised back to Jan.
1976. Revised data and a summary of changes appear in the report Revised Monthly Wholesale
Trade Sales and Inventories BW-13-85S, available from the Bureau of the Census, Washington, D.C. 20233; $2.50 per copy.
$ Effective April 1986 SURVEY, retail trade data have been revised. Estimates of retail
sales have been revised back to Jan. 1983 and estimates of retail inventories have been
revised back to Jan. 1978. Revised data and a summary of changes appear in the report
Revised Monthly Retail Sales and Inventories BR-13-85S, available from the Bureau of
the Census, Washington, D.C. 20233; $3.00 per copy.
# Includes data for items not shown separately.

Page S-9
1. Advance estimate.
2. Data beginning Jan. 1986 are not strictly comparable with earlier data because of a
change in estimation procedures.
t See note "|" for p. S-8.
# Includes data for items not shown separately.
O Effective with the January 1986 SURVEY, the seasonally adjusted labor force series
have been revised back to January 1981. The January 1986 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 1981-85 revision period appear in the February 1986 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.
(a) Data include resident armed forces.

Page S-10
O See note "O" for p. S-9.
§ Effective June 1986 SURVEY, data have been revised back to April 1984 (not seasonally adjusted) and January 1981 (seasonally adjusted) to reflect new benchmarks and seasonal adjustment factors. The June 1986 issue of Employment and Earnings will contain a
detailed discussion of the effects of the revisions.

PageS-ll
$ 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.
O Production and nonsupervisory workers.
§ See note"§" for p. S-10.

PageS-12
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.
§ See note "§" for p. S-10.
O Production and nonsupervisory workers.
$ Earnings in 1977 dollars reflect changes in purchasing power since 1977 by dividing by
Consumer Price Index.
§§ Wages as of Sept. 1, 1986: Common, $16.58; Skilled, $21.76.
(a) New series. The Employment Cost Index (ECI) is a quarterly measure of the average
change in the cost of employing labor. See p. S-36 of the August through October 1984
issues of the SURVEY for a brief description of the ECI.
t Excludes farm, household, and Federal workers.
$$ See note "$" for p. S-l 1.

S-34

September 1986

SURVEY OF CURRENT BUSINESS
Page S-13

Page S-16

1. Average for Dec.
2. Reported annual; monthly revisions are not available.
$ Effective January 1984, series revised due to changes in the reporting panel and in the
item contents. The new panel includes 168 banks that had domestic office assets exceeding
$1.4 billion as of December 31, 1982. Beginning Jan. 1985, data are as of the last Wednesday of the month. Earlier data are as of the Wednesday nearest the end of the month or year
(meaning some data are as of the first Wednesday of the next month).
# Includes data for items not shown separately.
$$ Reflects offsetting changes in classification of deposits of thrift institutions. Deposits of thrifts were formerly grouped with deposits of individuals, partnerships, and corporations, instead of with deposits of commercial banks in the United States.
# "Transaction balances other than demand deposits" consists of ATS, NOW, super
NOW, and telephone transfer accounts, which formerly were classified with savings deposits. "Nontransaction balances" reflects the combination of deposits formerly reported separately as time deposits and the savings deposits remaining after deduction of the items now
reported separately under "transaction balances."
§ 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).
O Securities of Federal agencies and corporations have been shifted out of "other securities" and are now combined with U.S. Treasury securities. Also, loan obligations of States
and political subdivisions have been shifted out of "other securities" and are now shown
separately among the loan items.
@ Insured unemployment (all programs) data include claims filed under extended duration
provisions of regular State laws; amounts paid under these programs are excluded from
state benefits paid data.
(5>@ Insured unemployment as a percent of average covered employment in a 12-month
period.

1. The Aaa public utility average was suspended Jan. 17, 1984, because of a lack of
appropriate issues. The average corporate and the Aaa corporate do not include Aaa utilities from Jan. 17 to Oct. 12. The Aaa utility average was reinstated on Oct. 12; the Oct.
monthly average includes only the last 14 days of the month.
2. Effective with Jan. 1986 data, the practice of adjusting exports and imports for seasonal and working-day variations was discontinued.
§ Number of issues represents number currently used; the change in number does not
affect the continuity of the series.
$ For bonds due or callable in 10 years or more.
# Includes data for items not shown separately.
@ Data may not equal the sum of the geographic regions, or commodity groups and
principal commodities, because of revisions to the totals not reflected in the component
items.

PageS-14
1. Data are for fiscal years ending Sept. 30 and include revisions not distributed to the
months.
2. Weighted by number of loans.
3. Does not include a prior period adjustment of $326 million.
4. Effective with Apr. 1986 SURVEY, not seasonally adjusted data by type of credit for
certain holders are no longer available.
t Effective with Apr. 1986 SURVEY, the consumer installment credit series have been
revised for the period 1975 through 1985 to reflect newly available historical information
for financial institutions and retailers, and to incorporate new seasonal adjustment factors.
# New series. Effective with Apr. 1986 SURVEY, data for savings institutions (includes
savings and loan associations, mutual savings banks, and federal savings banks) are shown
for the first time.
# Includes data for items not shown separately.
O Adjusted to exclude domestic commercial interbank loans and federal funds sold to
domestic commercial banks.
$ Rates on the commercial paper placed for firms whose bond rating is Aa or the equivalent.
$$ Courtesy of Metals Week.
(a)(a) Average effective rate
§ Effective July 1986 SURVEY, data have been revised back to Dec. 1972 and are available from the Banking Section, Division of Research and Statistics, Board of Governors of
the Federal Reserve System, Washington, D.C. 20551.

PageS-15
1. This series has been discontinued.
t Effective Feb. 1986 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.
$ Composition of the money stock measures is as follows:
Ml.—This measure is currency plus demand deposits at commercial banks and interestearning checkable deposits at all depository institutions—namely NOW accounts, automatic transfer from savings (ATS) accounts, and credit union share draft balances—as well
as a small amount of demand deposits at thrift institutions that cannot, using present data
sources, be separated from interest-earning checkable deposits.
M2.—This measure adds to Ml overnight repurchase agreements (RP's) issued by commercial banks and certain overnight Eurodollars (those issued by Caribbean branches of
member banks) held by U.S. nonbank residents, money market mutual fund shares, and
savings and small-denomination time deposits (those issued in denominations of less than
$100,000) at all depository institutions. Depository institutions are commercial banks (including U.S. agencies and branches of foreign banks, Edge Act corporations, and foreign investment
companies), mutual savings banks, savings and loan associations, and credit unions.
M3.—This measure equals M2 plus large-denomination time deposits (those issued in denominations of $100,000 or more) at all depository institutions (including negotiable CD's) plus
term RP's issued by commercial banks and savings and loan associations.
L.—This broad measure of liquid assets equals M3 plus other liquid assets consisting of
other Eurodollar holdings of U.S. nonbank residents, bankers acceptances, commercial
paper, savings bonds, and marketable liquid Treasury obligations.
$$ Includes ATS and NOW balances at all depository institutions, credit union share
draft balances, and demand deposits at thrift institutions.
O 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.
(a) Small time deposits are those issued in amounts of less than $100,000. Large time
deposits are those issued in amounts of $100,000 or more and are net of the holdings of
domestic banks, thrift institutions, the U.S. Government, money market mutual funds, and
foreign banks and official institutions.
# Includes data for items not shown separately.
§ Number of issues represents number currently used; the change in number does not
affect the continuity of the series.




PageS-17
1. See note 2 for p. S-16.
# Includes data not shown separately.
§ Data may not equal the sum of geographic regions, or commodity groups and principal
commodities, because of revisions to the totals not reflected in the components.

Page S-18
1. Annual total; quarterly or monthly revisions are not available.
2. Restaurant sales index data represent hotels and motor hotels only.
3. For month shown.
# Includes data for items not shown separately.
§ Total revenues, expenses, and income for all groups of carriers also reflect nonscheduled service.
$ The threshold for Class I railroad status is adjusted annually by the Interstate Commerce Commission to compensate for inflation.
O Average daily rent per room occupied, not scheduled rates.
## Data represent entries to a national park for recreational use of the park, its services,
conveniences, and/or facilities.
t Before extraordinary and prior period items.

Page S-19
1. Reported annual total; monthly revisions are not available.
2. Data are no longer available. Annual figure represents total exports for the period
Jan.-June.
3. Less than 500 short tons.
# Includes data for items not shown separately.
§ Data are reported on the basis of 100 percent content of the specified material unless
otherwise indicated.
# New series. Access lines are a communication circuit that connects a customer location to a switching center.
@ Because of deregulation, carriers are free to enter both domestic and international
markets. Previously, carriers were limited either to domestic or overseas markets. Separate
data for domestic or overseas are no longer available.
$ Data for 1984 (and for some commodities, 1985 and 1983) have been revised and are
available upon request.
t Effective with 1985, data are reported on the basis of 100 percent content of ethyl
acetate material.
O Beginning January, 1986, data are not directly comparable to earlier periods because
the data represent only companies that have annual revenues over $100 million.

Page S-20
1. Reported annual total; monthly or quarterly revisions are not available.
§ Data are not wholly comparable from year to year because of changes from one classification to another.
O Effective with the Nov. 1985 SURVEY, data for 1982-84 have been revised and are
available upon request.
f Effective with the Nov. 1985 SURVEY, data for 1983-84 have been
revised. These revisions are available upon request.
# Effective with the Sept. 1985 SURVEY, monthly data have been restated back to Jan.
1984 to include consumption for Hawaii. Prior to 1984, consumption for Hawaii is reflected
in annual totals only.
$ Revised data for 1983-84 (and 1981, for revenue from sales to ultimate customers) are
available upon request.

Page S-21
1. Previous year's crop; new crop not reported until Oct. (beginning of new crop year).
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. Less than 50,000 bushels.
6. See note "@" for this page.
7. Reported annual total; revisions not distributed to the months.
8. Based on a 10-month average.
9. Data are no longer available.
10. Beginning with 1986, quarterly stock estimates are no longer available. However,
June 1 stock estimates, representing previous year's crop, will continue to be published.
11. September 1 estimate of 1986 crop.
12. Effective with Apr. 1986 reporting, coverage has been reduced to 21 selected States,
representing approximately 85 percent of U.S. production.
§ Excludes pearl barley.
# Bags of 100 Ibs.
@ Data are quarterly except for June (covering Apr. and May) and Sept. (covering
June-Sept.).

SURVEY OF CURRENT BUSINESS

September 1986

S-35

Page S-22

Page S-28

1. Reported annual total; revisions not distributed to the months.
2. Prices are no longer available. Annual average is based on quotations for fewer than 12
months.
3. Effective with Mar. 1986 reporting, coverage has been reduced to 20 major States,
representing approximately 80 percent of U.S. production.
§ Cases of 30 dozen.
O Bags of 60 kilograms.

1. Reported annual totals; revisions not allocated to the months.
2. Effective with the Jan. 1985 price, gasoline that contains alcohol as an additive is
included.
# Includes data for items not shown separately.
t Except for price data, see note "@@" for p. S-27.
$ Effective with June 1985, indexes reflect price movements through the middle of the
month for which they are shown. Indexes prior to June 1985 were based on prices for the
previous month; reflecting a one-month lag in pricing.

Page S-23
1. Crop estimate for the year.
2. Reported annual total; revisions not distributed to the months.
3. September 1 estimate of 1986 crop.
# Totals include data for items not shown separately.
O Effective Sept. 1985 SURVEY, the footwear production series have been revised for
1983 and 1984.

PageS-29
1. See note 1 for p. S-28.
2. Data are no longer available.
O Source: American Paper Institute. Total U.S. estimated consumption by all newspaper users.
# Compiled by the American Newspaper Publishers Association.

Page S-24

PageS-30

1. Annual data; monthly revisions not available.
2. Less than 500 tons.
3. Beginning January 1985, data have been revised because of a new estimation procedure and may not be comparable to earlier periods.
4. See notes 1 and 3 for this page.

1. Reported annual total; revisions not allocated to the months.
2. Crop for the year.
3. Data cover five weeks; other months, four weeks.
4. Data are no longer available.
5. Beginning Jan. 1985, figure includes sales of water/moisture resistant board, not shown
separately.
6. Beginning with 1985, value of shipments for rolled and wire glass is excluded. Comparable data for 1984 and earlier periods, which exclude such shipments, are not available.
# Includes data for items not shown separately.
O Cumulative ginnings to the end of month indicated.
§ Bales of 480 Ibs.
$ Monthly revisions for 1984-85 are available upon request,
f Monthly revisions for 1985 are available upon request.

PageS-25
1. Annual data; monthly revisions are not available.
2. For month shown.
t Beginning January 1982, data represent metallic (mostly aluminum) content. Data for
1981 and prior years represent aluminum content only.
O The source for these series is now the Bureau of Mines.
§ Source: Metals Week.

Page S-26
1. Annual data; monthly revisions are not available.
2. Less than 50 tons.
3. Beginning 1st quarter 1984, data have been revised because of a new sample and may
not be comparable to earlier periods.
4. Average for 8 months; no data for March, April, September, and October.
5. Average for 10 months; no data for November and December.
O Includes secondary smelters' lead stocks in refinery shapes and in copper-base scrap.
@ All data (except annual production figures) reflect GSA remelted zinc and zinc purchased for direct shipment.
$ Source for monthly data: American Bureau of Metal Statistics. Source for annual
data: Bureau of Mines.
# Includes data not shown separately.
§ Beginning with the Aug. 1985 SURVEY, unadjusted fluid power shipments indexes are
shown. Seasonally adjusted indexes are no longer available.
# New series. For an explanation of material handling equipment shipments and historical data, see p. S-35 of the Dec. 1985 SURVEY.

Page S-27
1. Data are for five weeks; other months 4 weeks.
# Includes data for items not shown separately.
§ Includes nonmarketable catalyst coke.
O Includes small amounts of "other hydrocarbons and alcohol new supply (field production)," not shown separately.
t Effective with the Oct. 1985 SURVEY, coal production data for 1984 have been revised.
Effective with the July 1986 SURVEY, coal consumption and stocks for 1985 have been
revised. These revisions are available upon request.
@ Includes U.S. produced and imported microwave ovens and combination
microwave oven/ranges.
$ "Tractor shovel loaders" includes some front engine mount wheel tractors that had
previously been included in "Tractors, wheel, farm, and nonfarm."
@@ Effective with the July 1986 SURVEY, data for 1985 have been revised and are
available upon request.




PageS-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.
O Based on 480-lb. bales, preliminary price reflects sales as of the 15th; revised price
reflects total quantity purchased and dollars paid for the entire month (revised price includes discounts and premiums).
# Includes data not shown separately.
§ Bales of 480 Ibs..

PageS-32
1. Annual total includes revisions not distributed to the months.
2. Production of new vehicles (thous. of units) for Aug. 1986: passenger cars, 479; trucks
and buses, 266.
3. Effective with 1984, data are reported on an annual basis only. The annual/end of year
figure for 1982 has been revised and is available upon request.
4. See note "@" for this page.
5. Data are no longer available.
6. Effective with the July 1986 SURVEY, data have been revised back to 1984 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.
O Courtesy of R.L. Polk & Co.; republication prohibited. Because data for some states
are not available, month-to-month comparisons are not strictly valid.
$ Excludes railroad-owned private refrigerator cars and private line cars.
t Monthly revisions for 1984-85 are available upon request.
@ Effective with the Feb. 1986 SURVEY, retail inventories of trucks and buses have
been revised back to 1967. These revisions, which were made to reflect updated factors, are
shown on p. S-35 of the Feb. 1986 SURVEY.
# New series. GVW: gross vehicle weight. For an explanation of methodology and historical
data for retail sales of trucks and buses, see p. S-36 of the July 1986 SURVEY.
tt Data for 1983-85 have been revised and are available upon request.

S-36

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September 1986

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• \ '.
, SECTIONS ,
General: , ; • ,- _ • ^ ' •
Business indicators ,,.«,,.«.,«..*,«,«,.*«»»>,,..,.«,
Commodity prices „*„««.«..»,..*.«>*««*..»....
Construction and real estate »«.,....„.,»..;».
, - Domestic trade .-.;.,;„.„»»*«,.„.»„„,.«».*«.».
Labor force, employment, and earnings..
,
Foreign trade of the United States .
Transportation and commimkatiQiii...

Dishwashers and disposers «„,„„,„„
Disposition of personal Income „.,...
1
20
distilled spirits .......,.»».«4«..«,^.
' Dividend payments .*.«..«....*>.....»«».«..«
1, 15
8, $
' Drugstores, sales „»„.,„...,.*««...»..«.„
!
-Earnings, weekly and hourly ...,...„..
12 '
~ Eating and drinking places ,.,.,.„«.....
8, 9
5/22
E@gs and poultry ,
- Electric power •«..„«,««*„«..«»«,«««««.« ,,.M.»,W 2,20
*,.»..»„„- 2-5,Electrical machinery and equipment.*.,.
' 10-12, 15, 27
Entployee»hours, aggregate, and indexes;. .,,.,....,.
11
Employment and employment cost .*«.**»,*. ,*«,.*,*,»: 10-12
20
Exports (see also individual commodities)....

1-5
.

8,9
•9-13
13-16
^ 16-18'
18, 10

Industry*
Chemicals and allied products ...........
Electric power and gas '...»fc.»*».*»**,,*.,w.
Food and kindred products; tobacco*
leather and products «,...,..,,,,...,...^«..
Lumber and products ......,«„...,.......,.,..
Metals and manufacturers.......».,
Petroleum, coal, and products „„,
Pulp, paper, and paper protects„
Rubber and rubber product;* ..„..„
Stone, clay, and glass products
Textile products ...............
Transportation equipment
Footnotes .,„„.....»..,;„,..,*.,.,

19, 20
20

20-23
'

Failures, industrial and commercial .»,„„„..„.

24-27

- Fats and: oils »„*»„».«.*«»«*„«*.«.«.»,««»«,«,««,„
; -Federal Government finance *«*,.«„..*,»,,..,..:»..
Federal Reserve banks, large commercial .„..
Federal Reserve member banks .„„.„.»*>»,„„..*

27,;?8;

28,29
2$
30-32

';^;>2

33-35

IN0IVI&UAL SEMfcS
Advertising ...„.„„,
Aerospace vehicles
Agricultural loans
Air carrier operations ,*,
Air conditioners (room).
Aircraft and parts
Alcohol, denatured and ethyl.
Alcoholic beverages.......
Aluminum „«..».„..„.,,».«„•,
Apparel .,...„_,.„*_
Asphalt...........................
2*4,6* 8,9,14,15,17, 32
Automobiles, etc ...........
13,14
Banking .„*,„..„„„„......«
21
Barley ,».«.,..»,«.»«,«..«...,
27
Battery shipments
22
Beef and veal.,
f
, 20
3-5
Blast furnaces, steel mills,.,
15,16
Bonds, prices, sales, yields
30
Brick »..„..„„..„„»..„»„,„.,*.„.,
Building and construction materials,...
Building costs .......................................
Building permits ».„,.„...».,...»**,»»„„.,»*»,.,
Business incorporation (new), failures
Business sales and inventories.............
Butter.,
31
Carpets..*
, 22
.
,
30
Cement ....................,»..,...«.......,............*....
Chain-store sales, firms with 11 or more
9
stores (retail trade) ..w.^,^««.*«»w,*«.»^
,
21
Chemicals *.*.*.»«,.«.,... ..... 2-4,10-12,15,17,19,20
Cigarettes and cigars«
Clay products ,.,..,.«.^ Z!ZZ"ZZZ«.]..,I«^ 2-4, 30
Clothing (see apparel)
2, 27
Coal ,,«,.,.«...«*,^..*.*.,.«,
22
/ *22,
Coke .,,,«».***»«»»*..»»»,»»,»»»»M«,.«««....*.»»«..«..«»«»«»^»«t*
27
Combustion, atmosphere, heating equipment .......................................«.......,...»........»".
2$
Communication M,,......w....w...*»««^,«,,,«.M: ;,...«,.. 15, 19
Construction: - - " , , ' " ' - , , .", :Contracts .*«.«..*,o..>.**^«,«w«.^««.*.«*««.«;..
7
Costs «»..,,»,»»,,,»««...**,*«*»«**»**»*«»*«*»»«i».,»»,..»..,..*.«
7
Employment, unemployment, hours;
earnings «««*.,,.»».*««,,^^
Housing starts ,.,„.*;,«*«»,„«»***««.««*»««*.«««*»«
7
New construction put in place ,,«;*„.*«,«..«»..«
7
Consumer credit »«»««**.*.*»*..»*««..*»*.«»»»»»«»*«»»*«»*»»»»»»+»
14,
Consumer goods output, index «,.kw.;.^«*o,«^»
1, 2
Consumer Price Index *«n,«M«..,«..««.«i«,.«..*,«*«»
5, 6
Copper and copper products »«,«^t.v»^«....«..*..«**, 25, 26
Corn »»o*»»*»»«.«»««»»»**»«..»«**»**»*»»***»*»»»**'»+#»**»»»»*«»»****'«*^«
~ 21 '
Cost of living (see Consumer Price index).,,.,.,.,.
5, 6
Cotton, raw and manufactures ,«.w....*..,,......,**« 5, 30, 31
Credit, commercial bank, consumer „.„„„.......„..
14
Crops i«,«.««»«»w.,*«««.,...««.*..*.«**.*«..*.».«*t 5, 21, 23, 30
Crude oil ««».,.,»«»^,«»««w»^f.«..»..»*«.«**««*.«»»«. 3, 27
Currency in circulation «»««,,,.«««,,,rt.*««*«»,«*«»
15
Dairy products ,..,.,,^.«.MM,,«.*.«*o»«»«««»«.,w.».* 5,21
Debt, 0JS* Government »«.*.,«*v»»««.».,..^.»»««.««*.
14
Deftator, PCI ^w,..,;.«.,«.^««—,,,,,..,,u..™\
1
Department stores, sales, inventories ,*»,„...„,..«,..
9
Deposits, bank,w,w«.*..>,o,^w«*.«^,«»«..*»«.,^,* 13, 15
3h

,

, , .




'"'. : ' >

:

' , ' . - ' - ' , V -

-

Wto/iS^
' ' 24
' Floury wheat «..««M.*»»»*««t*«*«-««»««»«««««««««
22
Food prodiicts .rt..w,.^«^ 2-6, 8, 10-12, 15, 17, 20-23
Forei^t trade (see also individual commod.) *..,«, 16^18
i^gfitcars(ea^pment>^«.«^^^
32
.-Fruits. and vegetables ,...„.....„...,.,»............,.....„... ,, 56, 28'
%-;27, 28 '
furnaces .»...........,.,......,..,>..«.<>.».........,...............,..
27
.« .2^ 6,:8-12
Gas, output, prices; sales, revenues ...
Glycerin ;v,««..^»,.
CJold ,^^^^^M
Grains and products «w»
Grocery stores .,,,,..,,,...»..
Gypsum and products ,v.,

Rational parks* visits^.,«,w..,,»,».^,,,^«,i;,,,...w...,18^
Newsprint ....^..........^.J,^..*.,.,*,1.,*,*.**.,.,.,.^.^...*... ~ "--"29Mew- York' Stock iVch'ange, .seieit^date^HL.,,' ' > - fl&. ^
; Nonferroiis me^ls,;M.^.«^«..^«,. ^2,^4,5,15, 25,; 26^
Oats »^MU^W**^*>*^^u*iU^vMm'u»U*MM^^^ • ' '21 Oll$ and tfc .,^.*..,.»,..,,^.«,....,^..«.*«.w*^,*.4*** - - -17,

14
Outlays,- U.S. 'Government20
Psinf and paint materials ...................
Paper and products and pulp..........
. .-.
..
, .
- Paiity i^lo.«;*»»»..»i.M,»..**«*>*i**«.»w»*»»v***«,«,«w<*,U»«»- -" " " -5 Passenger cars»,..,,.,.,,.^.^.^« 2-4, 6, 8^9; 15, 1^; 32
, passports issued ..».^..i«,M.,.,...vw,«X-«.*.*»«k*«i».».*«*».* - '•- 18 -.
Personal coKsmnption expenditures ................... " ,- „ 1
- jPersonal incisme''.......!....*..^,*.**..*^**.*,..,*...*"...,^.- • ' 5 > :1''
Personal ouflays*»,*iM.«»»v«*««*^**«»»*»»*»**»»**»»^**'«*«'r*»**' " -' 'l <•"
5,6
^ Petrolsum and products ,«W»«.«..****»»*«*«»««««»
;/-2-4, „
17 :
' = ' - • - . ; . . " . '•(•.; . -;'•'. "-: 10-12,15,17, 27,38
14
- PigJrott.^».*«*.»««.««««ww.««^.«..w,.^^^^
- - ; -24; ,'
13
Plastics and resin materials ..,.,.,,..,_..............,..o.
20
13
Population
" - '-" ' ' • ' '
~ v ' ' * * ':
9 '

Fish ' - '

36

:

.... 2, 6, 20

,.,« '
^
.*.«
..^

28
30
1$
14

,,«,

30

» 5, 21, 22;
.i...
9

Hardware stores **»,»,»»«»»»»*»*»*«*«*»,»»»»»#*»*»»»»«»«»»»*«»»«««» ' ' ' 8
Heating equipment *„,.»«,,.».*;..*.,.,»..,.,>*,».*..»,,».«,...
26
Help-wanted advertising index ,..*,.,„.****#*«.»»,.„«„

Hides an4 skins ^^^^s^^^^*^^*
' Hogs „.*«*.*;,,.,*...,*..*;...«««*»,;.««,.«..««,,.«,»«,,«,,

12

Poultry and eggs .««.«M»"«"*»«*'«««*««»»'"»«"«»«* 5, 22
Price deflator. Implicit (PCE) «^««^«.«««^«
i
prices (see also individual commodities) .,.«««*.«
5, 6
Printing and publishing ..................................... 2, 10-12
Private sector employment, hours, earn'"
Producer Price Indexes (see also individual '&*-:
Public, utilities .
Pulp and pulpwood ,».
Purchasing power of the dollar
Radio ami television .....I..^..^..
Railroads MW^.,,.«,»w.,i,.^......«.i ..«.....*.».. 13f 18^ 32
27
Ranges and microwave ovens ..,. ,.«.,,..w..«..«1
- Real' estate .,»«.*,,.,»..«.»»»i,».*,..***«** »**»*«*«+-#»»-«»**»*« ' 8, - 13;
Receipts, U.S, Government^.*...,.. ,»...t..,f..*;«^ ; 14
Refrigerators and freezers ».»..»..
.;...».,«..**.*..
27
,.ww.,...«k*..
32
Registrations (new vehicles) i«.,
Ilent (housing) ..i...,.«.*«.««*,.«,»«,
«*.«...«,.»»..
6
^ 2, 3, 5, 8-12, 31
Retail trade .^..^.f.....;...w.......i
.
*w,« " > 21 v
Rubber and products (inel. plastics).^.«

6
22'

Home loan banks, outstanding advances ............
8
Home mortgages *.*»««.*«..».»»«.«»*,;»,..,..........,.,.,.,. ; > 8 Hotels, motor hotels and economy hotels...........
18
Hours, average weekly *«.,».t«».,».*..*,...«.,,.««,,»,,,v,
11
s
Housefurnishings ,«,,»,,».»-,;,».»,«.«,..,,*.,,,«.f,,«,,, 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 ,........,.,.,..».....................9........»«.
1
Income and employment tax receipts.,......,....,.,..
14
Industrial production indexest
;
By Industry ,..«,-..*.,*,*,*,*,***.»**.*..***»**»**.*.*«»»«»«»«. • ~l,-2"
By market grouping ,...,,.„...«*,,»,,»..**,»,.,«,.*«*,,*
1,2
Installment credit ..,.,.....,...i.*.*;^..*...,;..,*...,**..*«.... ; 14
Instruments and related products....,;.....,...... 2-4,10-12
Interest and money rates «**.«*.«.««.„,*,,„,»„».»„..
14
Inventories, manufacturers* and trade ................ !3, 4, 9
Inventory-sales rates............................................
3
Iron and steel ...,..,,,.,,..«...».....«.».......«^« 2,15, 24, 25

Labor force........—...i,.«.........,....«w««»,**..,»,«.,,, 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 l*..««,.».«.«,».i,..,«,w»,,».,;.,...M.«.;,.,w«; N - '28
Lumber and products .«,.„««„....„,„.. 2,6,10-12, 23, 24
Machine tools ,»,«„..£.*,...,..«...,...»..«,..,.».......*,,..*«
26
Machlnety .„.;„„„„,,..„.„„„„. 2-6* 10-12,15, J7, 26, 27
Manufacturers! sales (or shipments), inventories,
,
..«..
.
,
Manufacturing employment, unemployment,
production workers, hours, earnings ............... 10-12
Manufacturing production indexes ,*....„„..».«..«. 1,2
Meat animals and meats .«,w.i«M.,*..«..««..«^.,..,, 5, 22
Medical care „.........«...,.«,...«.»,*,......,.*..*,.«*..,*„«*
6
M^^^«^^^^^^*l^-^. 2-6f 10-12,15, 24-26
Milk ...i...*.«..*......M<«*.,*..*..»*.««..*.,i.,.i«««.«»,w.;«* - '21
Mining «.,.w*«».*«**«*».*»,«««*«».»,««*..«*..».«,««...« 2, MM2
Mobile homes, shipments, installment credit...... 7, 14
Monetary statistics..............................................
15
Money ^nd interest rates .„.„.*„».,............„.«...»».
14
Money supply „»•.,...,.«....;.........<,.......«............*.......
15
Mortgage applications, loans, rates.*;.**...,,..,.... 8,13,14
Motor carriers ................i.....*.*..,......:,...,,.,,,,,.,..,,.
18
Motor vehicles *.....,........,.».......,.. 2-4, 6,8,9,15,17, 32

,
8, 14
1% 15'

Savings and loan associations........

"- Savings deposits'- ,*.w*,,»%«,»»,»,,,»,,.»*.»,

Securities issued .,,.*«....„.„.,«,»«««
Security markets ««.«,,,.»,*.****.»,*,+*,»»
~ ~ Services ,',»,,*,M.«.,.»,..,»«V»...V.,»M««***»*.»;
Sheep and lambs .............................

...i,..«' '15, 16
'. 22 23
14

Shoes and other footwear ,4,,,.«,,,,

Silver...............................................
i 31 '' '
Spindle activity, cotton .„.,«„„„„„,
Steel and steel manufactures .........
Stock market customer financing.
Stock prices, yields, sales, etc ...... ,
Stone, clay, glass products............ ,2^4,10-12,15,30
' Sugar ,,,,»*.,,,,,.*,,i.,'i»,'.,,»«.,..».,..,.;***,.*
Sulfur...........................................
&ti$y£'^^
.
Superphosphate .......,.*........»..*......»>
Synthetic textile products.............
' 23
Tea imports ..................«......«....„..........
Telephone and telegraph carriers «*,».«w..v»f»..«» v 19
Textiles aad products .,.„,..„.„, 2-4> 6, 10-12, 15, 30, 31
...*

:

'

'

',31

tires and inner tubes w.«;«.,.,^«w^.........».i.*..*... '•"'-' 2^:'
Tobacco andmanulactures..,«.*....i..«.....»2-4i 10-12, 23

' Tractors ^.*..^vw.,,«....«*..,«f«........«*.*.w..«*.*«*»..*o

- -;27 ' -

trade (retail and Wholesale) «.,.„.,.,.,.... 2, 3, 5, &~!2, 32
Transit lines, urban ..............^....w^.,,^.*.^....
18
Transportation .„..„„.«..........«.*.*...,.*,«.* 6, 10-12, 15, 18
Transportation equipment ........... 2-6* 10-12, 15, 17, 32
:
Travel *sw,....».*»**«**
i »»i»»****»*«**»»»«»***»*»*«»»**«**«"«**«***«»* " v 1®
32
' Truck trailers ,,,.*'..«»««**.**».»*«*»»«».*»^..«...«.«.'...'.«..'
Unemployment and insurance..
U.S* Government bonds ,*..»v«...
U.S. Government finance ..».»«*,
'. Vacuum cleaners .**,»»,.,.„*.,....,
Variety stores i^..«,...».«..»..»..
Vegetables and fruits ,„«..****«
Wages and salaries ..„,..,.„.„.,,
Washers and dryers ».»,.*».».i»,»;
Water heaters ..«.«.«.»..«iw,.,,
Wheat and wheat flour .,»„..*„
Wholesale trade .„„..*,„„;.,.„.*
Wood pulp rt.*..*.**;.^.,**.....*...*..
Wool and wool manufactures

,.«.....;„ 9,110* ^ „„;...«.....* :-" 16.«„.,.„,„»; '" - 14".^2,6,7,15,20

,«,^.,.....,; - 1, 12
^..^..i,,*,..' - ' '27
,«».,...^». ' ^27'
,.,w....i..«. 21, 22
2, 3, 5f 8, 10-12
;.^;.^..,,.;- ' ' - , 2 8 ^.^.....,...^, 31;
,*,,*«,„,.„./ * ' « 26 ' :

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