SCB_021994

FEBRUARY 1994 VOLUME 74 NUMBER 2

SURVEY of CURRENT BUSINESS

IN THIS ISSUE . . .

• Gross Product of U.S. Multinational Companies,

1977-91

• New Estimates of Monthly U.S. InternationalServices Transactions

• User's Guide to BEA Information

U.S. DEPARTMENT OF COMMERCE < ^ ECONOMICS AND STATISTICS ADMINISTRATION

BUREAU OF ECONOMIC ANALYSIS

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

t* i\ !

FEBRUARY 1994 VOLUME 74 NUMBER 2

SURVEY ofCURRENT BUSINESS

SURVEY OF CURRENT BUSINESS. Pub-

lished monthly by the Bureau of Eco-nomic Analysis of the U.S. Departmentof Commerce. Editorial correspon-dence should be addressed to the Editor-in-Chief, SURVEY OF CURRENT BUSI-

NESS, Bureau of Economic Analysis, U.S.Department of Commerce, Washington,DC 20230.

Subscriptions to the SURVEY OF CUR-RENT BUSINESS are maintained, and

their prices set, by the GovernmentPrinting Office, an agency of the U.S.Congress. Send correspondence on cir-culation and subscription matters (in-cluding address changes) to:

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Make checks payable to the Superinten-dent of Documents.

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Second-class postage paid at Washing-ton, DC and at additional mailing offices.(USPS 337-790).

The Secretary of Commerce has deter-mined that the publication of this peri-odical is necessary in the transaction ofthe public business required by law ofthis Department.

U.S. Department of CommerceRonald H. Brown, Secretary

Economics and Statistics Administration

Bureau of Economic AnalysisCarol S. Carson, DirectorJ. Steven Landefeld, Deputy Director

Editor-in-ChiefManaging Editor

Douglas R. FoxLeland L. Scott

Publication Staff: W. Ronnie Foster, M. Gretchen Gibson,Ernestine T. Gladden, Eric B. Manning, Donald J. Parschalk

THIS ISSUE of the SURVEY went to the printer on March 10,1994.It incorporates data from the following monthly BEA news releases:

Gross Domestic Product (Mar. 1),Personal Income and Outlays (Mar. 2), andComposite Indexes of Leading, Coincident, and Lagging Indicators (Mar. 4).


February 1994 SURVEY OF CURRENT BUSINESS

T A B L E OF C O N T E N T S

iupecial in this issue

42 Gross Product of U.S. Multinational Companies, 1977-91

The share of production of U.S. multinational companies (MNC'S) that origi-nates in the United States has increased modestly since 1977. Among MNC'S inmanufacturing, however, the foreign share of production has increased; this shifttoward foreign operations has been concentrated in countries with relativelyhigh wage rates, suggesting that wage rates are not the dominant factor in deter-mining the location of manufacturing production.

64 New Estimates of Monthly U.S. International ServicesTransactions

In March, BEA is introducing monthly estimates of U.S. international servicestransactions. These estimates will be combined with existing Census Bureauestimates of merchandise trade in a joint news release that will provide a morecomplete and more timely picture of U.S. foreign trade.

l\egular features

1 Business Situation

Real GDP increased 7.3 percent in the fourth quarter of 1993, compared with a2.9-percent increase in the third quarter. Fixed investment—both nonresiden-tial and residential—picked up strongly, and inventory investment and exportsturned up sharply.

34 Federal Budget Estimates, Fiscal Year 1995

In BEA'S annual "translation" of the administration's budget, the Federal deficiton a NIPA basis will shrink from $187.9 billion in fiscal year 1994 to $146.2 billionin fiscal year 1995. Before translation, the budget shows the deficit shrinkingfrom $234.8 billion to $176.1 billion.

— Continued on next page —


U SURVEY OF CURRENT BUSINESS February 1994

66 User's Guide to BEA Information

Contains updated information to help users locate the most recent and mostfrequently requested BEA products. The guide also includes descriptions ofBEA'sprograms, as well as order information and forms.

66 General

69 National Economics77 Regional Economics

82 International Economics

89 Other Tools for Economic Analysis92 Order Forms

l\eports and statistical presentations

National Income and Product Accounts9 Selected NIPA Tables

28 NIPA Charts

30 Reconciliation and Other Special Tables

31 A Look at How BEA Presents the NIPA'S

Departments

C-1 Business Cycle Indicators

S-1 Current Business Statistics(Seepage S-35 for contents and subject index)

Inside back cover: BEA Information

(A listing of recent BEA publications available from GPO)

LOOKING AHEAD

Current Business Statistics. As this issue of the SURVEY went to the printer, BEA re-ceived approval to reprogram selected resources into areas that are primary to its mis-sion of preparing economic accounts. One result of this reprogramming is that BEAwill discontinue compiling and publishing the "Current Business Statistics" (S-pages)section of the SURVEY. The March 1994 SURVEY will be the last issue containing thissection, BEA series that are presently published in the S-pages will be retained else-where in the SURVEY, BEA will provide a listing of sources for the S-page series, includ-ing addresses and telephone numbers, in the March and April issues.


Febiruary 1994 SURVEY OF CURRENT BUSINESS

T H E B U S I N E S S S I T U A T I O N

This article wasprepared by DanielLarkins, Larry R.Moran, Ralph W.Morris, andChristianKhemann.

(T\ EAL GROSS domestic product (GDP), a meas-./yure of goods and services produced in the

United States, increased 7.5 percent in the fourthquarter of 1993, according to the "preliminary"estimate of the national income and product ac-counts (NIPA'S). The "advance" estimate of theNIPA'S, reported in the January "Business Situa-tion," showed a 5.9-percent increase.1 Real grossdomestic purchases, a measure of goods and serv-ices purchased by U.S. residents, increased 7.2percent, 0.7 percentage point more than the ad-vance estimate. The fixed-weighted price indexfor gross domestic purchases increased 2.2 per-cent, about the same as the advance estimate.(The sources of these revisions are discussed in"Revisions" later in this article.)

The 7.5-percent increase in real GDP in thefourth quarter followed a 2.9-percent increasein the third and was the largest increase sincethe first quarter of 1984 (chart 1). The ac-celeration was more than accounted for by avery sharp step-up in the production of goodsand a smaller—but still sizable—step-up in theproduction of structures (table 1). Half of the ac-celeration in goods production was accounted forby an upturn in motor vehicle production; both

1. Quarterly estimates in the national income and product accounts areexpressed at seasonally adjusted annual rates, and quarterly changes are differ-ences between these rates. Quarter-to-quarter percent changes areannualized.Real, or constant-dollar, estimates are expressed in 1987 dollars and are basedon 1987 weights. For a discussion of estimates based on alternative weights,see "Alternative measures" at the end of this article.

Table 1.—Real Gross Domestic Product, by Major Type of Product[Seasonally adjusted at annual rates]

Gross domestic product ..

GoodsMotor vehiclesOther

Services

Structures

Billions of 1987 dollars

Level

1993:1V

5,232.1

2,139.1212.9

1,926.2

2,604.2

488.8

Change from preceding quarter

1993

I

9.9

2.56.6

-4.1

8.8

-1.5

II

23.9

8.9-2.611.5

12.2

2.8

III

36.2

5.8-10.2

16.0

19.2

11.1

IV

93.8

64.219.544.7

7.5

22.2

Percent change from precedingquarter

1993

I

0.8

.513.9-.9

1.4

-1.3

II

1.9

1.7-4.9

2.5

1.9

2.5

III

2.9

1.1-18.6

3.5

3.0

10.1

IV

7.5

13.046.99.8

1.2

20.4

residential and nonresidential construction con-tributed to the step-up in structures production.The production of services increased consider-

CHART 1

Real Product:Change from Preceding QuarterBillion 1987$

100

80

60

40

20

0

-20

-4060

40

20

0

-20

40

20

0

-20

•40

40

20

0

-20

^tt>

40

20

0

-20

-40

40

20

0

-20

GROSS DOMESTIC PRODUCT

I. jN.llll.llM\ i i

PERSONAL CONSUMPTION EXPENDITURES

l.i •. l i l l . l l lFIXED INVESTMENT

Vif- • 1 . 1 1

CHANGE IN BUSINESS INVENTORIES

, ' . , ' • .I

NET EXPORTS

• _ _ . l . t l M •.,_

IfGOVERNMENT PURCHASES

I ! , • - m ,

NOTE.—Dollar levels of most series are found in table 1.4 of the "Selected NIPA Tables." Output of motor vehicles is the sumof auto output and truck output (from tables 8.4 and 8.6).

1990 1991 1992 1993Based on Seasonally Adjusted Annual Rates

U.S. Departnent of Commerce, Bureau ol Economic Analysis


2 • February 1994 SURVEY OF CURRENT BUSINESS

ably less in the fourth quarter than in the third;household operation was the biggest contributorto the slowdown.

The 7.2-percent increase in real gross domes-tic purchases followed an increase of 3.7 percent(table 2). Inventory investment added about asmuch to the change in gross domestic purchasesin the fourth quarter as it had subtracted in thethird; the upswing was more than accounted forby farm inventory investment, which reboundedfrom a third-quarter decrease that largely re-

flected the effects of floods and drought.2 Finalsales to domestic purchasers increased 6.7 per-cent after increasing 4.2 percent. Most of thestep-up was accounted for by fixed investment,which increased almost three times as much in

2. In allocating the annual loss caused by the floods and drought to thequarterly estimates, the Bureau of Economic Analysis lowered farm invento-ries by $7.5 billion in the third quarter and by $2.5 billion in the fourth. See"Impact of the 1993 Floods and Drought," SURVEY OF CURRENT BUSINESS 73(September 1993): 2. These adjustments lowered third-quarter growth of realGDP by 0.6 percentage point and raised fourth-quarter growth by 0.4 per-centage point; growth in the first quarter of 1994 will be raised 0.2 percentagepoint.

Table 2.—Real Gross Domestic Product, Real Gross Domestic Purchases, and Real Final Sales to DomesticPurchasers

[Seasonally adjusted at annual rates]


I ov/ol

1993:1V

5,232.1

620.1704.2

5,316.2

134

5,302.8

3,508.6625.2226.9942.0


1993

I

9.9

-3.617.6

31.0

206

10.4

6.618.6

.8-15.6

II

23.9

5.220.5

39.3

-16 3

55.5

28.922.0-5.2

9.8

III

36.2

-1.39.8

47.2

-65

53.8

36.910.55.9

.6

IV

93.8

28.226.0

91.6

69

84.7

39.030.414.8

.3

Percent change from preceding quarter

1993

I

0.8

-2.411.6

2.5

.8

.814.41.5

-6.4

II

1.9

3.613.3

3.1

4.4

3.416.6-9.5

4.3

III

2.9

-.96.0

3.7

4.2

4.47.4

11.9.3

IV

7.5

20.516.2

7.2

6.7

4.622.131.0

.1

Gross domestic product

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

Equals: Gross domestic purchases

Less'. Change in business inventories

Equals: Final sales to domestic purchasers .

Personal consumption expendituresNonresidential fixed investmentResidential investmentGovernment purchases

NOTE.—Dollar levels are found in tables 1.2 and 1.6 of the "Selected NIPA Tables." Percentchanges are found in table 8.1.

Table 3.—Real Personal Consumption Expenditures[Seasonally adjusted at annual rates]


I PVPILevel

1993:1V

3,508.6

511.1199.884.347.568.0

227.883.4

1,102.7537.8204.598.7

261.7

1,894.8495.2221.2100.5120.7127.7469.3581.3


1993

I

6.6

-1.5-2.9-3.4

1.3-.82.3-.9

-5.8-2.6-5.2

.51.5

13.92.11.3.6.7.8

4.85.1

II

28.9

12.35.62.41.31.95.9.9

7.11.93.0-.12.2

9.51.9

-2.3-2.9

.61.63.15.0

III

36.9

8.9-1.4-.7

-2.41.77.03.1

9.94.02.82.7.5

18.12.65.24.4.8.4

4.06.1

IV

39.0

18.09.96.16.6

-2.88.4-.3

9.75.23.9-.71.3

11.31.9.4

-.1.5

1.24.23.4


1993

I

0.8

-1.3-6.0

-16.013.4-4.6

4.6-4.4

-2.1-2.0

-10.02.12.4

3.11.72.42.52.42.64.33.7

II

3.4

10.812.613.213.011.811.94.6

2.71.56.3-.43.5

2.11.6

-4.2-11.2

2.05.22.73.6

III

4.4

7.6-2.9-3.5

-20.410.213.816.3

3.73.15.8

11.6.8

3.92.1

10.019.62.71,33.54.3

IV

4.6

15.422.535.081.9

-14.916.2-1.4

3.64.08.0

-2.82.0

2.41.5.7

-.41.73.83.72.4

Personal consumption expenditures ...

Durable goodsMotor vehicles and parts

New autosNew trucksOther

Furniture and household equipmentOther

Nondurable goodsFoodClothing and shoesEnergy l

Other

ServicesHousingHousehold operation

Energy2

Other household operationTransportationMedical careOther

1. Gasoline and oil, and fuel oil and coal.2. Electricity and gas.

NOTE.-Dollar levels of most series are found in table 2.3 of the "Selected NIPA Tables." Newauto and truck purchases are found in tables 8.4 and 8.6. Percent changes in major aggregatesare found in table 8.1.


SURVEY OF CURRENT BUSINESS February

the fourth quarter as in the third. An accelerationin nonresidential fixed investment reflected step-ups in both structures and producers' durableequipment; an acceleration in residential invest-ment was largely accounted for by single-familyconstruction.

Exports and imports are the link between thegoods and services produced in the United States(or GDP) and the goods and services purchasedby U.S. residents (or gross domestic purchases).Exports, which are produced in the United Statesbut not purchased by U.S. residents, posted astrong increase in the fourth quarter after a smalldecrease in the third. Imports, which are pur-chased by U.S. residents but not produced in theUnited States, posted almost as strong an increaseas exports after a moderate increase in the third.

Personal consumption expenditures

Real personal consumption expenditures (PCE)increased 4.6 percent in the fourth quarter af-ter increasing 4.4 percent in the third (table 3).

Selected FactorsAffecting Consumer SpendingPercent change

15

10

5

0

-5

10

REAL DISPOSABLE PERSONAL INCOME

1 - •.•111111

.1

Percent

60

1990 1991 1992 19931. Disposable personal income in 1987 dollars: seasonally adjusted annual rates.2. All civilian workers, seasonal/ adjusted.Data: U.S. Dapertnentol Labor, Bureau of Labor Staisfcs3. Data: University of Mchigan's Survey Research Center.

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

Durable goods accelerated, nondurable goods in-creased at about the same rate as in the thirdquarter, and services slowed.

Three factors that were favorable to consump-tion spending in the fourth quarter are shown inchart 2. Real disposable personal income jumped5.8 percent after increasing only 1.6 percent. Theunemployment rate fell to 6.5 percent, its lowestlevel since the first quarter of 1991. The Index ofConsumer Sentiment (prepared by the Universityof Michigan's Survey Research Center) jumpedto its highest level in three quarters.

Expenditures for durable goods increased 15.4percent after increasing 7.6 percent. The step-up was accounted for by motor vehicles andparts, which turned up sharply, and by furnitureand household equipment, which increased evenmore than in the third quarter. The upturn inmotor vehicles and parts was nearly evenly splitbetween new autos and trucks. Most of the step-up in furniture and household equipment wasin consumer electronics. "Other" durable goodsdecreased slightly after increasing sharply.

Expenditures for nondurable goods increased3.6 percent after increasing 3.7 percent. Cloth-ing and shoes, food, and "other" nondurablegoods increased more than in the third quar-ter. Energy—primarily gasoline and oil—turneddown.

Expenditures for services increased 2.4 percentafter increasing 3.9 percent. The decelerationwas accounted for by household operation (pri-marily electricity and gas), "other" services, andhousing. Electricity and gas expenditures forcooling and heating edged down, as a slightlycolder-than-normal fourth quarter followed ahotter-than-normal third quarter. A slowdownin "other" services was mostly accounted for byreligious and welfare services and by recreationservices—primarily motion picture admissions,which decreased after jumping sharply. Trans-portation services increased more in the fourthquarter than in the third, primarily reflecting thereaction of consumers to lower air fares. Medicalcare services increased at about the same rate inthe fourth quarter as in the third.

Nonresidential fixed investment

Real nonresidential fixed investment jumped 22.1percent in the fourth quarter after increasing 7.4percent in the third (table 4). Structures andproducers' durable equipment both contributedto the acceleration.

Several factors that affect investment spend-ing were favorable in the fourth quarter. The



yield on new high-grade corporate bonds in-creased only slightly from the 25-year low it hadreached in the third quarter. The capacity utiliza-tion rate in manufacturing resumed its uptrendwith a substantial increase. Real final sales ofdomestic product increased strongly after hav-ing increased moderately over the preceding fourquarters. (Fourth-quarter corporate profits andcash flow are not yet available.)

Structures increased 14.2 percent, the largestincrease in more than 6 years, after a verysmall increase. Nonresidential buildings acceler-ated sharply; industrial structures jumped aftera moderate increase, and commercial structuresjumped after a moderate decrease. Utilitiesturned up and oil well drilling turned down byabout equal amounts.

Producers' durable equipment (PDE) increased24.9 percent after increasing 10.0 percent. Abouttwo-thirds of the acceleration was accounted forby an upturn in transportation equipment; pur-chases of trucks turned up, and purchases ofcivilian aircraft decreased less than in the thirdquarter. Industrial equipment and "other" PDEincreased substantially after increasing moder-ately in the third quarter; in both categories, thestrength was widespread. Information process-ing equipment posted another 30-plus-percentincrease. Computers and peripheral equipment,which accounted for most of the third-quarterincrease, accounted for about half of the fourth

quarter increase; communications equipmentaccounted for the rest.

Residential investment

Real residential investment increased 31.0 per-cent in the fourth quarter after increasing 11.9percent in the third. A jump in single-familyconstruction accounted for most of the step-up.

CHART 3

Housing StartsMillions of units2.0

Single Family

Multifamily

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

1990 1991 1992 1993Seasonally Adjusted at Annual Rates

Data: Bureau of he Census

US. Depertnent of Commerce, Bureau of Economic Analysis

Table 4.—Real Gross Private Domestic Fixed Investment[Seasonally adjusted at annual rates]

L6V6I

1993:IV

852.2

625.2

156.3106.731.111.07.5

469.0215.3112.8102.684.989.077.012.079.7

226.9119.7

9.497.8

Billions of 1987 ciollars


1993

I

19.4

18.6

.21.8

-1.7.1

0

18.410.112.3-2.3

1.03.62.7.9

3.8

.86.0

-1.3-3.9

II

16.9

22.0

2.91.2.7

1.0.1

19.18.25.03.32.17.16.9.2

1.7

-5.2-5.2-.1

.2

III

16.3

10.5

.11.0-.1

.3-1.2

10.414.110.63.61.7

-7.1-3.0-4.1

1.6

5.91.3.8

3.8

IV

45.3

30.4

5.15.2.6

-.70

25.414.47.76.74.43.32.9.4

3.2

14.89.7-.45.5


1993

I

10.7

14.4

.57.6

-19.83.90

19.926.280.6-9.75.4

18.717.027.023.8

1.524.2

-41.4-15.9

II

9.0

16.6

8.14.99.7

44.44.7

19.819.724.315.711.437.545.55.39.6

-9.5-17.0

^t .3.9

III

8.5

7.4

.34.0

-1.310.9

-44.8

10.033.853.016.58.9

-27.3-14.7-70.2

8.8

11.94.9

40.618.3

IV

24.4

22.1

14.222.18.1

-21.90

24.931.932.731.023.716.316.614.517.8

31.040.2

-15.426.1

Gross private domestic fixed investment

Nonresidential

StructuresNonresidential buildings, including farm .UtilitiesMining exploration, shafts, and wellsOther

Producers' durable equipmentInformation processing and related equipment.

Computers and peripheral equipmentOther

Industrial equipmentTransportation and related equipment

Motor vehiclesOther

Other

ResidentialSingle-family structuresMultifamily structures ....Other

NOTE.—Dollar levels of most series are found in table 5.5 of the "Selected NIPA Tables." Motorvehicles are found in tables 8.4 (autos) and 8.6 (trucks). Percent changes in major aggregatesare found in table 8.1.


SURVEY OF CURRENT BUSINESS February 1994

Single-family construction increased 40.2 per-cent after increasing 4.9 percent. Single-familyconstruction in a quarter is largely determined byhousing starts in that quarter and in the preced-ing quarter. Fourth-quarter construction, thus,reflects housing starts in the third and fourthquarters. Starts averaged 1.207 million units (an-nual rate) in the third and fourth quarters, upfrom an average of 1.111 million in the second andthird quarters (chart 3).

Multifamily construction decreased 15.4 per-cent after increasing 40.6 percent; the third-quarter increase was the first in more than ayear and only the third in 4 years. The rentalvacancy rate decreased slightly in the fourth quar-ter but remained high; at 6.9 percent, it was

CHART 4

Selected Interest RatesPercent12

10

Mortgage Commitments

Prime Rate

3-Month Treasury Bills

Mill

1990 1991 1992

Data: Federal Reserve Board

US. Depertnenl ol Comnnree, Bureau of Economic Analysis

1993

not significantly different from the third-quarterrate or from the rate in the fourth quarter of1992. The Low Income Housing Tax Credit pro-gram, which was reauthorized in mid-1993, isexpected to give a substantial boost to starts ofsubsidized housing, which currently accounts forabout one-fourth of multifamily construction.

"Other" residential investment increased 26.1percent after increasing 18.3 percent; the step-up was accounted for by brokers' commissions.3

Sales of existing houses increased 10.2 percent(not an annual rate) after increasing 8.0 percent,and sales of new houses increased 16.4 percentafter increasing 3.7 percent. Mortgage rates con-tinued near their lowest levels in a generation(chart 4).

Inventory investment

Real inventory investment—that is, the changein business inventories—increased $6.9 billion inthe fourth quarter after decreasing $6.5 billion inthe third. The upturn was more than accountedfor by farm inventories (table 5).

Farm inventory investment increased $8.5 bil-lion, as inventory decumulation slowed to $4.4billion from $12.9 billion. Crop inventories werereduced in both quarters as a result of the Mid-west floods and Southeast drought; the reductionwas substantially larger in the third quarter thanin the fourth. Inventories of livestock increasedslightly after decreasing.

Nonfarm inventory investment decreased slightly,as the pace of accumulation, though still sub-stantial, slowed to $17.8 billion from $19.4 billion.Retail trade other than auto dealers accounted

3. The "other" component includes improvements {major replacementsand additions and alterations), sales of new mobile homes, brokers'commissions on house sales, and residential equipment.

Table 5.—Change in Real Business Inventories[Billions of 1987 dollars; seasonally adjusted at annual rates]

Change In business inventories

Farm

NonfarmManufacturingWholesale tradeRetail trade

Auto dealersOther retail trade

Other

Addenda:Motor vehiclesNonfarm less motor vehicles

Level

1992

IV

8.7

1.2

7.5-12.5

10.79.7

-1.711.4- .4

1.95.6

1993

I

29.3

0

29.3.8.7

24.016.67.45.4

14.814.5

II

13.0

-4.1

17.15.06.63.0-.53.52.4

-1.919.0

III

6.5

-12.9

19.43.16.44.8

-7.111.95.0

-4.423.8

IV

13.4

-4.4

17.8-3.5

3.7132

1 012.24.4

2.115.7


1993

I

20.6

-1.2

21.811.7

-10.014318.3-4.0

5.8

12.98.9

II

16.3

-4.1

-12.25.85.9

-21.0-17.1

-3.9-3.0

16.74.5

III

-6.5

-8.8

2.3-1.9

-.21.8

-6.68.42.6

-2.54.8

IV

6.9

8.5

-1.6-6.6-2.7

8481

.3

.6

6.5-8.1

NOTE.—Dote levels for most series are found in table 5.11 of the "Selected NIPA Tables."Motor vehicles are found in tables 8.4 (autos) and 8.6 (trucks).



for two-thirds of the accumulation in the fourthquarter and for almost as much in the third; inboth quarters, more than half of the accumula-tion was accounted for by furniture and appliancestores and by building materials and hardwarestores. Retail automotive inventories increasedmodestly after a sharp drop.

Wholesale trade inventories increased less thanin the third quarter. Inventories of durable goodsincreased about half as much as in the thirdquarter, while inventories of nondurable goodsincreased about the same amount as in the thirdquarter.

Manufacturing inventories of both durablegoods and nondurable goods decreased in thefourth quarter after increasing in the third.The decrease in inventories of durable goodswas more than accounted for by transportationequipment other than motor vehicles (mainly air-

craft). The decrease in inventories of nondurablegoods was accounted for by food and chemicals.

Reflecting a surge in sales in the fourth quarter,the constant-dollar ratio of nonfarm inventoriesto all final sales fell to 2.45 in the fourth quarterfrom 2.49 in the third. A ratio in which finalsales are limited to goods and structures fell to4.21 from 4.32. Both ratios were at the lowestlevels in 20 years.

Net exports of goods and services

Real exports increased 20.5 percent in the fourthquarter after decreasing 0.9 percent in thethird. Real imports increased 16.2 percent afterincreasing 6.0 percent (table 6).

Exports of goods jumped 29.5 percent after asmall decrease. Exports of agricultural productsturned up, and exports of nonagricultural prod-ucts accelerated sharply. Most of the acceleration

Table 6—Real Net Exports of Goods and Services[Seasonally adjusted at annual rates]


u -

1993:1V

-84.1

620.1463.139.1

424.0157.0

704.2598.9

58.5540.4105.3


1993

I

-21.1

-3.6-7.1-2.4-4.63.5

17.615.6

.614.92.0

II

-15.3

5.24.3.1

4.2.8

20.519.84.4

15.4.7

III

-11.1

-1.3-.4

-1.51.1-.8

9.89.2

-1.110.3

.6

IV

2.2

28.229.01.8

27.2-.8

26.024.01.8

22 22.0


1993

I

-2.4-6.3

-21.4-4.69.4

11.612.34.6

13.18.2

II

3.64.11.04.42.0

13.315.337.313.12.8

III

-.9-.4

-14.61.1

-2.0

6.06.7

-7.48.42.4

20.529.520.730.4-2.0

16.217.813.518.38.0

Net exports of goods and services .

Exports of goods and servicesMerchandise

Agricultural productsNonagricultural products ..

Services

Imports of goods and services .Merchandise

Petroleum and products...Nonpetroleum products ....

Services

NOTE.-Dollar levels of these series are found in tables 4.2 and 4.4 of the "Selected NIPATables," and percent changes in major aggregates are found in table 8.1.

Table 7.—Real Government Purchases[Seasonally adjusted at annual rates]


I 0\/0lLCVCI

1993:1V

942.0

349.5238.094.1

143.9111.551.060.5

592.599.0

493.5365.7127.8


I

-15.6

-16.1-15.3

-1.3-14.0

-.91.2

-2.1

.5-1.7

2.21.01.2

1993

II

9.8

1.8.4

-1.31.71.5.4

1.1

7.95.52.41.41.0

III

0.6

-5.7-6.3-1.1-5.2

.7

.2

.5

6.44.12.31.11.2

IV

0.3

-4.2-2.1-1.2-.9

-2.2-.6

-1.6

4.52.52.01.2.8


1993

I

-6.4

-16.2-21.4-5.1

-30.3-3.210.0

-12.8

.3-7.5

1.81.13.9

II

4.3

2.0.7

-5.24.75.53.27.5

5.627.82.01.63.2

MlHI

0.3

-6.2-9.8-4.5

-13.22.51.63.3

4.519.01.91.23.9

IVIV

0.1

-4.7-3.5-4.9-2.5-7.5-4.6-9.9

3.110.81.61.32.5

Government purchases

FederalNational defense

Compensation of employees ,Other

NondefenseCompensation of employeesOther

State and localStructuresOther

Compensation of employeesOther

NOTE.—Dollar levels of most series are found in table 3.8B of the "Selected NIPA Tables,"and percent changes in major aggregates are found in table 8.1.


SURVEY OF CURRENT BUSINESS February 1994 • 7

in nonagricultural exports reflected upturns incivilian aircraft and parts and in autos. Exportsof services decreased the same amount as in thethird quarter.

Imports of goods increased 17.8 percent afterincreasing 6.7 percent. Imports of petroleumand petroleum products turned up, and non-petroleum imports accelerated. The accelerationin nonpetroleum imports was more than ac-counted for by autos and by nonautomotivecapital goods. Imports of services increasedmoderately after a smaller increase.


Real government purchases increased 0.1 percentin the fourth quarter after increasing 0.3 per-cent in the third (table 7). Federal Governmentpurchases decreased somewhat less than in thethird quarter, and State and local governmentpurchases increased somewhat less.

Federal defense purchases decreased 3.5 percentafter decreasing 9.8 percent. The fourth-quarterdecrease was spread across all types of purchases,but more than half of it was in compensa-tion of employees, which decreased for the 11thconsecutive quarter.

Federal nondefense purchases decreased 7.5percent after increasing 2.5 percent. The fourth-quarter decrease was accounted for by purchasesof services.

State and local government purchases increased3.1 percent after increasing 4.5 percent. Mostof the slight slowdown was accounted for bystructures.

Revisions

The preliminary fourth-quarter estimate of a 7.5-percent increase in real GDP is 1.6 percentagepoints higher than the advance estimate (table 8).This revision, which is nearly three times as largeas the average revision from the advance to thepreliminary estimate, is the largest in more than5 years. More than half of the revision reflectedrevisions to exports and imports. Exports wererevised up $7.6 billion, and imports were reviseddown $3.9 billion. (Imports are subtracted inthe calculation of GDP, SO a downward revisionin imports leads to a upward revision in GDP.)The revision to exports primarily reflected the in-corporation of newly available merchandise tradedata that showed an unexpectedly large jumpin merchandise exports in December; the jumpwas almost as large as the increase over the first11 months of the year. Similarly, the revision

to imports primarily reflected the incorporationof newly available merchandise trade data thatshowed an unexpected decrease in merchandiseimports in December.

Personal consumption expenditures was re-vised up $4.7 billion on the basis of revised sourcedata on retail sales for November and Decem-ber; more than half of this revision was reflectedin expenditures for food, for clothing and shoes,and for furniture and equipment. Farm in-ventory investment, State and local governmentpurchases, and nonresidential fixed investmentwere revised up by smaller amounts. Smalldownward revisions were made to nonfarm in-

Table 8.—Revisions in Real Gross Domestic Productand Prices, Fourth Quarter 1993

[Seasonally adjusted at annual rates]


Less. Exports of goods and services

Plus-. Imports of goods and services

Equals: Gross domestic purchases

Personal consumption expenditures

Durables . . .

Nondurables

Services

Fixed investment .. .

Nonresidential

Structures . . . .

Producers' durable equipment

Residential ..

Change in business inventories

Nonfarm . . .

Farm

Government purchasesFederal

National defenseNondefense

State and local

Gross domestic purchases price index (fixed

weights)1

GDP price index (fixed weights)1

Billions of

1987 dollars

Preliminary

estimate

minus

advance

estimate

20.0

7.6

-3.9

8.5

4.7

1.2

2.6

.9

1.2

1.4

1.2

.3

-.3

.7

-1.6

2.3

1.9-.3

.2-.12.1

Percent change

from preceding

quarter

Advance

estimate

5.9

14.7

18.8

6.5

4.0

14.3

2.6

2.2

23.7

21.0

10.7

24.6

31.7

-.7

-4.3

-3.1

-7.2

1.6

2.1

2.2

Prelimi-

nary

estimate

7.5

20.5

16.2

7.2

4.6

15.4

3.6

2.4

24.4

22.1

14.2

24.9

31.0

.1

-4.7

-3.5

-7.5

3.1

2.2

2.3

1. Based on 1987 weights.

NOTE.—Preliminary estimates for the fourth quarter of 1993 incorporate the following revised

or additional major source data that were not available when the advance estimates were

prepared in January.

Personal consumption expenditures: Revised retail sales for November and December, and

consumers' share of new car purchases for November.

Nonresidential fixed investment: Construction put in place for October and November

(revised) and December, manufacturers' shipments of machinery and equipment for December

(revised), and business' share of new car purchases for November.

Residential investment: Construction put in place for October and November (revised) and

December.

Change in business inventories: Manufacturing and trade inventories for November (revised)

and December, and revised unit inventories of motor vehicles for December.

Net exports of goods and services: Merchandise exports and merchandise imports for

November (revised) and December.

Government purchases: Federal outlays for December, State and local construction put in

place for November (revised) and December, and Employment Cost Index for State and local

government wages and salaries for the quarter.

Wages and salaries: Revised employment, average hourly earnings, and average weekly

hours for November and December.

GDP prices: Detailed merchandise export and import price indexes for October through

December, values and quantities of petroleum imports for December, and new house prices

for the quarter.



ventory investment, residential investment, andFederal Government purchases.

For real gross domestic purchases, the prelim-inary estimate of a 7.2-percent increase is 0.7percentage point higher than the advance esti-mate. (Revisions to gross domestic purchases arenot affected by revisions to exports and imports.)

The fourth-quarter increases in the fixed-weighted price indexes for gross domestic pur-chases and for GDP were both revised up 0.1percentage point.

Alternative measures

Alternative measures of output and prices forGDP and other major aggregates are shown inNIPA table 7.1; corresponding percentage changesare shown in table 8.1. Beginning with the May1993 SURVEY OF CURRENT BUSINESS, the alterna-tive measures have been published as part of theregular presentation of the preliminary and fi-nal quarterly NIPA estimates. Differences betweenchanges in the alternative measures and in BEA'Sfeatured—fixed-1987-weighted—measure of realGDP for the third quarter of 1993 and forthe period since the most recent business-cycletrough were briefly noted in the November 1993"Business Situation."

As explained in the March 1993 SURVEY, bothof the alternative measures of output and pricesfor the quarters of 1993 are currently calculatedusing 1992 annual weights.4 Consequently, thealternative measures provide an estimate of theeffect of shifting the price and quantity weightsused in BEA'S featured measures of output andprices from 1987 to 1992.

Using the alternative measures, real GDP in-creased 6.7 percent in the fourth quarter of 1993,compared with the 7.5-percent increase using thefeatured measure. The 0.8-percentage-point dif-ference in growth rates, while the largest in thecurrent expansion, is about the same as in thethird quarter of 1993, when the growth rate of

4. See Allan H. Young, "Alternative Measures of Change in Real Outputand Prices, Quarterly Estimates for 1959-92," SURVEY 73 (March 1993): 31-41.As explained in table B of that article, estimates of the alternative measuresbeginning with the third quarter of 1992 that are released after this summer'sannual NIPA revision will be produced using different weights.

the alternative measures was 0.7 percentage pointlower than that of the featured measure. Never-theless, a historical comparison using any one ofthe measures shows that the growth in real GDPin the fourth quarter was the strongest since thefirst quarter of 1984.

The slower growth in fourth-quarter GDP in thealternative measures indicates that less weight isbeing given to components that since 1987 haveabove-average increases in output and below-average increases in prices. Computers andperipheral equipment, the output of which grewrapidly in the third and fourth quarters of 1993,account for almost all of the difference betweenthe 1992- and 1987-weighted measures in the thirdquarter and for about one-half of the differencein the fourth. Between 1987 and 1992, pricesof computers and peripherals dropped sharply,while prices of most other components increased.Additional components for which price increasessince 1987 have been below average contributedto the differences in both quarters, but theywere less important factors in the third quar-ter than in the fourth. The most significantcontributions came from other components ofpersonal consumption expenditures for durablegoods and of producers' durable equipment andfrom residential structures.

GDP growth rates based on the alternativemeasures were also lower in the full year 1993than the 3.0-percent increase in the featuredmeasure. The benchmark-years-weighted meas-ure increased 2.7 percent, and the chain-typeannual-weighted measure increased 2.8 percent.

Measures of price change have been onlyslightly affected by changes in the composition ofoutput since 1987. In the fourth quarter, the al-ternative measures for gross domestic purchasesprices increased 2.3 percent, 0.1 percentage pointmore than the featured measure. Larger increasesin the alternative measures for government pur-chases were offset by smaller increases for fixedinvestment, primarily in computers. For the year1993, the alternative measures for gross domesticpurchases increased 2.9 percent, 0.2 percentagepoint less than the featured measure. E2



NATIONAL INCOME AND PRODUCT ACCOUNTS

Selected NIPA TablesNew estimates in this issue: "Preliminary" estimates for the fourth quarter of 1993.The selected set of national income and product accounts (NIPA) tables shown in this section presents

quarterly estimates, which are updated monthly. (In most tables, the annual estimates are also shown.) Thesetables are available on the day of the gross domestic product (GDP) news release on printouts and diskettes on asubscription basis or from the Commerce Department's Economic Bulletin Board. For order information, writeto the National Income and Wealth Division (BE-54), Bureau of Economic Analysis, Washington, DC 20230 orcall (202) 606-5304.

Tables containing the estimates for 1929-87 are available in the two-volume set National Income and ProductAccounts of the United States; see inside back cover for order information. For 1988-92, the complete officialtime series of NIPA estimates can be found as follows:

Most tablesTables 1.15, 1.16, and 7.15Tables 3.15-3.20 and 9.1-9.6...Tables 7.1, 7.2, and 8.1

1988

NIPA'S, vol. 2

Sept. 1993 SURVEY

1989

July 1992 SURVEY

Sept. 1992 SURVEYSept. 1993 SURVEY

1990-92

Aug. 1993 SURVEY

Sept. 1993 SURVEY

Summary NIPA series back to 1929 are in the September 1993 SURVEY. Errata to published NIPA tables appearin the September 1992, April 1993, and October 1993 issues, NIPA tables are also available, most beginning with1929, on diskettes or magnetic tape. For more information on the presentation of the estimates, see "A Look atHow BE A Presents the NIPA'S" in this issue.

NOTE.—This section of the SURVEY is prepared by the National Income and Wealth Division and theGovernment Division.

Table 1.1.—Gross Domestic Product[Billions of dollars]

Table 1.2.—Gross Domestic Product in Constant Dollars[Billions of 1987 dollars]

Gross domesticproduct

Personal consumptionexpenditures

Durable goodsNondurable goodsServices

Gross private domesticinvestment

Fixed investmentNonresidential

StructuresProducers' durable

equipmentResidential

Change in businessinventoriesNonfarmFarm

Net exports of goods andservices

Exports

Imports


FederalNational defenseNondefense

State and local

1992

6,038.5

4,139.9

497.31,300.92,341.6

796.5

789.1565.5172.6

392.9223.6

7.32.35.0

-29.6

640.5670.1

1,131.8

448.8313.8135.0683.0

1993

6,379.4

4,391.9

537.91,351.02,503.0

892.8

875.8623.4178.9

444.5252.4

17.022.5-5.5

-63.2

661.7724.9

1,157.9

443.6303.6140.0714.3

Seasonally adjusted at annual rates

1992

6,059.5

4,157.1

500.91,305.72,350.5

802.2

792.5569.2170.8

398.4223.3

9.74.45.3

-38.8

641.1679.9

1,139.1

452.8316.7136.1686.2

6,194.4

4,256.2

516.61,331.72,407.9

833.3

821.3579.5171.1

408.3241.8

12.09.52.4

-38.8

654.7693.5

1,143.8

452.4315.7136.7691.4

1993

6,261.6

4,296.2

515.31,335.32,445.5

874.1

839.5594.7172.4

422.2244.9

34.633.0

1.5

-48.3

651.3699.6

1,139.7

442.7304.8137.9697.0

6,327.6

4,359.9

531.61,344.82,483.4

874.1

861.0619.1177.6

441.6241.9

13.116.8-3.7

-65.1

660.0725.0

1,158.6

447.5307.6140.0711.1

6,395.9

4,419.1

541.91,352.42,524.8

884.0

876.3624.9179.1

445.8251.3

7.722.6

-14.9

-71.9

653.2725.1

1,164.8

443.6301.9141.7721.2

6,532.4

4,492.5

562.61,371.52,558.4

939.0

926.4655.0186.5

468.5271.4

12.617.6-5.1

-67.6

682.2749.7

1,168.5

440.5300.1140.4728.0





Fixed investmentNonresidential

StructuresProducers' durable

equipmentResidential

Change in businessinventoriesNonfarmFarm

Net exports of goods andservices

Exports ...Imports ...


FederalNational defenseNondefense

State and local

1992

4,986.3

3,341.8

456.61,062.91,822.3

732.9

726.4529.2150.6

378.6197.1

6.52.73.8

-33.6

578.0611.6

945.2

373.0261.2111.8572.2

1993

5,137.7

3,453.7

490.11,088.71,874.9

821.4

805.8591.7151.7

440.0214.2

15.520.9-5.3

-76.4

598.3674.7

939.0

355.1242.6112.4583.9


1992

4,998.2

3,350.9

459.01,062.91,829.0

739.6

730.0533.8148.8

385.1196.2

9.65.83.8

-42.5

579.3621.8

950.2

377.0264.4112.5573.2

5,068.3

3,397.2

473.41,081.81,842.0

763.0

754.3543.7148.0

395.7210.6

8.77.51.2

-38.8

591.6630.3

946.9

373.7261.3112.4573.2

1993

5,078.2

3,403.8

471.91,076.01,855.9

803.0

773.7562.3148.2

414.1211.4

29.329.3

0

-59.9

588.0647.9

931.3

357.6246.0111.5573.7

5,102.1

3,432.7

484.21,083.11,865.4

803.6

790.6584.3151.1

433.2206.2

13.017.1-4.1

-75.2

593.2668.4

941.1

359.4246.4113.0581.6

5,138.3

3,469.6

493.11,093.01,883.5

813.4

806.9594.8151.2

443.6212.1

6.519.4

-12.9

-86.3

591.9678.2

941.7

353.7240.1113.7588.0

5,232.1

3,508.6

511.11,102.71,894.8

865.5

852.2625.2156.3

469.0226.9

13.417.8-4.4

-84.1

620.1704.2

942.0

349.5238.0111.5592.5

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



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

[Billions of dollars]


Final sales of domesticproduct

Change in businessinventories

Goods >Final salesChange in business

inventories

Durable goodsFinal salesChange in business

inventories

Nondurable goodsFinal salesChange in business

inventories

Services1 .

Structures .

1992

6,038.5

6,031.2

7.3

2,312.8

2,305.5

7.3

977.9975.8

2.0

1,334.91,329.6

5.3

3,221.1

504.6

1993

6,379.4

6,362.4

17.0

2,424.2

2,407.2

17.0

1,048.71,036.8

1,375.51,370.4

5.1

3,409.5

545.6


1992

6,059.5

6,049.9

9.7

2,318.3

2,308.6

9.7

984.1978.4

5.7

1,334.21,330.2

4.0

3,239.3

501.9

6,194.4

6,182.5

12.0

2,377.6

2,365.6

12.0

1,007.11,008.3

-1.2

1,370.51,357.3

13.2

3,296.1

520.8

1993

6,261.6

6,227.1

34.6

2,397.4

2,362.9

34.6

1,018.61,003.5

15.0

1,378.91,359.3

19.5

3,341.8

522.4

6,327.6

6,314.5

13.1

2,408.1

2,395.0

13.1

1,040.51,037.8

2.7

1,367.51,357.1

10.4

3,388.1

531.5

6,395.9

6,388.2

7.7

2,409.4

2,401.7

7.7

1,047.71,032.9

14.8

1,361.61,368.8

-7.2

3,437.8

548.7

6,532.4

6,519.8

12.6

2,482.0

2,469.4

12.6

1,088.01,073.1

15.0

1,393.91,396.3

-2.4

3,470.5

579.9

1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal

Government, are included in services.

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

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


Gross domestic product ...

Less: Exports of goods andservices

Plus: Imports of goods andservices

Equals: Gross domesticpurchases'

Less: Change in businessinventories

Equals: Final sales todomestic purchasers2

6,038.5

640.5

670.1

6,068.2

7.3

6,060.8

6,379.4

661.7

724.9

6,442.6

17.0

6,425.6

6,059.5

641.1

679.9

6,098.3

9.7

6,088.6

6,194.4

654.7

693.5

6,233.2

12.0

6,221.2

6,261.6

651.3

699.6

6,309.9

34.6

6,275.4

6,327.6

660.0

725.0

6,392.7

13.1

6,379.5

6,395.9

653.2

725.1

6,467.8

7.7

6,460.1

682.2

749.7

6,600.0

12.6

6,587.4

1. Purchases by U.S. residents of goods and services wherever produced.

2. Final sales to U.S. residents of goods and services wherever produced.


Table 1.7.—Gross Domestic Product by Sector[Billions of dollars]


Business

NonfarmNonfarm less housing ....Housing

FarmStatistical discrepancy

Households and institutions

Private households ...Nonprofit institutions

General government ..

FederalState and local

Addendum:Gross domestic business

product less housing ...

6,038.5

5,114.4

5,006.44,505.4

501.084.423.6

267.0

10.1256.9

657.1

199.8457.3

4,608.9

6,379.4

5,406.0

5,305.44,789.6

515.882.418.2

286.3

11.1275.2

687.1

207.0480.1

6,059.5

5,130.2

5,028.84,499.2

529.585.815.7

269.6

10.3259.2

659.8

200.0459.7

6,194.4

5,254.4

5,138.74,639.6

499.183.632.1

275.7

10.6265.2

664.3

198.7465.6

6,261.6

5,303.0

5,184.74,674.0

510.883.834.4

280.3

10.8269.5

678.4

206.2472.1

6,327.6

5,359.0

5,263.74,751.0

512.783.312.0

284.7

11.0273.7

683.9

206.2477.7

6,395.9

5,416.6

5,330.14,812.8

517.473.213.3

288.1

11.3276.8

691.2

208.3483.0

6,532.4

5,545.4

5,443.04,920.7

522.389.113.3

292.3

11.5280.8

694.7

207.1487.6

Table 1.4.—Gross Domestic Product by Major Type of Productin Constant Dollars

[Billions of 1987 dollars]


Final sales of domesticproduct

Change in businessinventories

Goods'

Final salesChange in business

inventories

Durable goodsFinal salesChange in business

inventories

Nondurable goodsFinal salesChange in business

inventories

Services1 ....

Structures ....

1992

4,986.3

4,979.8

6.5

2,005.7

1,999.2

6.5

914.0911.7

2.4

1,091.71,087.6

4.1

2,534.7

445.8

1993

5,137.7

5,122.1

15.5

2,085.8

2,070.3

15.5

982.2970.7

11.4

1,103.71,099.6

4.1

2,585.9

465.9


1992

4,998.2

4,988.6

9.6

2,011.0

2,001.4

9.6

921.5915.2

6.3

1,089.51,086.2

3.3

2,544.8

442.3

5,068.3

5,059.6

8.7

2,057.7

2,049.0

8.7

941.8942.6

1,116.01,106.4

9.6

2,556.5

454.2

1993

5,078.2

5,048.9

29.3

2,060.2

2,030.9

29.3

951.2938.2

13.0

1,109.01,092.7

16.3

2,565.3

452.7

5,102.1

5,089.1

13.0

2,069.1

2,056.1

13.0

968.9

3.9

1,100.21,091.1

9.1

2,577.5

455.5

5,138.3

5,131.8

6.5

2,074.9

2,068.5

6.5

982.5968.7

13.9

1,092.41,099.8

-7.4

2,596.7

466.6

5,232.1

5,218.7

13.4

2,139.1

2,125.7

13.4

1,026.11,011.2

15.0

1,113.01,114.6

-1.6

2,604.2

488.8




Table 1.6.—Relation of Gross Domestic Product, Gross DomesticPurchases, and Final Sales to Domestic Purchasers in ConstantDollars


6,532.4 Gross domestic product ...

Less: Exports of goods andservices

Plus: Imports of goods andservices

Equals: Gross domesticpurchasesl

Less: Change in businessinventories

Equals: Final sales todomestic purchasers2

4,986.3

578.0

611.6

5,019.9

6.5

5,013.4

5,137.7

598.3

674.7

5,214.1

15.5

5,198.5

4,998.2

579.3

621.8

5,040.7

9.6

5,031.1

5,068.3

591.6

630.3

5,107.1

8.7

5,098.4

5,078.2

588.0

647.9

5,138.1

29.3

5,108.8

5,102.1

593.2

668.4

5,177.4

13.0

5,164.3

5,138.3

591.9

678.2

5,224.6

6.5

5,218.1

5,232.1

620.1

704.2

5,316.2

13.4

5,302.8

1. Purchases by U.S. residents of goods and services wherever produced.

2. Final sales to U.S. residents of goods and services wherever produced.


Table 1.8.—Gross Domestic Product by Sector in Constant Dollars[Billions of 1987 dollars]


Business

NonfarmNonfarm less housing ....Housing



Private householdsNonprofit institutions

General government


Addendum:Gross domestic business

product less housing ....

4,986.3

4,267.6

4,168.43,769.3

399.179.619.7

209.1

8.8200.4

509.5

150.5359.0

3,864.9

5,137.7

4,409.6

4,320.23,914.9

405.374.414.9

217.0

9.3207.7

511.1

147.2363.9

4,998.2

4,277.9

4,182.63,782.9

399.682.213.1

210.3

8.9201.4

510.0

150.1360.0

5,068.3

4,346.2

4,240.03,839.3

400.779.726.5

212.4

9.0203.4

509.8

148.8361.0

5,078.2

4,353.9

4,247.43,844.8

402.678.228.3

213.5

9.2204.3

510.8

148.8362.0

5,102.1

4,374.1

4,288.13,883.7

404.476.29.8

216.8

9.3207.5

511.3

147.8363.4

5,138.3

4,408.4

4,330.13,924.0

406.167.510.8

218.4

9.4209.0

511.5

146.9364

5,232.1

4,501.9

4,415.44,007.2

408.175.710.8

219.3

9.5209.9

510.9

145.2365.7



Table 1.9.—Relation of Gross Domestic Product, Gross NationalProduct, Net National Product, National Income, and PersonalIncome


Table 1.10.—Relation of Gross Domestic Product, Gross NationalProduct, Net National Product, and National Income in ConstantDollars



Plus: Receipts of factorincome from the rest of theworld1

Less: Payments of factorincome to the rest of theworld2

Equals: Gross nationalproduct

Less: Consumption of fixedcapital

Capitalconsumptionallowances

Less: Capitalconsumptionadjustment

Equals: Net national product

Less: Indirect business taxand nontax liability

Business transferpayments

Statistical discrepancyPlus: Subsidies less current

surplus of governmententerprises

Equals: National income

Less: Corporate profits withinventory valuation andcapital consumptionadjustments

Net interestContributions for

social insuranceWage accruals less

disbursements3lus: Personal interest income

Personal dividendincome

Government transferpayments to

Business transferpayments topersons

Equals: Personal income

Addenda:Net domestic productDomestic income

1992

6,038.5

129.2

121 9

6,045.8

657 9

605.7

-52.1

5,387.9

502.8

27.623.6

27

4,836.6

407.2442.0

555.6

-20.0694.3

140 4

21 6

5,144.9

5,380.74,829.4ft noo 00,022.2

1993

6,379.4

671 1

630.0

-41.2

530.6

28.0

70

585.3

20.0695.8

1583

Ron 1

21 9

5,388.9

5,708.2


1992

111

6,059.5

127.3

1195

6,067.3

7146

633.7

-80.9

5,352.8

504.8

27.8157

- 3 7

4,800.8

367.5440.1

556.6

0692.2

1449

QAA O

21 8

5,139.8

5,344.94,793.0

6,051.7

IV

6,194.4

122.3

124 8

6,191.9

648 0

612.1

-36.0

5,543.9

515.7

28.1321

77

4,975.8

439.5447.7

564.6

-80.0694.5

152 3

OCC A

22 0

5,328.3

5,546.44,978.3

6,159.9

1993

I

6,261.6

122.8

122 4

6 262.1

663 2

622.3

-40.9

5,598.8

515.6

27.034 4

171

5,038.9

432.1450.1

568.9

80.0695.4

157 0

070 n

21 4

5,254.7

5,598.45,038.4

6,227.6

II

6,327.6

131.9

132 3

6,3271

663 3

624.8

-38.4

5,663.9

526.2

27.8120

61

5,104.0

458.1443.2

585.9

0693.1

157 8

QQO 7

21 8

5,373.2

5,664.35,104.5

6,315.2

III

6,395.9

135.1

128 7

6,402.3

679 7

636.3

-43.4

5,722.6

532.4

28.4133

-53

5,143.2

468.5444.6

590.5

0695.7

159 0

fiQfi A

221

5,412.7

5,716.25,136.8

6,389.0

IV

6,532.4 Gross domestic product

Plus: Receipts of factorincome from the rest of theworld1

Less: Payments of factorincome to the rest of theworld2

Equals: Gross nationalproduct

Less: Consumption of fixed678 4 capital


636.4 Less: Indirect business taxand nontax liability plusbusiness transfer payments

-42.0 less subsidies plus currentsurplus of governmententerprises

Statistical discrepancy5 4 8 2 Equals: National income

28.8 Addenda:Npt (lomp^tir nrnrlurtDomestic incomeGross national income

1021. Consists largely of receipts b>

affiliates of U.S. corporations.

1992

4,986.3

105.5

97 7

4,994.0

595 0

4,399.0

402 019.7

3,977.3

4 391 2396954,974.3

1993

5,137.7

598.6

417.5

4 539 1

U.S. residents of

2. Consists largely of payments to foreign

affiliates of foreign corporations.

<Seasonally adjusted at annual rates

1992

III

4,998.2

103.7

95 5

5,006.4

6437

4,362.7

403 713.1

3,946.0

4 354 53 937 74,993.3

IV

5,068.3

98.9

988

5,068.4

584 0

4,484.4

409 326.5

4,048.6

4 484 44 048 55,041.9

1993

I

5,078.2

98.3

95 8

5,080.7

595.0

4,485.8

411.628.3

4,045.9

4 483 34 043 45,052.5

II

5,102.1

105.0

103 0

5,104.1

592.5

4,511.6

414.99.8

4,087.0

4 509 6408505,094.3

interest and dividends and reinvested

residents of interest and dividends and

Table 1.11.—Command-Basis Gross NationalDollars

595.8

0699.2 Gross national product

159 4 Less: Exports of goods andservices and receipts offactor income from the rest

Qfi7 0 of the worldPlus: Command-basis exports

of goods and services and22 3 receipts of factor income l .

5,515.1 Equals: Command-basisgross national product ....

5,854.0 Addendum:Terms of trade2

[Billions of

4,994.0

683 5

692.9

5,003.4

102.1

1. Exports of goods and services and receipts of

1987 dollars]

5,006.4

683 0

689.5

5,012.9

101.0

5,068.4

690 4

692.4

5,070.3

100.3

III

5,138.3

107.1

99 6

5,145.8

604.4

4,541.4

419.110.8

4,111.4

4 533 84103 95,135.0

IV

5,232.1

602.4

424.5

4 629 7

earnings of foreign

reinvested earnings of U.S.

Product in Constant

5,080.7

686 4

700.4

5,094.8

102.0

factor income deflated by t

5,104.1

6981

712.5

5,118.4

102.1

he implic

5,145.8

699 0

718.1

5,164.9

102.7

t price deflator for

1. Consists largely of receipts by U.S. residents of interest and dividends and reinvested earnings of foreignaffiliates of U.S. corporations.

2. Consists largely of payments to foreign residents of interest and dividends and reinvested earnings of U.S.affiliates of foreign corporations.

imports of goods and services and payments of factor income.

2. Ratio of the implicit price deflator for exports of goods and services and receipts of factor income to the

corresponding implicit price deflator for imports with the decimal point shifted two places to the right.

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



Table 1.14.—National Income by Type of Income[Billions of dollars]

National income

Compensation of employees

Wages and salariesGovernmentOther

Supplements to wages andsalariesEmployer contributions

for social insurance ...Other labor income

Proprietors' income withIVA and CCAdj

FarmProprietors' income with

IVACCAdj

NonfarmProprietors' incomeIVACCAdj

Rental income of personswith CCAdj

Rental income of persons ..CCAdj

Corporate profits with IVAand CCAdj

Corporate profits with IVA ..Profits before tax

Profits tax liabilityProfits after tax

DividendsUndistributed profits

IVA

CCAdj

Net interest

Addenda:Corporate profits after tax

with IVA and CCAdjNet cash flow with IVA

and CAdjUndistributed profits

with IVA and CCAdjConsumption of fixed

capitalLess: IVAEquals: Net cash flow ....

1992

4,836.6

3,582.0

2,953.1567.5

2,385.6

629.0

306.3322.7

414.3

43.7

51.2-7.5

370.6358.0

-.513.1

57.4-66.3

407.2

390.1395.4146.3249.1150.598.6-5.3

17.1

442.0

260.9

507.0

110.4

396.6-5.3

512.3

1993

3,772.0

3,100.3589.7

2,510.6

671.7

321.0350.7

443.2

46.0

53.1-7.1

397.3385.3-1.013.0

12.8

75.3-62.4

169.0

-7.2

24.3

408.8-7.2


1992

4,800.8

3,603.6

2,970.7569.7

2,401.0

632.9

306.9326.0

408.1

36.8

44.9-8.2

371.3359.4

-.812.7

-18.5

75.7-94.2

367.5

350.1357.9130.1227.8155.272.7-7.8

17.4

440.1

237.4

492.5

82.3

410.3-7.8

500.3

4,975.8

3,658.6

3,015.8574.2

2,441.6

642.8

311.3331.5

431.2

47.6

54.8-7.2

383.6362.2

7.813.7

-1.2

57.4-58.6

439.5

414.8409.9155.0254.9162.992.04.9

24.7

447.7

284.5

518.2

121.7

396.5

4.9513.2

1993

5,038.9

3,705.1

3,054.3584.1

2,470.2

650.7

312.2338.5

444.1

55.7

62.8-7.1

388.4376.4-1.613.7

7.5

71.3-63.8

432.1

407.0419.8160.9258.9167.591.4

-12.7

25.1

450.1

271.2

505.9

103.7

402.2-12.7518.7

5,104.0

3,750.6

3,082.7586.3

2,496.3

668.0

321.4346.6

439.4

47.0

54.1-7.1

392.4380.3-1.213.3

12.7

73.2-60.4

458.1

433.4445.6173.3272.3168.5103.9-12.2

24.7

443.2

284.8

521.5

116.3

405.2-12.2533.7

5,143.2

3,793.9

3,115.4592.8

2,522.6

678.5

323.8354.7

422.5

24.8

32.1-7.3

397.6385.4

-.412.7

13.7

77.2-63.5

468.5

444.8443.8169.5274.3169.7104.6

1.0

23.8

444.6

299.1

543.3

129.3

414.01.0

542.3

3,838.4

3,148.8595.5

2,553.4

689.6

326.6362.9

467.0

56.4

63.5-7.0

410.5399.0

- .812.3

17.4

79.5-62.0

170.3

-4.8

23.9

413.9-4.8

Table 1.16.—Gross Domestic Product of Corporate Business inCurrent Dollars and Gross Domestic Product of NonfinancialCorporate Business in Current and Constant Dollars

Gross domesticproduct of corporatebusiness

Consumption of fixed capital ..

Net domestic product

Indirect business tax andnontax liability plusbusiness transferpayments less subsidies

Domestic incomeCompensation of

employeesWages and salaries ...Supplements to wages

and salariesCorporate profits with

IVA and CCAdjProfits before tax .......

Profits tax liability ..Profits after tax

DividendsUndistributed

profitsIVACCAdj

Net interest

Gross domesticproduct of financialcorporate business ..

Gross domesticproduct ofnonfinancialcorporate business ..

Consumption of fixed capital ..

Net domestic product


Domestic incomeCompensation of

employeesWages and salaries ...Supplements to wages

and salariesCorporate profits with

IVA and CCAdjProfits before tax

Profits tax liability ..Profits after tax

DividendsUndistributed

profitsIVACCAdj

Net interest

Gross domesticproduct ofnonfinancialcorporate business ..

Consumption of fixed capital ..Net domestic product


Domestic income

1992 1993


1992 1993

Billions of dollars

3,571.7

396.6

3,175.1

359.6

2,815.5

2,337.41,940.9

396.5

344.9333.2146.3186.9127.3

59.6-5.317.1

133.2

328.3

3,243.4

352.7

2,890.7

327.7

2,563.1

2,149.51,782.4

367.0

278.3255.1

98.2156.9105.2

51.7-5.328.5

135.3

408.8

378.7

2,460.12,038.3

421.8

406.4389.2173.4215.8153.8

62.1-7.224.3

362.2

345.4

2,255.41,866.3

389.2

318.0289.3118.7170.6125.3

45.3-7.235.9

3,558.4

410.3

3,148.1

361.0

2,787.2

2,351.81,952.4

399.4

306.0296.4130.1166.3128.4

37.9-7.817.4

129.4

294.2

3,264.2

366.1

2,898.2

329.1

2,569.0

2,162.71,792.9

369.8

272.7251.8

95.3156.5105.9

50.5-7.828.8

133.6

3,668.8

396.5

3,272.3

368.3

2,904.0

2,390.31,983.9

406.3

384.8355.2155.0200.2147.4

52.84.9

24.7128.9

337.2

3,331.6

351.7

2,979.9

336.0

2,643.9

2,195.91,820.0

375.9

314.1273.2105.8167.4120.7

46.74.9

36.0133.9

3,678.4

402.2

3,276.2

365.1

2,911.1

2,408.22,002.8

405.3

373.0360.7160.9199.8156.7

43.2-12.7

25.1129.9

346.7

3,331.7

356.8

2,975.0

333.0

2,642.0

2,215.01,840.3

374.7

292.1268.4106.4162.0127.4

34.6-12.7

36.4134.9

3,759.2

405.2

3,354.0

377.2

2,976.8

2,448.72,029.0

419.7

400.0387.5173.3214.3152.9

61.4-12.2

24.7128.1

3,395.9

359.0

3,036.8

344.0

2,692.8

2,244.71,857.3

387.4

315.0291.2117.6173.6125.4

48.2-12.2

36.0133.1

3,803.8

414.0

3,389.8

380.4

3,009.4

2,475.72,048.7

427.0

405.8381.1169.5211.6152.5

59.11.0

23.8127.9

371.6

3,432.2

367.0

3,065.1

347.0

2,718.1

2,267.11,873.3

393.8

318.2281.8112.5169.3124.0

45.31.0

35.4132.8

413.9

392.1

2,507.62,072.7

435.0

-4.823.9

366.1

357.8

2,294.91,894.1

400.8

-4.835.9


2,822.3

318.42,503.9

258.72,245.2

324.2

270.3

2,839.8

329.32,510.5

260.52,250.0

2,887.4

317.22,570.1

264.52,305.7

2,867.5

321.02,546.5

265.72,280.8

2,916.6

321.42,595.2

268.42,326.8

2,948.9

327.92,620.9

271.62,349.3

326.5

275.6



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

Personal income

Wage and salarydisbursementsCommodity-producing

industriesManufacturing

Distributive industriesService industriesGovernment ,

Other labor income

Proprietors' income withinventory valuation andcapital consumptionadjustmentsFarmNonfarm

Rental income of personswith capitalconsumptionadjustment

Personal dividend income

Personal interest income

Transfer payments topersonsOld-age, survivors,

disability, and healthinsurance benefits

Governmentunemploymentinsurance benefits

Veterans benefitsGovernment employees

retirement benefitsOther transfer payments

Aid to families withdependent children

Other

Less: Personalcontributions for socialinsurance

Less: Personal tax andnontax payments

Equals: Disposable personalincome

Less: Personal outlays


Interest paid by persons ....Personal transfer payments

to rest of the world (net)

Equals: Personal saving

Addenda:Disposable personal

income:Total, billions of 1987

dollarsPer capita:

Current dollars1987 dollars

Population (mid-period,millions)

Personal saving aspercentage of disposable

I income

1992

5,144.9

2,973.1

756.5577.6682.0967.0567.5

322.7

414.343.7

370.6

-8.9

140.4

694.3

858.4

413.9

39.219.3

108.3277.7

23.3254.4

249.3

644.8

4,500.2

4,261.5

4,139.9111.1

10.4

238.7

3,632.5

17,61514,219

255.5

5.3

1993

5,388.9

3,080.3

763.6577.3706.5

1,020.6589.7

350.7

443.246.0

397.3

12.8

158.3

695.8

912.0

438.4

33.920.0

115.5304.1

23.9280.2

264.3

681.6

4,707.4

4,517.0

4,391.9114.0

11.0

190.4

3,701.7

18,22814,334

258.3

4.0


Table 2.2.—Personal Consumption Expenditures by Major Type ofProduct


1992

5,139.8

2,970.7

751.6573.3682.5966.8569.7

326.0

408.136.8

371.3

-18.5

144.9

692.2

866.1

416.6

39.718.8

108.4282.7

23.5259.2

249.8

642.8

4,497.0

4,277.3

4,157.1110.5

9.7

219.6

3,624.8

17,57714,169

255.8

4.9

IV

5,328.3

3,095.8

783.3602.0709.9

1,028.4574.2

331.5

431.247.6

383.6

-1.2

152.3

694.5

877.4

420.8

37.819.0

110.2289.7

23.5266.2

253.3

670.7

4,657.6

4,377.9

4,256.2111.3

10.5

279.7

3,717.6

18,15314,490

256.6

6.0

1993

5,254.7

2,974.3

740.7559.7682.9966.6584.1

338.5

444.155.7

388.4

7.5

157.0

695.4

894.4

433.1

34.520.0

112.8294.0

23.6270.4

256.6

657.1

4,597.5

4,419.7

4,296.2112.5

11.0

177.9

3,642.6

17,87614,163

257.2

3.9

5,373.2

3,082.7

765.1580.3709.1

1,022.2586.3

346.6

439.447.0

392.4

12.7

157.8

693.1

905.5

435.0

34.420.2

114.6301.3

24.1277.2

264.5

681.0

4,692.2

4,483.6

4,359.9112.7

11.0

208.7

3,694.4

18,19614,326

257.9

4.4

5,412.7

3,115.4

769.4581.5714.4

1,038.8592.8

354.7

422.524.8

397.6

13.7

159.0

695.7

918.5

439.4

35.120.1

116.4307.5

24.0283.5

266.8

4,723.7

4,544.0

4,419.1114.1

10.8

179.7

3,708.7

18,26514,341

258.6

3.8

5,515.1

3,148.8

779.3587.7719.4

1,054.7595.5

362.9

467.056.4

410.5

17.4

159.4

699.2

929.5

446.1

31.819.7

118.3313.5

24.0289.5

269.1

699.1

4,816.0

4,620.6

4,492.5116.8

11.4

195.4

3,761.3

18,57114,504

259.3

4.1


Durable goods

Motor vehicles and parts ...Furniture and household

equipmentOther

Nondurable goods

FoodClothing and shoesGasoline and oilFuel oil and coalOther

Services

HousingHousehold operation

Electricity and gasOther household

operationTransportationMedical careOther

1992

4,139.9

497.3

204.3

194.598.5

1,300.9

633.7228.2103.413.8

321.8

2,341.6

600.0234.4105.8

128.7155.4628.4723.5

1993

4,391.9

537.9

222.3

211.8103.7

1,351.0

658.6237.3103.715.1

336.3

2,503.0

627.8251.1113.4

137.8170.0680.9773.3


1992

4,157.1

500.9

203.4

196.5101.0

1,305.7

631.7230.7105.813.9

323.6

2,350.5

602.5230.3106.0

124.3153.0634.9729.7

4,256.2

516.6

213.7

202.7100.2

1,331.7

647.6236.1105.213.9

328.9

2,407.9

609.2245.0111.0

134.0162.4646.9744.3

1993

4,296.2

515.3

211.7

203.3100.3

1,335.3

648.2233.1106.015.1

332.9

2,445.5

617.6245.7111.1

134.5166.3662.2753.8

4,359.9

531.6

220.8

208.6102.2

1,344.8

654.1235.2103.614.9

337.2

2,483.4

625.1246.7109.8

136.9169.1675.4767.1

4,419.1

541.9

221.7

214.0106.2

1,352.4

660.0238.2102.4

15.4336.4

2,524.8

631.1255.2116.4

138.7170.9

780.7

4,492.5

562.6

235.2

221.3106.1

1,371.5

672.2242.9102.715.1

338.6

2,558.4

637.2256.9116.1

140.9173.6699.0791.7

Table 2.3.—Personal Consumption Expenditures by Major Type ofProduct in Constant Dollars



Durable goods

Motor vehicles and parts ...Furniture and household

equipmentOther

Nondurable goods

FoodClothing and shoesGasoline and oilFuel oil and coalOther

Services

HousingHousehold operation

Electricity and gasOther household

operationTransportationMedical careOther

3,341.8

456.6

182.3

194.879.5

1,062.9

520.5193.783.911.9

252.9

1,822.3

484.2211.7

95.3

116.4122.7449.2554.4

3,453.7

490.1

191.7

216.581.9

1,088.7

531.4199.484.913.0

259.9

1,874.9

492.0218.999.1

119.8126.2463.4574.5

3,350.9

459.0

180.6

197.181.3

1,062.9

518.2195.484.711.7

252.7

1,829.0

485.1213.6

95.3

118.3125.0450.4554.9

3,397.2

473.4

188.6

204.280.6

1,081.8

529.3200.0

84.411.9

256.2

1,842.0

486.7216.6

98.5

118.1123.7453.2561.7

3,403.8

471.9

185.7

206.579.7

1,076.0

526.7194.883.912.9

257.7

1,855.9

488.8217.999.1

118.8124.5458.0566.8

3,432.7

484.2

191.3

212.480.6

1,083.1

528.6197.884.112.6

259.9

1,865.4

490.7215.696.2

119.4126.1461.1571.8

3,469.6

493.1

189.9

219.483.7

1,093.0

532.6200.6

86.213.2

260.4

1,883.5

493.3220.8100.6

120.2126.5465.1577.9

3,508.6

511.1

199.8

227.883.4

1,102.7

537.8204.585.513.2

261.7

1,894.8

495.2221.2100.5

120.7127.7469.3581.3




Table 3.2.—Federal Government Receipts and Expenditures[Billions of dollars]

Table 3.3.—State and Local Government Receipts and Expenditures[Billions of dollars]

Receipts

Personal tax and nontaxreceiptsIncome taxesEstate and gift taxesNontaxes

Corporate profits tax accrualsFederal Reserve banksOther

Indirect business tax andnontax accrualsExcise taxesCustoms dutiesNontaxes

Contributions for socialinsurance

Expenditures

Purchases.National defense .Nondefense

Transfer payments (net)To personsTo rest of the world (net) ...

Grants-in-aid to State andlocal governments

Net interest paidInterest paid

To persons and businessTo rest of the world (net)

Less: Interest received bygovernment

Subsidies less current surplusof government enterprises .SubsidiesLess: Current surplus of

government enterprises ..

Less: Wage accruals lessdisbursements

Surplus or deficit (-),national income andproduct accounts

Social insurance fundsOther

1992

1,183.0

490.8478.0

11.31.4

120.216.8

103.5

81.346.818.316.2

490.7

1,459.3

448.8313.8135.0

624.5608.2

16.3

171.4

187.1219.9178.741.2

32.8

27.531.7

4.1

0

-276.3

32.2-308.!

1993

521.2506.7

13.01.6

87.350.319.817.2

517.8

1,495.3

443.6303.6140.0

651.9636.0

15.8

185.8

180.6217.5174.942.6

36.9

33.536.2

2.7

0

41.4


1992

1,169.1

489.5476.7

11.41.4

107.016.290.8

81.146.818.715.7

491.4

1,459.8

452.8316.7136.1

624.4611.6

12.8

173.7

187.4221.1179.841.4

33.7

21.425.5

4.1

0

-290.7

31.3-322.0

1,221.1

511.8498.3

12.11.4

127.115.8

111.3

83.546.519.118.0

498.7

1,485.3

452.4315.7136.7

641.7617.124.6

176.7

181.3216.4175.041.4

35.1

33.236.1

2.9

0

-264.2

36.4-300.6

1993

1,218.4

502.1489.1

11.61.5

132.415.7

116.7

81.547.418.815.3

502.3

1,481.9

442.7304.8137.9

642.0628.9

13.1

176.1

178.3214.1172.441.6

35.7

42.943.7

-263.5

30.2-293.7

1,268.0

520.7506.0

13.21.5

142.415.3

127.2

86.248.520.417.3

518.7

1,490.6

447.5307.6140.0

645.6632.7

12.9

182.8

182.5219.0176.942.1

36.5

32.335.9

3.6

0

-222.6

45.2-267.8

1,275.9

527.1512.7

12.81.5

139.315.1

124.2

86.748.820.017.8

522.8

1,488.5

443.6301.9141.7

652.8639.1

13.7

188.6

182.2219.9176.743.2

37.7

21.424.8

3.4

0

-212.7

44.7-257.4

535.0519.0

14.41.7

95.056.620.118.3

527.4

1,520.2

440.5300.1140.4

667.1643.423.6

195.6

179.4217.2173.543.6

37.8

37.740.5

2.8

0

Receipts

Personal tax and nontaxreceiptsIncome taxesNontaxesOther

Corporate profits tax accruals

Indirect business tax andnontax accrualsSales taxesProperty taxesOther

Contributions for socialinsurance

Federal grants-in-aid

Expenditures

PurchasesCompensation of

employeesOther

Transfer payments to persons

Net interest paidInterest paidLess: Interest received by

government

Less: Dividends received bygovernment

Subsidies less current surplusof government enterprises .SubsidiesLess: Current surplus of

government enterprises..

Less: Wage accruals lessdisbursements

Surplus or deficit (-),national income andproduct accounts

Social insurance fundsOther

1992

837.8

154.0116.718.319.0

26.0

421.5200.8177.743.0

64.9

171.4

830.6

683.0

457.3225.7

228.6

-46.066.1

112.1

10.2

-24.8.4

25.2

0

7.2

59.4-52.

1993

887.6

160.3120.8

19.719.9

30.8

443.3211.7186.944.6

67.4

185.8

885.9

714.3

480.1234.2

254.0

-45.368.7

113.9

10.7

-26.5.5

27.0

0

1.7

58.6-56.8


1992

839.0

153.3115.7

18.519.1

23.1

423.7201.9178.942.9

65.2

173.7

837.8

686.2

459.7226.5

232.8

66.5

112.3

10.3

-25.1.4

25.6

1.2

59.5-58.3

861.6

158.8120.8

18.819.2

27.9

432.2205.7181.445.1

65.9

176.7

848.0

691.4

465.6225.7

238.4

-45.767.1

112.8

10.5

-25 .

25.9

13.5

59.6-46.0

1993

860.2

155.0116.419.219.5

28.5

434.1206.5183.943.6

66.5

176.1

859.4

697.0

472.1224.9

244.1

-45.567.7

113.2

10.5

-25.8.4

26.2

0

59.0-58.2

881.0

160.3121.019.519.8

30.8

440.0209.3186.544.3

67.2

182.8

711.1

477.7233.4

251.0

-45.368.4

113.7

10.7

-26.2.5

26.6

0

1.1

58.9-57.8

894.2

162.0122.119.820.0

30.1

445.7212.8187.945.0

67.7

188.6

895.9

721.2

483.0238.3

257.2

-45.269.0

114.2

10.8

-26.7.5

27.1

0

-1.7

58.-60.2

164.1123.520.220.3

453.2218.2189.345.6

68.3

195.6

908.4

728.0

487.6240.4

263.8

-45.069.6

114.6

10.9

-27.4.5

27.9

0

57.9

45.7



Table 3.7B.—Government Purchases by Type[Billions of dollars]

Table 3.8B.—Government Purchases by Type in Constant Dollars[Billions of 1987 dollars]


Federal

National defenseDurable goodsNondurable goodsServices

Compensation ofemployeesMilitaryCivilian

Other servicesStructures

NondefenseDurable goodsNondurable goods

Commodity CreditCorporationinventory change ...

Other nondurablesServices

Compensation ofemployees


State and local




1992

1,131.8

448.8

313.879.010.3

218.9

135.790.745.083.25.6

135.07.18.6

-.79.2

109.0

64.144.910.3

683.0

37.660.2

485.3

457.328.099.8

1993

1,157.9

443.6

303.670.99.4

218.1

137.091.046.081.15.3

140.07.47.4

-.17.5

114.3

70.044.410.8

714.3

39.362.2

506.7

480.126.6

106.1


1992

1,139.1

452.8

316.780.111.2

220.2

135.690.744.984.65.3

136.16.69.2

-.49.5

110.2

64.545.710.2

686.2

37.961.1

487.5

459.727.899.8

1,143.8

452.4

315.778.99.8

221.0

133.789.244.587.36.0

136.77.49.3

09.3

109.7

65.044.710.3

691.4

38.260.7

493.5

465.627.999.0

1993

1,139.7

442.7

304.874.49.0

216.4

137.291.545.779.15.0

137.97.37.8

- .48.1

112.2

69.043.210.5

697.0

38.761.7

499.6

472.127.597.1

1,158.6

447.5

307.675.310.2

217.0

136.491.245.280.65.0

140.07.97.6

-.37.9

114.3

69.844.610.1

711.1

39.263.0

504.4

477.726.6

104.5

1,164.8

443.6

301.967.49.3

219.4

137.990.747.281.55.8

141.77.37.3

-.27.5

116.1

70.445.711.0

721.2

39.762.3

509.9

483.026.9

109.4

1,168.5

440.5

300.166.49.0

219.6

136.490.545.983.15.2

140.47.17.0

.66.4

114.6

70.743.911.6

728.0

39.862.0

512.9

487.625.3

113.3


Federal





Commodity CreditCorporationinventory change ...




State and local




1992

945.2

373.0

261.273.29.4

173.6

100.966.434.572.75.0

111.87.57.9

-.48.3

87.4

49.637.89.0

572.2

33.352.1

395.8

359.036.791.1

1993

355.1

242.663.98.7

165.5

95.963.532.469.64.5

112.48.16.7

-.16.7

88.4

51.337.19.3

583.9

34.153.5

402.6

363.938.793.7


1992

950.2

377.0

264.474.610.4

174.6

100.265.934.374.44.8

112.57.08.2

-.48.6

88.4

49.838.58.9

573.2

33.452.4

396.7

360.036.790.8

946.9

373.7

261.372.68.6

174.7

99.065.433.775.75.3

112.47.98.4

08.4

87.2

49.837.48.9

573.2

33.652.7

398.2

361.037.388.6

1993

931.3

357.6

246.067.28.3

166.1

97.764.433.368.44.4

111.57.87.2

- .27.4

87.3

51.036.39.1

573.7

33.853.0

400.1

362.038.186.9

941.1

359.4

246.467.49.2

165.5

96.463.832.769.04.4

113.08.46.9

-.27.1

88.9

51.437.48.7

581.6

34.053.4

401.9

363.438.492.4

941.7

353.7

240.160.98.7

165.4

95.363.132.270.15.0

113.78.16.4

-.36.7

51.638.29.4

588.0

34.353.8

403.4

364.538.996.5

942.0

349.5

238.060.18.4

165.1

94.162.531.671.04.4

111.58.06.2

.45.7

87.5

51.036.59.8

592.5

34.554.0

405.0

365.739.299.0

Table 3.10.—National Defense Purchases[Billions of dollars]

National defensepurchases

Durable goods

Military equipmentAircraftMissiles ,ShipsVehiclesElectronic equipment..Other

Other durable goods

Nondurable goods

Petroleum productsAmmunitionOther nondurable goods

Services


Other servicesContractual research and

developmentInstallation supportl

Weapons support2

Personnel support3 ........Transportation of

materialTravel of personsOther

Structures .

Military facilitiesOther

313.8

79.0

73.222.714.312.13.86.6

13.65.8

10.3

3.53.43.4

218.9

135.790.745.083.2

26.523.410.013.3

5.86.2

-2.0

5.6

3.52.1

303.6

70.9

66.621.012.110.82.86.3

13.54.3

9.4

3.23.62.7

218.1

137.091.046.081.1

26.723.39.0

12.8

5.26.3

-2.2

5.3

3.22.1

316.7

80.1

73.722.514.812.04.16.9

13.46.4

11.2

4.03.73.5

220.2

135.690.744.984.6

26.323.210.013.5

6.77.5

-2.5

5.3

3.41.9

315.7

78.9

72.621.914.211.63.97.1

14.06.3

9.8

3.03.63.2

221.0

133.789.244.587.3

27.524.310.013.4

6.17.2

-1.1

6.0

3.82.2

304.8

74.4

70.520.813.511.14.26.6

14.23.99.0

3.03.52.5

216.4

137.291.545.779.1

27.222.19.1

11.6

5.06.3

-2.2

5.0

3.02.0

307.6

75.3

70.522.512.911.33.26.8

13.94.8

10.2

3.44.02.7

217.0

136.491.245.280.6

26.621.99.6

12.2

5.36.4

-1.5

5.0

3.02.1

301.9

67.4

63.120.111,610.02.36.4

12.64.3

9.3

3.33.12.9

219.4

137.990.747.281.5

25.524.99.1

13.3

5.66.5

-3.3

5.8

3.62.2

300.1

66.4

62.220.510.510.81.75.4

13.34.2

9.0

2.93.72.5

219.6

136.490.545.983.1

27.424.18.3

14.1

5.06.0

-1.7

1. Includes utilities, communications, rental payments, maintenance and repair, and payments to contractors tooperate installations.

2. Includes depot maintenance and contractual services for weapons systems, other than research anddevelopment.

3. Includes compensation of foreign personnel, consulting, training, and education.

Table 3.11.—National Defense Purchases in Constant Dollars[Billions of 1987 dollars]

National defensepurchases

Durable goods

Military equipmentAircraftMissilesShipsVehiclesElectronic equipment..Other

Other durable goods ......

Nondurable goods


Services




Weapons support2

Personnel support3

Transportation ofmaterial

Travel of personsOther

5.2 Structures.

3.02.2


261.2

73.2

67.120.215.310.33.46.1

11.86.1

9.4

2.93.53.0

173.6

100.966.434.572.7

23.620.68.4

10.0

6.15.6

-1.6

5.0

3.31.7

242.6

63.9

59.017.512.89.02.45.8

11.54.9

8.7

2.83.52.4

165.5

95.963.532.469.6

23.420.17.39.6

5.45.4

-1.6

4.5

2.91.6

264.4

74.6

67.920.116.010.23.76.3

11.66.8

10.4

3.14.23.2

174.6

100.265.934.374.4

23.320.28.3

10.1

7.56.9

-1.9

4.8

3.21.5

261.3

72.6

66.319.015.79.83.46.5

11.96.4

8.6

2.43.32.9

174.7

99.065.433.775.7

24.121.28.29.9

6.66.4-.8

5.3

3.51.8

246.0

67.2

62.917.714.19.33.66.0

12.14.4

8.3

2.73.42.2

166.1

97.764.433.368.4

23.819.47.48.7

5.35.4

-1.6

4.4

2.81.6

246.4

67.4

62.118.813.29.52.66.2

11.85.3

9.2

2.93.92.4

165.5

96.463.832.769.0

23.419.17.89.1

5.45.5

-1.1

4.4

2.81.6

240.1

60.9

55.916.612.48.32.05.9

10.85.0

8.7

2.93.12.7

165.4

95.363.132.270.1

22.421.47.4

10.0

5.85.6

-2.5

5.0

3.31.7

238.0

60.1

55.117.011.49.01.45.0

11.35.0

8.4

2.63.72.2

165.1

94.162.531.671.0

24.120.56.6

10.6

5.35.1

-1.3

4.4

2.81.7





l6 • February 1994 SURVEY OF CURRENT BUSINESS

Table 4.1.—Foreign Transactions in the National Income and ProductAccounts


Receipts from rest of the world

Exports of goods and servicesMerchandise1

DurableNondurable

Services1

Receipts of factor income2

Capital grants received by the UnitedStates (net)

Payments to rest of the world ...

Imports of goods and services .Merchandise1

DurableNondurable

Services1

Payments of factor income3

Transfer payments (net)From persons (net)From government (net) ..From business

Net foreign investment

1992

769.7

640.5448.7300.8147.9191.7

129.2

0

769.7

670.1544.5346.3198.2125.6

121.9

32.710.416.36.0

-55.1

1993

661.7461.5314.6146.9200.2

724.9592.1385.5206.6132.8

33.011.015.86.1


1992

768.4

641.1447.5298.5149.0193.6

127.3

768.4

679.9557.3351.4205.9122.6

119.5

28.59.7

12.85.9

-59.4

777.0

654.7462.0311.1150.9192.8

122.3

777.0

693.5564.7359.7205.1128.7

124.8

41.210.524.66.1

-82.4

1993

774.1

651.3453.2306.9146.3198.0

122.8

0

774.1

699.6569.6368.8200.7130.0

122.4

29.711.013.15.6

-77.6

791.8

660.0458.6314.0144.6201.3

131.9

0

791.8

725.0592.6379.5213.1132.4

132.3

29.911.012.96.0

-95.4

788.3

653.2452.2307.4144.8200.9

135.1

0

788.3

725.1591.9384.5207.3133.3

128.7

30.910.813.76.3

-96.4

682.2481.7329.9151.9200.5

749.7614.4409.3205.1135.3

41.511.423.6

6.5

1. Exports and imports of certain goods, primarily military equipment purchased and sold by the FederalGovernment, are included in services.



Table 4.3.—Exports and Imports of Merchandise by End-Use Category[Billions of dollars]

Exports of merchandise .

Foods, feeds, and beveragesIndustrial supplies and materials

Durable goods ,Nondurable goods

Capital goods, except automotiveCivilian aircraft, engines, and parts ...Computers, peripherals, and parts ....Other

Automotive vehicles, engines, and partsConsumer goods, except automotive

Durable goodsNondurable goods

OtherDurable goodsNondurable goods

Imports of merchandise

Foods, feeds, and beveragesIndustrial supplies and materials, except

petroleum and productsDurable goodsNondurable goods

Petroleum and productsCapital goods, except automotive

Civilian aircraft, engines, and parts ...Computers, peripherals, and parts ....Other




Addenda:Exports of agricultural productsl

Exports of nonagricultural products ...Imports of nonpetroleum products

448.7

40.3105.236.968.4

176.937.728.8

110.447.150.425.624.828.914.514.5

544.5

27.9

82.339.542.851.6

134.212.631.889.891.8

123.063.959.133.816.916.9

44.0404.7492.9

461.5

40.5103.237.665.6

183.432.829.3

121.351.653.527.326.229.314.614.6

592.1

28.1

89.043.545.551.6

152.211.238.2

102.8102.4134.370.264.134.517.217.2

43.6417.9540.5

447.5

40.9106.437.968.5

173.333.428.8

111.147.851.025.425.528.114.114.1

557.3

28.1

82.739.443.357.2

137.812.333.691.991.8

126.765.960.933.016.516.5

44.7402.9500.1

462.0

41.9104.937.267.7

182.037.130.0

114.950.953.326.526.828.914.514.5

564.7

27.6

84.240.343.954.9

141.813.034.694.295.1

126.565.261.334.817.417.4

45.5416.4509.9

453.2

40.8103.037.265.8

177.833.128.8

115.951.251.526.325.228.814.414.4

569.6

27.4

86.441.744.851.0

142.610.535.996.2

100.5128.967.761.232.716.416.4

43.4409.9518.5

458.6

39.6103.037.665.4

183.336.428.0

118.851.352.227.225.129.314.614.6

592.6

27.5

87.341.146.257.3

150.711.837.2

101.7102.1132.968.264.734.817.417.4

43.1415.5535.3

452.2

38.9102.438.164.2

178.527.129.6

121.948.454.227.526.729.914.914.9

591.9

28.3

89.043.345.750.2

152.610.539.0

103.1100.1137.671.566.233.917.017.0

42.4409.8541.7

481.7

42.7104.437.666.8

193.934.530.7

128.755.656.128.327.829.114.614.6

614.4

29.0

93.348.145.348.0

162.712.140.5

110.1106.8137.873.464.536.618.318.3

45.4436.3566.4

Table 4.2.—Exports and Imports of Goods and Services andReceipts and Payments of Factor Income in Constant Dollars


Exports of goods and servicesMerchandisel

DurableNondurable

Servicesl


Imports of goods and servicesMerchandisel

DurableNondurable

Servicesl


1992

578.0422.7288.0134.7155.4

105.5

611.6511.9332.5179.499.7

97.7

1993

598.3440.5306.5134.0157.8

674.7571.4379.4192.0103.3


1992

III

579.3423.0287.4135.6156.3

103.7

621.8521.6338.4183.2100.1

95.5

IV

591.6437.3300.0137.3154.3

98.9

630.3530.3348.0182.4100.0

98.8

1993

I

588.0430.2296.5133.7157.8

98.3

647.9545.9360.5185.5102.0

95.8

II

593.2434.5302.4132.1158.6

105.0

668.4565.7372.1193.6102.7

103.0

III

591.9434.1302.2131.9157.8

107.1

678.2574.9381.0193.9103.3

99.6

IV

620.1463.1325.0138.1157.0

704.2598.9404.0194.9105.3

1. Exports and imports of certain goods, primarily military equipment purchased and sold by the FederalGovernment, are included in services.



Table 4.4.—Exports and Imports of Merchandise by End-Use Categoryin Constant Dollars


Exports of merchandise .







Imports of merchandise .








Addenda:Exports of agricultural productsl

Exports of nonagricultural products ...Imports of nonpetroleum products

1. Includes parts of: exports of foods, feeds, and beverages, of nondurable industrial supplies and materials,and of nondurable consumer goods, except automotive.

422.7

35.797.532.165.4

178.430.951.096.641.943.522.720.825.612.812.8

511.9

26.0

72.034.137.951.2

148.410.359.778.379.7

105.255.649.629.514.714.7

39.7382.9460.8

440.5

35.495.131.164.0

192.826.160.8

105.945.645.824.221.625.712.912.9

571.4

25.8

77.937.240.856.6

179.29.0

82.587.787.4

114.760.853.929.714.914.9

38.5402.0514.8

423.0

36.997.732.765.0

177.027.352.597.242.644.022.721.324.912.512.4

521.6

26.4

72.233.638.653.1

153.810.064.279.579.5

108.057.150.928.714.314.3

40.8382.2468.5

437.3

37.796.631.964.7

186.830.056.4

100.545.145.523.422.225.512.812.8

530.3

25.6

73.334.838.552.8

160.010.568.281.381.9

106.756.250.530.115.015.0

41.1396.1477.6

430.2

36.494.731.163.6

184.326.655.9

101.845.344.123.221.025.412.712.7

545.9

26.1

75.335.340.053.4

165.38.5

73.183.887.0

110.258.651.628.514.214.2

38.7391.5492.5

434.5

35.294.030.663.4

189.529.057.0

103.445.344.924.120.825.712.812.8

565.7

25.6

76.034.941.157.8

175.89.4

79.087.487.4

113.058.954.130.015.015.0

38.8395.7507.9

434.1

33.794.331.463.0

190.521.662.5

106.342.846.524.422.126.313.113.1

574.9

25.7

78.837.641.156.7

181.48.4

85.887.285.3

117.862.055.829.314.614.6

37.3396.8518.2

463.1

36.497.331.266.2

206.927.267.6

112.149.147.925.022.825.512.812.8

598.9

25.9

81.740.940.858.5

194.49.6

92.292.689.6

117.763.654.131.215.615.6

39.1424.0540.4



SURVEY OF CURRENT BUSINESS February 1994 • 1J

Table 5.1.—Gross Saving and Investment[Billions of dollars]

Gross saving

Gross private savingPersonal savingUndistributed corporate

profits with inventoryvaluation and capitalconsumption adjustmentsUndistributed profitsInventory valuation

adjustmentCapital consumption

adjustmentCorporate consumption of

fixed capitalNoncorporate consumption

of fixed capitalWage accruals less

disbursements

Government surplus ordeficit (-), nationalincome and productaccountsFederalState and local

Capital grants received bythe United States (net)

Gross investment


Net foreign investment

Statistical discrepancy

1992

717.8

986.9238.7

110.4986

-5.3

17.1

396.6

261.3

-20.0

-269.1-276.3

72

0

7414

796.5-55.1

23.6

1993

190.4

-7.2

24.3

408.8

262.3

20.0

0

892.8


1992

III

727.0

1,016.5219.6

82.372.7

-7.8

17.4

410.3

304.3

0

-289.5-290.7

1.2

0

742.7

802.2-59.4

15.7

IV

718.8

969.4279.7

121.792.0

4.9

24.7

396.5

251.5

-80.0

-250.6-264.2

13.5

0

750.9

833.3-82.4

32.1

1993

I

762.0

1,024.8177.9

103.791.4

-12.7

25.1

402.2

261.0

80.0

-262.8-263.5

.8

0

796.5

874.1-77.6

34.4

II

766.7

988.3208.7

116.3103.9

-12.2

24.7

405.2

258.1

0

-221.5222.6

1.1

0

778.7

874.1-95.4

12.0

III

774.3

988.7179.7

129.3104.6

1.0

23.8

414.0

265.7

0

-214.4212.7-1.7

0

787.6

884.0-96.4

13.3

IV

195.4

-4.8

23.9

413.9

264.5

0

0

939.0

Table 5.4.—Fixed Investment by Type[Billions of dollars]

Table 5.5.—Fixed Investment by Type In Constant Dollars[Billions of 1987 dollars]

Fixed investment.

Nonresidential

StructuresNonresidential buildings, including

farmUtilitiesMininq exploration, shafts, and

wellsOther structures

Producers' durable equipmentInformation processing and related

equipmentComputers and peripheral

equipment1

OtherIndustrial equipmentTransportation and related

equipmentOther

Residential

StructuresSingle familyMultifamilyOther structures


1992

789.1

565.5

172.6

114.635.8

12.49.8

392.9

135.5

39.895.787.2

90.779.5

223.6

216.3116.513.186.7

7.3

1993

875.8

623.4

178.9

119.636.5

13.79.2

444.5

152.1

48.1104.097.8

104.8

252.4

244.6133.810.8

100.0

7.8


1992

792.5

569.2

170.8

111.636.1

12.310.8

398.4

139.2

40.798.588.1

91.180.1

223.3

215.9115.912.787.3

7.4

821.3

579.5

171.1

111.936.9

12.69.7

408.3

139.7

40.798.991.2

96.181.3

241.8

234.3124.311.798.3

7.5

1993

I

839.5

594.7

172.4

114.835.1

12.89.7

422.2

142.7

45.896.992.4

101.385.8

244.9

237.3132.410.394.6

7.5

861.0

619.1

177.6

117.136.6

14.09.8

441.6

147.0

46.1100.995.9

110.188.5

241.9

234.2127.510.396.4

7.6

III IV

876.3

624.9

179.1

119.636.6

14.48.6

445.8

154.6

49.5105.198.7

101.990.6

251.3

243.4131.111.4

100.9

7.9

926.4

186.5

126.837.6

13.58.6

468.5

164.0

51.1112.9104.2

105.894.5

263.3144.311.1

108.0

8.1

Fixed investment....

655.0 Nonresidential


farmUtilitiesMining exploration, shafts, and




equipment'Other

Industrial equipmentTransportation and related

equipmentOther

271.4 Residential



1992

726.4

529.2

150.6

100.830.9

10.08.9

378.6

159.9

71.288.772.7

77.768.3

197.1

190.1102.711.875.6

7.0

1993

805.8

591.7

151.7

102.030.5

11.18.1

440.0

195.4

100.594,980.2

88.376.1

214.2

206.7113.1

9.384.3

7.4


1992

730.0

533.8

148.8

97.931.1

10.09.8

385.1

166.0

74.991.172.8

77.868.5

196.2

189.1101.711.476.0

7.1

754.3

543.7

148.0

97.531.6

10.3

395.7

168.5

77.291.375.7

82.169.4

210.6

203.3107.910.485.0

7.2

1993

I

773.7

562.3

148.2

99.329.9

10.48.6

414.1

178.6

89.589.076.7

85.773.2

211.4

204.1113.9

9.181.1

7.3

790.6

584.3

151.1

100.530.6

11.48.7

433.2

186.8

94.592.378.8

92.874.9

206.2

198.9108.7

9.081.2

7.3

806.9

594.8

151.2

101.530.5

11.77.5

443.6

200.9

105.195.980.5

85.776.5

212.1

204.6110.0

9.884.8

7.5

852.2

625.2

156.3

106.731.1

11.07.5

469.0

215.3

112.8102.684.9

89.079.7

226.9

219.3119.7

9.490.2

7.6

1. Includes new computers and peripheral equipment only. 1. Includes new computers and peripheral equipment only.


l8 • February 1994 SURVEY OF CURRENT BUSINESS

Table 5.10.—Change in Business Inventories by Industry


Table 5.11.—Change in Business Inventories by Industry in ConstantDollars



Farm

NonfarmChange in book valueInventory valuation adjustment

ManufacturingDurable goodsNondurable goods

Wholesale tradeDurable goodsNondurable goods

Merchant wholesalersDurable goodsNondurable goods

Nonmerchant wholesalersDurable goodsNondurable goods

Retail tradeDurable goods

AutomotiveOther

Nondurable goods


1992

7.3

5.0

2.38.8

-6.4

-6.0-10.6

4.6

6.13.92.2

6.34.41.8_ 2

6.54.8-.75.51.6

-4.33.8

-8.1

1993

17.0

-5.5

22.532.7

-10.2

-.4-1.6

1.2

4.92.03.0

4.51.12.9

.4

.4

.1

12.89.02.86.23.8

5.22.62.7


1992

9.7

5.3

4.410.8-6.3

7.1-2.6

9.7

2.36.8

-4.5

1.55.7

-4.1

1.1-.4

4.8.3

-6.36.7

-9.81.1

-10.9

12.0

2.4

9.53.36.2

-14.2-17.0

2.8

13.53.89.7

15.05.59.5

-1.5-1.7

.2

10.56.5

-1.98.44.0

-.25.5

-5.8

1993

34.6

1.5

33.051.7

-18.7

-1.8-5.5

3.7

.7-3.2

3.9

-.3-3.7

3.5.9.5.4

27.621.919.02.95.8

1.94.6

13.1

-3.7

16.834.8

-18.0

4.2.4

3.9

6.8.6

6.3

6.11.84.2

.8-1.3

2.0

3.0,4

-.61.02.6

2.81.41.4

7.7

-14.9

22.621.9

.7

2.92.6

7.77.0

.7

10.06.23.7

-2.2.8

-3.0

5.3-.4

-8.48.05.7

6.75.61.1

12.6

-5.1

17.622.5-4.9

-7.0-3.9-3.1

4.43.4

.9

2.22.1

.12.21.3

15.214.01.3

12.81.2

5.01.43.6


Farm

Nonfarm




Nonmerchant wholesalersDurable goodsNondurable goods


AutomotiveOther

Nondurable goods


1992

6.5

3.8

2.7

-4.7-8.9

4.25.43.61.1

5.64.01.6-.2-.4

.3

5.94.3-.64.91.6

-3.93.4

-7.3

1993

15.5

-5.3

20.9

-.41.4

4.41.12.6

3.91.42.5

.5

.4

.1

11.27.92.55.33.4

4.2.22.1


1992

9.6

3.8

5.8

7.4-1.2

3.36.3

-3.0

1.55.2

-3.71.81.1.7

4.2.2

-5.65.94.0

-9.01.0

-10.0

8.7

1.2

7.5

-12.5-15.1

2.6

10.73.47.3

12.85.07.7

-2.1-1.6-.4

9.75.9

-1.77.63.8

-.44.9

-5.3

1993

29.3

29.3

-4.63.8

-2.83.6

-.1-3.3

3.2.8.4.4

24.018.916.62.35.1

5.41.63.8

13.0

-4.1

17.1

5.01.43.6

6.6.6

6.1

5.91.74.2

.7-1.2

1.8

3.0.8

-.51.22.3

2.41.21.2

6.5

-12.9

19.4

3.12.8

.3

6.46.3

.1

8.55.62.9

-2.1.8

-2.8

4.8-.1

-7.17.04.9

5.04.8

13.4

-4.4

17.8

-3.5-1.3-2.2

3.73.2

.6

1.41.6-.32.41.5.8

13.212.01.0

10.91.2

4.41.23.3

Table 5.12.—Inventories and Final Sales of Domestic Businessby Industry


Table 5.13.—Inventories and Final Sales of Domestic Businessby Industry in Constant Dollars


Inventories1 ...

Farm

NonfarmDurable goodsNondurable goods




Nonmerchant wholesalers .Durable goodsNondurable goods


AutomotiveOther

Nondurable goods

Other

Final sales of domestic business2

Final sales of goods and structures ofdomestic business2

Ratio of inventories to final sales of domesticbusiness

Inventories to final salesNonfarm inventories to final salesNonfarm inventories to final sales of goods and

structures

Seasonally adjusted quarterly totals

1992

1,098.7

94.9

1,003.8580.2423.5

406.8256.5150.3

244.9154.290.7

217.7137.780.027.216.510.7

266.4126.762.364.4

139.7

85.7

426.7

234.2

2.572.35

4.29

1,099.0

95.1

1,003.9580.9423.0

400.9251.0149.9

247.9155.492.5

221.4139.482.026.516.010.4

269.5129.462.67.0

140.1

85.6

436.9

240.5

2.522.30

4.17

1993

1,119.5

99.1

1,020.4590.7429.7

402.0250.8151.2

249.6155.993.7

222.6139.583.127.016.410.6

280.1137.068.268.7

143.1

88.7

439.0

240.4

2.552.32

4.24

1,119.6

95.4

1,024.2592.1432.2

402.4250.7151.7

251.3156.694.7

224.1140.583.727.216.111.1

281.2138.069.368.7

143.3

89.3

445.5

243.9

2.512.30

4.20

1,130.9

95.1

1,035.8600.3435.5

407.0254.2152.8

254.6159.195.5

227.6142.585.027.016.610.4

282.7138.266.971.3

144.5

91.5

450.7

245.9

2.512.30

4.21

1,043.3607.9435.4

405.2253.3151.9

257.4160.996.5

229.9143.986.027.517.010.5

287.2143.368.175.2

143.9

93.5

461.1

254.1

2.462.26

4.11

1. Inventories are as of the end of the quarter.

2. Quarterly totals at monthly rates. Final sales of domestic business equals final sales of domestic productless gross product of households and institutions and general government and includes a small amount of finalsales by farm.

1,136.0

92.7 Farm

Inventories'

NonfarmDurable goodsNondurable goods




Nonmerchant wholesalers .Durable goodsNondurable goods


AutomotiveOther

Nondurable goods

Other

Final sales of domestic business2

Final sales of goods and structures ofdomestic business2

Ratio of inventories to final sales of domesticbusiness

Inventories to final salesNonfarm inventories to final salesNonfarm inventories to final sales of goods and

structures

Seasonally adjusted quarterly totals

1992

983.1

87.8

895.3525.5369.8

369.0235.7133.3

215.1137.777.4

190.6122.767.924.515.09.5

234.0113.756.956.8

120.2

77.2

355.7

203.6

2.762.52

4.40

985.3

88.1

897.2525.3371.8

365.9231.9134.0

217.7138.579.2

193.8124.069.823.914.69.4

236.4115.256.558.7

121.2

77.1

361.5

208.6

2.732.48

4.30

1993

992.6

88.1

904.5528.6375.9

365.7230.7135.0

217.9137.880.1

193.8123.170.624.214.79.5

242.4119.960.659.3

122.5

78.5

360.4

207.0

2.752.51

4.37

995.9

87.1

908.8529.6379.2

366.9231.1135.8

219.6138.081.6

195.3123.671.724.314.49.9

243.2120.160.559.6

123.0

79.1

363.4

209.3

2.742.50

4.34

997.5

83.9

913.6533.0380.6

367.7231.8135.9

221.2139.581.6

197.4125.072.423.814.69.2

244.4120.158.761.4

124.2

80.3

366.8

211.3

2.722.49

4.32

1,000.8

82.8

918.1536.8381.3

366.8231.5135.4

222.1140.381.8

197.7125.472.324.415.09.4

247.6123.159.064.1

124.6

81.5

374.0

217.9

2.682.45

4.21

1. Inventories are as of the end of the quarter. Quarter-to-quarter changes calculated from this table are atquarterly rates, whereas the constant-dollar change in business inventories component of GDP is stated at annualrates.

2. Quarterly totals at monthly rates. Final sales of domestic business equals final sales of domestic produclless gross product of households and institutions and general government and includes a small amount of finasales by farm.



Table 6.1 C—National Income Without Capital Consumption Adjustmentby Industry


Table 6.16C—Corporate Profits by Industry[Billions of dollars]

National incomewithout capitalconsumptionadjustment

Domestic industries

Private industries

Agriculture, forestry, andfisheries

Mining .Construction


Transportation and publicutilitiesTransportationCommunicationsElectric, gas, and

sanitary services ....

Wholesale tradeRetail tradeFinance, insurance, and

real estateServices

Government

Rest of the world

1992

4,880.3

4,873.0

4,138.5

100 938.5

212.8

895.3501.7393 6

356.1151.0103 7

101.5

283.6416.7

748 91,085.8

734.5

7.3

1993


1992

III

4,873.1

4,865.3

4,127.7

94.438.0

213.1

900.5503.1397.4

355.3151.7103.8

99.9

286.4412.5

733.01,094.6

737.5

7.8

IV

5,003.2

5,005.7

4,262.0

104.340.1

218.1

919.0518.8400.2

361.4154.4106.4

100.6

297.8428.7

768.31,124.4

743.8

2.5

1993

I

5,071.1

5,070.7

4,313.3

112.540.2

219.3

909.6507.6401.9

369.0157.4105.4

106.2

288.2432.2

801.21,141.1

757.4

.4

II

5,133.6

5,134.1

4,372.8

106.739.3

224.7

925.8518.0407.7

370.7158.9108.2

103.6

299.8441.1

805.91,158.9

761.3

-.5

III

5,177.6

5,171.2

4,401.9

84.239.6

231.6

922.5520.8401.8

378.4164.4108.5

105.6

297.4449.1

818.21,180.7

769.2

6.4

IVCorporate profits with inventory

valuation and capitalconsumption adjustments

Domestic industries ....

FinancialNonfinancial

Rest of the worldReceipts from the rest of the world .Less: Payments to the rest of the

world

Corporate profits with inventoryvaluation adjustment

Domestic industriesFinancial

Federal Reserve banksOther

NonfinancialManufacturing

Durable goodsPrimary metal industriesFabricated metal products ....Industrial machinery and

equipmentElectronic and other electric

equipmentMotor vehicles and

equipmentOther

Nondurable goodsFood and kindred products ...Chemicals and allied

productsPetroleum and coal productsOther

Transportation and public utilities ...Wholesale and retail tradeOther

Rest of the world

1992

407.2

344.9

66.7278.3

62.365.2

3.0

390.1

327.878.117.860.3

249.8115.548.3

.6

7.4

6.6

12.13.5

18.167.217.0

15.76.1

28.552.046.336.062.3

1993

406.4

88.4318.0

382.1100.0

16.283.7

282.1129.558.8

1.2

6.4

8.0

14.67.6

21.170.715.6

16.311.327.657.354.440.8


1992

367.5

306.0

33.2272.7

61.565.4

3.8

350.1

288.644.617.127.5

244.0119.349.9

.38.0

6.5

12.2

2.420.569.418.5

15.06.7

29.248.741.334.661.5

439.5

384.8

70.7314.1

54.760.5

5.8

414.8

360.182.016.765.3

278.1128.058.0

06.6

7.8

17.6

4.921.070.015.2

17.75.0

32.150.457.742.054.7

1993

432.1

373.0

81.0292.1

59.066.7

7.7

407.0

348.092.316.675.7

255.7118.948.0-.5

5.5

5.7

14.93.1

19.470.918.0

18.47.2

27.353.346.037.559.0

458.1

400.0

85.0315.0

58.171.4

13.3

433.4

375.396.416.280.2

278.9132.558.42.5

6.9

6.2

12.1

10.020.774.214.8

16.313.529.553.955.437.258.1

468.5

405.8

87.6318.2

62.774.0

11.3

444.8

382.199.316.083.3

282.8126.759.91.1

6.3

8.8

14.4

8.121.366.814.6

14.612.025.659.055.142.162.7


20 February 1994 SURVEY OF CURRENT BUSINESS

Table 7.1.—Fixed-Weighted and Alternative Quantity and Price Indexes for Gross Domestic Product[Index numbers, 1987=100]

1992 1993

Seasonally adjusted

1992 1993 1992 1993

Seasonally adjusted

1992 1993

III IV

Gross domestic product:Current dollarsQuantity indexes:

Fixed 1987 weightsChain-type annual weightsBenchmark-years weights ..

Price indexes:Fixed 1987 weightsChain-type annual weightsBenchmark-years weignts ..

Implicit price deflator

Personal consumption expenditures:Current dollarsQuantity indexes:

Fixed 1987 weightsChain-type annual weightsBenchmark-years weignts

Price indexes:Fixed 1987 weightsChain-type annual weightsBenchmark-years weignts


Durable goods:Current dollarsQuantity indexes:

Fixed 1987 weightsChain-type annual weights .Benchmark-years weignts ..

Price indexes:Fixed 1987 weightsChain-type annual weights .Benchmark-years weights ..


Nondurable goods:Current dollarsQuantity indexes:

Fixed 1987 weightsChain-type annual weights .Benchmark-years weignts ..

Price indexes:Fixed 1987 weightsChain-type annual weights .Benchmark-years weignts ..


Services:Current dollarsQuantity indexes:




Gross private domestic investment:Current dollarsQuantity indexes:




133.0

109.8109.5109.4

122.1121.5121.7121.1

135.6

109.5109.0109.1

124.9124.4124.5123.9

123.2

113.1111.6111.8

111.5110.4110.2108.9

128.7

105.1104.9104.9

123.0122.7122.7122.4

143.0

111.3111.0111.0

129.5128.9129.1128.5

106.3

97.896.296.5

140.5

113.2112.5112.4

125.9125.0125.2124.2

143.9

113.2112.3112.4

128.6128.0128.1127.2

133.2

121.4118.9119.1

113.8112.2112.1109.8

133.6

107.7107.3107.3

124.9124.6124.6124.1

152.9

114.5113.9114.0

134.6133.9134.2133.5

119.2

109.6106.1106.6

133.5

110.1109.8109.7

122.5121.8122.0121.2

136.2

109.8109.3109.4

125.5124.9125.0124.1

124.1

113.7112.2112.4

111.8110.5110.4109.1

129.1

105.1104.9104.9

123.4123.1123.1122.8

143.5

111.7111.3111.4

130.1129.5129.8128.5

107.1

98.796.797.2

136.4

111.6111.3111.1

123.5122.6122.9122.2

139.4

111.3110.7110.8

126.5125.8125.9125.3

128.0

117.3115.5115.7

112.1110.8110.7109.1

131.7

107.0106.7106.7

123.8123.5123.5123.1

147.1

112.5112.0112.1

131.6130.9131.2130.7

111.2

101.899.9

100.4

137.9

111.9111.4111.2

124.8123.8124.1123.3

140.8

111.5110.9110.9

127.5126.8127.0126.2

127.6

116.9114.8115.0

112.6111.2111.1109.2

132.1

106.4106.1106.1

124.9124.5124.5124.1

149.4

113.3112.8112.9

132.8132.1132.4131.8

116.7

107.2104.4104.9

139.4

112.4111.9111.7

125.6124.7124.9124.0

142.8

112.5111.7111.8

128.4127.7127.9127.0

131.7

119.9117.7117.9

113.5112.0111.9109.8

133.0

107.1106.8106.8

125.0124.6124.7124.2

151.7

113.9113.4113.5

134.2133.5133.8133.1

116.7

107.2104.1104.6

140.9

113.2112.5112.3

126.3125.3125.6124.5

144.8

113.7112.8112.9

128.9128.2128.3127.4

134.2

122.1119.5119.8

114.1112.5112.4109.9

133.8

108.1107.7107.7

124.5124.2124.3123.7

154.2

115.0114.4114.5

135.2134.5134.7134.0

118.0

108.6104.6105.1

143.9

115.2114.3114.2

127.0126.0126.3124.9

147.2

115.0114.0114.1

129.7129.1129.2128.0

139.4

126.6123.6123.8

114.9113.1113.1110.1

135.6

109.1108.6108.6

125.2124.9124.9124.4

156.2

115.7115.1115.2

136.2135.5135.8135.0

125.3

115.5111.2111.7

Fixed investment:Current dollarsQuantity indexes:




109.1

100.598.4

112.0111.0110.3108.6

121.1

111.5107.5108.3

114.7112.9112.3108.7

109.6

101.098.699.2

112.4111.2110.6108.6

113.6

104.3101.9102.6

112.8111.5110.9108.9

116.1

107.0103.8104.5

113.5112.0111.4108.5

119.1

109.3105.9106.6

114.4112.7112.1108.9

121.2

111.6107.3108.1

115.2113.3112.7108.6

128.1

117.9113.2114.0

115.7113.7113.1108.7

Nonresidential:Current dollarsQuantity indexes:

Fixed 1987 weightsChain-type annual weights ...Benchmark-years weights

Price indexes:Fixed 1987 weightsChain-type annual weights ...Benchmark-years weights


Structures:Current dollarsQuantity indexes:

Fixed 1987 weightsChain-type annual weightsBenchmark-years weights

Price indexes:Fixed 1987 weightsChain-type annual weightsBenchmark-years weights


Producers' durableequipment:Current dollarsQuantity indexes:




Residential:Current dollarsQuantity indexes:

Fixed 1987 weightsChain-type annual weights ...Benchmark-years weights .....

Price indexes:Fixed 1987 weightsChain-type annual weights ...Benchmark-years weights


Exports of goods and services:Current dollarsQuantity indexes:



implicit price deflator

Imports of goods and services:Current dollarsQuantity indexes:




113.6

106.3103.3104.1

111.4109.9109.1106.9

100.7

87.987.987.9

114.6114.6114.6114.6

120.3

116.0111.8112.8

109.7107.6106.7103.8

99.3

87.587.587.5

113.4113.5113.4113.4

176.0

158.8155.9156.8

113.7112.9112.3110.8

132.2

120.6116.6117.7

115.1113.4112.3109.6

125.2

118.9113.3114.3

113.3111.0110.2105.4

104.4

88.6

117.8117.9117.8117.9

136.2

134.8126.9128.2

110.9107.7106.9101.0

112.0

95.195.195.1

117.8117.8117.7117.8

181.8

164.4160.0161.0

115.4113.9113.4110.6

143.0

133.1126.7128.1

114.9112.7111.7107.4

114.4

107.2103.9104.8

111.7110.1109.3106.6

99.7

86.886.886.8

114.8114.8114.8114.8

122.0

118.0113.3114.4

110.1107.8106.9103.5

99.1

87.187.187.1

113.8113.9113.8113.8

176.2

159.2155.9156.9

113.9113.0112.4110.7

134.1

122.6118.1119.3

116.3114.4113.3109.3

116.4

109.2105.7106.7

112.0110.1109.4106.6

86.486.486.4

115.6115.6115.6115.7

125.1

121.2116.4117.6

110.1107.5106.7103.2

107.4

93.593.593.5

114.8114.9114.8114.9

179.9

162.5159.0160.0

114.3113.2112.6110.7

136.8

124.3119.5120.9

115.9114.1113.0110.0

119.5

113.0108.4109.4

112.4110.4109.6105.7

100.6

86.586.586.5

116.3116.3116.3116.3

129.3

126.9120.4121.7

110.4107.6106.8102.0

108.7

93.893.893.9

115.8115.9115.8115.8

178.9

161.6157.9158.9

114.7113.4112.9110.8

138.0

127.8122.3123.7

114.5112.5111.5108.0

124.4

117.4112.4113.5

113.1110.9110.1106.0

103.7

88.288.388.3

117.4117.4117.4117.5

135.3

132.7125.8127.1

110.9107.8107.0101.9

107.4

91.691.691.6

117.2117.3117.2117.3

181.3

163.0159.2160.2

115.5114.1113.5111.3

143.0

131.8125.8127.2

115.6113.4112.4108.5

125.5

119.5113.4114.5

113.6111.2110.5105.1

104.5

88.388.388.4

118.4118.4118.3118.5

136.6

135.9127.2128.6

111.2107.9107.1100.5

111.6

94.294.194.2

118.5118.6118.5118.5

179.5

162.6157.8158.8

115.7114.1113.5110.4

143.0

133.8127.0128.4

114.8112.5111.5106.9

131.6

125.6118.8119.9

114.0111.4110.6104.8

108.9

91.291.291.2

119.3119.3119.3119.4

143.5

143.6134.1135.5

111.2107.7106.999.9

120.5

100.8100.8100.8

119.5119.6119.5119.6

187.4

170.4165.0166.1

115.8114.1113.5110.0

147.9

138.9131.5133.0

114.8112.4111.3106.5



Table 7.1.—Fixed-Weighted and Alternative Quantity and Price Indexesfor Gross Domestic Product—Continued

[index numbers, 1987=100]

Table 7.2.—Fixed-Weighted and Alternative Quantity and Price Indexesfor Gross Domestic Product, Final Sales, and Purchases

[Index numbers, 1987=100]

Government purchases:Current dollarsQuantity indexes:


Price indexes:Fixed 1987 weightsChain-type annual weightsBenchmark-years weights ..


Federal:Current dollarsQuantity indexes:




National defense:Current dollarsQuantity indexes:

Fixed 1987 weightsChain-type annual weights ....Benchmark-years weights

Price indexes:Fixed 1987 weightsChain-type annual weights....Benchmark-years weights


Nondefense:Current dollarsQuantity indexes:

Fixed 1987 weightsChain-type annual weights.Benchmark-years weights ..

Price indexes:Fixed 1987 weightsChain-type annual weights .Benchmark-years weights ..


State and local:Current dollarsQuantity indexes:




1992

128.4

107.2107.0106.9

120.6120.0120.2119.7

116.6

96.996.696.3

121.8120.7121.0120.3

107.4

89.488.688.7

122.3121.2121.2120.1

145.4

120.4122.1120.7

120.2119.1120.5120.8

137.5

115.2115.0115.1

119.6119.6119.5119.4

1993

131.4

106.5106.4106.2

124.3123.5123.7123.3

115.2

92.292.392.0

126.2124.8125.3124.9

104.0

83.182.682.8

127.2125.8125.8125.1

150.7

121.1122.9121.5

123.1122.3123.8124.5

143.8

117.6117.3117.3

122.8122.7122.6122.3

Seasonally adjusted

1992

129.2

107.8107.4107.3

121.0120.3120.5119.9

117.6

97.997.397.0

122.2121.0121.4120.1

108.4

90.589.289.3

122.8121.6121.6119.8

146.6

121.2123.0121.5

120.3119.2120.6121.0

138.2

115.4115.2115.3

120.0119.9119.9119.7

129.8

107.4107.2107.1

121.7121.0121.3120.8

117.5

97.196.896.5

122.8121.5122.0121.1

108.1

89.588.5

123.5122.2122.2120.8

147.2

121.1122.9121.5

120.9119.7121.2121.6

139.2

115.4115.3115.3

120.9120.8120.7120.6

1993

129.3

105.6105.6105.4

123.2122.4122.6122.4

115.0

92.992.992.7

125.1123.6124.1123.8

104.4

84.283.883.9

125.9124.4124.5123.9

148.4

120.1121.8120.4

122.5121.6123.0123.6

140.4

115.5115.4115.4

121.8121.7121.6121.5

131.4

106.8106.6106.5

124.0123.2123.5123.1

116.3

93.493.493.2

125.8124.3124.8124.5

105.3

84.484.084.1

126.8125.3125.4124.8

150.7

121.7123.5122.0

122.5121.8123.3123.9

143.2

117.1116.8116.9

122.7122.6122.5122.3

III IV

132.1

106.8106.6106.5

124.8123.9124.2123.7

115.2

91.991.991.6

126.8125.4125.9125.4

103.4

82.281.681.8

127.9126.6126.6125.7

152.5

122.4124.4122.9

123.4122.5124.0124.6

145.2

118.4118.0118.1

123.2123.1123.0122.7

132.6

106.9106.7106.5

125.0124.3124.6124.0

114.4

90.890.990.7

127.1125.9126.4126.0

102.8

81.581.181.2

128.0126.8126.9126.1

151.1

120.1122.0120.6

124.0123.5125.0125.8

146.6

119.3118.9118.9

123.4123.4123.3122.9



Price indexes:Fixed 1987 weightsChain-type annual weightsBenchmark-years weignts ..


Final sales of domestic product'Current dollarsQuantity indexes:


Price indexes:Fixed 1987 weightsChain-type annual weights ....Benchmark-years weights


Gross domestic purchases2:Current dollarsQuantity indexes:




Final sales to domestic purchasers3:Current dollarsQuantity indexes:




1992

133.0

109.8109.5109.4

122.1121.5121.7121.1

133.6

110.3109.9109.9

122.2121.6121.7121.1

129.6

107.2106.7106.7

122.0121.5121.5120.9

130.2

107.7107.1107.2

122.1121.6121.5120.9

1993

140.5

113.2112.5112.4

125.9125.0125.2124.2

141.0

113.5112.8112.7

126.0125.0125.3124.2

137.6

111.3110.2110.3

125.5124.9124.9123.6

138.0

111.6110.5110.6

125.6124.9124.9123.6

Seasonally adjusted

1992

133.5

110.1109.8109.7

122.5121.8122.0121.2

134.0

110.5110.1110.0

122.6121.9122.1121.3

130.2

107.6107.0107.1

122.5121.9121.9121.0

130.7

108.0107.4107.5

122.6122.0122.0121.0

136.4

111.6111.3111.1

123.5122.6122.9122.2

137.0

112.1111.6111.5

123.6122.7122.9122.2

133.1

109.1108.4108.5

123.4122.8122.8122.1

133.6

109.5108.7108.9

123.4122.8122.8122.0

1993

137.9

111.9111.4111.2

124.8123.8124.1123.3

138.0

111.9111.3111.2

124.9123.9124.2123.3

134.7

109.7108.9108.9

124.4123.8123.8122.8

134.8

109.7108.8108.9

124.5123.8123.8122.8

139.4

112.4111.9111.7

125.6124.7124.9124.0

139.9

112.7112.2112.1

125.7124.7125.0124.1

136.5

110.6109.6109.7

125.3124.6124.6123.5

137.0

110.9109.9110.0

125.4124.7124.7123.5

140.9

113.2112.5112.3

126.3125.3125.6124.5

141.5

113.7112.9112.8

126.4125.4125.6124.5

138.1

111.6110.4110.5

125.9125.2125.2123.8

138.7

112.1110.8111.0

126.0125.2125.2123.8

143.9

115.2

114.3

114.2

127.0

126.0

126.3

124.9

144.4

115.6

114.6

114.5

127.1

126.1

126.4

124.9

140.9

113.5

112.1

112.2

126.6

125.9

125.9

124.1

141.5

113.9

112.4

112.6

126.7

125.9

125.9

124.2

1. Equals GDP less change in business inventories.

2. Equals GDP'less net exports of goods and services or equals the sum of personal consumption

expenditures, gross private domestic investment, and government purchases.

3. Equals gross domestic purchases less change in business inventories or equals the sum of personal

consumption expenditures, gross private domestic fixed investment, and government purchases.

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

NOTE.—The quantity and price indexes in this table are calculated from weighted averages of the detailed

output and prices used to prepare each aggregate and component. The fixed-weighted measures use as weights

the composition of output in 1987. For the alternative indexes, the chain-type indexes with annual weights use

weights for the preceding and current years, and the indexes with benchmark-years weights use weights of 1959,

1963, 1967, 1972, 1977, 1982, and 1987 and the most recent year. Percent changes from preceding period for

selected items in this table are shown in table 8.1.



Table 7.3.—Fixed-Weighted and Alternative Quantity and Price Indexesfor Gross National Product and Command-Basis Gross NationalProduct


Gross national product:Current dollarsQuantity indexes:


Price indexes:Fixed 1987 weightsChain-type annual weightsBenchmark-years weights ..


Less: Exports of goods and servicesand receipts of factor income:Current dollarsQuantity index, fixed 1987 weights ...

Plus: Command-basis exports ofgoods and services and receiptsof factor income:Current dollarsQuantity index, fixed 1987 weights ...

Equals: Command-basis grossnational product:Current dollarsQuantity index, fixed 1987 weights ...

1992

133.0

109.9109.6109.5

122.1121.4121.6121.1

163.1145.7

176.0147.8

133.0110.1

1993 1992

III IV

133.5

110.2109.8109.7

122.5121.7122.0121.2

163.8145.6

176.2147.0

133.5110.3

136.3

111.5111.2111.0

123.4122.5122.8122.2

165.7147.2

179.9147.7

136.3111.6

1993

137.8

111.8111.3111.2

124.7123.8124.0123.3

165.0146.3

178.9149.4

137.8112.1

139.2

112.3111.8111.7

125.6124.6124.9124.0

168.8148.9

181.3152.0

139.2112.6

140.9

113.2112.5112.4

126.2125.2125.5124.4

168.1149.0

179.5153.2

140.9113.7


Table 7.4.—Price Indexes for Personal Consumption Expendituresby Major Type of Product, Fixed 1987 Weights



Durable goods .

Motor vehicles and partsFurniture and household equipment .Other

Nondurable goods ....

FoodClothing and shoesGasoline and oilFuel oil and coal.Other

ServicesHousingHousehold operation

Electricity and gasOther household operation

TransportationMedical careOther

Addenda:Price indexes for personal

consumption expenditures:Chain-type annual weiahtsBenchmark-years weights ..

124.9

111.5

112.2104.0124.2

123.0

122.0117.9123.3116.5128.8

129.5

124.1112.5111.0113.8128.3140.9132.2

124.4124.5

128.6

113.8

115.8104.3126.8

124.9

124.4119.2122.1115.9131.6

134.6

127.8115.5114.5116.4135.5148.5137.1

128.0128.1

125.5

111.8

112.7103.8124.7

123.4

122.2118.2124.8118.5129.6

130.1

124.4112.9111.4114.2127.8142.0133.2

124.9125.0

126.5

112.1

113.3104.2124.3

123.8

122.7118.2124.7117.3130.3

131.6

125.4113.9112.7114.9131.9144.0134.4

125.8125.9

127.5

112.6

113.9103.9126.1

124.9

123.5119.8126.3116.2131.4

132.8

126.5113.5112.2114.6134.4145.9135.4

126.8127.0

128.4

113.5

115.3104.2127.2

125.0

124.2119.0123.1117.4132.2

134.2

127.6115.3114.2116.2134.9147.9136.6

127.7127.9

128.9

114.1

116.6104.3126.8

124.5

124.3118.9118.8116.5131.5

135.2

128.1116.4115.8116.9136.0149.3137.6

128.2128.3

129.7

114.9

117.5105.0127.1

125.2

125.5119.0120.2113.7131.5

136.2

128.9116.9115.6118.1136.8150.7138.8

129.1129.2


Table 7.6.—Price Indexes for Fixed Investment by Type, Fixed1987 Weights


Fixed investment

Nonresidential


farmUtilitiesMining exploration, shafts, and




equipment1

OtherIndustrial equipmentTransportation and related

equipmentOther

Residential


Producers' durable equipment ...

Addenda:Price indexes for fixed investment:

Chain-type annual weightsBenchmark-years weights

1992

112.0

111.4

114.6

113.7115.6

123.5110.7

109.7

93.1

59.6107.9120.2

116.8117.1

113.4

113.6113.4111.3114.7

104.9

111.0110.3

1993

114.7

113.3

117.8

117.2119.3

123.3113.6

110.9

92.3

53.0109.6122.5

119.2119.1

117.8

118.1118.3115.6118.6

105.5

112.9112.3

1992

112.4

111.7

114.8

114.0115.8

122.9110.8

110.1

92.9

58.3108.2121.4

117.1117.7

113.8

114.0113.9111.5114.9

105.2

111.2110.6

IV

112.8

112.0

115.6

114.8116.4

123.1112.6

110.1

92.8

57.0108.5120.9

117.3118.0

114.8

115.0115.2112.5115.7

104.9

111.5110.9

1993

I

113.5

112.4

116.3

115.6117.3

122.9112.3

110.4

92.7

55.7109.0121.1

118.4118.2

115.8

116.1116.2113.5116.7

104.5

112.0111.4

114.4

113.1

117.4

116.5119.4

123.6113.7

110.9

92.3

53.6109.5122.3

119.1119.1

117.2

117.5117.3114.6118.7

105.4

112.7112.1

115.2

113.6

118.4

117.8119.8

123.3113.6

111.2

92.1

52.2109.7123.2

119.6119.4

118.5

118.8119.2116.4119.1

105.9

113.3112.7

115.7

114.0

119.3

118.8120.8

123.2114.7

111.2

91.9

50.6110.3123.3

119.5119.6

119.5

119.9120.5117.7119.7

106.3

113.7113.1

1. Includes new computers and peripheral equipment only.

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

Table 7.9.—Price Indexes for Exports and Imports of Goodsand Services and for Receipts and Payments of Factor Income,Fixed 1987 Weights


Exports of goods and services

Merchandisel

DurableNondurable

Servicesl


Imports of goods and services

Merchandise'Durable .Nondurable .

Services1


Addenda:Price indexes for exports of goods

and services:Chain-type annual weightsBenchmark-years weights

Price indexes for imports of goodsand services:Chain-type annual weiahtsBenchmark-years weights

113.7

109.6109.3110.2123.7

122.5

115.1

112.1112.8110.7128.9

125.0

112.9112.3

113.4112.3

115.4

110.4110.7109.8127.6

114.9

112.0114.3108.0128.0

113.9113.4

112.7111.7

113.9

109.7109.4110.1124.0

122.7

116.3

113.1113.3112.7130.4

125.3

113.0112.4

114.4113.3

114.3

109.7109.8109.5125.5

123.7

115.9

113.1113.5112.4128.3

126.6

113.2112.6

114.1113.0

114.7

110.0110.3109.4126.2

124.9

114.5

111.6113.3108.6127.5

127.9

113.4112.9

112.5111.5

115.5

110.5111.1109.3127.7

125.6

115.6

112.7114.1110.3128.2

128.9

114.1113.5

113.4112.4

115.7

110.5110.8110.0128.2

126.1

114.8

111.8114.3107.3128.3

129.6

114.1113.5

112.5111.5

115.8

110.6110.7110.4128.4

114.8

111.9115.4105.8127.9

114.1113.5

112.4111.3



2. Consists largely of receipts by U.S. residents of interest and dividends and reinvested earnings of foreign

affiliates of U.S. corporations.

3. Consists largely of payments to foreign residents of interest and dividends and reinvested earnings of U.S.

affiliates of foreign corporations.

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


SURVEY OF CURRENT BUSINESS February 1994 • 2$

Table 7.10.—Price Indexes for Exports and Imports of Merchandiseby End-Use Category, Fixed 1987 Weights


Table 7.11.—Price Indexes for Government Purchases by Type,Fixed 1987 Weights[Index numbers, 1987=100]

Exports of merchandise







Imports of merchandise .








Addenda:Exports of agricultural products 1

Exports of nonagricultural productsImports of nonpetroleum products ..

1992

109.6

114.5108.3116.5104.6105.8122.158.9

116.5112.3118.0114.5120.9113.0113.0113.0

112.1

108.1

114.2115.3113.1100.8107.3122.261.4

116.5114.8118.3116.9120.1114.7114.7114.7

111.5109.4113.4

1993

110.4

116.2109.2125.2101.9105.9125.652.1

117.9113.2119.8114.9124.0113.8113.9113.9

112.0

107.9

114.3117.0111.491.4

108.0125.655.6

118.4116.9119.4118.4120.7116.0115.9115.9

113.3110.0114.41

1992

109.7

112.6109.4118.2105.4105.7122.457.4

116.7112.3117=8113.8121.4113.0113.0113.0

113.1

106.3

114.6116.2113.0107.7108.1122.460.6

117.6114.9119.0117.5120.8115.0115.0115.0

110.3109.6113.7

109.7

111.7108.8118.7104.4105.8123.556.3

117.0113.0118.8115.0122.1113.4113.4113.4

113.1

107.2

114.4114.7114.0104.0108.0123.559.0

117.8115.9119.8117.9122.3115.8115.8115.8

109.8109.7114.2

1993

110.0

113.1109.1122.3103.1105.8124.654.9

117.1113.3119.6115.4123.3113.4113.4113.4

111.6

105.7

114.8117.6111.995.5

106.9124.657.8

116.5115.1118.8117.9119.8114.8114.8114.8

111.1109.8113.4

110.5

113.1110.4127.5102.6106.0125.452.7

117.9113.3119.7114.9123.9114.1114.1114.1

112.7

106.6

115.0117.4112.499.1

107.7125.456.3

117.8116.5119.7118.7120.9115.8115.8115.8

110.5110.5114.3

110.5

118.2109.1126.2101.3105.7125.151.2

118.1113.1119.7114.8124.1113.8113.8113.8

111.8

108.8

113.4115.5111.188.5

108.6125.255.0

119.3117.0119.5118.4120.8116.0116.0116.0

115.0109.9114.4

110.6

120.1108.3124.9100.8105.9126.849.7

118.4113.3120.1114.8124.7114.0114.0114.0

111.9

110.7

113.9117.4110.282.1

109.0126.853.4

120.1119.0119.7118.6121.1117.3117.3117.3

116.6109.8115.3


Government purchases .

Federal...


Compensation of employees .MilitaryCivilian



Commodity Credit Corporationinventory change


Compensation of employees ....Other services

Structures

State and localDurable goodsNondurable goodsServices

Compensation of employeesOther services

Structures

Addenda:Price indexes for government

purchases:Chain-type annual weightsBenchmark-years weignts

Price indexes for Federal nationaldefense purchases:Chain-type annual weightsBenchmark-years weights

Price indexes for Federal nondefensepurchases:Chain-type annual weightsBenchmark-years weignts

Price indexes for State and localpurchases:Chain-type annual weightsBenchmark-years weignts

1992

120.6

121.8

122.3113.7115.6127.1134.6136.6130.6116.4114.0

120.2101.2

107.9124.5129.3117.9113.7

119.6113.2115.4122.6127.569.3

109.5

120.0120.2

121.2121.2

119.1120.5

119.6119.5

1993

124.3

126.2

127.2117.6113.1132.9143.0143.6141.8118.6117.7

123.193.3

105.8129.1136.5118.8116.5

122.8115.4116.1126.0132.159.5

113.1

123.5123.7

125.8125.8

122.3123.8

122.7122.6

Seasonally adjusted

1992

121.0

122.2

122.8113.6118.5127.8135.4137.6130.8117.1113.2

120.3101.7

108.4124.5129.4117.8113.9

120.0113.5116.6122.9127.968.5

109.9

120.3120.5

121.6121.6

119.2120.6

119.9119.9

121.7

122.8

123.5115.3117.8128.0135.1136.6132.0117.8116.2

120.996.9

106.0125.5130.6118.4114.8

120.9113.6114.9124.0129.267.0

111.6

121.0121.3

122.2122.2

119.7121.2

120.8120.7|

1993

123.2

125.1

125.9117.1113.0131.2140.6142.3137.1117.8117.2

122.594.0

106.0128.0135.2118.1115.1

121.8114.5116.2125.0130.663.9

111.5

122.4122.6

124.4124.5

121.6123.0

121.7121.6

124.0

125.8

126.8117.9115.9132.1141.7143.3138.3118.5117.4

122.594.0

106.3128.3135.7118.1116.2

122.7115.4117.9125.7131.660.3

113.0

123.2123.5

125.3125.4

121.8123.3

122.6122.5

124.8

126.8

127.9117.9112.6134.0144.7143.9146.5118.8117.3

123.494.1

106.0129.3136.4119.3116.8

123.2115.8115.6126.6132.760.1

113.3

123.9124.2

126.6126.6

122.5124.0

123.1123.0

125.0

127.1

128.0117.6110.8134.4145.1145.0145.2119.2118.8

124.091.2

104.9130.7138.5119.7117.7

123.4115.6114.4126.8133.553.7

114.5

124.3124.6

126.8126.9

123.5125.0

123.4123.3



Table 7.12.—Price Indexes for National Defense Purchases, Fixed1987 Weights


National defense purchases .

Durable goods

Military equipmentAircraftMissilesShipsVehiclesElectronic equipmentOther

Other durable goods

Nondurable goods


Services

Compensation of employees .MilitaryCivilian



Weapons support2

Personnel support3

Transportation of material .Travel of personsOther

Structures


Addenda:Price indexes for national defense

purchases:Chain-type annual weightsBenchmark-years weights

1992

122.3

113.7

114.4118.498.6

118.4120.9109.2116.6106.5

115.6

119.7108.5117.9

127.1

134.6136.6130.6116.4

111.9113.5120.5134.7104.6110.6

114.0

106.1128.6

121.2121.2

1993

127.2

117.6

118.8125.798.3

121.7128.0109.7118.1106.1

113.1

112.5111.2115.4

132.9

143.0143.6141.8118.6

113.4115.7124.3135.9105.1116.4

117.7

108.3135.0

125.8125.8

Seasonally adjusted

1992

122.8

113.6

114.4118.598.4

118.3121.0109.5116.5106.3

118.5

130.1106.7117.0

127.8

135.4137.6130.8117.1

112.3114.5121.1136.6104.1108.5

113.2

104.4129.4

121.6121.6

123.5

115.3

116.2121.897.4

119.2124.1109.6117.9106.3

117.8

124.2111.5116.8

128.0

135.1136.6132.0117.8

113.5114.5122.1136.8104.5111.3

116.2

107.5132.2

122.2122.2

1993

125.9

117.1

118.2124.899.1

120.7126.0109.7118.2106.3

113.0

111.1111.3116.7

131.2

140.6142.3137.1117.8

113.8113.8123.1134.9104.9115.6

117.2

108.1133.9

124.4124.5

126.8

117.9

119.1125.399.9

121.4130.8109.6118.2106.2

115.9

119.7111.1116.2

132.1

141.7143.3138.3118.5

113.6115.4124.0136.4104.8115.6

117.4

108.0134.8

125.3125.4

127.9

117.9

119.0127.096.8

122.7126.9109.6117.9105.8

112.6

110.8112.6114.3

134.0

144.7143.9146.5118.8

113.2116.8124.4136.0105.8116.2

117.3

107.7135.0

126.6126.6

128.0

117.6

118.7125.797.6

122.1128.2110.0118.1106.0

110.8

108.3109.6114.5

134.4

145.1145.0145.2119.2

113.2116.9125.7136.4104.7118.1

126.8126.9




Table 7.13.—Implicit Price Deflators for the Relation of GrossDomestic Product, Gross National Product, Net National Product,and National Income



Plus: Receipts of factor income fromthe rest of the world l

Less: Payments of factor income to therest of the world2

Equals: Gross national product

Less: Consumption of fixed capital


Less: Indirect business tax and nontaxliability plus business transferpayments less subsidies plus currentsurplus of government enterprises ....

Statistical discrepancy

Equals: National income

Addenda:Net domestic productDomestic income

121.1

122.5

124.8

121.1

110.6

122.5

131.3119.8

121.6

122.5121.

124.2

112.1

132.1

125.8

121.2

122.7

125.1

121.2

111.0

122.7

132.9119.9

121.7

122.7121.7

122.2

123.7

126.3

122.2

111.0

123.6

131.0120.9

122.9

123.7123.0

123.3

124.9

127.7

123.3

111.5

124.8

127.7121.8

124.5

124.9124.6

124.0

125.6

128.4

124.0

111.9

125.5

132.1122.5

124.9

125.6125.0

124.5

126.1

129.2

124.4

112.5

126.0

135.1122.9

125.1

126.1125.2

124.9

112.6

133.5

126.4



Table 7.14.—Implicit Price Deflators for Gross Domestic Productby Sector



Business

NonfarmNonfarm less housingHousing



Private households

Nonprofit institutions

General government


Addendum:Gross domestic business product

less housing

1992

121.1

119.8

120.1119.5125.5106.1119.8

127.7

115.7128.2

129.0

132.8127.4

119.3

1993

124.2

122.6

122.8122.3127.3110.7122.6

132.0

119.4132.5

134.4

140.6131.9

Seasonally adjusted

1992

121.2

119.9

120.2118.9132.5104.3119.9

128.2

116.4128.7

129.4

133.3127.7

122.2

120.9

121.2120.8124.5104.9120.9

129.8

117.4130.4

130.3

133.5129.0

1993

123.3

121.8

122.1121.6126.9107.1121.8

131.3

117.9131.9

132.8

138.6130.4

124.0

122.5

122.8122.3126.8109.3122.5

131.3

118.7131.9

133.8

139.5131.4

124.5

122.9

123.1122.7127.4108.3122.9

131.9

120.0132.4

135.1

141.8132.5

124.9

123.2

123.3122.8128.0117.8123.2

133.3

121.1133.8

136.0

142.7133.3

Table 7.15.—Current-Dollar Cost and Profit Per Unit of Constant-Dollar Gross Domestic Product of Nonfinancial Corporate Business

[Dollars]

Current-dollar cost and profitper unit of constant-dollargross domestic product' ...

Consumption of fixed capital118.8

109.4136.0 Net domestic product.

Indirect business tax and nontaxliability plus business transferpayments less subsidies

Domestic incomeCompensation of employeesCorporate profits with inventory

valuation and capitalconsumption adjustmentsProfits tax liabilityProfits after tax with inventory

valuation and capitalconsumption adjustments

Net interest

1.149

.125

1.024

.116

.908

.762

.099

.035

.064

.048

1.149

.129

1.021

.116

.905

.762

.096

.034

.062

.047

1.154

.122

1.032

.116

.916

.761

.109

.037

.072

.046

1.162

.124

1.037

.116

.921

.772

.102

.037

.065

.047

1.164

.123

1.041

.118

.923

.770

.108

.040

.046

1.164

.124

1.039

.118

.922

.108

.038

.070

.045

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



Table 8.1.—Percent Change From Preceding Period in Selected Series[Percent]

1992 1993


1992 1993 1992 1993


1992 1993

III IV


Fixed 1987 weightsChain-type annual weightsBenchmark-years weights .

Price indexes:Fixed 1987 weightsChain-type annual weightsBenchmark-years weights .

Personal consumption expenditures:Current dollarsQuantity indexes:



Durable goods:Current dollarsQuantity indexes:



Nondurable goods:Current dollarsQuantity indexes:



Services:Current dollarsQuantity indexes:



Gross private domestic investment:Current dollarsQuantity indexes:



Fixed investment:Current dollarsQuantity indexes:



Nonresidential:Current dollarsQuantity indexes:

Fixed 1987 weightsChain-type annual weights ..Benchmark-years weights ....

Price indexes:Fixed 1987 weightsChain-type annual weights ..Benchmark-years weights ....

5.5

2.6232.4

3.33.13.2

6.0

2.62.32.5

3.73.63.6

8.6

7.06.76.8

2.21.82.0

3.4

1.41.41.4

2.12.02.1

6.9

2.22.02.1

5.04.84.9

8.1

8.57.47.9

5.6

3.02.82.7

3.12.92.9

6.1

3.33.03.1

3.02.92.9

7.36.56.6

2.01.71.7

3.9

2.42.32,

1.61.51.6

6.9

2.92.72.8

4.03.93.9

12.1

12.110.310.5

4.6

3.43.03.1

2.52.02.3

5.7

4.:3.84.0

3.43.23.3

10.710.410.7

1.1.7.8

5.5

3.03.03.1

2.52.42.5

4.7

3.32.93.1

4.44.14.3

1.3

1.4-1.4-.1

5.75.5.5

3.12.82.9

9.9

5.65.15.

3.12.93.0

13.1

13.212.112.2

1.11.01.1

8.2

7.37.07.0

1.31.11.2

10.1

2.92.62.8

4.64.44.5

16.4

13.313.813.8

4.4

4.34.14.1

3.8

.8

.6

.6

3.43.33.3

-1.0

-1.3-2.2-2.

1.81.41.4

1.1

-2.1-2.2-2.2

3.53.43.4

6.4

3.12.82.8

3.73.73.7

21.1

22.719.319.3

4.3

1.91.81.8

2.82.72.7

6.1

3.43.23.2

2.92.92.9

13.:

10.810.410.4

3.32.82.8

2.9

2.72.52.5

.5

.4

.4

6.3

2.12.02.0

4.34.24.2

-1.2-1.2

4.4

2.92.2.2

2.12.12.1

5.5

4.44.04.0

1.41.51

8.0

7.66.46.4

4.6

5.02.02.0

5.8

6.25.15.6

1.1

1.7

2.91.22.0

11.0

10.99.39.4

2.41.81

10.2

11.89.6

2.9

3.11.21.7

2.51.72.0

2.1

3.81.21.9

2.0.9

1.3

15.3

14.014.114.3

1.71.11.2

7.4

7.67.47.6

.8

.1

.2

9.2

10.77.77.7

2.21.71.7

10.9

14.410.310.3

1.61.01.0

10.6

9.08.28.2

3.32.72.7

17.4

16.616.016.0

2.51.81.8

7.3

8.55.75.7

2.72.12.1

3.8

7.43.43.4

1.91.21.2

8.8

7.56.76.7

2.32.32.3

6.8

4.64.14.1

2.72.72.7

16.2

15.414.114.1

2.01.81.8

2.3

3.73.53.5

CO CO

CO

6.8

3.93.83.8

2.92.92.9

2.62.42.4

5.8

3.63.43.4

2.22.22.2

5.4

2.42.32.3

3.03.03.0

27.3

28.227.627.6

24.9

24.423.523.5

1.91.41.4

20.7

22.120.620.6

1.2

Structures:Current dollarsQuantity indexes:



Producers' durableequipment:Current dollarsQuantity indexes:



Residential:Current dollarsQuantity indexes:

Fixed 1987 weightsChain-type annual weights ...Benchmark-years weights


Exports of goods and services:Current dollarsQuantity indexes:



Imports of goods and services:Current dollarsQuantity indexes:



Government purchases:Current dollarsQuantity indexes:



Federal:Current dollarsQuantity indexes:



National defense:Current dollarsQuantity indexes:

Fixed 1987 weightsChain-type annual weights ....Benchmark-years weights ......


-5.5

-6.0-6.0-6.0

.6

.6

.6

5.3

6.94.75.7

1.3

17.9

16.316.316.3

1 3141.4

6.5

6.45.66.0

1.2.8

1.0

7.9

8.77.27.9

1.2.6

3.0

-.1-.2-.2

3.43.13.2

-3.5-3.4-3.5

4.54.24.4

-2.7

-7.1-7.1-7.1

4.94.74.8

3.7

.8

.8

2.82.82.8

13.1

16.:13.413.7

1.1.1.2

12.9

8.78.78.7

3.83.83.8

3.3

3.52.62.7

1.5.9

1.0

8.2

10.38.7

-.2-.6-.6

2.3

- .7-.6

-4.8-4.5-4.5

3.63.43.5

-3.3J-7.1!-6.8-6.7

4.03.83.8

-8.2

-10.3-10.3-10.4

232̂ 32.3

7.0

10.26.77.7

1.8

5.0

1.21.31.3

3.63.63.6

5.6

6.55.45.6

.7

.3

.4

8.4

9.26.47.2

6.35.45.5

4.8

4.13.13.3

2.11.81.9

7.6

8.76.06.5

2.71.82.1

8.4

10.56.67.3

3.22.12.5

-2.1-1.9-1.9

2.72.82.8

10.:

11.511.611.9

-1.1-.9

37.5

32.832.932.8

3.73.63.6

8.8

8.88.18.2

1.4

8.2

5.65.05.2

-1.3-1.0-1.0

1.7

-1.4

2.62.52.5

-.4

-3.5-2.1-2.1

2.11.82.0

-1.3

-4.6-3.0-2.9

2.11.81.9

3.1

.6

.6

2.52.42.4

14.3

19.914.514.5

1.2

5.2

1.51.61.6

3.53.43.4

-2.1

-2.4-2.7-2.7

1.5

3.6

11.69.8

-4.7-5.3-5.3

-1.4

-S.4-5.9-5.9

5.04.64.6

-8.3

-16.2-15.0-15.0

7.57.27.2

-13.1

-21.4-19.6-19.6

8.17.67.6

12.6

8.18.48.4

3.83.93.9

19.7

19.819.119.1

1.8.8.8

-4.8

-9.5-9.4-9.4

5.05.15.1

5.5

3.63.33.3

2.82.42.4

15.3

13.311.811.8

3.83.23.2

6.8

4.34.04.0

2.62.72.7

4.4

2.02.22.2

2.32.32.3

3.7

3.02.92.9

3.4

3.43.33.3

3.9

10.04.74.7

1.0

16.5

11.911.811.8

4.64.34.;

-4.1

-.9-3.4-3.4

6.03.83.8

-2.7-3.1-3.1

2.2

00

2.52.42.4

-3.4

-6.2-6.5-6.5

3.33.53.5

-7.2

-9.8-10.6-10.6

3.54.04.0

17.6

14.213.813.8

3.23.33.3

22.0

24.923.323.3

.1-.6-.6

36.0

31.031.331.3

3.53.43.4

19.0

20.519.419.4

.5

.1

.1

14.3

16.215.115.1

.2-.5-.5

1.3

.1

.1

.1

.71.21.2

-2.8

-4.7-4.2-4.2

.71.51.5

-2.4

-3.5-2.7-2.7

.3

.7

.7



Table 8.1.—Percent Change From Preceding Period in SelectedSeries—Continued

[Percent]

Table 8.2.—Selected Per Capita Product and Income Series inCurrent and Constant Dollars and Population of the United States

[Dollars]

Nondefense:Current dollarsQuantity indexes:

Fixed 1987 weightsChain-type annual weights .Benchmark-years weights ..

Price indexes:Fixed 1987 weightsChain-type annual weights.Benchmark-years weights ..

State and local:Current dollarsQuantity indexes:



Addenda:Final sales of domestic product:

Current dollarsQuantity indexes:



Gross domestic purchases:Current dollarsQuantity indexes:



Final sales to domestic purchasers:Current dollarsQuantity indexes:



Gross national product:Current dollarsQuantity indexes:



Command-basis gross nationalproduct:Quantity index, fixed 1987 weights

Disposable personal Income:Current dollars1987 dollars

1992

9.4

6.26.26.2

3.13.13.1

4.5

2.22.12.1

2.52.42.4

5.2

2.32.02.1

3.33.13.2

5.7

2.92.52.7

3.33.13.

5.4

2.52.:2.4

3.33.13.2

5.4

2.5

2.7

2.9

1993

3.7

.5

.7

.7

2.52.72.8

4.6

2.02.02.0

2.62.62.6

5.5

2.92.62.5

3.12.82.9

6.2

3.93.33.4

2.92.82.8

6.0

3.73.23.:

2.92.82.8

4.61.9


1992

5.8

4.44.54.6

1.2.9

1.1

3.0

1.21.21.2

1.71.11.8

4.9

3.73.43.4

2.52.02.3

4.9

3.83.03.3

3.02.72.8

5.2

4.03.43.6

3.02.72.8

4.8

3.63.23.3

2.52.02.2

3.6

1.9

1.8

-.4-.1-.1

1.91.91.9

3.1

.1

.1

2.92.92.9

9.1

5.85.65.5

3.22.72.8

9.1

5.45.15.1

2.82.72.7

9.0

5.55.25.2

2.82.2.7

5.04.94.8

3.2.72.8

15.10.6

1993

3.6

-3.2-3.5

5.76.36.3

3.3

.3

.4

.4

3.02.92.9

2.9

-1.1-1.1

4.34.14.1

5.0

2.51.71.7

3.3.43.4

3.5

.8

3,3.33.3

4.6

1.0.6.6

4.:4.14.1

1.9

-5 .-7.8

6.2

5.55.55.5

8.3

5.65.25.2

2.93.03.0

5.7

3.23.03.0

2.82.72.7

5.4

3.12.72.7

2.92.82.8

6.8

4.44.04.0

2.92.82.8

4.2

1.91.71.7

2.82.72.7

1.9

5.8

4.9

2.52.92.9

2.92.32.3

5.8

4.54.24.2

1.81.61.6

4.8

3.42.72.7

2.12.12.1

4.8

3.73.03.0

1.81.71.7

5.2

4.23.53.

1.81."1.7

4.8

2.71.6

-3.6

-7.5-7.4-7.4

2.03.33.3

3.8

3.12.82.8

.7

.9

.9

8.5

6.96.26.2

2.32.32.3

8.4

7.26.46.4

2.22.32.3

8.1

6.75.95.9

2.22.22.2

8.05.8

NOTE.—Except for disposable personal income, the quantity and price indexes in this table are calculated from

weighted averages of the detailed output and prices used to prepare each aggregate and component. The fixed-

weighted measures use as weights the composition of output in 1987. For the alternative indexes, the chain-type

indexes with annual weights use weights for the preceding and current years, and the indexes with benchmark-

years weights use weights of 1959, 1963, 1967, 1972, 1977, 1982, and 1987 and the most recent year.

Current dollars:


productPersonal income .Disposable

personalincome

Personal

expenditures ...Durable goods

goodsServices

Constant (1987)dollars:


productDisposable

persona!income

Personal

expenditures ...Durable goods

goodsServices

Population (mid-period,thousands)

1992

23,637

23,66520,139

17,615

16,2051,947

5,0929,166

19,518

19,548

14,219

13,0811,787

4,1617,133

255,472

1993

24,702

20,867

18,228

17,0062,083

5,2319,692

19,894

14,334

13,3731,898

4,2167,260

258,254


1992

III

23,685

23,71620,090

17,577

16,2491,958

5,1049,187

19,537

19,569

14,169

13,0981,794

4,1547,149

255,836

IV

24,143

24,13420,767

18,153

16,5892,013

5,1909,385

19,754

19,755

14,490

13,2411,845

4,2167,179

256,569

1993

I

24,346

24,34720,430

17,876

16,7042,004

5,1929,508

19,744

19,754

14,163

13,2341,835

4,1847,216

257,197

II

24,538

24,53620,837

18,196

16,9072,062

5,2159,631

19,786

19,793

14,326

13,3121,878

4,2007,234

257,872

III

24,732

24,75620,930

18,265

17,0882,095

5,2299,763

19,869

19,898

14,341

13,4161,907

4,2267,283

258.612

IV

25,189

21,266

18,571

17,3232,170

5,2899,865

20,175

14,504

13,5291,971

4,2527,307

259,334


SURVEY OF CURRENT BUSINESS February 1994 • 2J

Table 8.3.—Auto Output[Billions of dollars]

Table 8.4.—Auto Output in Constant Dollars[Billions of 1987 dollars]

Auto output

Finai sales ,Personal consumption expenditures

New autosNet purchases of used autos

Producers' durable equipmentNew autosNet purchases of used autos

Net exportsExportsImports


Change in business inventories ofnew and used autosNewUsed

Addenda:Domestic output of new autos l

Sales of imported new autos2

1992

133.2

133.5126.787.339.537.662.2

-24.6-32.8

14.347.02.0

-.3.3

104.160.1

1993

141.8

137.3134.291.343.038.966.8

-27.9-37.7

14.552.2

1.9

4.53.01.5

110.664.0


1992

133.0

132.4125.485.839.536.961.8

-24.9-32.1

15.247.42.2

.61.0-.4

103.160.1

136.4

137.2130.990.340.637.162.7

-25.6-32.6

15.948.4

1.8

-.8-.7-.1

108.060.5

1993

142.8

131.4127.786.840.936.961.8

-24.9-35.3

14.549.82.1

11.412.0- .7

114.659.6

145,9

140.8133.690.343.342.272.6

-30.4-37.0

14.951.82.0

5.01.63.5

111.965.5

134.6

137.0135.490.245.238.967.4

-28.5-39.3

13.252.52.0

-2.4-3.4

1.0

99.369.6

144.0

140.0140.297.942.437.465.2

-27.8-39.2

15.454.7

4.01.92.1

116.861.5

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 8.5.—Truck Output[Billions of dollars]

Auto output

Final salesPersonal consumption expenditures

New autosNet purchases of used autos

Producers' durable equipmentNew autosNet purchases of used autos

Net exportsExportsimports


Change in business inventories ofnew and used autosNewUsed

Addenda:Domestic output of new autosi

Sales of imported new autos2

1992

117.4

117.8113.977.936.032.855.5

-22.7-30.5

12.743.3

1.7

92.853.6

1993

120.5

117.5115.479.535.934.558.1

-23.7-34.1

12.746.8

1.6

3.11.91.2

96.255.8


1992

116.8

116.2112.076.335.732.354.9

-22.6-30.0

13.543.5

1.9

.61.0- .4

91.853.5

120.1

119.6115.879.935.932.755.5

-22.8-30.4

14.144.5

1.5

.5

.61

96.853.6

1993

122.5

114.0112.276.535.732.654.5

-21.9-32.6

12.845.5

1.8

8.59.1-.6

99.952.5

123.4

121.2115.578.936.637.563.5

-26.0-33.5

13.146.6

1.7

2.2-.73.0

96.557.3

113.5

116.3115.478.237.234.658.5

-23.9-35.4

11.647.0

1.7

-2.9-3.7

85.860.4

122.7

118.3118.584.334.233.256.1

-22.9-34.7

13.648.3

1.3

4.42.71.7

102.552.9

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 8.6— Truck Output in Constant Dollars[Billions of 1987 dollars]

Truck output1

Final salesPersonal consumption expendituresProducers' durable equipmentNet exports

ExportsImports



1. Includes new trucks only.

83.3

82.243.337.1-5.15.6

10.76.9

1.2

101.4

101.952.548.9-5.4

5.811.25.8

-.5

81.4

82.344.237.8-4.8

5.410.25.1

-.9

93.7

92.047.841.1-4.6

6.010.77.7

1.7

100.0

92.449.745.3-6.75.2

11.94.1

7.7

97.0

102.052.048.2-6.45.7

12.18.2

-5.0

98.0

99.950.048.6-4.8

5.410.26.0

-1.9

110.5

113.358.453.5-3.6

6.910.54.9

-2.8

Truck output1

Final salesPersonal consumption expenditures ..Producers' durable equipmentNet exports

ExportsImports



1. Includes new trucks only.

71.4

70.437.131.8-4.44.89.15.9

1.0

83.5

83.943.440.1-4.54.89.24.8

-.4

69.3

70.137.632.2-4.14.68.64.4

-.8

79.5

78.140.734.8-3.95.19.16.6

1.4

83.7

77.342.037.6-5.74.4

10.13.4

6.3

80.2

84.243.339.6-5.44.6

10.06.7

-4.1

79.9

81.440.939.5-4.04.48.44.9

-1.5

90.2

92.547.543.8-2.9

5.78.54.0

-2.3


28 • February SURVEY OF CURRENT BUSINESS

NIPA Charts

REAL GDP AND ITS COMPONENTS: TRENDS AND CYCLESDec. Nov. Nov. Mar.P T P T

Jan. July July Nov.P T P T

1966 67 68 69 70 71 72 73 74 75 76 77 78 79 81 82 83 84 85 86 87 89 90 91 92 93 1994



SELECTED SERIES: RECENT QUARTERS

Percent change10

REAL GROSS DOMESTIC PRODUCT'

ll l l . l l l l . l l

1990 1991 1992 1993

Percent change10

REAL GROSS DOMESTIC PURCHASES

I. .1 llllilll

1990 1991 1992 1993

Percent change10

REAL DISPOSABLE PERSONAL INCOME

1iliilI.I

1990 1991 1992 1993

Percent change10

GROSS DOMESTIC PURCHASES PRICE INDEX

1990 1991 1992 1993

Billion $

500

400

300

200

100

CORPORATE PROFITS WITH IVA AND CCAdj'

1990 1991 1992 1993

1990 1991 1992 1993

1. Percent change at annual rate from preceding quarter: based on seasonally adjusted estimates.2. Seasonally adjusted annual rate; IVA is inventory valuation adjustment, and CCAdj is capital consumption adjustment.3. Personal saving as percentage of disposable personal income: based on seasonally adjusted estimates.

US. Department of Commerce, Bureau of Economic Analysis


3 0 • February 1994 SURVEY OF CURRENT BUSINESS

Reconciliation and Other Special Tables

Table 1.—Reconciliation of Changes in BEA-Derived Compensation Per Hour with BLS Average Hourly Earnings[Percent change from preceding period]

91

5.1

.5

0

.2

4.3

-.1

1.6

2.8

5.0

1992

5.1

.4

.1

0

4.8

.1

2.3

2.4

5.1

1993

3.6

.3

0

0

3.3

- .1

1.1

2.4

3.6

Seasonally adjusted at annualrates

1993

I

3.0

-.4

.1

-.1

3.7

-.2

1.0

2.9

2.9

II

1.7

1.2

-.1

0

.4

- .1

-1.4

1.9

1.9

III'-

3.7

.6

0

-.2

3.2

-.2

1.7

1.7

3.7

IV P

2.8

.5

.1

- .1

2.6

-.2

-.5

3.2

2.9

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

Less: Contribution of supplements to wages and salaries per hour

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

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

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

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

Less: Other differences!

Equals-. BLS average hourly earnings of production or nonsupervisory workers on private nonfarmpayrolls

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

r Revised." Preliminary.

2. These estimates differ from the BEA-derived estimates (first line) because the BLS estimatesinclude compensation and hours of tenant-xcupied housing. BEA estimates for the fourth quarter

. Includes BEA use of non-BLS data and differences in detailed weighting. Annual estimates of 1993 also include statistical revisions not yet incorporated in the BLS estimates.also include differences in BEA and BLS benchmarking procedures; quarterly estimates also in-clude differences in seasonal adjustment procedures.

NOTE.—The table incorporates revised BLS estimates released in February 1994.BLS Bureau of Labor Statistics



A Look at How BEA Presents the NlPA's

THIS GUIDE is designed to assist users in locating national in-come and product accounts (NIPA) estimates and to explain someof the conventions used in their presentation. The system ofpresentation has evolved over a number of years and has beenshaped by many factors—for example, the frequency of the se-ries (annual, quarterly, or monthly) and the extent of historicalcoverage. The system is best explained by beginning with a briefdescription of BEA'S release schedule for the estimates.

Release schedule

Quarterly estimates of gross domestic product (GDP) are releasedon the following schedule: "Advance" estimates are released nearthe end of the first month after the end of a quarter; as moredetailed and more comprehensive data become available, "pre-liminary" and "final" estimates are released near the end of thesecond and third months, respectively. Quarterly estimates ofgross national product, national income, corporate profits, andnet interest lag the GDP estimates by 1 month: The first estimatesof these items are released with the preliminary GDP estimates,and the revised estimates are released with the final GDP esti-mates. (The fourth-quarter estimates of these items lag by anadditional month.) Monthly estimates of personal income andoutlays are released near the end of the month following thereference month; estimates for the most recent 2-4 months arerevised at that time.

Ordinarily, annual revisions are carried out each July andcover the months and quarters of the most recent calendaryear and the 2 preceding years. (For example, the July 1994revision will cover 1991, 1992, and 1993.) These revisions aretimed to incorporate newly available major annual source data.Comprehensive revisions are carried out at about 5-year inter-vals. Definitional or classificational changes made to improvethe NIPA'S as a tool of economic analysis are usually introducedat the time of comprehensive revisions, the most recent of whichwas released in December 1991.

Presentation of NIPA estimates

Organization of the NIPA tables.—The NIPA tables are groupedinto nine categories:

1. National Product and Income

2. Personal Income and Outlays

3. Government Receipts and Expenditures

4. Foreign Transactions

5. Saving and Investment

6. Income, Employment, and Product by Industry

7. Quantity and Price Indexes

8. Supplementary Tables

9. Seasonally Unadjusted Estimates

In the "Supplementary Tables" category, the first table showspercentage changes in the major NIPA aggregates. Other tablescover the following: Selected per capita series; auto, truck, farmsector, and housing sector output; detail on several componentsof gross national income (consumption of fixed capital, capitalconsumption adjustment, business transfer payments, supple-ments to wages and salaries, rental income of persons, dividends,and interest); imputations; and reconciliations of several NIPAmeasures with the source data (for example, tax return tabula-tions) from which they are derived or to which they are closelyrelated.

The table numbers have two parts. The first part indicates thecategory number, and the second part indicates the table numberwithin that category. A letter suffix is used to represent ma-jor discontinuities in coverage—for example, the edition of theStandard Industrial Classification (sic) underlying the estimates.

From time to time, changes in the coverage or in the qual-ity of the statistics result in discontinuities in NIPA time series.For example, beginning with i960, the estimates cover the 50States and the District of Columbia; before i960, Alaska andHawaii were partly omitted. While it is not possible to iden-tify all discontinuities, major discontinuities are highlighted. Inaddition to the use of letter suffixes to indicate major disconti-nuities in coverage, other types of discontinuities are referencedin the footnotes; see, for example, those for tables 2.2 through2.7 and tables 4.1 through 4.4.

The full set of NIPA tables, which consists of 132 tables andabout 5,100 line items, contains annual, quarterly, and monthlyestimates. Annual estimates are based on source data that aretypically not available on a quarterly or monthly basis. Many ofthe tables with only annual estimates show detailed breakdowns

Alternative Media

Within minutes of their official release, BEA makes the NIPA esti-mates available electronically through the Economic Bulletin Boardmaintained by the U.S. Department of Commerce's Office of Busi-ness Analysis (OBA). In addition, BEA provides annual and quarterlyNIPA estimates to the National Trade Data Bank and the NationalEconomic, Social, and Environmental Data Bank, which are pub-lished by OBA on CD-ROM. For information, call OBA at (202)482-1986.

BEA also prepares recorded telephone messages summarizing keyestimates immediately after their release: For gross domestic prod-uct, call (202) 606-5306; for personal income and outlays, call (202)606-5303.

NIPA estimates are available on computer tape and on diskettes.For a list of NIPA information products, write the National Incomeand Wealth Division, BE-54, Bureau of Economic Analysis, U.S.Department of Commerce, Washington, DC 20230, or call (202)606-9700.



of components; for example, tables 5.6 and 5.7 show purchases ofstructures by type (in current and constant dollars, respectively).

An index is available to help users locate NIPA series and topicscovered by the NIPA'S. For each series or topic, the index iden-tifies the NIPA table (or tables) containing the item. Commonlyused terms that differ from the NIPA wording are cross-referencedto the appropriate NIPA item. This index appeared most recentlyin the August 1993 SURVEY.

Publication of the NIPA tables.—The "National Income and Prod-uct Accounts" section of the SURVEY is the primary vehicle forthe publication of the NIPA'S. Except for years in which compre-hensive revisions are released, a full set of NIPA tables is publishedin the SURVEY at the time of the annual revision, usually in July.In other months, the SURVEY contains a set of "Selected NIPA

Tables," which presents the quarterly estimates that are releasedeach month (and the corresponding annual estimates). The se-lected set comprises 53 tables from the first eight NIPA categories.(Seasonally unadjusted estimates are compiled only once a yearand thus are not included in the selected set of tables.) Forusers' convenience in tracking specific estimates, the numberingsystem established for the full set of tables is retained in theselected set; as a result, gaps in table numbering occur in thepresentation of the selected tables. A note preceding the NIPA

tables indicates whether the estimates are advance, preliminary,or final.

The SURVEY presents estimates only for the most recent 2-4years. A separate volume or set of volumes containing historicalestimates is published after comprehensive revisions. The most

recently published set is The National Income and Product Ac-counts of the United States: Volume 1, 1929-58, and Volume 2,1959-88. (These two volumes are available from the U.S. Gov-ernment Printing Office; see inside back cover of this issue fororder information.) This set of historical volumes contains themost up-to-date estimates for the years 1929-87. For 1988, thesecond historical volume contains the most up-to-date estimatesfor all tables except tables 7.1, 7.2, and 8.1; for these tables, thelatest estimates for 1988 are in the September 1993 SURVEY. For1989, the latest estimates for most series are in the July 1992SURVEY; the estimates for tables 3.15-3.20 and 9.1-9.6 are in theSeptember 1992 SURVEY, and those for tables 7.1, 7.2, and 8.1 arein the September 1993 SURVEY. For 1990-92, the latest estimatesfor most series are in the August 1993 SURVEY; the estimates fortables 1.15, 1.16, 3.15-3.20, 7.1, 7.2, 7.15, 8.1, and 9.1-9.6 are in theSeptember 1993 SURVEY. (The complete official time series arealso available on alternative media; see box on preceding page.)

Some detailed tables in the historical volumes cover shortertime spans than the volume title indicates. In addition, tableswith an "A" or a "B" suffix (for example, 6.4A) appear only inthe historical volumes. A letter suffix, as explained earlier, isused to represent major discontinuities in coverage.

Historical summary NIPA series are presented each year inthe SURVEY, most recently in the September 1993 issue. In thissummary presentation, most of the components found in tables1.1 and 1.2 and several other major components are shown backto 1929 annually, to 1946 quarterly on a current-dollar basis,and to 1947 quarterly on a constant-dollar basis. In addition,

Additional Information About the NIPA'S

NIPA methodology papers

No. 1: An Introduction to National Economic Accounting. (1985).19 pp. $12.50 (NTIS Accession No. PB 85-247567).

No. 2: Corporate Profits: Profits Before Tax, Profits Tax Liability,and Dividends. (1985). 67 pp. $19.50 (NTIS Accession No. PB 85-245397).

No. 3: Foreign Transactions. (1987). 52 pp. $19.50 (NTIS AccessionNo. PB 88-100649).

No. 4: GNP: An Overview of Source Data and Estimating Methods.(1987). 36 pp. $17.50 (NTIS Accession NO. PB 88-134838). The sourcedata and estimating methods are updated in the August 1993 SURVEYOF CURRENT BUSINESS (see below).

No. 5: Government Transactions. (1988). 120 pp. $27.00 (NTISAccession No. PB 90-118480).

No. 6: Personal Consumption Expenditures. (1990). 92 pp. $19.50(NTIS Accession No. PB 90-254244).

NIPA Methodology Papers 1 through 6 (photocopies) are availablefrom the National Technical Information Service (NTIS); to order,write to U.S. Department of Commerce, National Technical Infor-mation Service, 5285 Port Royal Road, Springfield, VA 22161 or call(703) 487-4650.

Reliability of the NIPA'S

• The Use of National Income and Product Accounts for PublicPolicy: Our Successes and Failures (BEA Staff Paper No. 43).(1985). 32 pp. $17.50 (NTIS Accession No. PB 86-191541).

• "Evaluation of the GDP Estimates," October 1993 SURVEY OFCURRENT BUSINESS.

Recent revisions of the NIPA'S

The following is a list of articles in the SURVEY OF CURRENTBUSINESS that cover the 1991 comprehensive revision and the 1992and 1993 annual revisions.

• "Gross Domestic Product as a Measure of U.S. Production,"August 1991.

• "A Preview of the Comprehensive Revision of the National In-come and Product Accounts: Definitional and ClassificationalChanges," September 1991.

• "A Preview of the Comprehensive Revision of the NationalIncome and Product Accounts: New and Redesigned Tables,"October 1991.

• "The Comprehensive Revision of the U.S. National Incomeand Product Accounts: A Review of Revisions and MajorStatistical Changes," December 1991.

• "Alternative Measures of Change in Real Output and Prices,"April 1992.

• "Annual Revision of the U.S. National Income and ProductAccounts," July 1992 and August 1993.



the fixed-weighted price indexes for several major componentsand the implicit price deflator are shown back to 1959 annuallyand quarterly (some price indexes start in 1982), and most ofthe major components of national income and personal incomefound in tables 1.14 and 2.1 are shown back to 1929 annually andto 1946 quarterly.

Additional presentations of NIPA estimates.—Certain NIPA esti-mates also appear in other parts of the SURVEY. These presenta-tions show estimates or analyses that do not fit neatly into thesystem or publication schedule for the standard presentation.

"Gross Product by Industry" shows current- and constant-dollar estimates of gross product, or gross product originating(GPO), by industry, GPO by industry is the contribution ofeach industry—including government—to GDP. The most recentSURVEY article is in the November 1993 issue; it presents esti-mates for 1989-91 and newly revised current-dollar estimates for1947-76. The article updates and extends the GPO estimates for!977-9O that were published in the May and July 1993 issues ofthe SURVEY.

"Reconciliation and Other Special Tables" regularly shows ta-bles that reconcile NIPA estimates with related series and thatpresent analytically useful extensions of NIPA estimates. Atpresent, tables in this section show the reconciliation of relevantNIPA series with those in the balance of payments accounts andthe reconciliation of BEA compensation with Bureau of LaborStatistics earnings.

"Constant-Dollar Inventories, Sales, and Inventory-Sales Ra-tios for Manufacturing and Trade" (scheduled in March, June,September, and December) shows quarterly and monthly es-timates for the series indicated. Also shown are quarterlyfixed-weighted inventory-sales ratios (using sales as weights) andquarterly and monthly inventories for manufacturing by stage offabrication. The current-dollar sales figures are from the Cen-sus Bureau and are deflated by BEA; the inventory estimates arefrom the NIPA'S. Historical series, quarterly beginning with 1977and monthly beginning with July 1991, are in the January 1993SURVEY.

"Fixed Reproducible Tangible Wealth in the United States"(usually in August) shows annual estimates of stocks for fixedprivate capital, government-owned fixed capital, and durablegoods owned by consumers. Historical estimates and relatedinvestment series are available in Fixed Reproducible TangibleWealth in the United States, 1925-89 (see inside back cover). Asummary of wealth estimates in current and constant dollars for1925-92 is in the September 1993 SURVEY.

"Business Cycle Indicators" (the "yellow," or "C," pages)shows monthly or quarterly estimates and historical charts for anumber of NIPA series.

"Relationship Between Personal Income and Adjusted GrossIncome" shows a detailed reconciliation between the BEA meas-

ure of personal income and the IRS measure of adjusted grossincome. This article and its tables expand on table 8.24 thatis regularly presented as part of the annual NIPA revision. Themost recent article, covering 1990 and 1991, is in the November1993 SURVEY.

Statistical conventions used for NIPA estimates

Most of the estimates are presented in billions of dollars. Themajor exceptions are certain current-dollar annual estimates,which are presented in millions of dollars, and estimates pres-ented as index numbers. Current-dollar estimates are valued inthe prices of the period in which the transaction takes place.Constant-dollar estimates are valued in the prices of a perioddesignated the base period (at present, 1987), thus removing pricechange from any period-to-period movement in the series. Thedesignation of 1987 as the base period also means that levels in1987 are set equal to 100 in calculating quantity and price indexesand implicit price deflators.1

For quarters and months, the estimates (except indexes) arepresented at annual rates. Annual rates show values for a quarteror a month at their annual equivalent (that is, the value thatwould be registered if the rate of activity measured for a monthor a quarter were maintained for a full year). Annual ratesmake it easier to compare values for time periods of differentlengths—for example, quarters and years.

The percent changes shown in table 8.1 are also expressed atannual rates and are calculated from the published quarterlyestimates, which are rounded to the nearest one-tenth of a bil-lion dollars. The annual rates for quarterly percent changes arecalculated with a variant of the compound interest rate formula:

r= ( 4 - l x 100,

where r - the percent change at an annual rate and Qt andQt-i = the quarterly estimates for a quarter and the precedingquarter, respectively.

Quarterly and monthly NIPA estimates are seasonally adjusted,if necessary. Seasonal adjustment removes from the time seriesthe average impact of variations that normally occur at aboutthe same time and in about the same magnitude each year—for example, weather, holidays, and tax payment dates. In mostcases, BEA uses source data that are seasonally adjusted by thesource agency; in others, the statistical procedures used by BEA—for example, the x-11 variant of the Census Method 11 seasonaladjustment program—are based on historical experience. Afterseasonal adjustment, cyclical and other short-term changes inthe economy stand out more clearly. B!

1. BEA also prepares two alternative measures of real output and prices. These alternativesuse the Fisher Ideal index formula to provide a measure of change between two periods.In one alternative, the weights change each year; in the other, the weights change eachbenchmark year—that is, at about 5-year intervals.


34 SURVEY OF CURRENT BUSINESS February 1994

Federal Budget Estimates, Fiscal Year 1995By Karl Galbraith

j HE FISCAL 1995 budget transmitted by the1 President to Congress shows a reduction

in the Federal deficit—to the lowest level in6 years—as tax receipts increase more thanspending.1 The only major tax proposal is to raisethe excise tax on tobacco products (for cigarettes,75 cents a pack). Spending increases are pro-posed for a variety of discretionary programs, butthese are partly offset by proposals to cut back300 programs and to eliminate 115 others. Over-all, these spending changes, together with otherpolicy changes, would pull discretionary outlaysbelow 1994 levels. (The budget contains few ofthe costs of overhauling the nation's health-caresystem, which will grow primarily after fiscal year1995, and it does not reflect the recently enacted$8.6 billion California earthquake aid package.)

Major changes that would hold down theincrease in outlays include the followingproposals:

• Reduce national defense spending ($9.1billion).

• Reduce unemployment compensation ($3.7billion).

• Sell assets of Resolution Trust Corporation(RTC) Fund ($8.6 billion).

• Reduce outlays of the Commodity CreditCorporation ($3.6 billion).

This article summarizes the administration'sbudget estimates and the economic assumptionsunderlying them, and it provides a translationof the estimates into the national income andproduct accounts (NIPA) framework.2

Economic assumptions

Throughout 1993, the growth of real gross do-mestic product (GDP) accelerated, the workweek

1. The Budget of the United States Government, Fiscal Year 1995, Office ofManagement and Budget (Washington, DC: U.S. Government Printing Office,February 1994).

2. A package of tables ("National Income and Product Accounts Trans-lation of the Federal Budget") is available from BEA shortly after the releaseof the Budget; this year's package is $11.00. For further information,write to Government Division (BE-57), Bureau of Economic Analysis, U.S.Department of Commerce, Washington, DC 20230, or call (202) 606-9775.

lengthened, and hiring increased; by December,the unemployment rate had fallen to 6.4 per-cent. As the slack in labor and product marketsis taken up, the inflation rate is assumed to edgeup slightly. Short-term interest rates are pro-jected to rise moderately from their exceptionallylow 1993 levels. Restraints on U.S. economicgrowth, some of which will continue through1995, include the scaling-back of the defense sec-tor, weak economies in Europe and Japan, and

Table 1.—Economic Assumptions Underlying the Budget

GDP:Current dollars1987 dollars

Incomes:Personal income

Wages and salariesCorporate profits before taxes

GDP in current dollars:Annual averageFourth quarter

GDP in 1987 dollars:Annual averageFourth quarter

GDP implicit price deflator:Annual averageFourth quarter

Consumer Price Index:l

Annual averageFourth quarter

Unemployment rate (pre-1994 basis):2

Annual averageFourth quarter

Interest rate (annual average):3

91-day Treasury bills10-year Treasury notes

Calendar year

1993 1994 1995

Billions of dollars

6,3715,126

5,3853,083

447

6,7365,284

5,6913,261

508

7,1185,433

6,0163,442

531

Percent changepreceding year

5.55.0

2.82.3

2.62.6

3.02.8

5.75.8

3.13.0

2.62.7

2.83.0

5.75.6

2.82.7

2.82.8

3.23.2

Percent

6.86.7

3.05.9

6.56.4

3.45.8

6.16.0

3.85.8

Source: The Budget of the United States Government, Fiscal Year 1995.1. Consumer Price Index for urban wage earners and clerical workers.2. Percent of labor force, including armed forces residing in the United States.3. Average rate on new issues within a year.Note.—The 1993 GDP estimates in the Budget were made before fourth-quarter estimates

were released by BEA, and the unemployment rates do not reflect revisions introduced by theBureau of Labor Statistics in February 1994.



worldwide competition that is pressuring compa-nies to control costs, often by downsizing theirwork forces.

The administration forecasts real GDP to in-crease 3.0 percent during 1994 and 2.7 percentduring 1995, compared with a 2.3-percent increaseduring 1993 (table 1). (These changes are fromfourth quarter to fourth quarter.) Inflation asmeasured by the Consumer Price Index is fore-cast to be 3.0 percent during 1994 and 3.2 percentduring 1995, compared with 2.8 percent during1993. The unemployment rate is forecast to dropto 6.4 percent during 1994 and to 6.0 percentduring 1995 from the 1993 level of 6.7 percent.

Current services estimates

Current services estimates show what receipts andoutlays would be without policy change. In con-cept, these estimates are neither recommendedamounts nor forecasts; they form a base withwhich administration or congressional proposalscan be compared. The estimates are based on thesame economic assumptions as those underlyingthe budget.

Table 2.—Relation of Current Services Estimates tothe Budget


Receipts


Plus: Proposed legislation:Deduction for health insurance costs of the self

employedTobacco tax (net of income offsets)Security law feesOther

Equals: The budget

Outlays


Plus: Proposed program changes:National defenseMedicareInternational affairsAgriculture ,Income securityNatural resources and environmentGeneral science, space, and technologyEnergyTransportationCommerce and housing creditVeterans benefits and servicesAdministration of justiceAllowances:

Health Security Act administrative and startupcosts

OtherOther

Equals: The budget

Fiscal year

1994 1995

1,249.1

-.1

.1

1,249.1

1,483.6

-.1.6

0000-.20-.900

0

1,483.8

1,341.6

-.412.0

.4

.2

1,353.8

1,525.6

-1.9-2.2-1.1-.8-.8-.7-.5

-.5- .11.0.9

1.3-1.1

.3

1,518.9

Budget receipts in 1995 are $12.2 billion higherthan the current services estimate, primarily re-flecting the proposed tax on tobacco products,net of income offsets (table 2).3 Budget outlays in1995 are $6.7 billion lower than the current serv-ices estimate, mainly reflecting declines in defenseprograms, medicare, and international affairs.

The budget estimates

Under the administration's budget, receipts infiscal year 1995 increase $104.7 billion—or 8.4percent—to $1,353.8 billion. Receipts in 1994 are$1,249.1 billion, up 8.3 percent from 1993. One-half of the 1995 increase is due to growth in thetax base, and the rest is due to tax changes underthe Omnibus Budget Reconciliation Act of 1993(OBRA 93) ($45.3 billion) and the proposed to-bacco tax ($12.0 billion). One-fourth of the 1994increase is due to OBRA 93 ($24.3 billion), withthe remainder primarily due to growth in the taxbase.

Budget outlays in fiscal year 1995 increase $35.1billion—or 2.4 percent—to $1,518.9 billion (ta-ble 3). Outlays in 1994 are $1,483.8 billion, up5.4 percent from 1993. The 1995 increase is thenet result of increases of $62.0 billion and de-creases of $26.9 billion. The decreases are much

3. The offsets occur because the higher tobacco tax is expected to reduceincomes of individuals and corporations and to lower employment.

Table 3.—Budget Outlays by Function[Billions of dollars]

Budget outlays

National defenseSocial securityNet interestIncome securityMedicareHealthEducation, training, employment, and social

servicesVeterans benefits and servicesCommerce and housing creditNatural resources and environmentAgricultureGeneral science, space, and technologyInternational affairsEnergyTransportationAdministration of justiceGeneral governmentCommunity and regional developmentUndistributed offsetting receipts and

allowances

Addenda:Social security, net interest, health and

medicareAll other functions

Source: The Budget of the United States Government, Fiscal Year 1995.

Fiscal year

1992

1,380.9

298.4287.6199.4197.0119.089.5

45.234.110.120.015.216.416.14.5

33.314.413.06.8

-39.3

695.5685.4

1993

1,408.2

291.1304.6198.8207.3130.699.4

50.035.7

-22.720.220.417.016.84.3

35.015.013.09.1

-37.4

733.4674.8

1994

1,483.8

279.9320.5203.4214.6143.7112.3

50.838.1

.522.316.917.319.05.0

37.616.514.39.3

-37.9

779.9703.9

1995

1,518.9

270.7337.2212.8221.4156.2123.1

53.539.2-5.521.812.816.917.84.6

38.417.313.89.2

-42.4

829.3689.6

Change from precedingyear

1993 1994 1995

27.3

-7.317.0-.6

10.311.69.9

4.81.6

-32.8.2

5.2.6.7

-.21.7.6

02.3

1.9

37.9-10.6

75.6

-11.215.94.67.3

13.112.9

2.423.22.1

-3.5.3

2.2.7

2.61.51.3.2

-.5

46.529.1

35.1

-9.216.79.46.8

12.510.8

2.71.1

-6.0-.5

-4.1-.4

-1.2-.4

_ 5-.1

-4.5

49.4-14.3

Source: The Budget of the United States Government, Fiscal Year 1995.



more widespread in 1995 than in the precedingyears, affecting 10 of 19 Federal spending func-tions, compared with 3 in 1994 and 4 in 1993.The total net increase in 1995 outlays is morethan accounted for by increases in social secu-rity, medicare, and health. The largest increasein 1994 is for commerce and housing credits($23.2 billion), primarily for the RTC Fund. Thelargest decreases in 1995 are for national defense($9.2 billion) and commerce and housing credits($6.0 billion), again primarily for the RTC Fund.

Table 4.—Current Services, Budget, and NIPA Estimatesof Federal Government Receipts and Expenditures



ReceiptsOutlays

Surplus or deficit (-) .

Budget

OutlaysSurplus or deficit (-)

National income and product accounts

ReceiptsOutlays

Surplus or deficit (-)

Fiscal year

Actual

1993

1,153.51,408.2-254.7

1,153.51,408.2-254.7

1,249.31,484.5-235.2

Estimates

1994 1995

1,249.11,483.6-234.5

1,249.11,483.8-234.8

1,345.41,533.3-187.9

1,341.61,525.6-183.9

1,353.81,518.9-176.1

1,450.91,597.1-146.2

Sources: The Budget of the United States Government, Fiscal Year 1995, and the Bureauof Economic Analysis.

Table 5.—Relation of Federal Government Receipts inthe NIPA's to Receipts in the Budget


Budget receipts

Less: Coverage differencesl

Plus: Netting and grossing differences:Contributions to government employees

retirement fundsTaxes received from the rest of the

world2

Other3

Timing differences:Corporate income taxFederal and State unemployment

insurance taxesWithheld personal income tax and

social security contributionsExcise taxesOther

Equals: Federal Government receipts, NIPA's ...

Fiscal year

1993 1994 1995

1,153.5

1.8

56.3

-1.828.3

9.4

0

4.31.4-.3

1,249.6

1,249.1

1.9

59.7

-1.828.6

8.7

-.2

3.9-.3-.4

1,346.2

1,353.8

2.0

64.7

-1.829.0

5.2

1.7.4

-.7

1,450.7


1. Consists largely of contributions of social insurance by residents of U.S. territories andPuerto Rico.

2. Taxes received from the rest of the world are included in the budget and netted againstexpenditures (transfer payments) in the NIPA's.

3. Consists largely of proprietary receipts that are netted against outlays in the budget andclassified as receipts in the NIPA's.

The largest decrease in 1994 is also for nationaldefense ($11.2 billion).

The budget deficit for fiscal year 1994 is roughlythe same as the current services deficit (table 4).The deficit for 1995 is smaller than the currentservices deficit because of revenue gains, espe-cially from the tobacco tax proposal. The 1995budget deficit is $176.1 billion, down $58.7 bil-lion from 1994; of this decrease, $50.6 billionresults from a decline in the current servicesbudget deficit, and $8.1 billion results from theadministration's proposals, primarily the tobaccotax.

NIPA estimates for the Federal sector

The Bureau of Economic Analysis has preparedestimates of the Federal sector on the NIPA basisthat are consistent with the budget estimates. Es-timates of the Federal sector, which are integratedconceptually and statistically with the rest of theNIPA'S, differ in several respects from the budgetestimates; unlike the budget estimates, these es-timates exclude financial transactions, such asloans, and they record categories of receipts andexpenditures on a timing basis different from that

Table 6.—Relation of Federal Government Expendituresin the NIPA's to Outlays in the Budget


Budget outlays .

Less: Coverage differences:Geographic1

Other2

Financial transactions:Net lendingDeposit insuranceOther

Net purchases of land:Outer Continental Shelf .Other

Auction of radio spectrum ,

Plus: Netting and grossing differences:Contributions to government

employees retirement funds ..Taxes received from rest of the

world3

Other4

Timing differences:National defense purchasesOther

Miscellaneous

Equals: Federal Government expenditures,NIPA's

Fiscal year

1993 1994

1,408.2

7.53.3

26.1-26.0-2.3

56.3

-1.828.3

2.0.4

0

1,484.5

1,483.8

8.03.3

29.0-.4

-1.2

0.2

-.5

59.7

-1.828.6

1.1.3

0

1,533.3

1995

1,518.9

8.23.2

17.1-8.5-1.0

0.2

-4.3

64.7

-1.829.0

0

1,597.1


1. Consists largely of transfer payments, subsidies, and grants-in-aid to residents of U.S.territories and Puerto Rico.

2. Consists of agencies not included in the budget, and includes net purchases of silverand minor coins.

3. Taxes received from the rest of the world are included in the budget and netted againstexpenditures (transfer payments) in the NIPA's.

4. Consists largely of proprietary receipts that are netted against outlays in the budget, andclassified as receipts in the NIPA's.



of the budget.4 Table 4 summarizes the dif-ferences between the current services estimates,the administration's budget, and the budget es-timates on the NIPA basis. Table 5 shows therelation between budget receipts and NIPA re-ceipts, and table 6 shows the relation betweenbudget outlays and NIPA expenditures.5

In table 6, the Federal Communication Com-mission auction of the radio spectrum is a newreconciliation item—a $4.3 billion receipt in 1995.This transaction is tentatively classified as anexchange for a preexisting intangible asset; itis subtracted from budget outlays in derivingFederal expenditures on the NIPA basis.

Federal receipts on the NIPA basis increase$105.5 billion in fiscal year 1995, to $1,450.9 bil-lion, reflecting $66.0 billion from higher tax basesand $39.6 billion from other tax changes (ta-ble 7). The increase is primarily due to enactedlegislation, OBRA 93, and proposed legislation

4. For a detailed discussion of the differences, see Government Trans-

actions, NIPA Methodology Paper Series MP-5. (MP-5 is available from theNational Technical Information Service, Accession No. PB 90-118480.) In ad-dition, footnote 4 in the SURVEY OF CURRENT BUSINESS article that describedthe fiscal year 1993 budget (March 1992 issue, page 32) contains informationthat updates the methodology paper.

5. The relation of budget receipts and outlays to NIPA receipts and ex-penditures is shown in NIPA table 3.18B, last published in the September 1993SURVEY.

Table 7.—Sources of Change in Federal GovernmentReceipts, NIPA Basis


Total receiptsDue to tax basesDue to tax changes

Social securityl

Omnibus Budget Reconciliation Act of 1993 .Proposed legislation

Tobacco taxOther

Personal tax and nontax receiptsDue to tax basesDue to tax changes

Omnibus Budget Reconciliation Act of 1993Proposed legislation

Corporate profits tax accrualsDue to tax basesDue to tax changes

Omnibus Budget Reconciliation Act of 1993Proposed legislation

Indirect business tax and nontax accrualsDue to tax basesDue to tax changes

Omnibus Budget Reconciliation Act of 1993Proposed legislation (Tobacco tax)

Contributions for social insuranceDue to tax basesDue to tax changes

Social securityProposed legislation

Change from precedingfiscal year

1993 1994 1995

83.777.36.41.54.90

27.628.2-.6-.6

19.517.61.91.9

5.21.63.63.6

31.429.9

1.51.5

96.174.421.6

4.816.9-.1

- 1

46.835.311.511.6- 1

13.310.72.62.60

5.93.22.72.7

30.025.24.84.80

105.566.039.63.5

19.916.216.5-.3

48.833.914.915.2-.3

6.94.72.22.20

20.71.7

19.02.5

16.5

29.325.83.53.50


1. Consists of changes in the social security rate and base since 1993.

for the tobacco tax. The increases in corpo-rate profits tax accruals and in contributions forsocial insurance are down for the second consec-utive year, reflecting tax law changes that targethigh-income individuals and tobacco consumers.Chart 1 shows the components of receipts on theNIPA basis for 1985-95.

Federal expenditures on the NIPA basis increase$63.8 billion in fiscal year 1995, to $1,597.1 billion(table 8). Federal expenditure growth acceleratesin fiscal year 1995, primarily because of increasedgrowth in net interest and transfer payments(chart 2). For fiscal year 1995, the largest increasesin expenditures are for transfer payments—$15.9billion for social security (of which, $8.6 billionin cost-of-living adjustments) and $14.9 billionfor medicare. Other large increases includenondefense purchases ($11.6 billion), net inter-est payments ($10.0 billion), and grants-in-aid toState and local governments for medicaid ($9.2billion). National defense purchases fall $5.9billion, and subsidies less the current surplusof government enterprises decrease $0.9 billion.Chart 3 shows the components of expenditureson the NIPA basis for 1985-95.

Table 8.—Sources of Change in Federal GovernmentExpenditures, NIPA Basis


Total expenditures .

PurchasesNational defense

Pay raise and locality pay •Other

NondefensePay raise and locality pay l

Commodity Credit Corporation inventory changeOther

Transfer paymentsSocial securityMedicareSupplemental security incomeFederal employee retirementEarned income and child care credits ....Veterans benefitsUnemployment benefitsOther

Grants-in-aid to State and local governmentsMedicaidEducationHighwaysHealth careFood and nutritionOther

Net interest paid

Subsidies less current surplus of governmententerprises

Agriculture subsidiesHousing subsidiesLess: Postal Service surplusOther

Change from preced-ing fiscal year

1993 1994 1995

48.5

.1-5.0

-5.05.0

.54.5

39.216.313.23.72.61.1.9

-1.63.0

14.87.9

.91.0.6.9

3.5

-8.5

2.91.7

0.7

1.9

48.8

-1.6-13.2

1.6-14.8

12.5.9

-.211.8

32.116.014.94.42.01.0' .8

-8.51.5

21.811.42.11.4.6.9

5.4

2.0

-5.5-4.0

-.3-.1

-1.3

63.8

6.6-5.9

2.0-7.911.61.5-.1

10.2

36.715.914.91.72.25.4

.7-3.8

11.49.2-.52.81.8.9

-2.8

10.0

-.9-.2

.2

.90

Source: Bureau of Economic Analysis.1. Consists of pay raises and locality pay beginning in January 1993.


3$ • February 1994 SURVEY OF CURRENT BUSINESS

National defense outlays in the budget differfrom national defense purchases in the NIPA'S (seetable 9) for three principal reasons. First, somedefense outlays, such as disbursements for foreignmilitary sales, are not treated as purchases in theNIPA'S. Second, a timing difference exists becausethe NIPA'S are on a delivery basis, and budgetoutlays are on a cash basis, NIPA deliveries de-

CHART 1

Federal Government Receipts,NIPA BasisBBIIon $

700

200

100

Contributions for Social Insurance

Corporate Profits Tax Accruals

Indirect Business Tax and Nontax AccrualsI I I I I I i

1965 86 87 88 89 90 91 92 93 94* 95*sbyBEA Fiscal Years

Uia Department of Commerce, Bureau of Economic Analysis

CHART 2

Changes in Federal GovernmentExpenditures, NIPA Basis

Bllliorv S-20 0 20 40 60 80

TOTAL

NationalDefense

Purchases

ôndeiensePurchases

TransferPayments

Net InterestPaid

AllOther

811811811111• :d :

i

mm

• • • •

i

mFiscal Years

•1995*1994*

S.1993

celerate and exceed outlays in all 3 years. Third,financing of the military retirement program istreated differently in the two series. Defense out-lays measure this item as a cash payment fromthe military personnel appropriation account tothe military retirement trust fund; the NIPA'S usetotal military retired pay as the measure of the re-tirement program's cost. At present, the budgetmeasure of the retirement program shows a de-cline because of a reduction in military payrolls,but the NIPA series shows an increase because ofthe rising number of retirees and higher benefits.

CHART 3

Federal Government Expenditures,NIPA BasisBillions

800

700

600

500

400

300

200

100

° 1985 86 87 88 89 90 91 92 93 94* 95*

Transfer Payments.

•_^- " National Defense Purchases

______ -rp-£l

Z~~- \- . - - . - -:"". ."". ."" MQther.

Net Interest Paid

US. Deparfenent of Commerce, Bureau of Economic Analysis

CHART 4

Federal Fiscal Position,Surplus or Deficit (-)

-350

• E s t a t e by BEA

US. Department of Commerce, Bureau of Economic Analysis

1985 86 87 88 89 90 91 92 93 94* 95*Fiscal Years•EsfmatesbyOMBandBEA

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



Table 9.—Relation of National Defense Purchases inthe NIPA's to National Defense Outlays in the Budget


National defense outlays in the budget.

Department of Defense, militaryMilitary personnelOperation and maintenanceProcurement

AircraftMissilesShipsWeaponsAmmunitionOther

Research, development, test, and evaluationOther ,

Atomic energy and other defense-related activities

Plus: Military assistance purchases

Less: Grants-in-aid and net interest paidTiming difference ,Military retired pay adjustmentOther differences

Equals: National defense purchases, NIPA's .

Fiscal year

1993 1994 1995

291.1

278.675.994.169.920.47.610.16.91.4

23.537.02.1

12.5

.2

2.6-2.0-12.4-3.6

306.8

279.8

267.571.088.760.818.36.09.05.71.0

20.835.7

11.3

12.3

.2

2.8• -1.1-13.7-1.7293.6

270.7

259.370.388.055.117.05.28.34.31.119.336.1

9.8

11.4

.2

3.0-.8

-14.84.1

287.7


The $5.9 billion decline in defense purchasesin 1995 is primarily in procurement of mili-tary equipment. In contrast, the $13.2 billiondecline in 1994 reflects about-equal drops in com-pensation (military personnel, and civilians inoperation and maintenance) and in procurementof military equipment.

The deficit for fiscal year 1995 on the NIPA

basis declines $41.7 billion. The NIPA deficit issmaller than the budget deficit (chart 4) primar-ily because lending transactions and payments toresidents of U.S. territories and Puerto Rico areremoved from expenditures on the NIPA basis.

Quarterly pattern.—Quarterly estimates of NIPAreceipts and expenditures that are consistent withthe fiscal year receipts and outlays in the budget

are shown in table 10. Receipts reflect the quar-terly pattern resulting from enacted and proposedlegislation that would increase personal, cor-porate, and excise taxes; they also reflect theadministration's projected quarterly pattern ofwages and profits. Expenditures reflect the quar-terly pattern resulting from enacted and proposedlegislation that would reduce defense purchases,adjust Federal pay, and provide for cost-of-livingincreases in social security and in Federal em-ployee retirement benefits. These NIPA estimatesdo not reflect the recently enacted Californiaearthquake aid package.

The quarterly pattern of the NIPA deficit isdriven by sharp changes in receipts interactingwith relatively smooth changes in expenditures.The deficit declines in the first quarter of 1994,as contributions for social insurance rise becauseof a social security base change in January 1994.The deficit plummets in the second quarters ofboth 1994 and 1995, reflecting surges in OBRA 93personal tax collections for deferred 1993 tax pay-ments. These personal tax liabilities, which wereretroactively imposed in 1993, can be spread with-out penalty over the 1993,1994, and 1995 tax years.The deficit increases slightly in the third quartersof 1994 and 1995, reflecting a return to normalpersonal tax payment levels. It spikes downwardin the fourth quarter of 1994, reflecting the im-position of the tobacco tax, which has its peakeffect on receipts when it is levied on invento-ries and then has a smaller effect in subsequentquarters as it applies only to new production.The deficit declines in the first quarter of 1995,as increased receipts for personal taxes and con-tributions for social insurance more than offsetthe Federal pay increase (1.6-percent pay raiseand 1.2-percent locality differential) and socialsecurity cost-of-living adjustments (3.0 percent).

Table 10 follows. B!



Table 10.—Federal Government Receipts and Expenditures, NIPA Basis[Billions of dollars; calendar year and quarters at seasonally adjusted annual rates]

Fiscal year estimatesl

1993 1994 1995

Calendar year

Pub-lished1993

Esti-mate1994

Published

1993

II IV

Estimates

1994 1995

Receipts

Personal tax and nontax receipts2

Proposed legislationOmnibus Budget Reconcilation Act of 1993Other

Corporate profits tax accruals3

Federal Reserve banksProposed legislationOther

1,249.3

511.7

1,345.3

558.5-.1

1,450.9

607.3- .4

1,265.9

521.2

1,370.4

566.9- .1

1,218.4

502.1

1,268.0

520.7

1,275.9

527.1

1,301.3

535.0

- .5512.2

135.615.8

Indirect business tax and nontax accrualsProposed legislationOmnibus Budget Reconcilation Act of 1993Other

Contributions for social insuranceSocial security

Tax on wages and salariesBase increases:

January 1994January 1995

OtherTax on self-employment earnings

Base increasesOther

Supplementary medical insurance ....Unemployment insuranceOther

119.8

86.0

11.0547.6

148.915.70

133.2

91.9

- .186.1

516.0411.5386.8

5.186.8

546.0437.7411.2

5.7

26.2581.5

155.816.50

139.3

112.616.5

- .2521.4

141.115.2

125.9

87.3

6.289.9

575.3461.4432.1

1.286.1

517.9415.9392.6

13.4553.6

151.816.00

135.8

98.35.2

-1.0503.1

132.415.7

-1.0521.7

142.415.3

.1527.0

139.315.1

1.2533.8

143.915.3

116.7

81.5

127.1

86.2

124.2

86.7

128.6

95.0

1,335.3

549.1- .18.1

541.1

146.615.60

131.0

93.0

1,372.0

577.5- .1

28.6549.0

150.915.90

135.0

93.0

1,367.8

565.1— 18.3

556.9

154.216.20

138.0

93.1

Expenditures ...

PurchasesNational defense

Pay raises and locality payJanuary 1994January 1995

OtherNondefense

Pay raises and locality payJanuary 1994January 1995

Commodity Credit Corporation inventory changeOther

386.824.6

.124.514.727.662.2

1,484.5

445.0306.8

405.526.5

.625.916.827.763.8

1,533.3

443.4293.6

1.61.6

7.6.3

5.288.0

553.5443.1416.5

7.6

81.5

502.3401.7378.4

86.2

518.7416.8393.5

87.0

522.8420.5397.2

5.090.0

527.4424.6401.1

7.6

5.088.0

546.6437.4411.4

7.6

5.088.0

550.6440.4414.1

7.6

5.088.1

555.4444.6417.9

7.6

1,406.6

575.8- .18.4

567.5

155.316.30

139.0

114.220.7

5.987.6

561.3449.8422.6

7.6

424.229.3

1.927.419.226.967.8

1,597.1

450.0287.7

3.62.1

392.623.3

.123.215.025.961.0

1,495.3

443.6303.6

408.926.6

.626.017.628.464.5

1,528.9

444.7289.9

2.1

378.423.2

.123.114.925.160.5

1,481.9

442.7304.8

393.523.3

.123.215.026.160.8

1,490.6

447.5307.6

397.223.3

.123.215.026.261.1

1,488.5

443.6301.9

393.523.4

.123.315.026.161.7

1,520.2

440.5300.1

306.8138.2

292.0149.8

1.5284.1162.3

2.4

2.1

403.826.0

.625.416.928.164.2

1,535.6

444.8294.0

2.02.0

406.526.3

.625.717.428.264.6

1,543.1

445.1291.9

2.12.1

410.226.7

.626.118.028.464.4

1,544.9

442.5286.9

2.12.1

415.027.2

.626.618.028.764.8

1,578.5

446.3286.7

2.12.1

303.6140.0

287.8154.8

1.2

304.8137.9

307.6140.0

301.9141.7

300.1140.4

Transfer payments (net)To oersons

Social securityRegularBenefit increases

January 1994January 1995

MedicareUnemployment benefits

State programsEmergency compensationFederal and railroad employees

Federal employee retirementCivilianMilitary

Veterans benefitsLife insurancePensions and disabilityReadjustment

Railroad retirementMilitary medical insuranceFood stampsBlack lung benefitsSupplemental security incomeEarned income and child care creditsAll other

To rest of the world (net)

- .2138.4

646.4630.2293.7293.7

0- .4

149.3

678.5661.6309.7303.4

6.3

142.435.021.012.8

160.034.425.519.11.8

16.7.6

7.93.3

22.01.4

20.89.4

15.416.2

6.30

157.326.521.9

3.61.0

62.035.726.319.92.0

17.0.9

8.03.2

221 3

25̂ 210.415.616.9

1.21.2-.5

160.4

715.2700.0325.6310.7

14.9

1.2

292.0150.8

1.11.1

289.8153.2

1.21.2

284.8155.6

1.21.2

284.6159.6

1.21.2

-.1140.1

651.8636.0298.0298.0

8.46.5

172.222.721.8

0.9

64.237.227.020.62.0

17.71.08.13.1

23.41.3

26.915.816.115.2

140.434.721.711.8

1.362.135.826.319.2

1.916.9

.57.83.5

22.11.4

20.88.9

17.115.8

- .6154.2

689.6672.6313.4305.4

8.08.00

164.923.721.9

1.2.6

62.636.126.519.72.0

17.0.8

8.03.5

23.41.3

25.210.416.717.0

- .4138.3

642.0628.9295.9295.9

- .3140.3

645.6632.7296.2296.2

_2

652.8639.1298.2298.2

.6139.8

667.1643.4301.7301.7

- .9150.6

680.0663.2310.3302.4

7.97.9

- .8152.8

684.4667.2312.3304.4

7.97.9

- .5154.9

690.4673.6314.4306.4

8.08.0

- .1158.5

703.6686.4316.4308.4

8.08.0

137.335.321.113.0

1.361.235.026.219.2

1.816.9

.47.83.4

21.61.4

20.8.9

16.713.1

138.835.221.612.:

1.461.935.26.419.

1.917.0

.47.93.5

21.91.4

21.08.9

16.712.9

141.235.922.212.4

1.362.436.126.319.3

1.916.9

7*.93.5

22.51

20.88.9

17.313.7

144.432.421.8

9.51.2

63.036.626.419.1

1.916.7

7̂ 83.5

22.61.3

20.98.9

17.723.6

154.127.421.9

4.8.7

61.935.726.219.52.0

16.9.6

7.93.4

23.31.3

23.010.420.716.8

162.122.521.90

.663.036.326.719.72.0

16.9.8

7.93.4

23.31.3

24.510.416.817.

169.122.521.9

0.6

62.736.226.519.72.0

16.9.8

8.03.5

23.31.3

26.110.412.616.8

174.122.521.9

0.6

62.636.226.420.0

2.017.2

.88.03.6

23.81.3

27.110.416.617.2

1,431.5

593.2-.4

20.1573.5

155.516.50

139.0

110.815.1

6.289.7

571.8458.3429.3

7.61.3

420.428.9

1.926.919.228.865.5

1,472.5

626.1- .4

43.0583.5

155.516.50

139.0

111.315.1

6.290.0

579.6465.0435.8

7.61.3

426.829.2

1.927.219.528.966.5

1,600.3

449.3288.5

4.02.11.9

284.5160.8

2.71.21.5- .8

158.9

713.6699.2328.1310.4

17.78.19.6

178.122.421.8

0.6

63.636.427.520.1

2.017.2

.98.13.7

23.91.4

28.415.85.6

14.4

1,471.5

614.5-.4

20.7594.2

156.716.70

140.0

111.615.16.2

90.3

588.7472.6443.2

7.61.3

434.329.5

1.927.520.129.067.9

1,602.7

451.9288.7

4.12.12.0

284.6163.2

2.81.21.6_7

16U

717.6703.6330.1312.4

17.78.19.6

180.122.421.8

0.6

64.937.727.220.2

2.017.21.08.13.8

24.01.4

28.715.84.1

14.0

1,605.1

451.5286.3

4.12.12.0

282.2165.2

2.81.21.6- .4

162.8

725.6710.8332.3314.4

17.98.29.7

181.123.521.8

01.7

65.137.927.220.2

2.017.21.08.13.8

24.11.4

28.915.86.5

14.8



Table 10.—Federal Government Receipts and Expenditures, NIPA Basis—Continued[Billions of dollars; calendar year and quarters at seasonally adjusted annual rates]

Fiscal year estimatesl

1993 1994 1995

Calendar year

Pub-lished1993

Esti-mate1994

Published

1993

I IV

Estimates

1994

I IV

1995

I II

Grants-in-aid to State and local governmentsHighwaysPublic assistance

MedicaidAid to families with dependent children .Social services

EducationCommunity developmentMass transitEnvironmental protectionFood and nutritionHealth careAllother

Net interest paid

Subsidies less current surplus of governmententerprises

AgricultureHousing subsidiesRailroad subsidiesMaritime subsidiesUrban mass transit subsidies

Less: Postal Service surplus

Other subsidies less current surplus (net)

Less: Wage accruals less disbursements

182.115.893.975.615.52.8

15.63.22.92.1

10.76.4

31.6

181.3

29.711.419.5

.6

.3

.8

.3

-2.6

0

203.917.2

106.187.016.32.9

17.73.72.22.3

11.67.0

36.0

183.3

24.27.4

19.2.6.4

-4.0

0

215.320.0

116.396.216.93.2

17.24.22.92.3

12.58.2

31.6

193.3

23.37.2

19.4.8.3.7

1.1

-4.0

0

185.816.397.078.615.72.8

15.93.52.42.1

10.66.3

31.7

180.6

33.513.820.3

.6

.3

-1.4

-3.7

0

208.517.4

108.288.816.33.0

17.93.72.12.4

12.37.5

37.0

186.2

21.65.1

18.9.6.4

-3.4

0

Surplus or deficit (-) -235.2 -187.9 -146.2 -229.3 -180.1

176.115.391.372.916.02.4

15.63.12.32.2

10.15.8

30.4

178.3

42.921.720.0

-3.2

-3.8

0

-263.5

182.815.095.477.715.02.7

16.73.32.72.1

10.66.5

30.5

182.5

32.313.820.1

.6

.3

— 4

-3.7

0

-222.6

188.617.697.779.615.42.7

15.33.62.42.1

10.96.2

32.8

182.2

21.42.2

20.3.6.3

-.4

-3.3

0

-212.7

195.617.1

103.784.316.23.2

16.13.92.41.9

10.86.8

32.9

179.4

37.717.620.9

.6

.3

.8

-1.5

-4.0

0

-218.9

199.217.1

105.886.716.22.9

18.23.72.02.5

12.37.4

30.2

182.0

29.65.2

19.1.6.4

4.1

0

-200.3

207.217.1

107.087.716.33.0

18.23.72.02.5

12.37.4

37.0

186.0

20.45.4

18.9.6.4

-4.9

0

-171.1

213.617.1

108.188.716.43.1

18.23.72.02.4

12.37.4

42.4

186.0

12.41.4

17.9.6.5

1.0

-7.8

0

-177.1

214.018.0

111.892.216.53.1

17.23.92.52.3

12.47.6

38.3

190.6

24.08.3

19.7.7.3.7

-4.9

0

-171.9

214.219.5

115.295.216.83.2

17.24.12.82.3

12.58.0

32.6

192.4

30.87.9

19.4.8.3.7

1.1

2.8

0

-168.8

215.220.5

117.497.217.03.2

17.24.33.02.3

12.58.4

29.6

194.8

23.26.4

19.3.8.3.7

1.3

-3.0

0

-130.2

217.422.0

120.8100.217.33.3

17.24.53.32.3

12.68.8

25.9

195.4

15.26.2

19.2.9.3

.7

1.2

-10.9

0

-133.6Sources: The Budget of the United States Government, Fiscal Year 1995, and the Bureau of Economic Analysis.1. Fiscal year estimates are the sum of quarterly totals not seasonally adjusted, which were last published in

table 9.3 on page 38 of the September 1993 SURVEY OF CURRENT BUSINESS.2. The Budget of the United States Government, Analytical Perspectives, Fiscal Year 1995, "National Income

and Product Accounts", page 260 contained incorrect quarterly estimates of personal tax and nontax receipts (PTN);the PTN estimates also carried through to the Budget estimates for total receipts and the deficit. The followingtabulation shows the difference between the estimates of PTN shown in the Budget and those shown in table 10(above):

BudgetPTN less Budget

Fiscal year

1993

511.70

1994

558.50

1995

607.30

Calendar year

1994

I

554.4-5.3

II

568.19.4

III

573.2-8.1

IV

584.7-8.9

1995

I

597.4-4.2

II

630.7-4.6

III

616.7-2.2

3. Corporate profit tax accruals are not published in the fourth quarter 1993 (preliminary). The value shown istaken from the Budget.



Gross Product ofU.S. Multinational Companies, 1977-91By Raymond J. Mataloni, Jr. and Lee Goldberg

j HIS ARTICLE presents estimates of grossJL product of nonbank U.S. multinational

companies (MNC'S) based on data collected in Bu-reau of Economic Analysis (BEA) benchmark andannual surveys of U.S. direct investment abroad.These estimates, in combination with other esti-mates based on data from BEA surveys, provideinsights into production by U.S. MNC'S.1 Theycan be used, for example, to determine the sharesof U.S. and foreign economies that are accountedfor by U.S.-MNC production or to determine theforeign content of U.S.-MNC output.

Gross product is an economic accountingmeasure of the production of goods and serv-ices. For a firm, gross product can be measuredas its gross output (sales or receipts and otheroperating income, plus inventory change) lessits intermediate inputs (purchased goods andservices); as such, gross product measures valueadded by the firm. Alternatively, gross productcan be measured as the sum of costs incurred(other than for intermediate inputs), and profitsearned, in production. The costs fall into fourmajor categories: Employee compensation, netinterest paid, indirect business taxes, and capitalconsumption allowance.2 The estimates presen-ted here were prepared by summing costs andprofits.

The gross product estimates for U.S. MNC'S, fortheir parent companies, and for their majority-

1. It should be noted that the estimates of the gross product of U.S. MNC'Sare in current dollars; they are not adjusted for price changes or for changes inforeign exchange rates, both of which affect the relationship between changesin current-dollar gross product and changes in the real value of the goodsand services produced by U.S MNC'S.

2. In the U.S. national income and product accounts (NIPA'S), twomeasures of depreciation, or capital consumption, are used: (1) Capitalconsumption allowance (CCA) and (2) consumption of fixed capital. Capitalconsumption allowance consists of depreciation charges, based largely on taxreturns, and allowances for accidental damage to fixed capital. Consumptionof fixed capital adds adjustments to CCA in order to place depreciation on aneconomic basis (that is, using economic service lives, straight-line deprecia-tion, and replacement-cost valuation). For majority-owned foreign affiliates,the only measure of consumption of fixed capital available from BEA'S surveydata is the book value of depreciation, reported on a basis consistent withU.S. generally accepted accounting principles. Because it does not providefor replacement-cost valuation, this measure is termed "capital consumptionallowance" in this article, although it reflects some of the adjustments thatdetermine the difference between the NIPA measures of CCA and consumptionof fixed capital. It should be noted that the basis for measuring depreciationhas no effect on the value of total gross product; any differences in the meas-ures of depreciation, which is a cost of production, have equal and offsettingeffects on the profit-type-return component.

owned foreign affiliates (MOFA'S) are available forthe benchmark years 1977, 1982, and 1989; theestimates for MOFA'S are also available for 1990and 1991.3 4

The following are highlights of the estimates:

• Since 1977, there has been a modest shiftin U.S. multinational companies' productionaway from foreign locations, with the for-eign share of their total production decliningfrom 25 percent in 1977 to 23 percent in1989. A decrease in the foreign share innonmanufacturing industries was partly off-set by an increase in the foreign share inmanufacturing.

• The U.S-parent share of all-U.S.-businessgross domestic product (GDP) declined from32 percent in 1977 to 26 percent in 1989.Much of this decline reflected the concentra-tion of U.S.-parent production in the slowergrowing segments of the U.S. economy,rather than a shift of U.S.-MNC productionfrom the United States to foreign countries.

3. The necessary data for calculating U.S.-parent, and thus total U.S.-MNC, gross product are collected only in benchmark surveys. For MOFA'S,most of the necessary data are also collected in the annual surveys conductedin nonbenchmark years. Gross product estimates for minority-owned foreignaffiliates are not available because most of the data necessary to constructthem are not collected.

4. U.S.-MNC gross product estimates for 1977 were previously published in"Gross Product of U.S. Multinational Companies, 1977," SURVEY OF CURRENTBUSINESS 63 (February 1983): 24-29. Estimates for 1966 and 1970 appeared in"Gross Product of Foreign Affiliates of U.S. Companies," SURVEY 57 (February1977): 17-28.

Acknowledgments

Ray Mataloni wrote the sections on gross prod-uct of U.S. MNC'S and U.S. parents; Lee Goldbergwrote the section on gross product of foreign affiliates.Arnold Gilbert, with the assistance of Marie Colosimoand Robert Price, developed and ran the computerprograms used to estimate the components of grossproduct for which data were not reported, to preventdisclosure of company-specific data, and to generatethe tables. Jeffrey Lowe prepared the estimates of netinterest paid by U.S. MNC'S.



• Overall, U.S. parent companies did not in-crease their use of merchandise imports asinputs. In both 1977 and 1989, the U.S.,or "local," content of U.S. parents' outputwas 94 percent. In manufacturing, how-ever, the local content of parents' outputdecreased modestly, from 96 percent in 1977to 93 percent in 1989.

• In 1989, the profitability of MOFA'S—measured as the percentage of gross productthat is accounted for by profit-type return—was 27 percent, compared with 16 percentfor U.S. parents. The higher profitabilityof MOFA'S partly reflected the fact that U.S.MNC'S tend to limit their overseas operationsto those that are expected to earn above-average profits in order to compensate forthe added risks of operating abroad.

• U.S. multinationals do not appear to haveshifted manufacturing operations to low-wage countries to any significant degree be-tween 1977 and 1991. In both years, about85 percent of MOFA gross product in man-ufacturing was accounted for by relativelyhigh-wage countries.

• For most host countries, the share of thecountry's GDP that was accounted for byMOFA production was larger than the shareof U.S. GDP that was accounted for by thatcountry's U.S. affiliates. For example, MOFAgross product accounted for 7 percent ofBritish GDP in 1991, whereas the U.S. affili-ates of British companies accounted for only1 percent of U.S. GDP.

This article has three parts and a technicalnote. The first part examines the gross prod-uct of U.S. MNC'S as a whole, and the other two

Table 1.—Gross Product of Nonbank U.S. MNC's,Parents, and MOFA's, Selected Years

Millions of dollars:19771982198919901991

Percent change at annual rates:1977-891977-821982-89

Share of total MNC gross product (percent):197719821989

U.S.MNC'S

worldwide

651,6651,019,7341,364,878

n.a.n.a.

694

100100100

U.S.parents

490,529796,017

1,044,884n.a.n.a.

7104

757877

U.S.

MOFA's

161,136223,717319,994356,033356,069

675

252223

parts examine the gross product of U.S. parentsand of MOFA'S, respectively. Within these parts,the structure of U.S.-MNC output, the share ofthe U.S. economy accounted for by U.S. parents,and the share of host economies accounted forby MOFA'S are analyzed. The technical note dis-cusses data sources, estimation procedures, anddefinitional differences between the estimates ofU.S.-MNC gross product and the estimates of U.S.GDP that appear in the national income andproduct accounts (NIPA'S).

Tables 11 and 12, which follow the article,present detailed gross product estimates for U.S.MNC'S. Table 11 presents gross product of U.S.MNC'S, by industry of U.S. parent, for 1977, 1982,and 1989. Table 12 presents gross product ofMOFA'S, cross-classified by country and by majorindustry of affiliate, for 1977, 1982, and 1989-91.

U.S. M N C ' S

In 1977-89, total gross product of U.S. MNC'S grewat an average annual rate of 6 percent, from $652billion to $1,365 billion. U.S.-parent and MOFA

gross product grew at similar rates, 7 percent and

n.a. Not availableMNC Multinational companyMOFA Majority-owned foreign affiliate

Key Terms

The following key terms are used to describe the members of U.S.multinational companies.

U.S. multinational company (MNC): The U.S. parent and all of its foreignaffiliates. In this article, however, a U.S. MNC consists only of the U.S.parent and its majority-owned foreign affiliates (MOFA'S).

U.S. parent: A person, resident in the United States, that owns or controls10 percent or more of the voting securities, or the equivalent, of a foreignbusiness enterprise. "Person" is broadly defined to include any indi-vidual, branch, partnership, associated group, association, estate, trust,corporation or other organization (whether or not organized under thelaws of any State), or any government entity. If incorporated, the U.S.parent is the fully consolidated U.S. enterprise consisting of (1) the U.S.corporation whose voting securities are not owned more than 50 percentby another U.S. corporation, and (2) proceeding down each ownershipchain from that U.S. corporation, any U.S. corporation (including For-eign Sales Corporations located within the United States) whose votingsecurities are more than 50 percent owned by the U.S. corporation aboveit. A U.S. parent comprises the domestic (U.S.) operations of a U.S.MNC.

Foreign affiliate: A foreign business enterprise in which there is U.S. directinvestment, that is, in which a U.S. person owns or controls 10 percentor more of the voting securities or the equivalent. Affiliates comprisethe foreign operations of a U.S. MNC.

Majority-owned foreign affiliate (MOFA): A foreign affiliate in which thecombined ownership of all U.S. parents exceeds 50 percent.

Nonbank: An entity (MNC, parent, or affiliate) whose primary activity isnot banking. Only nonbanks are covered by this article.



6 percent, respectively (table 1). By comparison,total private U.S. GDP in current dollars grewat an average annual rate of 9 percent. As dis-cussed later, some of this difference resulted fromdifferences between U.S. MNC'S and all U.S. busi-nesses in the industry composition of their grossproduct.

Between 1977 and 1989, there was a modestshift in U.S.-MNC production away from foreign

locations, with the MOFA share of their total pro-duction declining from 25 percent in 1977 to 23percent in 1989. The shift, however, was concen-trated in nonmanufacturing industries—mainlypetroleum and transportation. In petroleum, theMOFA share of U.S.-MNC production fell from54 percent to 44 percent, partly reflecting thegradual transfer of MOFA facilities in the Mid-dle East to local investors. In transportation,

Table 2.—Structure of Output of Nonbank U.S. MNC's, by Major Industry of U.S. Parent, 1977,1982, and 1989

Millions of dollars

Sales tounaffiliated

persons

(D

Inventorychange

(2)

Totaloutput

(col.1 +col.2 =col.4 +col.7)

(3)

Gross product

Total

(4)

U.S.parents

(5)

MOFA's

(6)

Purchasesfrom

outside theMNC1

(col.3 -col.4)

(7)

Percent

Share of total output accounted for by:

Gross product

Total((col.4 /col.3) x

100)

U.S.parents((col.5 /col.3) x

100)

MOFA's((col.6 /col.3) x

100)

(10)

Pur-chases

fromoutside

theMNC

((col.7 /col.3) x

100)

(11)

All IndustriesPetroleumManufacturing

Food and kindred productsChemicals and allied productsPrimary and fabricated metalsMachinery, except electricalElectric and electronic equipmentTransportation equipmentOther manufacturing

Wholesale tradeFinance (except banking), insurance, and real estateServicesOther industries

All industriesPetroleumManufacturing

Food and Kindred productsChemicals and allied productsPrimary and fabricated metalsMachinery, except electricalElectric and electronic equipmentTransportation equipmentOther manufacturing





1977

1,717,181312,491891,512103,778124,868104,896105,27471,815196,982183,89895,959135,37527,347

254,497

19,8813,84111,737

8901,984518

2,2001,2922,2102,64276835091

3,094

1,737,062316,332903,249104,668126,852105,414107,47473,107199,192186,54096,727135,72527,438

257,591

651,665114,051382,28027,87151,54740,20960,40232,10588,51381,6336,536

29,23011,674

107,895

490,52952,052301,28621,78239,13335,38042,35626,68371,30264,6495,05822,8259,950

99,358

161,13661,99980,9946,08812,4134,82918,0465,42217,21116,9831,4786,4041,7248,537

1,085,397202,281520,96976,79775,30565,20547,07241,002110,679104,90790,191106,49515,764

149,696

383642274138564444447224342

281633213134393636355173639

92096105177992563

1982

2,809,252716,779

1,244,342152,715226,653116,991149,891140,795215,862241,435158,350219,54453,780

416,458

-14,013-3,859

-10,624-998

-1,964-2,162-1,043-1,300-1,149-2,010-604-364-1021,541

2,795,239712,920

1,233,718151,717224,689114,829148,848139,495214,713239,425157,746219,18053,678

417,999

1,019,734211,937542,68946,06993,05443,59284,04669,25991,170115,49917,42731,82329,362186,496

796,017134,096421,05035,80466,23437,21560,59759,32371,25690,62113,60422,80125,997178,469

223,71777,841121,63910,26526,8206,377

23,4499,93619,91424,8783,8239,0223,3658,027

1,775,505500,983691,029105,648131,63571,23764,80270,236123,543123,926140,319187,35724,316

231,503

3630443041385650424811155545

281934242932414333389104843

8111071261679102462

1989

3,780,150454,570

1,949,221238,629321,167122,068249,741169,909432,713414,994254,746433,328125,561562,724

15,656-335

10,151-5641,745610

2,9351,8981,1332,3951,234

-1,058545

5,119

3,795,806454,235

1,959,372238,065322,912122,678252,676171,807433,846417,389255,980432,270126,106567,843

1,364,878165,680793,77179,472141,00645,775116,14668,515160,292182,56728,76662,71566,999

246,946

1,044,88493,128

586,56860,31097,11937,55670,88756,139121,141143,41722,58750,53557,090

234,975

319,99472,552

207,20319,16243,8878,219

45,25912,37639,15139,1506,17912,1809,90911,971

2,430,928288,555

1,165,601158,593181,90676,903136,530103,292273,554234,822227,214369,55559,107

320,897

3636413344374640374411155343

282130253031283328349124541

816118147187992382

6264587359624456565693785758

6470567059624450585289854555

6464596756635460635689854757

1. Includes purchases from minority-owned foreign affiliates, which could not be excluded because the necessarydata are unavailable.

MNC Multinational companyMOFA Majority-owned foreign affiliate



the MOFA share decreased from 8 percent to 2percent, partly reflecting the entrance into theU.S.-MNC universe in the late 1980^ of a fewU.S. companies, mainly airlines, whose long-established domestic operations were much largerthan their newly established foreign operations.In manufacturing, by contrast, the MOFA shareof U.S.-MNC production increased from 21 to 26percent, partly reflecting faster growth in foreignsales than in domestic sales by these U.S. MNC'S.

percent, from 1977 to 1989. However, there werea number of offsetting changes among majorindustry groups. In manufacturing, the U.S. par-ents' share declined 3 percentage points, partlyreflecting faster growth in foreign sales than indomestic sales. This decline was offset by in-creases in the U.S. parents' share in petroleum,wholesale trade, services, and "other" industries.

U.S. Parents

Structure of output

When compared with total U.S.-MNC output,gross product provides insight into the produc-tion methods of U.S. MNC'S. U.S.-MNC outputis equal to sales to unaffiliated persons plus in-ventory change; alternatively, it can be defined asthe gross product of U.S. MNC'S plus their pur-chases from outsiders. Two ratios are particularlyuseful for examining the structure of output ofU.S. MNC'S. The ratio of U.S.-MNC gross prod-uct to U.S.-MNC output measures the extent towhich output by U.S. MNC'S reflects their ownproduction rather than that of outside suppliers(table 2, column 8). A second ratio, U.S.-parentgross product as a share of total U.S.-MNC output,measures the extent to which U.S. MNC'S producein the United States rather than purchasing fromoutsiders or producing through MOFA'S (table 2,column 9).

Overall, the structure of U.S.-MNC outputchanged little from 1977 to 1989. The gross-product share of U.S.-MNC output decreased 2percentage points, to 36 percent, as U.S. par-ents, but not MOFA'S, increased their relianceon outside suppliers for intermediate goodsand services. Similar changes occurred inmanufacturing.

Overall, the U.S. parents' gross-product shareof total U.S. MNC output was unchanged, at 28

Gross product of U.S. parents was $1,045 bil-lion in 1989. It accounted for 26 percent ofall-U.S.-business GDP, down from 32 percent in1977 (table 3).5 6 Much of this decline reflectedthe relatively high concentration of U.S. parentsin slower growing segments of the economy, suchas "petroleum extraction and refining" and man-ufacturing. In 1989, "petroleum extraction andrefining" accounted for 8 percent of U.S.-parentgross product, but for only 2 percent of all-U.S.-business GDP; manufacturing accounted for 56percent of U.S.-parent gross product, but for only24 percent of all-U.S.-business GDP (chart 1).7 8

5. For this analysis, the estimates of all-U.S.-business GDP exclude thesegments of the U.S. economy in which nonbank parents do not (or cannot)have a presence—including banks, government and government enterprises,and private households. (See footnote 1 to table 3 for additional details.)

6. At the all-industries level, the estimates of U.S.-parent gross productare generally consistent with the estimates of U.S. GDP in the NIPA'S (see thetechnical note). For individual industries, however, inconsistencies may resultfrom differences in the basis for the industrial distribution of the estimates.All-U.S.-business GDP is distributed among industries based on the principalproduct or service of each establishment, or plant, whereas U.S.-parent grossproduct is distributed on an enterprise, or company, basis, with each U.S.parent classified on the basis of the principal industry of all its establishmentscombined. Because establishments of a large company may be classified indifferent industries, distributions of data by industry of establishment and byindustry of enterprise can differ significantly, particularly in the case of datathat are highly disaggregated. In this article, U.S.-parent gross product as ashare of all-U.S.-business GDP is computed only at the highly aggregated levelshown in table 3.

7. For these comparisons, petroleum and coal product manufacturing isexcluded from "manufacturing" and included in "petroleum extraction andrefining."

8. Changes in the industrial composition of current-dollar GDP may re-flect changes in relative prices as well as changes in the composition of the

Table 3.—Gross Product of Nonbank U.S. Parents and GDP of All Nonbank U.S. Businesses, by MajorIndustry, 1977,1982, and 1989

Millions of dollars

1977

Grossproduct of

U.S.parents

GDP of allU.S.

businessesl

1982

Grossproduct of

U.S.parents

GDP of allU.S.

businessesl

1989

Grossproduct of

U.S.parents

GDP of allU.S.

businesses1

Percent

U.S.-parent share of all-U.S.-business GDP

1977 1982 1989

All IndustriesPetroleum extraction and refiningManufacturing2

ServicesAll other industries

490,52946,784

301,2869,950

132,509

1,520,30051,900

452,900249,800765,700

796,017116,157421,05025,997

232,813

2,412,000148,100622,000463,500

1,178,400

1,044,88485,777

586,56857,090315,449

4,028,80097,300

966,100939,900

2,025,500

268861616

1. Excludes GDP of banks, government and government enterprises, and private households;imputed rental income of owner-occupied farm and nonfarm housing; rental income of persons;business transfer payments; subsidies; and the statistical discrepancy.

2. Excludes petroleum and coal product manufacturing, which is included in "petroleum extrac-tion and refining."

NOTE.—The "petroleum extraction and refining" category in this table corresponds to the "petro-leum" category in other tables in this article except that it excludes wholesale trade, tanker oper-ations, pipelines, storage for hire, and gasoline service stations. The "manufacturing" and "serv-ices" categories in this table correspond to categories of the same name in the other tables inthis article.



The growth in gross product by U.S. parents wasfurther depressed by their relatively low concen-tration in services, a faster growing segment ofthe economy. Services accounted for 5 percentof U.S.-parent gross product in 1989, comparedwith 23 percent of all-U.S.-business GDP.

Gross product by component

Table 4 shows U.S.-parent gross product in 1977,1982, and 1989 by major industry, disaggregatedinto the five components of costs and profits.In 1989, in all industries combined, employeecompensation accounted for 64 percent of U.S.-parent gross product, profit-type return for 16percent, net interest paid for 3 percent, indi-rect business taxes for 6 percent, and capitalconsumption allowances for 12 percent.

In manufacturing and wholesale trade, thecomponent shares of gross product closely mir-rored the average component shares of grossproduct for all industries. However, in petro-leum, services, "finance (except banking), in-surance, and real estate" (FIRE), and "other"industries, component shares differed consider-ably from the all-industries averages. In petro-leum, employee compensation accounted for alower-than-average share of U.S.-parent grossproduct, and indirect business taxes and capital

goods and services produced. For details, see "Gross Product by Industry,1977-90," SURVEY 73 (May 1993): 36-37.

consumption allowances accounted for higher-than-average shares. These differences reflect thecapital-intensive nature of petroleum extractionand refining and the relatively high level of ex-cise taxes on petroleum products. In services, theemployee-compensation share was higher thanaverage, reflecting the labor-intensive nature ofmany types of services. In FIRE, the employee-compensation and profit-type-return shares werehigher than average, and in "other" industries,the capital-consumption-allowances share washigher than average.

Structure of output

This section examines changes in the structure ofU.S.-parent output from 1977 to 1989. Changesin the gross-product share of U.S.-parent outputwill be examined first, followed by an examina-tion of changes in the local content of U.S.-parentoutput. It should be noted that from the perspec-tive of a U.S. parent, unlike that of the worldwideU.S. MNC, total purchases (shown in table 5,column 5) includes purchases from foreign affili-ates as well as from unaffiliated U.S. and foreignpersons.

In all industries combined, the gross-productshare of U.S.-parent output edged down from 34percent in 1977 to 33 percent in 1989. In manu-facturing, the gross-product share declined from40 percent to 38 percent, as the shares of out-put accounted for by both imports from foreign

U.S. Pfcwts, by MajorGross, B •.

1977 1989

, Services. ( 5 % ) / (2%)

FIRE1

Wholesale Trade(1%)


SURVEY OF CURRENT BUSINESS February 1994 47

affiliates and purchases from outside the MNCincreased.

Among manufacturing industries, the largestdecreases in the gross-product share of U.S.-parent output were in nonelectrical machinery(mainly computers), down 11 percentage points;transportation equipment (mainly automobiles),down 10 percentage points; and electric and elec-tronic equipment, down 4 percentage points.In these industries, the movement by U.S. par-ents away from internal production and towardgreater reliance on outside suppliers may havebeen in response to increased global competi-tion; to improve their competitiveness, parentsmay have sought to specialize in areas in whichthey had an advantage and to allocate otherfunctions to foreign affiliates and to companies

outside the MNC. The largest increase in the gross-product share of U.S.-parent output was in foodmanufacturing, up 6 percentage points.9

The local (U.S.) content of U.S.-parents'output—the portion of their output accountedfor by their own production and by inputs

9. It should be noted that changes in the gross-product share of U.S.-parent output in a particular manufacturing industry may reflect changes inthe U.S. parents' industry composition in addition to actual changes in thestructure of U.S.-parent output. As mentioned earlier, the U.S.-parent dataare on an enterprise basis; thus, the totals for a particular industry coverboth the parents' activities in their primary industry and in their secondaryindustries. As a result, changes in the gross-product share of output in aparticular industry may reflect changes in the composition of the secondaryactivities of the U.S. parents classified in that industry rather than a tendencyfor U.S. parents to produce more or less of what they sell in a particularindustry. For example, if a U.S. parent classified in wholesale trade (where theratio of gross product to output is relatively low) ventures into a secondaryindustry like pharmaceutical manufacturing (where the ratio of gross productto output is relatively high), its gross-product share will rise, even if thepurchasing patterns in its primary industry do not change.

Table 4.—Gross Product of Nonbank U.S. Parents, Major Industry by Component, 1977,1982, and[Millions of dollars]

Gross productEmployee

compensationProfit-type

returnNet interest

Indirectbusiness taxes,

etc.

Capitalconsumptionallowances


Food and kindred productsChemicals and allied productsPrimary and fabricated metals ,Machinery, except electricalElectric and electronic equipmentTransportation equipmentOther manufacturing








490,52952,052

301,28621,78239,13335,38042,35626,68371,30264,6495,058

22,8259,950

99,358

796,017134,096421,05035,80466,23437,21560,59759,32371,25690,62113,60422,80125,997178,469

1,044,88493,128

586,56860,31097,11937,55670,88756,139

121,141143,41722,58750,53557,090

234,975

1977

305,50417,093

204,78213,14222,95927,34728,70819,21053,03040,3863,273

14,1667,066

59,124

103,37516,00858,0054,826

10,0232,8719,5524,980

12,43713,317

8818,7171,795

17,969

9,8232,1404,363

5191,0251,143

272309

-6501,745

330-2,849

2385,601

1982

520,38343,876

313,06822,75543,10231,99444,46745,97564,20160,573

8,59126,40918,054

110,385

121,06129,34148,163

6,91911,071-1,696

7,8518,2232,162

13,6342,3019,8533,832

27,571

10,6878,1446,9801,0811,8382,0851,489-236

-1,7532,4741,088

-18,3191,183

11,611

63,02634,13415,5862,4842,6831,1941,211

9621,6045,449

5663,263

6008,878

1989

666,19627,140

393,49528,63354,00426,56256,64940,39894,58592,66413,98246,83041,414

143,335

164,91015,80786,21414,57423,3896,3351,7999,218

11,55219,3473,176

16,4065,949

37,358

26,3449,086

25,2584,8864,423

9082,397-683415

12,9111,654

-22,8213,096

10,071

66,63922,09221,9436,3723,044

9862,6061,0842,5515,2991,6566,6671,767

12,513

32,6429,913

13,7342,0211,3461,086

822796

3,1084,555

3101,988

6176,080

39,1856,898

20,4021,2743,7812,9333,0031,3883,3784,646

264803233

10,585

18,60137,2542,5657,5403,6375,5794,3995,0438,4911,0581,5952,329

20,024

120,79519,00359,6585,844

12,2582,7657,4366,121

12,03713,1962,1203,4544,864

31,697



purchased from other U.S. companies—in all in-dustries was 94 percent in both 1977 and 1989. By-industry, there were offsetting changes over theperiod; local content increased in petroleum and

decreased in manufacturing and wholesale trade(table 5, column 14) .10

10. The precision of this measure of local content is limited by the fol-lowing qualifications. First, the measure of domestic, or "other," purchases

Table 5.-Structure of Output of Nonbank U.S. Parents, by Major Industry, 1977,1982, and 1989

Millions of dollars

Sales

(D

Inventorychange

(2)

Totaloutput

(col.1 +col.2 =col.4 +col.5)

(3)

Grossproduct

(4)

Purchases

Total(col.3 -col.4)

(5)

Merchandise imports

Total

(6)

Shippedby foreignaffiliatesl

(7)

Shippedby

unaffiliatedforeignpersons

(8)

Other2

(col.5 -col.6)

(9)

Localcontent ofoutput3

(col.4 +col.9)

(10)

Percent

Share of total output accounted forby:

U.S.parentgross

product((col.4 /col.3)

x 100)

(11)

Mer-chan-dise

importsfrom

affili-ates

((col.7 /col.3)x100)

(12)

Pur-chasesfrom

outsidethe

MNC(((col.8+ col.9)/ col.3)x 100)

(13)

Adden-dum:

Localcontent((col. 10/ col.3)x 100)

(14)



Wholesale tradeFinance (except banking), insurance, and real

estateServicesOther industries



Wholesale tradeFinance (except banking), insurance, and real

estateServices ,Other industries



Wholesale trade ,Finance (except banking), insurance, and real

estateServicesOther industries

1,412,293221,757739,46083,42296,47494,56380,17462,631165,681156,51677,683

119,59623,777

230,020

2,348,388570,213

1,017,591119,431169,628100,142115,679126,194182,242204,276129,493

196,49246,745

387,854

3,136,837328,989

1,553,374190,617235,731104,727171,239146,277361,979342,804226,707

394,461106,517526,789

1977

14,1553,1857,253530

1,169300

1.4631,038994

1,759628

10778

2,904

1,426,448224,942746,71383,95297,64394,86381,63763,669166,675158,27578,311

119,70323,855

232,924

490,52952,052

301,28621,78239,13335,38042,35626,68371,30264,6495,058

22,8259,950

99,358

935,919172,890445,42762,17058,51059,48339,28136,98695,37393,62673,253

96,87813,905

133,566

81,50037,26630,2472,2192,8243,1162,1783,49612,2244,1889,824

36,26616,49616,807

563978

1,1411,2602,1398,9491,7761,513

10836

1,306

45,23420,77013,4401,6561,8461,975918

1,3573,2752,4128,311

854,419135,624415,18059,95155,68656,36737,10333,49083,14989,43863,429

1,344,948187,676716,46681,73394,81991,74779,45960,173154,451154,08768,487

1982

-7,380-2,714-6,040-642-981

-1,635-558-950-31

-1,244-138

-79-691,661

2,341,008567,499

1,011,551118,789168,64798,507115,121125,244182,211203,032129,355

196,41346,676389,515

796,017134,096421,05035,80466,23437,21560,59759,32371,25690,62113,604

22,80125,997178,469

1,544,991433,403590,501

82,985102,41361,29254,52465,921

110,955112,411115,751

173,61220,679

211,046

108,65152,93041,0813,0604,8352,9643,7657,137

13,8415,4809,599

()4,772

39,28811,02724,959

6511,8481,3732,7863,842

12,0382,421

10523

2,345

69,36341,90316,1222,4092,9871,591

9793,2951,8033,0598,771

()2,427

1,436,340380,473549,420

79,92597,57858,32850,75958,78497,114

106,931106,152

()206,274

2,232,357514,569970,470115,729163,81295,543111,356118,107168,370197,552119,756

()384,743

13,474^ 6 46,945254817346

1,4471,1321,1811,7681,249

1,238214

4,292

3,150,311328,525

1,560,319190,871236,548105,073172,686147,409363,160344,572227,956

395,699106,731531,081

1,044,88493,128

586,56860,31097,11937,55670,88756,139121,141143,41722,587

50,53557,090

234,975

2,105,427235,397973,751130,561139,42967,517101,79991,270

242,019201,155205,369

345,16449,641

296,106

178,52625,976106,5323,60911,7835,66516,66013,16944,97310,67434,644

()508

74,7387,789

61,122966

3,7082,08811,7635,382

31,8085,4072,492

(21

103,78818,18745,4102,6438,0753,5774,8977,78713,1655,267

32,152

357289

7,393

1,926,901209,421867,219126,952127,64661,85285,13978,101197,046190,481170,725

()49,133

2,971,785302,549

1,453,787187,262224,76599,408156,026134,240318,187333,898193,312

()106,223

(D)

2241227492

2

()54

()46

9483969797979795939787

9591969797979794929793

()99

9492939895959091889785

* Less than 0.5 percent.D Suppressed to avoid disclosure of data of individual companies.1. As reported on parents' forms.2. Includes purchases of goods and services from U.S. residents and purchases of services from foreign resi-

dents.3. The local content of output is overstated to the extent that "other" purchases (column 9) include imported

services and that imported merchandise and services are embodied in purchases from domestic suppliers. (Theseitems were not reported separately and thus could not be identified and included in foreign content.)


SURVEY OF CURRENT BUSINESS February 1994 49

In manufacturing, the local content of outputdecreased modestly, from 96 percent in 1977 to93 percent in 1989. This decrease reflected thesubstitution of merchandise imports for productsthat U.S. parents formerly produced themselves.The gross-product share of U.S.-parent output(table 5, column 11) fell 2 percentage points,and the U.S.-import share of U.S.-parent out-put (table 5, column 6 divided by column 3)increased by a like amount. This decrease inlocal content appears to have occurred amongother U.S. manufacturing companies as well;the share of U.S. gross domestic purchases ofgoods accounted for by U.S. merchandise importsshipped to companies other than U.S. parents in-creased from 8 percent in 1977 to 13 percent in1989.

Judging from the patterns of trade betweenU.S. parents and MOFA'S, this decrease in lo-cal content primarily reflected increased importsfrom high-wage countries (such as Canada and

used (table 5, column 9) is overstated because merchandise imports (table 5,column 6) includes only the direct merchandise imports of U.S. parents andtherefore excludes any imports embodied in purchases from domestic suppli-ers. Second, merchandise imports are reported on the basis of when, where,and to whom the goods were shipped. Most U.S. parents account for sales onthe basis of when, where, and to whom the goods were charged. Thus, thederived data on output (the denominator of the local content ratio) are on a"charged" basis and are not completely comparable to the import data usedin deriving the numerator. Third, "other" purchases are overstated becausethey include purchases of services from foreigners, which are not reportedseparately and thus could not be subtracted from total purchases.

Japan).11 n It does not, therefore, appear to havebeen primarily a reflection of U.S. parents shift-ing their production of goods for the U.S. marketto low-wage countries. Thirty-seven percent ofthe increase in imports shipped by MOFA'S to U.S.parents came from low-wage countries.

MOFA'S

Country and industry trends

In this section, trends in the gross product ofMOFA'S are examined using estimates from BEA'Sannual surveys for 1990 and 1991 and from itsbenchmark surveys for 1977, 1982, and 1989.Gross product by MOFA'S in all industries com-bined was $356 billion in 1991. MOFA'S in manu-facturing accounted for $182 billion, or just overone-half of the total (chart 2). MOFA'S in petro-leum accounted for one-quarter of the total, andMOFA'S in wholesale trade for about one-eighth.From 1977 to 1991, the share of MOFA gross prod-uct in petroleum shrank from 38 percent to 25

11. Data on imports shipped by unaffiliated foreigners to U.S. parents arenot available for individual countries.

12. The distinction between "high-wage" and "low-wage" countries isbased on the 1989 estimates of average hourly wages of production work-ers of MOFA'S in the 26 countries that hosted at least 10,000 employees ofmanufacturing MOFA'S in that year. A country was classified as "low wage"if the average hourly compensation of production workers in manufacturingMOFA'S was below the MOFA average or as "high wage" if the compensationwas above the MOFA average.

The estimates are derived from data collected in the 1989 benchmarksurvey of U.S. direct investment abroad. For details, see "U.S. MultinationalCompanies: Operations in 1991," SURVEY 73 (July 1993): 47-48.

Wholesale Trade F | R E i (1%) Services (2%)



percent, and the share in manufacturing rosefrom 44 percent to 51 percent.

Most of MOFA gross product originated in themajor industrialized countries, MOFA'S in Eu-rope accounted for $218 billion, or 61 percent,of the worldwide total (table 6 and chart 3).Among countries, the United Kingdom was thebiggest single host of affiliate production, with$59 billion in gross product, or 17 percent of thetotal, followed by MOFA'S in Germany (14 per-cent), Canada (13 percent), France (8 percent),Italy (6 percent), and Japan (5 percent).

Outside the principal industrial economies,MOFA'S in Brazil and Mexico accounted for thelargest shares of gross product—between 2 and 3percent each. Despite the increasing importanceof the newly industrialized countries of the Asiaand Pacific region to the U.S. economy, MOFA'S

in the rapidly growing economies of this regionstill accounted for a relatively small share of total

MOFA gross product, MOFA'S in Indonesia, Singa-pore, and Hong Kong had the largest shares, buteach country's share was only about 1 percent ofthe worldwide total.

Trends in the geographic location of the for-eign manufacturing operations of U.S. MNC'S

do not appear to have been related primarilyto differences in labor costs among countries.Of countries with large MOFA employment, theshare of MOFA manufacturing gross product for"low-wage" host countries rose slightly, from15 percent in 1977 to 16 percent in 1991, whilethe share for "high-wage" countries decreasedslightly, from 85 percent to 84 percent.

The most notable changes in the geographicdistribution of MOFA gross product since 1977were an increase in the share of the total ac-counted for by MOFA'S in Europe and a decreasein the share of MOFA'S in the Middle East.

Table 6.—Gross Product of Nonbank Majority-Owned Foreign Affiliates, by Country, 1977,1982, and 1989-91[Millions of dollars]

1977 1982 1989 1990 1991 1977 1982 1989 1990 1991

All countries

Canada

Europe

AustriaBelgiumDenmarkFinlandFrance

Germany1

GreeceIrelandItalyLuxembourgNetherlands

NorwayPortugalSpainSwedenSwitzerlandTurkeyUnited KingdomOther

Latin America and Other WesternHemisphere

South AmericaArgentinaBrazilChileColombiaEcuadorPeruVenezuelaOther

Central AmericaCosta RicaGuatemalaHondurasMexicoPanamaOther

161,136

27,783

69,360

8444,244

672247

9,688

18,115389762

5,825198

4,209

1,655178

2,0191,1032,015

26616,861

70

16,036

10,9271,4496,485

162532307404

1,370216

2,879115156142

2,050289127

223,717

34,017

112,577

9815,1271,334

57412,196

24,756497

1,8938,481

2355,392

4,440341

2,5711,8893,198

15238,465

54

27,939

20,3582,902

11,199468

1,361516

1,1162,394

402

4,927163276251

3,561433244

319,994

52,114

179,758

2,0218,5401,2431,065

22,625

35,683677

4,47316,487

58713,214

4,164997

7,3982,2295,106

46352,703

83

29,601

21,8431,577

16,618681

1,150272397736412

6,208208158287

4,883530143

356,033

50,820

213,419

356,069

47,126

217,515

2,38010,0811,4761,203

27,410

46,969925

5,41618,967

73013,724

5,1201,2698,4282,1286,072812

60,123188

31,080

22,7822,60316,093

8011,399341412694438

6,947176110213

5,800522126

2,3659,8311,8941,125

27,306

49,5241,1695,31820,308

67213,444

4,9391,5078,3082,4326,756848

59,494275

28,464

19,1883,36311,514

9261,278327340

1,080360

9,014192238276

7,585561163

Other Western HemisphereBahamasBarbadosBermudaDominican RepublicJamaicaNetherlands AntillesTrinidad and TobagoUnited Kingdom Islands, CaribbeanOther

AfricaEgyptNigeriaSouth AfricaOther

Middle EastIsraelSaudi ArabiaUnited Arab EmiratesOther

Asia and PacificAustraliaChinaHong KongIndiaIndonesiaJapanKorea, Republic ofMalaysiaNew ZealandPhilippinesSingaporeTaiwanThailandOther

International2

Addenda:Eastern Europe3European Communities (12)4

O P E C 5

2,2301572539822637089(D)24

8,020344

1,8481,3174,511

22,260225(D)

1,117

16,3675,578

2542210

4,6613,065

7933338454940026025450

1,311

063,16232,948

2,6542095982122403189(D)23

10,0551,3892,2192,3304,117

8,112280

3,9653,060808

28,43810,069

7959229

6,3174,587219

1,691618

1,0741,109616657288

2,579

0101,28921,801

1,549425203

-113209455

-244497-10128

5,299769

1,733701

2,097

4,891359

2,7351,176621

46,87513,902

82,926157

3,99914,940

7261,749985

1,0062,3531,9381,815372

1,457

4164,62810,730

1,351286193

-210263338

-50677574136

6,1621,0162,222698

2,226

3,206577123

1,644862

49,78614,178

1143,122136

4,98714,565

9061,825914

1,0153,5472,2551,832389

1,559

()195,51610,158

262279159

-727270334

-8026429

97

6,074849

2,239752

2,235

2,882632254

1,475521

52,20812,295

2113,192123

5,03116,5171,0312,0162,2641,1893,3332,3952,203408

1,798

122198,77510,492

D Suppressed to avoid disclosure of data of individual companies.1. Prior to 1990, includes only the Federal Republic of Germany (FRG). Beginning with 1990, also includes the

former German Democratic Republic (GDR), which reunited with the FRG in October 1990. This change does notaffect the comparability of the 1990 data with the data for earlier years, because no affiliates of U.S. companieswere in the former GDR before 1990.

2. "International" affiliates are those that have operations in more than one country and that are engaged inpetroleum shipping, other water transportation, or operating movable oil- and gas-drilling equipment.

3. Comprises Albania, Bulgaria, Czechoslovakia, Hungary, Poland, Romania, and the Union of Soviet SocialistRepublics.

4. Comprises Belgium, Denmark, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal,Spain, and the United Kingdom.

5. OPEC is the Organization of Petroleum Exporting Countries. Through yearend 1992, its members were Algeria,Ecuador, Gabon, Indonesia, Iran, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, andVenezuela.



European affiliates accounted for three-quarters of the total increase in MOFA grossproduct between 1977 and 1991; affiliates in theAsia and Pacific region accounted for most of theremainder. In Europe, MOFA gross product grewat an average annual rate of 9 percent from 1977to 1991; this high growth rate (compared with6 percent in all countries combined) was aboutin line with the growth in nominal demand inEurope. European affiliates' share of total MOFA

gross product rose from 43 percent in 1977 to61 percent in 1991. Among the factors that mayhave contributed to this increase were the expan-sion of the European Communities (EC) and themovement toward closer economic integration.Economic integration stimulated overall growthin demand; in addition, it offered potential for-eign investors a means of accessing a large andincreasingly important market on the same termsas local firms, without having to establish pro-duction facilities in each country. By locatingoperations within the EC, a U.S. firm could avoidactual or potential tariffs or other trade barriersapplied to nonmember countries.

Some of the rise in MOFA gross product in theEC was due to the rapid growth of MOFA'S incountries that have smaller economies, such asSpain (which joined the EC in 1986); however,the leading factor was the growth of MOFA'S incountries in which U.S. affiliates had long beenestablished, particularly the United Kingdom andGermany. In the United Kingdom, MOFA gross

product more than tripled from 1977 to 1991,growing at an average annual rate of 9 percentand accounting for over one-fifth of the world-wide increase in gross product. In Germany,MOFA gross product almost tripled, growing at anaverage annual rate of 7 percent.

The share of worldwide MOFA gross productaccounted for by affiliates in the Middle East fellfrom 14 percent in 1977 to 1 percent in 1991. Thissharp decline mainly reflected falling oil pricesin the 1980's and the measures taken by thepetroleum exporting countries in the Middle Eastto increase their own involvement in extractionand refining and to reduce that of foreign-ownedfirms in the region. Faced with these unfavor-able developments, oil companies in the 1980^tended to shift their operations from the MiddleEast to Europe (mainly the North Sea area) andthe Pacific (particularly Australia, Malaysia, andThailand).

Developments in the oil industry, including asharp fall in oil prices beginning in 1986 and thesell-off of two large affiliates, also contributed tothe decline in Canadian affiliates' share of grossproduct from 17 percent in 1977 to 13 percentin 1991. However, the decline in Canada pri-marily reflected sluggish growth in productionin manufacturing industries. From 1977 to 1991,the average annual rate of growth in the grossproduct of Canadian manufacturing affiliates wasless than one-half that of manufacturing affiliatesin all countries combined—3 percent, compared

Gross Product of Nonbank Majority-Owned Foreign Affiliates,by Area, 1977 and 1991

1977 1991

International(1%)

International(1%)

Middle East(1%)

Africa(2%)

Latin America and'Other Western Hemisphere

Latin America andOther Western Hemisphere

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


§2 • February 1994 SURVEY OF CURRENT BUSINESS

with 7 percent; growth slowed for Canadian af-filiates in each of the major industries withinmanufacturing, as well as in all manufacturingindustries combined.

Share of host-country GDP

MOFA gross product accounted for only a smallshare of the GDP of most host countries. Basedon World Bank estimates of foreign-country GDP,in 1991, U.S.-MOFA gross product represented 5percent or less of host-country GDP in all butfive countries: Ireland (14 percent), Canada (9percent), Singapore (8 percent), United Kingdom(7 percent), and Nigeria (7 percent) (table 7).13

By comparison, nonbank U.S. affiliates of foreigncompanies for all countries combined accountedfor 6 percent of U.S. GDP in 1991; affiliates ofthe country with the largest share, the UnitedKingdom, accounted for 1 percent of U.S. GDP,and affiliates of Japan and Canada each accountedfor 0.7 percent.

The six largest host economies—Japan, Ger-many, France, Italy, the United Kingdom, andCanada—together accounted for 62 percent ofMOFA gross product in 1991. Among these coun-tries, the MOFA share of host country GDP waslargest in Canada (9 percent) and smallest inJapan (0.5 percent).

Canada's large share reflects several factors:Canada's proximity to the United States; itsuse of the English language; the integration ofits automotive, energy, and mineral industrieswith their U.S. counterparts; and the similar-ity of U.S. and Canadian technology and tastes.Likewise, the United Kingdom's large share re-flects the traditionally close ties between U.S. andBritish business, which are facilitated by a com-mon language and similar tastes, technology, andregulatory environments.

Among other major industrial countries, Japan,Germany, and France had relatively small shares.Japan's particularly small share (0.5 percent) mayreflect several factors: Past Japanese restrictionson foreign investment, informal barriers associ-ated with extensive interlocking stock ownership

13. World Bank, World Development Report 1993 (New York: Oxford Uni-versity Press, 1993): 242-43. These estimates of GDP were obtained fromnational sources and are expressed in U.S. dollars.

It should be noted that the MOFA gross product estimates are not strictlycomparable with the World Bank statistics because the latter cover banking,government, and other segments of the economy in which nonbank MOFA'Sdo not (or cannot) have operations. Comparability may also be affected bycoverage problems or by the use of statistical methods and definitions thatdiffer in some respects from those used in deriving the gross product estimatesfor MOFA'S or that differ from one country to another. (The internationalSystem of National Accounts provides guidelines that may alleviate thesecomparability problems if more countries move into conformity with them.)Thus, the computed MOFA shares of host-country GDP probably provide onlya rough indication of the MOFA shares of various host economies.

among major Japanese corporations (which tendto inhibit foreign investment), close ties betweenbusiness and government, and a business cul-ture that prizes long-term relationships and isaverse to buyouts and takeovers. Germany'slow share (3 percent) may reflect similar pat-terns of cross ownership among large Germanmanufacturing concerns and financial institu-tions. As in Japan's case, France's share (2percent) may reflect historic restrictions on for-eign investment and government ownership andother intervention in significant areas of theeconomy.

The high share for Ireland probably reflects therelatively small size of its economy, its proximityto the EC, and its considerable efforts to attractforeign direct investment. Several of the othercountries with shares of at least 4 percent alsohave relatively small economies and are situatednear a large market.

Table 7.—Gross Product of Nonbank Majority-OwnedForeign Affiliates as a Percentage of GDP of SelectedHost Countries, 1991

IrelandCanadaSingaporeUnited KingdomNigeriaNew ZealandBelgiumHong KongNorwayNetherlands

Indonesia ....MalaysiaAustraliaGermany ....Colombia ....ChileArgentina ....Switzerland .EcuadorEgypt

BrazilMexicoPhilippines ..ThailandPortugalFranceVenezuela ..GreeceItalyDenmark

UruguaySpainAustriaSwedenFinlandIsraelTurkeySouth AfricaPeruJapan

Korea, Republic of ...Saudi ArabiaIndiaChina

13.69.28.36.86.65.35.04.74.74.6

4.34.34.13.13.13.02.92.92.82.8

2.82.72.62.42.32.32.02.01.81.7

1.61.61.41.21.01.0

.9

.8

.7

.5

.4

.2

.1

.1

NOTE.—Host country GDP data are from the 1993 World Development Report, published bythe World Bank.

GDP Gross domestic product



Gross product by component

Table 8 shows MOFA gross product in 1977, 1982,1989, and 1991 by major area and industry, dis-aggregated into the five components. In 1989,profit-type return accounted for a higher por-tion of gross product for MOFA'S than it did forU.S. parents—27 percent, compared with 16 per-cent). The share of gross product accounted forby indirect business taxes was also higher forMOFA'S (25 percent, compared with 6 percent).

In contrast, the share accounted for by employeecompensation was lower for MOFA'S (41 percent,compared with 64 percent). To some extent,the higher profit-type-return share for MOFA'S

probably reflects the higher rate of return oninvested capital for foreign operations than forU.S. operations; U.S. MNC'S tend to limit theiroverseas operations to those that are expected toearn above-average profits in order to compen-sate for the added risks of operating abroad, suchas those associated with currency fluctuations and

Table 8.—Gross Product of Nonbank Majority-Owned Foreign Affiliates, Major Area and Industry of Affiliate by Component, 1977,1982, 1989, and 1991

[Millions of dollars]

Grossproduct

Employeecompensation

Profit-type

return

Netinterest

Indirectbusiness

taxes,etc.

Capitalcon-

sumptionallow-ances

Grossproduct

Employeecompensation

Profit-type

return

Netinterest

Indirectbusiness

taxes,etc.

Capitalcon-

sumptionallow-ances

All areas, all Industries

By major area

CanadaEuropeLatin America and Other Western HemisphereAfricaMiddle EastAsia and PacificInternational

By major industry

PetroleumManufacturing



All areas, all Industries

By major area

CanadaEuropeLatin America and Other Western HemisphereAfricaMiddle EastAsia and PacificInternational

By major industry




1977 1982

161,136

27,78369,36016,0368,020

22,26016,3671,311

62,01071,6095,598

10,0754,231

13,5558,062

13,92116,16511,3011,9483,929

10,339

59,534

14,46531,6585,848

9651,4174,765

416

4,87640,4163,1365,3662,2717,5515,4048,1278,1095,010

8552,5305,847

52,197

6,47013,1505,1894,793

15,6886,803

105

28,97814,8521,4152,624

8903,5201,3732,3872,6433,5111,604

9872,265

2,778

2311,546

3412825

357250

8481,929

205511152200209225429226

-6575

427

35,409

4,52217,7553,3701,8074,8123,136

7

24,1438,837

521693158630657

2,1054,0741,399

90140800

11,218

2,0945,2521,288428317

1,306532

3,1655,575321882311

1,654419

1,077910

1,15656

268

223,717

34,017112,57727,93910,0558,112

28,4382,579

85,60899,7568,884

16,4295,402

17,6199,876

18,05523,49119,4091,1808,0099,757

89,445

17,21546,45510,9701,5993,2759,033

897

10,33656,4364,7168,7943,698

10,1826,715

11,24011,0919,5341,8005,2506,088

54,851

6,06920,6528,6225,1303,8449,812

722

28,93314,2542,0653,693

5583,9071,330-1662,8674,1194,5241,5841,437

-406

-2811,180

-1,87742

-59284306

9773,715

419811291592300745557255

-5,676-87409

62,290

7,88335,6297,9602,766

8297,208

14

40,75416,141

1,1021,604

364688848

3,8537,6833,837

291453814

1989 1991

319,994

52,114179,75829,6015,2994,891

46,8751,457

77,195173,29813,64332,0597,623

31,72012,64633,76441,84336,7603,439

14,50914,793

132,565

26,49575,72210,038

6832,781

16,332514

9,27781,732

6,14713,6154,135

16,6637,651

16,59816,92318,3244,928

10,0468,258

86,524

11,49640,70112,6242,8061,390

17,039467

15,17648,8774,269

11,7162,161

10,3742,8398,0689,450

10,4936,0462,5933,339

-4,986

647-2,231-3,406

119-85

-12899

1,9351,273

290217212634173

-556305

-307-6,767

141738

78,902

8,88350,3948,1741,147

4669,827

11

44,76926,251

1,9482,583

5231,480

6156,461

12,6415,951

504510918

26,989

4,59315,1722,170543339

3,806366

6,03815,164

9883,928592

2,5701,3693,1932,5252,299728

1,2191,541

356,069

47,126217,51528,4646,0742,882

52,2081,798

88,835182,08517,92232,6907,113

29,92313,38933,94447,10441,060

4,73918,09721,253

160,385

28,12798,80014,468

783767

19,944495

8,18398,168

8,31516,7344,582

19,3069,076

19,75520,39822,170

5,91313,12612,825

74,528

5,37538,4009,4773,1841,387

15,976730

16,41335,5985,9819,5931,0565,6982,0724,2086,990

10,3115,9322,7033,571

-7,227

839-4,228-3,921

139-79-81103

1,060115-719

263-202-745562

-639-8,454

-134824

96,318

7,40567,3508,8231,315

49810,921

5

55,89130,9372,3192,958

5131,833

5216,380

16,4136,696

574685

1,535

17,538

3,1328,6612,264518222

2,101641

4,6079,210581

1,527491

2,251683

2,3831,2931,663240809

1,008

32,066

5,38017,1932,617653308

5,449465

7,28717,2671,3133,386699

3,2871,7943,5463,2422,522774

1,7182,498


• February 1994 SURVEY OF CURRENT BUSINESS

Table 9.—Structure of Output for Nonbank Majority-Owned Foreign Affiliates, by Major Area and by Major Industry of Affiliate,1977,1982,1989, and 1991

Millions of dollars

Sales

(1)

Inven-tory

change

(2)

Totaloutput(col.1 +col.2 «col.4 +col.5)

(3)

Grossproduct

(4)

Purchases

Total(col.3 -col.4)

(5)

U.S. exports to MOFA's

Total

(6)

Shippedby U.S.parents

(7)

Shippedby unaf-filiatedU.S.

persons

Other1

(col.5 -col.6)

Foreigncontent of

output(col.4 +col.9)

(10)

Percent


Foreign content

Total(col.10/ col.3)x100)

(11)

M O F Agrossproduct((col.4/col.3)x100)

(12)

Other((col.9 /col.3)

x 100)

(13)

U.S. content

Total((col.6 /col.3)

x100)

(14)

U.S. merchan-dise exportsshipped by:

U.S.parents((col.7/col.3)x100)

(15)

Unaffili-atedU.S.

persons((col.8 /col.3) x

100)

(16)

All areas, all industries

By major area

CanadaEuropeLatin America and Other Western

HemisphereAfricaMiddle EastAsia and PacificInternational

By major industry



Wholesale tradeFinance (except banking), insurance,

and real estateServicesOther industries


By major area



By major industry





1977

507,019

84,659220,213

58,20819,02362,92247,57214,422

198,624194,20021,75632,39611,56028,40618,65548,68632,74164,463

10,0029,05130,679

5,726

2483,712

90964198632-39

5984,015330740252555328

1,006804781

148283

512,745

84,907223,925

59,11719,08763,12048,20414,383

199,222198,21522,08633,13611,81228,96118,98349,69233,54565,244

10,0039,099

30,962

161,136

27,78369,360

16,0368,020

22,26016,3671,311

62,01071,6095,59810,0754,23113,5558,06213,92116,16511,301

1,9483,92910,339

351,609

57,124154,565

43,08111,06740,86031,83713,072

137,212126,60616,48823,0617,58115,40610,92135,77117,38053,943

8,0555,170

20,623

35,813

16,20110,866

3,700648937

3,346115

1,63925,145974

3,007845

3,0362,31611,8053,1617,631

20201

1,177

29,275

12,5669,468

2,908508801

2,93587

1,35820,510454

2,655632

2,8101,9869,4832,4906,607

13121666

6,539

3,6361,398

79113913641128

2824,634520351213227330

2,322671

1,023

880512

315,796

40,923143,699

39,38110,41939,92328,49112,957

135,573101,46115,51420,0546,73612,3708,605

23,96614,21946,312

8,0354,96919,446

476,932

68,706213,059

55,41718,43962,18344,85814,268

197,583173,07021,11230,12910,96725,92516,66737,88730,38457,613

9,9838,898

29,785

93

8195

9497999399

99879691939088769188

1009896

31

3331

274235349

31362530364742284817

194333

62

4864

6755635990

68517061574345484271

805563

7

195

63171

113497101224912

n24

6

154

53161

110285101019710

n12

1982

730,235

108,038364,405

103,85723,59616,699

105,5238,116

266,304271,09932,58554,84015,01540,47025,24857,18345,758113,622

23,52617,91137,773

-6,633

-1,591-3,092

-1,738-37-25

-107-43

-1,046-4,757-314-798-462-546-678

-1,076-882-806

-3838-23

723,602

106,447361,313

102,11923,55916,674

105,4168,073

265,258266,34232,27154,04214,55339,92424,57056,10744,876112,816

23,48817,94937,750

223,717

34,017112,577

27,93910,0558,112

28,4382,579

85,60899,7568,88416,4295,40217,6199,87618,05523,49119,409

1,1808,0099,757

499,885

72,430248,736

74,18013,5048,562

76,9785,494

179,650166,58623,38737,6139,151

22,30514,69438,05221,38593,407

22,3089,94027,993

52,753

19,41317,211

6,479999632

7,907111

2,77534,7481,8664,036941

4,8354,61813,9634,48814,063

15266886

44,320

15,47415,167

5,120764438

7,30652

1,78428,882948

3,298724

4,5664,13311,2653,94812,834

11139669

8,432

3,9392,044

1,36023419560159

9915,865918738216269485

2,698540

1,229

3127216

447,132

53,017231,525

67,70112,5057,930

69,0715,383

176,875131,83821,52133,5778,21017,47010,07624,08916,89779,344

22,2939,674

27,107

670,849

87,034344,102

95,64022,56016,04297,5097,962

262,483231,59430,40550,00613,61235,08919,95242,14440,38898,753

23,47317,68336,864

93

8295

9496969299

99879493948881759088

1009998

31

3231

2743492732

32372830374440325217

54526

62

5064

6653486667

67496762564441433870

955472

7

185

64481

1136761219251012

O2

6

154

53371

111365111720911

n12

41

11

O

0221212522

012

0231112511

n11

See footnotes at end of table.



Table 9.—Structure of Output for Nonbank Majority-Owned Foreign Affiliates, by Major Area and by Major Industry of Affiliate,1977,1982,1989, and 1991-Continued

Millions of dollars

Sales

0)

Inven-tory

change

(2)

Totaloutput

(col.1 +col.2«col.4 +col.5)

(3)

Grossproduct

(4)

Purchases

Total(col.3 -col.4)

(5)

U.S. exports to MOFA's

Total

(6)

Shippedby U.S.parents

(7)

Shippedby unaf-fifiatedU.S.

persons

(8)

Other1

(col.5 -col.6)

Foreigncontent of

output(col.4 +col.9)

(10)

Percent


Foreign content

Total((col.10/ col.3)x 100)

(11)

M O F Agrossproduct((col.4 /col.3)xlOO)

(12)

Other((col.9 /col.3)

x 100)

(13)

U.S. content

Total((col.6 /col.3)

x100)

(14)

U.S. merchan-dise exportsshipped by:

U.S.parents((col.7/:col.3)

x 100)

(15)

Unaffili-atedU.S.

persons((col.8 /col.3) x

100)

(16)


By major area



By major industry


Food and Kindred productsChemicals and allied productsPrimary and fabricated metalsMachinery, except electricalElectric and electronic equipment.Transportation equipmentOther manufacturing



All areas, ail industries

By major area



By major industry





1989

1,019,966

173,251573,270

87,01411,5768,021

161,6405,196

179,420509,30850,79194,65221,032100,31939,678114,39188,444

204,295

51,13732,46643,342

2,182

1,309-813

530-267-43

1,44422

6024,299-245421-51

1,073658

1,0001,442105

-3,203202178

1,022,148

174,560572,457

87,54411,3097,978

163,0845,218

180,022513,60750,54695,07320,981101,39240,336115,39189,886

204,400

47,93432,66843,520

319,994

52,114179,758

29,6015,2994,891

46,8751,457

77,195173,29813,64332,0597,623

31,72012,64633,76441,84336,760

3,43914,50914,793

702,154

122,446392,699

57,9436,0103,087

116,2093,761

102,827340,30936,90363,01413,35869,67227,69081,62748,043167,640

44,49518,15928,727

97,488

37,84329,888

11,236(D)367

17,491P)

2,46266,4932,0787,3421,756

11,6828,122

27,8747,639

26,797

1448

1,286

86,050

32,05027,585

9,495(D)288

16,136

n1,869

57,7071,4656,5001,409

10,8377,286

23,8416,370

25,247

n388838

11,437

5,7922,303

1,741(D)78

1,355(D)

5938,786613842348845837

4,0321,2691,550

n60448

604,666

84,603362,811

46,707(D)

2,72098,718

(D)

100,365273,81634,82555,67211,60257,99019,56853,75340,404140,843

44,49417,71127,441

924,660

136,717542,569

76,308(D)

7,611145,593

(D)

177,560447,11448,46887,73119,22589,71032.21487^51782,247177,603

47,93332,22042,234

90

7895

87(D)9589(D)

99879692928880769287

1009997

31

3031

3447612928

43342734363131294718

74434

59

4863

53(D)3461(D)

56536959555749474569

935463

10

225

13(D)511(D)

113488122024813

n13

8

185

11(D)410(D)

111377111821712

n12

1991

1,240,880

176,996733,584

102,09013,5137,849

200,4616,387

238,336595,68667,968113,18222,053112,72447,504127,545104,710227,485

65,89645,65167,825

-803

-1,040-880

130625382547

17-979420189

-384-77173

-214-293-173

-13-13360

1,240,077

175,956732,704

102,22013,5757,902

201,2866,434

238,353594,70768,388113,37121,669111,95347,577127,331104,417227,312

65,88345,63868,185

356,069

47,126217,515

28,4646,0742,882

52,2081,798

88,835182,08517,92232,6907,113

29,92313,38933,94447,10441,060

4,73918,09721,253

884,008

128,830515,189

73,7567,5015,020

149,0784,636

149,518412,62250,46680,68114,55682,03034,18893,38757,313186,252

61,14427,54146,932

108,787

39,52234,318

14,380485309

19,73934

2,96372,6811,8468,2601,729

12,7759,172

29,2719,628

31,152

38578

1,375

95,691

32,83131,229

12,781336190

18,29330

2,31162,6641,3297,0281,329

11,8628,470

24,5868,060

29,289

29497899

13,096

6,6903,089

1,600149118

1,4454

65210,017517

1,232400913702

4,6851,5681,863

980475

775,221

89,308480,871

59,3767,0164,711

129,3394,602

146,555339,94148,62072,42112,82769,25525,01664,11647,685155,100

61,10626,96345,557

1,131,290

136,434698,386

87,84013,0907,593

181,5476,400

235,390522,02666,542105,11119,94099,17838,40598,06094,789196,160

65,84545,06066,810

91

7895

8696969099

99889793928981779186

1009998

29

2730

2845362628

37312629332728274518

74031

63

5166

5852606472

61577164596253504668

935967

9

225

1444101

112378111923914

n2

8

194

13229

n111266111819813

n11

30

n211212311

nn1

4n2111

n

0211211421

n0

1

D Suppressed to avoid disclosure of individual company data.* Less than 0.5 percent.1. Includes purchases of goods and services from foreign residents and purchases of services from U.S. resi-

dents.MOFA Majority-owned foreign affiliate



the possibility of changes in the regulatory orpolicy environment.14

The higher share of indirect business taxes forMOFA'S may partly reflect the fact that the taxeson petroleum products imposed by many for-eign governments are higher than those imposedby the U.S. Government. In 1989, the indirect-business-taxes share of gross product for MOFA'Sin petroleum was 58 percent, whereas it was only24 percent for U.S. parents in this industry.

The factors underlying the differences inthe profit-type-return and indirect-business-taxesshares between MOFA'S and U.S. parents mayalso underlie the differences in the employee-compensation shares, because a higher (lower)share for one component necessarily means alower (higher) share for other components. Inaddition, the employee-compensation share maybe more directly affected by the tendency ofMOFA'S to be in less labor-intensive industries.For example, 25 percent of MOFA gross productwas in petroleum, an industry with relatively lowlabor intensity, whereas only 9 percent of U.S.parent gross product was in this industry. Theemployee-compensation share for MOFA'S mayalso tend to be lower because average hourly wagerates in many countries where MOFA'S operate arelower than those in the United States.

Among the four major regions that accountedfor 97 percent of MOFA gross product in 1991—Canada, Europe, Latin America and OtherWestern Hemisphere, and Asia and Pacific—the employee-compensation share of MOFA grossproduct was highest in Canada (60 percent), fol-lowed by Europe (45 percent), Latin Americaand Other Western Hemisphere (40 percent),and Asia and Pacific (38 percent). In contrast,the profit-type-return share of gross productwas lowest in Canada (11 percent) and Europe(18 percent) and highest in Latin America andOther Western Hemisphere (33 percent) and Asiaand Pacific (30 percent). Canada's employee-compensation share was unusually high in 1991,and its profit-type-return share unusually low.This unusual distribution may have reflected thecountry's economic recession; in other years,Canada's distribution was more in line with thatof other major areas.15

Structure of output

This section examines the changes in the gross-product share of MOFA output and the changesin the U.S. content of MOFA output from 1977to 1991. In all industries combined, the gross-product share of MOFA output decreased from31 percent to 29 percent (table 9). By area, thelargest decreases were in Asia and Pacific and inCanada.

In manufacturing, the gross-product share ofMOFA output decreased from 36 percent to 31percent, as the portion of output accountedfor by purchases from other foreign persons(table 9, column 13) increased. Among manu-facturing industries, the largest decreases in thegross-product share of MOFA output were in non-electrical machinery (mainly computers) and inelectric and electronic equipment.

In all industries combined, the U.S. contentof MOFA output—that portion of MOFA outputrepresented by purchases from U.S. parents andother U.S. sources—rose from 7 percent to 9 per-cent. By area, the largest increases in U.S. contentwere in Latin America and in Asia and Pacific.In Latin America (primarily Mexico), the U.S.content more than doubled, from 6 percent to14 percent. This increase largely reflected risingU.S. merchandise exports to MOFA'S participat-ing in the Mexican Government's maquiladoraprogram.16 Consequently, much of the increasein U.S. content represented unfinished goods thatultimately returned to the United States after fur-ther processing or assembly in Mexico.17 In Asiaand Pacific (primarily Japan), the U.S. contentrose from 7 percent in 1977 to 10 percent in 1991.Much of this increase reflected U.S. parents' ex-ports of finished goods to MOFA'S engaged inwholesale trade.

In manufacturing, the U.S. content of MOFAoutput edged down from 13 percent in 1977 to 12percent in 1991. The changes in all of the ma-jor manufacturing industries except electric andelectronic equipment were equally modest. Inelectric and electronic equipment, the U.S. con-tent increased substantially, from 12 percent to19 percent, partly reflecting an increase in ship-

14. For additional discussion, see "Rates of Return on Direct Investment,"SURVEY 72 (August 1992): 79-86.

15. Cyclical downturns tend to depress profits more than payroll be-cause many firms tend to maintain their labor force and wage structure inanticipation of an eventual upturn.

16. Under this program, U.S. producers can export components free ofcustoms duties to Mexican affiliates for assembly if a certain percentage ofthe finished goods are exported back to the United States. U.S. duties arelevied only on the value added in Mexico.

17. The increase in the U.S. content of Mexican affiliates' output may besomewhat overstated because of differences between the valuation of MOFAsales and the valuation of U.S. exports shipped to MOFA'S. U.S. exportsshipped to MOFA'S measure the goods' full market value; in contrast, sales bysome MOFA'S participating in the maquiladora program measure only the feespaid to the affiliates for processing or assembling the goods (thus excludingthe value of inputs received from the U.S. parents).



ments to MOFA'S of components for assembly andreexport to the United States.

Technical Note

Data sources

The 1977, 1982, and 1989 gross product estimatesfor U.S. parents and MOFA'S are based on universedata from BEA'S benchmark surveys of U.S. di-rect investment abroad. The first three columnsof table 10 present the U.S. MNC, U.S. parent,and MOFA estimates of gross product componentsfrom the 1989 benchmark survey; the next twocolumns indicate the location of the estimates inU.S. Direct Investment Abroad: 1989 BenchmarkSurvey, Final Results (U.S. Government PrintingOffice, Washington, DC: October 1992). MOFAgross product estimates for 1990 and 1991 aremainly based on universe estimates derived fromsample data from BEA'S annual surveys of U.S.direct investment abroad.

Estimation

Most of the data required to estimate U.S.-MNC

gross product were collected in the BEA surveys,but data for several items were not collected;these items had to be estimated for some or all

of the years. For both U.S. parents and MOFA'S,imputed interest received and paid had to be es-timated for all years; these items do not representactual transactions, so data on them cannot becollected. For MOFA'S, monetary interest receivedand paid also had to be estimated for the twononbenchmark years, 1990 and 1991.

In constructing table 5 (structure of output forU.S. parents), the "inventory change" componenthad to be estimated for 1982 and 1989 becauseopening balances for inventories for those yearswere not collected. These estimates were derivedusing data from the Census Bureau's QuarterlyFinancial Report, which covers all U.S. businesses.

Definitional differences between U.S.-MNC andNIPA gross product components

In general, the MNC gross product componentsare conceptually consistent with the correspond-ing NIPA components. The last column of table 10highlights definitional differences between MNCand NIPA gross product components. The net ef-fect of these differences is negligible because theirindividual effects are largely offsetting and be-cause each one is quite small in relation to totalGDP.

Tables 11 and 12 follow. HI

Table 10.—U.S.-MNC Gross Product Methodology and Its Relation to NIPA Methodology

1989 estimates (millions of dollars)

U.S.MNC's

U.S.parents

MOFA's

Location of estimates in 1989benchmark survey publication'

(table and column number)

U.S. parents MOFA's

How MNC definition compares with NIPA definition

Total gross product

Employee compensationWages and salariesPlus: Employee benefit plans .

Profit-type return (PTR)Net incomePlus: Income taxesPlus: DepletionLess: Capital gains and lossesLess: Income from equity investments ,

Net interest paidMonetary interest paidPlus: Imputed interest paidLess: Monetary interest received .Less: Imputed interest received ...

Indirect business taxes, etcTaxes other than income and payroll taxesPlus: Production royalty payments to governments .Less: Subsidies received

Capital consumption allowances (CCA)Depreciation

1,364,878

798,761645,986152,775

251,434242,80593,7377,436

24,18568,358

21,358182,38122,542171,27812,288

145,541140,7725,8951,127

147,784147,784

1,044,884

666,196538,857127,339

164,910170,66360,4465,234

22,05649,377

26,344155,14721,299

141,5788,525

64,0282,610

20

120,795120,795

319,994

132,565107,12925,436

86,52472,14233,2912,2022,129

18,981

-4,98627,234

1,24329,7003,763

78,90276,7443,2851,127

26,98926,989

II.P 1 (4)II.P 1 (5)

III.G 1 (5)III.G 1 (6)

II.N 1 (10)II.N 1 (8)II.M 1 (5)II.N 1 (4)II.N 1 (3)

III.E 1 (11)III.E 1 (9)III.D 1 (5)III.E 1 (5)

III.E 1 (3+4)

II.S 1 (2)estimatedII.S 1 (1)estimated

III.J 1 (2)estimatedIII.J 1 (1)estimated

II.S 1 (7)II.S 1 (4+5)

n.a.

III.J 1 (4)III.J 1 (3)III.J 1 (5)

II.M 1 (6) III.D 1 (6)

Same as NIPA's.

(1) Based on financial accounting practices; NIPA PTR isbased on tax accounting practices. (2) Excludes inventoryvaluation and capital consumption adjustments, and certainother adjustments.

Same as NIPA's.

Excludes business transfer payments.

(1) Based on financial accounting practices; NIPA CCA isbased on tax accounting practices. (2) Excludesdepreciation expenditures for mining exploration, shaftsand wells, and certain other adjustments.

n.a. Not available.1. U.S. Department of Commerce, Bureau of Economic Analysis, U.S. Direct Investment Abroad: 1989 Benchmark

Survey, Final Results (Washington, DC: U.S. Government Printing Office, 1992).2. Data on subsidies received by U.S. parent companies were not collected in the 1989 benchmark survey. Subsi-

dies are assumed to be zero because few U.S. parents were in industries that receive most of the subsidies inthe United States.

NOTE—U.S. MNC gross product excludes the following because they are beyond the scope of direct investment:Gross product of government and government enterprises and private households; imputed rental income of owner-occupied farm and nonfarm housing; and rental income of persons. The U.S. MNC estimates also exclude banks.

MOFA Majority-owned foreign affiliateNIPA National income and product accounts


$8 • February 1994 SURVEY OF CURRENT BUSINESS

Table 11.—Gross Product of Nonbank U.S. MNC's, by Industry of U.S. Parent, 1977,1982, and 1989Amount (millions of dollars)

U.S. MNC's worldwide

1977 1982 1989

U.S. parents

1977 1982

MOFA's

1977 1982 1989

MOFA share of MNC total(percent)

1977 1982

All industries

PetroleumOil and gas extraction

Crude petroleum extraction (no refining) and natural gasOil and gas field services

Petroleum and coal productsIntegrated petroleum refining and extractionPetroleum refining without extractionPetroleum and coal products, nee

Petroleum wholesale tradeOther

Manufacturing

Food and kindred productsGrain mill and bakery productsBeveragesOther

Chemicals and allied productsIndustrial chemicals and syntheticsDrugsSoap, cleaners, and toilet goodsAgricultural chemicalsChemical products, nee

Primary and fabricated metalsPrimary metal industries

FerrousNonferrous

Fabricated metal products

Machinery, except electricalFarm and garden machineryConstruction, mining, and materials handling machineryComputer and office equipmentOther

Electric and electronic equipmentHousehold appliancesHousehold audio and video, and communication equipmentElectronic components and accessoriesElectrical machinery, nee

Transportation equipmentMotor vehicles and equipmentOther

Other manufacturingTobacco productsTextile products and apparelLumber, wood, furniture, and fixturesPaper and allied productsPrinting and publishingRubber productsMiscellaneous plastics productsGlass productsStone, clay, and other nonmetallic mineral productsInstruments and related productsOther


Finance (except banking), Insurance, and real estateFinance, except bankingInsuranceReal estateHolding companiesNonbusiness entities, except Government

ServicesHotels and other lodging placesBusiness services

AdvertisingEquipment rental (ex. automotive and computers)Computer and data processing servicesBusiness services, nee

Automotive rental and leasingMotion pictures, including television tape and filmHealth servicesEngineering, architectural, and surveying servicesManagement and public relations servicesOther

Other IndustriesAgriculture, forestry, and fishingMining

Metal miningNonmetallic minerals

ConstructionTransportationCommunication and public utilitiesRetail trade

651,665

114,0514,3843,0521,332

101,137100,837

P)

n5,1093,420

382,280

27,8714,9765,016

17,879

51,54728,97011,2597,48608

40,20927,31819,0658,253

12,890

60,4023,388

10,53430,26316,218

32,1053,6397,8593,456

17,151

88,51362,50726,006

81.6339,8419,1987,322

12,0345,9169,9021,5762,7924,872

13,9404.240

6,5362,5833,953

29,2303,012

24,83585

1,108190

11,674n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

107,895(D)

2,415853

1,562

47,79828,740

1,019,734

211,93714,7675,0349,733

175,425174,483

818,3853,361

542,689

46.0696,1837,661

32,225

93,05447,84121,82814,2874,0705,029

43,59223,04613,6599,387

20,546

84,0463,532

12,17149,73318,609

69,2593,877

25,22110,84429.317

91,17053,35037,820

115,49919,52710,4507,279

13,45410,73211,4881,2494,6316,187

25,4565,045

17,42710,4316,996

31,8234,991

23,539135

3,005154

29,3622,838

10,0262.627

6522.3134.434

(2)941

5,4203,350

6,787

186,4961,044

956(D)P)

11,58327,40999,03546,471

1,364,878

165,6804,3713,2111,160

151,174147,690

(D)

P)9,785

350

793,771

79,47211,95720,94146,574

141,00664,66543,65620,1742,812

45,77527,195

8,43918,75618,580

116,146(D)

9,93774,449

P)68,5155,256

34,56913,09515,595

160.29297.94862,343

182,56720,83211,54912,72336,41422,271

9,8386,1195,6496,692

46,0614,422

28,76613,66815,098

62,71516,94841,233

6682,8081,057

66,9996,676

24,0673,960

1936,361

13,5514,9983,4658,9653,4981,702

13,629

246,946366

2,9312,103

8288,509

58,371123,38153,387

490,529

301,286

21,7824,0883,905

13,789

39,13323,3207,6974,911

835,38024,80018,2276,573

10,579

42,3562,7938,425

17,62113,518

26,6832,6347,0842,784

14,181

71,30247,97923,323

64.6496.0238,0796.5979,7085,2607,3281,2852,1913,806

10,6563,717

5,0581,9393,119

22,8252,488

19,86672

399


99,358(D)

1,974680

1,294

46,53626,251

796,017

134,09611,3334,3247,009

104,824104,068

(D)P)

14,8283,111

421,050

35,8045,0236,268

24,513

66,23434,41914,5899,7123,2724.242

37,21520,34913,1037,246

16,866

60,5973,0399,850

32,22115,487

59,3233,128

21,9529,364

24,879

71,25636,26034,996

90,62111,6459,4326,724

11,8429,8128,3671,0903,8965,150

18,3134,351

13,6047,6095,995

22,8014,730

17,954120- 2

25,9972.6938,5011,947

6462,1353,773

(2)825

5,2342,422

(2)6,322

178,469803876

9,98425,38697,73843,683

1,044,884

93,1283,3522,918

43482,42579,831

P)(D)

7,158193

586,568

60,3109,990

16,47733,843

97,11943,88930,44813,1232,1567,503

37,55622,2767,899

14,37715,280

70,887P)

7,92139.566

(D)

56,1393,556

29,5319.814

13,238

121,14165,30355,837

143,41711,78210,09811,73829,19720,184

6,1274,3964,7934,991

36.4553,657

22,58710,52012,067

50,53515,10334,948

558-75

57,0905,780

18,7562,349

1755,353

10,8784,2122,6638,5592,9981,180

12,943

234,975332

2,5511,764

7877,300

57,216120,22447,352

161,136

61,999838685154

57,89957,896

—5- 8

2,917345

80,994

8871,1114,090

12,4135,6503,5622,575

84,8292,518838

1,6802,311

18,046595

2,10912,6422,700

5,4221,005775672

2,970

17,21114,5282,683

16,9833,8181,119725

2,325656

2,574292601

1,0663,284523

1,478644834

6,404524

4,96813

709190


8,537P)441173268P)

1,4831,2622,490

223,717

77,8413,434

7102,724

70,60170,415

P)

250

121,639

10,2651,1601,3937,712

26,82013,4227,2394,575

798787

6,3772,697

5562,1413,680

23,449493

2,32117,5123,122

9,936749

3,2691,4804,438

19,91417,0902,824

24,8787,8821,018

5551,612

9203,121

159735

1,0377,143

3,8232,8221,001

9,022261

5,58515

3,007154

3,365145

1,525

178661(2)116186928

8,027241

804832

1,5992,0231,2972,788

319,994

72,5521,019293726

68,74967,859

P)

157

207,203

19,1621,9674,46412,731

43,88720,77613,2087,051

6562,195

8,2194,919540

4,3793,300

45,259

P)2,01634,883

P)12,3761,7005,0383,2812.35739,15132.6456,506

39,1509,0501,451985

7,2172,0873,7111,723856

1,7019.606765

6,1793,1483,031

12,1801,8456,285110

2,8831,057

9,909896

5,3111,611

181,0082,673786802406500522686

11,9713438033941

1,2091,1553,1576,035

42018

3018204217

1728101917

192310

213912101911261922222412

232521

2217201564100

15n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a,n.a.n.a.n.a.n.a.

52411100100

11515261815

n.a.12328n.a.7

423

814716

D Suppressed to avoid disclosure of data of individual companies,n.a. Not available.1. No data are shown in this cell because U.S. nonbusiness entities, such as individuals, estates, or trusts, that

directly hold foreign investments are not required to report financial and operating data in BEA surveys of U.S.

direct investment abroad.2. Included in "other" services.MNC Multinational companyMOFA Majority-owned foreign affiliate



Table 12.1.—Gross Product of Nonbank Majority-Owned Foreign Affiliates, Country by Industry, 1977[Millions of dollars]

All countries . . ..

Canada

Europe .


Germany Federal Republic ofGreece . .IrelandItalyLuxembourgNetherlands

Norway .Portuaal' v , a"SpainSwedenSwitzerlandTurkeyUnited KingdomOther

Latin America and Other Western Hemisphere


Central AmericaCosta RicaGuatemalaHonaurasMexicoPanamaOther




Asia and PacificAustraliaChinaHong KongIndiaIndonesiaJapanKorea, Republic ofMalaysiaNew ZealandPhilipDinesSingaporeTaiwanThailandOther

International1

Addenda:Eastern Europe2

European Communities (12)3

OPEC4

Allindustries

161,136

27,783

69,360

8444,244

672247

9,688

18,115389762

5,825198

4,209

1,655178

2,019U032,015

26616,861

70

16,036

10,9271,4496,485

162532307404

1,370216

2,879115156142

2,050289127

2,23015725

39822637089(D)24(D)

8,020344

1,8481,3174,511

22,260225(D)

1,117(D)

16,3675,578

2542210

4,6613,065

7933338454940026025450

1,311

063 16232^948

Petroleum

62,010

6,110

16,944

SI(D)

pM

4,424235188

2,430' 23887

1 207' ( D )

8294321(D)

3,7937

3,072

1,668306736(D)113(D)11497(D)

2331

45(D)2189(D)

1,17039P)5633(D)P)P)

027

(D)332

1,736(D)

4,001

21,120(D)(D)

1,072(D)

(D)1,158

0711

4,394(D)

0161(D)(D)105

9(D)

3

873

014 67030]227

Manufacturing

Total

71,609

15,151

40,441

2262,605

123(D)

6,203

12,058100485

2,744175

2,235

17884

1,47951844969

10,679P)

9,533

7,534945

5,16962

3203574

745184

1,863576133

1,6462641

136600

83181

(D)1

n802

454

546198

103843

n16

5,5792,458

2199205106

1,46859

1221582782102245830

038969

'963

Food andkindred

products

5,598

1,364

2,455

2588260

341

5199

62199

0278

011

115(D)

P)2

7240

1,156

78873

4506

399

1416828

299161523

232P)P)69200

P)51

P)01

P)02

P)P)P)P)

001

P)256

0212

P)10

fl79(*)1683

02 372

'181

Chemi-cals and

alliedproducts

10,075

1,623

5,412

17524P)P

812

1,24237

152447P)

592

P)P

25049494

1,1450

1,981

1,518213

1,00321911014

1651

43317182

3789

10

3050034

fl0P)119

4248011

412230

16

900381

0198217

2281

1221702

231430

05 282

234

Primaryand

fabricatedmetals

4,231

1,346

2,091

12110P)

0165

760P)10

114P)

267

P)5

3819P)

0529O

587

46235

231P)P)

4P)36P)122

120

11503

4000400000

9501

3955

00000

112630

P)0

n110

P)0

p)20010

02,021

' 41

Machin-ery,

exceptelectrical

13,555

1,682

9,540

P)341

10

2,122

3,0800

7690932

589

4P)117282420

1,9050

889

809145657

010150

79000

7900

0000000000

P)00

104P)P)P)

0(*)

1,317225

022250

P)P)

2P)

045P)

00

0p)\ 1

7

Electric andelectronicequipment

8,062

1,276

4,935

P)622465

655

1,2629

32449

5123

P)P)

438P)107P)

930P)

920

67646

535P)185

1345P)

242780

2110

16

2000100100

850

P)53P)2321002

823167

2117P)186234808

23127147P)

0

0(D)\ 183

Transpor-tationequip-ment

13,921

3,815

7,705

P)P)

00

1,045

3,29008

1780

P)0

P)390140

P)2,292

0

1,506

1,245179901P)P)

0P)115P)

2610

n0261

00

0000000000

P)00

p)2

00000

P)703

0000102

P)PP)P)

00

07 676

'115

Othermanufac-

turing

16,165

4,044

8,303

70P)PP)

1,064

1,904P)146447P)P)2717

13087

195P)

3,155P)

2,494

2,036254

1,392

P)P)

6P)

212P)

42616188

369P)P)32O00

P)80

P)17

P)0

P)114P)P)P)

000

1,123664

0P)P)6997P)P)3877P)P)P)_3

07,865

301

Whole-sale trade

11,301

875

7,628

307726225209961

9993883

4663

641

21951

368234

1,02512

1,04614

1,195

75514322030721636

2289

313583

222678

127410

494444

201

3143

3120872

103P)

80

P)1,186

3780

17237

375P)206040522140(D)\ 1

05 608

335

Finance(except

banking),insurance,and realestate

1,948

910

276

021P)

0P)785

-2234

19

-5P)

7P)420

18P)

348

453

26060

0101

38(*)2

(*)7

272

26650

26821

-1412

0

0028

-10

P)7

P)n1

p)178

024-1

194016

P)-1

P

0228P)

Services

3,929

621

2,102

27151

70

416

250P)

3820

266

27P)4940

13043

5869

461

30921884624

185

n61000

39210

92463

23

n115400

4352

1818

40411

2723

118

298153

04001

835324305

O

01 827

583

Otherindustries

10,339

4,114

1,969

198P)(*)

255

306P!

5800

162

282

108P)48P)

739P)

1,426

61632

246P)15P)177105P)

3715339P)11560P)

43921P)

2104P)P)14

1

P)P)024P)

232

P)1

14742P)P)

1,2530

362

150P)P)27P)P)305

P)(DV 1

438

01 861> )

D Suppressed to avoid disclosure of data of individual companies.* Less than $500,000.1. See footnote 2 to table 6.

2. See footnote 3 to table 6.3. See footnote 4 to table 6.4. See footnote 5 to table 6.




Allindustries

Petroleum

Manufacturing

TotalFood andkindred

products

Chemi-cals and

alliedproducts

Primaryand

fabricatedmetals

Machin-ery,

exceptelectrical



Othermanufac-

turing

Whole-sale trade

Finance(except


ServicesOther

industries

All countries

Canada

Europe

AustriaBelgiumDenmark ....FinlandFrance

Germany, Federal Republic ofGreeceIrelandItalyLuxembourgNetherlands

NorwayPortugalSpainSwedenSwitzerlandTurkeyUnited Kingdom .Other


South America ....ArgentinaBrazilChileColombiaEcuadorPeruVenezuelaOther

Central America ..Costa RicaGuatemalaHondurasMexicoPanamaOther

Other Western HemisphereBahamasBarbadosBermudaDominican RepublicJamaicaNetherlands AntillesTrinidad and TobagoUnited Kingdom Islands, Caribbean ....Other

AfricaEgyptNigeriaSouth Africa .Other

Middle EastIsraelSaudi ArabiaUnited Arab Emirates .Other


International'



OPEC4

223,717

34,017

112,577

9815,1271,334574

12,196

24,756497

1,8938,481235

5,392

4,440341

2,5711,8893,198152

38,46554

27,939

20,3582,90211,199

4681,361516

1,1162,394402

4,927163276251

3,561433244

2,6542095982122403189(D)23

10,0551,3892,2192,3304,117

8,112280

3,9653,060

28,43810,069

7959229

6,3174.587219

1,691618

1,0741,109616657288

2,579

0101,28921,801

38,413

7,137260404

3,18340

1,496

5,974

2,237

32,50717,988

99,756

16,413

54,727

2462,394231(D)

7,42315,292

1401,3363,928196

2,553

257191

1,85462672149

17,254(D)

17,531

14,0931,8599,57212272072108

1,401238

3,187687482

2,8794539

25114130

431196

273

25

651,011255

18712446

89,5534,295

4246209146

2,1781193732814475705149676

052,7911,737

1,448

4,267

()98710

586

63810

128312

0499

223193(D)68(D)

1,5720

2,1891,595210809131241818

31983

5731316(D)470

4

229

18643

70502

744418

0

1140

827722

2911

16,429

2,303

7,892

16803154

1,241

1,541(D)464669(D)467

2126

38852959

1,9720

3,907

2,982428

1,94234

2012137

30712

788163210

700273

137(D)001095

800

222

2,0561,053s

6646

4977

214315515353259

5,402

2,954

17,619

2,002

11,956

()389

20

2,548

3,2390

2471,431

12494

403530

2,7490

1,723

1,594262

1,3070100

203

129000

1290

0131

P)

02

1,8013620

2725

1(D)21

215

8

9,876

1,680

5,273

7751380P)442

1,641(D)106623D

()44480(D)9916

7600

1,129

58538

9(D)139

40

41714

()3780

71

800

1,6461954

140

21678

2831581

22128737

18,055

4,123

9,462

-2018150

584

4,3400

21145036

0252023200

4,0650

2,647

2,41871

2,0317

(D)

0229

229000

22900

0000000000

23200

2275

00000

1,5891,209

000010

8108(D)0

23,491

3,868

12,922

122477404

1,676

2,92553

345592116

8165

()5,251(D)

4,885

3,937768

2,41037

2531027

41815

()231612

80812

()

(D)204

8(D)0

1,478(D)

19,409

1,796

12,058

2971,445294317

1,972

1,33368143903

1

34594309391

1,284(D)

2,010D

2,199

1,55719066588102228638420

526

442164D

115

P)0

P)P)10p)P)15P)515

8377P)243

88

2,598844

0342

035

777

10451183P)P)19

04,130349

07,695414

02,892127 21

04,817101

9,450P)

09,380592

1,180

341

701

1-17

n

301

-1123-217

26

670

552-4

-159

322211C)1

n0

-2241

n-5-22

n-168

70

-383P)P)8

-19P)210

-23

-21

-401

297620

75097142P)

n0

0627O

8,009

1,094

4,691

81P)5049787

517P)13

2920

377

7140

24292

2988

1,45818

766

4476614416337

P)163P)128242

84315

191865

34910137253

147243

8337

66046

536P)P)651349

071P)93

2723

1222

4,073787

9,757

3,376

1,987

P)116

196446P)1530

141

310769

25P)774P)

1,629

1023321077212P)147P)454P)45P)P)118P)188P)P)

8P)P)-34

185P)P)33P)477P)409P)P)

1,7611,168

0129-4128

P)18P)18P)P)36

342

01,910697




SURVEY OF CURRENT BUSINESS February 1994 6l


Allindustries

319,994

52,114

179,758

2,0218,6401,2431,065

22,625

35,683677

4,47316,487

58713,214

4,164997

7,3982,2295,106

46352,703

83

29,601

21,8431,577

16,618681

1,150272397736412

6,208208158287

4,883530143

1,549425203

-113209455

-244497-10128

5,299769

1,733701

2,097

4,891359

2,7351,176

621

46,87513,902

82,926

1573,999

14,940726

1,749985

1,0062,3531,9381,815

372

1,457

4164,62810,730

Petroleum

77,195

9,509

41,596

5821,368

128396(D)

5,116317569

6,14864(D)

3,497258106(D)

768203

15,514(D)

3,561

2,332454849135489219(D)64(D)

4221

526930

164105

8076167491158

-16467

1298

(D)689

1,701

P)1,294

(D)

1,156(D)

13,7343,691

-28240-9

3,591P)-6(D)(D)(D)

4634

1,132215

692

035,8779,372

Manufacturing

Total

172,008

28,885

99,389

6954,956

36368

11,794

25,804201

3,5027,760

5157,761

120342

5,7231,0081,215

13727,423

1

21,664

16,886973

14,1673646503790

50995

4,6069969

1054,123

18229

172831

31857

161012

8832418

441400

195191

6

n20,992

6,86136

751161100

7,668463477302625

1,4531,531

47688

-196,145

672

Food andkindredproducts

13,643

1,759

6,738

73263163

3745

91642

406578

0687

194

52058

10622

2,0610

2,540

1,682162

1,15810

112175

15265

842281590

588124-1

17010203506

1915

O24

161

8610

n2,4071,500

1050

(D)464564

58183227614(D)

06,474

177

Chemi-cals and

alliedproducts

32,059

4,298

19,241

531,828

5118

2,776

3,27195

9791,644

803,661

3498

1,00767

10034

3,4440

4,009

3,036249

2,35256

1885

43138

4

8973011

n800497

7680

(*)12414910

2281015

16042

23224

(*)-3

4,2591,903

924(D)59

1,412754145

21989

16796(D)

018,935

223

Primaryand

fabricatedmetals

7,623

1,902

3,619

6152204

384

1,3120

77172(D)

369

4(D)1551735—7

8850

1,411

1,228

O97419325116

192

(D)(D)

02

13917

(D)0000

(D)0000

17542

58111

00000

516250-15502

1113

(D)30

201645P)

03,560

34

Machin-ery,

exceptelectrical

30,430

2,676

19,923

24614-1

83,519

5,0540

8422,810

8892

156

870649140

04,473

0

1,854

1,638(D)

1,413(D)

000

140

216000

21600

0000000000

127(D)

0(D)16

88000

5,841511

9170P)

73,954

111283

656224(D)

6

019,087

20


12,646

1,921

5,853

82224615

577

1,4428

277387

3545

276

25023

1329

1,7482

1,588

1,10410

1,0625

192330

476800

46701

80

O0200060

17(D)

1(D)11

119119

000

3,148281

7261

fl86319531310

12458845546(D)

05,599

6


33,764

8,662

18,417

870

639

7,0560

41809

474

0(D)

2,0928

12(D)

6,4680

4,740

3,61814

3,38256(D)

00

(D)0

1,121000

1,12100

0000000000

1900

190

00000

1,9271,245

01100

4750

(D)0

34(D)

00

018,014

(D)

Othermanufac-

turing

41,843

7,667

25,597

(D)

n6231

3,155

6,75355

8811,361

(D)1,533

63(D)

828186690(D)

8,344-1

5,522

4,581(D)

3,826(D)(D)

233(D)23

(D)(D)4313

7927

15

(D)021

14(D)

0235

12700

6958

3736100

2,8931,171

2225(D)(D)

8181T9(D }

9644(D)(D)

1

-124,475

(D)

Whole-sale trade

37,947

3,291

24,463

6591,521

605576

4,008

2,473110298

1,8810

2,421

436308

1,120(D)

2,40776

4,703(D)

2,553

1,73775

1,2731011011121

12927

498101511

388722

31862

10154105340

2410

11730125520

16382312723

7,3591,927

-6910

342

3,24923480

17369

293239(D)(D)

(*)19,447

260

Finance

(exceptbanking),insurance,and realestate

3,439

1,165

1,137

33518-1

160

-38(*)1864-7

-171

23

n-315

273O

749-2

-208

874

62194

n0—2

0

540

-3(D)68(D)(D)

-34917823

-231

n(*)-2445

-80

n-15

2

n0-17

-64-16-29-24

5

1,424203

0302

1-1

613(D)3511(D)51(D)56P)

0825-55

Services

14,612

1,998

9,969

5856711421

1,871

1,3184682

42212

1,180

(D)89

31677

423(D)

3,26415

687

34037

236142105

224

13232

O105193

215841012(D)P)

37

211

43(D)

111(D)

226102103139

1,690610

5255

114

602175

25187934175

59,282

162

Otherindustries

All countries

Canada

Europe

Austria

BelgiumDenmarkFinlandFrance

Germany, Federal Republic ofGreeceIrelandItalyLuxembourgNetherlands

NorwayPortugal ,SpainSwedenSwitzerlandTurkeyUnited KingdomOther








International1



OPEC4

14,793

7,266

3,204

2493145

P)

1,01035

2114

()0

136

()1,050

1

1,344

460353048

-1155

(D)13

4969425(D)

169(D)P)

3873302

(D)P)

137

()0

p)4

P)1,675

611(*)

468O

254

P)765

03,052

320






Allndustries

356,033

50,820

213,419

2,38010,081

1,4761,203

27,410

46,969925

5,41618,967

73013,724

5,1201,2698,4282,1286,072

81260,123

188

31,080

22,7822,603

16,093801

1,399341412694438

6,947176110213

5,800522126

1.351286193

-210263338

-50677574

136

6,1621.0162,222

6982.226

3,206577123

1,644862

49,78614,178

1143.122

1364,987

14,565906

1.825914

1,0153.5472,2551,832

389

1,559

(D

195,51610,158

Petroleum

86,987

9,003

48,665

(D)1,445

153(D)

5,418

6,795530672

6,25079

2,392

4,314357146(D)984422

17,322(D)

5,999

4,603765

2,602(D)581286(D)76

3401

275938

13086

1,05539631719504

73517

111

4,659927

2,186

82,428

(1,606

(D)

15,5604,445

-50294_c

4 l 5§-4

1,006

P652

i

1,045253

673

041,5608,820

Manufacturing

Total

187,573

27,391

116,180

7335.485

429(D)

13,993

33,620188

4,2709,227

6326,931

177420

6,3531,0491,728

18530,545

(D)

21,621

15,9341,397

12,9383595884060

439113

5,4581056680

4,98419330

228821

35133

8139

19

8682422

423399

350341

7(*)1

21,1636,321

41856141111

7,305486612243571

2,3721,526

49682

(D

112,094621

Food andkindred

products

16,348

2,005

8,926

88285188

31,012

1,42136

430741

0833

211358675

82,627

0

3,043

2,046445

1,25816

121157

10975

980271074

739130-1

17

n(*)203507

199c

419

171

9810

n2,1651.302

11608

49770

• ;

8137187716c

08.272

137

Chemi-cals and

alliedproducts

32,572

3,375

20,606

481,824

5225

3,465

3,73589

1,2812,193

702,496

31128

1,03197

11938

3,8860

4,179

3,153287

2,423100201

616

1164

9202913(*)

817547

10580

016694710

2401012

15068

3025

r;4,1431,872

11483558

1.311723554

21198

17110760

020,248

198

Primaryand

fabricatedmetals

7,665

1,407

4,372

15194(D)

6500

1,4540

89190(D)

482

53

1831150(D)

1,125(D)

1,249

1,06315

79419027114

204

802

12027

(D)0000

(D)o000

13142

6560

10100

504217

—t

Cj

117j

j

(D

ii(D

Q4.279

37

Machin-ery,

exceptelectrical

33,433

2,505

22,779

33670-114

4,041

6,2930

1,2203,212

20908

4812

923541101

04,741

0

1,774

1,54618

1,5083000

170

220000

22000

7000000007

109(D)

092(D)

66000

6,261496(Dl

233(D

j(D

1215(D

j1,340

202(D

022,040

24


13,382

1,833

6,539

125278(D)

5972

1,8557

284637(D)

563

13(D)

271(D)103(D)

1,042(D)

1,368

78120

7198

1823

110

579800

56901

80

<J200060

21(D)

11

(D)

255255

000

3,366247{Dl

220

£18f424

910380845775

6,10i12


37,078

8,595

22,780

(D)(D)(D)o

599

10,4600

48780(D)62

0(D)

2,509(D)18(D)

6,8760

4,135

2,56517

2,3990

(D)0j)0

1,570000

1,57000

0000000000

1800

180

00000

1,550885

0L

00

43130

(D

03̂(D

(

022,399

42

Othermanufac-

turing

47,096

7,672

30,179

(D)(D)73(D)

3,403

8,40256

9191,473

(D)1,586

79(D)

851(D)(D)(D)

10,248-3

5,873

4,780595

3,83742(D)

631(D)30

(D)

3948

816

(D)011

15(D)o22c

15004

7869

4847100

3,1731,301

t

P(D(D132123(D

(D

&(D

(D

(

28,755172

Whole-sale trade

40,233

3,444

27,436

6942,101

733583

4,593

3,084129393

2,2710

2,748

518381

1,215810

2,825115

4,20538

1,883

92335683

1271111167

14820

57717157

450853

38343

105134115790

214

14436127521

7920232314

7,2461,713

(D

933j

422,845

34911917153

242489161(D

3

21,852263

Finance

(exceptbanking),insurance,and reaiestate

5,637

1,752

2,205

24262281

183

31326

-16169-1

-31

-18

552928

1.18-15

-671

189(D)(D)(D)

2(D)(D)-5

1

-10

-4032

8-860

41

-383

n3-544

1931

21210

19

-A7

-26t

10

2,334359

0417

fl992237230ID

101(D

(D

(D

(D

2,139-25

Services

17,090

2,051

12,148

10472812324

2,489

1,5914990

54815

1,496

8910242290

46292

3,61617

754

38528

281162105

285

15742

-1118313

2121202430(D)(D)178g2

6720

33

29121069

t

8

1,778634

7266

1654444

i

42_]

16245180

11.27"132

All countries

Canada

Europe


Germany1



Latin America and Other Western Hemisphere ..







International2



OPEC5

D Suppressed to avoid disclosure of data of individual companies. 2. See footnote 2 to table 6.* Less than $500,000. 3. See footnote 3 to table 6.1. Beginning with 1990, includes the former German Democratic Republic (GDR), which reunited with the Federal 4. See footnote 4 to table 6.

Republic of Germany in October 1990. This change does not affect the comparability of the 1990 data with the 5. See footnote 5 to table 6.data for earlier years, because no affiliates of U.S. companies were in the former GDR before 1990.




industries Petroleum

Manufacturing

TotalFood andkindred

products

Chemi-cals and

alliedproducts

Primaryand

fabricatedmetals

Machin-ery,

exceptelectrical



Othermanufac-

turing

Whole-sale trade

Finance


ServicesOther

industries

All countries

Canada

Europe


Germany1





Central AmericaCosta RicaGuatemalaHondurasMexico ,PanamaOther




Asia and PacificAustraliaChinaHong KongIndiaIndonesiaJapanKorea, Republic ofMalaysiaNew ZealandPhilippinesSingaporeTaiwanThailand !Other

International2



OPEC5

356,069

47,126

217,515

2,3659,8311,8941,125

27,306

49,5241.1695,318

20,308672

13,444

4,9391,5078,3082,4326,756

84859,494

275

28,464

19,1883,363

11,514926

1,278327340

1,080360

9,014192238276

7,585561163

262279159

-727270334

-802642

997

6,074849

2,239752

2,235

2,882632254

1,475521

52,20812,295

2113,192

1235,031

16,5171,0312,0162,2641,1893,3332,3952,203

408

1,798

122198,775

10,492

88,835

7,725

53,114

1,607532

5,556

7,512705660

7,07790

2,608

4,290461149

725372

19,04843

4,681

3,248921

1,221

453272

107

567- 7

1638452

153122

8675924

8

R605

1570

4,574

2,187

81,882

88

16,0414,124

23380-11

4,590

- 7

78913

1,373293

819

046,005

8,639

182,085

23,753

115,359

7595,411

476101

13,768

34,850230

4,2249,286

5516,708

127465

6,1901,0752,217

30328,432

184

21,004

13,7441,9519,887

3256413363

711133

7,05613569

1196,521

18232

204921

39103

8111021

8882138

458371

384359

915

1

20,6975,311

77812130114

7,932593813186688

1,9241,572

47570

17,922

2,075

10,171

90332204

41,163

1,69556

431934

0929

2148609s

2,621

3,403

2,108609

1,08021133137

15096

1,2763813

103992131-1

190no2

o3508

22081823172

141120

n2,0391,015

171907

5428083

21018882211

32,690

3,303

21,094

471,983

7730

3,528

3,862111

1,4942,249

382,247

22175

1,075149127

3,795

3,977

2,779369

1,91272

2133

231844

1,11730137

1,019417

8180

474410

276317

18175

201540(*)

4,0211,455

46713269

1,456904562

2569119011049

7,113

1,447

4,043

13225

6498

1,2400

93167

410

54

16285223

1,0800

1,032

8423155817230114

334

0000

0000

88425626

10100

501188-2P)03

13749

3

29,923

2,140

20,571

38436

183,582

6,4790

7793,158

25785

28

8215161270

3,7530

1,243

9867

9563000190

249000

24900

8000000008

105

5,84749611191

43,744

6271

3977124

13,389

1,709

6,496

161257

5972

1,69110

283

635

476

153315599

1,233

1,214

47130396

91523160

7351200

72201

292286050

3,658241

226

0

18152813997174791266

4,466

2,18126

1,9260

2,285000

2,28500

0000000000

2100

210

00000

1,127571

0400

57120

P)236P)00

47,104

6,155

31,579

P)P)9037

3,399

9,47352

1,0981,444P)

1,78956P)775277P)P)

10,314-2

5,667

41,060

3,633

27,663

5941,749709

P)4,5013,471154290

2,5062

2,963411443

1,230P)

2,763117

4,496

28

2,102

1,01437079151991269213217361473

600109

1

35242162765

62100

-84

17255P)68P)8326102720

7,4081,032102947

346

3,5513531311066830655218032

4,739

2,370

981

38218272

153

121304613510

-481

3117337

456

18

-1,472

74P)P)P)-2

P)-66

440

-5P)72P)P)

-1,590-9

-34-859

13

-68118

-30

37210

35

39111458

2,783289

0484

.0fl1,32538P)38

205P)P)

18,097

2,155

12,953

10376413025

2,468

1,811498066116

1,407

9112739913854957

4,05823

586

36438235252205

336

17042

-1143193

521456

20P)P)

-14588251P)P)13P)395236135168

1,957685

8198217

703456

41(*)

18548190

122110,593

9219,123190

020,633

279

03,936

50

019,843

336,033

26

020,983

125

21,253

7,491

7,445

P)8420P)859

1,758017

6433

240

180

267P)46-1

3,3531

1,563

744P)P)1696413P)23P)442463

,98376330

26P)P)2015(*)

352P)0

P)P)100013P)P)

3,323854

1371DP)P)10P)P)P)194')

230,040

218

-222,516

321

-245114

511,968

207

8980

07,243390

D Suppressed to avoid disclosure of data of individual companies.* Less than $500,000.1. See footnote 1 to table 12.4.2. See footnote 2 to table 6.




New Estimates of Monthly U.S. International Services Transactions

IN MARCH, the Bureau of Economic Analysis is introducingmonthly estimates of U.S. international services transactions ina joint news release with the Bureau of the Census. (For theschedule of this release for upcoming months, see the outsideback cover.) The combination of the new services estimatesand the existing merchandise estimates provides a more com-plete picture of U.S. international trade. The development of themonthly measure of services responds to the increased emphasisplaced on services by economic analysts and policymakers andthe need to have more timely measures of service activity.

Data improvements

The introduction of services estimates on a monthly basis is an-other step in BEA'S continuing effort to improve its estimatesof services. Among the improvements BEA has made over thelast decade in its quarterly and annual estimates of U.S. inter-national services transactions are the expansion of its quarterlyand annual surveys to include 26 categories of services not pre-viously covered, the development of estimates of cross-bordertrade in services and on sales of services through affiliates, andthe expansion of coverage of travel and tourism through the jointefforts of BEA and the U.S. Travel and Tourism Administration(USTTA).

Source data

Table 1 identifies the principal source data used to prepare theannual, quarterly, and monthly services estimates. The level ofdetail at which the monthly estimates will be released, shownin the left-hand column, is identical to that shown in table 1 ofthe U.S. international transactions accounts, which appear in theMarch, June, September, and December issues of the SURVEY OF

CURRENT BUSINESS.1

BEA'S annual estimates are based mainly on annual and bench-mark BEA surveys covering the following types of services: Salesand purchases of services between U.S. companies and theirforeign affiliates; international air and water transportation;construction, engineering, architectural, and mining services;royalties, license fees, and other receipts and payments for in-tangible property rights; insurance and reinsurance; institutionalremittances; and business, professional, and technical services.Other important data sources include the following: CensusBureau surveys of merchandise trade, supplemented with de-tail by mode of transport; USTTA surveys; Immigration and

1. For detailed estimates of U.S. international cross-border transactions and sales byaffiliates—by type, area, and country—see "U.S. International Sales and Purchases of PrivateServices," SURVEY 73 (September 1993): 120-156.

Naturalization Service data; U.S. Treasury Department inter-national capital movements data; data supplied by other U.S.Government agencies on their international transactions; andan assortment of data from published commercial sources, for-eign central statistical offices, foreign central banks, and tradeassociations.

BEA'S quarterly estimates are based on a combination of quar-terly BEA surveys, quarterly (and monthly) data from other U.S.Government agencies, quarterly (and monthly) data from for-eign central statistical offices and banks, and publicly availabledata from secondary sources, BEA'S quarterly surveys providedata on affiliated services, affiliated royalties and fees, and trans-portation. The source data from other U.S. Government agenciesinclude travel, passenger fares, other transportation, financial ac-tivity in securities, and U.S. Government services. The secondarysource data used include exchange rates, average commissionrates and fees, U.S. and foreign prices, and educational enroll-ment; in addition, partial data include areas such as reinsuranceand transportation.

BEA'S monthly estimates are based on a combination ofmonthly indicator data, partial monthly data from U.S. Gov-ernment agencies, partial monthly data from foreign centralstatistical offices and banks, and other secondary source data.For "other transportation," as an example, the monthly indica-tors used to prepare the estimates include monthly merchandiseexports and imports (provided by the Census Bureau), passengerenplanements, and jet fuel prices. The monthly data from otherstatistical agencies and banks include partial bilateral travel datafrom Canada and Mexico. The other secondary source data in-clude average commission rates and fees (which are applied tomonthly data on foreign securities transactions), exchange rates,prices, and selected data for transportation and other servicesindustries.

Revision cycle

In each month's release, a preliminary services estimate will bepublished for the current month, along with a revised estimatefor the preceding month. After the revised estimate for a monthis released, there will be no further changes for that month un-til the quarterly BEA estimates of international transactions arereleased. The first monthly release following a quarterly inter-national transactions release will contain revised estimates ofservices for the previous 6 months, as the monthly estimates arealigned with the quarterly estimates. Annual revisions for themonths and quarters will be made in June.

Table 1 follows. S3


SURVEY OF CURRENT BUSINESS February 1994 • 6$

Table 1.—Principal Source Data Used To Prepare Estimates of U.S. International Services

Component (millions of dollars)1 Annual and quarterly estimates based on: Monthly estimates based on:

Travel:Receipts ($53,860)

Payments ($39,872)

Passenger fares:Receipts ($17,353)

Payments ($10,943)

Other transportation:Receipts ($22,773) .

Payments ($23,454)

Royalties and license fees:Receipts ($20,238)

Payments ($4,986)

Other private services:Receipts ($53,601)

Payments ($27,988)

Government services:Transfers under U.S. military

agency sales contracts 2

($11,015).U.S. Government

miscellaneous servicereceipts2 ($869).

Direct defense expenditures2

($13,766).U.S. Government

miscellaneous servicepayments2 ($2,290).

Numbers of foreign visitors to the United States each month reportedby the INS, estimates of average expenditures derived from aUSTTA survey, and monthly estimates reported by StatisticsCanada and the Bank of Mexico.

Numbers of U.S. travelers abroad each month reported by the INS,estimates of average expenditures derived from a USTTA survey,and monthly estimates reported by Statistics Canada and the Bankof Mexico.

Numbers of foreign visitors to the United States each month reportedby the INS, and estimates of average passenger fares derivedfrom a USTTA survey.

Numbers of U.S travelers abroad each month reported by the INS,and estimate of average passenger fares derived from a USTTAsurvey.

Annual and quarterly data on receipts from BEA surveys of oceanand air carriers; monthly data from Census Bureau surveys ofwaterbome and airborne exports; and various other sources,including Statistics Canada and various publicly available sourcedata on the transportation industry.

Annual and quarterly data on payments from BEA surveys of oceanand air carriers; monthly data from Census Bureau surveys ofwaterbome and airborne imports; and various other sources,including Statistics Canada and various publicly available sourcedata on the transportation industry.

Annual and quarterly data on receipts from BEA surveys of affiliatedand unaffiliated royalties and fees.

Annual and quarterly data on payments from BEA surveys of affiliatedand unaffiliated royalties and fees.

For affiliated services, annual and quarterly data from BEA surveys ofaffiliated services; for education services, annual and quarterlyestimates of numbers of students, tuition, room and board, andother expenditures derived from various sources in the educationindustry; for financial services, monthly data from the U.S. TreasuryDepartment's monthly surveys of international capital flows andBEA estimates of average commission rates and fees; forinsurance, telecommunications, and business, professional, andtechnical services, annual data from BEA surveys and variouspublicly available data on these industries.

For affiliated services, annual and quarterly data from BEA surveys ofaffiliated services; for education services, annual and quarterlyestimates of numbers of students, tuition, room and board, andother expenditures derived from various sources in the educationindustry; for financial services, monthly data from the U.S. TreasuryDepartment's monthly surveys of international capital flows andBEA estimates of average commission rates and fees; forinsurance, telecommunications, and business, professional, andtechnical services, annual data from BEA surveys and variouspublicly available data on these industries.

Annual and quarterly data from U.S. military agencies

U.S. Government agencies

Annual and quarterly data from U.S. military agencies

U.S. Government agencies

Enplanements each month from the ATA, monthly seasonal patterns,U.S. CPI, the number of Canadian visitors to the U.S. each monthreported by Statistics Canada, and monthly estimates reported bythe Bank of Mexico

ATA enplanements, international fare billings reported by ticket agentseach month, monthly seasonal patterns, CPI's by country,exchange rates by country, the number of U.S. travelers to Canadaeach month reported by Statistics Canada, and monthly estimatesreported by the Bank of Mexico

Number of Canadian commercial air travelers to the United Stateseach month reported by Statistics Canada, and estimates ofoverseas travel receipts based on monthly ATA enplanements andother secondary source data

Number of U.S. commercial air travelers to Canada each monthreported by Statistics Canada, and estimates of overseas travelpayments based on monthly ATA enplanements and othersecondary source data

U.S. merchandise trade each month reported by the Census Bureau,monthly jet fuel prices, and estimates of foreign visitors based onATA enplanements, recent trends, and monthly seasonal patterns

U.S. merchandise trade and air freight payments each month reportedby the Census Bureau, monthly ATA enplanements, jet fuel prices,CPI's by country, exchange rates by country, and estimates basedon past trends and monthly seasonal patterns

Recent quarterly trends and various secondary sources


For affiliated services and education, recent quarterly trends andvarious secondary sources; for financial services, monthly datafrom the U.S. Treasury Department's surveys of internationalcapital flows and BEA estimates of average commission rates andfees; for insurance, telecommunications, and business,professional, and technical services, trends supplemented withvarious publicly available data on these industries

For affiliated services and education, recent quarterly trends andvarious secondary sources; for financial services, monthly datafrom the U.S. Treasury Department's surveys of internationalcapital flows and BEA estimates of average commission rates andfees; for insurance, telecommunications, and business,professional, and technical services, trends supplemented withvarious publicly available data on these industries


Recent quarterly trends


Recent quarterly trends

1. Figures are annual values for 1992. Total service receipts were $179,710, and payments were$123,299.

2. These government transactions include both services and goods that cannot be separatelyidentified.

ATA Air Transport AssociationCPI Consumer Price IndexINS Immigration and Naturalization ServiceUSTTA U.S. Travel and Tourism Administration



User's Guide to BEA Information

The Bureau of Economic Analysis (BEA) pro-vides basic information on such key issues as economicgrowth, inflation, regional development, and the Na-tion's role in the world economy. This guide, whichlists the most recent and most frequently requestedBEA products, helps users locate and obtain thatinformation.

The guide contains program descriptions and en-tries for specific products. The first section, entitled"General," describes the products that cut across therange of BEA'S work. The following sections describethe products related to BEA ys four program areas: Na-tional economics, regional economics, internationaleconomics, and other tools for economic analysis.

Genera l BEA'S current national, regional, and international estimates usually appear first innews releases. (For upcoming release dates, see the outside back cover.) The infor-mation in news releases is available to the general public in four forms: On recordedtelephone messages, online through the Economic Bulletin Board (EBB), by fax throughEBB/FAX, and in printed BEA Reports. This section describes these products, as well asthe SURVEY OF CURRENT BUSINESS—BEA'S monthly journal of record. General infor-mation products produced by BEA are discussed first. This is followed by descriptionsof electronic products and services available through the Department of Commerce'sOffice of Business Analysis, which also disseminates BEA'S economic data. For moreinformation on any of these programs and products, write to the Public InformationOffice, BE-53, Bureau of Economic Analysis, U.S. Department of Commerce, Wash-ington, DC 20230, or call (202) 606-9900; for telecommunications device for the deaf(TDD), call (202) 606-5335.

BEA Products 1.1 SURVEY OF CURRENT BUSINESS (publication). A monthly journal containingestimates and analyses of U.S. economic activity. Most of BEA'S work is presentedin the SURVEY, either in full or in summary form. Includes the "Business Situa-tion"—a review of current economic developments—and regular and special articlespertaining to the national, regional, and international economic accounts and relatedtopics. Among the special articles that appeared in 1993 were "Evaluation of the GDPEstimates," "Gross Product by Industry, 1988-91," "Gross State Product, 1977-90,"and "Alternative Frameworks for U.S. International Transactions." Current quarterlyestimates of the national income and product accounts (see program description 2.0)appear every month.

The SURVEY also contains two statistical sections that present an array of economicdata from public and private sources. The Business Cycle Indicators section consists

What's New?

Foreign Direct Investment in the United States: Establishment Data for Manufacturing (see entry no.11.3);Gross Product by Industry data products (see entries 2.8-2.11);Discontinuance of Current Business Statistics (see the box on page 90).


SURVEY OF CURRENT BUSINESS February 1994 • 6j

How To Use This Guide

Entries in this guide are arranged by program area. Each programarea includes descriptions and schedules of current estimates, a list of prod-ucts available, and telephone numbers for users who have questions or needassistance.

Each BEA product is available from one of three sales agents, abbreviatedas follows:

BEA—Bureau of Economic AnalysisGPO—U.S. Government Printing Office, Superintendent of

DocumentsNTIS—National Technical Information Service

Each product's listing identifies the sales agent and includes a stock oraccession number to be used when ordering. An order form from each salesagent, including specific ordering information, is provided at the end of thisguide. Each sales agent accepts credit cards.

BEA data are also available in several electronic products from the Officeof Business Analysis (see entries 1.4-1.7).

of tables for about 270 series and charts for about 130 series that are widely usedin analyzing current cyclical developments. The Current Business Statistics sectionconsists of tables for over 1,900 series covering general business activities and specificindustries. The SURVEY is available from GPO: List ID SCUB, price $43.00 per year(domestic second-class mail), $53.75 (foreign second-class mail), or $89.00 (domesticfirst-class mail); single copy price, $11.00 (domestic) and $13.75 (foreign). Foreignairmail delivery rates are available upon request from GPO.

1.2 Recorded Telephone Messages. Brief (3-5 minutes) recorded telephone mes-sages summarizing key estimates immediately after their release. The messages areavailable 24 hours a day for several days following release. The usual time of release(eastern standard or eastern daylight time) and the telephone numbers to call are asfollows:

Leading Indicators (8:30 AM) (202) 606-5361The message is updated weekly, usually on Monday, to include re-cently available component data that will be incorporated into thenext release.

Gross Domestic Product (8:30 AM) -5306Personal Income and Outlays (8:30 AM) -5303U.S. International Trade in Goods and Services (8:30 AM) or

U.S International Transactions (10:00 AM) -5362The message summarizes the more recently released of these two series.

1.3 BEA Reports (EBB, EBB/FAX, news release). Five sets of reports that presentthe information contained in the BEA news releases for the following areas: Grossdomestic product; personal income and outlays; regional reports; international reports;and composite indexes of leading, coincident, and lagging indicators. The reportscontain summary estimates. All reports are available online through the EBB (seeentry no. 1.4) and by fax through EBB/FAX (see entry no. 1.5). The printed reports aremailed the day after estimates are released. Annual subscriptions to the printed reportsmay be ordered for individual sets or for all five sets. Order information for thefive printed sets is given below. For information on individual sets, see the followingcorresponding entries: Gross domestic product, entry no. 2.1; personal income andoutlays, entry no. 2.2; regional reports, entry no. 6.1; international reports, entry no.



General-Continued

Available throughthe Office of

Business Analysis

9.1; and composite indexes of leading, coincident, and lagging indicators, entry no.12.1.

All Five Sets. Usually a total of 55 printed reports. Available from BEA: AccessionNo. 53-91-11-019, price $100.00 per year.

BEA'S economic statistics are also made available in a number of electronic formatsthrough the Commerce Department's Office of Business Analysis (OBA).

1.4 Economic Bulletin Board. Online computer access to news releases and otherinformation, BEA places an increasing range of its information on the EconomicBulletin Board (EBB), BEA news releases are available on the EBB shortly after theirrelease. Selected estimates and articles such as the "Business Situation" and otherSURVEY OF CURRENT BUSINESS articles are also available. (Other items in this guidethat are available through the EBB are marked "EBB" after the title.) The EBB may beaccessed by personal computer equipped with a modem and communications software;the information available on it—which includes information from several other Federalagencies—may be either viewed on the user's screen or downloaded. The EBB isavailable by subscription from OBA. A $45.00 registration fee includes $20.00 of connecttime on the system, which is charged at rates that range from 5 cents to 40 centsper minute. Instant hookup is available. For more information, call OBA at (202)482-1986.

2.5 EBB/FAX. Facsimile-based service that provides access to BEA news releases,usually within 1 hour of the time of the release. Dial 1-900-786-2329 from a faxmachine's touch-tone telephone and follow the simple voice instructions. The EBB/FAXhandles the transmission of the selected file. The cost of EBB/FAX calls is $0.65 perminute. Charges for this service will appear on your regular telephone bill. Noregistration charge or other fees apply. This service is available 24 hours a day, 7 daysa week. For more information, call OBA at (202) 482-1986.

1.6 The National Trade Data Bank (CD-ROM). BEA places a significant numberof its information programs in the National Trade Data Bank (NTDB). These includeinternational transactions, foreign direct investment, balance of payments, annual andquarterly national income and product accounts, and others. The NTDB containsover 100 information programs from over 20 government agencies, including exportand import statistics, foreign marketing reports, "how-to" guides for exporters, andnames of companies overseas that want to do business with U.S. exporters. TheNTDB is produced monthly and may be ordered from OBA by calling (202) 482-1986;an individual monthly issue (2 discs) costs $35.00, and an annual subscription (12monthly issues) is $360.00. The NTDB is also available for public use at over 900Federal Depository Libraries located throughout the Nation.

1.7 The National Economic, Social, and Environmental Data Bank (CD-ROM).The National Economic, Social, and Environmental Data Bank (NESE-DB), the do-mestic counterpart to the National Trade Data Bank, contains many of the FederalGovernment's most popular publications relating to the U.S. economy, its society,and the environment and supports the business community by providing informationon Government resources available to businesses and rules and regulations that mayaffect them, BEA statistics included on the CD-ROM include the national income andproduct accounts, input-output tables, regional economic projections, business statis-tics, and business cycle indicators. The NESE-DB is produced quarterly in February,May, August, and November. Single discs may be purchased for $95.00 and an annualsubscription (four quarterly discs) is $360.00. The NESE-DB is also available for publicuse at over 900 Federal Depository Libraries. Call OBA at (202) 482-1986 for moreinformation or to place an order.



BEA'S national economics program encompasses the national income and productaccounts, government transactions on a national income and product accounting basis,and the input-output accounts.

2.0 The national income and product accounts (NIPA'S) show the value andcomposition of the Nation's output and the distribution of incomes generated in itsproduction. The accounts include estimates of gross domestic product (GDP)—themarket value of the Nation's output of goods and services—in current and constantdollars, GDP price measures, the goods and services that make up GDP in currentand constant dollars, national income, personal income, and corporate profits. Inaddition, BEA produces specialized measures such as estimates of auto and truckoutput, gross domestic product of corporate business, housing output, and businessinventories and sales. Estimates of gross product originating (GPO) by industry areprepared annually in current and constant dollars. Measures of the inventory and fixedcapital stocks consistent with the NIPA output measures are also provided. Further, theaccounts provide a consistent framework within which estimates of special interest—such as expenditures to protect the environment—are prepared. (Information aboutthe environmental estimates is provided in program description 5.0.)

The estimates of GDP are prepared each quarter in the following sequence: Advanceestimates are released near the end of the first month after the end of the quarter;as more detailed and comprehensive data become available, preliminary and finalestimates are released near the end of the second and third months, respectively.Monthly estimates of personal income and outlays are released near the end of themonth following the reference month; estimates for the two to four most recentmonths are revised at that time. Ordinarily, annual NIPA revisions are carried outeach summer and cover the months and quarters of the most recent calendar year andthe preceding 2 years. (For example, the August 1993 revision covered 1990, 1991, and1992.) These revisions are timed to incorporate newly available major annual sourcedata. Comprehensive (benchmark) revisions are carried out at about 5-year intervals(most recently in 1991). Current quarterly and monthly estimates are reported inthe SURVEY OF CURRENT BUSINESS; quarterly NIPA estimates appear in a set of 53"selected" tables, and monthly personal income and outlays estimates are reported inthe Current Business Statistics (or S-pages). The full set of NIPA tables (132 tables)usually is published at the time of annual revisions. Annual estimates of the fixedcapital stock are reported shortly thereafter.

In addition to the current and historical estimates described in the entries thatfollow, a considerable amount of component detail (for example, purchases of privatestructures by type) and industry detail (for example, change in business inventoriesby industry) is available. For further information about this detail or about thelisted computer tapes, printouts, and diskettes, write to the National Income andWealth Division, BE-54, Bureau of Economic Analysis, U.S. Department of Commerce,Washington, DC 20230, or call (202) 606-5304. For specific questions, the followingtelephone numbers may be used:

GDP (202) 606-5304Personal income and outlays -5301Corporate profits -9738Personal consumption expenditures -5302Gross private domestic investment -9711GDP by industry -5307

A recorded telephone message summarizing the latest GDP estimates is available bycalling (202) 606-5306 (see entry no. 1.2). A recorded message summarizing the latestpersonal income and outlays estimates is available at (202) 606-5303.

NationalEconomics

National incomeand productaccounts


JO • February 1994 SURVEY OF CURRENT BUSINESS

Current estimates 2.1 BEA Reports: Gross Domestic Product (EBB, EBB/FAX, news release).Monthly reports with summary NIPA estimates that feature GDP and corporate profits.Reports are available online through the EBB (see entry no. 1.4) and by fax throughEBB/FAX (see entry no. 1.5). Printed reports are mailed the day after estimates arereleased. (This set of reports is included in the five sets of BEA Reports:, see entryno. 1.3.) The gross domestic product printed reports are available from BEA on asubscription basis: Accession No. 53-91-11-015, price $24.00 per year.

2.2 BEA Reports: Personal Income and Outlays (EBB, EBB/FAX, news release).Monthly reports with summary NIPA estimates that feature personal income and out-lays. Reports are available online through the EBB (see entry no. 1.4) and by faxthrough EBB/FAX (see entry no. 1.5). Printed reports are mailed the day after estimatesare released. (This set of reports is included in the five sets of BEA Reports; see entryno. 1.3.) The personal income and outlays printed reports are available from BEA ona subscription basis: Accession No. 53-91-11-014, price $24.00 per year.

2.3 Monthly Advance National Income and Product Accounts Tables (EBB,diskette, or printout), NIPA estimates as they appear in the current issue of the SURVEY

OF CURRENT BUSINESS. Updated monthly. Available online through the EBB (see entryno. 1.4). Diskettes and printouts are available 1 day after the release of GDP and areavailable from BEA on a subscription basis:

Diskette (5V4")—Accession No. 54-85-41-401, price $200.00 per year.Printout—Accession No. 54-83-21-201, price $100.00 per year.

2.4 Key Source Data and Assumptions (EBB, printed table). Available sourcedata and assumptions for missing source data that are used to prepare the advanceestimates of GDP for each quarter. Available online through the EBB (see entry no.1.4). Annual subscriptions for the printed table begin in January and are availablefrom BEA: Accession No. 54-84-21-209, price $25.00 per year.

Historical estimates 2.5 National Income and Product Accounts (diskette). The full set of NIPA tables,most with estimates from 1929 to the present. Diskettes {$W HD) available from BEA:Accession No. 54-89-41-401, price $40.00 (two diskettes). [Other types of diskettes areavailable; for information, call (202) 606-5304.]

2.6 National Income and Product Accounts (computer tape). The full set of NIPA

tables, most with estimates from 1929 to the present. Available from BEA: AccessionNo. 54-83-01-001, price $100.00.

2.7 National Income and Product Accounts of the United States (publication).Two volumes. Presents the full set of NIPA tables for 1929-88. Includes statisticalconventions and the definitions and classifications underlying the NIPA'S. (1992-93)Available from GPO:

Volume 1: 1929-58. Stock No. 003-010-00236-1, price $15.00.Volume 2: 1959-88. Stock No. 003-010-00231-0, price $25.00.

GDP by industryestimates

2.8 Gross Product by Industry. Annual estimates of gross product originat-ing (GPO) by industry in current dollars (1947-91) and constant dollars (1977-91).Constant-dollar estimates are calculated using benchmark-years and fixed-1987 weights.These estimates, published in the November 1993 SURVEY OF CURRENT BUSINESS, pro-vide the industrial distribution of GDP as currently shown in the national income andproduct accounts (NIPA'S). Estimates are based on the 1972 Standard Industrial Clas-sification (sic) for 1947-86, on the 1987 sic for 1988-91, and on both the 1972 and 1987sic's for 1987. The files also include tables showing the components of gross domesticincome that define current-dollar GPO.

Computer Tape—Accession No. 54-91-00-006, price $100.00


SURVEY OF CURRENT BUSINESS February 1994 • Jl

Diskette {$W HD)—Accession No. 54-91-40-406, price $20.00 [Other types ofdiskettes are also available. For information, call (202) 606-5307.]

Printout—Accession No. 54-91-29-206, price $20.00

2.9 Gross Output by Detailed Industry. Annual estimates (1977-91) of grossoutput in current and constant dollars for double-deflated industries that were usedto prepare the estimates of GPO published in the November 1993 SURVEY OF CURRENT

BUSINESS. Industry detail generally exceeds that available in the Gross Product byIndustry data products (see entry no. 2.8). Gross output for manufacturing industriesis available only at the two-digit GPO level of industry detail on these files. See entrynumbers 2.10 and 2.11 for more detailed data for manufacturing.

Computer Tape—Accession No. 54-91-00-010, price $100.00Diskette (3V2" HD)—Accession No. 54-91-40-410, price $20.00 [Other types of

diskettes are also available. For information, call (202) 606-5307.]Printout—Accession No. 54-91-20-210, price $20.00

2.10 Manufacturing Establishment Shipments. Annual estimates (1977-91) incurrent and constant dollars of manufacturing establishments by four-digit sic indus-try. These estimates were used to prepare the estimates of gross output that underliethe GPO estimates published in the November 1993 SURVEY OF CURRENT BUSINESS.

The shipment estimates are based on the 1972 (sic) for 1977-1986, on the 1987 sic for1988-91, and on both the 1972 and 1987 sic's for 1987.

Computer Tape—Accession No. 54-91-00-007, price $100.00Diskette(31/2// HD)—Accession No. 54-91-40-407, price $20.00 [Other types of


2.11 Manufacturing Product Shipments. Annual estimates (1977-91) in currentand constant dollars of manufacturing shipments by 5-digit Census product classdefined on a wherever made basis. Estimates are based on the 1972 Census Bureauproduct-class system for 1977-1986, on the 1987 system for 1988-91, and on both the1972 and 1987 systems for 1987.

Computer Tape—Accession No. 54-91-00-008, price $100.00Diskette (3V2" HD)—Accession No. 54-91-40-408, price $20.00 [Other types of


Summary tables listing the principal source data and estimating methods used toprepare the NIPA estimates are included in the articles in the SURVEY OF CURRENTBUSINESS that describe annual revisions to the NIPA'S. These tables were last publishedin the August 1993 issue. A number of papers that provide detailed descriptions ofNIPA concepts and methodologies have been published (see next entry).

NOTE.—The methodologies used to prepare the NIPA'S are periodically refined toincorporate definitional changes, new source data, and/or new estimating procedures.In most cases, changes in methodology are introduced as part of the annual revisionsthat usually occur each summer or as part of the comprehensive revisions that occurabout every 5 years. The major methodological changes introduced in recent annualrevisions are described in articles about the revised estimates in the July 1992 andAugust 1993 issues of the SURVEY. The major methodological changes introduced inthe most recent comprehensive revision are listed on pages 38-39 of the December1991 SURVEY.

Methodology Papers (publications). A series of papers that documents the con-ceptual framework of the NIPA'S and the methodology used to prepare the estimates.To date, six papers are available.

2.12 An Introduction to National Economic Accounting (NIPA Methodology Pa-per No. 1). An introduction to the concepts of the U.S. NIPA'S that places

NIPA methodology


J2 • February SURVEY OF CURRENT BUSINESS

NationalEconomics—Continued

these accounts within the larger framework of national economic accounting.Shows the step-by-step derivation of a general national economic account-ing system from the conventional accounting statements used by businessand government and inferred for other transactors. Also shows how theincome and product accounts, the capital finance accounts, and the input-output accounts—the major branches of national economic accounting inthe United States today—are derived from this general system. Also ap-peared in the March 1985 SURVEY OF CURRENT BUSINESS. (1985) Availablefrom NTIS: Accession No. PB 85-247567, price $12.50.

2.13 Corporate Profits: Profits Before Tax, Profits Tax Liability, and Dividends(NIPA Methodology Paper No. 2). A description of the concepts, sources,and methods of the corporate profits components of the NIPA'S. (1985)Available from NTIS: Accession No. PB 85-245397, price $19.50.

2.14 Foreign Transactions (NIPA Methodology Paper No. 3). A description ofthe preparation of estimates in the NIPA'S of net exports (both current- andconstant-dollar), transfer payments to foreigners, capital grants received bythe United States, interest paid by Government to foreigners, and net foreigninvestment. Also describes the relationship between foreign transactionsestimates in the NIPA'S and those in the balance of payments accounts. (1987)Available from NTIS: Accession No. PB 88-100649, price $19.50.

2.15 GNP: An Overview of Source Data and Estimating Methods (NIPA Method-ology Paper No. 4). Basic information about GNP, including the conceptualbasis for the account that presents GNP, definitions of each of the compo-nents on the income and product sides of that account, and a summary,presented in tabular form, of the source data and methods used in preparingestimates of current- and constant-dollar GNP. Also provides an annotatedbibliography, with a directory, of the more than 50 items over the last decadethat provided methodological information about GNP. Appeared in the July1987 SURVEY OF CURRENT BUSINESS. (1987) Available from NTIS: AccessionNo. PB 88-134838, price $17.50. The summary of source data and methodswas updated in the August 1993 issue of the SURVEY (tables 7 and 8, pages25 through 41).

2.16 Government Transactions (NIPA Methodology Paper No. 5). Presents theconceptual basis and framework of government transactions in the nationalincome and product accounts, describes the presentation of the estimates,and details the sources and methods used to prepare estimates of Federaltransactions and of State and local transactions. (1988) Available from NTIS:

Accession No. PB 90-118480, price $27.00.

2.17 Personal Consumption Expenditures (NIPA Methodology Paper No. 6).Presents the conceptual basis and framework for personal consumption ex-penditures (PCE) in the NIPA'S, describes the presentation of the estimates,and details the sources and methods used to prepare annual, quarterly, andmonthly estimates of PCE. Includes a bibliography, definitions, and conve-nient tabular summaries of estimating procedures. (1990) Available fromNTIS: Accession No. PB 90-254244, price $19.50.

Other informationrelated to the NIPA'S

2,18 The Underground Economy: An Introduction (reprint). A discussion ofthe coverage, measurement methods, and implications of the underground economy.Part of the discussion features the relation between the NIPA'S and the undergroundeconomy: Illegal activities in the context of the NIPA'S, three sets of NIPA estimatessometimes misunderstood as being measures of the underground economy, and theeffect on NIPA estimates of possible misreporting in source data due to the underground



economy. Articles appeared in the May 1984 and July 1984 issues of the SURVEY

OF CURRENT BUSINESS. (1984) Available from BEA: Accession No. 53-84-10-001, price$5.00.

2.19 Alternative Measures of Change in Real Output and Prices (reprint). Fourarticles that appeared in the SURVEY OF CURRENT BUSINESS describing the two alterna-tively weighted measures of real output and of prices that BEA prepares to supplementits featured fixed-weighted measures. These alternative measures are especially usefulfor studies of long-term economic growth, for comparisons of business cycles, and forgauging the effect of changes in the economy's relative price structure on the meas-urement of real gross domestic product. (1993) Available from BEA: Accession No.53-93-10-002, price $5.00.

2.20 Evaluation of the GNP Estimates (reprint). An evaluation of the GNP es-timates, covering the reliability of estimates, sources of error and types of statisticalimprovement, status of source data, documentation of methodology, release sched-ules, and security before release. This article appeared in the August 1987 SURVEY

OF CURRENT BUSINESS. (1987) Available from BEA: Accession No. 53-88-10-001, price$5.00. (For a more recent study, see Allan H. Young, "Reliability of the QuarterlyEstimates of GDP" SURVEY 73 (October 1993): 29-43.)

2.21 The Use of National Income and Product Accounts for Public Policy: OurSuccesses and Failures (BEA Staff Paper No. 43). An evaluation using two indirectapproaches. The first reviews the "accuracy" of the estimates, using the size of revisionsto GNP estimates as an indicator. The second reviews users' recommendations drawnfrom publications issued over the last 30 years. (1985) Available from NTIS: AccessionNo. PB 86-191541, price $17.50.

2.22 The United Nations System of National Accounts: An Introduction(reprint). Describes the United Nations System of National Accounts (SNA), which isfollowed by most other countries, and contrasts it with the U.S. economic accounts.The article also presents estimates prepared by BEA to approximate some of the majorSNA aggregates and describes the revision of the SNA that is underway. This article ap-peared in the June 1990 SURVEY OF CURRENT BUSINESS. (1990) Available upon requestfrom BEA'S Public Information Office.

2.23 Fixed Reproducible Tangible Wealth in the United States, 1925-89 (publi-cation). Includes annual estimates of gross and net stocks, depreciation, discards, andaverage ages of gross and net stocks in historical-cost, constant-cost, and current-costvaluations, as follows: Fixed nonresidential private capital owned by each two-digitStandard Industrial Classification (sic) establishment-based industry for 1947-89,based on the 1987 sic; Fixed nonresidential private capital, by type of equipmentand structures and by legal form of organization, for 1925-89; Residential capital, bytype of equipment and structures, by legal form of organization, by industry, and bytenure group, for 1925-89; Durable goods owned by consumers, by type of goods,for 1925-89; Government-owned fixed capital, by type of equipment and structures,separately for the Federal Government and for State and local government, for 1925-89. Also includes the investment series and service lives used to derive the wealthestimates and a detailed statement of methodology. (1993) Available from GPO: StockNo. 003-010-00235-2, price $25.00.

2.24 Wealth (diskette, computer tape). Annual estimates of gross and net stocks,depreciation, and discards for fixed nonresidential private and residential capital,durable goods owned by consumers, and fixed capital owned by governments. Forfixed private capital, contains estimates by each NIPA type of equipment and struc-tures for 1925 to the present. For fixed private capital, also contains estimates of totalequipment, total structures, and the total of equipment and structures owned by each

Wealth and relatedestimates


74 # February 1994 SURVEY OF CURRENT BUSINESS


two-digit sic establishment-based industry for 1947 to the present, based on the 1987sic. For durable goods owned by consumers, contains estimates by each NIPA typeof goods for 1925 to the present. For fixed capital owned by governments, containsestimates by each NIPA type of equipment and structures, separately for the FederalGovernment and for State and local government, for 1925 to the present. The esti-mates are in historical-cost, constant-cost (1987 dollars), and current-cost valuations.Also includes stock series similar to those used by the Bureau of Labor Statistics toderive measures of capital input for multifactor productivity studies. The investmentseries used to derive all of these estimates are also included, in the same detail as thestock estimates, in historical-cost and constant-cost (1987 dollars) valuations. Updatedannually. Available from BEA:

Diskette (3V2" HD)—Accession No. 54-89-40-004, price $100.00 (five diskettes).[Diskettes can be ordered individually and for other types of diskettes; forinformation, call (202) 606-9740.]

Computer tape—Accession No. 54-89-00-001, price $100.00.

2.2s Detailed Investment by Industry (diskette, computer tape). Annual es-timates for 1947 to the present of investment purchased by each two-digit sicestablishment-based industry, separately for each detailed NIPA type of equipment andstructures, based on the 1987 sic. (The Wealth tape and diskettes in item 2.19 alsoinclude investment series for each industry, but only for total equipment, total struc-tures, and the total of equipment and structures.) The estimates are in historical-costand constant-cost (1987 dollars) valuations. Updated annually. Available from BEA:

Diskette (3V2" HD)—Accession No. 54-89-40-005, price $20.00. [Other types ofdiskettes may be ordered; for information, call (202) 606-9740.]


2.26 Detailed Wealth by Industry (diskette, computer tape). Annual estimatesfor 1947 to the present of gross and net stocks, depreciation, and discards for fixednonresidential private capital owned by each two-digit sic establishment-based indus-try, separately for each detailed NIPA type of equipment and structures, based on the1987 sic. (The Wealth tape and diskettes in item 2.19 also include estimates of grossand net stocks, depreciation, and discards for each industry, but only for total equip-ment, total structures, and the total of equipment and structures.) Also includes stockseries similar to those used by the Bureau of Labor Statistics to derive measures ofcapital input for multifactor productivity studies. The estimates are in constant-cost(1987 dollars) and current-cost valuations. Updated annually. Available from BEA:

Diskette (3V2" HD)—Accession No. 54-89-40-006, price $60.00 (three diskettes).[Diskettes can be ordered individually and for other types of diskettes; forinformation, call (202) 606-9740.]


Government 3.0 BEA'S estimates of government receipts, expenditures, and surplus or deficittransactions are on a national income and product accounting basis. The estimates are prepared

separately for Federal and for State and local governments on the same schedule asthat described for the NIPA'S. Reconciliations of the Federal sector on a NIPA basisand the unified budget prepared by the Office of Management and Budget are thebasis for an article in the SURVEY OF CURRENT BUSINESS, usually in February, aboutFederal fiscal programs for the next fiscal year, and for detailed tables in the Julyissue. These reconciliations, and more specialized work such as described in thepapers that follow, facilitate analysis of the effects of government fiscal policies onthe economy. An article on the fiscal position of State and local governments isusually published in the February or March SURVEY. For further information, writeto the Government Division, BE-57, Bureau of Economic Analysis, U.S. Department



of Commerce, Washington, DC 20230, or call (202) 606-5590. For specific questions,the following telephone numbers may be used:

Federal (202) 606-5591State and local -5594National defense -5592

3.1 Government Transactions (NIPA Methodology Paper No. 5). Presents theconceptual basis and framework of government transactions in the national incomeand product accounts, describes the presentation of the estimates, and details thesources and methods used to prepare estimates of Federal transactions and of Stateand local transactions. (1988) Available from NTIS: Accession No. PB 90-118480, price$27.00.

3.2 Cyclical Adjustment of the Federal Budget and Federal Debt: Updated De-tailed Methodology and Estimates (BEA Staff Paper No. 45). Description of themodels that BEA used, prior to the latest comprehensive revision of the NIPA'S, toestimate the cyclically adjusted Federal budget and inflation-induced changes in thecyclically adjusted budget. The quarterly data for the variables in the models and theregression equations underlying the coefficients are presented. The paper also dis-cusses the cyclical adjustment of Federal debt and shows some results. NOTE.—Theprocedures described in this staff paper have not been updated to reflect the 1991comprehensive revision of the NIPA'S; publication of the estimates in the SURVEY OFCURRENT BUSINESS has been suspended pending this update. (1986) Available fromNTIS: Accession No. PB 87-157376, price $27.00.

4.0 Input-output accounts for the United States show how industries interact— Input-outputproviding input to, and taking output from, each other—to produce GNP. Benchmark accountstables, based largely on the economic censuses, are prepared every 5 years; the latestbenchmark tables are for 1982. (Benchmark tables for 1987 will be forthcoming inspring 1994.) Annual tables are prepared using basically the same procedures as usedfor the benchmark tables, but with less comprehensive and less reliable source data.Associated benchmark tables, showing capital flows from producing to using industriesand employment and employee compensation by industry are also prepared. Thecomputer tapes, diskettes, and printouts listed below are for the tables at the 85-industry level; more detailed tables are also available. For further information, writeto the Interindustry Economics Division, BE-51, Bureau of Economic Analysis, U.S.Department of Commerce, Washington, DC 20230, or call (202) 606-5585. For specificquestions, the following telephone numbers may be used:

Benchmark tables (202) 606-5586Goods-producing industries -5586Services-producing industries -5586Annual tables -5587Computer tapes, diskettes, and printouts -5585

4.1 The 1982 Benchmark Input-Output Accounts of the United States (publi-cation). This volume contains the use and make tables and total output multipliersfor BEA'S 1982 benchmark input-output (1-0) study at the 5411-0 industry/commoditylevel of detail. Includes discussion of analytical and statistical uses of data, descrip-tion of sources and methods, and overview of industry and commodity classification.(1991) Available from GPO: Stock No. 003-010-00226-3, price $19.00.


j6 • February 1994 SURVEY OF CURRENT BUSINESS


4.2 1982 Benchmark 85-Industry Input-Output Tables (computer tape, diskette,and printout). Five tables: (1) Use table, (2) make table, (3) commodity-by-industrydirect requirements table, (4) commodity-by-commodity total requirements table, and(5) industry-by-commodity total requirements table. (1992) Available from BEA:

Computer tape—Accession No. 51-91-00-004, price $100.00.Diskette (5V4")—Accession No. 51-91-40-008, price $20.00. [Other types of

diskettes available; for more information, call (202) 606-5585.]Printout—Accession No. 51-91-20-002, price $55.00.

4.3 1987 Annual 85-Industry Input-Output Tables Based on the 1982 Bench-mark Input-Output Study (diskette and printout). Four tables: (1) Use table,(2) make table, [no (3) commodity-by-industry direct requirements table,] (4)commodity-by-commodity total requirements table, and (5) industry-by-commoditytotal requirements table. Data on ^/i" HD diskette are provided with software utilityto convert data to a spreadsheet format. (1992) Available from BEA:

Diskette {3V2" HD)—Accession No. 51-92-40-401, price $20.00. [Other types ofdiskettes available; for more information, call (202) 606-5585.]

Printout—Accession No. 51-92-20-001, price $55.00.

NOTE.—Annual 85-industry input-output tables based on the 1977 benchmarkinput-output study are also available; for information, call (202) 606-5585.

Environmentalestimates

5.0 BEA maintains a set of annual current- and constant-dollar estimates of cap-ital expenditures and operating costs for pollution abatement and control. Theseestimates, which are prepared within the framework of the national income and prod-uct accounts, are classified by sector (consumers, business, and government) and byelement of the environment affected (air, land, and water). The most recent SURVEYOF CURRENT BUSINESS article reporting the total expenditures (including capital andoperating spending) appeared in May 1993. For further information, write to theEnvironmental Economics Division, BE-62, Bureau of Economic Analysis, U.S. De-partment of Commerce, Washington, DC 20230, or call (202) 606-5350. For specificquestions, the following telephone numbers may be used:

Total expenditures (202) 606-9983Capital expenditures -9982

5.1 BEA Reports: Pollution Abatement and Control Expenditures (EBB, newsrelease). News release on annual pollution abatement and control expenditures. Avail-able online through the EBB (see entry no. 1.4). Printed release available by calling orwriting the Environmental Economics Division.

5.2 Stocks and Underlying Data for Air and Water Pollution Abatement Plantand Equipment (printout). Estimates of the gross and net capital stocks at historical,constant, and current cost; estimates of capital expenditures in constant and currentdollars; price indexes by media (air and water) and for selected industry groups (man-ufacturing, electric utilities, and other nonmanufacturing); and estimates of lifetimesby media for pollution abatement plant and equipment. Available from BEA: AccessionNo. 62-82-20-001, price $35.00.



BEA'S regional economics program provides estimates, analyses, and projections byregion, State, metropolitan area, and county.

6.1 BEA Reports: Regional Reports (EBB, EBB/FAX, news release). Reports (usu-ally six a year) with summary estimates of State personal income (quarterly andannual) and of county and metropolitan area personal income (annual). Reports areavailable online through the EBB (see entry no. 1.4). (The EBB carries, in addition tothe news release, estimates of personal income by State and by county and earningsand wages by industry and by State; see entry 7.2.) The news releases are also availableby fax through EBB/FAX (see entry no. 1.5). The printed reports are mailed the dayafter estimates are released. (This set of reports is included in the five sets of BEAReports; see entry no. 1.3.) These printed regional reports are available from BEA on asubscription basis: Accession No. 53-91-11-017, price $12.00 per year.

RegionalEconomics

7.0 Current quarterly State personal income estimates are reported in the Jan-uary, April, July, and October issues of the SURVEY OF CURRENT BUSINESS. The annualestimates of State and local area personal income for a given year are subject to suc-cessive refinement. Preliminary annual State estimates, based on the current quarterlyseries, are released 4 months after the close of the reference year and published inthe April SURVEY. Revised annual estimates based on more reliable source data arepublished in the August SURVEY. These estimates are subsequently revised to incorpo-rate newly available information used to prepare the current local area estimates. Therevised State estimates, together with the current local area estimates, are publishedin the following April SURVEY. The annual estimates emerging from this process aresubject to further revision for several succeeding years (the State estimates in Apriland August and the local area estimates in April), as additional data become available.The routine revisions of the State estimates for a given year are normally completedwith the fourth April release. After that, the estimates will be changed only to incor-porate a comprehensive revision in the national income and product accounts, whichtakes place approximately every 5 years, or to make important improvements to theestimates through the use of additional or more current State and local area data.

Estimates of personal income and employment by State, metropolitan area, andcounty are available through the Regional Economic Information System (REIS). Thesystem includes an information retrieval service that provides a variety of analyticaltabulations for counties and combinations of counties. All of the tabulations areavailable in several media.

BEA also makes its regional estimates available through the BEA User Group,members of which include State agencies, universities, and Census Bureau PrimaryState Data Centers, BEA provides its estimates of income and employment for allStates and counties to these organizations with the understanding that they will makethe estimates readily available.

For further information, write to the Regional Economic Measurement Division,BE-55, Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC20230, or call (202) 606-5360.

7.1 Regional Economic Information System (REIS) CD-ROM, 1969-92 (CD-ROM).

Estimates of annual personal income by major source, per capita personal income,earnings by two-digit sic industry, full- and part-time employment by one-digit sicindustry, regional economic profiles, transfer payments by major program, and farmincome and expenses for States, metropolitan areas, and counties. The CD-ROM con-tains over 450 megabytes of data and documentation. All the estimates are stored asASCII files that can be accessed in either sequential or random mode. The CD-ROM

includes a REIS program that allows the user to display, print, or copy one or moreof the standard tables from the historical personal income series.

Regional estimates



RegionalEconomics—Continued

Special-order regionalproducts . . .

. . . For regions andStates

The items in section 7.2must be special-ordered.Refer to the text at thebeginning of section 7.2for instructions.

In addition, the CD-ROM includes BEA estimates of quarterly personal income byState (i969:i-i993:iv); Census Bureau data on intercounty flows for i960, 1970, 1980,and 1990; BEA'S latest gross state product estimates for 1977-90; its projections to 2040of income and employment for States and metropolitan areas; and total commuters'income flows, 1969-91. Updated annually. (May 1994) Available from BEA: AccessionNo. 55"92.-3O-599> P r i c e $35-00.

7.2 Regional Income and Employment. The products listed in section 7.2 mustbe special-ordered from BEA for the specific area(s) needed. Items 7.2.1 through 7.2.12are for the United States, regions, and States. Items 7.2.13 through 7.2.24 are for theUnited States, States, metropolitan areas, and counties and will be available in May1994. All items are available on several media and can be purchased for a single area(a county, a metropolitan area, a State), for groups of areas (several counties, severalmetropolitan areas, all counties in a State, several States), or for all counties or allStates in the United States. Some items are available online through the EBB (seeentry no. 1.4). Before placing an order, write to the Regional Economic MeasurementDivision, REIS, BE-55, Bureau of Economic Analysis, Washington DC 20230, or call(202) 606-5360 for accession numbers, prices, and availability. Call the same numberto place charge orders using MasterCard or VISA.

7.2.1 Quarterly Personal Income, 1969-93 (EBB, printout). Total personalincome by quarter for the United States, regions, and States. (1994)

7.2.2 Quarterly Personal Income by Major Source and Earnings by Industry,1969-93 (EBB, computer tape, printout, diskette). Major sources of personal incomeand earnings by one-digit sic industry by quarter for the United States, regions, andStates. (1994)

7.2.3 Quarterly Wages and Salaries by Major Source and Major Industry, 1969-93 (EBB, computer tape, printout, diskette). Wage and salary disbursements by one-digit sic industry by quarter for the United States, regions, and States. (1994)

7.2.4 Personal Income, Per Capita Personal Income, and Total Population,1929-93 (EBB, computer tape, printout, diskette). Total and per capita personal incomeand population annually for the United States, regions, and States. (April 1994)

7.2.5 Personal Income by Major Source and Earnings by Industry, 1929-92 (EBB,computer tape, printout, diskette). Major sources of personal income and earningsby two-digit sic industry annually for 1958-92 and by one-digit industry for 1929-57for the United States, regions, and States. (1993)

7.2.6 Wage and Salary Disbursements by Industry, 1958-92 (EBB, computer tape,printout, diskette). Wages and salaries by two-digit sic industry annually for 1958-92and by one-digit industry annually for 1929-57 for the United States, regions, andStates. (1993)

7.2.7 Full-Time and Part-Time Employment by Industry, 1969-92 (computertape, printout, diskette). Total employment by place of work by two-digit sic industryannually for the United States, regions, and States. (1993)

7.2.8 Full-Time and Part-Time Wage and Salary Employment by Industry,1969-92 (computer tape, printout, diskette). Wage and salary employment by placeof work by two-digit sic industry annually for the United States, regions, and States.(1993)

7.2.9 Transfer Payments, 1948-92 (computer tape, printout, diskette). Transferpayments by type annually for the United States, regions, and States. (1993)

7.2.10 Farm Income and Expenses, 1969-92 (computer tape, printout, diskette).Major categories of farm income and expenses and gross and net farm incomeaggregates annually for the United States, regions, and States. (1993)



7.2.11 Personal Tax and Nontax Payments, 1948-92 (computer tape, printout,diskette). Personal tax and nontax payments by level of government and by type ofpayment (includes total and per capita disposable personal income and population)annually for the United States, regions, and States. (1993)

7.2.12 Disposable Personal Income, Per Capita Disposable Personal Income, andTotal Population, 1948-92 (EBB, printout, diskette). Total and per capita disposablepersonal income and population annually for the United States, regions, and States.(April 1994)

7.2.13 Personal Income, Per Capita Personal Income, and Total Population,1969-92 (EBB,computer tape, printout, diskette). Total and per capita personal incomeand population annually for the United States, States, metropolitan areas, and counties.(May 1994)

7.2.14 Per Capita Personal Income Ranking, 1992 (printout). Ranking in theUnited States and in regions (highest and lowest 250 counties). (May 1994) Availablefrom BEA:

Printout—Accession No. 55-92-20-541, price $20.00. Rankings among all counties.Printout—Accession No. 55-92-20-542, price $20.00. Rankings among counties

with total personal incomes greater than $50 million.

7.2.15 Personal Income by Major Source and Earnings by Major Industry, 1969-92 (computer tape, printout, diskette). Major sources of personal income and earningsby one-digit sic industry annually for the United States, States, metropolitan areas,and counties. (May 1994)

7.2.16 Personal Income by Major Source and Earnings by Industry, 1969-92(computer tape, printout). Major sources of personal income and earnings by two-digit sic industry annually for the United States, States, metropolitan areas, andcounties. (May 1994)

7.2.17 Full-Time and Part-Time Employment by Major Industry, 1969-92 (com-puter tape, printout, diskette). Total employment by one-digit sic industry annuallyfor the United States, States, metropolitan areas, and counties. (May 1994)

7.2.18 Regional Economic Profile, 1969-92 (computer tape, printout). Summaryof income and employment by place of work and residence annually for the UnitedStates, States, metropolitan areas, and counties. (May 1994)

7.2.19 Total Wages and Salaries, Total Wage and Salary Employment, and Av-erage Wage Per Job, 1969-92 (computer tape, printout, diskette). Annually for theUnited States, States, metropolitan areas, and counties. (January 1994)

7.2.20 Transfer Payments, 1969-92 (computer tape, printout, diskette). Transferpayments by type annually for the United States, States, metropolitan areas, andcounties. (May 1994)

7.2.21 Farm Income and Expenses, 1969-92 (computer tape, printout, diskette).Major categories of farm income and expenses and gross and net farm aggregatesannually for the United States, States, and counties. (May 1994)

7.2.22 BEARFACTS, 1991-92 or 1982-92 (printout, diskette). One-page computer-generated narrative. Describes an area's personal income using current estimates,growth rates, and a breakdown of the sources of personal income for that area forStates, metropolitan areas, and counties. (May 1994)

7.2.23 Journey-To-Work, i960, 1970, 1980, 1990 (computer tape, printout,diskette). Data on commuting flows to and from counties from decennial census: Byplace of work or by place of residence. (1990)

7.2.24 Total Commuters' Income Flows, 1969-92 (computer tape, printout,diskette). Total gross commuters' income flows (inflows and outflows) annually forall counties. (May 1994)

. . . For States,metropolitan areas,and counties

The items in section 7.2must be special-ordered.Refer to the text at thebeginning of section 7.2for instructions.



Regional analysesand projections

8.0 BEA prepares analyses to identify and measure factors that determine areadifferences in total and per capita personal income and in industry employment andoutput. Long-term projections of personal income, employment, and earnings byindustry are prepared for all States and metropolitan areas every 5 years and for se-lected States and areas in other years, BEA maintains midterm regional econometricmodels to forecast annual changes in economic activity and to analyze the impacts ofprojects and programs. In conjunction with the projections work, BEA has developedestimates of gross state product. These estimates, prepared by industry, supplementthe estimates of personal income described in program description 7.0. For fur-ther information, write to the Regional Economic Analysis Division,BE-6i, Bureau ofEconomic Analysis, U.S. Department of Commerce, Washington, DC 20230, or call(202) 606-3700. For specific questions, the following telephone numbers may be used:

Long-term regional projections (202) 606-5341Midterm regional projections -5342Regional input-output multipliers -5343Gross state product by industry -534°

8.1 Revised Gross State Product, Annual Estimates, 1977-90 (EBB, diskette,CD-ROM). These estimates are the State equivalent of GDP and provide the most com-prehensive measure of State production now available. Gross state product is measuredin current dollars as the sum of four components for each industry: Compensationof employees; proprietors' income with inventory valuation adjustment and capitalconsumption allowances; indirect business tax and nontax liability; and other, mainlycapital-related, charges. The estimates are for the 50 States, eight BEA regions, and theUnited States, and for 61 industries. Estimates are in current and constant (1987) dol-lars. Summary estimates were published in the December 1993 SURVEY OF CURRENTBUSINESS. (1993) Available online through the EBB (see entry no. 1.4) and on CD-ROM(see entry no. 7.1). Diskettes available from BEA:

Diskette {3V2" HD)—Accession No. 61-93-40-421, price $20.00. [Other types ofdiskettes are also available. For information, call (202) 606-5340.]

8.2 Experimental Estimates of Gross State Product by Industry (BEA Staff PaperNo. 42). A description of the issues and methodology for preparing estimates of grossstate product—the State equivalent of GDP. The estimates are consistent with BEA'SState personal income and with GNP by industry. (The estimates and parts of themethodology published in this paper have been superseded; see entry no. 8.1.) (1985)Available from NTIS: Accession No. PB 85-240885, price $27.00.

8.3 Regional Multipliers: A User Handbook for the Regional Input-OutputModeling System (RIMS II), Second Edition (publication). Presents updated tablesof regional input-output (1-0) multipliers by industry, for output, earnings, and em-ployment, for all States and the District of Columbia. Multipliers are shown on adirect-effect and a final-demand basis. Explains how to obtain multipliers for over500 industries for any geographic area composed of one or more U.S. counties or

SURVEY OF

• Subject

Need Help?

CURRENT BUSINESS:

Index—in every June and

Try An Index!

December• NIPA Index—just after the NIPA tables in the• S-Pages• C-Pages

Index—at the back of theIndex—page C-50 of the

S-pages inNovember

issue.July 1992 issue.every issue.1993 issue.


SURVEY OF CURRENT BUSINESS February 1994 • 8l

county equivalents. Includes case studies. (1992) Available from GPO: Stock No.003-010-00227-1, price $13.00.

8.4 BEA Regional Projections to 2040 (publication, diskette, CD-ROM). Estimatesfor 1973,1979,1983, and 1988, and projections for 1995, 2000, 2005, 2010, 2020, and 2040for total personal income, population, per capita personal income, and employmentand earnings by industry for the United States, BEA regions, States, metropolitanstatistical areas, and BEA economic areas. Available on CD-ROM (see entry no. 7.1).(1990) Available in other media, as follows:

Volume 1. States.Publication—Available from NTIS: Accession No. PB 90-264532, price $27.00.Diskette (5W)—Available from BEA: Accession No. 61-90-40-201, price $40.00

(two diskettes). [Other types of diskettes available; for information, call(202) 606-5341.]

Volume 2. Metropolitan Statistical Areas.Publication—Available from GPO: Stock No. 003-010-00211-5, price $17.00.Diskette (5V4")—Available from BEA: Accession No. 61-90-40-202, price $40.00


Volume 3. BEA Economic Areas.Publication—Available from GPO: Stock No. 003-010-00212-3, price $10.00.Diskette (slA")—Available from BEA: Accession No. 61-90-40-203, price $40.00


5.5 County Projections to 2040(diskette). Estimates for 1973, 1979, 1983, and1988, and projections for 1995, 2000, 2005, 2010, 2020, and 2040 for total personalincome, population, per capita personal income, and employment and earnings byindustry for States and counties. Complete set of 13 diskettes {$W HD) available fromBEA: Accession No. 61-92-40-352, price $260.00. [Data also available for user-selectedStates at $20.00 per diskette. Other types of diskettes also available. For information,call (202) 606-5341.]



InternationalEconomics

BEA'S international economics program encompasses the international transactionsaccounts (balance of payments) and the direct investment estimates. The interna-tional transactions accounts, which measure U.S. transactions with foreign countries,include merchandise trade, trade in services, the current-account balance, and capitaltransactions. The direct investment estimates cover estimates of U.S. direct investmentabroad and foreign direct investment in the United States, income and other flowsassociated with these investments, and other aspects of the operations of multinationalenterprises.

9.1 BEA Reports: International Reports (EBB, EBB/FAX, news release). Reports(usually 9 a year) with summary estimates of international transactions (quarterly);international investment position (annual); capital spending by majority-owned for-eign affiliates (semiannual); direct investment (annual); and related topics. Reportsare available online through the EBB (see entry no. 1.4) and by fax through EBB/FAX(see entry no. 1.5). Printed reports are mailed the day after estimates are released.(This set of reports is included in the five sets of BEA Reports; see entry no. 1.3.) Theprinted international reports are available from BEA on a subscription basis: AccessionNo. 53-91-11-018, price $18.00 per year.

U.S. internationaltransactions

10.0 The international transactions accounts provide a detailed and comprehen-sive view of economic transactions between the United States and foreign countries.The accounts include estimates of merchandise exports and imports; travel, transporta-tion, and other services; foreign aid; and private and official capital flows, includingdirect investment. (Information about direct investment and international servicesis provided in program description 11.0.) Current estimates, including estimates ofmerchandise trade on a balance of payments basis, are reported in the March, June,September, and December issues of the SURVEY OF CURRENT BUSINESS. Estimates in-clude detail for the current and capital accounts, classified by type of transaction andby area. Each June, estimates for the last 4 years are revised.

Estimates of the international investment position of the United States appearin June. For further information, write to the Balance of Payments Division, BE-58,Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230,or call (202) 606-9545. For specific questions, the following telephone numbers maybe used:

Current-account estimates 606-9577Merchandise trade -3384Capital-account transactions -9579Government transactions -9574

A recorded telephone message summarizing key estimates of merchandise trade orU.S. international transactions, whichever is the more recent release, is available at(202) 606-5362 (see entry no. 1.2).

10.1 U.S. Merchandise Trade Data (printout, diskette). Seasonally adjusted andunadjusted exports and imports for the end-use categories used by BEA to derivetrade totals on a Census basis. Series begin in 1978. Updated monthly or quarterly.Available from BEA on a subscription basis:

U.S. Merchandise Trade Data, Monthly.Printout—Accession No. 58-86-21-201, price $100.00 per year.Diskette (5V4")—Accession No. 58-86-41-401, price $200.00 per year. [Other

types of diskettes available; for information, call (202) 606-3384.]U.S. Merchandise Trade Data, Quarterly. Also includes, on a balance of pay-

ments basis, exports of agricultural products, nonagricultural products, andnonmonetary gold, and imports of petroleum and products, nonpetroleumproducts, and nonmonetary gold.

Printout—Accession No. 58-86-21-202, price $40.00 per year.



Diskette (s1/^)—Accession No. 58-86-41-402, price $80.00 per year. [Other typesof diskettes available; for information, call (202) 606-3384.]

10.2 U.S. Merchandise Trade: Exports and Imports by End-Use Category,Monthly (computer tape). Monthly end-use detail (not seasonally adjusted) on aCensus basis for exports and imports for 70 countries and areas. Series begin in 1978.Updated monthly. Available from BEA:

U.S. Merchandise Exports, Monthly. Accession No. 58-86-01-001, price $100.00.U.S. Merchandise Imports, Monthly. Accession No. 58-86-01-002, price $100.00.

10.3 U.S. Merchandise Trade: Exports and Imports by End-Use Category, Quar-terly (computer tape). Quarterly end-use detail (not seasonally adjusted) on a Censusbasis for exports and imports for 70 countries and areas. Series begin in 1978. Updatedquarterly. Available from BEA:

U.S. Merchandise Exports, Quarterly. Accession No. 58-86-01-003, price $100.00.U.S. Merchandise Imports, Quarterly. Accession No. 58-86-01-004, price $100.00.

10.4 U.S. Merchandise Trade: Exports and Imports by End-Use Category, An-nually (computer tape, printout). Annual end-use detail on a Census basis for exportsand imports for 70 countries and areas. Series begin in 1978. Updated annually.Available from BEA:

U.S. Merchandise Exports, Annually.Computer tape—Accession No. 58-86-01-005, price $100.00.Printout—Accession No. 58-86-21-103, price $55.00.

U.S. Merchandise Imports, Annually.Computer tape—Accession No. 58-86-01-006, price $100.00.Printout—Accession No. 58-86-21-104, price $55.00.

10.5 An Analysis of the Use of Time-Series Models to Improve Estimates ofInternational Transactions (BEA Working Paper No. 7). An investigation to seewhether the use of time-series models could improve the accuracy and decrease thebias of the initial estimates of international transactions data in both the nationalincome and product accounts and the international transactions accounts. Currently,these estimates require a considerable degree of judgment in lieu of complete sourcedata. (1993) Available from BEA: Accession No. 53-93-10-002, price $5.00.

10.6 The Balance of Payments of the United States: Concepts, Data Sources,and Estimating Procedures (publication). Describes in detail the methodology usedin constructing the balance of payments estimates for the United States. Explainsunderlying principles and describes the presentation of the estimates. Includes acomprehensive list of data sources. (1990) Available from NTIS: Accession No. PB

90-268715, price $27.00.NOTE.—For a discussion of the relationship between foreign transactions estimatesin the balance of payments accounts and those in the national income and productaccounts, see entry no. 2.14.

11.0 BEA conducts quarterly, annual, and benchmark surveys of U.S. direct invest-ment abroad and of foreign direct investment in the United States. The informationcollected relates to the direct investment position and flows of capital, income, royal-ties and license fees, and other service charges between parent companies and affiliates;capital expenditures by majority-owned foreign affiliates of U.S. companies; the fi-nancial structure and operations of U.S. parent companies and their foreign affiliates;the financial structure and operations of U.S. affiliates of foreign companies; and U.S.business enterprises acquired or established by foreign direct investors. Summaryinformation on the quarterly and annual surveys usually appears in the SURVEY OF

CURRENT BUSINESS on the following schedule:

Direct investmentand internationalservices



InternationalEconomics—Continued

Foreign direct investment in the United States:

• The position and balance of payments flows, in June, with additional detail inAugust. (In 1993, the additional detail was published in July.)

• Operations of U.S. affiliates of foreign companies, in May (or subsequent months).• U.S. business enterprises acquired or established by foreign direct investors, in

May.

U.S. direct investment abroad:

• The position and balance of payments flows, in June, with additional detail inAugust. (In 1993, the additional detail was published in July.)

• Operations of U.S. parent companies and their foreign affiliates, in June (orsubsequent months).

• Capital expenditures by majority-owned foreign affiliates of U.S. companies, inMarch and September.

BEA'S data on direct investment are collected and published at the enterprise (com-pany) level. In 1992, highly detailed establishment (plant) level data on foreign directinvestment in the United States, which complement BEA'S enterprise data, becameavailable for the first time as a result of a joint project between BEA and the Bureauof the Census. A volume containing data on the number, employment, payroll, andshipments or sales of foreign-owned U.S. establishments was published in June 1992(see entry no. 11.3), and an article analyzing the data appeared in the October 1992SURVEY OF CURRENT BUSINESS. Expanded information for 1989-90 for manufacturingestablishments, including most of the items covered by the Census Bureau's annualsurvey of manufactures, was published in August and September 1993, followed by anarticle in the January 1994 SURVEY analyzing the results.

The information BEA provides on U.S. international sales and purchases of serv-ices covers cross-border (balance of payments) services transactions, sales of servicesabroad by nonbank majority-owned foreign affiliates of U.S. companies, and sales ofservices in the United States by nonbank majority-owned U.S. affiliates of foreigncompanies. The information on cross-border services transactions is derived from avariety of sources, including BEA surveys, surveys of other Government agencies, andnon-Government sources. The information on sales of services by affiliates is obtainedfrom BEA'S benchmark and annual direct investment surveys. Since 1990, the dataon international services have been published in a detailed and unified format in theSeptember issue of the SURVEY.

For further information on direct investment and international services, writeto the International Investment Division, BE-50, Bureau of Economic Analysis, U.S.Department of Commerce, Washington, DC 20230, or call (202) 606-9800. For specificquestions, the following telephone numbers may be used:

Foreign direct investment in the United States (202) 606-9804Operations of U.S. affiliates of foreign companies -9893Establishment-level data on foreign

direct investment in the United States -9898U.S. direct investment abroad -9867Operations of U.S. parent companies and their

foreign affiliates -9867International services -9804

Foreign directinvestment in the

United States

11.1 Foreign Direct Investment in the United States: Operations of U.S. Af-filiates of Foreign Companies (publication, diskette). The most detailed results ofBEA'S annual survey of foreign direct investment in the United States (only summaryinformation appears in articles in the SURVEY OF CURRENT BUSINESS). Contains infor-mation on the financial structure and operations of nonbank U.S. affiliates of foreign



direct investors. Data are classified by industry of U.S. affiliate, by country and in-dustry of ultimate beneficial owner, and, for selected data, by industry of sales andby State. Preliminary estimates from annual surveys are released as soon as possible;revised estimates are released one year later. Available as follows:

Foreign Direct Investment in the United States: Operations of U.S. Affiliates ofForeign Companies, Preliminary 1991 Estimates. (1993)

Publication—Available from GPO: Stock No. 003-010-00238-7, price $6.00.Diskette {3V2" HD)—Available from BEA: Accession No. 50-93-40-402, price

$20.00. [Other types of diskettes available; for information, call (202)606-9879.]

Foreign Direct Investment in the United States: Operations of U.S. Affiliates ofForeign Companies, Revised 1990 Estimates. (1993)

Publication—Available from GPO: Stock No. 003-010-00239-5, price $6.00.Diskette (3V2" HD)—Available from BEA: Accession No. 50-93-40-401, price



Publication—Available from GPO: Stock No. 003-010-00232-8, price $5.50.Diskette {3V2" HD)—Available from BEA: Accession No. 50-92-40-401,price $20.00. [Other types of diskettes available; for information, call(202) 606-9879.]


Publication—Available from GPO: Stock No. 003-010-00224-7, price $5.00.Diskette ($WHD)—Available from BEA: Accession No. 50-91-40-401, price


NOTE.—The annual survey publication for 1987 has been replaced by the pub-lication for the 1987 benchmark survey of foreign direct investment in theUnited States. (See entry no. 11.2.)

11.2 Foreign Direct Investment in the United States, 1987 Benchmark Survey,Final Results (publication, diskette). The final results of BEA'S 1987 benchmark surveyof foreign direct investment in the United States. Benchmark surveys are BEA'S mostcomprehensive surveys, both in terms of companies covered and information gathered.Contains information on the financial structure and operations of the U.S. affiliatesof foreign direct investors in 1987. Data are classified by industry of U.S. affiliate, bycountry and industry of foreign parent or ultimate beneficial owner, and, for selecteddata, by industry of sales and by State. (1990) Available as follows:


$20.00). [Other types of diskettes available; for information, call (202)606-9836.]

NOTE.—Preliminary results of the benchmark survey covering 1992 will beavailable in summer 1994.

11.3 Foreign Direct Investment in the United States: Establishment Data forManufacturing (publication, diskette). Presents detailed data from an annual serieson the manufacturing establishments of U.S. affiliates of foreign companies. Thedata were obtained by linking BEA enterprise, or company, data on foreign directinvestment in the United States with Census Bureau establishment, or plant, datafor all U.S. companies. Data for the foreign owned manufacturing establishmentswere extracted from the Census Bureau's annual survey of manufactures (ASM) and




cover most of the ASM items, including value added, shipments, employment, totalemployee compensation, employee benefits, hourly wage rates of production workers,cost of materials and energy used, inventories by stage of fabrication, and expendituresfor new plant and equipment. The data are presented by detailed manufacturingindustry (they are classified into the 459 Standard Industrial Classification four-digitindustries), by country of the ultimate beneficial owner of the establishment, and byState. Available as follows:

Foreign Direct Investment in the United States: Establishment Data forManufacturing, 1990. (1993)Publication—Available from GPO: Stock No. 003-010-00242-5, price $14.00.Diskette {^VI'HD)—Available from BEA: Accession No. 50-93-40-790, price


Foreign Direct Investment in the United States: Establishment Data forManufacturing, 1989. (1993)Publication—Available from GPO: Stock No. 003-010-00243-3, price $13.00.Diskette (3WHD)—Available from BEA: Accession No. 50-93-40-789, price

$20.00. [Other types of diskettes available; for information call (202)606-9898.]

11.4 Foreign Direct Investment in the United States: Establishment Data for 1987(publication, diskette). This is the first publication in an annual series that presentsdetailed results from linking BEA'S data for foreign-owned U.S. business enterprisesto the Census Bureau's data for the establishments (or plants) of those enterprises.Detailed estimates of the number, employment, payroll, and shipments or sales offoreign-owned U.S. establishments and, for comparative purposes, of all U.S. estab-lishments, are presented. Data are classified by detailed industry (four-digit sic), bycountry of the ultimate beneficial owner of the investment, and by State. Available asfollows:



11.5 Foreign Direct Investment in the United States: Balance of Payments andDirect Investment Position Estimates, 1980-86 (publication). Contains estimates ofthe foreign direct investment position in the United States and balance of paymentstransactions between foreign parent groups and their U.S. affiliates for 1980-86. In-cludes estimates by country of foreign parent and industry of U.S. affiliate. Notethat the data in this publication do not incorporate methodological changes made inJune 1992 to the data for 1982 forward. (1990) Available from BEA: Accession No.50-90-10-109, price $5.00.

11.6 Foreign Direct Investment in the United States: Direct Investment Positionand Related Capital and Income Flows (diskette). Annual estimates of the foreigndirect investment position in the United States and selected capital and income flowsbetween U.S. affiliates and their foreign parent companies. In June 1992, a number ofmethodological changes were made to the data on capital and income flows for 1982forward. To the extent they could be carried to the detailed country and industrylevel presented, these changes have been incorporated in this item. Diskettes {$WHD) available from BEA [Other types of diskettes available; for information, call (202)606-9868]:

1987-92: Accession No. 50-93-40-606, price $20.00.1980-86: Accession No. 50-91-40-605, price $20.00.

11.7 U.S. Business Enterprises Acquired or Established by Foreign Direct In-vestors, Supplementary Tables (tables, diskette). The results of BEA'S survey of new


SURVEY OF CURRENT BUSINESS February 1994 • 8j

foreign direct investments in the United States. Summary tables appeared in the May1993 SURVEY OF CURRENT BUSINESS article. This set of supplementary tables containsadditional detail for 1987-92 on the number of investments and investors, investmentoutlays, and selected operating data of the U.S. business enterprises acquired or es-tablished. (1993) Comparable tables for 1980-86 are also available. Available fromBEA:

1987-92:Tables—Accession No. 50-93-20-105, price $10.00.Diskette feW HD)—Accession No. 50-93-40-405, price $20.00. [Other types of

diskettes available; for information, call (202) 606-9879.]

1980-86:Tables—Accession No. 50-89-20-106, price $18.00.

Diskette fete" HD)—Accession No. 50-89-40-406, price $20.00. [Other types ofdiskettes available; for information, call (202) 606-9879.]

11.8 Foreign Direct Investment in the United States: Gross Product of NonbankU.S. Affiliates, 1977-87 (tables). Presents, by industry of U.S. affiliate and by countryof ultimate beneficial owner, estimates of U.S. affiliates' gross product. Note that thedata for 1987 have since been revised (see "Gross Product of U.S. Affiliates of ForeignDirect Investors, 1987-90" in the November 1992 SURVEY OF CURRENT BUSINESS).

(1989) Available from BEA: Accession No. 50-89-20-107, price $10.00.

11.9 A Guide to BEA Statistics on Foreign Direct Investment in the United States(reprint). Explains the types of data on foreign direct investment in the United Statesthat are collected and published by BEA and clarifies the differences between thosedata sets. This article appeared in the February 1990 SURVEY OF CURRENT BUSINESS.(1990) Available upon request from the International Investment Division.

11.10 U.S. Direct Investment Abroad: 1989 Benchmark Survey, Final Results(publication, diskette). Final results of BEA'S 1989 benchmark survey of U.S. direct in-vestment abroad. Benchmark surveys are BEA'S most comprehensive surveys, both interms of companies covered and information gathered. Presents a detailed account ofU.S. direct investment abroad in 1989, including data on balance sheets; income state-ments; employment; employee compensation; U.S. merchandise trade; sales of goodsand services; research and development expenditures; property, plant, and equipment;and taxes. Data are classified by country and industry of affiliate and industry of U.S.parent. (1992) Available as follows:

Publication—Available from GPO: Stock No. 003-010-00234-4, price $25.00.

Diskette (3V2" HD)—Available from BEA: Accession No. 50-92-40-403, price $20.00.[Other types of diskettes available; for information, call (202) 606-9836.]

11.11 U.S. Direct Investment Abroad: Operations of U.S. Parent Companiesand Their Foreign Affiliates (publication, diskette). The most detailed results ofBEA'S annual survey of the worldwide operations of U.S. multinational companies(only summary information appears in the SURVEY OF CURRENT BUSINESS). Containsinformation on the financial structure and operations of both U.S. parent companiesand their foreign affiliates. Data are classified by country and industry of foreignaffiliate and by industry of U.S. parent. Preliminary estimates from annual surveysare released as soon as possible; revised estimates are released 1 year later. Availableas follows:

U.S. Direct Investment Abroad: Operations of U.S. Parent Companies and TheirForeign Affiliates, Preliminary 1991 Estimates. (1993)

Publication—Available from GPO: Stock No. 003-010-00240-9, price $6.50.

U.S. direct investmentabroad




Diskette (3V2" HD)—Available from BEA: Accession No. 50-93-40-404, price$20.00. [Other types of diskettes available; for information, call (202)606-9820 .]

U.S. Direct Investment Abroad: Operations of U.S. Parent Companies and TheirForeign Affiliates, Revised 1990 Estimates. (1993)

Publication—Available from GPO: Stock No. 003-010-00241-7, price $6.50.Diskette {3V2" HD)—Available from BEA: Accession No. 50-93-40-403, price

$20.00. [Other types of diskettes available; for information, call (202)606-9820 .]

NOTE.—The annual survey publication for 1989 has been replaced by the publi-cation for the 1989 benchmark survey of U.S. direct investment abroad (seeentry no. 11.10).


Publication—Available from NTIS: Accession No. PB 92-101583, price $19.50.Diskette fott" HD)—Available from BEA: Accession No. 50-91-40-403, price



Publication—Available from NTIS: Accession No. PB 90-258898, price $19.50.Diskette {3V2" HD)—Available from BEA: Accession No. 50-90-40-403, price


11.12 U.S. Direct Investment Abroad, Country by Industry Estimates, 1950-92(computer tape). Annual estimates of the U.S. direct investment position abroad andof selected capital and income flows between U.S. parent companies and their foreignaffiliates. Estimates are for 56 countries by 7 industries for 1950-65, 56 countries by 14industries for 1966-76, 76 countries by 15 industries for 1977-81, and 80 countries by 15industries for 1982-92. In June 1992, a number of methodological changes were madeto the data on capital and income flows for 1982 forward. To the extent they could becarried to the detailed country and industry level presented, these changes have beenincorporated in this item. (1993) Available from BEA: Accession No. 50-93-00-667,price $100.00.

International services 11.13 U.S. International Sales and Purchases of Services (reprint). Presentsinformation on services in a more detailed and unified format than has been avail-able previously. Includes data on cross-border transactions in services (for 1989-92)and on sales of services by majority-owned foreign affiliates of U.S. companies andby majority-owned U.S. affiliates of foreign companies (for 1990-91). This articleappeared in the September 1993 SURVEY OF CURRENT BUSINESS; data are updatedannually. (1993) Available upon request from the International Investment Division.



BE A also prepares compilations of public and private data for use in measuring, an-alyzing, and forecasting economic developments. These include a system of businesscycle indicators and a set of business statistics covering general economic activitiesand specific industries.

Other Tools forEconomicAnalysis

12.0 BEA maintains a system of indicators to track business cycles. The systemfeatures the composite indexes of leading, coincident, and lagging indicators. Thedata base includes series classified as cyclical indicators (because they conform well tobroad fluctuations in economic activity), as well as other series useful in interpretingthe economic situation and outlook. Each month preliminary values of the threecomposite indexes for the latest month and revised values for the 5 preceding monthsare released. Once a year, in the fall, the composite indexes are recalculated forrecent years to incorporate historical revisions in component data. Information oncomposite indexes appears each month in the Business Cycle Indicators section (C-pages) of the SURVEY OF CURRENT BUSINESS. For further information, write to theBusiness Outlook Division, BE-52, Bureau of Economic Analysis, U.S. Department ofCommerce, Washington, DC 20230, call (202) 606-5366, or send a facsimile to (202)606-5313. A recorded telephone message at (202) 606-5361 provides current data forthe composite indexes (and the leading index components) immediately upon theirrelease. The message is updated weekly, usually on Monday, to include recentlyavailable component data that will be incorporated into the next release (see entry no.1.2).

12.1 BEA Reports: Composite Indexes of Leading, Coincident, and Lagging In-dicators (EBB, EBB/FAX, news release). Monthly reports with summary estimates ofthe composite indexes. Reports are available online through the EBB (see entry no.1.4) and by fax through EBB/FAX (see entry no. 1.5). Printed reports are mailed theday after estimates are released. (This set of reports is included in the five sets of BEAReports; see entry no. 1.3.) The printed composite index reports are available fromBEA on a subscription basis: Accession No. 53-91-11-016, price $24.00 per year.

12.2 Cyclical Indicators Methodology (reprint). Reprints of four articles thatappeared in the SURVEY OF CURRENT BUSINESS: "Business Cycle Indicators: Upcom-ing Revision of the Composite Indexes" (October 1993); "The Composite Index ofCoincident Indicators and Alternative Coincident Indexes" (June 1992); "Business Cy-cle Indicators: Revised Composite Indexes" (January 1989); and "Composite Indexesof Leading, Coincident, and Lagging Indicators" (November 1987). The package alsoincludes historical data for the composite indexes and their components (as shown inthe November 1993 SURVEY plus the historical chronology of business cycle expansionsand contractions, the cyclical leads and lags for selected indicators, and the titles andsources of all business cycle indicator series. (1993) Available from BEA: Accession No.52-90-10-301, price $10.00.

12.3 Business Cycle Indicators Current Data (EBB, diskette, printout). Data forthe last 4 calendar years (plus data for earlier years if revised) for all series in theBusiness Cycle Indicators section (C-pages) of the SURVEY OF CURRENT BUSINESS. In-cludes data for about 270 series; most are monthly series. Updated monthly. Availableonline through the EBB (see entry no. 1.4). (An additional file, available only throughthe EBB, contains Business Cycle Indicators data for the last 2 calendar years and isupdated weekly.) Diskettes and printouts are available from BEA on a subscriptionbasis:

Diskette (3V2" HD), 12-month subscription—Accession No. 52-86-41-401, price$200.00 per year. [Other types of diskettes available; for information, call(202) 606-5366.]

Business cycleindicators



Other Tools-Continued

Printout, 12-month subscription—Accession No. 52-88-21-201, price $200.00 peryear.

12.4 Business Cycle Indicators Historical Data (EBB, diskette). Historical datafrom 1945 (if available) to the present for all series in the Business Cycle Indicatorssection (C-pages) of the SURVEY OF CURRENT BUSINESS (about 270 series). Updatedmonthly. Available online through the EBB (see entry no. 1.4). Diskettes are availablefrom BEA as a one-time order or on a subscription basis:

Diskette {3V2" HD), single copy—Accession No. 52-86-40-402, price $20.00. [Othertypes of diskettes available; for information, call (202) 606-5366.]


12.5 Business Cycle Indicators Historical Data for User-Selected Series (EBB, fax,diskette, printout). Historical data for any series in the Business Cycle Indicators sec-tion (C-pages) of the SURVEY OF CURRENT BUSINESS. Data are from 1945 (if available)through the most recent period available when the order is processed. User selects upto 100 series and the media by which the data are to be delivered. Available by specialorder from BEA; for more information, call (202) 606-5366.

Business statistics 13.0 BEA compiles data from both public and private sources for approximately1,900 economic time series and publishes the data each month in the Current BusinessStatistics section (S-pages) of the SURVEY OF CURRENT BUSINESS. The series cover gen-eral business activities, such as construction and real estate; consumer, producer andfarm prices; finance; foreign trade; industrial production; labor force, employment,and earnings; and personal income and outlays. Series include specific industries, suchas chemicals, electric power and gas, food and tobacco, lumber, metals and machinery,petroleum and coal, pulp and paper, and transportation equipment. For informationabout Current Business Statistics, write Business Outlook Division, BE-52, Bureau ofEconomic Analysis, U.S. Department of Commerce, Washington, DC 20230, call (202)606-5367, or send a facsimile to (202) 606-5313.

13.1 Business Statistics, 1963-91 (publication). Handy, one-volume referencesource on the U.S. economy containing historical data for over 1,900 data series.Monthly or quarterly data for 1988-91 and annual data for 1963-91 for series that ap-pear in the Current Business Statistics section (S-pages) of the SURVEY OF CURRENTBUSINESS. These series include business sales, inventories, and orders; prices; em-ployment and unemployment; construction; banking and finance; transportation; andmany other industries and commodities. An appendix provides data for principal BEAseries of the national income and product accounts and of U.S. international transac-tions. Also contains definitions of terms, sources of data, and methods of compilation.Biennial. (1992) Available from GPO: Stock No. 003-010-00229-8, price $20.00.

As this issue of the SURVEY OF CURRENT BUSINESS went to press, decisionson a reprogramming at BEA were finalized. As part of the reprogramming,BEA plans to discontinue publication of the Current Business Statistics section(S-pages) in the SURVEY and of the biennial publication Business Statistics. Forinformation on the future availability of the products listed in this section,write to the Business Outlook Division, BE-52, Bureau of Economic Analysis,U.S. Department of Commerce, Washington, DC 20230, call (202) 606-5367,or send a facsimile to (202) 606-5313.



13.2 Business Statistics Current Data (EBB, diskette). Data for the last 4 calendaryears (plus data for earlier years if revised) for all series in the Current BusinessStatistics section (S-pages) of the SURVEY OF CURRENT BUSINESS. Updated monthly.Available online through the EBB (see entry no. 1.4). Diskettes are available from BEAas a one-time order or on a subscription basis:

Diskette (3V2" HD), single copy—Accession No. 52-92-40-412, price $20.00. [Othertypes of diskettes available; for information, call (202) 606-5367.]


13.3 Business Statistics Historical Data (diskette). Historical data from 1947 (ifavailable) to the present for all series in the Current Business Statistics section (S-pages) of the SURVEY OF CURRENT BUSINESS. Updated monthly. Available from BEA

as a one-time order or on a subscription basis:Diskette (3W HD), single copy—Accession No. 52-93-40-505, price $40.00 (2

diskettes). [Other types of diskettes available; for information, call (202)606-5367.]

Diskette (3V2" HD), 12-month subscription—Accession No. 52-93-41-506, price$400.00 per year (2 diskettes per month). [Other types of diskettes available;for information, call (202) 606-5367.]

13.4 Business Statistics Historical Data for User-Selected Series (EBB, fax,diskette, printout). Historical data for any series shown in the Current Business Statis-tics section (S-pages) of the SURVEY OF CURRENT BUSINESS. Data are from 1947 (ifavailable) through the most recent period available when the order is processed. Userselects up to 100 series and the media by which the data are to be delivered. Availableby special order from BEA; for more information, call (202) 606-5367. B j


February SURVEY OF CURRENT BUSINESS C-l

BUSINESS CYCLE INDICATORSData tables C-lFootnotes for pages C-l through C-5 C-6Charts C-7

Series originating in Government agencies are not copyrighted and may be reprinted freely. Series from private sourcesare provided through the courtesy of the compilers and are subject to their copyrights.

Current and historical data for the series shown in the C-pages are available on diskettes, printouts, and the CommerceDepartment's Economic Bulletin Board. For more information, contact the Business Cycle Indicators Branch, BusinessOutlook Division (BE-52), Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230. (Telephone:(202) 606-5366; fax: (202) 606-5313.)

NOTE.—This section of the SURVEY is prepared by the Business Cycle Indicators Branch.

Series title and timing classificationYear

1993

1992

Dec.

1993

Jan. Feb. Mar. Apr. May June July Aug. Sept Oct Nov. Dec.

1994

Jan.

1. COMPOSITE INDEXES

910 •

1 +5*

8 *

32 •

20 •

29 •

92 •

99 •

19 •

106 •83*

950

*

920 •

41 •51 •

47*57*

951

4

9 3 0 *

91 •

77*

62 •

109 •

101 •

95*

120*

952

940 •

The Leading Index

Composite index of leading indicators, 1987-100 (L.L.L) ...Percent change from previous monthPercent change over 3-month span, AR

Leading index components:Average weekly hours mfg (L L L̂ . . . .Average weekly initial claims for unemployment

insurance, inous. \L ,U,U; + §.Mfrs.' new orders, consumer goods and materials,

Vendor performance, slower deliveries diffusion index,percent (L.L.L).

Contracts and orders for plant and equipment, bil.1987$(L,L,L)§.

Index of new private housing units authorized by localbuilding permits, 1967-100 (L.L.L).

Change in mfrs.1 unfilled orders, durable goods, bii.1987$, smoothed (L,L,L)f§.

Change in sensitive materials prices, percent, smoothed(L,L,L)f§.

Index of stock prices, 500 common stocks, 1941-43-10,MCA M I I \«NoH (L,L,L; .

Money supply M2 bil 1987$ (L L L) §Index of consumer expectations, U. of Michigan,

1966:1-100, NSA (L.L.L)©2.

Diffusion index of 11 leading indicator components:Percent rising over 1-month spanPercent rising over 6-month span

The Coincident Index

Composite index of coincident indicators, 1987-100(C,C,C).Percent change from previous monthPercent change over 3-month span, AR

Coincident index components:Employees on nonagricultural payrolls, thous. (C.C.C) ...Personal income less transfer payments, bil. 1987$, AR

(CC.C).Index of industrial production, 1987-100 (C,C,C)§Manufacturing and trade sales, mil. 1987$ (C.C.C)

Diffusion index of 4 coincident indicator components:Percent rising over 1-month spanPercent rising over 6-month span

The Lagging Index

Composite index of lagging indicators, 1987-100/I f, 1 ft 1 n\(Lg.Lg.Lg;.Percent change from previous monthPercent change over 3-month span, AR

Lagging index components:Average duration of unemployment, weeks

(Lg.Lg.Lg)3*.Ratio, mfg. and trade inventories to sales in 1987$

(Lg,Lg,Lg).Change in labor cost per unit of output, mfg., percent,

AR, smoothed (Lg.Lg.Lg) f 6 § .Average prime rate charged by banks, percent, NSA

Commercial and industrial loans outstanding, mil. 1987$

Ratio,'consumer installment credit outstanding toAAMAHQI in/*/\rviA nAr/Ânt t\ n \ n \ n\personal income, percent iLg,Lg,Lgj.

Change in Consumer Price Index for services, percent,AR, smoothed (Lg.Lg.Lg) t § .

Diffusion index of 7 lagging indicator components:Percent rising over 1-month spanPercent rising over 6-month span

Ratio, coincident index to lagging index, 1987-100 (L.L.L)

98.7.1

1.4

41 4365

1,304.47

51.6

433.66

96.4

-2.87

-.25

451.41

2 774 872.8

56.1

109.1

.12.5

110,1743,520.5

110.96,200,100

80.2

96.4

,1_ •*

18.1

1.56

-2.5

6.00

369,505

14.12

3.8

49.4

113.2

99.21.03.7

41 2'340

110.03

51.7

'36.63

95.4

' -3 .50

' - . 19

435.64

' 2 802 789.5

77 372.7

109.5

2.01.9

109,0793,689.9

'109.0'509,473

100.0100.0

95.6

-1.1.4

19.0

1.56

' - . 3

6.00

'374,231

13.46

3.9

50.050.0

114.5

98.9-.33.7

41.4'366

109.30

52.8

'33.23

92.3

' -2 .82

-.17

435.23

'2,791.183.4

36.472.7

107.6

-1.71.9

109,2353,441.9

'109.2'509,057

50.0100.0

96.6

1.0-.4

18.5

1.57

' - 2 .3

6.00

'368,770

14.23

'3.9

64.350.0

111.4

99.1.2

-3.2

41.4'349

109.79

53.0

'35.92

91.0

' -2.08

' - .15

441.70

'2,775.480.6

59.145.5

107.9

.3-5.0

109,5393,449.3

109.9510,542

100.0100.0

96.6

o3.4

18.2

1.57

' - 3 .6

6.00

'369,023

14.24

'3.8

71.435.7

111.7

98.4-.7

-2.0

41.2'375

107.23

52.5

'33.49

82.5

' -2.18

' - . 18

450.16

' 2 769.3' 75.8

9.1227

108.1

.23.8

109,5653,471.1

'110.0509,156

62.575.0

96.4

-.2-.8

17.7

1.57

' -3 .9

6.00

'362,802

14.18

'3.9

35.757.1

112.1

98.4

o-4.0

41.5374

106.72

53.1

'34.15

87.8

' -2.42

' - . 30

443.08

' 2 7 6 3 0' 76.4

54.531.8

108.6

.53.4

109,8203,517.7

'110.5507,532

75.0100.0

96.4

o-1.2

17.7

1.58

' - 4 .0

6.00

364,190

14.02

'4.0

71.450.0

112.7

98.1-.3

-1.2

41.4'387

105.54

51.7

'33.96

89.4

'-2.97

' - . 40

445.25

' 2 775.3' 68.5

36.4'36.4

108.8

23.0

110,0583,524.3

'110.0510,649

75.0100.0

96.3

-A

17.8

1.58

' - 3 . 3

6.00

'366,558

13.94

'4.1

50.0'50.0

113.0

98.1

o-2.0

41.2'383

106.58

50.2

'37.86

88.9

' -3.35

' - . 43

448.06

' 2 778.5" 70.4

54.5'63.6

108.9

.1

.1

110,1013,511.7

'110.4514,996

62.5100.0

96.3

01.3

17.8

1.56

' - 2 . 9

6.00

366.923

14.00

'4.1

57.135.7

113.1

97.9-.2

'1.2

41.4399

105.35

50.0

'34.67

92.7

' -3.30

' - .43

447.29

' 2 778.3' 64.7

40.972.7

108.8

- .12.2

110.3383,499.1

' 110.9511,070

50.0100.0

96.7

.4

.4

17.9

1.58

' - 2 . 5

6.00

'373,672

14.12

'4.0

64.350.0

112.5

'98.4'.52.1

41 4'371

'106.55

51.3

'36.38

99.0

' -3.15

' - .48

454.13

' 2 774.1' 65.8

77.3'81.8

109.4

.62.6

110,3053,542.3

'111.1518,303

87.5100.0

96.4

-.3.8

18.3

1.56

-1.8

6.00

'373,532

14.04

'3.9

'28.650.0

113.5

98.6'.25.0

41.5'370

'109.03

50.9

'35.84

101.4

' -3.23

' - .48

459.24

' 2 778.5' 66.8

'68.2'90.9

109.6

.24.5

110,5023.544.2

'111.3521,028

100.0100.0

96.5

.1-1.2

18.4

1.55

' - . 8

6.00

'372,155

14.13

'3.7

35.750.0

113.6

99.1.5

'4.5

41.6'354

'111.40

50.7

'37.73

104.0

' -3 .10

' - .25

463.90

' 2 771.3' 72.5

81.8'90.9

110.0

.4'4.1

110,664'3,561.4

'111.9'523,574

100.03ioo!o

96.4

-.1' - 1 .2

18.4

1.55

' - . 9

6.00

'371,259

'14.15

'3.6

35.74 30.0

114.1

'99.5'.4

'6.7

41.7'336

'112.61

50.7

'40.44

109.6

' -2 .92

' - . 02

462.89

'2771.7' 70.3

'72.7

'110.5

.5'5.6

'110,880'3,581.2

'112.8'529,275

100.0

'96.1

' - . 3' - . 8

18.9

'1.53

' - 1 .6

6.00

'370,102

'14.19

'3.5

'21.4

115.0

'100.2.7

' 5 . 8

41.7'318

'114.37

51.7

'39.99

117.7

' -2 .90

'.30

465.95

' 2 770.6' 78.8

'81.8

'111.1

' .53 4.1

'111,070'3,602.3

'113.9'534,918

100.0

'96.3

'.24 -1 .2

18.2

'1.52

' -2 .2

6.00

'375,074

'14.23

'3.5

'57.1

'115.4

'100.5'.3

'41.7360

'116.29

55.0

'41.64

108.3

' - 2 .36

.51

472.99

' 2 775.8" 86.4

'77.3

3111.1

30

'111,132'3,583.0

'114.4

3 66.7

4 96.1

4 - . 2

18.3

' - 2 . 6

6.00

'375,402

3.1

4 30.0

'115.6

NOTE.

August. -The following current high values were reached before December 1992: May 1991-BCM06 (2,865.8);1991—BCf-92 smoothed (-0.83); December 1991-BCI-62 smoothed (3.0) and BCI-77 (1.65); January

1992—BCI-120 smoothed (4.2); and June 1992—BCI-99 smoothed (0.77).See page C-6 for other footnotes.


C-2 • February 1994 SURVEY OF CURRENT BUSINESS

441442

451452453

1 •21 •

5 *

46 •60

41 •963

40 490 «

374 3 *

45

91 •

44

Series

no.Series title and timing classification

Year

1993

1992

Dec.

1993

Jan. Feb. | Mar. | Apr. May June | July

2. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

Aug. | Sept Oct Nov. | Dec.

1994

Jan.

Labor force:Civilian labor force, thous. l

Civilian employment, thous.'Civilian labor force participation rates (percent):

Males 20 years and over1

Females 20 years and over1

Both sexes 16-19 years of age1

Marginal employment adjustments:Average weekly hours, mfg. (L.L.L)Average weekly overtime hours, mfg. (L.C.L)Average weekly initial claims for unemployment

insurance, thous. (L.C.L)21 §•

Job vacancies:Index of help-wanted advertising, 1967-100 (L.Lg.U)Ratio, help-wanted advertising to unemployed (ULg.U)1

Employment:Employee hours in nonagricultural establishments,

bil. hours, AR (U.C.C).Persons engaged in nonagricultural activities, thous.

(U.C.C)1.Employees on nonagricultural payrolls, thous. (C.C.C) ...Diffusion index of employees on private nonagricultural

payrolls, 356 industries:Percent rising over 1-month spanPercent rising over 6-month span

Employees in goods-producing industries, thous. (L.C.U)Ratio, civilian employment to population of working age,

percent (U.Lg.U)'.

Unemployment:Number of persons unemployed, thous. (L,Lg,U) • +Civilian unemployment rate, percent (L.Lg.U)l $Average weekly insured unemployment rate, percent

(L.Lg,U)3$.Average duration of unemployment, weeks

(Lg.Lg.Lg)' tUnemployment rate, 15 weeks and over, percent

(Lg.Lg.Lg)J $.

128.040119.306

76.958.451.5

41.44.1365

101.344

203.95

116,232

110,174

54.7

22,97561.6

8.7346.82.6

18.1

2.4

127.469118.155

77.058.451.7

41.23.9

'340

95.303

201.86

114,933

109.079

54.856.6

22,98561.4

9.3147.32.6

19.0

2.8

127.224118,178

76.858.351.4

41.44.0

'366

'93'.306

201.98

114.996

109,235

58.159.7

23,00161.3

9.0467.12.6

18.5

2.6

127,400118,442

76.958.251.9

41.44.2

'349

97.322

202.47

115.326

109.539

59.758.3

23,06961.4

8,9587.02.5

18.2

2.5

127,440118.562

76.958.251.5

41.24.0

'375

96.322

202.33

115,463

109,565

51.058.3

23,01661.4

8,8787.02.5

17.7

2.4

127,539118,585

76.958.251.8

41.54.2374

96.319

202.78

115.514

109,820

53.857.7

22.98061.4

8,9547.02.6

17.7

2.3

128,075119,180

77.158.452.5

41.44.1

'387

100.334

205.28

116,106

110.058

56.949.7

23,00661.7

8,8956.92.6

17.8

2.4

128.056119,187

77.058.551.5

41.24.0

'383

97.325

203.57

116,156

110,101

46.551.1

22,94161.6

17.8

2.4

128.102119,370

77.058.451.8

41.44.0

399

101.344

204.05

116,327

110,338

57.952.9

22,94861.6

8,7326.82.6

17.9

2.3

128.334119.692

77.058.551.6

41.44.1

'371

103.355

204.76

116,687

110,305

44.4'55.9

22,90361.8

8,6426.72.6

18.3

2.3

128.108119.568

76.758.451.2

41.54.1

'370

101.352

204.06

116,475

110,502

57.2r '57.422,886

61.6

8.5406.72.6

18.4

2.4

128,580119,941

77.058.651.1

41.64.3

'354

106.365

205.26

116,920

110,664

53.9'56.922,934

61.8

8,6396.72.6

18.4

2.4

128,662120,332

76.858.751.2

41.7'4.3'336

107.382

'205.16

117,218

' 110,880

'61.0

'22,99461.9

8,3306.52.6

18.9

2.3

128,898120,661

76.858.950.9

41.74.4

'318

110.397

'205.75

117,565

'111,070

''55.5

'23.00662.0

8,2376.42.5

18.2

2.2

130,667121,971

77.059.353.3

'41.7'4.4360

'106'. 363

'207.29

'118,639

'111,132

'55.6

'23,02762.2

8,6966.72.5

18.3

2.3

3. OUTPUT, PRODUCTION, AND CAPACITY UTILIZATION

5049

47 •7 3 *7 4 *75 •

124

Output:Gross domestic product, bil. 1987$, AR (C.C.C)

Percent change from previous quarter, ARGross national product, bil. 1987$, AR (C.C.C)Value of domestic goods output, bil. 1987$, AR (C.C.C)

Industrial production indexes, 1987-100:Total (C.C.C) §Durable manufactures (C,C,C)§Nondurable manufactures (C.L.L) §Consumer goods (C,L,C)§

Capacity utilization rates (percent):Total industry (L,C,U)§Manufacturing (L.C.U) §

5.137.73.0

2,085.8

110.9114.3108.6108.8

81.580.6

'109.0'110.7'107.6'108.2

'80.8'79.7

'109.2'111.5'107.9'108.2

'80.9'80.0

5,078.2

5,080.72.060.2

109.9'112.1'108.2'108.9

'81.2'80.2

'110.0'112.5'108.2'108.9

'81.2'80.1

'110.5'113.5'108.7'108.6

'81.4'80.6

5.102.11.9

5.104.12,069.1

'110.0'113.2'108.5'107.8

'81.0'80.2

'110.4'113.0'108.9'108.1

'81.1'80.1

'110.9'113.7'109.1'108.9

'81.3'80.3

5.138.32.9

5,145.82.074.9

'111.1'113.9'109.2'108.6

'81.4'80.3

'111.3'115.0'108.5'108.5

'81.4'80.4

'111.9'116.2'108.8'109.2

'81.7'80.8

'5,232.1'7.5

'2,139.1

'112.8'118.1'109.2'109.9

'82.2'81.5

'113.9'120.0'109.3'110.1

'82.9'82.2

'114.4'120.7'108.8'110.4

'83.1'82.1

4. SALES, ORDERS, AND DELIVERIES

5 7 *5 9 *

9 2 *

3 2 *

Sales:les:Manufacturing and trade sales, mil. 1987$ (C.C.C)Sales of retail stores, mil. 1987$ (U.L.U)

Orders and deliveries:Mfrs.' new orders, durable goods, bil. 1987$ (L.L.L) § ..Mfrs.1 new orders, consumer goods and materials,

bil. 1987$ (L.L.L).Mfrs.1 unfilled orders, durable goods, mil. 1987$0§

Change from previous month, bil. 1987$ §Change from previous month, bil. 1987$, smoothed

(L.L.D t §•Vendor performance, slower deliveries diffusion index,

percent (L.L.L).

6,200,1001.761.185

1.381.781,304.47

362,588-2.88-2.87

51.6

'509,473'143,929

117.64110.03

'397.176' - .59

' -3.50

51.7

'509.057'143,744

114.64109.30

'397,232'.06

' -2 .82

52.8

510.542143,076

'117.19109.79

396,886' - . 35

' -2.08

53.0

509,156141,496

112.96107.23

390.926-5.96

' -2.18

52.5

507,532143.793

'112.61106.72

'387,356' -3.57' -2 .42

53.1

510,649145,047

'109.77105.54

381,879' -5.48' -2.97

51.7

514,996146,144

114.50106.58

'378,466' -3.41' -3 .35

50.2

511,070146.713

111.08105.35

'377,172' -1 .29' -3 .30

50.0

518,303147,577

113.68'106.55

374,775' -2 .40' -3 .15

51.3

521,028148,185

115.01'109.03

370,372-4.40

' -3 .23

50.9

'523,574'150.420

'117.87'111.40

368,404-1.97

' -3.10

50.7

'529,275'151.436

'120.20'112.61

'366,140' -2.26' -2.92

50.7

'534,918'153,554

'122.27'114.37

'362,588' -3.55'-2.9C

51.7

'152,583

'126.39'116.29

'363,536'.95

'-2.36

55.0

1 2 *1 3 *

10

20 •

27*

9 *

61

100 •

69 •

Formation of business enterprises:Index of net business formation, 1967-100 (L.L.L) §Number of new business incorporations (L L.L)

Business investment commitments:Contracts and orders for plant and equipment, bil.$

(L.L.L) §.Contracts and orders for plant and equipment, bil.

1987$ (L,L,L)§.Mfrs.' new orders, nondefense capital goods, bil. 1987$

(L,L,L).Construction contracts awarded for commercial and

industrial buildings, mil. sq.ft.(L,C,U)©4§.

Business investment expenditures:New plant and equipment expenditures by business

bil.$, AR (C,Lg,Lg)\New plant and equipment expenditures by business

bil. 1987$, AR(C,Lg,Lg)*.Mfrs.' machinery and equipment sales and business

construction expenditures, bil.$, AR (C.Lg.Lg).

121.8

425.96

433.66

394.43

535.60

584 64

554 84

464.42

119.061 695

'37.24

'36.63

32.26

'40.59

459.12

5.

119.355 689

'33.15

'33.23

29.26

'38.54

442.82

FIXED CAPITAL INVESTMENT

'120.959 691

'35.97

'35.92

33.09

'40.20

56413

533 70

447.24

'122.061002

'32.99

'33.49

30.13

'4322

465.62

'121.059 648

'33.89

'34.15

31.18

'43.80

448.70

'117.651,765

'33.25

'33.96

31.08

'42.80

579.79

546 97

454.96

'120.860422

'38.15

'37.86

34.11

'43.43

462.72

'120.758 341

'33.77

'34.67

31.47

'47.58

442.00

r 120.957 909

'35.63

'36.38

33.24

'44.44

594.11

565 28

468.37

'122.2'63,632

'34.94

'35.84

32.44

'45.34

464.07

'122.9

'36.56

'37.73

34.52

'46.74

470.16

'125.4

'38.78

'40.44

'37.12

'47.15

"600 53

a 573 42

'492.15

'128.0

'38.88

'39.99

'36.79

'52.36

'514.18

'127.7

'41.45

'41.64

'38.03

'52.76

'495.55

NOTE.—The following current high values were reached before December 1992: July 1991—BCl-92 change (6.72)and August 1991—BCl-92 smoothed (-0.83).

See page C-6 for other footnotes.


SURVEY OF CURRENT BUSINESS February 1994 • C-3

76*

29

89 •

Seriesno.

Series title and timing classificationYear

1993

1992

Dec.

1993

Jan. Feb. Mar. | Apr. | May | June July

5. FIXED CAPITAL INVESTMENT-Continued

Aufl. | Sept Oct Nov. Dec.

1994

Jan.

Business investment expenditures—Continued:Index of industrial production, business equipment,

1987-100 (C,Lg,U)§.Gross private nonresidential fixed investment, bil.

1987$, AR:Total (C.Lg.C)Structures (Lg.Lg.Lg)Producers' durable equipment (C.Lg.C)

Residential construction and investment:New private housing units started, thous., AR (L.L.L) §Index of new private housing units authorized by local

building permits, 1967-100 (L,L,L).Gross private residential fixed investment, bil. 1987$,

AR (L,L,L).

134.6

591.7151.7440.0

1,28596.4

214.2

'128.4

' 1,25895.4

'129.6

'1,17092.3

'•130.0'

562.31485414.1

r 1,19491.0

211.4

'131.5

"1,09282.5

' 133.1

'1,23287.8

' 133.5

584.3151.1433.2

"1,241

206.2

' 133.9

-1,23888.9

'134.6

' 1,24592.7

'134.8

594.8151.2443.6

'1,31999.0

212.1

'136.3

'1,359101.4

'137.7

'1,409104.0

'139.8

'625.2'156.3'469.0

'1,406109.6

'226.9

'142.1

'1,571117.7

* 144.0

'1.294108.3

6. INVENTORIES AND INVENTORY INVESTMENT

7077 •

30 •31 •

Inventories on hand:Mfg. and trade inventories, bil. 1987$ (Lg,Lg,Lg)0Ratio, mfg. and trade inventories to sales in 1987$

(Lg.LgXg).

Inventory investment:Change in business inventories, bil. 1987$, AR (L.L.L) ..Change in mfg. and trade inventories, bil.$, AR (L.L.L) .

812.211.56

15.525.1

796.101.56

'30.9

796.821.57

'20.4

799.491.57

29.342.3

801.861.57

52.5

803.311.58

40.6

804.681.58

13.020.6

805.351.56

.3

806.101.58

-7.4

806.641.56

6.527.9

809.451.55

17.5

'809.701.55

27.8

'812.39'1.53

'13.4'58.1

'812.21'1.52

'1 .0

7. PRICES

99*

23*

336

•337

334

333

•332

•331

311

•

320

323

•

120 •

Sensitive commodity prices:Index of sensitive materials prices, 1987-100 §

Percent change from previous month §Percent change from previous month, smoothed

( U , L ) t § .Index of producer prices for sensitive crude and

intermediate materials, 1987.100 (L,L,L)§.Cattle hides §Lumber and wood products §Wastepaper, news §Wastepaper, mixed, NSAWastepaper, corrugated §Iron and steel scrap §Copper base scrap §Aluminum base scrap §Other nonferrous scrap, n.e.c, NSASand, gravel, and crushed stone §Raw cotton §Domestic apparel wool§

Index of spot market prices, raw industrial materials,1967.100, NSA (U.L.L)©1*.

Copper scrap, $ per lb.©§Lead scrap, $ per lb.©§Steel scrap, $ per ton © §Tin, $ per Ib.. NSA©Zinc, $ per Ib., NSA©Burlap, $ per yd., NSA©Cotton, $ per lb.©§Print cloth, $ per yd., NSA©Wool tops, $ per Ib., NSA©Hides, $ per Ib., NSA©Rosin, $per 100 lb.©§Rubber, $ per lb .©§Tallow, $ per !b.©§

Producer Price Indexes:Finished goods, 1982.100 §

Percent change over 1-month span§Percent change over 6-month span, AR§

Finished goods less foods and energy, 1982-100 §Percent change over 1-month span§Percent change over 6-month span, AR§

Finished consumer goods, 1982-100 §Percent change over 1-month'span §Percent change over 6-month span, AR§

Capital equipment, 1982-100 §Percent change over 1-month span§Percent change over 6-month span, AR§

Intermediate materials, supplies, and components,1982.100 §.Percent change over 1-month span§Percent change over 6-month span, AR§

Crude materials for further processing, 1982-100 §Percent change over 1-month span§Percent change over 6-month span, AR§

Fixed-weighted price index, gross domestic businessproduct, 1987-100.

Percent change from previous quarter, AR

Consumer Price Indexes for all urban consumers:All items, 1982-84-100, NSA

Percent change over 1-month span§Percent change over 6-month span, AR§

All items less food and energy, 1982-84.100 §Percent change over 1-month span§Percent change over 6-month span, AR§

Services, 1982-84-100 §Percent change from previous month, AR §Percent change from previous month, AR, smoothed

(Lg.Lg.Lg) t §.

99.65-.01-.25

161.77

180.4174.1100.692.1

141.9172.9135.7129,2114.1134.092.956.5

260.4

.702

.139115.553

3.494.484.247.556.677

3.339.799

59.238.450.147

124.70

135.80

123.00

131.4.2

116.2

.1

102.40

124.6

3.0

144.5.2

152.2.3

157.93.83.8

'100.89'.53

' - .19

'149.40

'179.2'158.0'101.6

87.0'146.6'143.3'154.0'137.7

124.6'131.9

'92.6'73.4266.4

.834

.14696.1183.803

.530

.245

.552

.6603.520

.81259=880

.494

.149

'123.90

'2.3135.0

.1'2.2

'122.40

'2.1129.7

'.1'2.3

'115.1

0'1.7

'101.7-1.1

' -2 .1

141.9' .2

'3.3'149.7

.2'3.7

154.7'2.43.9

'101.37'.48-.17

'153.83

'187.0162.0

'103.784.5

'144.9'151.3'163.6

141.4129.8133.2'95.4'67.0268.7

'.890'.153

'97.5553.901

.524

.245'.570

.6503.400

.801'59.880

'.484'.148

'124.3.3

'2.8'135.5

.4'2.8

'122.8' .3

'2.8130.4

.5'3.0

'115.4

.3'2.6

'101.7' 0

'.4

142.6' .2

'3.3'150.2

' .3'3.5

'155.2'3.9'3.9

'101.30-.07

' - .15

'157.91

'175.9'168.1'109.1

86.5'143.6'160.5'160.8'135.4

128.6'132.6'93.5'63.6270.0

'.864'.157

r 108.5433.835

.535

.245'.569

.6403.312

.800'59.880

'.473'.150

'124.8.4

'2.9135.9

' .3'2.8

'123.3.4

'3.0130.8

.3'2.6

115.9

' .4'2.1

101.6r - . 1'4.7

123.5

3.7

143.1' .4

'3.1'150.8

'.4'3.5

'155.6'3.1'3.8

'100.81' - .48' - .16

'161.00

'177.0'174.6'110.1

97.5'149.0'157.8'151.6'129.7

125.0'132.6'94.7'57.2266.9

'.812'.157

'108.0443.779.496.245

'.562.652

3.160.816

'59.880'.461'.153

125.1'.2

'1.9'136.1

' .1'2.1

123.6' .2

'1.8'131.0

.22.3

116.3

.3'2.1

101.8.2

'3.8

143.6' .2

'2.8'151.1

'.2'3.5

156.2'4.7'3.9

'99.87'-.93'-.30

'161.06

'173.0'177.1'112.5

101.5'147.5'154.6'142.3'123.5

118.4133.1'89.4'53.5261.5

'.737'.146

r 105.0693.738

.504

.245

.540

.6503.000

.814'59.880

'.443'.157

'125.7' .5

'1.3'136.5

'.3'1.6

'124.3.6

'1.0131.3

.2'1.8

116.6

.3'1.6

'103.0'1.2' - .4

144.0' .3

'2.7'151.6

'.3'3.2

'156.8'4.7'4.0

'99.31'-.56'-.40

'159.80

'175.6'175.1'104.0

107.5'143.3'158.0'131.5'125.1

113.3'132.8

88.3'53.5257.8

'.702'.143

'104.4123.703

.494

.245'.532

.6553.050

.805'60.000

'.441.152

'125.70

' -1 .1136.8

' .2' -1 .2

'124.2r-A

' -1 .9'131.3

' 0'1.5

116.3

-.3' .7

'105.2'2.1

' -1 .6

124.4

2.9

144.2' .2

'2.5'152.0

'.3'2.9

'157.33.9

'4.1

'99.15' - .16' - .43

'159.63

'176.8'172.0'104.0

107.4'140.6'170.4'135.4'126.6

113.3'133.3'84.7'55.2257.1

'.693'.144

'112.1833.482

.467

.245'.502

.6443.400.774

'60.000'.440'.148

125.1' - . 5

' -1.3'136.4

' - . 3-1.3

'123.5-.6

' -2 .1131.2' - . 1'1.4

'116.3

' 0' 0

'103.6' -1 .5' - . 6

144.4M

'2.2152.3

' .2'2.7

157.8'3.9'4.1

'98.88' - .27' - .43

'160.26

'181.1'170.7'97.2102.8

'140.2'179.1'133.8'130.6

115.0133.7'85.5'53.4257.2

'.672'.140

'119.6543.395

.470

.245.509.640

3.400.762

'60.000'.437'.148

125.10

'-2.4136.6

M' -2 .5

'123.4-.1

-3.2'131.6

' .3' .3

'116.3

' 0' - . 2

'101.5' -2 .0

' .2

144.4.1

'2.2'152.6

' .2'2.5

'158.2'3.1'4.0

'98.03' - .86' - .48

'159.54

'179.7'172.1'94.0

80.8'139.4'170.0'130.2'127.5

113.5133.8'85.7'54.9255.5

'.654'.134

'114.0423.294.451.240

'.513.688

3.400.792

'59.940'.441'.146

'124.1' - . 8

' -2 .2'135.1' -1 .1' -2 .3

'122.1' -1 .1' -2 .9

'131.8.2

' .8'116.3

0.2

'100.8' - . 7

' - 2 3

125.0

1.9

144.8.3

'2.4'153.0

.3'2.8

158.7'3.9'3.9

'97.81' - .22' - .48

'161.51

'185.9'174.4'93.5'80.4

'138.9'171.2

125.1'125.6'107.5'134.8'99.5'51.7253.1

'.611'.123

-110.4023.095

.445

.241.547.700

3.400.805

'59.940'.447'.142

'124.3.2

' -1 .4'135.2

.1-1.3

'122.3.2

' -2 .3131.9

' .1'1.5

'116.3

' 0' - . 2

'101.5' .7

' -4 .6

145.1M

'2.6'153.1

.1'2.8

'159.1'3.1'3.7

'1.20'-.25

'165.17

'184.4'176.8'93.9

97.6'138.6'190.7'117.2'128.1

101.7'136.1'95.9'53.1255.6

'.578'.118

-127.3513.189.459.247

'.571.700

3.450.815

'59.118'.442

.140

124.2r-A-1.0

'134.8' - . 3-.7

'122.3' 0

-1.8'131.5

' - . 32.1

'116.5

' .2.2

'103.1'1.62.0

145.7' .32.4

'153.5.3

2.6'159.5

3.1'3.6

'99.49'.52

'-.02

'169.31

'185.1'181.0'94.2

79.0'138.9'203.5'115.8'127.4

99.3'135.9'97.956.8

258.1

'.572.123

'138.9403.225

.466

.256'.607

.7503.600

.808'56.112

'.448'.138

'124.3M

'135.2' .3

'122.4.1

'160.0'3.8'3.5

'100.77'1.29'.30

'172.97

'182.7'185.2'91.5

79.2'138.0'207.7'121.2'129.9

103.7136.3

'104.3'58.1263.7

'.644'.124

'140.4353.286.492.265

'.644.750

3.500.798

'56.225'.446'.143

'124.2-.1

'135.5.2

'122.1-.2

'131.8.2

'116.4

' - . 1

'103.7' .6

125.6

2.1

145.8' .3

'154.1'.4

'132.2.3

'116.2

-.2

'101.2' -2 .4

145.8.2

'154.4' .2

133.0.6

116.4

.2

102.51.3

146.20

154.6.1

'160.5'3.8'3.5

101.25.48.51

173.90

181.7186.687.873.8

136.4202.7128.5131.3106.6136.5114.856.7

268.8

.696

.128139.625

3.324.496.269.703.750

3.500.756

55.944.448.152

124.5.2

136.1.4

122.3.2

160.6.8

3.1

NOTE.-The following current high values were reached before December 1992: July 1991—BCI-120 change (5.9); 1992—BCI-99 smoothed (0.77); July 1992—BCI-23 (285.7); and September 1992—BCI-99 index (102.97).December 1991-BCI-77 (1.65); January 1992—BCI-120 smoothed (4.2); March 1992—BCI-99 change (1.68); June See page C-6 for other footnotes.


Seriesno.

• February 1994

Series title and timing classificationYMT

1993

SURVEY1992

Dae Jan.

OF

| F

CURRENT

•to. | Mar. Apr.

BUSINESS1993

| May | June | July Aug. \m Oct | N<>v. | Dec.

1994

Jan.

8. PROFITS AND CASH FLOW

16 •18 •2 2 *

8 1 *

2 6 *

35

Profits and profit margins:Corporate profits after tax. bil.$, AR (L.L.L)Corporate profits after tax. bil. 1987$. AR (L.L.L)Ratio, corporate domestic profits after tax to corporate

domestic income, percent (L.L.L).Ratio, corporate domestic profits after tax with IVA and

CCAdj to corporate domestic income. percent(U,L,L).Ratio, implicit price deflator to unit labor cost, all

persons, nonfarm business sector.1982-100 (L.L.L).

Corporate net cash flow, bil. 1987$, AR (L.L.L)

104.2

258.9219.2

6.9

7.3

103.9

477.8

272.3230.7

7.2

7.6

103.8

490.2

274.3232.7

7.0

7.9

104.3

498.2

"104.8

345

346

53 •

63

62*

370

358

Wages and compensation:Index of average hourly compensation, all employees,

nonfarm business sector, 1982-100.Percent change from previous quarter, AR

Index of real average hourly compensation, allemployees, nonfarm business sector, 1982-100.

Percent change from previous quarter, ARWages and salaries in mining, mfg., and construction,

bil 1987$ AR (CCC)S

Unit labor costs:Index of unit labor cost all persons business sector

1982-100 (Lg.Lg.Lg).Index of labor cost per unit of output, mfg.,

1QR7.1nn 1 &

Percent change from previous month, AR l §Percent change from previous month, AR, smoothed

(Lg,Lg,lg) f t§.

Productivity:Index of output per hour all persons business sector

1982-100.Percent change over 1-quarter span, ARPercent change over 4-quarter span AR

Index of output per hour, all persons, nonfarm businesssector, 1982-100.

158.7

3.6106.0

.6592.4

137 0

109.1

-3.4-2.5

1174

1.7

115.5

9. WAGES

'659.1

'111.9

'13.8' - . 3

'580.5

109.9

'-19.5' -2 .3

LABOR COSTS, AND PRODUCTIVITY

157.2

2.9105.9

- 8'581.7

136.4

'109.6

' -3 .2' -3 .6

1166

- 1 6'1.3

114.8

'578.8

'109.6

' 0' -3 .9

'596.3

'109.3

' -3 .2' -4 .0

157.9

1 7

105.5

- 1 2'596.0

137.3

'109.4

'1.1' -3 .3

116.6

0'1 .61147

592.8

'109.1

' -3 .2' -2 .9

'594.7

109.0

r-2.5

159.4

3.9106.2

'2.6'595.2

137.4

'109.0

' 0-1.8

1176

'3.3

'115.8

'596.9

'109.3

'3.4' - . 8

'596.9

'108.7

' -6 .4' - . 9

'160 5

' 2 9' 1065

'598.8

'136.8

'108.2

' -5 .4' -1 .6

' 1190

' 4 8

'117 0

'600.7

'107.9

' -3.3' -2 .2

'601.7

'107.7

' - 2 . 2' - 2 . 6

10. PERSONAL INCOME AND CONSUMER ATTITUDES

5251 •

58

83 •

122

123 •

Personal income:Personal income, bil. 1987$, AR (C.C.C)Personal income less transfer payments, bil. 1987$, AR

(C.C.C).

Indexes of consumer attitudes:Consumer sentiment, U. of Michigan, 1966:1-100, NSA

(L.L.L)©''.Consumer expectations, U. of Michigan, 1966:1-100,

Consumer confidence, The Conference Board,1985-100 (L.l,L)\

Consumer expectations, The Conference Board,1985-100 (L.L,L)\

4,237.73,520.5

82.8

72.8

65.9

77.4

4,391.83,689.9

91.0

89.5

78.1

103.9

4,150.73,441.9

89.3

83.4

76.7

98.0

4,156.13,449.3

86.6

80.6

68.5

84.7

4,181.23,471.1

85.9

75.8

63.2

77.3

4,228.23,517.7

85.6

76.4

67.6

81.1

4,236.53.524.3

80.3

68.5

61.9

73.1

4,227.93,511.7

81.5

70.4

58.6

69.6

4,217.83,499.1

77.0

64.7

595

66.8

4,264.03.542.3

77.3

65.8

59.3

66.8

4.267.13.544.2

77.9

66.8

63.8

72.8

'4,285.2'3.561.4

82.7

72.5

60.5

66.7

'4.304.8'3.581.2

81.2

70.3

71.9

80.3

'4,332.7'3.602.3

88.2

78.8

79.8

91.8

'4.320.8'3,583.0

94.3

86.4

82.6

92.6

11. SAVING

290295292298 •293*

Gross saving, bil.$, ARBusiness saving, bil.$, ARPersonal saving, bil.$, ARGovernment surplus or deficit, bil.$, ARPersonal saving rate, percent

190.4

4.0

762.0766.9177.9

-262.83.9

766.7779.6208.7

-221.5

774.3809.0179.7

-214.43.8

'195.4

12. MONEY, CREDIT, INTEREST RATES, AND STOCK PRICES

8 5 *102 •105106 •

107

108

9394

112 •113*

111

110 •

14

39

Money:Percent change in money supply M1 (L.L.L)' §Percent change in money supply M2 (L.C.U) §Money supply M1, bil. 1987$ (L.L.L) §Money supply M2 bil. 1987$ (L 1L) §

Velocity of money:Ratio gross domestic product to money suppy M1

(C,'C,C)§.Ratio, personal income to money supply M2 (C.Lg.C) §

Bank reserves:Free reserves mil.$ NSA(LUU) tMember bank borrowings from the Federal Reserve,

mil $ NSA (L La U)

Credit flows:Net change in business loans, bil.$, AR (L.L.L) §Net change in consumer installment credit, bil.$, AR

(L,L,L).Percent change in business and consumer credit

outstanding, AR (L.L.L).Funds raised by private nonfinancial borrowers in credit

markets, mil.$. AR (L.L.L).

Credit difficulties:Current liabilities of business failures, mil.$, NSA

t\ 1 1 \ +(L.L.L} I.

Percent of consumer installment loans delinquent 30days and over (L .L ,L )© 3 0 t

.81

.13848.9

2 774.8

5913

1.528

901180

3.9748.74

48,281.0

'.81-.04

'818.5' 2 802 7

'1.569

1,032124

'-1.2260.84

8,450.5

2.43

'.80' - .18

'823.1' 2 791.1

'1.492

1,096165

'-57.2629.88

'5,541.7

2.44

'.23' - .25

'822.4' 2 775.4

' 6 043

'1.502

1,05945

'21.1943.74

219,992

'2,406.7

2.39

'.46'.02

'824.2' 2 769.3

'1.513

1,12291

'-72.9434.84

'4.343.0

2.31

'.66'.09

'827.1' 2 763.0

'1.534

1.02373

'41.0924.74

'2,973.4

2.01

'1.97' .68

'841.4' 2 775.3

'5948

'1.528

875121

'50.56-22.80

346,024

'6,634.4

2.16

'.83.19

'847.7' 2 778 5

'1.523

730181

'-3.7125.62

'2,675.4

2.06

'.95'.15

'854.4' 2 778.3

'1.518

845244

'80.6660.44

'5,496.4

2.08

'.78'.08

. '859.1' 2 7741

'5837

'1.536

600352

'-19.8860.47

481,036

'7,382.0

2.03

'.89'.24

'866.1' 2 778.5

'1.535

662428

'-19.0872.84

'3.062.6

1.95

' .75'.05

'869.8'2771 3

'1.545

804285

'.95'84.56

'2,222.1

'.81'.32

'874.1' 2 771 7

' 5 825

'1.550

1.01289

'-20.52'83.28

'2.991.0

'.54'.20

'876.8' 2 770 6

'1.557

'98182

'46.52'87.31

'2,552.3

' .45' .19

'880.8' 2 775.8

'1.549

'1.375' 7 3

'27.06

'1,736.4

NOTE.-The following current high values were reached before December 1992: May 1991—BCM06 (2.865.8); 62 index (113.0) and BCI-62 smoothed (3.0); and October 1992-BCI-111 (3.0).July 1991-BCI-93 (345); August 1991—BCI-94 (764); October 1991—BCI-62 change (16.3); December 1991-BCI- See page C-6 for other footnotes.


Seriesno. Series title and timing classification

Year

1993

SURVEY1992

Dec. Jan.

OF CURRENT

| Feb. | Mar. Apr.

BUSINESS1993

May Junt July Aug.l l l l

February 1994 •

1 Sept 1 Oct Nov. | Dec.

1994

Jan.

12. MONEY, CREDIT, INTEREST RATES, AND STOCK PRICES-Contlnued

66

72

101 •

95 •

119 •114 •116 •115*117118109 •

19 •

Outstanding debt:Consumer installment credit outstanding, mil.$

l\ n 1 n 1 n\ AiLg.Ly.Lg; v.

Commercial and industrial loans outstanding, rni!.$,

Commercial and industrial loans outstanding, mil. 1987$(\ n 1 n 1 n\ RILg.Lg.Lgj §.

Ratio, consumer installment credit outstanding topersonal income, percent (Lg.Lg.Lg).

Interest rates (percent, NSA):Federal funds rate (L Lg Lg)*Discount rate on new 91-cay Treasury bills (C.Lg.Lg)* ..Yield on new high-grade corporate bonds (Lg.Lg.Lgr ••••Yield on long-term Treasury bonds (CLg.Lg)*Yield on municipal bonds, 20-bond average (U.Lg.Lg)*..Secondary market yields on FHA mortgages (Lg.Ig.lg)Average prime rate charged by banks (Lg.Lg.Lg)*

Index of stock prices, 500 common stocks, 1941-43-10,NSA (L,L,L)\

789,836

427,297

369,505

14.12

3 023.027.356.465.607.466.00

451.41

741,093

'428,120

'374,231

13.46

2 923.258.127.306.228.126.00

435.64

743,583

'423,348

'368,770

14.23

3.023.067.917.176.168.046.00

435.23

747,228

'425,114

'369,023

14.24

3.032.957.736.895.877.556.00

441.70

750,131

'419,036

'362,802

14.18

3.072.977.396.655.647.576.00

450.16

752,193

422,460

364,190

14.02

2.962.897.486.645.767.566.00

443.08

750,293

'426,673

'366,558

13.94

3002.967.526.685.737.596.00

445.25

752,428

426,364

366,923

14.00

3 043.107.486.555.637.526.00

448.06

757,465

'433,086

'373,672

14.12

3063.057.356.345.577.516.00

447.29

762,503

'431,429

'373,532

14.04

3 033.057.046.185.457.026.00

454.13

768,573

'429,839

'372,155

14.13

3 092.966.885.945.297.036.00

459.24

'775,620

'429,918

'371,259

'14.15

2993.046.885.905.257.086.00

463.90

'782,561

'428,208

'370,102

'14.19

3 023.127.226.255.477.516.00

462.89

'789,836

'432,085

'375,074

'14.23

2 963.087.286.275.357.526.00

465.95

'434,340

'375,402

3.053.027.166.245.317.056.00

472.99

13. NATIONAL DEFENSE525548557

5705 6 4 *

Defense Department prime contract awards mil.$ . ..Manufacturers' new orders, defense products, mil.$Index of industrial production, defense and space

equipment, 1987-100 §.Employment, defense products industries, thousFederal Government purchases, national defense, bil.$, AR

76,79274.8

950303.6

7,592'79.1

1,010

11,3588,812'78.1

998

9,5796,361'77.9

992304.8

11,6287,411'76.8

'982

10,2316,853'76.9

'975

9,3175,434'75.6

'964307.6

10,1695,788'74.9

'954

9,6567,231'74.6

'943

11,7856,598'74.0

933301.9

'11,3596,446'73.7

929

5,304'72.7

922

'5,172'72.5

912'300.1

'5,382'71.9

'900

'6,742'70.9

14. EXPORTS AND IMPORTS

602604606612614616618 •620*622

Exports, excluding military aid shipments, mil.$Exports of domestic agricultural products, mil.$ §Exports of nonelectrical machinery, mil.$ §General imports, mi!.$Imports of petroleum and petroleum products, mi!.$§ ..,Imports of automobiles and parts, mil.$§Merchandise exports, adjusted, excluding military, mil.$Merchandise imports, adjusted, excluding military, mil.$Balance on merchandise trade, mil.$*

464,97141,79699,711

580,54449,92680,672

456,766589,244

-132,478

39,178'3,515

8,43846,143'4,301'6,504

37,504'3,415'7,92445,176'4,215'5,999

36,928'3,424

8,09044,832'4,387'6,811

'111,480'140,805"-29,325

38,894'3,357'8,37149,347"4,8131'7,048

38,479'3,498'8,11948,660'4,958'6,945

38,930'3,470'8,23147,306'4,342'6,619

'113,067'147,465'-34,398

37,639'3,537'8,094

'4,6516,819

37,109'3,405'8,16947,534'4,149'6,090

38,050'3,350'8,51348,097'3,745

6,691'111,935'147,907'-35,972

38,885'3,540'8,32249,506'3,759'6,861

40,092'3,565'8,28850,990'3,888'6,966

'40,236'3,458'8,655

'49,914'3,613'6,880

'120,284'153,067'-32,783

42,2253,7778,935

49,6333,4066,943

15. INTERNATIONAL COMPARISONS

47*721 •728 •725 •726 •722 •727*723 •

320•

738

735

736

732

737*

733

19 •748*745 •746*742 •747 •743*

750 •

758 •755 4756 •752*757 •753 •

Industrial production indexes (1987-100):United States §OECD, European countries2

JapanFederal Republic of GermanyFranceUnited KingdomItalyCanada

Consumer price indexes (1982-84-100):United States, NSA

Percent change over 6-month span, AR§ .Japan, NSA

Percent change over 6-month span, AR§ .Federal Republic of Germany, NSA

Percent change over 6-month span, AR§ .France, NSA

Percent change over 6-month span, AR§ .United Kingdom, NSA

Percent change over 6-month span, AR§ .Italy, NSA

Percent change over 6-month span, AR § .Canada, NSA

Percent change over 6-month span, AR § .

Stock price indexes (1967-100, NSA):United States*Japan*Federal Republic of Germany*France*United Kingdom*ItalyCanada*

Exchange rates:Exchange value of U.S. dollar, index: March 1973-100,

Foreign currency per U.S. doliar (NSA):Japan (yen)*Federal Republic of Germany (d. mark)*France (franc)*United Kingdom (pound)*Italy (lira)*Canada (dollar)*

110.9

111.7107

103.3

144.5.

118.5

""i25"6

"'143.5

""165I

"V86.4

147.9

491.01,368.4

312.2969.7

1,373.9575.2441.1

93.18

111.081.65455.6669

.66621,573.41

1.2902

'109.0105

112.6107106103

100.7100.5

141.9'3.3

117.4'1.0

122.45.3

141.4'3.4

163.61.1

182.3'3.7

146.4'1.7

473.91,197.7

269.1866.9

1,281.8453.4378.6

90.50

124.041.58225.3974

.64471,412.38

1.2725

'109.2106

112.2107105103

106.2'100.8

142.6'3.3

117.31.9

123.85.2

141.93.1

162.0' .4

182.9'4.0

147.0'2.1

473.41,157.0

277.9868.7

1,302.2497.5373.5

92.36

124.991.61445.4751

.65251,491.07

1.2779

109.9107

113.5106107104

106.8'101.7

143.1'3.1

117.41.0

124.34.5

142.4'2.7

163.1.9

183.6'3.8

147.4'1.1

480.51,171.5

291.9908.6

1,324.5528.2390.0

93.82

120.761.64145.5594

.69471,550.43

1.2602

'110.0107

116.5108107104

105.2103.1

143.6'2.8

117.71.0

124.74.6

143.1'2.6

163.7' .7

184.04.1

147.3.3

489.71,233.8

296.8945.8

1,351.0534.4407.1

93.65

117.021.64665.5944

.68411,591.35

1.2471

'110.5105

113.4106106104

100.7102.2

144.0'2.7

118.5'2.6

125.13.8

143.22.1

165.22.7

184.7'4.6

147.3'1.0

482.01,409.7

293.6'938.81,324.5

544.0428.2

90.62

112.411.59645.3984

.64741,536.14

1.2621

'110.0107

110.6107106106

105.1101.9,

144.2'2.5

118.6'2.7

125.53.2

143.5"1.5

165.82.3

185.4'5.1

147.6

484.31,471.1

286.1902.3

1,324.5575.4437.4

90.24

110.341.60715.4180

.64611,475.66

1.2698

'110.4106

112.5107106105

102.7'103.8

144.4'2.2

118.5'2.0

125.72.9

143.4'1.3

165.7'2.3

186.4'5.0

147.6'2.1

487.41,462.1

293.3907.8

1,339.0559.7448.2

91.81

107.411.65475.5700

.66301,505.05

1.2789

'110.9107

111.9106

'107106

105.1'102.8

144.4'2.2

118.8'1.0

126.0'2.7

143.5'1.5

165.3'2.3

187.1'4.7

148.0'1.9

486.61,468.4

311.6954.3

1,323.9579.9448.3

94.59

107.691.71575.8464

.66871,586.02

1.2820

'111.1'107110.9

108'107

106103.3

'103.6

144.8'2.4

119.2'1.0

126.02.9

143.5'1.7

166.02.0

187.2'4.5

148.1'2.2

494.01,509.9

325.31,021.01,404.6

634.6467.5

94.32

103.771.6944|5.9298

.67051,603.75!

1.30801

'111.3107

113.3108106106

103.1'104.5

145.1'2.6

119.3' ,5

126.1'2.7

144.01.8

166.7'2.6

187.53.8

148.22.6

499.61,504.5

322.81,006.61,412.4

633.2450.9

92.07

105.571.62195.6724

.65581,569.10

1.3215

'111.9107

107.4107105107

105.3'104.5

145.72.4

119.2

126.42.9

144.3

166.62.4

188.63.8

148.41.5

504.6'1,466.1

337.91,047.21,438.9

617.1

93.29

107.021.64055.7541

.66561,600.93

1.3263

'112.8'108

'109.8106

'106'107

'106.6'105.2

145.8

118.5

126.7

144.4

"i66.4

189.5

"149.1

503.5'1,308.8

345.9'1,023.6

1,429.9575.1472.3

95.47

107.881.70055.9069

.67531,666.31

1.3174

'113.9

'108.2'107

' 105.1

'114.4

145.8

118.6

"" 126.9

144.3

"i66.7

189.5

"148.8

506.9'1,257.5

362.91,111.7

r '1,511.5622.9488.3

95.73

109.911.71055.8477

.67061,687.17

1.3308

146.2

128.0

166.0

" 190.6

'"1*48.8

514.5'1,363.0

'362.8'1,146.0'1,589.0

'514.7

96.54

111..441.74265.9207

.67011,699.45

1.3173

16. ALTERNATIVE COMPOSITE INDEXES

990 •991 •

CIBCR long-leading composite index, 1967-1004 ,CIBCR short-leading composite index, 1967-100 4

259.1224.21

'237.2'221.6

'256.2'220.5

'257.6'223.1

'257.9'222.4

'255.1'221.9

'256.3219.3

'257.9223.1

258.8'222.0

'258.9223.6

'259.1'226.2

'261.2'227.6

'263.4'230.0

'266.2'230.7

'266.9'231.6

See footnotes on page C-6.


C-6 • February 1994 SURVEY OF CURRENT BUSINESS

FOOTNOTES FOR PAGES O l THROUGH 0 5aARc©e*

Anticipated.Annual rate.Corrected.Copyrighted.Estimated.Later data listed in notes.

NSApr

§0

Not seasonally adjusted.Preliminary.Revised.Graph included for this seriesMajor revision—see notes.End of period.

L,C,Lg,U Cyclical indicator series are classified as L (leading), C (coincident), Lg (lagging), or U (unclassified) at reference cycle peaks, troughs, and overall. Series classificationsare shown in parentheses following the series titles.

X Cyclical indicator series denoted by X are inverted (i.e., the sign is reversed) for cyclical analysis calculations, including classifications, contributions to composite indexes,and current high values,

t Cyclical indicator series denoted by t are smoothed by an autoregressive-moving-average filter developed by Statistics Canada.For information on composite indexes and other concepts used in this section, see "Business Cycle Indicators: Upcoming Revision of the Composite Indexes" in the October

1993 SURVEY OF CURRENT BUSINESS and 'The Composite Index of Coincident Indicators and Alternative Coincident Indexes" in the June 1992 SURVEY.References to series in this section use the prefix "BCI-" followed by the series number. Unless otherwise noted, series are seasonally adjusted.Percent change data are centered within the spans: 1-month changes are placed in the ending month, 3-month changes are placed in the 3d month, 6-month changes are

placed in the 4th month, 1-quarter changes are placed in the ending quarter, and 4-quarter changes are placed in the 3d quarter.Diffusion indexes are defined as the percent of components rising plus one-half of the percent of components unchanged. Diffusion index data are centered within the spans:

1-month indexes are placed in the ending month and 6-month indexes are placed in the 4th month.High values reached by cyclical indicators in the expansion following the last reference cycle trough (March 1991) are shown in boldface type; high values reached prior to the

period shown in the table are listed at the bottom of each page. For inverted series, low values are indicated as highs.Sources for series in this section are shown on pages C-50 and C-51 in the November 1993 SURVEY.

Page C-1NOTE.—Major data revisions:New seasonal adjustments for series BCI-5, -20, and -101—see note for page C-2.Change in manufacturers' unfilled orders in 1987 dollars for durable goods (BCI-92)—see note for

page C-2.Change in sensitive materials prices (BCI-99)—see note for page C-3.Money supply M2 in 1987 dollars (BCI-106)—see note for page C-4.Index of industrial production (BCI-47)—see note for page C-2.Change in labor cost per unit of output, manufacturing (BCI-62)—see note for page C-4.Change in Consumer Price Index for services (BCI-120)—see note for page C-3.* Preliminary February 1994 values: BCI-32 = 58.8, BCI-19 = 471.58, and BCI-109 = 6.00.1. Data include initial claims made under the July 1992 Emergency Unemployment Compensation

amendments. Data exclude Puerto Rico, which is included in figures published by the source agency.2. Copyrighted. This series may not be reproduced without written permission from the University

of Michigan, Survey Research Center, P.O. Box 1248, Ann Arbor, Ml 48106-1248.3. Excludes BCI-57, for which data are not available.4. Excludes BCI-77 and BCI-95, for which data are not available.5. Data beginning January 1994 are based on the revised Current Population Survey and are not

directly comparable with data for earlier periods.6. The wages and salaries portion of this series has been adjusted to smooth yearend 1992 bonus

payments that are in the revised national income and product accounts data. The bonus payments weretoo large to be adequately dealt with by the autoregressive-moving-average filter used to smooth this

Page C-2NOTE.—Major data revisions:For the following series, new seasonal adjustment factors have been computed by the Bureau of

Economic Analysis and applied beginning with the month indicated: BCI-72, -101, and -112 (January1989); BCI-5 (January 1991); BCI-9, -10, -20, -614, and-616 (January 1992); BCI-570, -604, -606, -732,-733, -735, -736, -737, and -738 (January 1993). For further information, contact the U.S. Departmentof Commerce, Bureau of Economic Analysis, Business Outlook Division, Washington, DC 20230.

Industrial production indexes (BCI-47, -73, -74, -75, -76, and -557) have been revised from 1991forward and capacity utilization rates (BCI-82 and -124) have been revised from 1990 forward by thesource to incorporate new source data and revised seasonal adjustment factors. For further information,contact the Board of Governors of the Federal Reserve System, Research and Statistics Division,Industrial Output Office, Washington, DC 20212.

Manufacturers' new orders in 1987 dollars for durable goods (BCI-7) and the change in manufac-turers' unfilled orders in 1987 dollars for durable goods dollars (BCI-92) have been revised from 1989forward to incorporate revisions in the Producer Price Indexes used as deflators—see note for pageC-3. For further information, contact the U.S. Department of Commerce, Bureau of Economic Analysis,Business Outlook Division, Washington, DC 20230.

Series on capital appropriations (BCI-11 and -97) have been discontinued.* Preliminary February 1994 value: BCI-32 = 58.8; anticipated 1st quarter 1994 values: BCI-61 =

616.38 and BCI-100 = 590.64; anticipated 2d quarter 1994 values: BCI-61 = 624.33 and BCI-100 =600.38.

1. See footnote 5 for page C-1.2. Data include initial claims made under the July 1992 Emergency Unemployment Compensation

amendments. Data exclude Puerto Rico, which is included in figures published by the source agency.3. Data exclude Puerto Rico, which is included in figures published by the source agency.4. Copyrighted. This series may not be reproduced without written permission from McGraw-Hill

Information Systems Company, F.W. Dodge Division, Paramount Plaza, 13th Floor, 1633 Broadway,New York, NY 10019.

Page C-3NOTE.—Major data revisions:Index of industrial production, business equipment (BCI-76)—see note for page C-2.New private housing units started (BCI-28) has been revised by the source from 1991 forward to

reflect a new seasonal adjustment. For further information, contact the U.S. Department of Commerce,Bureau of the Census, Construction Statistics Division, Washington, DC 20233.

Producer Price Indexes and related series (BCI-98, -99, -331, -332, -333, -334, -336, and -337)have been revised by the source from 1989 forward to reflect new seasonal adjustments. For furtherinformation, contact the U.S. Department of Labor, Bureau of Labor Statistics, Office of Prices andLiving Conditions, Division of Industrial Prices and Price Indexes, Washington, DC 20212 and the U.S.Department of Commerce, Bureau of Economic Analysis, Business Outlook Division, Washington, DC20230.

Seasonally adjusted Consumer Price Indexes (BCI-120, -323, and the percent change in BCI-320)have been revised by the source from 1989 forward to reflect new seasonal adjustments. For furtherinformation, contact the U.S. Department of Labor, Bureau of Labor Statistics, Office of Prices and LivingConditions, Division of Consumer Prices, Washington, DC 20212.

* Preliminary February 1994 value: BCI-23 = 275.2.1. Copyrighted. This series may not be reproduced without written permission from Knight-Ridder

Financial Publishing, 30 South Wacker Drive, Suite 1820, Chicago, IL 60606-5271.

Page C-4NOTE.—Major data revisions:Wages and salaries in 1987 dollars for mining, manufacturing, and construction (BCI-53) has been

revised from 1989 forward to incorporate revisions in its seasonally adjusted CPI deflator—see notefor page C-3. For further information, contact the U.S. Department of Commerce, Bureau of EconomicAnalysis, Business Outlook Division, Washington, DC 20230.

Change in labor cost per unit of output, manufacturing (BGI-62) has been revised from 1991 forwardto incorporate revisions in the index of industrial production (BCI-47)—see note for page C-2. For furtherinformation, contact the U.S. Department of Commerce, Bureau of Economic Analysis, Business OutlookDivision, Washington, DC 20230.

Money supply measures (BCI-85, -102, -105, -106, -107, and -108) have been revised by the sourcefrom 1970 forward to incorporate benchmark revisions and updated seasonal adjustment factors. SeriesBCI-105 and -106 have been revised from 1989 forward to incorporate revisions in their CPI deflator-see note for page C-3. For further information, contact the Board of Governors of the Federal ReserveSystem, Monetary Affairs Division, Money and Reserve Projections, Washington, DC 20551 and theU.S. Department of Commerce, Bureau of Economic Analysis, Business Outlook Division, Washington,DC 20230.

New seasonal adjustment for series BCI-112—see note for page C-2.* Preliminary February 1994 values: BCI-122 = 80.8, BCI-123 = 84.2, and BCI-85 = 0.65.1. See footnote 6 for page C-1.2. Copyrighted. This series may not be reproduced without written permission from the University

of Michigan, Survey Research Center, P.O. Box 1248, Ann Arbor, Ml 48106-1248.3. Copyrighted. This series may not be reproduced without written permission from the American

Bankers Association, 1120 Connecticut Avenue, NW, Washington, DC 20036.

Page C-5NOTE.—Major data revisions:New seasonal adjustments for series BCI-72, -101, -570, -604, -606, -614, -616, -732, -733, -735,

-736, -737, and -738)-see note for page C-2.Index of industrial production, total (BCI-47) and defense and space equipment (BCI-557)—see note

for page C-2.Consumer Price Index (percent change in BCI-320)—see note for page C-3.* Preliminary February 1994 values: BCI-119 = 3.22, BCI-114 = 3.21, BCI-116 = 7.26, BCI-115 =

6.42, BCI-117 = 5.40, BCI-109 = 6.00, BCI-19 (1941-43=10) = 471.58, BCI-19 (1967=100) = 513.0, BCI-748 = 1,434.0, BCI-745 = 355.1, BCI-746 = 1,142.5, BCI-742 = 1,587.9, BCI-743 = 508.7, BCI-750 =95.86, BCI-758 = 106.42, BCI-755 = 1.7373, BCI-756 = 5.9014, BCI-752 = 0.6763, BCI-757 = 1,686.19,and BCI-753 = 1.3419.

1. Balance of payments basis: Excludes transfers under military grants and Department of Defensesales contracts (exports) and Department of Defense purchases (imports).

2. Organisation for Economic Co-operation and Development.3. This index is the weighted-average exchange value of the U.S. dollar against the currencies of

the other G-10 countries plus Switzerland. Each country is weighted by its 1972-76 global trade. For adescription of this index, see the August 1978 Federal Reserve Bulletin (p. 700).

4. This index is compiled by the Center for International Business Cycle Research (CIBCR), GraduateSchool of Business, Columbia University, New York, NY 10027.


SURVEY OF CURRENT BUSINESS

CYCLICAL INDICATORSComposite Indexes

February 1994 • C-7

Aug. Apr. Apr. Feb.P T P T

Dec. Nov.P T

Composite index(series 41,47,

1957 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 931994NOTE.—The numbers and arrows indicate length of leads (-) and lags (+) in months from business

cycle turning dates. Current data lor these series are shown on page C-1.


C-8 • February 1994

CYCLICAL INDICATORSSURVEY OF CURRENT BUSINESS

Composite Indexes: Rates of ChangeAug. Apr. Apr Feb.

P T p

nge over 3-month span Jlnniial rate

Composite Indexes: Diffusion

1957 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 931994

NOTE.—Current data for these series are shown on page C-1.



CYCLICAL INDICATORSComposite Indexes: Leading Index Components

Aug. Apr.P T

Apr. Feb.P T

311 n i l 11 11

42

41

40

39

38

200-

300-

400500600700

140-

120-

100-

80-

60-

40"

100-

75-

50-

2 5 -

50-

40-

30-

20-

10 J

1957 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 931994NOTE.—Current data for these series are shown on page C-1.




Composite Indexes: Leading Index Components—ContinuedAug. Apr. Apr. Feb.

P T P TDec. Nov. Nov. Mar.

P T P TJan. July July Nov.

PT P T

29. h ew pit rate he LisiKMinits a

92. Cl ange i n man urersWIIed

pply ft 2 iOf « 6 7 dol

I I I > 111 111 l ' l i 11 111 n I I I I M I I I I I I I I 11 1111 • u i t i i l 1 1 1 I 1 1 1 11 l i t u l i 11 1111 1 1 1 1 1 111 M 1 ! l 11 11 i i t * l l i i i l i I 1 1 1 11 i l 11 11 11 111 i . t l n i

1957 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 9319941. This series is smoothed by an autoregressive-moving-average filter developed by Statistics Canada. NOTE.—Current data for these series are shown on page C-1.2. This is a copyrighted series used by permission; it may not be reproduced without written permission

from the University of Michigan, Survey Research Center.


SURVEY OF CURRENT BUSINESS February 1994 • C-ll

CYCLICAL INDICATORSComposite Indexes: Coincident Index Components

Aug. Apr. Apr. Feb.

P T P T

Dec. Nov. Nov. Mar.P T P T

Jan. July July Nov.

PT P T

July Mar.P T

"ra

1957 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 931994NOTE.—Current data for these series are shown on page C-1.


SURVEY OF CURRENT BUSINESSC-12 • February 1994

CYCLICAL INDICATORSComposite Indexes: Lagging Index Components

Aug. Apr. Apr. Feb.P T P T

1957 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 9319941. This series is smoothed by an autoregressive-moving-average filter developed by Statistics Canada.NOTE.—Current data for these series are shown on page C-1.



CYCLICAL INDICATORSEmployment and Unemployment

Dec. Nov. Nov. Mar.P T P T


jory worl cers, mai lufacturii ig

^•Help-wanted advertisiL,Lg,U

ds-producing industries (millic nsf

civiltew

..Liployment t< populat Hi of

vil an unenr ploymer tp te ( i verted scale

1 9 6 6 6 7 6 8 6 9 7 0 7 1 7 2 7 3 7 4 7 5 7 6 7 7 7 8 7 9 8 0 8 1 8 2 8 3 8 4 8 5 8 6 8 7 8 8NOTE.—Current data for these series are shown on page C-2.

90 91 92 93 1994


C-14 • February

CYCLICAL INDICATORSOutput, Production, and Capacity Utilization


Dec. Nov.P T


s-4 55. Gross 1987dolWs,QBHrate,

rat le manul actures RUex: m « 1 0 0 )

n, durable manufactures (indexc,c,c

, , , l I , , , . i , l , , , ,,,!,,, » ,

1966 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 1994

NoTi.—Current data for these series are shown on page C-2.



CYCLICAL INDICATORSSales and Orders

w crders in 1987 dollars, d oocs industries (bil. dol-)

'ages and Consumer Attitudes

salaries in 1987idn (ann. r ite, bil.

m mufactuiing

1966 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88NOTE.—Current data for these series are shown on pages C-2 and C-4.

90 91 92 93 1994



CYCLICAL INDICATORSFixed Capital Investment


Dec. Nov.P T

formatitn(index W 7 = 1 CO)

r of new business

ufacturers' new offers ifflS? dollars,s i n d i e s (bil.dol.)

ctn >n contra cts aw and industrialmbving avtj.)

160-140-

120-

100-

70-

60-

50-

40-

30-

20 J

50-

40-

30-

20-

10 J

100-

80-

60-

40-

1966 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81

1. This Is a copyrighted series used by permission; it may not be reproduced without writtenpermission from McGraw-Hill Information Systems Company, F.W. Dodge Division.

8 2 8 3 8 4 8 5 8 6 8 7 8 8 8 9 9 0 9 1 9 2 9 3 1 9 9 4

NOTE—Current data for these series are shown on page C-2.



CYCLICAL INDICATORSFixed Capital Investment—Continued

Dec. Nov.P T

fccec investment in 19 Udol

1 9 6 6 6 7 6 8 6 9 7 0 7 1 7 2 7 3 7 4 7 5 7 6 7 7 7 8 7 9 8 0 8 1 8 2 8 3 8 4 8 5 8 6 8 7 8 8 8 9 9 0 9 1 9 2 9 3 1 9 9 4

1. Dotted i r e represents anticipated expenditures.NOTE—Current data for these series are shown on pages C-2 and C-3.




Fixed Capital Investment—ContinuedNov. Mar.

P TJan. July July Nov.

P T P TJulyMar.

P T

Inventories and Inventory Investment

dol.;6-tittnrn<nVavg.)

1966 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 1994NOTE.—Current data for these series are shown on page C-3.


CYCLICAL INDICATORS• Prices and Profits


Dec. Nov.

P TJan. July July Nov.

P T P TJuly Mar.

P T

11 1 I

profits after t|ax to corporate d<>m«ttcL,L,L

ftertaxUhlVttliCCAiito

1966 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 1994IVA Inventory valuation adjustment. CCAdj Capital consumption adjustment.NOTE.—Current data for these series are shown on pages C-3 and C-4.

1. From June 1981 forward, this is a copyrighted series used by permission: it may not bereproduced without written permission from Commodity Research Bureau, Inc.


C-20 • February


Money, Credit, and Interest Rates

Dec. Nov. Nov. Mar.

P T P T

Jan. July July Nov.

P T P T

2.0-1.6-1.2-

0.8-

0.4-

0.0-

-0 .4 -

-0 .8 -

>-term moving avj.)

120-

8 0 -

4 0 -

0 -

- 4 0 -

-60-

-120 -

h âilment creditjsoving avg.) i,bil.dol.;6-term

111). Funds raitocredit markets

aised by private 800-

600-

400-

200-

0-

,Q(anr.rate,badol.)

1966 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88


90 91 92 93 1994



CYCLICAL INDICATORSMoney, Credit, and Interest Rates—Continued

February 1994 • C-21

Dec. Nov.P T

Ion j-term T easury t onds

Alternative Composite Indexes

ding composite ind<*{1967

1966 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88

CIBCR Center for International Business Cycle Research (Columbia University).NOTE.—Current data for these series are shown on page C-5.

90 91 92 93 1994



OTHER IMPORTANT ECONOMIC MEASURESPrices Other Measures

JulyMar.P T

10-

8-

6-

4-

2-

<

ale

1 1 1 1 1 I 1 1 1 1 1 1 1 1 1 1 1 1 i F > 1 1 1 1 1 1 1 1 1 1 1 1

1982 83 84 85 86 87 88 89 90 91 92 93 1994

NOTE.—Current data for these series are shown on pages C-3, C-4. and C-5.

1982 83 84 85 86 87 88 90 91 92 93 1994



OTHER IMPORTANT ECONOMIC MEASURESInternational Industrial Production International Consumer Prices

July Mar.P T

I Percent change over 6-monthJan, annual ratefidus trial pro< luction—

nsimerpriojs—

320c. United St; 1

Ei ropean countries

10-

0 -

-10-

20-

10-

0-

30-

20-

10-

0 -

732c. United Kingdon

1 1 1 1 1 1 I 1 1 1 1 1 1 I 1 1 1 i 1 1 1 1 1 1

1982 83 84 85 86 87 88 89 90 91 92 93 1994NOTE.—Current data for these series are shown on page C-5.

1982 83 84 85 86 87 88 89 90 91 92 93 1994



OTHER IMPORTANT ECONOMIC MEASURESInternational Stock Prices International Exchange Rates

July Mar.P T

Weighted-j verage e KChange

2000-1800-1600-1400-1200-

I I I I , ,. .1 9 8 2 8 3 8 4 8 5 8 6 8 7 8 8 8 9 9 0 9 1 9 2 9 3 1 9 9 4


1 9 8 2 8 3 8 4 8 5 8 6 8 7 8 8 8 9 9 0 9 1 9 2 9 3 1 9 9 4


February 1994 SURVEY OF CURRENT BUSINESS S-l

C U R R E N T B U S I N E S S S T A T I S T I C SNOTE TO USERS: AS a result of a reprogramming of resources at BEA, this section of the SURVEY OF CURRENT BUSINESSwill be discontinued after the March 1994 issue; see "Looking Ahead" on page ii of this issue. A listing of sources, includingaddresses and telephone numbers, for series in this section will appear in the March and April issues.

Series originating in Government agencies are not copyrighted and may be reprinted freely. Series from private sourcesare provided through the courtesy of the compilers and are subject to their copyrights.

Current and historical data for the series shown in the S-pages are available on diskettes, printouts, and the CommerceDepartment's Economic Bulletin Board. Historical data, data sources, and methodological notes for each series are publishedin BUSINESS STATISTICS, 1963-91. For more information, contact the Business Statistics Branch, Business Outlook Division(BE-52), Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230. (Telephone: (202) 606-5367;fax: (202) 606-5313.)

NOTE.—This section of the SURVEY is prepared by the Business Statistics Branch.

Unless otherwise stated in footnotes below, datathrough 1991 and methodological notes are as shown in

BUSINESS STATISTICS. 1963-91

Annual

1992 1993

1992

Dec.

1993

Jan. Feb. Mar. Apr. May June July Aug. Sept. | Oct. Nov. Dec.

1994

Jan.

1. GENERAL BUSINESS INDICATORS

PERSONAL INCOME BY SOURCE

[Billions of dollars}

Seasonally adjusted, at annual rates:Total personal income

Waae and salary disbursements, totalCommodity-producing industries, total

ManufacturingDistributive industriesService industriesGovernment

Other labor incomeProprietors' income: X

Farm ,.Nonfarm ,

Rental income of persons with capitalconsumption adjustment

Personal dividend incomePersonal interest incomeTransfer payments to personsLess: Personal contributions for social insurance

Total nonfarm income ,

DISPOSITION OF PERSONAL. INCOME

[Billions of dollars, unless otherwise indicated]

Seasonally adjusted, at annual rates:Total personal incomeLess: Personal tax and nontax paymentsEquals: Disposable personal incomeLess: Personal outlays

Personal consumption expenditures ...Durable goodsNondurable goodsServices

Interest paid by persons , ,Personal transfer payments to rest of the world

(net) ,..:

Equals: personal savingPersonal saving as percentage of disposable

personal income t ,

Disposable personal income in constant (1987)dollars

Personal consumption expenditures in constant(1987) dollarsDurable goodsNondurable goodsServices ,

Implicit price deflator for persona! consumptionexpenditures, 1987=100 ,

INDUSTRIAL PRODUCTION §

[1987=100]

Not seasonally adjusted:Total index

By industry groups:MiningUtilitiesManufacturing

DurableNondurable

Seasonally adjusted:Total index

By market groups:Products, total

Final productsConsumer goods

5,144.9

2,973.1756.5577.6682.0967.0567.5322.7

43.7370.6

-8.9140.4694.3858.4249.3

5,080.1

5,144.9644.8

4,500.24,261.54,139.9

497.31,300.92,341.6

111.1

10.4

238.7

5.3

3,632.5

3,341.8456.6

1,062.91,822.3

123.9

106.5

"98.2112.0

" 106.8"107.1" 106.5

" 106.5

" 105.8-108.1" 105.9

" 5,388.9

" 3,080.3763.6

"577.3"706.5

"1,020.6589.7350.7

"46.0"397.3

"12.8158.3695.8

"912.0264.3

"5,320.6

"5,388.9681.6

"4,707.4"4,517.0"4,391.9

"537.9"1,351.0"2,503.0

114.0

11.0

"190.4

4.0

"3,701.7

"3,453.7"490.1

"1,088.7"1,874.9

127.2

"110.9

"97.2"116.3"111.7"114.3"108.6

"110.9

110.3"112.8"108.8

5,507.3

3,263.9835.4651.6746.2

1,107.1575.2333.1

46.2387.8

-.4155.3696.6880.2255.4

5,440.2

5,507.3705.1

4,802.24,406.04,283.3

525.51,337.92,419.9

112.3

10.5

396.2

5.5

3,829.1

3,415.4482.9

1,086.21,846.3

125.4

107.1

"99.2"128.6"105-9"107.8"103.5

"109.0

"108.6"111.1"108.2

5,225.7

2,970.9738.7558.6681.5963.8587.0335.8

36.9388.4

4.9156.7695.7892.4256.1

5,167.4

5,225.7655.1

4,570.64,414.24,290.8

531.01,333.72,426.1

112.4

11.0

156.4

5.1

3,630.7

3,408.4485.7

1,078.41,844.3

125.9

"107.7

"98.7"133.9"106.2"107.9"104.0

"109.2

"108.7"111.4"108.2

5,249.1

2,976.3742.7561.0684.3967.0582.3338.5

48.2388.7

9.5157.1695.3892.6256.9

5,179.0

5,249.1657.3

4,591.94,435.14,311.6

508.21,345.02,458.4

112.4

11.0

156.8

3.9

3,636.5

3,414.5465.5

1,082.21,866.9

126.3

109.4

"97.6"129.4"108.7"111.4"105.4

109.9

"109.3"111.8"108.9

5,289.2

2.975.8740.8559.6683.0969.0583.0341.2

82.0388.2

8.1157.2695.2898.3256.9

5,185.1

5,289.2659.0

4,630.14,409.84,286.1

506.71,327.22,452.2

112.7

11.0

220.4

4.4

3,660.4

3,388.4464.4

1,067.41,856.6

126.5

109.4

"96.6"121.3"109.5"112.8"105.5

"110.0

"109.4"112.0"108.9

5,365.6

3,068.3765.2582.1704.9

1,013.6584.5343.9

59.7389.7

14.3157.5694.1901.7263.5

5,283.7

5,365.6677.8

4,687.84,459.44,335.8

526.61,342.32,466.9

112.7

11.0

228.4

4.7

3,694.2

3,416.7479.5

1,079.01,858.3

126.9

"108.4

"96.5"107.7

109.6r 112.0"106.7

"110.5

"109.8"112.3"108.6

5,380.4

3,093.87667580.3713.1

1,027.5586.4346.6

45.2392.7

12.0157.8693.1904.5265.3

5,312.8

5,380.4683.1

4,697.34,481.94,358.7

532.71,344.12,481.8

112.2

11.0

215.4

4.4

3,697.7

3,431.2485.2

1,081.71,864.3

127.0

"108.7

"95.7101.3

"110.6"113.5"107.0

"110.0

109.3"111.8"107.8

5,373.6

3,086.0763.3578.4709.2

1,025.4588.1349.3

36.0394.8

11.9158.2692.0910.2264.9

5,315.0

5,373.6682.0

4,691.64,509.44,385.3

535.61,348.12,501.6

113.1

11.0

182.3

3.9

3,691.2

3,450.2487.9

1,088.81,873.6

127.1

"112.3

"96.9"108.8"114,1"116.1"111.6

"110.4

"109.6"112.1"108.1

5,365.1

3,101.6766.8579.5713.2

1,031.3590.3352.0

10.6393.1

7.1158.6693.6914.3265.9

5,332.2

5,365.1685.5

4,679.64,527.64,403.3

540.01,349.62,513.7

113.5

10.8

152.0

3.8

3,678.5

3,461.2491.8

1,089.81,879.6

127.2

"109.8

"94.3r 119.8r 110.4"110.9"109.8

"110.9

r 110.4r 112.8•'108.9

5,432.3

3,124.3769.4581.2717.3

1,045.1592.6354.7

31.1399.4

16.1159.0695.7919.4267.4

5,378.7

5,432.3690.7

4,741.64,544.04,419.2

544.11,350.52,524.6

114.0

10.8

197.7

3.8

3,721.3

3,468.2494.9

1,090.01,883.3

127.4

"113.9

"96.5119.5

"115.1"116.1"113.8

"111.1

"110.4"112.7"108.6

5,440.6

3,120.4772.1583.7712.8

1,040.0595.5357.4

32.7400.4

17.9159.3697.8921.8267.0

5,385.4

5,440.6690.9

4,749.74,560.44,434.8

541.61,357.12,536.1

114.8

10.8

189.3

4.0

3,726.3

3,479.2492.5

1,099.11,887.7

127.5

"113.8

"97.5109.8

"115.7"117.3"113.6

"111.3

"110.6"113.1"108.5

"5,480.8

3,137.7774.6584.0719.0

1,049.7594.4360.1

"43.9406.1

"17.5159.4698.6

"925.8268.3

"5,414.2

"5,480.8"694.8

"4,785.9"4,604.7"4,477.7

"558.11,368.2

"2,551.5"115.6

11.4

"181.3

4.0

"3,742.1

"3,501.1"505.81,100.9

"1,894.3

127.9

"113.8

"99.5103.7

"116.1"119.2"112.3

"111.9

"111.2"113.8"109.2

"5,514.4

"3,147.1"779.4"587.5"718.4

"1,054.1"595.1

362.9

"60.1410.4

"17.4159.4699.2

"926.9"269.1

"5,431.5

"5,514.4"698.7

"4,815.7"4,615.6"4,487.6

"560.7"1,369.4"2,557.6

"116.6

11.4

"200.1

4.1

"3,759.5

"3,503.4"509.1

"1,099.9"1,894.4

128.1

"112.2

"98.8"111.2"113.6"117.6"108.7

"112.8

"112.2"114.8"109.9

"5,550.2

"3,161.7"783.8"591.7"720.9

"1,060.2"596.9

365.8

"65.3"415.1

"17.4159.5699.8

"935.7"270.1

"5,461.9

"5,550.2"703.7

"4,846.4"4,641.7"4,512.1

"569.2"1,376.9"2,566.1

"118.2

11.4

"204.7

3.9

"3,782.4

"3,521.5"518.4

"1,107.3"1,895.8

"128.1

111.6

"97.7"129.1"111.3"116.3"105.1

"113.9

113.0"115.5"110.1

5,534.9

3,194.3785.1591.8731.8

1,076.1601.2368.8

51.7415.4

-22.4159.7700.8945.1278.5

5,460.0

5,534.9712.5

4,822.44,664.94,534.1

573.01,377.52,583.7

119.4

11.4

157.5

3,765.4

3,540.3520.0

1,108.11,912.2

128.1

112.8

98.0144.1111.3116.6104.8

113.5116.2110.4

See footnotes at end of tabies.


S-2 • February 1994

Unless otherwise stated in footnotes below, datathrough 1991 and methodological notes are as

shown in BUSINESS STATISTICS, 196341

Annual

1992 1993


1992

Dec.

1993

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. I Dec.

1994

Jan.

1. GENERAL BUSINESS INDICATORS-Continued

INDUSTRIAL PRODUCTION-Continued §

[1987-100]

Seasonally adjusted—ContinuedBy market groups—Continued

Final products—ContinuedConsumer goods—Continued

DurableAutomotive products

Autos and trucksOther durable goods

NondurableFoods and tobaccoClothingChemical productsPaper productsEnergy products

Equipment, totalBusiness equipment

Information processing and relatedOffice and computing machines

IndustrialTransit

Autos and trucks

Defense and space equipmentOil and gas well drillingManufactured homes

Intermediate productsConstruction suppliesBusiness supplies

MaterialsDurableNondurableEnergy

By industry groups:Mining

Metal miningCoalOil and gas extraction

Crude oilNatural gas

Stone and earth minerals

UtilitiesElectricGas

Manufacturing

DurableLumber and productsFurniture and fixturesClay, glass, and stone productsPrimary metals

Iron and steelNonferrous

Fabricated metal productsMachinery and computer equipmentElectrical machineryTransportation equipment

Motor vehicles and partsInstruments

NondurableFoodsTobacco productsTextile mill productsApparel productsPaper and productsPrinting and publishingChemicals and productsPetroleum productsRubber and plastics productsLeather and products

BUSINESS SALES


Manufacturing and trade sales (unadj.), total

Manufacturing and trade sales (seas, adj.), total...

Manufacturing, totalDurable goods industriesNondurable goods industries .

Retail trade, totalDurable goods storesNondurable goods stores

Merchant wholesalers, totalDurable goods establishmentsNondurable goods establishments

[Billions of constant 1987 dollars]

Manufacturing and trade sales in constant (1987)dollars (seas, adj.), totalManufacturingRetail tradeMerchant wholesalers

' 102.2' 100.3

-97.1"103.9

"106.9' 106.5'95.9

' 118.2' 102.1' 108.2

"111.3"122.2"133.7"168.2"106.8' 137.0

118.1

"83.2"77.9"98.7

"99.1"93.4

"102.8

"107.7' 108.4"110.9"103.9

"98.2"161.2"108.1

"93.0"85.9

"107.5"93.7

"112.0"111.8

112.9

106.9

"107.2"96.8"97.2"95.1101.2104.8"96.3"95.7

"123.4"115.9"102.9"106.5'105.1

"106.6' 107.7

"99.8"105.7"93.9

"108.8"99.1

"114.3"102.7"111.0"87.0

6,724,59016,724,59012,934,126

1,505,8061,426,140

"1,955,326"702,223

"1,253,10311,828,041

"902,330"920,874

"110.7"111.8

112.4"109.7

"108.3"106.3

"94.9"122.5"103.4"113.2

"118.7"134.7"155.9"223.2"112.4"136.9

134.7

"75.082.2

"119.1

'102.6"96.8

"106.5

"112.0"115.6"113.7"103.7

"97.2"166.3"103.7

"92.2"81.7

"93.7

"115.9"115.8' 116.4

'111.8

' 114.4"100.9"103.2

"98.6"106.6'111.7

"99.6"99.6

' 144.2"127.7"104.4"120.8"104.2

"108.7"108.7

"92.3"107.6

"93.2'112.4"101.4'117.7-104.9"116.1"85.1

7,109,67217,109,672

•3,101,366"1,630,364

1,472,145

"2,083,832"781,722

"1,302,11011,921,937

981,322941,957

"108.4"109.9"111.8"107.1"108.2"106.4"96.2

"121.1"102.7"113.4

"115.4"128.4"143.7"188.7"109.9"140.0"131.5

"79.1"88.7

"121.8'100.9"94.6

'105.2

"109.6"111.2"111.2"105.2

98.2"159.5"108.3"93.1"84.0

"107.2"92.8

116.8"116.7"117.5"109.3"110.7"100.5'100.4"97.9

"102.3"107.8"94.6"96.7

"131.9"120.7"105.7"117.7"105.7

"107.6"107.8'97.5

"106.5'94.4

'108.9'101.2'115.9'104.3'113.1'87.0

609,797

'580,897

256,609134,228122,381

"168,829"61,500

"107,329

"155,459"78,393"77,066

515.0231.1149.5134.4

"110.2'113.5

116.8'107.3

'107.6'106.7

95.7"121.0'102.3'109.3

'115.9'129.6'144.7'191.9"110.3"142.4

136.7

'78.1'87.5

'121.6

'100.4'94.1

'104.7

'110.0'112.5'112.2'103.5

"98.2"169.6"107.1

"92.6"83.1

"107.7'94.5

'113.3"113.2"113.8

109.9

"111.5"99.6

"100.8"95.5

'104.0'108.4'97.9'97.8

"133.2"121.4"107.5"122.7'105.7

"107.9"107.9"101.6"107.1

'94.2'109.6'100.9'116.0'103.5'114.5'87.2

520,956

'581,539

252,845130,805122,040

'169,187'62,418

'106,769

159,50780,85078,657

514.4227.6149.1137.7

'110.1'112.7

114.6'107.9

'108.6'107.6

'95.8"119.9"103.1"114.6

"115.8"130.0"146.0"196.0"109.8"142.6

136.8

"77.9"79.1

"119.2

"101.8"96.0

"105.6

"110.7"113.4

112.1"104.3

"97.1"167.6"105.1

"91.6"82.4

"108.3"95.0

'117.4116.5

"120.7

"110.4

'112.1'101.3'100.7

"96.9"107.1"111.4'101.3

'98.1'134.1'122.9"107.0'121.8'104.9

'108.2"109.2

'99.2'107.2

'94.2'110.5'101.3'115.4'104.1'114.5

'87.4

541,140

584,903

256,800134,133122,667

169,11660,978

108,138

158,98780,69278,295

515.8230.8148.3136.6

'110.3'112.2

113.4'108.6

'108.6'106.2

'95.6'122.9'103.8'114.1

'116.4"131.5"148.5"201.9"111.2"141.4'135.8

'76.8'73.1

"113.6

"101.4"95.1

"105.7

"110.8"113.3"112.7"104.6

"96.9"163.2"104.2

"92.0"83.0

"110.093.4

"117.3'115.9'122.5

'110.5

'112.5"98.4

"102.1"96.6

"104.3"108.2

'98.9'98.8

'136.9'124.3'105.8'120.6"105.2

'108.2'108.4

'94.5"107.2'93.4

'111.4"101.1'117.1'104.1'114.0

600,305

583,575

258,979135,537123,442

167,39060,723

106,667

157,20678,92378,283

514.3232.7146.7135.0

'110.9'112.7

114.3'109.3

'108.0"105.9

"95.9'122.7'103.8'110.8

'117.7'133.1'151.0'209.2'112.3'141.2

136.2

'76.9'75.2

'112.6

'102.2'94.8

'107.2

' 111.4'114.3'113.5'104.1

'97.5'165.7'104.6

'92.7'82.0

'113.1'91.6

"114.5"114.7

113.9

"111.3

"113.5"98.3

"102.4"97.9

"105.0"108.9

"99.5"99.2

"140.1"125.6"105.9'121.0'105.3

"108.7'108.2

'92.6'107.3'93.3

'113.4'102.6'117.3'104.1'115.0'85.8

583,175

587,095

257,266134,104123,162

170,53862,804

107,734

159,29180,15979,132

512.9228.1149.135.7

"109.0"110.4

110.1"107.8

"107.4"105.9

"95.8"122.2"103.7'107.6

'117.7'133.5

153.5'215.6'111.8'138.2

133.1

'75.6'78.2

'110.7

'101.7"95.9

"105.5

"111.1"114.4'113.7'102.9

'97.1'171.2'102.9'92.1'81.8

'111.3'93.4

'112.4'114.2'105.7

'111.1

'113.2'98.2

'101.5'97.9

'105.0'109.1'99.2'98.5

'141.6"125.7"104.2'118.5'104.6

'108.5'107.9

'94.1"108.7

'93.5112.1

'101.1'117.6'103.7'115.4

'85.6

592,420

587,930

254,007132,307121,700

171,73663,771

107,965

162,18781,10681,081

516.1227.2150.5138.4

'107.2'106.5

105.0'107.7

'108.3'106.2

'96.0123.0

'104.7'111.1

'118.0'133.9'155.6'221.4'112.4'133.0

127.2

'74.9"81.2

"111.6

"101.8"95.3

"106.1

"111.7"114.5"114.3"104.4

"97.9"169.7"106.9

'92.6'81.6

'112.2'91.3

'115.4'115.5'115.1

' 111.2

'113.0"97.6

'102.7'98.2

'105.6'111.1'98.1'98.3

'143.3"126.4"101.2'114.7'104.4

'108.9'108.8

'89.4'109.3

'93.6'114.1'101.3'118.3'104.2'115.1

"84.7

618,816

589,990

258,299135,042123,257

172,59664,527

159,09580,45178,644

520.4231.4151.6137.5

'108.2'104.3

100.3'111.6

'109.1'107.0

'95.2"123.9'103.7'114.8

'118.5'134.6'158.1226.5

'113.6'127.5

118.9

'74.6"83.5

"115.8

"102.9"96.4

"107.3

"111.7"115.1'113.7'103.6

96.4'170.4'100.9

91.6'79.7

"111.4'92.7

'118.0'118.8'115.0

111.6

'113.7'99.6

'103.5'98.8

'105.6111.9'97.0'99.6

'146.1"128.6"98.9

"110.2"104.8

"109.1"108.8

'97.3'108.5'93.6

'111.7'101.6'118.6'103.2'116.9

'83.8

567,707

585,626

251,680129,257122,423

173,41565,232

108,183

160,53182,59677,935

516.6226.1152.3138.3

'107.3'103.9

99.2'110.2

'109.0'107.0

'94.3'123.7'103.1'115.8

'118.6'134.8'158.2'230.6'113.3'126.2

119.6

'74.0'87.0

'115.5

'103.3'97.3

'107.2

'112.1'115.6"114.6"103.7

"96.6'152.9

'98.5'93.3'81.2

'113.0'94.1

'118.4'119.5'114.4

'111.8

"113.9"100.9"105.2

"98.4"107.2"112.8"99.4"99.6

"147.1'129.5

"98.5'110.6"103.2

'109.2'109.6'90.3

'108.8'93.2

'112.1'100.9'118.8'103.5'117.5

'83.6

599,331

592,598

256,556134,521122,035

174,58366,277

108,306

161,45983,33678,123

523.9231.1153.2139.7

'108.7'106.7

104.1"110.4

"108.4"105.9

'93.3'124.1'103.2'115.3

'119.8'136.3'160.6'234.8'113.2'129.8

126.5

'73.7'89.7

'120.7

'103.0'97.8

'106.4

'112.2'116.5'113.6'103.1

'97.4'159.4'104.4

'92.6'80.3

'111.6'94.5

'116.2'115.8'118.0

'112.1

'115.0'101.8'105.2

'99.9'107.3'112.4'100.3

'99.6'148.4'130.9'100.4'115.1'104.0

'108.5'109.0

'85.4'106.6

'92.1r111.4'101.1'118.3'105.3'116.7

'83.5

614,295

595,804

137,521122,567

175,00665,798

109,208

160,71082,29878,412

526.7234.2153.8138.6

'112.7'113.8

114.9'111.8

'108.2'105.9

'93.3'122.6'104.1

114.6

'120.4'137.7'162.0

241.8'112.5'136.1

139.6

'72.7'86.5

'123.4

'103.5'98.6

'106.7

'112.8'117.5'114.1'103.0

'98.0"175.8"104.4

'92.680.9

'111.8'94.2

'114.9'113.8'119.1

'112.9

'116.2'104.6'104.8

'99.7'106.1'113.3

'96.2'100.7'150.3'131.4'104.2

124.1'102.7

'108.8'109.0

'86.4'107.7

'92.1'112.7"101.6'117.8'108.2'116.5

'83.9

616,188

600,304

260,471138,153122,318

178,54968,507

110,042

161,28483,18978,095

529.3234.4

'156.2138.8

'115.9'120.2

124.9'112.1

'108.2'106.0

'93.8"122.3'103.3'115.0

'121.9'139.8'164.6'249.1'113.4'140.9

150.5

'72.5'82.9

'130.4

'104.1'99.1

'107.5

'113.7'119.1'114.4'103.1

'96.3'162.2'101.1

'91.6'82.1

'109.1'94.8

'116.0'115.2'118.9

'114.1

'118.1'104.4'104.2'100.8'109.8'114.3'103.5'102.1'152.5'132.3'108.2'132.4'102.4

'109.2'108.7

'88.4'106.5

'92.6'114.1'101.7'118.4'107.8'117.8

'83.5

'610,618

'607,326r 265,574'142,665'122,909

'179,755'69,641

r 110,114

'161,997'83,712'78,285

'535.0'239.0'157.2'138.9

'117.8'124.5131.5

'112.0

"107.9'105.7"93.6

'122.0"101.7'•15.9"23.4"42.1"67.6'257.0'115.0'142.9'54.9

'71.9'82.3

'134.3'105.2'101.0'107.9'115.2'121.2'115.5'103.6

'96.8'167.9'104.7'91.3'81.7

"*"94"9'117.1'116.3'119.7

'115.2

'120.0'1C5.9'105.1'102.3'112.5'118.5'104.3'102.6'156.4'133.8'110.7'138.4'102.6

'109.3'108.5'88.9

'106.4'92.4

'115.4'101.4'118.3'107.6'119.6'85.0

644,143612,213269,944'146,319123,625

'181,961"71,046

'110,915

161,02584,01077,015

540.8243.1159.4138.2

118.5126.1134.0111.9

108.1105.292.1

122.2101.0120.8

124.5144.0171.1265.5115.3145.1160.5

70.982.4

135.3

105.4101.4108.1

115.7121.6114.8105.4

97.6169.2106.491.981.9

95.6

121.2119.8126.3

115.4

120.7106.0104.5102.3108.8111.8104.6103.1159.4135.8111.3140.8102.2

108.8107.989.8

104.591.5

114.3100.5118.8106.0119.384.8

145,681

180,96469,931

111,033

See footnotes at end of tables.



shown in BUSINESS STATISTICS, 1963-91

Annual

1992 1993

SURVEY OF CURRENT BUSINESS1992

Dec.

February 1994 •

1993

Jan. Feb. Mar. Apr. May June July Aug. | Sept. Oct. Nov. Dec.

1994

Jan.


BUSINESS INVENTORIES


Manufacturing and trade inventories, book value(non-LIFO basis), end of period, (unadjusted),total .

Manufacturing and trade inventories, book value(non-LIFO basis), end of period, (seas, adj.),total

Manufacturing, totalDurable goods industriesNondurable goods industries



[Billions of constant 1987 dollars]

Manufacturing and trade inventories in constant(1987) dollars, end of period (seas, adj.), total .ManufacturingRetail tradeMerchant wholesalers

BUSINESS INVENTORY-SALES RATIOS

Manufacturing and trade, total

Manufacturing, totalDurable goods industries

Materials and suppliesWork in processFinished goods

Nondurable goods industries ....Materials and suppliesWork in processFinished goods



Manufacturing and trade in constant (1987) dollars,totalManufacturingRetail tradeMerchant wholesalers

MANUFACTURERS' SHIPMENTS, INVENTORIES,AND ORDERS


Shipments (not seas, adj.), total

Durable goods industries, totalStone, clay, and glass productsPrimary metals

Blast furnaces, steel millsFabricated metal productsIndustrial machinery and equipmentElectronic and other electrical equipmentTransportation equipment

Motor vehicles and partsInstruments and related products

Nondurable goods industries, totalFood and kindred productsTobacco productsTextile mill products

Paper and allied productsChemicals and allied productsPetroleum and coal productsRubber and plastics products

Shipments (seas, adj.), totalBy industry group:


Blast furnaces, steel millsFabricated metal productsIndustrial machinery and equipmentElectronic and other electrical equipment .Transportation equipment

Motor vehicles and partsInstruments and related products

Nondurable goods industries, total ...Food and kindred productsTobacco productsTextile mill productsPaper and allied productsChemicals and allied productsPetroleum and coal productsRubber and plastics products

840,048

'•849,486379,238237,717141,521

-261.234' 132,122'129,112'209,014'133,738'75,276

2,934,1261,506,632

66,623135,94558,106160,490253,445209,422391,292235,716127,289

1,427,494395,02833,05469,850131,307301,522154,673103,329

864,629

874,637377,414236,108141,306279,697145,624134,073216,999138,40678,593

3,101,366'1,630,599

'69,623'137,842'62,815

'170,149'287,255'233,514'424,501'282,041'128,922

1,470,767413,45931,52770,487129,174312,723147,112104,520

840,048

'849,486379,238237,717141,521

'261,234'132,122'129,112'209,014'133,738'75,276

796.1365.9236.4193.8

1.46

1.481.77.51.80.46

1.16.43.19.54

'1.55'2.15

1.20

'1.34'1.71

1.551.581.581.44

249,356

131,8414,761

10,1444,353

13,28724,45219,69335,04318,83411,677

117,51532,8533,9025,359

10,75124,72412,5497,660

256,609

134,2285,668

11,3094,894

14,10322,61218,99836,38523,15110,781

122,38133,4453,1215,924

11,16226,05412,8048,683

846,904

'851,190

'378,624'236,332

142,292

262,427132,861129,566

210,139133,64876,491

796.8365.5237.1194.3

1.46

1.501.81.52.81.48

1.17.43.19.55

1.55'2.13

1.21

1.321.65.97

1.551.611.591.41

226,781

114,2724,589

10,8094,893

12,31319,18415,42230,22720,722

9,315

112,50930,9992,0045,238

10,54824,56311,766

252,845

130,8055,450

11,4255,022

13,87822,58217,61435,26423,04910,503

122,04033,6643,0156,043

10,87025,67612,7358,680

854,163

855,216

379,733237,535142,198

265,718135,599130,119

209,765133,70576,060

799.5365.8240.1193.6

1.461.481.77.51.79.47

1.16.42.19.551.572.221.201.321.66.97

1.551.591.621.42

252,299132,5425,26111,7005,20413,77322,06318,13736,66824,83210,228

119,75732,8822,1245,73310,76526,05211,9808,860

256,800

134,1335,77511,6335,18313,92022,83218,43135,98723,71910,638

122,66733,6102,8495,92410,77526,08613,3138,770

859,728

859,094379,539236,849142,690269,052137,803131,249210,503134,45776,046

801.9365.7242.4193.8

1.471.75.50.78.46

1.16.42.19.54

1.612.271.23

1.341.70.97

1.561.571.651.44

269,793

144,4995,414

12,0535,495

14,84127,20419,79338,78525,34711,291

125,29434,6863,6595,890

11,00727,59112,1259,021

258,979

135,5375,587

11,6805,251

14,12223,81918,75636,26423,76010,646

123,44234,0062,9465,750

10,84426,41513,3318,705

865,116

861,251

379,080235,120143,960

270,311138,784131,527

211,860134,95376,907

803.3365.8242.7194.8

1.471.75.49.81.45

1.17.42.19.55

1.592.211.22

1.331.68.97

1.571.601.631.44

252,026

131,8074,986

11,3815,036

13,74122,02118,36236,56724,8269,900

120,21932,8482,0975,956

10,29325,66912,2709,162

257,266

134,1045,43211,4185,06113,93323,03618,66036,21823,93610,283

123,16233,4732,7606,16510,28525,71313,6559,159

862,540

864,198381,591237,734143,857270,417138,097132,320212,190135,60776,583

804.7366.8242.8195.1

1.501.80.52.80.48

1.18.44.19.56

1.572.171.23

1.311.67.94

1.561.611.611.41

256,332

134,8975,837

11,4095,287

14,44523,02618,43536,79725,06510,480

121,43534,0232,8425,812

10,72825,92013,1398,765

254,007

132,3075,726

11,1815,158

14,10223,27518,83234,26122,32510,565

121,70033,4402,5845,866

10,90325,68313,021

854,972

864,227

381,326237,514143,812

270,843138,483132,360

212,058135,32576,733

805.4366.9243.2195.3

1.461.481.76.50.79.47

1.17.43.19.551.572.151.22

1.331.68

1.551.591.601.42

278,186148,7626,37812,2865,55315,40926,97420,95839,39625,49011,826

129,42435,7113,4376,44811,21628,46013,3069,387

258,299

135,0425,766

11,6285,245

14,24923,19019,51735,44322,89410,837

123,25734,3422,7775,844

10,75726,69112,7078,626

856,323

863,612

381,561237,937143,624

268,807136,559132,248

213,244136,23877,006

806.1367.8242.1196.3

1.47

1.521.84.53

1.17.43.19.55

1.552.091.22

1.331.65.99

1.561.631.591.42

230,372

112,7845,622

10,2614,805

12,52120,41217,21923,60313,9939,603

117,58833,0962,5655,187

10,56124,82112,5997,885

251,6dO

129,2575,700

11,1275,215

13,81123,48219,22830,86520,07010,647

122,42334,4433,2705,887

10,72426,00812,2888,215

857,828

865,939

381,392237,688143,704

269,348136,774132,574

215,199137,28777,912

806.6368.1240.8197.8

1.46

1.491.77.51.79.46

1.18.43.19.56

1.542.061.22

1.331.651.00

1.541.591.571.42

256,056

131,9346,247

11,4525,357

14,19522,04019,42632,64521,19210,467

124,12235,577

1,8716,288

10,86525,56012,4528,747

256,556

134,5215,79811,3185,32014,13123,88619,65434,12721,94910,859

122,03535,4192,0645,89610,66425,73311,8888,624

867,395

380,689237,571143,118

271,603137,978133,625

215,103137,32177,782

809.5367.7244.4197.4

1.46

1.461.73.50.78.45

1.17.43.19.55

1.552.101.22

1.341.67

1.541.571.591.42

277,395

147,0126,908

12,0045,431

15,16426,59022,11136,26823,98511,821

130,38337,158

3,1506,367

11,27327,21812,3339,054

137,5216,174

11,5275,294

14,31024,39320,04235,16423,66210,902

122,56734,9092,6405,763

10,88925,94311,6698,690

887,598

869,709

380,301237,632142,669

274,417140,584133,833

214,991137,79277,199

'809.7'367.8'245.0

196.9

1.45

1.461.72.50.77.45

1.17.43.19.55

1.542.051.22

1.331.66.99

1.531.571.571.42

272,140

144,2416,687

11,8615,499

15,31223,72320,34639,47327,87610,684

127,89936,0952,2056,252

10,88525,65012,7979,070

260,471

138,1536,034

11,3545,312

14,33024,34519,88236,32124,43110,695

122,31834,7712,3915,807

10,69125,92111,7458,700

"896,646

'874,553' 380,181' 237,886r 142,295r 278,262'143,608' 134,654"216,110r 138,028'78,082

'812.4'368.2'246.7'197.4

1.431.67.48

'.74.44

1.16.43.19.54

1.55'2.06'1.22

1.331.65

'1.00

1.52'1.54'1.57'1.42

"266,399142,73:

6,24711,6395,283

14,51324,97021,21337,11826,01611,319

'123,666'35,276'2,5176,007

10,642'25,589

11,7328,517

'265,574

'142,665'6,222

'11,8515,429

' 14,615'25,685'20,474'36,785'25,466'11,052

122,909'35,081'2,312'5,831

'10,814'26,657' 11,245'8,944

864,629

874,637

377,414236,108141,306

279,697145,624134,073

216,999138,40678,593

812.366.8247.6197.7

1.431.401.61.47.72.431.14.42.19.53

1.542.051.21

1.351.651.02

1.501.511.551.43

263,587'145,116'5,447

'10,987'4,972

'13,922'29,048'22,092'36,954'22,697'11,988

118,47135,1083,0565,30910,39125,63010,6137,992

269,944

"146,319'6,414

'12,019'5,437

'14,713'26,333'21,047'38,432'26,627'11,118

123,62535,6512,3935,861

10,76726,87310,9929,008

128,6625,240

11,1225,132

13,37021,98418,38934,80625,1289,528

145,6816,234

11,7185,285

14,95625,57420,95439,49927,38610,754


o-4 • February 1994



Annual

1992 1993


Dec.

1993

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. | Dec.

1994

Jan.


MANUFACTURERS' SHIPMENTS, INVENTORIES,AND ORDERS-Continued

[Millions of dollars!

Shipments (seas, adj.)—Continued

By market category:Home goods and apparelConsumer staplesMachinery and equipmentAutomotive equipment ./.Construction materials and suppliesOther materials, supplies, and intermediate

productsSupplementary series:

Household durablesCapital goods industries

NondefenseDefense

Inventories, end of year or month:Book value (non-LIFO basis), (unadjusted), total

Durable goods industries, totalNondurable goods industries, total ,

Book value (non-LIFO basts), (seasonallyadjusted), totalBy industry group:


Blast furnaces, steel millsFabricated metal productsIndustrial machinery and equipmentElectronic and other electrical

equipmentTransportation equipment

Motor vehicles and partsinstruments and related products ,.By stage of fabrication:

Materials and suppiiesWork in processFinished goods

Nondurable goods industries, totalFood and kindred productsTobacco productsTextile mill productsPaper and allied productsChemicals and allied productsPetroleum and coal productsRubber and plastics products

By stage of fabrication:Materials and suppliesWork in processFinished goods

By market category:Home goods and apparelConsumer staplesMachinery and equipmentAutomotive equipmentConstruction materials and suppliesOther materials, supplies, and intermediate



NondefenseDefense

New orders, net (unadj.), totalDurable goods industries, totalNondurable goods industries, total

New orders, net (seas, adj.), totalBy industry group:

Durable goods industries, totalPrimary metals

Blast furnaces, steel millsNonferrous and other primary metals ....

Fabricated metal productsIndustrial machinery and equipmentElectronic and other electrical equipment ..Transportation equipment

Aircraft, missiles, and parts

Nondurable goods industries, totalIndustries with unfilled orders tIndustries without unfilled orders t




NondefenseDefense

189,473663,826480,196120,625183,875

966,997

83,063469,611373,47096,141

372,987232,600140,387

379,238

237,7177,768

19,3979,752

23,34845,587

31,34266,72811,24923,178

68,165107,14062,412

141,52129,571

6,6949,113

13,38734,95311,35911,814

52,19422,88766,440

28,56858,52687,8365,998

22,634

125,743

12,677113,41883,19930,219

2,898,5451,471,3671,427,178

2,896,128

1,470,297134,80757,78164,965

159,255250,275209,798363,195103,543

1,425,831348,452

1,077,379

189,653663,928463,245120,540183,951

962,073

82,874435,274354,838

80,436

212,833683,570528,517143,605199,089

1,008,488

89,544" 490,855" 401,414

" 89,441

370,588230,826139,762

377,414

236,1087,493

19,4339,456

23,04846,071

33,62361,50211,45922,164

68,454105,26162,393

141,30630,0416,4299,422

13,52534,306

9,89212,205

51,97223,36465,970

30,38957,65387,6656,034

23,921

125,315

13,451108,94082,22226,718

3,068,821' 1,599,435

1,469,386

3,066,720

'1,596,880' 1 39,288

' 64,573' 61,966

"167,308"289,418' 234,399' 392,203

' 80,662

1,469,840353,674

1,116,166

211,507684,387510,852143,602198,310

1,004,378

89,516r 458,759' 380,635

' 76,792

17,11257,14243,56611,82916,068

83,298

7,33741,10933,296

7,813

372,987232,600140,387

379,238

237,7177,768

19,3979,752

23,34845,587

31,34266,72811,24923,178

68,165107,14062,412

141,52129,571

6,6949,113

13,38734,95311,35911,814

52,19422,88766,440

28,56858,52687,8365,998

22,634

125,743

12,677113,41883,19930,219

250,087132,707117,380

256,727

134,34812,2245,7755,359

14,26222,41519,11835,003

8,963

122,37929,77592,604

17,03557,15242,66011,80516,074

84,471

7,18439,86732,275

7,592

17,28856,66842,37311,75515,785

81,941

7,22439,40931,8177,592

378,183235,117143,066

378,898

236,6067,773

19,3669,738

23,15545,346

31,63166,00911,13322,932

67,707106,44662,453

142,29229,889

6,6079,150

13,42935,07311,49111,781

52,28622,96267,044

28,76558,84587,6125,970

22,668

125,386

12,733112,71582,99829,717

231,208118,218112,990

253,626

131,26612,6295,9275,583

13,84522,69018,71232,6366,334

122,36029,84392,517

17,60356,65239,54611,78515,975

83,828

7,31338,12328,645

8,812

17,26056,68942,53812,14216,584

84,057

7,30339,79332,0377,756

381,753238,849142,904

379,733

237,5357,757

19,4049,755

23,17145,431

31,77166,19511,25823,040

67,825106,57463,136

142,19829,8586,6279,143

13,45534,87911,61011,788

52,12123,16166,916

28,97158,89188,3806,072

22,866

125,355

12,761112,91183,51429,397

254,237134,067120,170

257,250

134,53312,4055,9575,417

13,98223,19717,88635,552

9,471

122,71729,48993,228

17,44456,72543,40812,14917,039

84,246

7,36539,77532,748

6,361

17,29157,61743,98112,01916,376

84,068

7,26041,26433,5127,752

379,471236,973142,498

379,539

236,8497,783

19,3439,591

23,30244,480

31,90065,88511,36222,979

67,863106,06862,918

142,69029,910

6,7009,192

13,46734,89411,68411,834

52,32923,12867,233

29,39359,13687,899

6,16623,225

125,211

12,965111,37682,61128,765

264,583139,127125,456

253,007

129,90312,0155,6255,385

13,76123,47517,88132,2256,340

123,10429,03794,067

17,24557,61939,77211,98616,172

82,879

7,10536,53329,122

7,411

18,44856,17242,93512,01316,668

83,525

7,57440,85732,997

7,860

381,601236,736144,865

379,080

235,1207,838

19,3619,616

22,38544,157

31,14666,62511,39723,252

65,486108,78960,845

143,96030,6686,7079,162

13,47335,21311,42111,559

52,31123,34168,308

29,83059,55187,166

6,21522,865

123,522

12,717111,93281,77330,159

251,370130,821120,549

252,369

129,83811,2125,0785,085

13,64822,99918,86231,798

6,852

122,53129,55092,981

17,11356,94240,79611,68516,242

82,969

7,21537,30630,453

6,853

17,47655,94142,98111,47016,399

82,650

7,21140,09132,703

7,388

383,932239,823144,109

381,591

237,7347,724

19,2069,444

23,12844,805

32,62165,64211,47822,776

68,401106,04263,291

143,85730,177

6,7329,308

13,51335,05311,61912,087

52,96522,99067,902

29,98559,59888,3546,204

23,300

125,282

13,358111,82283,15228,670

250,090128,752121,338

248,335

126,78310,9625,1404,852

13,91323,20018,19730,482

6,294

121,55229,41092,142

17,35556,01440,61811,52916,457

81,219

7,14835,36529,931

5,434

17,58857,31843.92611,65316,382

83,926

7,40440,98433,390

7,594

379,758236,961142,797

381,326

237,5147,687

19,1519,431

23,02645,103

32.61165,26711 51122,750

68,163106,30663,045

143,81230,277

6,8109,239

13,50434,91311,38912,130

53,05523,09767,660

30,17659,55788,3986,206

23,415

125,168

13,384111,66283,21728,445

272,580143,151129,429

255,462

132,25211,0955,0975,071

13,77422,93219,86534,9039,599

123,21029,26893,942

17,70957,29444,53411,67716,014

82,566

7,38639,63833,850

5,788

17,35257,66741,35510,42115,892

81,709

7,43539,31731,723

7,594

381,635238,501143,134

381,561

237,9377,692

19,3059,553

23,13045,282

33,01364,99811,39722,602

68,357106,54563,035

143,62430,162

6,7149,200

13,59634,85311,24712,181

52,64723,20267,775

30,40859,19788,579

6,12023,431

125,773

13,499111,82083,70028,120

230,096112,603117,493

250,566

128,52010,8594,8894,872

13,62923,73320,44829,203

6,093

122,04629,31892,728

17,42557,63940,22810,47515,919

82,124

7,55437,32430,093

7,231

17,86256,82044,13711,21016,378

83,467

7,48940,93133,825

7,106

383,681239,697143,984

381,392

237,6887,621

19,3849,443

23,28345,470

33,14864,04511,48022,508

68,678106,46362,547

143,70429,938

6,7129.172

13,71435,08511,02412,199

52,59423,28067,830

30,61158,95388,126

6,18523,610

125,862

13,557110,92982,82028,109

252,422128,446123,976

253,461

131,75211,0445,1994,923

14,04524,10319,83931,366

7,130

121,70929,08392,626

17,74656,81242,64411,20716,376

82,408

7,60038,59031,992

6,598

18,02357,29444,15712,00516,730

84,551

7,60440,88933,375

7,514

380,226237,395142,831

380,689

237,5717,601

19,2419,369

23,26645,484

33,18663,86411,41122,525

68,441106,70462,426

143,11829,834

6,7029,204

13,60035,01910,67712,199

52,48923,32967,300

30,50658,67388,251

6,16123,692

125,478

13,419111,00082,92728,073

270,017140,258129,759

255,309

133,17611,5175,3944,970

14,16424,52820,58131,0124,475

122,13329,39492,739

17,83757,31142,27111,99116,515

83,295

7,60637,43830,992

6,446

18,09756,90644,67512,48516,819

84,109

7,54441,30433,704

7,600

381.337238,113143,224

380,301

237,6327,594

19,3289,470

23,13945,826

33,52063,00211,39122,604

68,522106,94362,167

142,66929,9196,5889,262

13,57934,69110,64912,209

52,25923,43766,973

30,58058,33388,611

6,09523,709

125,644

13,503110,73583,20727,528

268,794142,295126,499

256,270

136,61311,6855,5114,999

13,87625,02321,50432,768

5,602

121,65729,15792,500

17,79356,87444,23012,54616,647

84,890

7,59438,12932,825

5,304

"18,139' 56,733'46,678' 12,911'17,424

' 86,808

'7,711' 42,350"35,327

"7,023

"380,579"238,373"142,206

"380,181

"237,886"7,518

"19,277'9,473

'23,045'46,005

"33,823"63,178"11,343"22,317

'68,670'106,119'63,097

'142,295'29,937

'6,611'9,400

'13,520'34,513'10,406'12,231

"52,363"23,477'66,455

'30,542"58,200"88,657

"6,058"23,925

'125,435

'13,483"110,741

'83,134'27,607

"262,656139,437

"123,219

"262,773

"139,675" 11,844

5,461'5,229

'14,09026,673

'19.919'34,449

'6,925

"123,098"30,012"93,086

"18,204"56,739'46,283'12,971'17,473

'86,273

"7,756'40,050'34,878

"5,172

18,00957,74548,78113,52117,652

87,577

7,785'43,666'37,004

'6,662

370,588230,826139,762

377,414

236,1087,493

19,4339,456

23,04846,071

33,62361,50211,45922164

68,454105,26162,393

141,30630,0416,4299,422

13,52534,3069,892

12,205

51,97223,36465,970

30,38957.65387,665

6,03423,921

125,315

13,^51108,94082,22226,718

260,768'142,260

118,508

266,292

'142,569"12,021

'5,295"5,58014,531

"26,855"20,705•'35,809

'5,547

123,72330,11393,610

18,03357.76646,52213,59917,481

87,681

7,874'40,488'35,106

'5,382

42,96935,601

7,368

135,106

147,87111,9965,3245,468

14,71626,16922,06140,80311,184

43,91237,170

6,742



Unless otherwise stated in footnotes below, datathrough 1991 and methodological notes are as shown

^ in BUSINESS STATISTICS, i963~9i

Annual

1992 1993


Dec.

February 1994 •

1993

Jan. Feb. | Mar. Apr. May June | July Aug. Sept. Oct. Nov. Dec.

b-5

1994

Jan.


MANUFACTURERS' SHIPMENTS, INVENTORIES,AND ORDERS—Continued!


Unfilled orders, end of period (unadjusted), totalDurable goods industries, totalNondurable goods industries with unfilled orders $

Unfilled orders, end of period (seasonally adjusted)totalBy industry group:

Durable goods industries, totalPrimary metals

Blast furnaces, steel millsNonferrous and other primary metals

Fabricated metal productsIndustrial machinery and equipmentElectronic and other electrical equipmentTransportation equipment

Aircraft, missiles, and parts

Nondurable goods industries with unfilledorders +



Household durablesCapitai goods industries ,

NondefenseDefense

BUSINESS INCORPORATIONS

[Number]

New incorporations (50 States and DC):UnadjustedSeasonally adjusted

INDUSTRIAL AND COMMERCIAL. FAILURES

[For failures, number; for liabilities, millions of dollars]

Failures, totalCommercial serviceConstructionManufacturing and miningRetail tradeWholesale trade

Liabilities (current), totalCommercial serviceConstructionManufacturing and miningRetail tradeWholesale trade

Failure annual rate, number per 10,000 concerns

'472,186450,125

22,061

475,304

452,38321,247

8,7279,624

22,90950,47842.852

245,267216,462

22,921

9,9831,398

198,1571,624

14,552

121,806

5,343346,310217,583128,727

666,800

'"97,069-26.871' 12,452

' 7,550' 19,084

' 6,744

'94,316.8' 12,352.4' 4,964.8'9,512.1' 9,337.4r8,4i5.5

438,148'417,600

20,548

441,666

'420,239'22,400'10,254

'9,049

'20,113'53,163'45,178

'213,376'183,833

21,427

9,9401,430

180,7161,930

14,177

118,097

5,727'313,994' 197,565'116,429

86,03024,31810,5196,448

15,6225,976

46,281.08,244.02,140.54,931.39,912.53,040.2

472,186450,125

22,061

475,304

452,38321,2478,7279,624

22,90950,47842,852

245,267216,462

22,921

9,9831,398

198,1571,624

14,552

121,806

5,343346,310217,583128,727

60,21461,695

'6,879'1,924'808'526

'1,311'438

'8,450.5r 920.7'126.5

'1,251.2'927.2'79.2

476,613454,07122,542

476,085

452,84422,4519,6329,865

22,87650,58643,950

242,639212,866

23,241

10,2981,382

195,3301,653

14,742

123,694

5,432344,358214,411129,947

60,20055,689

'7,702'2,129'924'587

'1,509'575

'5,541.7'800.1'144.3'677.4

'1,850.9'541.6

478,551455,59622,955

476,535

453,24423,22310,4069,902

22,93850,95143,405

242,204212,652

23,291

10,4821,418

196,2001,661

15,196

123,882

5,494343,674215,122128,552

57,12459,691

7,0622,067

870513

1,301492

2,406.7825.4158.4175.9202.5296.2

473,341450,224

23,117

470,563

447,61023,55810,7809,929

22,57750,60742,530

238,165208,990

22,953

10,4361,420

191,9921,629

14,992

122,695

5,339338,943210,732128,211

68,74961,002

8,4222,2181,064

1,495587

4,343.0852.4807.6i701.7205.2,561.3.

471,192447,87723,315

467,818

444,68523,37810,6789,840

22,30250,69542,796

234,783206,156

23,133

10.3851,407

190,0771,612

14,971

122,536

5,392336,50!208,950127,755

62,03459,648

7,8272,214

978592

1,343529

2,973.4624.1141.7538.5193,5235.0

464,950441,732

23,218

462,146

439,16123,15910,6609,630

22,11350,62042,161

231,004202,833

22,985

10,2651,479

1877141,672

15,029

121,104

5,329331,779206,178125,601

55,85451,765

7,5302,142

907553

1,358475

6,634.41,079.9

129.2255.2

1,692.295.9

459,344436,121

23,223

459,309

436,37122,62610,5129,325

21,63850,36242,509

230,464202,282

22,938

10,3851,456

188,3221,695

14,661

119,745

5,311330,433206,638123,795

61,93360,422

7,1312,093

860514

1,253527

2,675.4583.2112.1280.8136.3521.6

459,068435,940

23,128

458,195

435,63422,35810,1869,183

21,45650,61343,729

228,802199,914

22,561

10,4581,427

187,1951,748

14,688

120,162

5,430328,440205.008123,432

56,70758,341

6,7662,002

833496

1,206470

5,496.4557.097.3

231.93,557.3

107.4

455,434432,452

22,982

455,100

432,86522,08410,0659,137

21,37050,83043,914

226,041197,134

22,235

10,3421,418

185,7021,746

14,685

119,104

5,541326,099203,175122,924

57,56257,909

7,1092,023

887508

1,258495

7,382.0734.4101.6381.5417.8161.0

448,056425,698

22,358

450,321

428,52022,07410,1658,926

21,22450,96544,453

221,889192,709

21,801

10,1561,435

183,8151,731

14,471

117,748

5,543322,648200,792121,856

57,20563,6321

7,5102,160

894610

1,478563

3,062.6466.2130.8260.5710.3

85.2

444,710423,752

20,958

448,120

426,98022,40510,3648,974

20,77051,64346,075

218,336188,965

21,140

9,8521,403

183,3711,792

14,298

118,529

5,593319,473199,913119,560

6,5701,854803533

1,184443

2,222.1509.1106.5334.2213.9214.8

'440,967420,456'20,511

'445,319

'423,990'22,39810,396'8,905

'20,245'52,631'45,520

'216,000'187,424

'21,329

'9,916'1,409

r 182,976'1,852

'14,347

r 117,994

'5,638"317,173'199,464'117,709

6,2001,800727440

1,099398

2,991.0631.7113.9766.7225.077.7

438,148'417,600

20,548

441,666

r 420,239'22,400'10,254'9,049

'20,113'53,163'45,178'213,376r 183,833

21,427

9,9401,430

180,7161,930

14,177

118,097

5,727'313,994"197,565'116,429

5,7841,585664384998376

2,552.3607.597.1

327.0238.8142.5

424,044

422,42922,67610,2939,234

19,87353,75846,285

214,680185,469

314,937199,134115,803

5,7681,548689426

1,008384

1,736.4424.7113.0241.4174.1131.6

2. COMMODITY PRICES

PRICES RECEIVED AND PAID BY FARMERS

[1910-14-100]

Prices received, all farm products

CropsCommercial vegetablesCottonFeed grains and hayFood grainsFruitTobacco

Livestock and productsDairy productsMeat animalsPoultry and eggs

Prices paid:Production items ,All commodities and services, interest, taxes, and

wage rates (parity index)

Parity ratio t , ,

CONSUMER PRICES

[1982-84*100]

Not seasonally adjusted:All items, wage earners and clerical workers (CPI-

W)

All items, ail urban consumers (GPI-U)Special group indexes:

All items less shelterAll items less food ,All items less medical care

'636

'523'779450365382

'6461,501

754801993

'267

1,006

1,317

48

138.2

140.3

137.3140.8137.5

'653

'531'790'456362

'355r644

'1,497

779'785

'1,033290

'1,035

'1,346

48

142.1

144.5

141.4145.1141.2

'625

'505'806459327368

'5771,587

751783984282

47

139.8

141.9

139.1142.5138.9

'632

'504'812'447337374

'510' 1,574

766764

1,022279

'1,021

'1,323

'48

140.3

142.6

139.5143.1139.5

'641

'511'887'454335368

•489'1,739

778752

1,053275

140.7

143.1

140.0143.7140.0

'646

502'762'475347363

'448'1,605

799746

1,083297

141.1

143.6

140.5144.2140.4

'668

'541'1,190

'465358

'358'4771,369

802771

1,079298

1,038

1,357

49

141.6

144.0

140.9144.6140.8

'659

'518'884'459'357341

'5221,369

807795

1,081296

141.9

144.2

141.3144.8141.0

'641

'489'623'453347

'313'5581,369

799801

1,063295

142.0

144.4

141.2145.1141.1

'646

'523'717'454'359'313'6351,374

774783

1,029283

1,033

1 356

47

142.1

144.4

141.1145.2141.1

'656

'539'726448364

'326'7811,387

778764

1,035296

142.4

144.8

141.5145.6141.6

661

555'733'438'358'341956

1,505

771111

1,023287

142.6

145.1

142.0145.9141.8

662

563'617'446371357

'1,0561,521

764801996292

'1,049

' 1 347

'49

143.3

145.7

142.6146.4142.3

656

'555'692'455

394'394'6791,574

762832977295

143.4

145.8

142.9146.6142.5

'662

'577'836'482'421'412'6161,578

751'832'960290

143.3

145.8

142.7146.4142.5

674

594902525441411577

1,570

757832975283

1,052

1,357

143.6

146.2

142.9146.6142.8



o-6 • February 1994


in BUSINESS STATISTICS, 1953-91

Annual

1992 1993


Dec.

1993

Jan. | Feb. Mar. Apr. May June July Aug. | Sept. Oct Nov. Dec.

1994

Jan.

2. COMMODITY PRICES-Continued

CONSUMER PRICES-Continued

[1982-84-100, unless otherwise indicated]

Not seasonally adjusted-ContinuedAll items (CPI-U)—Continued

CommoditiesNondurables

Nondurables less foodDurables

Commodities less foodServices

FoodFood at home

HousingShelter

Rent, residentialHomeowners' cost, Dec. 1982*100 .

Fuel and other utilitiesFuel oil and other household fuel

commoditiesGas (piped) and electricity

Household furnishings and operation ...

Apparel and upkeepTransportation

PrivateNew carsUsed cars

PublicMedical care

Seasonally adjusted §All items, percent change from previous month or

yearCommoditiesCommodities less foodFood

Food at home

Apparel and upkeep .

TransportationPrivate

New cars

Services .

PRODUCER PRICES t

[1982*100 unless otherwise indicated]

Not seasonally adjusted:All commodities

By stage of processing:Crude materials for further processingIntermediate materials, supplies, and

componentsFinished goods

Finished consumer goodsCapital equipment

By durability of product:Durable goodsNondurable goodsTotal manufactures

Durable manufacturesNondurable manufactures

Farm products, processed foods and feeds .Farm productsFoods and feeds, processed

Industrial commodities

Chemicals and allied productsFuels and related prod., and power ,Furniture and household durables ....Hides, skins, and leather products ...Lumber and wood productsMachinery and equipmentMetals and metal productsNonmetallic mineral productsPulp, paper, and allied productsRubber and plastics productsTextile products and apparelTransportation equipment

Motor vehicles and equipment

Seasonally adjusted: §Finished goods, percent change from previous

month or yearBy stage of processing:

Crude materials for further processingIntermediate materials, supplies, and

componentsFinished goods

Finished consumer goodsFoodsFinished goods, exc. foods

DurableNondurable

Capital equipment

PURCHASING POWER OF THE DOLLAR

As measured by:Producer prices, 1982*$1.00Consumer prices, 1982-64*$1.00

129.1132.8127.6118.6124.2152.0

137.9136.8

137.5151.2146.9155.3117.8

90.7114.8118.0

131.9126.5124.6128.4123.2151.4190.1

1 3.0

117.2

100.4

114.7123.2121.7129.1

124.4111.9120.1124.3115.8

115.9103.6122.1

117.4

125.980.-

122.:140.-146.6123.3119.2117.3145.2115.1117.8130.124.9

.812

.713

131.5135.1129.3121.3126.3157.9

140.9140.1

141.2155.7150.3160.2121.3

90.3118.5119.3

133.7130.4127.5131.5133.9167.0201.4

»3.0

118.9

102.4

116.2124.7123.0131.4

126.8113.2121.8126.7117.0

118.4107.0124.0

119.0

128.280.0

123.6143.6174.0124.0119.2120.1147.3116.0118.1133.7128.0

.802

.692

130.1133.6128.5120.1125.3154.2

138.7137.5

138.5152.5148.6157.5118.7

91.8115.6118.2

131.4129.0126.7130.5129.0158.2194.7

.1" 130.5"125.7

139.2138.1

r 132.6

"128.6"126.6

129.5

154.7

117.6

100.9

114.8123.8122.:130.2

125.1

120!5125.1116.0

116.2103.7122.4

117.9

127.079.7

122.6142.0154.4123.5118.5117.8145.9115/118.0132.1126.9

"101.7

"115.1"123.9"122.-"124/"121.:"1265" 117.7

129.7

.808

.705

130.4133.9128.1120.0125.1155.2

139.8139.1

139.3153.7148.9158.2119.2

92.3115.9118.2

129.7129.1126.6130.9127.4161.6196.4

.5"130.7

126.0"139.2"137.9

"133.1

"129.0126.9

"129.7

"155.2

118.0

101.4

115.2124.122.130.8

125.7112.5121.1125.6116.5

116.6104.3122.7

118.3

127.679.4

122.6143.6160.2123.9118.9118.4147.0115.:118.0132/127.1

"101.7

"115,"124.:"122.8"124.5"121.8

126.7"118,

130.4

.805

.70

130.9134.7129.4120.0125.8155.8

139.9139.1

139.7154.4149.1158.5118.4

92.5113.8118.6

133.4129.2126.5130.9126.0164.1198.0

.3"131.1"126.4"139.6"138.4

"134.3

"129.5"127.1

129.8

"155.6

118.4

101.4

115.6124.5122.8131.1

126.112.6121.5126.1116.9

116.6104.4122.:

118.;

128.179.2

122.9142.5169.3123.9119.2118.6147.1115.7117.9133.1127.8

101.6

115.9"124.8"123.3"124.1"122.1"127:"119:

130.8

.805

.699

131.4135.3130.3120.2126.4156.2

140.1139.4

140.2154.8149.1158.7119.5

92.8115.1118.7

136.2129.0126.3130.9126.6163.5198?:

.1"131.3"126.6"139.9"138.7

"134.2

"129.7"127.4

130.1

156.2

118.7

102.6

116.0124.7123.1131.:

126.1113.1121.9126,117,

117.5106.4122.9

119.0

127.879.:

123.0142.9176.9123.9119.0118.9147.3115.6117.9133.3127.8

101.8

116.3125:123.6

"124.7122.9

"127.3"119.7"131.0

.802

131.9135.8130.9120.6127.0156.5

140.6140.0

140.4155.0149.7159.2119.6

92.6115.3119.2

136.9129.4126.8131.128.7162.8199.4

.4"131.5"126.8"140.2"139.0

"134.0

"130.0"127.6

130.7

"156.8

119.3

103.9

116.3125.5124.0131.2

126.7114.0122.4126.7118.1

119.1109.7123/119.4

128.680.;

123.:143.6181.2124.0118."119.6147.116.0118.1133.'127.7

"103.0

116.6"125.7"124.3

126.3"123.3"128.0"119.9

131.3

.79:

132.0135.9130.6120.8126.9156.9

141.1140.7

140.5154.9149.9159.4120.5

91.3117.3119.1

135.0130.2127.5131.3131.5165.5200.5

.1131.7126.6

"141.1"140.4

133.6

130.1127.5131.0

"157.3

119.7

106.5

116.2125.8124.5131.2

126.6114.6122.5126/118.3

119.8111.0124.;

119.7

128.281.9

123,143.8179.8123.9118.-119.:147.7115.8118.0133.3127.6

"105.2

116.3"125.7"124.2"125.8"123.3

128.0"119.9"131.3

.795

.693

131.4135.0129.5121.0126.3157.8

140.4139.3

141.5155.7150.3160.1122.9

90.4122.0119.1

131.9130.3127.6131.0134.3164.5201.1

0"131.4

126.3"140.7"139.6

"133.1

"130.0127.3131.2

157.8

119.5

104.2

116.7125.5124.1131.0

126.6114.3122.1126.5117.7

117.5104.3124.0

119.9

128.583.2

123.6143.:174.1124.0118.9120.0147.1115.9118.0133.3127.7

"103.6

"116.3125.

"123.5125.1

"122.6"128.2"118.9

131.2

130.9134.2128.2121.1125.5158.4

140.3139.1

141.9156.3150.4160.3123.2

89.1122.2118.8

129.4130.3127.4130.9136.1167.7202.2

.1"131.4

126.3"140.7"139.6

"133.0

"130.5"127.6

131.6

"158.2

119.:

101.!

116.6125.3123.8131.3

126.8113.6122.0126.7117.3

118.0105.4124.3

119.4

128.281.0

123.8143.171.7124.0119.120.2147.115.9118.2133.6127.8

"101.5

"116.3125.1

"123.'"125.0"122.5

128.5"118.5"131.6

.798

.692

131.1134.5128.4121.3125.7159.0

140.8139.7

142.3156.8150.8160.8123.3

87.8122.2119.2

131.9130.2127.3130.8137.5168.1202.9

.3131.5126.3

"141.2"140.2

"133.9

"130.6127.5

"132.2

158.7

118.7

100.6

116.6124.2122.4131

126.8112.9121.4126.7116.2

118.4106.6124.3

118.8

128.380.2

124.0143.9171.1124.0119.5120.5147.1116.0118.3133.5127."

-.6

"100.8

"116.3"124.1"122.1"125.4"120.6"128.9"115.6"131.8

.805

.690

131.3134.7128.6121.5125.9159.3

141.1140.0

142.3156.6151.0161.4123.9

87.9123.1119.6

134.6130.1127.1130.6138.7168.4203.3

".1"131.4"125.9"141.6"140.7

"133.4

"130.6"127.5

132.5

"159.1

118.7

101.0

116.8"123.8

122.130.3

126.4"113.1"121.3

126.3116.4

118.3"106.3

124.3

118.8

"128.180.9

124.0144.1

"173.124.1119.5

"120.8"147."116.-"118.1"131.:"124.9

"101.

"116.3"124.3"122.3"126:"120.5"128.6"115.7

131.9

".808.689

132.3135.8129.9122.3127.1159.5

141.6140.8

142.2156.8151.4161.6122.4

89.1119.7120.0

136.1131.8129.0131.9139.8168.2204.4

".3"132.1"126.7"142.3"141.6

"133.2

"131.9"128.9"132.9

"159.

119.1

102.,

116.6124.7122.6132.4

127.4113.2122.1127.3117.0

117.8104.1124.6

119,

128.381.2

124.2143.7173.1124:119.'121.3147.'116.5118.2135.3129/

"103.1

"116.5124.2

"122.3"125.9"120.6"127.6"116.2"131.5

.802

.686

132.5135.8129.8123.1127.3159.6

141.9141.2

142.0156.7151.6162.0121.2

89.4117.3120.3

136.2132.6129.5133.4140.7173.0204.9

".3"132.3"126.7"142.6"141.9

"134.1

"131.9128.7

"133.1

"160.0

118.9

102.5

116.2124.4122.3132.

127.5112.7122.0127.4116.6

119.8109.3125.0

118.8

128.578.3

124.4143.9177.0124.1119.5121.'147.'116.'118.1135.3129.9

"103.

"116.4"124.3"122.4"127.0

120.2"128.6

115.3"131.8

.804

.686

132.0135.1127.8123.3126.1160.0

142.7142.3

142.3157.1151.9162.5121.7

88.3118.1120.3

132.6132.1128.6134.2139.3176.5205.2

.2"132.4"126.6"143.3

142.9

"133.9

"13'.7"128.5"133.2

"160.5

118.4

10C.4

115.9124.1121.8132.7

127 9111,7121,6127.7115.5

121.2112.4125.5

117.9

128.374.4

124.5144.3180.9124.2120.2121.3147.6116.5117.8135.5130.0

"101.2

"116.:"124.2"122.1"127.7"119.6"129.0"114:"132.2

.806

.686

132.0135.0126.9123.4125.6160.7

143.7143.8

142.9158.1152.2162.9121.6

88.9118.0120.5

130.4131.6128.2134.7136.8175.3206.4

0132.3126.5143.1142.5

133.8

131.4128.4133.3

160.6

119.0

102.2

116.1124.4122.1133.3

128.5112.2122.0128.3115.8

121.2111.3126.1

118.5

128.175.0

124.7145.3184.7124.6120.6121.6148.6116.4117.7136.2130.6

102.5

116.4124.5122.3127.3120.1129.7114.6133.0

.684



SURVEY OF CURRENT BUSINESS February 1994 • S-7



Annual

1992 1993

1992

Dec.

1993

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

1994

Jan.

3. CONSTRUCTION AND REAL ESTATE

CONSTRUCTION PUT IN PLACE


New construction (unadjusted), total

Private, totalResidential

New housing unitsNonresidential buildings, except farm and public

utilities, total .IndustrialCommercial

Public utilities:Telecommunications .

Public, totalBuildings (excl. military)

Housing and redevelopmentIndustrial

Military facilitiesHighways and streets

(Billions of dollars]

New construction (seasonally adjusted at: annualrates), total

Private, totalResidential ,

New housing units ,Nonresidential "buildings, except farm and public

utilities, totalIndustrialCommercial

Public utilities:Telecommunications

Public, totalBuildings (excl. military)

Housing and redevelopmentIndustrial

Military facilitiesHighways and streets

CONSTRUCTION CONTRACTS

[Millions of dollars, unless otherwise indicated]

Construction contracts (F.W. Dodge Division,McGraw-Hill):Valuation, total

Index (mo. data seas, adj.), 1987*100

Public ownershipPrivate ownershipBy type of building:

NonresidentialResidential

Non-building constructionNew construction planning (Engineering News-

Record)

436,043

317,258187,819129,600

87,24120,71941,523

9,272

118,78551,875

4,1511,7932,502

34.931

250,703*97

77,703174,521

86,999110,670,54,560!

470,295

342,716207,900144,494

91,49020,72542,992

127,58055,158

5,1181,7732,498

37,331

'•254,755M02

- 82,321-172,434

- 81,379-118,329

- 55,044

34,772

25,94615,02310,236

1,7623,148

952

8,8253,883

325166205

2,122

455.2

335.4206.4138.9

84.520.039.6

10.7

119.950.0

3.52.12.4

33.4

18,314100

13,506

5,6108,3754,330

29,623

22,46613,2199,363

6,2221,4542,944

703

7,1573,569

304147197

1,277

451.3

335.5207.2141.8

85.519.641.4

10.9

115.850.44.21.92.6

30.6

-17,274104

- 5,571-11,703

'5,700-7,233-4,340

29,062

21,73612,4218,844

6,5461,5433,101

694

7,3263,658

352135189

1,351

453.8

334.8205.7142.9

87.920.542.3

10.0

119.050.9

4.61.92.7

33.0

16,312

5,78010,532

5,0567,4133,842

32,694

24,66214,55110,295

7,0331,7813,171

8,0333,893

336167228

1,665

454.5

337.0205.5141.8

88.922.241.3

9.8

117.551.34.22.12.6

33.4

21,521-100

6,94314,579

6,48610,0804,956

35,350

26,12615,59410,760

7,1231,5623,393

766

9,2244,210

374163216

2,248

449.1

328.2197.3137.7

88.219.542.4

9.4

120.951.74.61.72.5

34.5

22,098100

7,29914,798

6,47910,8154,803

38,743

28,42817,23711,686

7,5841,6943,557

748

10,3154,276

398155204

3,026

453.3

332.2198.4138.3

90.720.142.4

9.2

121.051.65.01.92.4

34.3

21,14095

6,79114,350

6,09710,0704,973

42,413

30,38818,77912,676

7,8861,6853,708

853

12,0254,816

484143195

4,082

460.7

335.0200.5139.3

91.019.342.7

9.5

125.753.6

5.51.62.2

37.6

27,183106

9,55117,632

8,83911,7476,598

43,397

31,06019,72913,368

7,6561,6423,634

823

12,3375,387

458138212

3,962

466.6

337.9204.6141.1

89.419.841.5

9.7

128.757.45.31.52.5

37.4

23,003104

7,62315,379

7,65310,6134,736

45,535

32,28320,29913,762

8,3031,7173,959

852

13,2525,565432139219

4,311

468.5

341.4206.6143.0

92.020.142.3

9.5

127.256.65.31.72.635.1

22,676-104

7,18815,488

7,39410,6874,595

45,665

32,03619,78913,895

8,4221,8823,936

834

13,6295,326

501180241

4,756

477.1

345.6209.5145.7

92.821.342.2

9.4

131.657.05.61.72.5

39.1

23,063-105

7,46115,602

7,08110,7875,194

-45,316

-32,749-20,162-13,951

8,4441,8813,988

840

-12,567-4,962

-495116

-1874,430

-489.7

-354.1-215.2

149.9

-95.2-21.344.4

-9.7

-135.6-59.0-5.7

1.6-2.6

-40.6

22,819-109

7,08915,730

8,16210,4124,245

-43,514

-32,046-19,359-13,871

-8,247-1,887-3,919

945

-11,468-4,801

-507119

-203-3,607

-500.0

-364.5-222.3-156.4

-97.1-22.3-46.2

10.0

135.6-58.4-5.7

1.52.3

-41.5

19,594-107

5,79113,803

6,4129,694

38,982

28,73516,76212,024

8,0261,9973,682

10,2474,693

476172209

2,616

513.1

371.9228.6161.8

99.322.847.2

141.261.55.62.225

417

18,072-104

5,23412,838

6,0208,7783,274

17,174103

4,98912,184

6,2397,8793,056

HOUSING STARTS AND PERMITS

[Thousands]

New housing units started:Unadjusted:

Total (private and public)Privately owned

One-family structures

Seasonally adjusted at annual rates: §Total privately owned

One-family structures

1,199.71,029.9

-1,285.4-1,123.8

New private housing units authorized by buildingpermits (17,000 permit-issuing places):Monthly data are seas. adj. at annual rates:

TotalOne-family structures

Manufacturers' shipments of mobile homes:UnadjustedSeasonally adjusted at annual rates

1,099916

210.3

1,2081,004

CONSTRUCTION COST INDEXES

Bureau of the Census, 1987*100:Composite fixed-weighted price index tImplicit price deflator t

Boeckh indexes, 1987*100 *Average, 20 cities:

Apartments, hotels, office buildings © ...Commercial and factory buildings ©Residences ©

Engineering News-Record, 1967*100. tBuildingConstruction

Federal Highway Adm.—Highway construction,1987*100.Composite (avg. for year or qtr.)

112.2112.6

115.4117.3116.5

419.4464.1

105.0

116.0116.8

118.1120.5121.3

445.1485.1

78.667.9

-1,258-1,112

1,1961,037

17.5266

113.8114.7

425.5471.0

107.0

70.562.8

-1,170-1,049

1,157972

17.2267

113.8114.6

116.6118.4118.9

427.2472.1

74.665.5

-1,194-1,048

1,141957

18.2262

114.2114.8

427.1472.0

95.584.9

-1,092-957

1,034871

21.0247

114.9115.6

117.0119.0119.8

431.5475.4

109.7

117.8104.4

-1,232-1,082

1,101925

21.4241

115.6116.3

120.9109.2

-1,241-1,100

1,121919

20.3230

115.4116.1

128.5110.1

-1,238-1,067

1,115925

22.6237

115.4116.2

440.5481.0

118.1120.8121.6

454.6489.9

453.9489.7

115.3100.4

-1,245-1,076

1,162977

19.9241

116.0116.8

118.7121.4122.1

449.6488.9

121.8108.3

-1,319-1,178

1,2421,015

23.8245

116.4117.4

446.1

118.5100.6

-1,359-1,160

1,2711,047

23.4251

116.4117.6

118.9121.5122.3

445.4489.3

123.2105.5

-1,409-1,231

1,3041,097

23.6261

-117.2118.2

-102.3-90.6

-1,406-1,248

1,3741,145

22.3285

117.9-118.8

119.2121.7122.9

-96.5-81.5

-1,571-1,349

-1,476-1,198

77.168.0

1,2941,147

1,3601,119

118.4119.3

466.4490.0

448.3491.4

450.8494.4

454.6496.7



S-8 • February 1994 SURVEY OF CURRENT BUSINESSUnless otherwise stated in footnotes below, data

through 1991 and methodological notes are as shownin BUSINESS STATISTICS, 1963-91

Annual 1992 1993

1992 1993 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

1994

Jan.

3. CONSTRUCTION AND REAL ESTATE-Continued

REAL ESTATE f

[Thousands of units]

Mortgage applications for new home construction:FHA applications . . .

Seasonally adjusted annual rates

Requests for VA appraisalsSeasonally adjusted annual rates

[Millions of dollars)

Home mortgages insured or guaranteed by:Fed. Hous. Adm.: Face amountVet. Adm.: Face amount

Federal Home Loan Banks, outstanding advances tomember institutions, end of period

New mortgage loans of SAIF-insured institutions,estimated total 0By purpose of loan:

Home constructionHome purchaseAll other purposes

94.1

48,315.15

79,881

94.1

79,131.26

103,131

6.595

4,730.80

79,881

5.784

4,937.40

79,327

7.090

5,160.00

82,260

7.773

6,492.00

84,970

8.283

5,076.00

88,602

7.783

5,148.00

90,549

8.490

6,594.00

92,076

8.3101

6,985.00

92,736

8.6106

8,652.00

94,350

7.494

8,157.00

98,923

8.8121

6,120.00

100,296

9.2134

7,529.00

102,428

7.1104

8,283.00

103,131

4. DOMESTIC TRADE

ADVERTISING


Magazine advertising (Leading National Advertisers):Cost, total

Apparel and accessoriesAutomotive, incl. accessoriesBuilding materialsDrugs and toiletriesFoods, soft drinks, confectioneryBeer, wine, liquorsHoushold equipment, supplies, furnishingsIndustrial materialsSoaps, cleansers, etcSmoking materialsAllother

Newspaper advertising expenditures (NewspaperAdvertising Bureau, Inc.):Total

ClassifiedNationalRetail

30,66710,7593,835

16,073

WHOLESALE TRADE


Merchant wholesalers sales (unadj.), totalDurable goods establishmentsNondurable goods establishments

Merchant wholesalers inventories, book value (non-UFO basis), end of period (unadj.), totalDurable goods establishmentsNondurable goods establishments

RETAIL TRADE


All retail stores:Estimated sales (unadj.), total

Durable goods storesBuilding materials, hardware, garden supply,

and mobile home dealersAutomotive dealersFurniture, home furnishings, and equipment .

Nondurable goods storesGeneral merch. group storesFood storesGasoline service stationsApparel and accessory storesEating and drinking placesDrug and proprietary storesLiquor stores

1,828,041904,522923,519

210,419132,65077,769

1,962,423705,096

103,031398,067105,844

1,257,327247,354384,013133,000104,994201,86677,28525,619

1,921,937980,362941,575

218,685137,39281,293

2,086,369-783,066

-113,595- 448,092- 117,337

'1,303,303-265,502-393,953-134,239-107,038-212,737-79,91623,862

Estimated sales (seas, adj.), total

Durable goods storesBldg. materials, hardware, garden supply,

and mobile home dealersBuilding materials and supply storesHardware stores

Automotive dealersMotor vehicle and miscellaneous auto

dealersAuto and home supply stores

Furniture, home furnishings, and equipment..Furniture, home furnishings storesHousehold appliance, radio, and TV stores

156,34177,58778,754

210,419132,65077,769

204,100

67,850

8,28231,12012,654

136,25037,29034,95811,23714,87617,2518,0662,893

-168,829

-61,500

-8,998-6,452-1,069

-34,822

-31,879-2,943

-9,359-4,815-3,588

145,65071,90173,749

214,152134,06180,091

148,525

52,647

6,84130,168

8,611

95,87816,09831,40410,4026,687

15,9476,152

1,873

-169,187

-62,418

-8,9246,471

-1,071

-35,412

-32,481-2,931

-9,407-4,774-3,661

6,9632,387

9623,614

143,50072,24671,254

212,595134,53378,062

145,341

52,415

6,96230,7578,029

92,92616,34529,49810,0036,489

15,3816,2021,770

169,116

60,978

8,9746,5901,058

34,731

31,6823,049

9,1824,6283,621

7,9222,6621,0424,218

165,91084,12181,789

212,399135,28577,114

164,602

61,539

8,33937,143

8,973

103,06319,06031,83810,8637,797

17,1856,6541,877

167,390

60,723

6,5251,075

34,733

31,7872,946

9,1704,6303,601

160,99981,45379,546

213,634136,70276,932

170,150

64,964

9,64138,772

8,94!

105,18620,14432,22411,0618,788

17,6066,6681,900

170,538

62,804

9,0276,6391,064

35,896

32,9262,970

9,4204,7593,628

160,08279,55980,523

210,731136,26374,468

176,006

67,011

10,80339,1369,080

108,99521,50433,34011,6958,776

18,4186,5971,983

171,736

63,771

9,3306,7511,129

36,522

33,5742,948

9,4534,8243,631

164,67984,46480,215

209,550135,07374,477

175,951

69,667

10,76640,8979,444

106,28420,50333,09011,6688,272

18,2876,5321,995

172,596

64,527

9,2336,6331,115

36,696

33,7222,974

9,5594,8413,710

159,18081,93677,244

210,839136,78774,052

178,155

69,167

10,32840,774

9,721

108,98820,56134,77611,9748,430

18,7956,5512,147

173,415

65,232

9,24!6,6741,097

37,339

34,3422,997

9,6984,9443,884

7,6812,775

8614,045

165,62685,85579,771

209,994136,79073,204

177,649

68,439

10,25639,568

9,713

109,21021,72533,00511,7429,246

19,0656,4311,951

174,583

66,277

9,4666,7111,107

37,948

34,8943,054

9,8254,9463,97;

165,29485,91179,383

211,249136,16275,087

171,606

66,056

10,08838,219

9,634

105,55020,54432,42611,0218,726

17,8726,3311,869

175,006

65,798

9,6456,8241,114

37,470

34,4523,018

9,9484,9734,069

167,01487,00580,009

215,795136,92678,869

177,034

66,460

10,28838,328

9,908

110,57422,53133,12711,5329,023

18,5226,5041,920

178,549

68,507

10,0127,0341,120

39,632

36,6043,028

10,1135,0364,118

r 162,557-83,336-79,221

-217,559-136,788-80,771

M81.662

-66,811

-9,560-37,143-11,025

r 114,851-26,742-32,634-11,110-10,055-17,289

-6,560-1,943

r 179,755

-69,641

-10,165-7,343-1,122

-40,461

-37,449-3,012

-10,381-5,153-4,228

161,44682,57578,871

216,685137,392

81,293

-219,688

-77,890

-9,723-37,187-14,254

-141,798-39,745-36,591-11,168-14,749-18.370

-8 7342,634

r 181,961

-71,046

-10,5657,5901,129

-41,239

-38,2822,957

-10,4715.1864,267

157,829

58,545

7,78834,4449,393

99,28416,87232,26810,5206,490

16,5516,638

180,964

69,931

10,315

40,694

37,704

10,368





Annual

1992 | 1993


Dec.

February 1994 •

1993

Jan. Feb. Mar. Apr May June July Aug. Sept. Oct. Nov. Dec.

5-y

1994

Jan.

4. DOMESTIC TRADE-Continued

RETAIL TRADE—Continued

[Millions of dollars—Continued]

All retail stores—ContinuedEstimated sales (seas, adj.)—Continued

Nondurable goods storesGeneral merch. group stores

Department stores exdud'ng leaseddepartments

Variety stores

Food storesGrocery stores

Gasoline service stat'ons

Apparel and accessory storesMen's and boys' clothing and furnishings

storesWomen's clothing, specialty stores, and

furriersShoe stores

Eating and drinking placesDrug and proprietary storesLiquor stores

Estimated inventories, end of period:Book value (non-UFO basis), (unadjusted), total

Durable goods storesBldg. materials, hardware, garden supply,

and mobile home dealersAutomotive dealersFurniture, home furnishings, and

equipment

Nondurable goods storesGeneral merch. group stores

Department stores excluding leaseddepartments ,

Food storesApparel and accessory stores

Book value (non-UFO basis), (seas, adj.), totalDurable goods stores

Bldg. materials, hardware, garden supply,and mobile home dealers

Automotive dealersFurniture, home furn., and equipment

Nondurable goods storesGenera! merch. group stores

Department stores excluding leaseddepartments

Food storesApparel and accessory stores

Firms with 11 or more stores:Estimated sales (unadj.), total

Durable goods storesAuto and home supply stores

Nondurable goods storesGeneral merchandise group storesFood stores

Grocery storesApparel and accessory storesEating placesDrug stores and proprietary stores

Estimated sales (sea. adj.), totalAuto and home supply storesDepartment stores excluding leased

departmentsVariety storesGrocery storesApparel and accessory stores

Women's clothing, specialty stores, andfurriers

Shoe storesDrug stores and proprietary stores ,

256,642132,710

18,08867,551

21,330

123,93244,604

35,04527,29820,066

-261.234r132I122

- 18,842-65,119'21,459

'129,112'48,633

'38,175-26,816-22,002

813,203

112,35211,881

700,851234,973228.424224,559

66,29148,05647,794

274,842146,248

20,58773,347

24,860

128,59447,901

37,52527,92420,810

279,697145,624

21,44570,71524,985

134,07352,229

40,87727,41422,793

856,312

124,82312,850

731,489253,528233,039229,284

68,85950,15849,588

r 107,329-21,112

-16,068-552

-32,590-30,450-11,159

-9,109

-751

-3,3501,413

-17,408-6,331-2,129

256,6421132.710!

18,08867,551

21,330

123,932!44,604

35,04527,29820,066

r261,234r 132,122

-18,842-65,119-21,459

" 129,112-48,633

-38,175-26,816-22,002

98,124

14,801995

83,32335,69320,88520,3359,9104,0505,408

-68,983-1,021

-15.823-382

18,846-5,752

-2,057'991

-3,927

r 106,769-21,543

-16,400-536

-32,438-30,410-11,221

-9,087

-754

-3,419-1,397

-17,240-6,469-2,090

254,569131,189

18,71766,595

20,608

123,38045,185

35,58926,86419,923

262,427132,861

19,31665,61721,245

129,56648383

38,35026,90922,285

60,222

8,210877

52,01215,29018,93918,6764,0093,9093,804

70,0631,040

16,308367

18,9225,750

2,102995

3,996

108,13821,638

16,296534

32,88730,86411,537

8,900

768

3,2751,396

17,2056,6622,080

259,815134,725

19,77469,143

20,075125,09046,621

36,86126,54220,919

265,718135,599

19,71567,69621,043130,11949,498

38,92426,96322,020

58,4667,848886

50,61815,59017,72317,4383,9303,6993,806

70,5171,092

16,078374

19,2695,557

2,013995

4,101

106,66721,179

15,843529

32,24830,34211,423

8,443

732

3,0721.361

17,2716,6412,042

267,858138,748

20,67571,212

20,897

129,110

39,04426,81821,690

269,052137,803

19,91869,31721,237

131,24950,403

39,55827,07622,201

66,053

9,1081,032

56,94518,19319,19018,9024,9224,1214,037

69,5251,060

15,654363

18,9785,407

1,962953

4,090

107,73421,632

16,285531

32,46830,44811,522

8,770

719

3,2201,400

17,5186,6282,023

269,881139,714

20,73070,785

21,419

130,16750,233

39,43526,82822,179

270,311138,784

19,95269,60221,679

131,52750,651

39,63327,05022,380

68,271

9,7041,079

58,56719,18219,29418,9805,5914,1544,088

70,4971,065

16,037373

19,1145,552

1,996959

4,096

107,96521,829

16,508540

32,34730,38311,388

8,871

711

3,2661,463

17,6426,6441,987

267,877139,058

20,83470,148

21,297

128,81949,480

39,10726,67122,003

270,417138,097

19,89969,12421,665132,32051,402

40,48326,76822,590

71,012

10,2631,112

60,74920,50719,83319,5505,5764,2994,099

70,9431,067

16,256377

19,1105,680

2,0311,0134,136

108,06922,070

16,742537

32,66730,69311,263

8,872

726

3,2821,435

17,5166,7062,005

265,664138,138

20,51069,391

127,52648,273

38,02926,77621,712

270,843138,483

19,87469,23122,206

132,36051,111

40,32826,85022,688

68,658

10,2461,141

58,41219,53619,34819,0505,2754,2044,028

70,9871,051

16,510371

19,1465,710

2,0301,0264,165

108,18322,317

16,917543

32,67930,70211,212

8,877

768

3,2331,470

17,5336,7191,981

263,849133,753

20,22864,413

22,129130,09649,362

38,86226,59222,951

268 807136,559

20,14766,62522,696

132,24850,796

40,14726,87222,746

70,19510,4971,179

19,57920,30920,0065,2784,4224,016

71,2831,069

16,686377

19,0355,683

1,9911,0164,201

108,30622,349

16,964543

32,87430,90010,933

8,825

752

3,1911,474

17,8516,6231,930

264,153131,738

19,95362,075

22,671

132,41550,872

40,07326,42023,662

269,348136,774

20,19566,66523,063

132,57451,199

40,60127,01822,665

70,616

10,3861,145

60,23020,77319,12018,8315,9334,4073,936

71,3611,078

16,715368

19,1965,617

1,9691,0024,104

109,20822,557

17,176533

32,80530,80110,869

9,035

759

3,2521,484

18,1266,6641,943

273,406135,259

19,93262,880

24,021

138,14754,495

42,81126,94624,527

271,603137,978

20,38066,82023,550

133,62551,580

40,81127,27222,987

68,694

10,2071,112

58,48719,58218,94918,6685,6074,2413,877

72,2181,085

16,996362

18,9725,854

2,0191,0244,133

110,04222,733

17,312494

31,18611,035

9,065

763

3,2371,451

18,1236,6781,945

290,466143,731

20,43466,638

25,774

146,73559,618

46,59427,94325,660

274,417140,584

20,97967,75923,843

133,83351,799

40,65827,22123,096

71,856

10,1361,127

61,72021,50719,40819,1165,7844,3764,002

72,5021,074

17,140336

19,1545,870

1,9971,0034,151

r 110,114'22,516

-17,133-489

'33,362-31,264-11,000

-9,073

-755

-3,187-1,450

-18,123'6,721-1,931

-298,508-149,727

-20,487-70,795

-27,106

-148,781'61,026

-47,724-28.389-25,731

-278,262r 143,608

-21,252-69,557-24,642

-134,654-52,618

-41,071-27,260-23,077

-78,192

-11,5261,119

-66,666'25,590'19,288

18,970'6,774-4,078'4,055

-72,663-1,117

-16,896'328

19,259'5,913

'2,036'1,000'4,163

-110,915-22,550

'17.198448

'33,624'31,373-11,101

'9,003

746

3,1911,473

'18,297'6,829

1,917

274,842146,248

20,58773,347

24,8601

128,59447,901

37,52527,92420,810

279,697145,624

21,44570,71524,985

134,07352,229

40,87727,41422,793

104,077

16,6921,041

87,38538,19921,63821,09710,1804,2485,840

72,6601,077

16,962303

19,2675,907

2,0711,0324,217

111,03322,664

17,392

33,58031,50411,336

18,0696,958

5. LABOR FORCE, EMPLOYMENT, AND EARNINGS

LABOR FORCE AND POPULATION §

[Thousands, unless otherwise indicated]

Not seasonally adjusted:Noninstitutional population, persons 16 years of

age and over ,Labor force $

Resident Armed Forces 0

Civilian noninstitutional populationCivilian labor force, total

EmployedUnemployed

Seasonally adjusted:Civilian labor force, total

Participation rate, percent tEmployed, total

Employment-population ratio,percent t ,..'.

AgricultureNonagriculture

Unemployed, totalLong term, 15 weeks and over

193,142128,548

1,566191,576126,982117,5989,384

66.3

61.43,206

114,390

3,366

195,034129,525

1,485193,550128,040119,3068,734

66.1

61.63,079

116,229

3,046

194,026128,419

1,517

192,509126,902118,0738,829

127,46966.2

118,155

61.43,222

114,9339,3143,542

194,159127,549

1,515192,644126,034116,1239,911

127,22466.0

118,178

61.33,182

114,9969,0463,293

194,298128,017

1,512

192,786126,505116,7359,770

127,40066.1

118,442

61.43,116

115,3268,9583,174

194,456128,179

1,497

192,959126,682117,4069,276

127,44066.0

118,562

61.43,099

115,4638,8783,110

194,618127,983

1,492

193,126126,491117,8568,635

127,53966.0

118,585

61.43,071

115,5148,9542,986

194,767129,291

1,484

193,283127,807119,2018,606

128,07566.3

119.180

61.73,074

116,1068,8953,046

194,933131,316

1,477

193,456129,839120,5869,252

128,05666.2

119,187

61.63,031

116,1568,8693,025

195,104131,795

1,471

193,633130,324121,323

128,10266.2

119,370

61.63,043

116,3278,7323,007

195,275130,954

1,482

193,793129,472121,0028,470

128,33466.2

119,692

61.83,005

116,6878,6423,000

195,453129,340

1,482193,971127,858119,7308,128

128,10866.0

119,568

61.63,093

116,4758,5403,047

195,626130,022

1,475194,151128,547120,4468,101

128,58066.2

119,941

3,021116,920

8,6393,030

195,791129,991

1,470194,321128,521120.6327,890

128,66266.2

120,332

61.93,114

117,2188,3302,971

195,933129,862

1,461194,472128,401120,6367,764

66.3120,661

62.03,096

117,5658,2372,864

197,389130,829

1,436195,953129,393119,9019,492

130,66766.7

121,971

62.23,331

118,6398,6963,027



o-lu • February 1994



Annual

1992 | 1993


Dec.

1993

Jan. | Feb. | Mar. Apr. | May June July Aug. Sept. Oct. | Nov. Dec.

1994

Jan.

5. LABOR FORCE, EMPLOYMENT, AND EARNINGS-Continued

LABOR FORCE-Continued §

Seasonally adjusted-ContinuedCivilian labor force—Continued

Unemployed—Continued

Rates f:All civilian workers

Men, 20 years and overWomen, 20 years and overBoth sexes, 16-19 years

WhiteBlackHispanic originMarried men, spouse presentMarried women, spouse presentWomen who maintain families

Industry of last job:Private nonagricultural wage and

salary workersConstructionManufacturing

Durable goodsAgricultural wage and salary workers

Not seasonally adjusted:Occupation:

Managerial and professional specialty ..,Technical, sales, and administrative

supportService occupationsPrecision production, craft, and repair ...Operators, fabricators, and laborersFarming, forestry, and fishing

EMPLOYMENT

[Thousands]

Employees on nonfarm payrolls by industry:Total, not adjusted for seas, variation

Private sector (excl. government)

Seasonally adjusted:Total employees, nonfarm payrolls

Private sector (excl. government)Nonmanufacturing industries

Goods-producingMiningConstruction

ManufacturingDurable goods

Lumber and wood productsFurniture and fixturesStone, clay and glass productsPrimary metal industriesFabricated metal productsIndustrial machinery and equipmentElectronic and other electrical

equipmentTransportation equipmentInstruments and related productsMiscellaneous manufacturing

Nondurable goodsFood and kindred productsTobacco manufacturesTextile mill productsApparel and other textile productsPaper and allied productsPrinting and publishingChemicals and allied productsPetroleum and coal productsRubber and misc. plastics productsLeather and leather products

Service-producingTransportation and public utilitiesWholesale tradeRetail tradeFinance, insurance, and real estateServicesGovernment

FederalStateLocal

Production or nonsupervisory workers on privatenonfarm payrolls, not seas, adjustedManufacturing, not seas, adjusted

Production or nonsupervisory workers on privatenonfarm payrollsGoods-producing

MiningConstructionManufacturing

Durable goodsLumber and wood productsFurniture and fixturesStone, clay, and glass productsPrimary metal industriesFabricated metal productsIndustrial machinery and equipmentElectronic and other electrical

equipmentTransportation equipmentInstruments and related productsMiscellaneous manufacturing

7.47.16.3

20.0

6.514.111.55.05.09.9

7.716.67.88.0

12.4

3.1

5.88.18.8

11.08.1

108,51989,866

108,51989,86671,82623,142

6314,471

18,04010,237

674476512693

1,3221,922

1,5261,822

925363

7,8041.655

49671

1,005687

1,5041,083

159872119

85,3775,7096,045

19,3466,571

29,05318,6532,9694,403

11,281

72,86612,241

72,86616,103

4453,417

12,2416,793

553375395524970

1,148

9691,141

455262

6.86.45.9

19.0

6.012.910.64.44.69.6

7.014.47.17.1

11.5

3.0

5.37.67.99.98.4

'110,174-91,332

'110,174' 91,332' 73,530r 22,975

599'4,574

' 17,802r 10,047

685"480512676

1,3111,899

r 1,5131,727

881362

7,7551,650

47666

'977680

1,504'1,074

155886116

'87,199'5,709'6,113

'19,740'6,604

'30,19218,842'2,915'4,467

'11,459

'74,349'12,143

'74,349'16,090

423'3,52412,1436,726

564380395515968

1,150

9671,099

430259

7.36.86.4

19.5

6.414.211.34.84.9

10.2

7.615.97.47.6

12.1

3.0

5.47.68.79.9

10.4

109,85690,783

109,07990,31372,40022,985

6134,459

17,91310,136

683477511683

1,3101,909

1,5141,784

903362

7,7771,650

48670992686

1,5011,080

156876118

86,0945,7076,062

19,4606,575

29,52418,7662,9684,431

11,367

73,83312,188

73,38016,031

4343,414

12,1836,757

562376395519962

1,148

9671,126

443259

7.16.56.3

19.6

6.214.111.44.54.9

10.4

7.414.77.47.4

11.7

3.3

6.08.79.9

11.912.1

107,67888,971

109,23590,48072,54423,001

6114,454

17,93610,152

683477510684

1,3181,908

1,5171,792

902361

7,7841,656

48669993685

1,4991.080

157880117

86,2345,7196,086

19,5236,578

29,57318,7552,9454,435

11,375

72,11312,077

73,54316,041

4323,399

12,2106,775

562377394520969

1,149

9641,140

442258

7.06.66.0

19.6

6.113.311.34.64.4

10.1

7.214.37.37.1

13.0

3.4

5.58.0

10.212.112.6

108,24189,177

109,53990,76272,80823,069

6004,515

17,95410,163

690480515683

1,3201,907

1,5201,786

900362

7,7911,659

48670993684

1,5021,078

157883117

86,4705,7256,097

19,6296,577

29,66518,7772,9444,439

11,394

72,32412,086

73,83116,121

4243,463

12,2346,790

569379398520972

1,149

9701,132

441260

7.06.75.7

19.5

6.113.511.24.74.49.0

7.215.37.37.2

11.8

3.0

5.27.79.9

11.810.3

108,67289,502

109,56590,77772,84223,016

6004,481

17,93510,144

690480513682

1,3201,904

1,5251,771

896363

7,7911,658

48669992684

1,5031,078

156886117

86,5495,7246,103

19,6046,574

29,75618,7882,9384,443

11,407

72,63412,092

73,82716,088

4243,433

12,2316,783

569379397520973

1,147

9731,125

439261

7.06.56.0

20.3

6.113.710.54.54.89.6

7.214.77.37.3

11.8

2.8

5.27.39.1

10.17.7

109,58290,421

109,82091,02073,15722,980

6004,517

17,86310,090

683480511678

1,3161,904

1,5191,743

892364

7,7731,651

48670987682

1,5031,074

156886116

86,8405,7206,110

19,6486,585

29,97718,8002,9234,458

11,419

73,48112,088

74,01416,068

4233,467

12,1786,745

561379393516969

1,148

9701.109

438262

6.96.55.9

19.8

6.112.910.04.54.59.8

7.215.27.27.1

10.8

3.0

5.27.87.69.45.8

110,52191,325

110,05891,23973,41223,006

6024,577

17,82710,047

678482512678

1,3101,902

1,5131,723

886363

7,7801,650

48670988682

1,5061,077

156887116

87,0525,7196,125

19,7026,588

30,09918,8192,9124,462

11,445

74,35612,123

74,29116,115

4263,534

12,1556,718

557381394516966

1,148

9671,096

432261

6.96.55.9

19.5

6.113.310.34.44.79.7

7.115.17.37.4

11.8

2.9

5.77.77.79.66.1

111,04892,146

110,10191,27873,50722,941

5964,574

17,77110,011

677481511673

1,3061,900

1,5081,712

880363

7,7601,646

48667983681

1,5031,075

155887115

87,1605,7116,110

19,7516,590

30,17518,8232,9014,451

11,471

75,11112,196

74,29616,064

4213,528

12,1156,696

556380393513964

1,150

9631,087

430260

6.86.55.8

18.4

6.012.810.84.54.79.6

7.015.77.37.0

11.5

2.9

5.47.67.69.66.4

110,09892,242

110,33891,49773,73722,948

5954,593

17,7609,996

678482511672

1,3041,898

1,5061.706

876363

7,7641,645

47668979680

1,5061,076

155891117

87,3905,7096,126

19,7906,604

30,32018,8412,8964,477

11,468

75,19312,079

74,50316,074

4203,548

12,1066,684

557380394511961

1,150

9621,082

427260

6.76.45.7

18.4

5.912.59.94.44.59.0

7.014.77.37.2

12.1

3.1

5.57.36.39.56.1

110,10192,430

110,30591,47873,76022,903

5924,593

17,7189,974

680479511670

1,3031,891

1,5061,700

874360

7,7441,651

45663973678

1,5071,072

154886115

87,4025,6906,107

19,7956,602

30,38118,8272,9064,471

11,450

75,37512,198

74,49316,032

4173,544

12,0716,668

559377393510962

1,144

9591,081

426257

6.76.35.8

17.9

5.812.510.04.24.69.0

6.914.17.27.3

10.4

3.0

5.47.16.59.06.8

110,97592,332

110,50291,58073,88222,886

5964,592

17,6989,974

683479512671

1,3041,893

1,5071,696

869360

7,7241,640

45662969678

1.5071,072

154883114

87,6165,6926,117

19,8366,616

30,43318,9222,9014,507

11,514

75,28612,242

74,57716,039

4213,544

12,0746,682

562379394511963

1.148

9621,081

424258

6.76.25.8

18.9

6.111.911.44.44.89.3

6.913.76.96.9

11.8

2.7

5.37.66.78.67.1

111,53192,374

110,66491,76174,05222,934

5964,629

17,7099,988

690480513672

1,3071,892

1,5091,697

868360

7,7211,652

45663962676

1,5031,068

154883115

87,7305,6936,122

19,8466,632

30,53418,9032,9014,488

11,514

75,34812,207

74,77916,089

4193,579

12,0916,702

569379396512966

1,152

9661,081

423258

6.55.95.7

18.3

5.612.510.44.04.49.0

6.712.26.76.5

10.3

2.7

5.07.76.18.59.0

'111,818'92,510

'110,880'91,976'74,241'22,994

'595'4,664

17,73510,013

694482

'513'676

'1,3131,897

1,515'1,698

865360

7,722'1,649

47'662959675

1,5051,066

155889115

'87,886'5,700'6,129

'19.853'6,651

'30,649'18,904

'2,896'4,486

'11,522

'75,478'12,185

'74,956'16,156

4183,611

'12,127'6,725

572382

'396'516972

1,156

969'1,084

421257

6.45.85.7

17.8

5.611.510.53.94.3

10.2

6.612.76.56.3

11.3

2.6

4.76.67.48.9

10.7

'111,826'92,556

'111,070'92,112'74,375'23,006

'606'4,663

17,737'10,025

'698485

'514'675

'1,314'1,895

'1,518'1,704

'361'361

'7,712'1,643

46'662'953'677

'1,504'1,065

5̂4'892'16

'88,064'5,701'6,130

'19,908'6,661

'30,706'18,958'2,921'4,500

'11,537

'75,433'12,142

'75,030'16,165

'4303,599

'12,136'6,747

'575384

'397516

'9741,159

'976'1,087

420'259

6.75.96.0

18.4

5.813.110.64.14.49.4

7.013.96.15.3

13.6

3.0

5.79.38.7

11.712.2

109,52190,615

111,13292,18474,42123,027

6044,660

17,76310,052

703487517677

1,3241,895

1,5141,712

860363

7,7111,640

44663952678

1,5061,062

152898116

88,1055,7166,140

19,9286,667

30,70618,9482,9014,497

11,550

73,60812,043

75,07616,168

4253,571

12,1726,780

581386401519982

1,161

9721,101

418259



SURVEY OF CURRENT BUSINESS February 1994 • S-ll



Annual

1992 1993

1992

Dec. H H Mar. A P , | May |

1993

June July Aug. Sept. | 0 * | Nov. Dec.

1994

Jan.


EMPLOYMENT—Continued

[Thousands]

Seasonally adjusted—ContinuedProduction or nonsupervisory workers-Continued

Nondurable goodsFood and kindred productsTobacco manufacturesTextile mill productsApparel and other textile productsPaper and allied productsPrinting and publishingChemicals and allied productsPetroleum and coal productsRubber and misc. plastics productsLeather and leather products

Service-producingTransportation and public utilitiesWholesale tradeRetail tradeFinance insurance and real estateServices

AVERAGE HOURS PER WEEK

[Hours]

Seasonally adjusted:Average weekly hours per worker on private

nonfarm payrolls: 0Not seasonally adjustedSeasonally adjusted

MiningConstruction +Manufacturing:

Not seasonally adjustedSeasonally adjusted

Overtime hours

Durable goodsOvertime hours

Lumber and wood productsFurniture and fixturesStone clay and glass productsPrimary metal industriesFabricated metal productsIndustrial machinery and equipmentElectronic and other electrical equipment ..Transportation equipmentInstruments and related productsMiscellaneous manufacturing

Nondurable goodsOvertime hours .

Food and kindred productsTobacco manufactures +Textile mill productsApparel and other textile productsPaper and allied productsPrinting and publishingChemicals and allied productsPetroleum and coal products $Rubber and misc. plastics productsLeather and leather products

Transportation and public utilitiesWholesale tradeRetail tradeFinance, insurance, and real estate XServices

AGGREGATE EMPLOYEE-HOURS

[Billions of hours]

Seasonally adjusted:Employee-hours, wage and salary workers in

nonagric. establishments, for 1 week in themonth, seas adj at annual rateTotal private sector

MiningConstructionManufacturingTransportation and public utilitiesWholesale tradeRetail tradeFinance, insurance, and real estateServices ...

Government

[1982-100]

Indexes of employee-hours (aggregate weekly): 0Private nonfarm payrolls, total

Goods-producingMiningConstructionManufacturing


Service-producingTransportation and public utilitiesWholesale tradeRetail tradeFinance, insurance, and real estateServices

5 4481,206

3757584251883156710467397

56,7634,7694 856

17,0364,750

25,352

34.4

43.938.0

41.0

3.841.537

40.6"40.0

42 243.041.642.241.241.841.139.9

40.43.8

40.638.641.137 243.638.043.143.841.738.0

38.938.228 835.832.5

200.21163.22

1.448.83

38.4211.5512.0128.9712.2749.7336.99

121.0101.7558

117.9101.397.8

106.2129.7113.3113.7120 6117.5149.4

5417" 1,205

3556781951383056810268593

"58,259"4,781

4 930"17,382

4 798"26,368

34.5

44.338.4

41.4

"4.1

"42.14.3

40.840.042 743.7421

"42.9"41.7"43.0"41.1

39.8

40.64.0

40 7"37.3"41.4

37.243.638.343.144.2

"41.838.6

"39.7"38.2

28 8"35.7

32.5

"204.09"166.20

1.389.14

38.1711.7812.13

"29.5812.30

"51.7237.89

"123.8102.553.4

122.9"101.4

"98.2"106.0"133.4

116.0"115.3

123.1"118.4"155.5

5 4261,205

3657283251683056210267695

57,3494,7794,880

17,1464 762

25,782

34.534.343.737.2

41.941.23.9

41.83.9

40.540.042 243.341 842.641.442.441.139.8

40.53.9

40.639.541.437 443.538.142.843.941.938.7

39.138.028 835.632.3

201.86164.18

1.408.74

38.2711.6412.0629.5012.2050.3837.68

121.7101.454.1

116.9101.298.5

105.0130.8114.3113.7121.5116.7151.3

5,4351,210

3657183351682956310368094

57,5024,7934 904

17,2114 769

25,825

34.034.544.036.1

41.141 44.0

42.04.0

40.640.242.543.642 042.741.742.541.239.9

40.63.9

40.638.641.637 643.538.243.044.142.039.3

39.638.128 835.732.5

201.98164.32

1.418.73

38.4211.7612.0629.2412.2350.4737.67

122.5101.754.2

116.4101.899.2

105.5131.8116.1114.5122.0117.9152.5

5 4441,212

3657183251783156310468494

57,7104,8014915

17,3144 769

25,911

34.134.443.636.7

41.141.44.2

42.14.3

40.840.342.543.842142.941.742.841.039.9

40.74.1

40.737.341.837 543.838.142.943.942.139.4

39.438.128 735.732.4

202.47164.68

1.378.90

38.5111.7612.0829.2912.1750.5937.79

122.7102.552.7

119.2102.399.7

105.8131.8115.7114.8122.3117.2152.5

54481,212

3656983451783256510368694

57,7394,7944,923

17,2744 769

25,979

34.034.243.437.4

40.941.24.0

42.042

40.640.142 243.941 942.841.642.741.139.9

40.33.8

40.436.040.137 243.538.142.843.341.839.0

39.638.028 235.532.4

202.33164.52

1.368.88

38.3711.8012.1129.1812.1550.6737.81

122.2101.952.5

118.8101.699.3

104.8131.3116.1114.7119.9116.9152.9

5 4331,206

3657182851483256510368593

57,9464,7924,924

17,3024,767

26,161

34.234.444.337.8

40.941.54.2

42.24.4

40.540.042 544.242143.141.842.941.340.3

40.64.0

40.735.541.937 143.738.442.944.941.838.9

39.438.028 835.732.4

202.78165.21

1.378.90

38.3311.7512.0729.4212.1951.1837.57

123.1102.253.5

119.3101.899.2

105.4132.4115.5114.7122.6117.2154.0

5,4371,203

3657182951583356810368693

58,1764,7904,935

17,3714,775

26,305

34.634.744.639.2

41.341.44.1

42.04.3

40.639.742.843.641.942.941.842.741.339.8

40.53.9

40.436.741.737.343.738.243.344.741.838.6

39.838.429.036.232.8

205.28167.18

1.399.24

38.1811.8612.2329.7112.4952.0838.10

124.6102.854.2

124.5101.498.5

105.3134.5116.6116.1124.0120.0156.7

5,4191,199

3656882351583256610268593

58,2324,7834,922

17,3964,781

26,350

34.634.444.139.3

41.441.24.0

41.94.2

40.439.542.643.441.942.941.442.541.239.5

40.53.9

40.638.541.337.143.638.443.144.141.737.7

39.438.228.835.632.5

203.57165.75

1.359.16

37.9811.7312.1429.5812.2251.5937.82

123.6102.053.0

123.4100.897.8

104.8133.4115.3115.2123.3117.9155.6

5,4221,199

3556881951483357010268894

58,4294,7844,938

17,4204,797

26,490

34.834.544.939.5

41.041.44.0

42.04.1

40.739.942.743.641.943.141.842.341.439.5

40.63.9

40.836.041.337.343.438.543.444.141.738.0

39.638.228.835.632.5

204.05166.32

1.389.29

38.0411.7812.1729.6412.2351.7937.73

124.1102.653.8

125.3101.097.9

105.2133.8115.9115.6123.5117.3156.4

5,4031,206

3356381351283256710168492

58,4614,7634,927

17,4304,800

26,541

35.134.744.639.7

41.541.44.1

42.24.2

40.840.542.943.542.143.042.043.141.039.7

40.53.9

40.637.341.437.343.538.143.244.141.838.3

40.138.328.936.432.7

204.76167.12

1.389.27

38.0011.8512.1629.7512.5352.1937.64

124.8102.453.1

124.9100.998.2

104.6134.9116.8115.7124.0120.7157.7

5,3921,195

3456381251183157110168391

58,5384,7614,932

17,4464,814

26,585

34.534.344.138.3

41.541.54.1

42.34.2

41.139.942.843.442.042.842.143.841.139.9

40.54.0

40.638.041.536.843.838.243.144.141.638.8

39.637.928.835.632.2

204.06165.98

1.369.14

37.9611.7212.0629.7112.2451.7838.08

123.7102.153.0

123.3100.998.5

104.2133.4115.3114.6123.6118.4155.5

5,3891,206

3456480551082857110067992

58,6904,7714,939

17,4624,828

26,690

34.634.545.139.3

41.841.64.3

42.44.5

41.240.542.743.642.343.242.143.541.139.6

40.74.1

41.038.541.336.943.838.543.445.841.838.7

39.938.228.935.732.5

205.26167.16

1.409.22

38.0911.8412.1629.8212.3952.2438.10

124.9102.853.9

124.5101.599.1

104.7134.7116.5115.6124.2119.7157.6

"5,4021,207

36562805510

"82857410168792

"58,800"4,776"4,944

"17,474"4,84126,765

34.5"34.5"44.238.6

42.041.7"4.3

42.54.7

41.540.743.3

"44.142.543.241.943.8

"40.939.9

40.7"4.040.837.641.937.343.738.443.0

"43.942.138.6

"39.738.228.8

"35.632.5

"205.16"167.54

1.369.46

38.20" 11.78"12.18"29.73"12.38"52.4437.63

125.1"103.8"52.7127.9102.0"99.8105.0

"134.7"116.0

115.8"123.8"119.3

158.0

"5,389"1,201

34"563"799"511"826r574"9969092

"58,865"4,764"4,945

"17,488"4,855

"26,813

34.7"34.5"44.2

38.3

42.441.74.4

"42.6"4.6

"41.440.1

"43.0"44.3"42.6"43.3

41.844.1

"41.1"40.0

"40.6"4.040.6

"37.541.9

"37.243.738.3

"43.2"43.6"42.1"38.5

"39.838.128.8

"35.7"32.5

"205.75"167.54

"1.409.43

"38.21"11.80"12.14"29.81"12.30"52.45"38.20

"125.2"103.8"54.2127.1

"102.1"100.2"104.7"134.8"116.0"115.5"123.9"119.4"158.3

5,3921,200

3356679751382657396

69692

58,9084,7784,955

17,5194,858

26,798

34.334.844.037.0

41.541.74.4

42.74.8

41.440.143.543.942.643.742.443.941.440.1

40.44.0

40.437.541.436.843.538.043.443.641.838.8

40.638.529.036.232.8

207.29169.13

1.399.38

38.2612.0612.2930.0512.6053.1038.17

126.3103.753.3

125.5102.4101.0104.2136.4118.7116.9125.0121.8159.7



S-12 • February 1994 SURVEY OF CURRENT BUSINESS



Annual

1992 1993

1992

Dec.

1993

Jan. Feb. Mar. Apr. | May | June | July ) Aug. | Sept. j Oct. Nov. Dec.

1994

Jan.


HOURLY AND WEEKLY EARNINGS

[Dollars]

Average hourly earnings per worker, not seas,adj.: 0Private nonfarm payrolls

MiningConstructionManufacturing

Excluding overtimeDurable goods

Excluding overtimeLumber and wood productsFurniture and fixturesStone, clay, and glass productsPrimary metal industriesFabricated metal productsIndustrial machinery and equipmentElectronic and other electrical equipment ..Transportation equipmentInstruments and related productsMiscellaneous manufacturing

Nondurable goodsExcluding overtime

Food and kindred productsTobacco manufacturesTextile mill productsApparel and other textile productsPaper and allied productsPrinting and publishingChemicals and allied productsPetroleum and coal productsRubber and misc. plastics productsLeather and leather products

Transportation and public utilitiesWholesale tradeRetail tradeFinance, insurance, and real estateServices

Average hourly earnings per worker, seas, adj.: 0Private nonfarm payrolls ,

MiningConstructionManufacturingTransportation and public utilitiesWholesale tradeRetail tradeFinance, insurance, and real estateServices

[Dollars per hour)

Hourly wages, not seasonally adjusted:Construction wages, 20 cities (ENR): @

Common laborSkilled labor

Railroad wages (average, class I)

[Dollars]

Avg. weekly earnings per worker, private nonfarm: 0Current dollars, seasonally adjusted1982 dollars, seasonally adjusted t §Current dollars, not seasonally adjusted:

Private nonfarm, total ,MiningConstruction .,Manufacturing


Transportation and public utilitiesWholesale tradeRetail tradeFinance, insurance, and real estateServices

EMPLOYMENT COST INDEX

[June 1989*100)

Total compensation:Civilian workers t

Workers, by occupational group:White-coilar workers ,Blueycollar workersService workers

Workers, by industry division:ManufacturingNonmanufacturing

ServicesPublic administration

Wages and salaries:Civilian workers t

Workers, by occupational group:White-collar workersBlue-collar workersService workers

Workers, by industry division:ManufacturingNonmanufacturing

ServicesPublic administration

HELP-WANTED ADVERTISING

Seasonally adjusted index, 1967*100


10.5814.5414.1511.4610.9512.0211.519.449.01

11.6013.6611.4312.4110.9915.2211.909.15

10.7410.2510.1916.99

8.606.95

13.0711.7414.5117.9110.377.42

13.4611.397.13

10.8210.55

10.5814.5414.1511.4613.4611.397.13

10.8:10.55

19.4625.4716.66

363.95' 255.07

363.95638.31537.70

498.83433.90523.59435.10205.34387.36342.88

10.8314.60

' 14.35'11.76'11.20

12.34'11.75

'9.619.27

"11.8514.0011.6912.73

r11.24"15.84"12.25

9.37

11.0010.4910.43

' 17.058.897.10

13.4211.9414.84

"18.5510.60"7.61

' 13.6511.717.29

11.3210.81

10.83"14.60r 14,35"11.76"13.65

11.717.29

11.3210.81

20.0026.1016.95

'373.64'254.63

'373.64'646.78'551.04

'519.51'446.60'541.91'447.32'209.95'404.1'351.33

'101

10.7014.5814.2711.6411.0912.2211.639.519.19

11.6413.8111.6012.6311.1315.5712.129.32

10.9010.3810.3616.35

8.767.04

13.2711.8814.7818.1110.547.50

13.5811.527.20

11.0310.76

10.6814.5714.2111.5813.5511.467.21

10.9910.67

19.7525.8316.68

366.32'253.33

369.1647.35530.84487.72520.57447.99532.34440.06210.24392.67347.55

116.1

116.6115.;116.7

116.5116.0119.2116.3

113.6

114.5111.9113.8

113.7113.6116:113.6

10.7714.7214.2011.6211.1112.1911.669.469.16

11.6313.7511.5512.5911.1315.5012.099.34

10.8810.4010.3115.908.807.05

13.1711.8414.7618.4010.557.49

13.5811.597.27

11.1310.83

10.7314.5814.1911.6113.5711.577.23

11.0910.75

19.7525.8316.96

370.19'255.43

366.18649.15512.62477.58508.32439.55529.62438.10203.56397.34348.73

10.7714.6014.1111.6211.1112.2011.669.519.12

11.6713.8211.5612.6111.1015.5412.119.32

10.8710.4010.2916.48

8.817.05

13.1811.8314.7718.4210.547.49

13.6011.617.26

11.1910.83

10.7414.5514.2211.6413.5811.577.25

11.0910.75

19.7525.8317.23

369.46'254.27

367.26635.10517.84477.58508.74438.06531.76440.02204.73399.48349.81

10.7914.7114.2711.6411.1412.2111.679.509.11

11.7013.8211.5612.5911.1115.6312.159.28

10.9010.4410.3217.14

8.757.05

13.2211.8714.7318.6710.497.50

13.6311.597.28

11.1710.81

10.7814.6414.2811.6613.6411.597.27

11.1110.76

19.8125.8916.73

368.68'253.21

366.86631.06533.70476.08509.16434.91534.30438.10202.38396.54349.16

117,

117.9116.

118.6117.1120.1117.6

115..112:

114.117.114.

10.7914.8814.2511.7111.1912.2711.729.519.14

11.8013.9611.6212.6511.1415.6912.219.34

10.9910.5110.4517.67

8.887.07

13.4011.8714.8118.5910.627.59

13.6111.707.27

11.2110.77

10.7714.8414.2811.7113.6111.677.25

11.1510.73

19.8125.8916,90

370.49'253.76

369.02650.26538.65478.94510.43440.70533.51444.60207.20400.20347.87

10.8214.7214.3111.7211.1812.3111.739.569.17

11.8213.9411.6912.6511.1715.8312.229.32

10.9610.4810.4618.10

8.867.06

13.3611.8314.7718.5710.577.59

13.5711.737.28

11.3410.78

10.8214.7614.3411.7113.6211.747.29

11.3410.80

19.8125.8916.86

375.45'256.45

374.3;652.10560.95484.04517.02442.78540.09450.43210.39410.5'352.51

10C

10.7614.5914.2311.7311.1712.3211.729.569.23

11.8314.0311.6912.6811.2415.8212.209.35

10.9610.4610.4518.19

8.877.07

13.3911.8414.7518.4810.577.56

13.5811.647.26

11.2010.68

10.8114.5914.3211.7213.6511.687.28

11.2610.78

19.8225.8816.84

371.86253.83

372.30643.42559.24485.62518.67444.98539.13445.81211.27398.72348.17

118.3

118.6117.8118.;

119.;117.9120.6118.0

115,

116.0113.115.2

115.:115.117.8114.9

10.7514.4814.3511.7311.1912.2911.739.649.28

11.9014.0711.6512.7611.2515.5712.269.37

11.0210.5110.4718.62

8.887.02

13.5011.9114.8218.4310.617.55

13.6511.717.24

11.2410.64

10.8114.5114.3911.7213.6611.737.28

11.3010.77

20.0326.2017.01

372.95'254.23

374.10638.5;566.83480.93511.26444.11546.00448.49214.30400.14348.99

101

10.7814.4314.4311.7111.1412.3111.709.679.33

11.8914.0111.6712.7411.2515.7112.269.31

10.9710.4310.4017.46

8.917.07

13.4111.9714.7618.3710.557.63

13.6511.737.24

11.3510.68

10.8614.5314.3911.7713.6511.807.30

11.4810.83

20.0426.2016.94

376.84'256.35

378.38647.91572.87485.97518.25446.48551.46450.43215.03413.14353.51

103

10.9114.5314.5111.8611.2512.4611.829.739.40

12.0314.2211.8212.8311.3016.0312.359.41

11.1110.5310.4916.38

8.967.1

13.6712.0914.9718.7110.697.68

13.7011.787.32

11.3810.85

10.8614.5014.3911.8413.6311.767.29

11.3810.84

20.2426.3616.88

372.50'253.23

376.40646.59555.73492.19524.57454.40545.26448.82211.55405.13350.46

119.

119.9118.8119.9

120.6119.2122.2119,

116.4

117.4114,116.1

116.3116.'119.:115.9

101

10.9414.4614.5311.8111.21

'12.4211.769.719.40

11.9214.0211.7412.8211.27

'16.0512.349.40

11.0410.4910.3616.108.967.14

13.5512.0414.8918.5910.637.67

13.6811.807.36

11.4810.89

10.9214.6114.4111.8313.6711.847.35

11.5110.89

20.2726.4017.01

376.74'255.07

378.52657.93571.03493.66

'527.85451.54545.83451.94211.97409.84352.84

106

10.9614.43

'14.4411.8811.27

'12.5011.82'9.67'9.44

'11.9914.1011.83

'12.87"11.;'16.23'12.38

9.4511.09

'10.54'10.53

16.47'8.98'7.18

'13.5412.0214.95

'18.68'10.64

'7.8013.7111.797.36

'11.5210.95

10.9314.49

'14.4411.8813.6811.787.34

'11.5310.91

20.2826.43

'17.03

'377.09'254.79

378.12'645.02'557.38

498.96'535.00

455.80'545.66

450.38210.50

'410.11355.88

10.97'14.67

14.44'12.01'11.37'12.53'11.92

-9.719.44

'11.95'14.26"11.91'13.01'11.50'16.46'12.50

'9.55

'11.18'10.64

10.64'16.91

9.017.25

'13.60'12.12'15.05'18.72'10.69

'7.84'•3.78'•1.83

'7.36•1.60

'11.00

10.91'14.67

14.38'11.95'13.75'11.77

'7.3711.55

'10.90

20.3726.4515.98

"377.78'254.91

380.66'658.68

553.05'509.22'548.14'460.62'549.82'453.09'214.91'414.12'356.40

120.2

20.6119.4120.

121119.8122.120.0

117.1

118.1115.0116.6

117.3117.0120.0116.6

11.0714.9914.3911.9711.4012.5711.949.749.39

11.9814.1011.8512.9511.4616.2612.529.57

11.1710.6710.6017.199.047.22

13.5312.0515.0318.5610.757.89

13.8411.927.47

11.7911.10

11.0314.8614.3911.9613.8311.907.43

11.7411.01

20.3726.45

383.84258.83

379.70658.06532.43496.76532.97450.15554.98455.34210.65426.80360.75

106




Annual

1992 | 1993


1992

Dec.

February 1994 •

1993

Jan. Feb. Mar. | Apr. j May June July Aug. Sept. Oct. Nov. Dec.

S-13

1994

Jan.

5. LABOR FORCE, EMPLOYMENT, AND EARNING.S-Continued

WORK STOPPAGES

Work stoppages involving 1,000 or more workers:Number of stoppages:

Beginning in month or year, numberWorkers involved in stoppages:

Beginning in month or year, thousandsDays idle during month or year, thousands

UNEMPLOYMENT INSURANCE! i

State programs:Initial claims, thousandsAverage weekly insured unemployment, thousandsRate of insured unemployment, percent®Total benefits paid, mil. $Weeks of unemployment compensated, thousandsAverage weekly benefit, dollars

-ederal civilian employees unemployment insurance(UCFE):Initial claims, thousandsAverage weekly insured unemployment, thousandsTotal benefits paid, mil. $Weeks of unemployment compensated, thousandsAverage weekly benefit dollars

Veterans unemployment insurance (UCX):Initial' claims, thousandsAverage weekly insured unemployment, thousandsTotal benefits paid, mil. $Weeks of unemployment compensated thousandsAverage weekly benefit dollars

35

3643,989

20,9863,167

3.024,967

147,936175.16

146.231.7

243.11,484.2163 74

260.560.1

541.92,853.3189.50

35

1823,998

r 17,426'2,684

2.6r 21,547

'123,236'181.46

134.831.6

'262.4'1,464.2'179 36

204.1'53.9

'495.8'2,526.4'196.20

0

048

2,0202,906

2.82,019

11,865176.88

12.435,624.8

147.8167 52

20.770.158.8

3017194.72

2

2256

2,0483,234

3.12,060

12,010178.71

13.033.921.7

127.5170 62

21.968.252.4

267.1196.23

1

5139

1,4083,187

3.12,010

11,518180.83

9.533.521.4

121.1176.93

17.268.550.5

255.0197.85

4

12113

1,5053,238

3.12,344

13,349182.10

9.232.924.9

136.4182 79

19.165.954.6

277.0197.22

2

13112

1,3582,790

2.71,942

11,090182.01

10.228.220.1

111.1181 02

17.056.945.0

230.5195.08

5

35393

1,1462,462

2.41,6149,196

182.41

9.126.217.796.3

183 54

14.851.838.5

196.9195.57

3

4409

1,3552,662

2.61,792

10,226181.77

12.029.920.7

114.0181.54

16.854.041.3

210.6196.17

3

7465

1,5672,522

2.41,6679,582

180.07

12.628.920.6

112.1183.60

17.746.637.0

188.9195.77

5

8560

1,2242,576

2.51,7269,798

181.79

10.331.321,8

120.6180.84

17.350.237.5

191.5195.85

4

15545

1,1232,278

2.21,5318,706

182.06

11.230.120.9

117.5177.73

16.247.035.2

180.6195.08

4

15505

1,2832,188

2.11,3857,861

182.72

13.232.020.9

117.3178 07

16.245.332.7

167.6195.38

3

35506

1,5052,427

2.31,5929,087

181.97

12.635.724.6

139.0176.81

14.246.435.1

177.6197.44

0

0240

'1,904'2,650

2.5'1,884

'10,813'181.11

11.9'36.3'27.1

'151.4'178.78

15.7'44.0'36.0

'183.2'196.70

1

28

2,1783,335

3.22,140

12,129183.48

12.439.225.9

144.0179.51

15.347.434.9

177.5196.34

6. FINANCE

BANKING


Open market paper outstanding, end of period:Bankers' acceptancesCommercial and financial company paper, total

Financial companiesDealer placedDirectly placed

Nonfinancial companies

Loans of the Farm Credit System:Total, end of period

Long-term real estate loansShort-term and intermediate-term loansLoans to cooperatives

Federal Reserve banks, condition, end of period:Assets, total

Reserve bank credit outstanding, totalLoansU.S. Government securities

Gold certificate account

Liabilities, total

Deposits, total ,Member-bank reserve bounces

Federal Reserve notes in circulation

All member banks of Federal Reserve System,averages of daily figures:Reserves held, total

RequiredExcess

Borrowings from Federal Reserve banksFree reserves

Large commercial banks reporting to FederalReserve System, last Wed. of mo.:Deposits:

Demand, totalIndividuals, partnerships, and corporationsStates and political subdivisionsU.S. GovernmentDepositor,' institutions in U.S

Transaction balances other than demanddeposits

Nontransaction balances, totalIndividuals, partnerships, and corporations

Loans and leases(adjusted).total tCommercial and industrialFor purchasing and carrying securitiesTo nonbank depository and other financial ...Real estate loans ,To States and political subdivisionsOther loans

Investments, totalU.S. Treasury and government agency

securities, totalInvestment account

Other securities

38,200545,136408,199236,250171,949136,937

52,40728,66411,10812,635

367,901

312,234675

302.47411,056

367,90140,14832,079

314,208

56,54055,385

1,155124

1,032

301,829243,168

9,9743,434

25,795

120,816728,182703,912

1,007,149279,851

15,63621,630

404,18814,823

271,021

324,790

269,839251,34554,95-

409,971

350,83294

344,20211,053

409,97150,54334,951

343,925

'62,858'61,795

'1,06382

'981

322,251265,80510,4123,003

22,983

130,366709,778

1,060,310278,61719,15722,473

421,20112,620

306,242359,719

302,439282,00757,280

38,200545,136408,199236,250171,949136,937

52,40728,66411,10812,635

367,901312,234

675302,47411,056

367,90140,14832,079

314,208

56,54055,3851,155124

1,032

301,829243,1689,9743,434

25,795

120,816728,182703,912

1,007,149279,85115,63621,630

404,18814,823

271,021324,790

269,839251,34554,951

36,001543,725398,643215,022183,621145,082

357,552302,531

35296,97711,055

357,55237,63227,533

306,111

56,00454,7441,260165

1,096

253,220203,509

9,4872,077

22,108

114,177724,254699,468990,412276,98414,47919,899

398,45114,402

266,197324,481

268,574247,99955,907

35,221535,218388,139208,108180,031147,079

362,126307,615

57301,49011,055

362,12639,03433,085

309,080

53,88252,7781,104

451.059

253,165204,865

8,9172,38821,429

114,443723,700697,876988,383276,77617,15718,141

394,59314,260

267,456331,550

275,642255,13655,908

34,939534,935392,417220,458171,959142,518

52,34428,53610,41513,393

368,587312,037

753305,21711,055

368,58741,91734,533

312,263

54,29653,0831,213

911,122

268,799221,7918,8992,345

20,470

119,190714,834692,331986,435277,47215,63319,112

395,06014,035

265,123340,413

283,361264,34157,052

35,3171544,923 j386,000,211,492,174,508;158,923

368,742311,133

84305,38111,055

368,74238,36530,579

315,270

56,54155,4451,096

731,023

272,060220,655

9,2172,736

23,057

114,974714,458689,962989,290275,68315,63219,619

395,67513,794

268,887344,398

288,366264,46556,032

34,927542,978385,295210,911174,384157,683

371,520315,024

129309,84111,053

371,52037,27931,000

320,112

56,10155,104

996121375

269,154218,2448,9242,162

22,006

116,411716,874690,535993,984275,88216,55620.361

396,33814,053

270,794340,363

284,785266,72855,578

34,149j543,3041390,248|221,169169,079!153,056

52,71128,59211,08713,033

394,328335,869

1,534328,19911,057

394,32856,69327,724

323,253

57,23856,328

911181732

290,922240,744

9,0232,461

21,471

118,539705,178684,514

1,007,754276,62919,25020,791

401,27613,695

276,113343,437

287,113270,09256,324

33,120535,947377,214207,702169,512158,733

376,476320,380

234314,61411,057

376,47637,06230,725

325,149

57,75056.6611,089244845

269,668219,922

8,3631,620

22,580

116,749708,966684,965

1,006,300270,44717,24119,524

400,25713,878

284,953348.239

292,483267,44355,756

32,572539,278383,503212,786170,717155,775

386,112327,629

236321,77511,057

386,11240,36831,931

328,125

57,76756,815

952352600

269,929222,216

8,4021,806

22,673

117,886706,865682,964

1,002,981268,32917,41919,679

400,28513,675

283,594353,726

296,757271,10656,969

33,041540,675385,936217,013168,923154,739

53,26828,81011,42513,032

392,935336,422

2,918325,65311,057

392,93548,03029,935330.421

59,13658,0461,090428662

290,549237,117

8,6742,149

22,402

117,098695,893673,884

1,017,044271,26619,29421.170

403,09513,393

358,131

301,854274,94856,277

33,069544,127386,670214,508172,162157,457

384,766327,296

145321,55311,056

384,76639,16932,423

331,672

60,03658,9471,089285804

283,703232,496

8,8421,898

22,850

117,964696,635674,917

1,016,784270,74718,42821,921

402,79112,944

289,953354,359

297,777273,69056,582

548,299392,461214,806177,655155,838

399,192341,407

56334,81711,054

399,19243,27736,051

338,456

61,29660,1951,101

89'1,012

300,169247,524

9,7083,279

23,703

121,062695,721674,145

1,029,960272,39619,67521,514

405,71412,629

298,032354,011

297,308273,13856,703

409,971350,832

94344,20211,053

409,97150,54334,951

343,925

'62,858'61,795'1,063

82

322,251265,805

10,4123,003

22,983

130,366709,778688,966

1,060,310278,617

19,15722,473

421,20112,620

306,242

359,719

302,439282,007

57,280

62,07260,624

1,44873

1,375

289,942238,273

9,6862,717

22,715

120,897714,867692,533

1,049,070278,819

17,63219,276

417,40712,218

303,718

357,113

298,563274,558

58,550



S-14 • February 1994 SURVEY OF CURRENT BUSINESSUnless otherwise stated in footnotes below, datathrough 1991 and methodological notes are as


Annual

1992 | 1993

1992

Dec. H Feb. Mar. Apr. May | June

1993

July Aug. | Sept | Oct Nov. | Dec.

1994

Jan.

6. FINANCE-Continued

BANKING-Continued

(Billions of dollars]

Commercial bank credit, seas, adj.:Total loans and securities t

U.S. Government securitiesOther securities

Total loans and leases t

[Percent]

Money and interest rates:Prime rate charged by banks on short-term

business loans

Discount rate (New York Federal ReserveBank)

Federal intermediate credit bank loans

Home mortgage rates (conventional 1stmortgages):New home purchase (U.S. avg.)Existing home purchase (U.S. avg.)

Open market rates, New York City:Bankers' acceptances, 3-monthCommercial paper, 6-month @Finance co. paper placed directly, 6-mo .,

Yield on U.S. Gov. securities (taxable):3-month bills (rate on new issue)

CONSUMER INSTALLMENT CREDIT


Not seasonally adjusted:Total outstanding (end of period) .

By major holder:Commercial banks ,Finance companiesCredit unionsRetailersSavings institutionsGasoline companiesPools of securitized assets .

By major credit type:AutomobileRevolvingMobile homeOther*

Seasonally adjusted:Total outstanding (end of period) .

By major credit type:AutomobileRevolvingMobile homeOther*

Total net change (during period) .By major credit type:

AutomobileRevolvingMobile homeOther*

FEDERAL GOVERNMENT FINANCE

(Millions of dollars]

Federal receipts and outlays:Receipts (net)Outlays (net)Total surplus or deficit (-)

Federal financing, totalBorrowing from the publicOther

Gross amount of debt outstandingHeld by the public

Federal receipts by source and outlays byagency:Receipts (net), total

Individual income taxes (net)Corporation income taxes (net)Social insurance taxes and contributions

(net)Other

Outlays (net), totalAgriculture DepartmentDefense Department, militaryHealth and Human Services Department ..Treasury DepartmentNational Aeronautics and Space

AdministrationVeterans Affairs Department

GOLD AND SILVER:

Gold:Monetary stock, U.S. (end of period), mil.

Price at New York, dol. per troy oz. 0

Silver:Price at New York, dol. per troy oz. 0

-2,892.1"613.9- 178.02,100.2

6.25

3.25

»7.98»7.84

3.623.803.63

3.450

756,944

331,869117,12797,64142,07943,4614,365

120,402

259,964267,949

229,031

21,090,45321,427,6292-290,188

2 290,1882311,082

2 20,7302 4,002,8152 2,998,776

21,090,4532 482,1122102,240

2 413,6702101,650

21,427,6292 56,585

2 286,6312 539,7612 292,990

213,9622 33,734

11,056344.50

3.938

3,014.4700.1180.1

2,134.2

6.00

3.00

'6.96

3.133.303.15

3.020

807,060

367,085117,030114,45247,38233,0004,462

123,649

278,693296,678

231,688

21,153,14721,407,8312-254,684

2 254,6842 248,619

2-6,5402 4,351,1492 3,247,211

21,153,1472 510,2502117,520

2 428,2982 96,965

21,407,8312 63,143

2 278,8582 581,3382 299,287

214,3072 35,489

359.67

4.300

2,937.6657.1176.0

2,104.6

6.00

3.00

7.657.53

3.443.703.52

3.250

756,944

331,869117,12797,64142,07943,4614,365

120,402

259,964267,949

229,031

741,093

259,627254,299

227,167

5,070

7672,213

2,090

113,683152,629-38,947

38,94721,078

-17,8674,115,7943,080,271

113,68351,17222,950

31,9187,718

152,6296,64528,94673,83552,21

1,2664,125

11,056334.66

3.720

2,935.3656.5174.5

2,104.4

6.00

3.00

7.577.49

3.143.353.29

3.060

748,529

330,355116,00998,26240,05742,8044,366

116,676

258,017260,758

229,754

743,583

258,737255,984

228,862

2,490

-8901,685

112,71282,89629,817

-29,817-8,35521,457

4,106,3903,071,916

112,7173,704

3,212

29,4165,505

82,8964,516

18,94'20,62918,636

1,0921,61

11,055329.01

3.680

2,943.9666.2176.4

2,101.3

6.00

3.00

7.527.28

3.063.273.21

2.950

745,374

330,060112,68698,78538,46241,975

4,148119,258

259,830257,440

228,105

747,228

261,434258,384

227,410

3,645

2,6972,400

-1,452

65,975114,17:-48,197

48,19730,689

-16,905

4,136,5203,102,385

65,97523,947

792

34,2517,206

114,1724,389

22,00347,24520,965

1,0082,626

11,055329.39

3.650

2,960.2680.2179.0

2,101.0

6.00

3.00

7.227.17

3.073.243.14

2.970

743,133

329,764111,85499,77838,03041,6954,080

117,932

259,945256,233

226,955

750,131

262,313259,661

228,157

2,903

8791,277

83,284127,258-43,974

43,97437,727-6,850

4,170,6543,140,112

83,28427,93512,724

33,6529,140

127,2588,163

24,39149,52020,235

1,3444,067

11,054329.01

3.690

2,970.9691.0181.0

2,098.9

6.00

3.00

7.267.06

3.053.193.07

2.890

746,447

332,266112,523101,53438,21840,275

4,280117,351

260,857257,783

227,807

752,193

262,463261,450

228,280

2,062

1501,789

123

132,01!123,921

8,091

-8,0915,464

13,552

4,188,9793,145,575

132,02156,13717,795

49,1769,014

123,9306,172

26,03651,31319,358

1,2494,307

11,054341.91

3.960

2,991.2693.5181.2

2,116.5

6.00

3.00

7.147.08

3.063.203.07

2.960

744,778

333,415109,311103,01938,68139,2104,486

116,656

262,860259,566

222,352

750,293

264,007262,690

223,596

-1,900

1,5441,240

4,684

70,638107,601-36,963

36,96330,832-6,12!

4,232,3893,176,408

70,64017,9192,376

42,2778,187

107,6035,07719,70345,66123,932

1,080782

11,053366.7;

4.470

r3,014.1-704.3"179.6

-2,130.3

6.00

3.00

7.027.02

3.163.383.16

3.100

748,830

335,592111,330104,78138,81337,2504,567

116,497

265,345260,993

222,491

752,428

265,388263,338

223,7012,135

1,381

105

128,566117,46711,099

-11,09924,75735,853

4,288,5393,201,165

128,56856,46324,949

38,4058,775

117,4694,429

23,69553,42251,653

1,1542,860

11,05;371.89

4.380

" 3,037.4708.2

-181.5-2,147.8

6.00

3.00

6.996.95

3.123.353.15

3.050

753,645

339,948113,076106,02739,04336,4854,668

114,398

267,646264,100

221,899

757,465

267,468266,938

223,0585,037

2,0803,600

-643

80,626120,204-39,57739,5771,055

-38,5024,288,8303,202,220

80,63337,4892,695

32,2848,171

120,2113,531

24,90251,43818,025

1,2474,275

11,057392.40

5.040

-3,046.6-714.8-182.4

-2,149.4

6.00

3.00

6.866.87

3.103.333.16

3.050

763,268

345,449111,864108,09539,68835,9194,728

117,525

270,495269,663

223,109

762,503

268,784270,753

222,967

5,038

1,3163,815

-91

86,734109,812-23,07823,07854,30131,071

4,343,4393,256,520

86,74139,4441,943

36,6578,702

109,8193,421

20,35247,21818,441

1,2222,055

11,057378.46

4.810

-3,057.2-720.6-182.6

-2,153.9

6.00

3.00

6.766.75

3.073.253.11

2.960

770,384

349,699112,645109,68739,84234,9854,574

118,952

273,291272,579

224,514

768,573

270,650273,703

224,2206,070

1,8662,950

1,253

127,469118,9048,565

-8,565-9,346-1,046

4,351,1493,247,211

127,46955,65324,510

37,7689,536

119,1684,125

23,70749,57516,106

1,2302,997

11,057354.85

4.170

-3,056.6-718.4-180.7

-2,157.5

6.00

3.00

6.616.59

3.193.273.13

3.040

r 776,101

352,559' 112,602

110,83040,31034,2514,599

120,950

'275,882275,109

r 225,110

'775,620

r 273,822277,125

r 224,673

-7,047

-3,1723,422

78,668124,090-45,422

45,4224,255

-41,088

4,362,6663,251,371

78,66937,680

2,158

30,8288,003

124,0134,893

23,14749,99417,536

1,0792,806

11,056364.18

4.330

-3,072.6-720.0-180.9

-2,171.7

6.00

3.00

3,087.2727.2181.9

2,178.2

6.00

3.00

6.616.60

3.293.433.19

3.120

-784,148

358,429-114,800

112,34242,04733,500

4,507-118,523

-277,060280,080

6.746.65

3.233.403.18

3.080

807,060

367,085117,030114,45247,38233,0004,462

123,649

278,693296,678

-227,008

-782,561

-276,853279,273

231,688

789,836

278,323281,695

-226,435

-6,941

-3,0312,148

229,818

7,275

1,4702,422

-1,76J

83,107121,488-38,381

38,38171,02832,647

4,436,3763,322,400

83,10737,6342,208

34,6838,582

121,4887,149

21,79650,24022,336

1,213,169

11,054373.49

4.500

3,383

125,416133,667-8,252

8,25213,9955,743

4,483,2353,336,395

125,41654,18328,239

33,9549,040

133,6676,408

25,75255,19!53,695

1,1914,438

383.69

4.970

6.00

3.00

3.103.303.15

3.020

122,968107,355

15,613

-15,613-6,933

8,680

4,474,3663,329,462

122,96874,167

3,916

36,9837,902

107,3554,789

17,75246,30118,489

1,0152,132

387.02

5.130






Annual

1992 1993

1992

Dec. Jan. Feb. Mar. A P , | May |

1993

June July Aug. | Sept. | Oct. Nov. | Dec.

1994

Jan.


MONETARY STATISTICS §

[Billions of dollars]Currency in circulation (end of period)Money stock measures and components (averages

of daily figures):Measures (not seasonally adjusted):

M1M2 . ...M3L (M3 plus other liquid assets)

Components (not seasonally adjusted):CurrencyDemand depositsOther checkable deposits tOvernight RP's and Eurodollars 0General purpose and broker/dealer money

market fundsMoney market deposit accountsSavings deposits +Small time deposits @Large time deposits @ . .

Measures (seasonally adjusted):M1M2M3L (M3 plus other liquid assets)

Components (seasonally adjusted):CurrencyDemand depositsOther checkable deposits tSavings deposits $Small time deposits @Large time deposits @

PROFITS AND DIVIDENDS (QTRLY.)

[Millions of dollars]Manufacturing corps. (Bureau of the Census)

Net profits after taxes, all manufacturingFood and kindred productsTextile mill products .Paper and allied productsChemicals and allied productsPetroleum and coal productsStone, clay, and glass productsPrimary nonferrous metalPrimary iron and steelFabricated metal productsMachineryElectrical and electronic equipmentTransportation equipment (except motor

vehicles and equipment)Motor vehicles and equipmentAll other manufacturing industries

Dividends paid (cash), all manufacturing

SECURITIES ISSUED

[Millions of dollars]Securities and Exchange Commission:

Estimated gross proceeds totalBy type of security:

Bonds and notes corporateCommon stockPreferred stock

By type of issuer:Corporate total

ManufacturingExtractivePublic utilityTransDortationCommunicationFinancial and real estate

State and municipal issues (Bond Buyer):Long-termShort-term

SECURITY MARKETS

[Millions of dollars, unless otherwise indicated]

Stock Market Customer Financing

Margin credit at broker-dealers, end of year or monthFree credit balances at brokers, end of year or

month:Margin-accountCash-account

Bonds

Prices:Standard & Poor's Corporation, domestic municipal

(15 bonds), dol. per $100 bondSales:

New York Stock Exchange, exclusive of somestopped sales, face value, total

334.7

" 966.9'-3,489.3"4,193.1'5,035.0

279.6319.3

" 360.2•76.8

-354.9

^ 1,130.9"950.2r 388.6

93,37220,318

2,1032,492

22,8749,577

1991,0131,1614,305

-3,6659,559

6,850-1,710

63,094

235,02639,913

73.7

"11,621.07

r 1,079.5-3,527.6"4,186.2

5,079.8

308.4-363.4-399.7

"81.8

"346.9

"1,198.7-820.9"344.7

289,86445,723

80.9

"9,732.62

334.7

"1,046.7-3,527.6"4,198.2"5,087.6

295.0"355.1"388.9

"80.6

"350.2

"1,181.1"869.0"358.9

"1,024.8-3,509.0"4,183.0"5,057.1

"292.2"339.6"384.9

"1,183.6"870.5"360.3

10,5854,307

669121

3 7582 578-315-306-652

112- 6 011

2,076

1 363-939

17 242

22,6691,027

74.6

836.16

"1,041.0"3,508.3"4,162.9"5,054.6

"293.5"345.9"393.8

"77.8

"350.6

"1,177.7"861.3"349.6

"1,033.0"3,502.8"4,162.4"5,040.9

"294.5341.9388.6

"1,183.8"860.8"353.2

18,4121,662

75.2

947.76

"1,023.0"3,484.2"4,149.4"5,032.2

295.3"334.3"385.7

"77.7

"351.2

"1,178.7"853.6"348.2

"1,035.4"3,494.2"4,156.0"5,037.6

"297.0"342.7"387.7

"1,183.7"853.8"350.1

19,0051,798

78.2

890.82

332.8

"1,031.6"3,495.8"4,157.3"5,044.8

297.9"336.5"389.5

"78.8

"354.8

"1,184.5"846.1"344.8

"1,040.2"3,494.8"4,154.6"5,038.6

"299.3"344.3"388.5

"1,182.4"846.8"344.8

13,7743,500

6864 465

-737-729-680

800-1082 090

5 050- 3 293

16,111

29,8761,464

80.4

1,022.47

"1,058.7"3,515.2"4,177.3"5,065.3

"301.3"350.5"399.2

"77.2

"351.4

"1,189.3"838.5"347.8

"1,047.1-3,498.0"4,162.0"5,055.9

"301.8"349.0"388.2

"1,185.5"839.4"348.9

22,0275,227

79.1

1,002.59

"1,058.1"3,507.3"4,178.7"5,066.6

304.4"352.0"393.8

"75.2

"347.7

"1,195.8"830.5"351.1

"1,067.7"3,521.9"4,187.7"5,088.7

"304.4"358.8"396.4

"1,195.1"832.4"348.3

28,6501,726

78.7

827.90

344.1

"1,073.2"3,524.4"4,184.3"5,078.7

307.4"359.6"398.0

"78.5

"345.2

"1,204.5"823.0"347.8

"1,076.6"3,528.7"4,188.0"5,089.3

"307.2"362.2"399.2

"1,200.4"823.9"345.5

25,5635,030

8143,202

1,502263687

1 612-7,039

4 048

6,8592 626

16,938

30,94113,250

79.6

766.80

"1,084.6"3,530.3"4,180.6"5,070.9

311.0"365.9"399.3

"81.2

"343.0

-1,205.0"816.4"341.8

"1,086.8"3,534.0"4,187.5"5,085.5

"309.7"366.4"402.8

"1,202.1"814.8"342.1

24,7145,621

81.0

731.38

"1,088.8-3,529.9"4,184.7"5,085.1

312.8"367.9"399.7

"82.1

"343.0

"1,206.9"809.2"344.0

"1,095.3"3,537.0"4,188.0"5,095.3

"312.4370.9

-404.2"1,205.9

"807.5"341.9

25,4774,409

82.0

706.66

351.5

-1,099.1-3,535.0"4,186.4"5,076.1

314.8373.1

"403.0"85.3

"340.8

"1,206.4"803.4"341.8

"1,105.1"3,545.4"4,197.3"5,088.2

"315.4"375.4"406.6

"1,208.4"801.2"340.6

24,0064,515

86.0

765.00

"1,111.8"3,545.3"4,197.7"5,088.4

"317.3"381.2"405.3

"88.0

"341.1

"1,207.7"796.7"341.6

"1,113.4"3,547.3"4,203.2"5,095.9

-317.6"378.4"409.5

"1,208.8"795.2"341.9

23,1082,089

84.2

675.45

"1,129.6-3,567.5-4,227.7"5,128.7

"319.8"391.2"410.9

"89.1

"345.8

"1,214.4"788.6"340.1

"1,122.4"3,558.8"4,216.1"5107.5

"319.5"383.2"411.8

"1,211.9"789.8"339.7

18,6651,039

82.3

706.03

"1,153.9-3,588.4"4,247.5

5.165.6

324.9"402.7"418.6

"90.1

"348.3

"1,213.2"783.0"337.8

"1,128.5"3,565.8"4,228.1

5,130.6

"321.4"384.9"414.3

"1,215.5"784.6"339.2

24,9842,922

83.6

689.76

1,142.93,579.14,232.6

324.0393.3417.9

93.1

349.3

1,214,1779.7337.8

1,133.63,572.44,231.8

325.3388.5412.0

1,220.3779.6341.5

724.84



b-lb • February 1994



Annual

1992 1993


Dec.

1993

Jan. Feb. Mar. | Apr. May June July Aug. Sept. Oct. Nov. I Dec.

1994

Jan.


Bonds—Continued

[Percent]

Yields:Domestic corporate (Moody's)

By rating:AaaAaABaa

By group:IndustrialsPublic utilitiesRailroads ,

Domestic municipal:Bond Buyer (20 bonds)

Standard & Poor's Corp. (15 bonds)

U.S. Treasury bonds, taxable $

Stocks

Prices:Dow Jones averages (65 stocks)

Industrial (30 stocks)Public utility (15 stocks)Transportation (20 stocks)

Standard & Poor's Corporation, 1941-43*10unless otherwise indicated.Combined index (500 Stocks)

Industrial, total (400 Stocks)Capital goodsConsumer goods

Utilities (40 Stocks)Transportation (20 Stocks), 1982*100

RailroadsFinancial (40 Stocks), 1970*10

(subcategories in 1941-43*10)Money center banksMajor regional banksProperty-Casualty Insurance

N.Y. Stock Exchange common stock indexes,12/31/65*50:Composite

IndustrialTransportationUtilityFinance

NASDAQ over-the-counter price indexes:Composite, 2/5/71*100

IndustrialInsuranceBank

NASDAQ/NMS composite, 7/10/84*100Industrial

Yields (Standard & Poor's Corp.), percentComposite (500 stocks)

Industrials (400 stocks)Utilities (40 stocks)Transportation (20 stocks)Financial (40 stocks)

Preferred stocks, 10 high-grade

Sales:Total on al! 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 stock sales (sales

effected), millionsNASDAQ over-the-counter:

Market value, mil. $Shares sold, millions

Shares listed, NYSE, end of period:Market value, all listed shares, 5/7. $Number of shares listed, millions

8.55

8.148.468.628.98

8.528.57

6.456.417.52

1,169.863,284.29

214.411,349.63

415.74490.57312.12625.18149.21341.74315.51

35.69113.31150.41419.61

229.00284.61201.0999.45

179.24

599.49655.04659.78438.22265.46263.85

2.992.635.721.992.897.46

' 2,030,386' 65,096

r 1,755,242'"53,299

51,376

891,78548,453

4,035.00115,839

7.54

7.227.407.587.93

7.517.56

5.585.636.45

1,303.103,522.01

238.841,605.45

451.41517.17325.11615.38173.73392.15380.32

44.49147.63179.75499.38

250.60301.21243.48211.98217.29

714.84739.48872.80637.01316.23295.94

2.782.494.971.742.596.91

2,613,87282,982

2,276,28368,734

66,923

1,350,10166,540

4,535.00131,004

8.35

7.988.248.378.81

8.348.36

6.176.247.30

1,199.253,303.15

220.171,430.12

435.64509.50311.24655.71157.18363.35343.65

39.98123.84165.85482.75

239.47294.86212.34103.84196.86

661.28710.38771.93518.84293.59285.56

2.902.575.441.912.697.45

187,4946,258

160,6205,070

4,889

89,3494,951

4,035.00115,839

8.24

7.918.118.268.67

8.248.23

6.106.187.17

1,210.923,277.71

221.971,488.05

435.23504.96312.36636.16159.79374.27354.77

41.34130.73172.06481.40

239.67292.07221.00105.51203.38

691.13740.27806.19556.01306.61297.27

2.882.575.371.862.687.35

187,3566,027

162,3944,964

5,311

107,9935,188

4,091.01117,605

8.01

7.717.908.038.39

8.018.00

5.605.876.89

1,250.363,367.26

234.231,533.16

441.70508.91318.04628.27166.41379.57366.03

42.88136.32178.34504.67

243.41294.40226.96109.44209.92

681.71716.02840.17596.89302.11287.11

2.812.505.151.752.587.37

211,2496,628

183,8725,474

5,466

107,8654,976

4,137.00119,524

7.83

7.587.727.868.15

7.807.85

5.785.656.65

1,271.643,440.73

239.971,541.53

450.16517.24323.03630.61170.48376.22365.41

44.51144.73188.41503.89

248.11298.75229.41225.06217.01

685.30709.22851.63618.87303.66284.30

2.762.484.991.762.516.70

224,0396,972

197,7915,863

5,772

104,7145,155

4,249.00120,679

7.76

7.467.627.808.14

7.747.76

5.755.786.64

1,290.453,423.62

242.051,619.79

443.08505.00321.79595.41172.27390.85376.47

44.55144.11188.45504.83

244.72292.16237.97227.58216.02

665.33681.19845.66624.55294.34272.48

2.822.544.981.692.546.69

229,9387,177

201,9286,046

5,839

101,8434,889

4,151.06121,275

7.78

7.437.617.808.21

7.777.78

5.735.816.68

1,287.873,478.17

237.811,583.39

445.25513.68327.22608.31167.52386.40372.27

42.82137.97176.61490.10

246.01297.83237.79222.41209.40

686.45715.73836.89600.22303.62286.31

2.802.505.101.712.666.78

201,8356,526

175,1545,381

5,102

103,2255,108

4,246.01122,645

7.66

7.337.517.748.07

7.647.68

5.575.736.55

1,285.193,513.81

241.471,533.86

448.06515.73330.12602.13171.65374.77367.92

43.22138.76177.57482.50

247.16298.78234.30226.53209.74

695.38725.04835.49594.22307.35289.80

2.812.515.021.762.676.97

198.1616,607

173,2665,454

5,531

105,8205,374

4,291.00124,759

7.50

7.177.357.537.93

7.477.53

5.655.606.34

1,297.583,529.43

246.471,553.71

447.29508.10322.03590.98176.50379.98372.49

45.52149.53186.36513.06

247.85295.34238.30232.53218.89

703.40720.61875.19630.72311.00288.14

2.812.544.901.762.536.89

202,9556,758

177,0085,562

5,303

101,8035,224

4,284.00125,658

7.19

6.857.067,257.60

7.167.21

5.355.506.18

1,335.523,597.01

252.031,631.62

454.13514.17324.77590.27180.06400.98393.10

46.65154.82183.12537.93

251.93298.82250.82237.44224.95

725.15740.05904.33658.57320.65295.97

2.762.504.831.742.476.83

213,4636,902

185,7555,767

5,496

117,6015,810

4,343.01123,666

6.98

6.666.857.057.34

6.937.01

5.305.315.94

1,333.403,592.28

252.961,623.94

459.24517.37323.08597.84186.76397.25389.21

47.55162.55183.47530.05

254.86300.92247.72244.63229.34

745.94757.94927.25682.01329.85303.15

2.732.484.651.752.436.70

214,9796,745

183,9285,390

5,522

117,6415,777

4,410.00127,005

6.97

6.676.877.047.31

6.956.99

5.315.295.90

1,341.123,625.80

243.061,660.51

463.90527.13324.32618.83183.50402.75389.12

46.88164.14181.80500.27

257.52306.61254.04240.97228.17

771.31786.93943.40709.88340.91314.62

2.722.454.741.752.516.71

244,787' 7,668

213,7696,391

5,936

139,3656,702

4,497.00128,004

7.25

6.937.127.297.66

7.207.30

5.495.476.25

1,355.933,674.69

227.081,732.57

462.89534.92331.59641.07175.43417.83404.05

43.54151.99167.21475.06

268.30325.70275.49241.68224.67

764.04789.72902.67689.57337.33315.47

2.722.404.921.712.746.87

247,4177,469

214,8746,226

5,867

127,3466,175

4,440.01129,009

7.26

6.937.127.317.69

7.207.33

5.285.356.27

1,377.263,743.62

226.971,763.23

465.95538.87342.97644.65174.43424.88413.00

44.37155.95173.57468.84

257.66313.12257.99229.94215.95

762.94791.00904.68682.56337.29316.61

2.722.404.961.672.747.01

237,6937,503

206.5446,216

5,778

114,8856,162

4,535.00131,004

7.25

6.927.127.307.65

7.197.31

5.30

6.24

1,410.373,868.36

222.271,812.14

472.99550.53357.31646.52168.70441.47432.24

44.84159.35175.75464.19

262.10320.92278.29225.58218.70

787.77824.22918.20694.09348.68330.48

6,623

137,5516,683

4,689.04132,009

7. FOREIGN TRADE OF THE UNITED STATES

VALUE OF EXPORTS


Exports (mdse.), incl. reexports, total tSeasonally adjusted

Western EuropeEuropean Community

Belgium and LuxembourgFranceFederal Republic of Germany ...ItalyNetherlandsUnited Kingdom

Eastern EuropeFormer Soviet Republics

448,163.6

' 116,972.4' 102,832.8

10,050.4'14,558.1' 21,244.5

"8,699.1'13,746.2' 22,787.8

'5,498.7'3,687.7

464,767.2

113,654.496,956.6

9,437.213,266.618,956.96,458.3

12,839.426,375.8

6,103.83,980.2

38,536.839,177.9

'9,760.0'8,393.8

859.2'1,192.7'1,756.3

'644.1'1,240.4'1,910.7

'519.0'234.0

35,921.937,504.5

9,756.28,640.5

758.51,266.01,704.9

569.81,150.02,296.3

346.3209.7

36,004.136,928.1

9,655.58,436.8

750.21,324.21,615.9

594.71,189.42,086.0

363.4193.7

41,894.638,894.5

10,839.79,594.7

842.91,350.61,980.8

573.01,260.62,695.2

443.6256.6

39,373.638,478.7

9,915.38,017.6

673.81,039.21,633.1

679.91,130.12,044.6

726.9382.0

39,751.238,929.7

9,624.47,816.1

726.11,232.21,643.5

557.51,051.61,865.1

572.5399.6

38,616.037,639.2

8,518.47,370.3

723.31,055.61,457.8

575.6971.3

1,780.9

453.0252.8

35,529.337,109.0

8,180.76,781.5

670.8967.8

1,337.9429.8908.0

1,805.9

496.0346.9

36,624.238 050 0

8,271.36,983.9

735.3924.7

1,370.6368.0870.3

1,917.6

411.2272.1

38,051.538 885 0

8,968.67,580.4

767.9968.6

1,414.0435.8

1,018.62,274.4

395.9256.6

41,229.540,092.2

10,100.98,575.9

846.71,011.41,708.8

536.41,142.52,510.1

654.3452.9

r 40,311.7'40,235.6

9,584.68,355.81,014.41,001.11,471.0

535.6948.7

2,589.5

627.5490.2

41,459.642,225.1

10,238.88,803.1

927.31,125.21,618.6

602.21,198.32,510.2

613.2467.1






Annual

1992 | 1993

1992

Dec.

1993

Jan. Feb. Mar. Apr. May June July

'. FOREIGN TRADE OF THE UNITED STATES-Continued

Aug. Sept. Oct Nov. Dec.

1994

Jan.

VALUE OF EXPORTS-Contlnued

[Millions of dollars}

Exports (mdse.), incl. reexports—Continued

Western Hemisphere:Canada +BrazilMexico

Venezuela

Asia:ChinaHong KongJapanRepublic of KoreaSaudi ArabiaSingapore

Taiwan

Africa:Nigeria

Republic of South Africa

Australia

OPEC

Exports of U.S. merchandise, total tBy commodity groups and principal

commodities:Agricultural products, totalNonagricultural products, totalFood and live animalsBeverages and tobaccoCrude materials, inedible, exc. fuelsMineral fuels, lubricants, etcOils and fats, animal and vegetableChemicalsManufactured goods class, chiefly by

material ,Miscellaneous manufactured articlesMachinery and transport equipment, total .

Motor vehicles and parts

VALUE OF IMPORTS

[Millions of dollars!

General imports, total tSeasonally adjusted

Western EuropeEuropean Community

Belgium and LuxembourgFranceFederal Republic of GermanyItalyNetherlands ,United Kingdom

Eastern EuropeFormer Soviet Republics

Western Hemisphere:CanadaBrazilMexicoVenezuela

Asia:ChinaHong Kong ,JapanRepublic of KoreaSaudi ArabiaSingaporeTaiwan , ,

Africa:Nigeria .,Republic of South Africa

Australia

OPEC

By commodity groups and principalcommodities:Petroleum and productsNonpetroleum productsFood and live animalsBeverages and tobaccoCrude materials, inedible, exc. fuels ,Mineral fuels, lubricants, etcOils and fats, animal and vegetableChemicalsManufactured goods class, chiefly by

materialMiscellaneous manufactured articlesMachinery and transport equipment

Motor vehicles and parts

MERCHANDISE TRADE BALANCE


Trade balance:Not seasonally adjusted

Seasonally adjusted


Seasonally adjusted:Trade balance

ExportsImports

' 90,630.2' 5,734.5

' 40,592.8'5,428.4

'7,400.8'9,074.4

'47,816.5'14,638.4

'7,163.1'9,625.7

'15,255.4

'998.5

'2,432.8

'8,877.7

'21,920.6

'425,603.3

'42,132.6'382,882.2

'32,921.7'7,073.3

'25,446.7'11,131.5

' 1,452.4'43,947.5

'36,312.3'48,017.7

'200,922.4'32,294.5

532,664.8

'110,668.4'93,983.4

4,705.8'14,812.5'28,818.0'12,269.9

'5,287.5'20,137.0

'1,981.4'826.7

'98,686.2'7,604.8

'35,200.8'8,169.2

'25,671.8'9,790.3

'96,512.5'16,687.8

10,366.9'11,316.4'24,599.3

'5,079.7

'1,719.2

'3,673.9

32,952.8

'22,697.4'5,366.1

'13,957.6'54,658.1

'1,073.2'27,710.8

'60,347.0'94,959.2

'231,234.2'71,318.2

'-84,501.0

-80.45423.31

'503.78

100,176.76,045.4

41,635.44,599.1

8,767.19,872.9

47,949.514,776.26,665.7

11,675.616,249.8

891.02,196.7

8,271.6

19,479.1

439,190.8

41,820.7397,642.2

32,894.76,502.9

24,341.39,735.81,461.0

45,065.9

36,608.750,630.2

208,985.835,801.5

580,544.2

115,606.598,007.3

5,430.315,243.928,605.113,222.85,451.0

21,736.3

3,530.72,099.2

110,921.27,465.8

39,929.68,140.2

31,534.89,558.1

107,267.717,122.57,709.5

12,796.625,104.7

5,301.11,846.93,293.8

31,725.3

22,983.65,512.3

15,374.155,582.1

999.929,166.3

66,168.0104,484.8259,975.379,470.8

-115,776.9

-118.18446.72564.89

'7,060.9'721.8

'3,369.0'356.1

'881.7'890.9

'3,982.9'1,219.9

'623.4'977.5

'1,417,6

'93.0'204.6'982.7

'1,805.2

36,508.8

'3,718.632,790.2'2,780.7

'647.6'2,193.7'1,092.8

'111.1'3,371.7

'2,801.0'3,872.518,015.3'3,066.4

45,812.846,143.1'9,964.3'8,506.6

414.3'1,357.3'2,722.1'1,035.8

'457.8'1,758.7

'206.3'85.7

'8,236.4'573.3

'2,832.1'758.8

'2,027.0'789.0

'9,084.2'1,296.1

'875.8'1,051.3•'2,030.5

'352.3

'155.7

'280.9'2,836.1

'1,991.9'436.9

'1,118.0'4,620.6

'95.4'2,572.3

'4,840.4'7,638.1

•20,838.4'6,612.9

-7,275.9-6,965.2

-6.8537.4144.26

6,822.0435.3

3,189.0413.6

613.1747.1

3,713.11,203.7

551.6941.8

1,301.9

75.8

172.6579.4

1,607.1

34,113.3

3,614.030,387.22,565.4

500.02,180.0

935.8112.3

3,690.0

2,892.43,833.5

15,447.12,365.3

42,035.045,176.2

8,022.36,892.7

422.21,033.91,959.8

918.2420.3

1,498.2

166.263.7

7,862.4548.2

2,811.4679.2

2,189.5790.4

7,616.31,365.7

880,7851.1

1,972.0

455.5

140.2

337.1

2,722.3

1,929.4317.0

1,218.34,642.1

80.62,253.0

5,016.97,309.6

17,814.65,443.3

-6,113.1-7,671.7

-7.8635.9843.84

7,638.5411.9

3,304.8405.4

696.2714.5

3,892.11,119.0

506.5889.7

1,071.1

81.7

203.4

637.6

1,507.0

34,131.0

3,752.630,587.7

2,760.2535.2

2,219.1789.1134.6

3,550.5

2,913.53,840.8

16,205.92,945.2

41,909.344,832.28,240.27,019.6

387.21,121.52,203.0

863.383.6

1,492.5178.293.6

8,544.3366.7

2,989.0604.1

1,867.2560.4

8,020.61,160.1

705.3822.9

1,663.0

412.5

119.6

212.3

2,465.

1,777.1374.7

1,174.04,069.6

75.12,130.2

4,621.37,189.9

19,062.46,384.1

-5,905.2-7,904.1

-8.3635.143.50

9,392.3471.5

3,758.2410.9

622.5879.4

4,404.51,132.3

681.0906.3

1,426.0

107.7170.8

738.1

1,838.4

39,663.3

3,796.935,973.52,955.5

512.42,333.3

768.0138.5

4,013.4

3,334.54,517.2

19,449.53,489.8

50,780,949,347.310,402.58,735.1

448.31,357.32,588.61,179.7

496.71,937.1

248.9138.8

10,053.7638.0

3,459.1688.3

2,083.7678.0

9,667.31,403.1

775.41,115.82,114.3

537.9165,1

246.8

2,876.8

2,112.2502.5

1,452.84,909.5

87.32,619.2

5,759.18,403.1

23,048.57,425.4

-8,886.3-10,452.8

-10.4737.1247.59

8,773.8562.7

3,619.0453.3

731.1869.8

3,685.21,256.2

632.2823.7

1,325.1

59.0

177.5

649.31,660.2

37,342.7

3,568.333,678.32,797.1

520.32,047.7

834.9104.8

3,751.5

3,054.94,253.1

18,021.63,396.6

47,801.648,660.2

9,465.87,970.3

424.01,268.92,331.2

975.5440.0

1,874.9

277.3156.4

9,642.0613.7

3,355.2715.8

2,223.5662.4

9,181.01,354.5

832.7923.2

2,005.5

677.6

166.4

250.6

3,073.0

1,890.8493.0

1,317.95,191.4

81.42,557.6

5,410.07,662.9

21,746.37,202.1

-8,428.0-10,181.

-10.1636.6946.85

8.702.4481.5

3,507.3395.6

576.21,018.64,058.91,170.0

579.2933.5

1,476.7

69.7159.4

724.7

1,683.0

37.580.2

3,296.334,302.2

2,653.6519.3

1,967.9944.4115.7

3,983.8

3,105.64,342.7

17,968.73,364.6

46,293.247,306.09,292.47,857.9

434.91,198.12,341.1

956.9432.0

1,854.6

263.6152.3

9,605.4589.8

3,257.4692.3

2,374.6733.0

7,810.91,412.1

755.2985.3

1,984.7

461.9156.9255.1

2,720.9

1,890.8478.6

1,208.44,968.5

81.82,398.9

5,309.07,611.1

20,401.66.463.7

-6,542.0-8,376.3

-8.1937.1945.38

9,077.9436.0

3,653.0338.6

763.5777.8

4,305.41,278.1

493.61,019.11,491.6

47.8

165.3

698.1

1,419.1

36,459.4

3,076.933,391.6

2,486.2550.1

1,900.4826.2101.5

3,750.6

3,126.64,184.6

18,029.73,111.0

50,365.149,697.5

10,215.28,643.3

499.61,359.82,429.31,208.5

499.51,910.2

344.2221.2

10,066.9653.1

3,525.1793.4

2,754.5810.9

8,640.31,549.4

678.51,159.02,160.8

536.3151.2

258.3

2,798.8

1,889.8493.9

1,252.65,023.1

82.02,475.1

5,706.29,101.9

22,562.26,701.5

-11,749.1-12,058.3

-12.2335.7748.00

7,117.8478.7

3,176.5372.3

710.1717.2

4,119.01,337.3

452.3934.8

1,276.5

67.8

161.5

694.21,331.2

33,437.9

3,009.630,407.3

2,644.1500.5

1,882.5817.599.9

3,790.7

2,829.44,076.6

14,977.72,065.2

48,138.147,533.99,958.88,385.1

513.01,209.42,425.01,238.7

486.61,778.9

301.3169.1

7,766.8704.8

3,068.4736.3

2,975.4901.3

8,855.41,559.1

510.01,138.12,108.2

538.1184.8

297.0

2,638.7

1,747.6459.3

1.237J4,679.4

85.32,416.6

5,708.69,717.8

20,292.35.211.3

-12,608.8-10,424.9

-10.73'35.82'46.55

8,181.7484.1

3,267.0352.5

755.6878.6

3,729.61,194.4

450.31,120.41,097.1

67.8222.0682.1

1,376.6

34,400.5

2,884.231,673.8

2,454.1538.3

1,728.7703.4111.4

3,565.8

3,067.04,113.3

16,472.42,386.6

48,573.348,097.0

9,084.27,836.3

324.51,196.82,242.61,146.6

490.31,730.4

273.3153.7

8,765.4688.6

3,157.0686.9

3,188.9842.7

8,992.51,470.6

532.51,118.82,321.8

362.7

150.2

297.52,583.8

1,829.9459.2

1,213.;4,403.5

78.42,441.5

5,498.79,890.9

21,064.06,009.8

-11,949.1-10,047.0

-10.32'36.62'46.94

8,667.6491.2

3,395.3390.0

849.3789.2

4,025.71,238.4

485.3970.9

1,387.5

95.5

153.0

718.8

1,456.6

35,919.7

3,161.032,758.7

2,748.3550.0

1,745.1723.4100.7

3,682.3

3,108.74,377.5

16,654.52,781.4

50,567.149,505.69,363.27,848.1

467.91,218.62,297.0

942.3432.1

1,786.1

311.5192.3

9,697.3722.0

3,496.4707.0

3,355.3948.6

9,350.91,544.3

562.11,224.02,265.1

324.9153.9

304.2

2,548.9

1,884.2521.6

1,269.04,548.9

88.72,434.7

5,727.910,119.022,568.4

6,711.0

-12,515.7-10,620.5

-10.5837.69

'48.27

8,914.7557.4

3,347.8381.4

619.9803.9

3,996.11,221.7

636.51,115.71,491.1

85.5

313.6

743.8

1,957.6

38,887.6

3,807.135,080.52,953.4

549.62,084.0

759.4153.0

3,884.2

3,152.84,449.9

18,508.03,249.2

53,867.150,989.6

10,268.38,598.6

509.41,313.02,543.01,131.9

485.31,889.4

413.8287.5

10,193.7686.7

3,737.6668.1

3,275.5959.9

10,086.41,481.6

512.61,200.62,234.4

330.5

145.0

304.7

2,690.3

2,083.0547.9

1,306.24,853.6

74.02,485.7

5,996.210,218.724,134.8

7,814.0

-12,637.6-10,897.4

-10.9638.9249.87

'8,924.8441.1

3,962.1380.3

776.9744.0

3,757.11,211.3

558.8879.7

1.414.5

69.4131.8

664.4

1,729.9

'38,036.4

3,834.7'34,201.7

2,952.1647.0

2,035.8715.5112.2

3,713.3

3,089.04,282.8

18,047.73,600.7

'51,432.1'49,914.5

10,774.79,200.2

519.11,399.92,610.41,530.4

398.61,987.0

357.3223.3

9,930.4627.8

3,773.2635.5

2,898.5889.1

9,481.41,458.8

483.51,078.;2,148.5

344.7141;

276.!

2,454.9

1,951.4480.4

1,362.44,417.9

110.92,471.3

5,896.69,251.6

24,007.77,261.1

-11,120.4'-9,678.9

-10.05'38.95'49.00

7,963.2794.0

3,455.4305.2

1,052.7932.8

4,262.81,413.8

638.41,140.01,490.7

63.3

165.8

741.1

1,912.4

39,218.8

4,019.135,199.7

2,924.7580.2

2,216.8918.2176.4

3,689.8

2,934.34,358.2

19,203.03,045.9

48,781.249,632.8

10,518.99,020.1

480.21,566.72,634.11,130.6

486.01,997.0

395.1247.3

8,792.9626.4

3,299.8533.3

2,348.2781.4

9,564.71,363.2

481.01,179.52,126.4

318.5

172.1

253.7

2,151.4

1,997.4384.2

1,361.73,874.6

74.42,482.5

5,517.58,008.3

23,272.56,843.5

-7,321.6-7,407.7

-8.2740.8349.10





Annual

1992 1993

1992

Dec.

1993

Jan. Feb. | Mar. | Apr. | May | June | July | Aug. | Sept. | Oct. | Nov. Dec.

1994

Jan.

7. FOREIGN TRADE OF THE UNITED STATES-Continued

Export and Import Price Indexes

[1990*100]

All exportsAgricultural exportsNonagricultural exports

All importsPetroleum importsNonpetroleum imports

Shipping Weight and Value

Waterborne trade:Exports (incl. reexports):

Shipping weight, thous. metric tonsValue, mil. $

General imports:Shipping weight, thous. metric tonsValue, mil. $

100.998.1

101.2

"100.482.4

102.6

387,525170,311

473,722291,726

101.499.9

101.8100.175.8

103.2

100.897.8

101.4

100.180.7

102.5

34,72914,865

39,94024,822

101.098.5

101.4

100.180.8

102.6

31,57813,657

41,91823,570

101.297.9

101.899.778.6

102.3

31,43613,632

35,34321,636

101.197.5

101.7

100.281.2

102.5

30,12615,210

43,83726,468

101.497.9

102.0

100.782.9

102.8

30,61214,103

45,44325,865

101.798.9

102.2

101.082.7

103.2

29,42714,225

43,10524,464

101.496.1

102.3

100.579.1

103.1

28,66913,182

46,22326,706

101.6101.1101.8100.074.4

103.3

28,15913,443

44,66726,660

101.6101.3101.7

99.972.8

103.4

25,97812,746

44,56326,822

101.5100.7101.799.971.9

103.6

27,57713,133

47,30727,335

101.3100.4101.5100.573.1

104.1

31,04814,321

48,13928,874

"101.6102.8101.5'99.9"69.7

"103.9

28,96313,840

46,87626,687

101.9105.9101.599.062.3

104.0

8. TRANSPORTATION AND COMMUNICATION

TRANSPORTATION

Air Carriers

Certificated route carriers:Passenger-miles (revenue), billions

Passenger-load factor, percentTon-miles (revenue), total, millionsOperating revenues (quarterly), mil. $ t

Passenger revenues, mil. $Cargo revenues, mil. $Mail revenues mil $

Operating expenses (quarterly), mil. $fNet income after taxes (quarterly) mil $ t

Domestic operations:Passenger-miles (revenue), billionsCargo ton-miles millionsMail ton-miles millions . . . .

Operating revenues (quarterly), mil. $ tOperating expenses (quarterly), mil. $-\Net income after taxes (quarterly) mil. $ t . ..

International operations:Passenger-miles (revenue), billionsCargo ton-miles millionsMail ton-miles millions

Operating revenues (quarterly) mil. S tOperating expenses (quarterly), mil. $fNet income after taxes (Quarterly) mil $ t

Urban Transit Industry

Passengers carried total millions

Motor CarriersCarriers of property, large, class 1, qtrly.:

Number of reporting carriers, numberOperating revenues, total, mil. $Ordinary income before extraordinary and prior

period charges and credits, mil. $Tonnage hauled (revenue), common and contract

carrier service mil tons

Freight carried—volume indexes, class 1 and IIintercity truck tonnage (ATA):Common carriers of general freight, seas, adj.,

1967*100 .. .

Class 1 Railroads X

Financial operations, quarterly (AAR), excludingAmtrak:Operating revenues, total, mil. $

Freight mil $Passenger, excl. Amtrak, mil. $

Operating expenses, mil. $Net railway operating income, mil. $Ordinary income mil 5 0

Traffic:Revenue ton-miles, qtrly. (AAR), billionsProducer Price Index, line haul operations, 12/

84*100

Travel

Lodging industry:Restaurant sales index, same month 1967*100 ....Hotels' Average room sale dollars

Rooms occupied % of totalMotor hotels' Average room sale, dollars

Rooms occupied % of totalEconomy hotels' Average room sale, dollars . ...

Rooms occupied, % of total

Foreign travel:U.S. citizens: Arrivals (quarterly), thousands

Departures (quarterly), thousands ....Aliens: Arrivals (quarterly), thousands

Departures (quarterly), thousandsPassports issued thousands

National parks, recreation visits, thousands @

478.0863.6

60,86278,11959,811

5,9191,174

80,492- 3 041

347.505,1911 568

57,62958,725- 2 003

130.585,798

49620,49021,767- 1 038

8 519

10024,180

446

207

201.4

28,34927,508

9025,316

1,9602,060

1,064.0

110.0

19,53919,00919,38917,2023,282

57,886

214.6

1,102.4

110.8

4,205

58,542

37.8259.9

4,97619,13514,433

1,578333

20,404- 1 646

27.64448195

14,34215,026- 1 144

10.18490

624,7935,378-502

700

1006,333

13

54

209.0

7,2407,025

216,156

601892

274.2

110.3

4,4264,6484,7784,244

2141,564

36.1957.4

4,609

25.62395135

10.57423

36

664

215.7

110.5

11,76411,44911,53011,516

2581,563

33.3858.4

4,353

24.51398123

8.87460

34

642

212.3

110.5

342

1,660

40.1063.5

5,17119 76415,036

1,476324

20,065-971

29.43457138

15,09514,854

-424

10.67526

404,6685,211-548

746

1006,011

71

50

209.4

7,0276,825

216,123

558618

264.0

110.6

460

2,223

39.1762.9

5,019

28.99437140

10.18485

40

708

208.9

110.6

424

3,249

40.4663.1

5,158

29.49439132

10.98504

37

699

215.3

110.7

402

4,968

43.0766.5

5,40521 06316,2061,540

28820,351

-77

31.20434126

15,87414,994

148

11.88503

365,1895,357-225

693

1006,479

163

53

216.7

7,2497 040

216,091

776709

275.3

110.8

457

7,723

46.6067.7

5,794

33.03438129

13.57527

40

657

214.1

110.9

382

10,778

48.0969.6

5,967

33.76457124

14.33538

39

667

213.1

110.9

352

10,903

40.4663.2

5,27622,19917,242

1,607280

20,903445

28.24470131

16,10215,160

279

12.23589

386,0975,743

166

690

1006,748

218

53

213.6

7,0916,882

206,195

265121

276.9

110.9

296

7,016

41.5764.6

5,485

29.79493145

11.78647

43

r 213.4

111.3

262

4,984

37.4661.8

5,030

27.93460139

9.53639

46

220.8

111.1

281

2,046

221.3

'286.2

111.1

289

1,429

111.2

318






Annual

1992 1993

1992

Dec.

1993

Jan. | Feb. Mar. | Apr. May June July Aug. Sept. Oct. Nov. Dec.

1994

Jan.

8. TRANSPORTATION AND COMMUNICATION-Continued

COMMUNICATION

Telephone carriers:Operating revenues, mil $

Station revenues, mil $Tolls, message, mil. $

Operating expenses (excluding taxes), mil $Net operating income (after taxes), mil $Access lines, millions .

9. CHEMICALS AND ALLIED PRODUCTS

CHEMICALS

Inorganic Chemicals

[Thousands of short tons, unless otherwise indicated]Production:

Aluminum sulfate, commercial (17% AI2O3)Chlorine gas (100% Cla)Hydrochloric acid (100% HCI)Phosphorus elementalSodium hydroxide (100% NaOH)Sodium silicate anhydrousSodium sulfate (100% Na2SO<)Sodium tripolyphosphate (100% Na3P3Oio)Titanium dioxide (composite and pure)

Sulfur, native (Frasch) and recovered:Production thous metric tonsStocks (producers1) end of period, thous. metric

tons

Inorganic Fertilizer Materials

[Thousands of short tons, unless otherwise indicated]Production:

Ammonia synthetic anhydrousAmmonium nitrate original solutionAmmonium sulfateNitric acid (100% HNO3)Nitrogen solutions (100% N)Phosphoric acid (100% P A )Su If uric acid (100% HjSO,,)

Superphosphate and other phosphatic fertilizers(gross weight):Production .. . . .Stocks, end of period

Potash sales (K2O)

Imports:Ammonium nitrate thous metric tonsAmmonium sulfate thous metric tonsPotassium chloride thous metric tonsSodium nitrate, thous. metric tons

Industrial Gases

[Millions of cubic feet]Production:

AcetyleneHydrogen (high and low purity)Nitrogen (high and low purity) .. . . . .Oxygen (high and low purity)

Organic Chemicals t

[Thousands of metric tons, unless otherwiseindicated]

Production:Acetylsalicylic acid (aspirin)Ethyl acetateFormaldehyde (37% HCHO)Glycerin refined all grades mil IbMethanol syntheticPhthalic anhydride

ALCOHOL

Ethyl alcohol and spirits:Production mil. tax galStocks end of period mil tax gal. . .

Denatured alcohol:Production mil wine gal . . . ..Consumption (withdrawals), mil. wine gal.

For fuel use mil. wine galStocks, end of period, mil. wine gal

1,04711,7573.566

27112,249

"832761

1,253

9,370

809

' 18,295^7 832-2.391'8,043

3,452' 12,792' 44,860

20,039849

5 902

5,276161 728835,217524,994

134.53,164.8

333.13,958.9

407.4

1 213.136.5

693.1700.6339.4

16.8

1,11312,0283,224

26712,854

982718

1,280

17,2528 3942,3988,5373,660

11,52140,153

17,834673

4,987177 611901,092561,666

2393,027

90471

3,134228186

321

792

809

' 4,586r 1 954

'596'2,014

857'3,243

'11,503

5,076849439

1,35642 550

213,431135,993

34.1787.5

24.31 043 1

97.8

115.536.5

80.470.836.616.8

767

824

504

27.8

113.938.8

63.358.731.217.8

693

861

544

36.7

106.842.6

57.450.425.920.8

2662,905

82667

3,127224249

334

772

946

4 2822133

5782116

8822 8739 658

4 433929511

1,19541 793

224,351134,710

>2.931.9

807.527.5

895.095.2

117.850.6

63.760.833.924.2

745

885

788

30.8

112.344.7

66.761.634.127.6

721

870

926

30.4

111.145.3

65.665.543.324.0

2773,001

78773

3,203260146

318

736

935

4,0962 084

6142183

9173,016

10,339

4 874598280

1,22940 518

223,683136,104

•2.932 2

876.030.0

958.51006

107.244.5

71.563.534.526.3

831

1,015

193

23.9

105.344.6

59.556.629.629.6

851

1,150

444

32.3

'300'3,062

'79064

3,263244

'161

312

828

1,197

4,2421 862

5991 950

8452,6899,635

4,051612503

'1,255'45 311

'226,169'144 959

'3.133 7

863.730.3

1,079.699.2

851

1,231

420

29.4

432

2693,060

82163

3,261254163

317

4 6322315

6072,2881 0162,943

10,521

4 476673

1,30849 989

226,889145,893



b-ZU • February 1994



Annual

1992 1993


Dec.

1993


1994

Jan.

9. CHEMICALS AND ALLIED PRODUCTS-Continued

PLASTICS AND RESIN MATERIALS

[Thousands of metric tons]

Production;Phenolic resinsPolyethylene and copolymersPolypropylenePolystyrene and copolymersPolyvinyl chloride and copolymers ,.

7.445.23,562.3

1,816.5881.9

1.865.0787.0

2,231.2814.6

2,211.4812.9

PAINTS, VARNISH, AND LACQUER


Total shipments ..,Architectural coatingsProduct coatings (OEM)Special purpose coatings

5.187.7

12,249.45.164.34,283.12,802.1

1,144.6

12,856.05,436.14,430.72,988.7

2.775.11,058.61,044.5

672.0

1.221.9

2,871.61.166.61.091.5

613.5

1.399.6

3.577.61,598.21,154.8

824.6

1,261.2

3,428.61,524.71,092.5

811.4

2,977.71,146.61.C92.0

739.2

10. ELECTRIC POWER AND GAS

ELECTRIC POWER

[Millions of kilowatt-hours, unless otherwiseindicated]

Production:Electric utilities, total

By fuelsBy waterpower

Sales to ultimate customers, total (Edison ElectricInstitute)Commercial tIndustrial tRailways and railroadsResidential or domesticStreet and highway lightingOther public authoritiesInterdepartmental

Revenue from sales to ultimate customers (EdisonElectric Institute) mil $

GAS

Total utility gas, quarterly (American GasAssociation):

Customers, end of period, total, thousands t ••••ResidentialCommercialIndustrial $Other

Sales to customers, total, tril. BtuResidentialCommercialIndustrialElectric generationOther

Revenue from sales to customers, total, mil. $ ..ResidentialCommercialIndustrialElectric oenerationOther

2,797,2192,557,659

239,559

2,742,097757,700934,636

5,245948,840

15.36177,6902.625

185,782

56,23351,6344,379

16951

9,7574,6782,2151,721

917226

46,17826,69710,9035,5402,187

684

244.126220,317

23.808

671,401185,446233,667

1,300226,291

413919,982

575

44,896

56,23351,6344,379

16951

2.8311 405

648503220

56

14,4088.0723.3111 759

643187

245,797221,323

24,474

224.663204,920

19,743

234,630211,047

23,583

689,495184,066225,159

1,390254 603

4 05719,734

485

45,511

211,292186,12225.171

222,396193,07229.323

249.625223.019

26,606

651,928185,212235,367

1,262206.806

3 72118,970

589

44 960

282,270258,695

23,575

279,147259,462

19,685

236,516219,428

17,089

774.522219,530249.214

1,232280 705

3,81819,271

752

57,184

ALCOHOLIC BEVERAGES

Beer:Production, mil. bblTaxable withdrawals mil bblStocks end of period mil. bbl.

Distilled spirits (total):Production, mil. tax gal.Consumption, apparent, for beverage

purposes mil wine galStocks, end of period, mil. tax galImports mil proof liters

Whisky:Production mil tax gal.Stocks, end of period, mil. tax gal.

Wines and distilling materials:Effervescent wines:

Production, mil. wine galTaxable withdrawals, mil. wine gal.Stocks, end of period, mil. wine gal

Stiil wines:Production, mil. wine galTaxable withdrawals, mil. wine gal.Stocks, end of period, mil. wine gal.

Distilling materials produced at wineries, mil.wine gal

202.12180.36

12.50

128.46

351.68419.63

59.63367.09

24.6923.9415.83

343.59415.39558.43

112.23

11. FOOD AND KINDRED PRODUCTS;

14.3213.1912.50

6.47

40.46419.63

4.96367.09

1.732.42

15.83

15.9730.60

558.43

4.83

15.3612.9713.66

6.10

23.08424.83

4.90366.84

2.771.01

14.88

4.7225.51

542.08

3.52

15.7813.1014.45

8.52

24.13426.16

6.05368.39

2.34.91

17.55

5.2325.99

527.91

3.86

17.4115.3714.94

11.24

28.05422.20

8.00370.41

2.401.64

19.26

7.3134.56

501.27

3.64

17.4415.3215.14

8.39

28.06427.14

6.52371.93

1.291.29

19.49

5.5029.82

474.68

6.28

TOBACCO

18.8716.4716.67

7.51

26.13429.29

5.37372.95

1.361.32

18.33

5.0927.89

449.59

5.27

18.9617.6314.80

6.04

28.73409.58

3.83352.65

1.551.32

17.42

4.0029.51

419.27

4.92

18.5116.8414.07

3.92

27.03422.07

1.74367.21

1.721.12

18.40

5 0026.07

386.46

1.71

18.5016.7114.31

2.531.47

19.20

39 8927.81

394.38

17.00

16.1415.1113.71

2.772.17

19.30

176 6727.12

514.22

24.74






Annual

1992 1993

1992

Dec. Jan. Feb. Mar. Apr. May June July Aug. I Sept. I Oct. Nov. Dec.

1994

Jan.

DAIRY PRODUCTS

Butter:Production (factory), mil. IbStocks, cold storage, end of period, mil. ibProducer Price Index, 1982-100

Cheese:Production (factory), total, mil. ib

American, whole milk, mil. IbStocks, cold storage, end of period, mil. Ib

American, whole milk, mil. IbImports thous. metric tonsPrice, wholesale, Cheddar, single daisies

(Chicago) $ per Ib

Condensed and evaporated milk:Production, case goods, mil. IbStocks, manufacturers', case goods, end of period,

mil. IbExports, thous. metric tons

Fluid milk:Production on farms, mil. Ib. t ,Utilization in manufactured dairy products, mil. Ib. .Price, wholesale, U.S. average, $ per 100 Ib

Dry milk:Production:

Dry whole milk mil 'bNonfat dry milk (human food), mil. Ib

Stocks, manufacturers', end of period:Dry whole milk mil IbNonfat dry milk (human food), mil. Ib

Exports, whole and nonfat (human food), thous.metric tons

Price, manufacturers' average selling, nonfat drymilk (human food), $ per Ib

GRAIN AND GRAIN PRODUCTS

Exports (barley corn oats rye wheat) mil. bu

Barley:Production (crop estimate), mil. metric tonsStocks (domestic), end of period, total, mil. metric

tonsOn farms mil metric tonsOff farms, mil. metric tons

Exports, including malt, thous. metric tons $Producer Price Index, No. 2 feed, Minneapolis,

1982*100

Corn:Production (crop estimate, grain only), mil. metric

tonsStocks (domestic), end of period, total, mil. metric

tonsOn farms, mil. metric tonsOff farms, m/7. metric tons

Exports, including meal and flour, mil, metric tonsProducer Price Index, No. 2, Chicago, 1982*100 ..

Oats:Production (crop estimate), ml metric tonsStocks (domestic), end of period, teal, mil. metric

tonsOn farms, mil. metric tons ,Off farms m/7 metric tons .

Exports including oatmeal metric tonsProducer Price Index, No. 2, Minneapolis,

1982*100

Rice:Production (crop estimate), mil. metric tonsSouthern States mills:

Receipts, rough, from producers mil. Ib.Shipments from mills milled rice mil ibStocks, domestic, rough and cleaned (cleaned

basis) end of period mil IbExports thous. metric tonsProducer Price Index, medium grain, milled,

1982*100

Rye:Production (crop estimate), mil. metric tonsProducer Price Index, No. 2, Minneapolis,

1982=100

Wheat:Production (crop estimate), total, mil. metric tons ..

Spring wheat, mil. metric tonsWinter wheat, mil. metric tons

Distribution, quarterly, mil. metric tons @Stocks (domestic), end of period, total, mil. metric

tonsOn farms mil metric tonsOff farms, mil. metric tons

Exports, total, including flour, m/7. metric tonsWheat only, mil. bu

1,365.0447.759.2

6,488.22,936.5

462.0341.1

583.0

41.5

128,30093,781

13.10

168.4872.1

9.177.4

1.030

19.970

2 7.54624.3192 3.227

112.9

1240.85

2 200.832145.72

2 55.11

96.0

14.278

61.8546.8856.968

86.4

18.149

105.7

'.304

166.92123.20143.72

64.63

2 43.29218.292 25.00

11.

1,398.9234.7

54.4

6,464.92,925.1

465.2358.1

539.1

33.9

127,383

"12.83

150.9926.6

6.579.9

1.074

18.714

2 7.2662 4.2272 3.039

106.6

1161.15

2150.772 96.60254.17

92.9

12.994

61.6436.9606.683

85.9

1 7.081

'102.9

1.263

165.37117.22148.15

2 43.17217.862 25.31

FOOD AND KINDRED PRODUCTS; TOBACCO-Continued

119.8447.7

58.0

571.6259.6462.0341.1

42.9

41.5

10,6597,56412.80

21.179.2

9.177.4

1.029

107.6

85.6

90.7

98.7

144.4'489.1

53.8

509.1247.8476.1346.8

45.4

53.0

r 10,7287,802

' 12.50

13.076.5

6.370.3

1.053

107.9

85.7

91.3

93.5

138.9r 492.5

53.8

488.9222.9

' 454.4'329.6

37.4

64.6

' 9,9087,66112.30

13.083.6

7.270.4

1.087

5.3112 6752.636

109.3

144.2392.2152.03

84.1

88.9

92.5

15.34

28.4010.2318.16

139.1'515.6

53.9

543.9236.1460.0326.7

49,8

69.4

"11,0608,35712.20

14.769.1

8.577.1

1.091

110.2

86.7

85.7

89.6

87.9

124.2'552.7

55.0

552.6254.8

' 453.6' 322.0

46.4

72.8

' 10,9278,25012.60

11.790.7

8.286.1

1.079

110.7

92.7

89.8

87.3

115.1' 559.0

55.1

571.7277.7480.5348.7

45.9

81.1

r 11,4108,44913.00

14.3103.6

5.3112.6

1.092

3 3.2923 1 48531.806

107.8

5 94.225 56.305 37 92

90.8

61.6436.9606 683

88.4

86.8

14 46

314.403 5.003 9.40

103.9'569.0

56.3

554.8266.2541.2409.8

43.1

85.7

' 1 0,9408,27713.10

12.295.2

7.1143.2

1.084

104.9

84.5

80.3

87.0

82.0

87.2'516.4

55.1

540.7259.5533.3407.3

43.8

87.4

'10,9137,83512.80

12.988.4

7.8130.2

1.073

102.8

92.0

86.2

89.5

79.3'473.3

54.0

530.0237.8517.7395.5

43.5

93.8

'10,573

12.50

12.164.9

7.0132.9

1.062

8.7686.0442.724

100.7

4 53.674 27.204 26.47

93.8

88.0

90.9

22 03

57.8726.7331.14

80.4'395.4

54.0

516.5213.5500.1388.8

43.9

78.1

'10,138

12.70

11.851.1

5.494.9

1.052

102.3

91.4

88.1

'91.0

92.1'341.1

54.1

556.0239.0

'471.9'367.9

51.8

60.3

'10,331

13.10

14.156.3

5.066.6

1.058

100.4

94.7

82.6

113.1

95.2

95.7'276.3

54.1

539.3223.7

'462.4'361.9

41.6

37.2

'9,994

13.60

11.456.0

5.055.3

1.079

7.2664 2273.039

109.4

150.7796.605417

103.2

80.6

149.6

109.9

43.1717 8625.31

118.2234.7

54.0

561.4246.1465.2358.1

46.5

33.9

10,461

'13.60

9.791.2

6.579.9

1.081

112.6

115.3

80.5

164.3

126.0

248.747.4

475.1360.1

10,606

^13.60

112.0

119.3

87.2

152.9

126.0





Annual

1992 1993

1992

Dec.

1993

Jan. Feb. Mar. Apr. | May | June | July | Aug. | Sept. | Oct. Nov. Dec.

GRAIN AND GRAIN PRODUCTS-Continued

Wheat—ContinuedProducer Price Indexes:

Hard red winter, No. 1, ord. protein (K.C.),1982=100

Hard red spring, No. 1, ord. protein (Minn.),1982*100 ..

Wheat flour:Production:

Flour, thous. sacks (100 Ib.)Millfeed, thous. sh. tons

Grindings of wheat, thous. buStocks held by mills, end of period, thous. sacks

(100 Ib)Exports thous. metric tons . . . .Producer Price Index, 6/83*100

POULTRY AND EGGS

Poultry:Slaughter mil IbStocks, cold storage (frozen), end of period, total,

mil IbTurkeys mil. Ib

Price, in Georgia producing area, live broilers, $per ib

Eggs:Production on farms, mil. cases tStocks, cold storage, end of period:

Shell, thous. cases tFrozen mil Ib

Price, wholesale, large (delivered; Chicago), $ perdoz

LIVESTOCK

Cattle and calves:Slaughter (federally inspected):

Calves thous. animalsCattle thous animals

Prices, wholesale:Beef steers $ per 100 IbSteers stacker and feeder $ per 100 IbCalves vealers (So. St Paul) dollars

Hogs:Slaughter (federally inspected), thous. animalsPrices:

Wholesale, average, all weights (Sioux City), $per 100 Ib

Hog-corn price ratio (bu. of corn equal in valueto 100 Ib live hog)

Sheep and lambs:Slaughter (federally inspected), thous. animalsPrice, wholesale, lambs, avg. (San Angelo, TX),

$ per 1001b

MEATS

Total meats (excluding lard):Production mil IbStocks, cold storage, end of period, mil. tbExports (meats and meat preparations), thous.

metric tonsImports (meats and meat preparations), thous.

metric tons

Beef and veal:Production total mil IbStocks, cold storage, end of period, mil. IbExports thous. metric tonsImports thous metric tonsPrice, wholesale, beef, fresh steer carcasses,

choice (600-700 lbs.)(Central U.S.), $ per Ib

Lamb and mutton:Production, total, mil. Ib.Stocks, cold storage, end of period, mil. Ib

Pork (excluding lard):Production, total, mil. Ib.Stocks, cold storage, end of period, mil. IbExports, thous. metric tonsImports thous metric tonsPrices:

Producer Price Index, hams and picnics, exceptcanned 12/88*100

Fresh loins, 8-14 Ib. average, wholesale(Omaha), $perlb

MISCELLANEOUS FOOD PRODUCTS

Cocoa (cacao) beans, imports (including shells),thous. metric tons

Coffee:Imports, total, metric tons

From Brazil, metric tonsU.S. Import Price Index, 1990*100

Fish:Stocks, cold storage, end of period, mil. Ib

97.3

107.3

370,8296,707

833,339

5,487

107.4

' 26,490

651272

.305

' 196.0

1517

589

1,33632,094

92,613

18.4

5,290

40,795615

23,267278

3438

17,184315

108.3

82.2

380

11.

92.1

116.9

107.3

27,628

619249

.339

198.7

1014

1,16032,595

90,993

'20.6

5,003

40,506727

23,139405

8

299

110.5

381

FOOD AND KINDRED PRODUCTS

96.1

102.7

29,189528

65,495

5 487

103.5

' 2,261

651272

.305

'17.0

1517

.680

1212,632

8,142

19.6

460

3,435615

1.881278

298

1,524315

116.9

89.4

. 380

97.5

108.0

29,838636

66,919

107.5

2,207

'693315

.300

'16.8

1217

.657

1012,601

7,649

'20.4

381

3,306649

1,845292

256

1,435329

109.7

361

94.2

103.0

30,751553

69,013

108.1

2,029

736360

.305

15.1

1217

.636

972,411

6,921

22.1

384

3,013'655

1,698285

25

1,290'344

109.6

320

91.8

104.1

33,719605

75,410

4 762

107.2

2,328

734359

.310

16.8

1515

.775

1162,712

7,958

22.3

476

3,397'653

1,884299

32

1,481'330

110.7

81.0

316

>; TOBACCO—Continuec

92.2

104.9

108.4

2,311

825424

.330

16.3

614

.709

962,623

7,840

21.1

461

3,299'692

1,804'281

3011

1,465378

109.7

323

87.2

102.9

105.2

2,214

866474

.355

16.7

615

.619

822,720

6,988

22.1

396

3,212'671

1,877'266

2711

1,309'372

108.4

31

85.2

102.0

104.7

2,484

966556

.350

'16.2

715

.676

912,957

7,338

23.1

462

3,480661

2,073275

3113

1,377351

108.3

318

I

85.4

111.9

103.7

2,272

'1,018'624

.355

16.6

618

.628

902,811

7,010

20.7

394

3,342664

2,005289

2613

1,311342

107.2

324

84.9

128.3

107.2

2,382

1,044679

.370

16.7

618

.676

952,883

7,473

21.1

413

3,440'651

2,054311

26' 12

1,360'309

106.9

359

86.9

123.5

'102.1

2,404

'1,068714

.365

16.3

1514

942,810

7,763

21.6

410

3,516'672

2,013330

2713

1,440"311

'111.1

375

92.9

134.0

107.5

2,377

' 1,045684

.350

17.1

1314

942,729

7,857

20.5

391

3,500'702

2,002349

2512

1,473'325

114.2

387

99.0

140.0

109.7

'2,319

'656291

.350

16.8

' 613

1012,632

7,952

17.5

405

3,448'720

1,913'381

2610

1,508'313

115.0

393

108.3

139.9

114.6

2,298

619249

.330

17.3

1014

1032 706

8,184

'15.2

430

3,553727

1,971405

8

299

115.2

381

104.6

136.6

111.0

679291

.315

1015

15.1

815

441

9

349

109.0





Annual

1992 1993


1992

Dec.

February 1994 •

1993

Jan. Feb. | Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

S-231994

Jan.

11. FOOD AND KINDRED PRODUCTS; TOBACCO-Continued

MISCELLANEOUS FOOD PRODUCTS-Continued

Sugar:Exports, raw and refined, metric tonsImports, raw and refined, thous. metric tons ...Producer Price Indexes:

Raw (cane), 1982*100Refined, 1982*100

Tea, imports, metric tons

TOBACCO

Leaf:Production (crop estimate), mil. IbStocks, dealers' and manufacturers', end of

period, mil. IbExports, incl. scrap and stems, metric tons ...Imports, incl. scrap and stems, metric tons ...

Manufactured products:Consumption (withdrawals):

Cigarettes (small):Tax-exempt, millionsTaxable, millions

Cigars (large), taxable, millionsExports, cigarettes, millions

112.1119.8

1,722

3,740

199,238510,494

2,107

113.3118.4

1.615

111.1119.0

3.740

19,19538.419

109.6118.0

109.7117.6

112.2118.3

3,689

113.8118.4

111.4118.2

112.4117.5

3,463

114.1117.7

115.9118.4

115.3r 118.4

114.6119.0

114.6118.8

115.4118.9

115.2118.4

12. LEATHER AND PRODUCTS

LEATHER

Exports:Upper and lining leather thous sq ft.

Producer Price index, leather, 1982*100

LEATHER MANUFACTURES

Footwear:Production, total, thous. pairs

Shoes, sandals, and play shoes, exceptathletic, thous. pairs

Slippers, thous. pairsAthletic thous pairsOther footwear thous pairs

Exports thous. pairs

Producer Price Indexes:Men's leather upper, dress and casual,

1982*100Women's leather upper, 1982*100Women's plastic upper, 1982*100

163.7

167,803

116,31443,329

8,1601 889

145.0126.4121.2

168.6

147.8129.2123.7

165.1

40,221

28,1739,6912,357

361

147.2127.0123.5

166.6

147.5127.4123.5

169.0

146.9127.8123.9

169.0

41,624

30,5319,2681,825

454

148.2127.8123.9

168.3

148.2129.5124.0

169.7

148.2128.8122.3

168.7

42 457

31 79310,664

1 629453

148.2128.9122.3

167.2

147.9129.9123.9

168.7

147.9129.9124.2

169.0

40,932

30,67710,255

148.1r 130.0

124.2

169.1

147.1130.1124.2

168.6

147.1130.1124.2

169.1

148.5130.1124.3

171.3

13. LUMBER AND PRODUCTS

LUMBER-ALL TYPES

[Millions of board feet, unless otherwise indicated]

National Forest Products Association:Production total

HardwoodsSoftwoods

Shipments totalHardwoodsSoftwoods

Stocks (gross), mill end of period, totalHardwoodsSoftwoods

Exports, total sawmill productsImports, total sawmill products, thous. cubic meters ..

SOFTWOODS


Douglas fir:Orders newOrders unfilled end of periodProductionShipmentsStocks (gross), mill, end of periodExports, total sawmill products, thous. cubic

metersSawed timber thous cubic metersBoards, planks, scantlings, etc., thous. cubic

metersProducer Price Index, Douglas fir, dressed,

1982*100

45,44411.21034,234

45,70311 00534 698

4 206

7.921579

7,8107,850

690

169.5

7,427448

7,6707,554

774

-237.3

3,425905

2,520

3,491917

2,574

4.206

677579563604690

186.3

3,486820

2,666

3,511847

2,664

4,211

541525601594696

201.6

3,608869

2,739

3,602841

2,762

4,187

601499637627706

230.3

3,9041,0572,847

3,785993

2,792

4.240

754560737693750

259.1

3,791968

2,823

3.520939

2,581

4,407

622517684665769

263.6

3.530956

2,574

3,340900

2,440

4,593

475416623576816

247.4

3,720994

2,726

3,643917

2,726

4,673

662445623628780

230.4

3,689882

2,807

3,698818

2,880

4.599

633470576609747

222.4

3,9301.0532,877

3,965980

2,985

4,488

607418641660728

228.7

3,8131,0712,742

3,680967

2,713

4,516

575410608583754

-237.1

r 4,0771,105

-2,972r 4,143

1.015'3,128

4,364

718488675640788

227.1

3,7651,1062,659

3,6471,0042,643

4,303

623442679669798

241.2

616448586610774

258.8 270.0




Annual

1992 1993

1992

Dec.

13

1993

Jan. Feb. I Mar. Apr. May

. LUMBER AND PRODUCTS-Continued

June July Aug. Sept. Oct. Nov. Dec.

1994

Jan.

SOFTWOODS-Continued


Southern pine:Orders, newOrders, unfilled, end of periodProductionShipmentsStocks (gross), mill and concentration yards, end

of periodExports, total sawmill products, cubic metersProducer Price Index, southern pine, dressed,

1982.100

Western pine:Orders, newOrders, unfilled, end of periodProductionShipmentsStocks (gross), mill, end of period

Producer Price Index, other softwood, dressed,1982*100

HARDWOOD FLOORING

[Millions of board feet]

Oak:Orders, unfilled, end of periodShipmentsStocks (gross), mill, end of period

14,370957

13,81214,041

1,931

130.6

9,385504

9,2449,3741,064

157.3

'22.4' 222.6'5.5

168.9

8,281463

8,2678,321967

'202.8

16.3229.54.7

1,076957

1,0761,055

1,931

141.4

675504653672

1,064

168.0

22.418.95.5

1,025852

1,1151,137

1,911

155.1

766562707708

1,063

181.4

22.916.25.3

1,3451,0231,1691,158

1,920

165.5

699532694729

1,028

209.4

21.217.74.1

979908

1,1511,128

1,941

184.4

629451706710

1,024

230.6

21.721.24.1

962906

1,125941

2,050

184.1

687422747715

1,056

226.9

21.718.23.4

1,056916

1,0881,044

2,175

172,2

576412619586

1,090

209.6

21.318.14.1

1,206854

1,2441,269

2,226

156.4

632454631590

1,103

189.6

17.221.14.2

1,352928

1,2641,276

2,213

151.9

809529709733

1,062

176.3

4.116.85.0

1,335997

1,2371,262

2,187

156.0

789522731797997

186.5

17.020.4

5.5

1,2851,0351,2601,248

2,198

' 159.5

591484631630999

'193.1

16.422.44.6

'1,361932

'1,322' 1,472

2,052

171.0

733461727755970

194.3

17.319.65.7

892817

1,0141,004

1,989

181.7

734469724726968

209.4

19.318.05.1

188.7

636463641642967

226.5

16.319.74.7

196.8

236.9

16.816.25.0

14. METALS AND MANUFACTURES

IRON AND STEEL

[Thousands of short tons]

Exports:Steel mill products.ScrapPig iron

Imports:Steel mill products.ScrapPig iron

Iron and Steel Scrap

[Thousands of metric tons, unless otherwiseindicated]

ProductionReceipts, netConsumptionStocks, end of period

Composite price, No. 1 heavy melting scrap:American Metal Market, $ per metric ton ...

Ore


Iron ore (operations in all U.S. districts):Mine productionShipments from minesImports

U.S. and foreign ores and ore agglomerates:Receipts at iron and steel plantsConsumption at iron and steel plantsExports (domestic)Stocks, total, end of period

At minesAt furnace yardsAt U.S. docks

Manganese (manganese content), general imports ....

Pig Iron and Iron Products

[Thousands of short tons, unless otherwise indicated]

Pig iron:Production (including production of ferroalloys)Consumption, thous. metric tonsStocks, end of period, thous. metric tons

Castings, gray and ductile iron:Shipments, total

For sale

Castings, malleable iron:Shipments, total

For sale

4,28910,142

36

16,9741,408

545

21,16740,21962,3503,910

84.67

r 55,593'55,569

12,503

65,75867,4745,056

22,5563,783

15,8392,934

52,22451,103

217

7,8315,934

258128

3,96810,879

30

19,5011,703

913

112.44

54,94956,176

69,15068,788

21,0432,504

16,2872,252

53,103

348909

2

1,36412040

1,6673,4243,8723,910

85.49

4,2764,890

717

5,8205,685

44022,5563,783

15,8392,934

4,3064,466

217

354716

4

1,53510394

1,3512,6494,1452,622

96.91

4,3912,170

639

2,9665,857

24021,296

6,07512,9472,274

4,5034,629

135

335851

3

13026

1,2492,8224,1952,832

104.80

4,1711,222

684

2,0895,482

220,6209,0309,5542,036

4,5034,301

148

359818

7

1,380133120

1,5873,0054,5062,911

104.98

4,5592,618

446

2,89:5,820

2219,10410,9276,6641,513

4,4544,477

153

416742

1

1,186107127

1,5252,8084,3502,830

101.76

4,6735,593

782

5,9915,687

42018,8529,8966,9691,987

4,3283,913

143

320773

1,46710924

1,5232,8904,5182,727

102.49

5,2896,5561,114

6,7185,783

43019,0138,6327,9112,470

4,5554,071

172

3361,202

1

1,78115265

1,5412,8554,4182,693

109.54

5,3426,0211,595

9,2755,563

83421,814

7,95811,6452,211

4,3513,925

174

3251,294

2

1,69417150

1,4692,8754,3682,647

114.19

5,6186,2421,502

7,1635,884

51422,659

7,34!12,9412,375

4,5224,124

150

298900

2

1,599160

5

1,4843,0684,4902,723

111.66

12,7905,4491,428

6,9155,870

61621,309

4,70613,9872,616

4,5044,066

141

356803

2

1,87513295

1,4993,0074,5302,635

113.32

3,9684,1171,758

6,9195,629

24422,344

4,56515,2772,502

4,3673,934

155

2901,096

2

2,14315774

'1,571'3,196'4,722'2,628

126.22

4,7035,3811,125

5,8705,984

60021,079

3,86!15,1622,054

4,6524,114

235

291675

3

2,16217963

1,4673,1014,4272,732

130.11

4,5445,0411,340

6,3165,443

52!21,327

3,36915,999

1,959

4,2183,881

152

2881,009

3

1,342171171

133 26

4,9015,766

6,0365,787

21,0432,504

16,2872,25:

4,514






Annual

1992 1993

1992

Dec.

1993

Jan. | Feb. | Mar. Apr. May June July I Aug. I Sept | Oct. | Nov. | Dec.

1994

Jan.

14. METALS AND MANUFACTURES-Continued

Steel, Raw and Semifinished

[Thousands of short tons, unless otherwise specified]

Steel (raw):Production

Rate of capability utilization, percent

Steel castings:Shipments, total

For sale, total

Steel Mill Products

(Thousands of short tons]

Steel products, net shipments:Total (all grades)By product:

Semifinished productsStructural shapes (heavy), steel pilingPlatesRails and accessories

Bars and tool steel, totalBars: Hot rolled (including light shapes)Bars: ReinforcingBars: Cold finished

Pipe and tubingWire-drawn and/or rolledTin mill products ,Sheets and strip (including electrical), total

Sheets: Hot rolledSheets: Cold rolled

By market (quarterly):Service centers and distributorsConstruction, ind. maintenanceContractors' productsAutomotive ..'.Rail transportationMachinery, industrial equipment, toolsContainers, packaging, ship, materialsOther , ,

[Millions of short tons]

Producing steel mills, inventory, end of period:Total

Steel in processFinished steel

Steel service centers (warehouses), inventory, end ofperiod

NONFERROUS METALS AND PRODUCTS

[Thousands of metric tons, unless otherwisespecified]

Aluminum:Production, primary (dom. and foreign ores)Recovery from scrapImports:

Metal and alloys, crudePlates, sheets, bars, etc

Exports:Metal and alloys, crude ,Plates, sheets, bars, etc

Price, U.S. market, 99.7% purity, monthly average,5 per Ib. 0 .' "....

Aluminum products:Shipments:

Ingot and mill prod, (net ship.), mil. IbMill products, total, mil. Ib

Sheet and plate, mil. Ib ,Castings, mil. Ib

inventories, total (ingot, mill products, and scrap),end of period, mil. Ib

Copper:Production:

Mine, recoverable copperRefined from primary materials

Eiectrolytically refined $Electrowon

Refined from scrapImports, unmanufactured:

Refined, unrefined, scrap (copper cont.)Refined

Exports:Refined and scrap

RefinedConsumption, refined (reported by mills, etc.)Stocks, refined, end of periodPrice, avg. U.S. producer cathode, delivered, $

per Ib. 0

92,94982.2

988894

76,625

6,3055,5186,579

563

12,2195,2294,7811,147

3,645815

3,92739,52113,21112,760

16,6697,1722,466

10,697890

1,6463,968

35,130

12.67.35.3

5.9

4,0432,261

1,155.4305.8

603.1553.8

.5752

r 16,06!12,547r 8,007

2,023

4,133

1,760.1,720.61,197.6

523.0433.2

509.6289.1

556.8176.92,183

204

1.0742

96,07787.4

88,401

7,3575,8097,539

646

14,3057,7244,9631,551

4,445792

4,12343,38513,92712,871

21,1187,9862,679

12,2191,0241,8374,272

45,510

12.97.55.4

6.2

.5333

15,52312,8927,982

4,516

7,43877.7

6,572

54847054142

1,07055440710535250328

3,1711,125

4,9181,780613

2,608200386889

8,559

12.67.35.3

5.9

347170

96.825.9

73.528.4

.5553

1,360944614

4,133

154.2155.4108.946.535.6

44.220.8

64.416.1158204

1.0354

7,94281.6

6,976

57046759156

1,144628388123

37065326

3,3871,0811,078

12.77.45.3

5.9

335228

120.830.6

54.846.4

.5613

r 1,308-976587

4,360

134.5140.2103.037.238.1

31.721.8

38.314.0192203

1.0540

7,94284.8

6,867

55246858158

1,17061942612036571

3123,2901,094965

12.87.55.3

5.9

292220

123.924.7

38.643.2

.5550

r 1,308981601

4,265

132.4128.187.141.045.9

40.525.6

45.924.9184195

1.0365

8,14887.0

7,686

63649669465

1,203658398142

39882374

3,9281,3061,168

5,3011,786578

3,047262454

1,0269,070

12.27.15.1

5.8

323242

165.833.2

41.753.8

.5353

r 1,4911,128690

4,371

147.3157.2110.346.038.9

44.028.2

59.423.6208190

1.0050

7,92687.4

7,344

61844566357

1,152654364127

39182

3403,5961,1601,062

12.27.05.2

5.8

313251

172.032.7

26.353.2

.5184

r 1,3081,105

4,458

149.4153.4107.846.037.8

51.235.9

51.516.3190

.9342

8,27888.3

7,301

617468616

67

1,184628424126

36570

3373,5761,1021,057

12.16.95.2

6.0

325251

152.133.2

38.651.5

.5225

1,2801.072660

4,493

156.2149.7104.745.136.4

37.029.5

36.415.4195211

.8763

7,93787.5

7,790

63446768165

1,257656457138

38068

3773,8601,1941,093

5,5002,095654

3,185294481

1,09612,638

11.86.75.1

6.2

315249

152.631.0

30.748.3

.5378

1,3241,122

4,550

151.5147,4103.743.641.1

49.026.9

32.213.1217199

.8860

8,06686.9

6,929

54646561756

1,14963039711634769

3693,3121,100961

12.37.05.3

6.2

316237

125.131.3

33.9

.5607

1,1671,060

4,641

150.1146.5100.546.035.0

51.830.6

43.710.7184203

.9102

8,00186.2

7,445

60550260549

1,220652431131

37863362

3,6611,1871,073

12.47.15.3

6.4

302242

162.737.0

24.551.9

.5500

- 1,390-1,131

713

4,683

148.1145.599.446.137.6

41.928.3

38.310.1198186

.9079

7,878

7,470

62850062942

1,217674407129

35961342

3,6911,6641,131

5,3432,081726

2,804241443

1,1088,921

12.47.15.3

6.2

291242

173.534.4

27.953.1

-1,2371,109

4,666

151.6148.9102.546.437.4

42.022.5

98.039.8212167

.8861

8,40990.2

7,490

63253462442

1,19264141712937163

3033,7281,1761,109

12.67.25.4

6.0

303241

149.434.3

31.751.3

1,177"1,067

635

4,674

156.6143.495.947.543.8

214161

.8708

7,78686.3

7,274

62150759848

1,142622388126

34250333

3,6341,1551,063

12.77.35.4

287238

.4995

1,307'1,053-649

-4,512

8,00785.9

7,382

60049125842

1,12561738611736747

3463,7231.2111,094

5,1402,028

7203,191

233465

1,04614,881

12.97.55.4

6.2

.5221

1,2261,088

705

4,516

.5600



b-Zb • February 1994



Annual

1992 1993


Dec.

1993

Jan. Feb. Mar. Apr. May June July Aug. | Sept. Oct. | Nov. Dec.

1994

Jan.


NONFERROUS METALS AND PRODUCTS-Continued


Copper-base mill and foundry products, shipments(quarterly total):Brass mill products, mil. IbCopper wire mill products (copper content), mil. Ib.Brass and bronze foundry products, mil. Ib

Lead:Production:

Mine, recoverable leadRecovered from scrap (lead content)

Imports, ore (lead content)Consumption, totalStocks, end of period:

Producers', ore, base bullion, and in process(lead content), ABMS

Refiners' (primary), refined and antimonial (leadcontent)

Consumers' (lead content) $Scrap (lead-base, purchased), all smelters

(gross weight)Price, common grade, delivered, $ per Ib. 0 @

Tin:Imports (for consumption):

Ore (tin content), metric tonsMetal, unwrought, unalloyed, metric tons

Recovery from scrap, total (tin content), metrictonsAs metal, metric tons

Consumption, total, metric tonsPrimary, metric tons

Exports (metal), metric tonsStocks, pig (industrial), end of period, metric tons .Price, Straits quality (delivered), $per Ib. 0

Zinc:Mine prod., recoverable zincImports:

Ores (zinc content)Metal (slab, blxks)

Consumption (recoverable zinc content):OresScrap, all types

Slab zinc:Production, total (ABMS)Consumption, fabricatorsExportsStocks, end of period:

Producers', at smelter (ABMS)Consumers'

Price, high grade, $ per Ib. 0

MACHINERY AND EQUIPMENT

[Millions of dollars, unless otherwise specified]

Industrial heating equipment, new orders (domestic),qtrlyElectric processing heating equipmentFuel-fired processing heating equipment

Materials handling equipment, dollar value bookingsindex, 1982*100

Industrial supplies, machinery, and equipment:New orders index, seas, adj., 1987*100

Industrial suppliers distribution:Sales index, not seas, adj., 1990*1.00Inflation index, not seas. adj. (tools, material

handling equipment, valves, fittings, abrasives,fasteners, metal products, etc.), 1977*100

Fluid power products shipments indexes:Hydraulic products, 1990*100Pneumatic products, 1990*100

Machine tools:Metal cutting type tools:

Orders, new (net), totalDomestic

Shipments, totalDomestic

Order backlog, end of periodMetal forming type tools:

Orders, new (net), totalDomestic

Shipments, totalDomestic

Order backlog, end of period

-397.9-916.01196.0

-1,236.6

64.2

20.5-82.1

15.9.3510

27,314

6,099208

43,90033,400

37,6034.0240

523.4

44.5644.5

2.4253.2

209.21,035.0

5.9

7.338.5.5838

319.659.179.5

152.9

115.8

.9852

199.1

91.9101.3

1,756.351,531.751,917.801,605.051,024.7

725.90608.80678.15547.10298.7

64.1

.3174

3.4998

201.0

5.3

""4622

103.1115.6

2,322.402,177.202,160.3!1,955.25

1,204.3

971.10825.40

1,044.30880.80

225.5

31.774.317.192.9

64.2

20.565.0

17.0.3247

1,977

47217

3,3002,600

1103,221

3.8087

42.2

1.648.5

.221.1

17.480.0

.5

7.338.5

.5012

86.515.826.7

142.2

117.8

.9929

199.8

88.9103.5

240.85123.2!269.50208.601,024.7

56.3548.6552.0043.75298.7

33.371.114.8

108.9

61.8

28.166.7

13.6.3215

2,089

524

3,4002,700

2523,368

3.8991

48.0

4.649.3

.221.1

17.484.0

7.137.7

.5052

160.1

116.7

.9751

200.5

92.7103.8

127.10106.40166.90146.65984.9

48.4534.6582.0072.85265.1

30.576.811.2

107.5

60.9

33.358.2

14.4.3152

1,850

545

3,5002,700

1643,429

3.8447

42.5

3.751.9

.221.1

16.888.0

.5

5.441.8

.5090

135.0

115.9

.9980

201.0

96.4109.1

211.90198.55181.45150.301,015.4

70.7547.8064.5046.65271.4

34.271.718.7

112.3

61.0

34.157.9

14.2.3141

2,913

425

3,6002,900234

3,6073.7836

46.4

1.571.1

.221.1

18.5105.0

4.536.4.4726

84.321.022.6

179.3

119.0

1.1370

201.4

112.8127.!

242.80223.00223.10199.401,035.1

89.3080.8094.7584.05265.9

30.680.214.0

104.6

66.7

34.362.1

15.6.3156

3,152

474

3,6002,900

1453,704

3.7412

39.5

3.648.4

.221.1

17.281.0

.5

4.739.1

.4811

184.8

117.8

1.0747

201.7

102.3112.3

251.60246.00190.40169.501,096.3

96.7064.3563.2551.10299.4

28.578.913.0

109.2

66.9

35.857.1

15.3.3143

2,939

371

3,5002,800

1343,423

3.6983

43.0

2.756.9

.221.1

16.185.0

.9

5.341.1

.4722

169.3

120.8

1.0167

202.6

99.1107.0

263.85259.00155.55137.151,204.6

51.9040.6579.8559.00271.4

29.572.519.2

113.8

68.3

32.252.3

15.9.3136

3,137

424

3,6002,900

2014,003

3.4755

40.7

2.467.6

21."

15.4109.0

1.0

5.737.3

.4481

91.119.927.4

197.4

121.5

1.0797

202.1

109.0120.3

235.50224.60216.80203.501,223.3

78.2076.5577.3064.45272.3

25.870.311.6

106.8

72.2

22.849.6

18.7.3130

3,026

l319

3,5002,800

2524,464

3.3979

33.5

2.565.8

.221.1

15.292.0

.5

5.840.2

.4508

117.2

.9645

202.6

95.8125.1

134.95122.55148.00139.301,210.2

112.75108.2590.6586.65294.4

27.576.620.6

112.6

70.0

14.855.4

16.9.3141

2,703

M88

3,6002,900

2974,349

3.3093

32.1

2.758.9

.221.1

15.992.3

.8

5.349.8

.4287

120,

1.0496

202.9

106.3112.7

107.9599.50

137.10124.451,181.1

73.4565.8584.8571.60283.0

28.476.321.5

115.7

63.1

15.151.0

16.3.3144

2,525

M21

3,6002,800

2073,500

3.1135

35.9

7.261.4

.221.1

17.592.0

.7

4.750.0

.4242

108.522.245.6

126.

1.0454

203.1

111.1120.2

205J 5191180.45162.401,205.8

77.4063.9090.4080.90270.0

27.377.018.5

113.2

66.2

14.450.3

14.6.3158

2,803

- U 9 6

-3,6002,800

314-3,1033.2248

-41.8

.966.7

.221.1

17.6-96.5

5.748.8

.4388

125.6

1.0686

203.2

105.9116.6

136.20129.30155.25143.301,186.7

114.95102.2073.9069.20311.1

29.577.9

109.0

63.4

13.547.7

14.3.3194

M48

3,4002,800

3,3543.2200

41.8

.221.1

16.199.0

6.655.0

.4430

1.0109

203.2

101.4114.

' 1 65.05' 155.05-146.35"136.70-1,205.4

'67.25'63.00'97.50'80.05'280.8

64.1

.3372

3.2893

16.8

5.3

'".4722

104.1117.6

229.00205.10230.10213.801,204.3

90.1077.40

146.10114.80225.5

64.2

16.4

5.1

109.8118.8

266.10259.35143.25132.101,309.6

89.9585.8078.9568.90236.5





Annual

1992 | 1993


1992

Dec.

February 1994 •

1993


S-271994

Jan.


MACHINERY AND EQUIPMENT-Contlnued

Tractors used in construction, shipments, qtrly:Tracklaying (ex. shovel loaders), unitsTracklaying (ex. shovel loaders), mil. $Wheel (contractors' off-highway), unitsWheel (contractors' off-highway), mil. $Shovel loaders unitsShovel loaders, mil. $

ELECTRICAL EQUIPMENT

[Thousands]

3atteries (auto.-type replacement), shipmentsRadio sets, factory sales, domestic marketTelevision sets (incl. combination models)

production, total market

Household major appliances, industry shipmentsAir conditioners (room)DishwashersDisposers (food waste)Microwave ovens/rangesRangesRefrigeratorsFreezersWashers ...Dryers, including gas

Vacuum cleaners (qtrly)

GAS EQUIPMENT (RESIDENTIAL)

[Thousands]

Furnaces warm air shipmentsRanges total shipmentsWater heaters (storage), automatic, shipments

5,846775.63,440323.8

56 5081,758.4

r 65,34521,552

21,304

44,3062,8393,8204,1968,3903,5767,7601,6776,5144,719

r 12,406

2,1072,6174,241

71,42618,355

51,2773,0764,0994,4367,7033,8488,1091,6066,7935,074

12,853

2,5852,7554,470

5,6771,624

1,932

3,618104370401627343643136540425

r 3,369

162267418

4,4511,440

1,673

3,021134285342499259449

78516413

165180383

4,7731,384

1,632

3,392236307333559276529121534406

158198375

6,2241,632

2,109

4,873478378428709338636130675494

3,365

158247418

5,1651,393

1,537

3,648453317320495305615119506379

149214367

4,9731,353

1,599

3,561440304273473278643112527362

173195328

5,6581,490

2,119

4,306536335424553322830158608415

2,956

188226361

5,7291,437

1,649

3,933512310309563289828167486327

181200323

6,8741,610

2,190

3,66068

353327580331806156558422

235237345

7,7712,429

2,790

4,39036

361613950342768137642475

3,395

292255347

6,9912,494

2,298

3,85443

385302838357731139571451

300262399

6,6811,693

3,82555

379276855378634132605482

297279382

6,1361,340

3,72885

387439630374640137564448

3137

289263441

3,106183291370532288439110480381

198

15. PETROLEUM, COAL, AND PRODUCTS

COAL


Anthracite:ProductionExports, thous. metric tonsProducer Price Index, 1982*100

3ituminous and lignite:Production

Consumption, totalElectric power utilitiesIndustrial, total

Coke plants (oven and beehive)Residential and commercial

Stocks, end of period, totalElectric power utilitiesIndustrial, total

Oven-coke plants

Exports excluding lignite, thous metric tonsProducer Price Index, 1982*100

COKE


Production:Beehive and oven (byproduct)Petroleum coke t

Stocks, end of period:Oven-coke plants, total

At furnace plantsAt merchant plants

Petroleum coke

Exports thou metric tons

PETROLEUM AND PRODUCTS

[Millions of barrels, unless otherwise specified]

Crude petroleum:Producer Price Index, 1982*100Gross input to crude oil distillation unitsRefinery operating ratio, % of capacity

All oils, supply, demand, and stocks:New supply total t

Production:Crude DetroleumNatural gas plant liquids

Imports:Crude and unfinished oilsRefined products

Change in stocks all oilsProduct demand total

Exports:Crude petroleumRefined products

3,483

105.8

994,062

94.9

23,41043 599

1,8831,616

2671,925

58.04,978.0

88

6179.1

2,624.7668.0

2,406.8479.8-24 9

6,581.3

32.5314.8

3,624

105.9

942,985

r95.9

51.4

301

105.8

82,799

96.4

5,8313,877

1,8831 616

2671,925

53.8415.4

88

522.6

220.259.4

199.443.6

-43.8594.1

3.435.0

272

105.8

80,508

95.5

3,708

2,099

52.0408.5

87

533.8

217.269.7

211.335.619.6

541.1

4.025.5

266

105.8

76,341

94.8

3,445

2,119

56.1368.5

87

472.3

194.855.7

187.334.4

-16.2515.7

4.618.9

290

105.8

84,782

94.8

5,7113,826

1,6781,415

2632,142

58.1419.6

89

537.4

216.363.0

218.639.5

-11.6577.8

4.323.2

175

105.8

79,329

94.5

3,643

2,106

57.7413.2

91

521.6

206.960.2

214.140.327.7

532.1

2.226.0

305

105.4

73,759

94.0

3,687

2,166

57.9432.7

92

530.7

211.860.2

219.640.031.9

539.9

3.524.9

358

105.4

80,949

94.0

5,8853,730

1,6831,401

2821,999

52.9433.7

95

523.2

202.758.2

228.533.817.1

537.8

4.522.4

222

105.4

70,771

94.3

4,029

2,175

50.2449.5

95

549.7

206.360.3

244.338.818.1

564.5

1.929.1

277

106.0

76,209

95.4

3,875

2,061

48.3435.1

93

528.5

208.760.7

219.839.3

4.3557.9

1.723.7

275

106.0

79,962

'97.7

3,700

2,026

M6.5421.5

93

514.2

201.358.8

213.240.9

-17.2558.2

3.223.7

600

106.0

80,925

97.8

3,731

1,875

51.9431.0

92

557.2

211.363.0

238.344.723.3

561.0

1.925.0

314

106.0

79,599

100.9

3,782

1,800

46.1417.9

92

526.1

206.758.0

221.939.5-1.1

559.3

2.026.6

270

106.8

79,850

97.5

39.1

106.8

99.1

39.3




through 1991 and methodological notes are as shownin BUSINESS STATISTICS. i96Mi

Annual

1992 1993

1992

Dec.

1993

Jan. | Feb. | Mar. Apr. May June

15. PETROLEUM, COAL, AND PRODUCTS-Continued

July Aug. I Sept. Oct. Nov. Dec.

1994

Jan.

PETROLEUM AND PRODUCTS-Continued

[Millions of barrels, unless otherwise specified]

All oils, supply, demand, and stocks—ContinuedDomestic product demand, total

GasolineKeroseneDistillate fuel oilResidual fuel oilJet fuelLubricantsAsphaltLiquefied petroleum gases

Stocks, end of period, totalCrude petroleum

Strategic petroleum reserveUnfinished oils, natural gasoline, etcRefined products

Refined petroleum products:Gasoline (incl. aviation):

ProductionStocks, end of periodPrices, regular grade (excl. aviation):

Producer Price Index, 1982*100Retaif, U.S. city average (BLS):

Leaded, $ per gal.Unleaded. $ per gal.

Aviation gasoline:ProductionStocks, end of period

Kerosene:ProductionStocks, end of periodProducer Price Index (light distillate), 1982-100

Distillate fuel oil:ProductionImportsStocks, end of periodProducer Price Index (middle distillate),

1982*100Residual fuel oil:

ProductionImportsStocks, end of periodProducer Price Index, 1982-100

Jet fuel:ProductionStocks, end of period

Lubricants:ProductionStocks, end of period

Asphalt:Production .'.Stocks, end of period

Liquefied petroleum gases:Production, total

At gas processing plants (LP.G.)At refineries (LR.G.)

Stocks (at plants and refineries)

6,234.02,667.9

16.01,090.3

400.6532.1

54.5166.1642.3

1,592.0892.9574.7150.3549.1

2,591.0179.1

71.1

1.127

7.91.6

14.85.7

61.2

1,088.479.2

140.6

61.6

326.7137.242.645.9

512.043.1

153.017.7

738.1499.1222.2

68.7

1.108

58.5

59.9

"49.7

555.8229.9

1.2102.840.748.1

3.67.1

67.7

1,592.0892.9574.7150.3549.1

230.3179.1

69.8

1.136

.61.6

1.65.7

60.1

98.67.1

140.6

59.4

26.714.942.656.2

45.343.1

4.913.3

9.217.7

57.344.013.488.7

511.6209.4

2.0103.031.645.4

4.64.5

59.4

1,611.4901.0575.3162.9547.5

222.7197.0

66.7

1.117

.51.7

2.35.3

59.0

90.25.6

130.2

59.0

25.411.944.:49.6

44.!41.0

4.813.5

8.822.1

57.043.713.375.0

492.2199,9

2.6102.431.641.7

4.06.5

540

1,595.1907.1575.8162.8525.2

199.4201.7

66.3

1.108

.51.9

1.84.5

59.7

78.86.3

109.4

60.4

23.59.1

42.151.6

40.442.3

4.!13.7

8.625.3

53.640.313.366.3

550.3230.1

1.6106.733.046.3

5.18.6

59.2

1,583.6914.7577.6166.7502.1

211.0188.8

66.7

1.098

.71.8

1.54.6

60.6

90.57.3

97.1

63.2

25.410.940.748.3

45.341.4

5.113.4

11.629.1

40.745.619.766.6

503.9222.6

1.092.132.141.8

4.712.244.8

1,611.3930.8581.7166.5514.0

211.1184.7

68.4

.61.8

.73.9

59.1

90.36.3

98.3

62.4

26.611.341.453.1

41.741.3

4.613.0

12.430.9

43.643.621.080.6

511.6234.3

.386.431.443.54.4

15.043.2

1,643.3935.0582.1168.6539.7

226.5187.1

69.6

1.129

4,60.6

90.84.7

101.6

62.6

27.89.

43.053.1

44,42.5

4.812.5

14.230.7

64.843.021.897.3

510.9231.5

-.485.325.746.1

5.121.343.9

1,660.4934.5582.8166.6559.3

220.6185.0

72.7

1.130

1.8

5.459.6

92.85.0

109.4

60.8

23.99.0

45.851.4

46.544.8

4.912.0

15.925.9

63.741.821.9

111.3

533.4242.0

.782.733.345.4

4.321.149.1

1,678.5935.8583.3170.6572.1

225.0177.5

71.4

1.109

.91.8

.85.5

57.1

98.74.0

120.2

57.0

23.610.442.751.6

46.146.1

4.912.4

17.623.6

65.442.922.5

123.1

532.4245.4

1.086.729.046.7

5.223.145.3

1,674.2919.5584.1177.0577.7

223.1166.9

68.7

1.097

1.6

1.15.5

55.0

95.64.9

127.9

54.4

23.111.544.648.9

42.143.3

4.711.6

19.020.4

64.442.821.7

137.8

531.3229.2

1.290.036.144.8

5.021.849.0

1,661.2906.4585.7172.8582.1

221.7171.4

'70.4

1.085

.71.5

1.65.9

56.4

96.24,1

130.4

'59.3

24.712.642.4

'46.

40.240.9

5.111.2

17.517.0

58.641.317.3

143.5

534.1230.2

.592.030.945.24.4

19.456.4

1,684.6916.7586.2168.6599.3

228.4175.5

72.7

1.127

.61.7

1.77.0

60.3

106.57.5

144.8

66.3

26.012.146.750.6

4140.2

5.111.3

17.415.7

58.544.14.3

139.5

530.6227.9

3.896.232.343.34.6

13.061.3

1,683.5924.2586.8164.0595.3

227.7182.6

70.2

1.113

.61.7

104.36.4

149.5

27.010.449.346.7

41.540.4

4.811.2

13.016.2

53.440.712.8

122.7

61.0

1.070

53.7

51.5

1.043

49.3

50.7

42.2

PULPWOOD

[Thousands of cords (128 cu. ft.)]

ReceiptsConsumptionnventories end of period

WASTE PAPER


ConsumptionInventories end of the period

WOODPULP


Production:Total

Dissolving pulpPaper grades chemical pulpGroundwood and thermo-mechanicalSemi-chemical

Inventories, end of period:Producers' own useProducers' marketConsumers' purchased


Exports, all grades, totalDissolving and special alphaAll other ........

Imports, all grades, totalDissolving and special alphaAll other

103,891'104,598

5,314

'25,440'1,147

63,9601.383

53,3586,5014,101

'194'882'407

106,082105.275

5,989

27,9941,053

62,893

52,7236,1574,012

182756

16.

8,9809,2805,314

2,1391,147

5.458102

4.468548340

194882407

PULP, PAPER, AND PAPER PRODUCTS

8.6979.0764,993

8,8658,8505,372

'6,936'1,098

15,723361

'13,1491,5761,005

202872450

8,7618,7905,181

8,8478,8825,069

8,5478,6514,846

'6,987'1,103

'15,654

'13,0901,5551,008

205769400

8,6338,6724,993

8,9648,8635,103

8,9268,6165,457

'7,027'1,093

'15,495

'12,9751,5151,005

252839377

8,8898,5475,683

8.9998.6465,951

8,7418,6785,833

7 0441 053

16.015

13,5091 511

995

182756

9,0323.0045,989





Annual

1992 1993

1992

Dec.

1993

Jan. E*I Apr. May June July | Aug. | Sept. | Oct. Nov. Dec.

1994

Jan.

16. PULP, PAPER, AND PAPER PRODUCTS-Continued

PAPER AND PAPER PRODUCTS


Paper and board:Production (API):

Total

PaperboardProducer Price Indexes:

Paperboard, 1982-100Building paper and board, 1982-100

Selected types of paper (API):Groundwood paper:

Orders, newOrders, unfilled, end of periodShipments

Coated papers:Orders, newOrders, unfilled, end of period ....Shipments

Uncoated free sheet:Orders, newShipments

Unbleached kraft papers:Shipments ,

Tissue paper, production


Newsprint:Canada:

ProductionShipments from millsInventory, end of period

United States:ProductionShipments from millsInventory, end of periodEstimated consumption, all users 0Publishers' stocks, end of period tImportsProducer Price Index, standard newsprint,

1982*100

82,94140,97341,968

134.3119.6

1,655167

1,609

8,151881

8,119

12,29312,170

2,3805,784

8,9319,143351

6,4246,464

59'1 1,635

938

84,38241,58142,801

130.0132.9

1,825206

1,741

8,181747

8,183

12,48112,336

2,254

6,008

9,4249,341434

6,4196,396

8211,702

974

6,9053,3183,587

133.6121.7

128167139

665881662

1,036969

178482

960844351

53053759

'991938

7,1413,5013,640

133.0124.9

164170147

837677

1,1121,050

192495

817'765404

55854868

'9431,015

6,5873,2533,335

131.6129.0

122159131

647879628

977977

185467

'751'737418

50150960

'9181,080

7,2173,5693,649

131.3133.9

144150150

680857697

1,0701,045

207

531

838848407

53853960

'9381,074

6,9603,5023,458

130.6135.4

181140

744922674

1,1241,081

190482

819'768458

54152872

'1,0101,134

7,0293,4533,575

129.9133.8

168196153

716930709

986995

173508

'812831440

53551394

'9681,139

7,1593,5533,606

128.9132.0

145196147

629840743

1,0481,060

193505

760762438

51852687

'9451,162

6,9893,4323,556

128.6131.2

135171133

661841670

1,0521,050

188485

'797'775461

54554091

'9611,168

7,1103,5333,567

128.0131.6

139177137

676894706

1,0401,044

186523

'780'769472

550530110

'9251,146

6,9583,4113,547

'128.0'134.7

164'222148

666'746677

1,0171,008

186481

722'732462

51953891

'9651,114

'7,172'3,5403,632

129.6134.3

169'229161

'657'725674

'1.0221,037

187518

'796'760498

553542101

'1,0961,016

'7,041'3,4423,598

130.5135.1

'123'201147

613'657666

'9821,011

'187498

'771'801468

53944893

'1,010'972

7,0433,3873,657

130.5138.1

149206148

742747662

974977

180514

760795434

52353482

1,023974

130.3139.2

Paper products:Shipping containers, corrugated and solid fiber

shipments, mil. sq. ft. surf, area

109.9

'335,004

112.0

350,614

109.6 110.4 111.2 113.9 113.0 113.1 112.7 112.6 '111.3 110.6 110.7 110.7

25,536 '28,325 26,333 29,913 30,372 27,950 29,302 29,622 30,448 29,672 32,267 28,713 28,109

109.7

29,565

17. RUBBER AND RUBBER PRODUCTS

RUBBER


Natural rubber:ConsumptionStocks, end of periodImports incl latex and guayuleU.S. Import Price Index, 1985*100

Synthetic rubber:ProductionConsumptionStocks, end of periodExports (Bureau of Census)

TIRES AND TUBES

[Thousands]

Pneumatic casings:ProductionShipments, total

Original equipment . . . .Replacement equipmentExports

Stocks, end of periodExports (Bureau of Census)

Inner tubes:Exports (Bureau of Census)

106.0

230,250273,539

53,436199,54320,543

40,392

237,448282,391

60,004199,83521,145

47,678

108.3

17,50121,162

4,15415,459

1,549

40,392

20,03720,0094,716

13,6181,675

43,859

19,87221,235

5,01414,457

1,854

45,993

21,90025,5475,924

17,8251,799

46,795

20,46423,232

5,22916,149

1,854

48,337

20,34823,213

5,31516,188

1,710

49,414

19,94225,2565,378

17,9901,888

48,908

17,45522,062

3,14417,133

1,785

49,120

20,98724,912

4,56618,3172,029

49,969

20,08625,560

5,06418,635

1,861

48,522

20,91525,750

5,88418.0C5

1,861

49,374

18,41324,077

5,66516,643

1,170

47,883

17,02921,538

5,00514,875

1,659

47,678



b-JU • February 1994



Annual

1992 | 1993


Dec.

1993

Jan. Feb. | Mar. Apr. May | June July | Aug. Sept. | Oct. Nov. I Dec.

1994

Jan.

PORTLAND CEMENT

Shipments, finished cement, thous. bbl

CLAY CONSTRUCTION PRODUCTS

Shipments:Brick, unglazed (common and face), mil. standard

brickStructural tile except facing thous sh. tonsSewer pipe and fittings, vitrified, thous. sh. tons ...Floor and wall tile and accessories, glazed and

unglazed mil. sq. ft.

Producer Price Index, brick and structural clay tile,12/84*100

GLASS AND GLASS PRODUCTS

[Thousand gross, unless otherwise specified]

Flat glass, mfrs.' shipments, thous. $

Glass containers:ProductionShipments total

Narrow-neck containers:FoodBeverageBeerLiquor and wine

Wide-mouth containers:Food and dairy products

Narrow-neck and wide-mouth containers:Medicinal and toiletChemical, household, and industrial

Stocks end of period

GYPSUM AND PRODUCTS


Production:Crude gypsum (exc. byproduct)Calcined

Imports crude gypsum

Sales of gypsum products:Uncalcined

Calcined:Industrial plasters . . .Building plasters, total (incl. Keene's cement) ...

[Millions of square feet]

Board products totalLathVeneer baseGypsum sheathingRsoular ovDSum boardType X gypsum boardPredecorated wall board5/i6 mobile home board . .Water/moisture resistant board

440,666

6,167.0

157.4

495.7

118.0

1,462,943

287 737284,274

26,93954 41488,80526,054

73,346

13 1441,572

45,914

15,85315981

7,917

5469

20,17711

452247

12,7305186

85829637

122.0

18. STONE,

28,216

1,507.9

38.1

123.3

119.0

352,377

20,34320 979

1,6043,5987 3041,845

5,491

1,035102

45,914

1,2301,181

592

490

1,5501

3519

979400

76150

21,474

120.1

1,1471,298

659

344

1,6001

3718

1,027390

67152

CLAY, AND GLASS PRODUCTS

22,882

120.8

1,5131,335

496

332

1,7731

4219

1,139436

67158

30,587

1,274.8

29.0

125.2

120.9

385,105

1,3191,308

557

338

1,6471

3620

1,021420

88656

36,520

121.9

1,2771,300

594

357

1,6231

3322

1,013409

78454

41,911

122.1

1,2981,314

816

429

1,6301

3322

1,022413

68152

46,482

1,796.9

40.1

135.8

122.4

427,780

1,3961,396

712

586

1,8491

3825

1,160473

78560

45,766

122.6

1,3831,458

765

470

1,9271

4326

1,208500

88161

48,299

122.6

1,3781,464

740

490

1,8171

4026

1,114469

8102

58

46,528

1 882 6

41.0

136.1

122.7

1,6911,430

749

543

1,8950

4128

1,185475

7101

57

122.8

1,5661,559

489

1,8910

4127

1,186470

89860

122.8 122.8 123.1

19. TEXTILE PRODUCTS

FABRIC

[Millions of linear yards]

Woven fabric, finishing plants:Production (finished fabric)

CottonManmade fiber and silk fabrics

Inventories held at end of periodCottonManmade fiber and silk fabrics

Backlog of finishing ordersCottonManmade fiber and silk fabrics

COTTON AND MANUFACTURES

[Thousands of running bales, unless otherwisespecified]

Cotton (excluding linters):Production:

Ginnings $Crop estimate, thous. net weight bales t

ConsumptionStocks in the United States, total, end of period ...

Domestic cotton total . .On farms and in transitPublic storage and compressesConsuming establishments

15,78616,21819,61313,87513,8752,032

11,252591

15,30316,176r 9,854

'14,442' 14,442•'1,934'11,888

'620

14,945

79213,87513,8752,032

11,252591

15,546

78812,62312,623

1,89210,114

617

79611,36011,360

1,6229,108

630

9769,7629,7621,3657,725

672

7788,5128,5121,2486,575

689

7927,3207,3201,0495,570

701

9515,9965,996

8384,466

692

9

6944,6074,607

3263,587

694

435

80121,58521,58517,9203,036

629

1,839

96519,66119,66115,8813,147

633

8,029

79217,02317,0239,2407,204

579

13,225

73115,89415,8944,272

11,047575

15,303

'790' 14,442'14,442

'1,934'11,888

'620

74213,17813,178

1,69110,836

651





Annual

1992 1993


1992

Dec.

February 1994 •

1993

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

S-31

1994

Jan.

19. TEXTILE PRODUCTS-Continued

COTTON AND MANUFACTURES-Continued

Cotton (excluding linters)—ContinuedExports, thous. running balesImports, thous. net weight balesPrice(farm), American upland, cents per Ib. tPrice, Strict Low Middling, Grade 41, staple 34

(17ie"), average 10 markets, cents per Ib

Spindle activity (cotton system spindles):Active spindles, last working day, total, millions

Consuming 100 percent cotton, millionsSpindle hours operated, all fibers, total, billions

Average per working day, billionsConsuming 100 percent cotton, billions

Cotton cloth:Cotton broadwoven goods over 12" in width:

Production (qtrly.), mil. sq. yd.Orders, unfilled, end of period, compared with

average weekly production, no. weeks'prod.Inventories, end of period, compared with avg.

weekly production, no. weeks'prod.Ratio of stocks to unfilled orders (at cotton

mills), end of periodExports, raw cotton equivalent, thous. net weight

balesImports, raw cotton equivalent, thous. net weight

bales

X53.7

3 54.1

8.23.5

'59.4'.226

24.8

4,600

2 53.3

4 57.3

7.53.2

52.9.20522.0

54.3

51.8

8.23.54.5

M 8 21.9

1,144

53.0

53.7

8.23.44.3

.2161.8

53.8

55.4

8.23.44.4

.2221.8

56.3

56.4

8.13.45.4

.2172.3

1,149

55.1

56.2

8.13.44.2

.2131.8

54.4

56.4

8.03.34.4

.2191.8

53.6

54.4

8.03.35.1

.2052.1

1,143

53.7

54.4

8.03.33.7

.1871.6

53.1

53.0

7.93.34.2

.2101.7

51.9

54.0

7.83.24.9

.1972.0

1,070

52.8

54.6

7.73.24.1

.2071.7

53.9

55.6

7.73.23.9

.1941.6

57.1

60.3

7.53.24.3

M701.8

63.7

66.5

7.53.23.8

.1911.6

Producer Price Index, gray cotton broadwovens,1982-100

MANMADE FIBERS AND MANUFACTURES

[Millions of pounds]

Fiber production, qtrly:Cellulosic filament yarnRayon staple, including towNoncellulosic, except textile glass:

Yarn and monofilamentsStaple, incl. tow

Textile glass fiber

Fiber stocks, producers', end of period:Cellulosic filament yarnRayon staple, including towNoncellulosic fiber, except textile glass:

Yarn and monofilamentsStaple, incl. tow

117.0

219.8275.1

4,448.84,123.9

'115.3 117.2

52.0

1,129.71,043.1

117.0 116.8 115.9 116.3 115.7 115.7 115.2 115.2

52.967.9

57.674.6

'112.5

59.073.7

113.9 114.9

1,110.91,018.4

1,181.01,059.5

1,204.21,041.2

Manmade fiber and silk broadwoven fabrics:Producer Price Index, gray synthetic broadwovens,

1982-100

WOOL AND MANUFACTURES

[Millions of pounds, unless otherwise specified]

Wool consumption, mill (clean basis):Apparel classCarpet class

Wool imports, clean yield tUnimproved and other grades not finer than 46's .48's and finer

Wool prices, raw, shorn, clean basis:Domestic—Graded territory, 64's, staple 2%" and

up, delivered to U.S. mills, $ per IbAustralian, 64's, Type 63, duty-paid, price at

Australian Wool Corp., Charleston, SC, $ perIb

Wool broadwoven goods, exc. felts:Production (qtrly.), mil. sq. yd.

FLOOR COVERINGS

Carpet, rugs, carpeting (woven, tufted, other),shipments, quarterly, mil. sq. yd.

APPAREL


Women's, misses', juniors' apparel cuttings, qtrly:CoatsDressesSuits (incl. pant suits, jumpsuits)SkirtsSlacks, jeans, dungarees, and jean-cut casual

slacksBlouses, thou. doz

12.234.5

309.3333.3

120.9

136.114.7

89.323.865.5

1.81

2.42

176.3

1,356.6

519,316157,898

9,43291,701

117.7

139.915.7

100.321.976.0

1.24

1.80

349,54237,944

12.234.5

309.3333.3

119.9

31.13.4

7.82.55.2

1.55

2.03

39.5

334.9

34,4402,172

20,309

82,0738,752

12.523.0

293.9353.8

11.622.1

12.129.1

282.3344.8

316.0341

119.6 119.1 119.1

35.54.5

119.2 117.1 118.4

35.54.3

118.0 118.0

1.45

1.96

1.35

1.86

1.20

1.80

48.4

11.02.57.9

1.14

1.68

1.19

1.89

1.24

1.79

48.9

1.18

1.77

1.25

1.64

' 116.9

'35.02.6

5.91.74.1

1.63

43.9

115.1

1.15

1.81

1.20

1.85

114.5

34.04.2

8.4.9

7.3

1.20

1.86

113.4

1.24

2.14

44,406

22,698

6 73,46110,066

39,307

22,608

89,1959,939

35,943

21,220

100,43210,704





Annual

1992 1993

1992

Dec.

1993

Jan. | Feb. | Mar | Apr. | May | June | July | Aug. | Sept. | Oct. | Nov. Dec.

1994

Jan.

19. TEXTILE PRODUCTS-Continued

APPAREL-Continued


Men's apparel cuttings, qtrly:SuitsCoats (separate), dress and sportTrousers, slacks, jeans, pants, etcShirts, dress and sport, thous. doz

Hosiery, shipments, thous. doz. prs

10,03213,422

524.090108.557320.494 3337171

2 5063.074

131,49626.61578.989

2.3823,517

112.33826,61577,879

2,165

130,96526,27690,441

2 063

133 0712 22,726

80,063 87,408

20. TRANSPORTATION EQUIPMENT

AEROSPACE VEHICLES


Orders, new (net) totalU.S. Government

Prime contract

Sales (net) receipts or billings totalU S Government

Backlog of orders, end of period $U S Government

Aircraft (complete) and partsEngines (aircraft) and partsMissiles, space vehicle systems, engines,

propulsion units, and partsOther related operations (conversions,

modifications), products, services

Aircraft (complete):ShipmentsExDorts commercial

MOTOR VEHICLES (NEW)

(Thousands, unless otherwise specified]

Passenger cars:Factory sales (from U.S. plants):

TotalDomestic

Retail sales, total, not seas, adjDomestics f . . .Imports t

Total seas adi at annual rate millionsDomestics millions fImports millions f

Retail inventories, domestics, end of period:Not seasonally adjustedSeasonally adjusted

Inventory-retail sales ratio, domestics

Exports (Bureau of Census) totalTo Canada

Imports (ITC) complete unitsFrom Canada total

Registrations 0, total new vehiclesImports, including domestically sponsored

Trucks and buses:Factory sales (from U.S. plants):

TotalDomestic

Retail sales:Total, not seasonally adjusted

0-10,000 lbs. GVW, domestics0-10,000 lbs. GVW, imports10,001 !bs. GVW and over @

Total seasonally adjusted0-10,000 lbs. GVW, domestics0-10 000 lbs GVW imports10 001 lbs GVW and over @

Retail inventories, domestics, end of period:Not seasonally adjustedSeasonally adjusted

Exports (BuCensus)Imports (BuCensus), including separate chassis

and bodies

Registrations 0, new vehicles, excluding buses notproduced on truck chassis

Truck trailers and chassis, complete (excludesdetachables), shipments, numberVan type number

Trailer bodies (detachable), sold separately, number.Trailer chassis (detachable), sold separately, number

RAILROAD EQUIPMENT

[Number, unless otherwise specified]

Freight cars (new), for domestic use; all railroadsand private car lines (excludes rebuilt and exportcars):Shipments

Equipment manufacturersNew orders

Equipment manufacturersUnfilled orders, end of period

Equipment manufacturers

Freight cars (revenue), class I railroads (AAR):Number owned, end of period, thousandsCapacity (carrying), total, end of month, mil. tons .

Average per car, tons

103,54756,764

101 704

121 85262,888

225,71981,241

130,86822,276

35,401

14,606

24,451

5,6845,1648,3846,2772,109

'1,275'1,306

2.6

3 574.71 200 4

'8,0573,107

4,0423,683

4,737.54,232.7

229.9274.7

1,086.51,111.3

4,810

165,268127,205

23,407

25,76125,76131,18131,18114,63514,635

8,7036,7341,970

'1,365'1,488

2.6

8,4063,103

5,498.14,981.0

182.1334.7

1,068.31,092.4

5,534

188,154144,332

44,246

35,23935,23949,80049,80029,19729,197

2,375

4644176775021768.76.72.0

1,2761,306

2.4

326.7103.2

639237

364323

394.7351.4

18.125.2

412.2370.6

17.723.9

1,086.51,111.3

407

13,82510,677

2,546

7,6307,6309,7869,786

14,63514,635

1,462

4404105754361398.76.72.0

1,3001,320

2.4

268.686.9

618233

342321

341.8306.9

14.820.1

443.6400.9

18.424.3

1,154.91,138.1

385

14,45711,226

1,895

1,623

4794556064661408.06.02.0

1,3961,422

2.8

308.5110.6

548197

381350

371.6333.2

16.521.9

434.4389.120.025.2

1,237.91,210.0

353

14,19010,795

2,865

2,021

5965387495821688.46.41.9

1,4811,487

2.8

355.8139.7

654225

467428

481.5433.1

18.929.5

435.7391.7

17.526.6

1,304.31,253.9

434

17,50613,653

3,504

' 8 423'8,423

'11,565' 11 565

17,69617,696

2,044

5394927836071769.06.92.1

1,4831,513

2.6

356.1140.7

700238

416375

492.1444.8

16.730.6

465.3421.1

16.627.6

1,276.61,253.7

467

15,98911,818

3,008

1,670

5454938276401889.16.92.1

1,4651,508

2.6

300.9121.4

710248

413374

516.4471.7

16.428.2

460.9416.9

15.928.1

1,236.71,191.3

459

15,67811,886

3,610

2,196

5625208526711808.86.91.9

1,4531,490

2.6

314.3144.5

859298

432393

533.2486.5

15.031.7

455.7411.0

15.029.6

1,207.61,155.4

556

16,04612,245

3,663

' 8 623' 8 623

'11,287'11,287

20.27820,278

893

3052877805991818.66.62.0

1,2061,509

2.7

250.484.8

757274

240220

487.6441.7

17.728.2

451.4409.0

15.926.5

986.41,057.7

495

14,13110,563

3,754

1,601

4263997145371768.66.72.0

1,1691,478

2.7

286.5109.3

698287

375349

446.7400.9

18.027.8

441.4398.9

14.028.5

978.31,049.7

474

15,75112,250

4,406

4594197205541668.56.61.9

1,2211,457

2.6

329.3143.4

761318

419384

446.5400.2

17.129.1

430.1384.0

17.528.7

1,032.61,096.0

489

16,83513,188

4,435

8,2858,2855,2775,277

17 42717 427

5475037335821519.07.11.9

1.2531,413

2.4

374.0146.9

713276

457416

450.9410.3

11.329.3

485.6445.9

11.828.0

1,093.21,091.3

466

'16,251'12,521

'4,335

5434986865381489.07.11.9

1,3551,433

2.4

340.0135.9

626222

436390

455.9415.8

10.030.1

505.0458.8

10.835.4

1,121.91,085.3

427

14,76111,247

4,416

6785221578.87.01.8

1,365'1,488

2.6

686249

'474.5'435.6

9.7'29.2

'499.7'462.3

9.9'27.5

1,068.31,092.4

477

16,55912,940

4,355

9,9089,908

21,67121,67129,19729,197

'622489

'134'9.2

7.3'1.9

1,4341,536

2.5

424.5389.1

10.325.1

536.0492.9

13.030.1




FOOTNOTES FOR PAGES S-l THROUGH S-32

General notes for all pages:r Revised,p Preliminary,e Estimated,c Corrected.© Copyrighted.

Address requests for data to:Business Statistics BranchBusiness Outlook Division (BE-52)Bureau of Economic AnalysisU.S. Department of CommerceWashington, DC 20230202-606-5367

Page S-1

+ Includes inventory valuation and capital consumption adjustments.t 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.§ The industrial production series have been revised from 1991 forward to reflect the incorporation

of more comprehensive source data, review of the production factor coefficients, and updated seasonalfactors. For further information, contact the Board of Governors of the Federal Reserve System,Division of Research and Statistics, Industrial Output Section, Washington, DC 20551.

Page S-24. Based on data not seasonally adjusted.§ See note "§" for page S-1.

Page S-4

t Includes textile mill products, leather and products, paper and allied products, and printing andpublishing industries; unfilled orders for other nondurable goods industries are zero.

t 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 areconsidered equal to new orders.

Page S-5

+ See note"+" for page S-4.t Ratio of prices received to prices paid (parity index).

Page S-6

1. Based on data not seasonally adjusted.§ Seasonally adjusted Consumer Price Indexes have been revised from 1989 forward to reflect a

new seasonal adjustment. For further information, contact the U.S. Department of Labor, Bureau ofLabor Statistics, Office of Consumer Prices and Price Indexes, Washington, DC 20212.

§ Seasonally adjusted Producer Price Indexes have been revised from 1989 forward to reflect anew seasonal adjustment. For further information, contact the U.S. Department of Labor, Bureau ofLabor Statistics, Division of industrial Prices and Price indexes, Washington, DC 20212.

t For Producer Price Indexes of individual commodities, see respective commodities in the In-dustry section beginning on page S-19. All indexes are subject to revision four months after originalpublication.

Page S-71. Computed from cumulative valuation total.§ Seasonally adjusted new housing units started have been revised from 1991 forward to reflect a

new seasonal adjustment. For further information, contact the U.S. Department of Commerce, Bureauof the Census, Construction Statistics Division, Housing Starts Branch, Washington, DC 20233.

t The fixed-weighted price index is a weighted average of the individual price index series usedto deflate the Value of New Construction Put in Place (VIP) series. In calculating the index, theweights (the composition of current dollar VIP in 1987 by category of construction) are held constant.Consequently, the index reflects only changes in prices. The implicit price deflator is a derived ratio oftotal current to constant dollar VIP (multiplied by 100). It is the average of the individual price indexesused in the deflation of VIP, but the prices are weighted by the composition of VIP each period. As aresult, the implicit price deflator reflects not only changes in prices, but also changes in the compositionof VIP, and its use as a measure of price change is discouraged.

* Written permission was granted by the owner of the copyright, Thomson Publishing Corporation,Stamford, CT 06902 prior to its reproduction, in its' entirety, in this publication.

* Index as of February 1, 1994: building, 459.7; construction, 500.0.

Page S-8

t Home mortgage rates are under money and interest rates on page S-14.O Data are for closed mortgage loans of thrift institutions insured by the Savings Associa-

tion Insurance Fund (SAIF)—FSLIC-insured institutions prior to September 1989. Associations inconservatorship are excluded.

Page S-9

§ Estimates from the Current Population Survey (CPS) reflect the results of a major redesign ofthe survey. Because of the extensive nature of the redesign and the impact of the revised popu-lation estimates, the January 1994 data is not directly comparable with earlier months. For furtherinformation, contact the U.S. Department of Labor, Bureau of Labor Statistics, Office of Employmentand Unemployment Statistics, Division of Employment and Unemployment Analysis, Washington, DC20212.

t Data include resident armed forces.O Projected number from the Census Bureau.

f The participation rate is the percent of the civilian noninstitutional population in the civilianlabor force. The employment-population ratio is civilian employment as a percent of the civiliannoninstitutional population, 16 years and over.

Page S-10

§ See note "§" for page S-9.t The unemployment rates are the number of unemployed in each group as a percent of the civilian

labor force in that group.

Page S-11

O Production and nonsupervisory workers.$ 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.

Page S-12

O Production and nonsupervisory workers.@ Wages as of February 1,1994: Common, $20.37; Skilled, $26.44.t Earnings in 1982 dollars reflect changes in purchasing power since 1982 by dividing by Consumer

Price Index.§ Seasonally adjusted average weekly earnings per worker in 1982 dollars has been revised to

reflect the revision in the Consumer Price Index used as a deflator.t Excludes farm, household, and Federal workers.

Page S-13

$ Covers the 50 States and the District of Columbia. Puerto Rico and the Virgin Islands areexcluded. Only regular benefits are included.

@ Average weekiy insured unemployment for 12-month period divided by average monthly coveredemployment (lagging 4 full quarters for annual figure and 2 full quarters for monthly figure).

t Excludes loans and federal funds transactions with domestic commercial banks and includesvaluation reserves (individual loan items are shown gross; i.e., before deduction of valuation reserves).

Page S-14

1. Weighted by number of loans.2. Data are for fiscal years ending September 30 and may include revisions not distributed to the

months.t Excludes loans to commercial banks in the U.S.@ Rates on the commercial paper placed for firms whose bond rating is Aa or the equivalent.£ Comprises mobile home loans and all other installment credit loans not included in automobile or

revolving credit, such as loans for education, boats, trailers, or vacations. These loans may be securedor unsecured.

0 Courtesy of Metals Week.

Page S-15

§ The monetary statistics series have been revised from 1959 forward to incorporate benchmarkrevisions and updated seasonal adjustment factors. For further information, contact the Board ofGovernors of the Federal Reserve System, Money and Reserves Projection Section, Washington, DC20551.

t 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 nonbankpublic, and overnight Eurodollars are those issued by Caribbean branches of member banks to U.S.nonbank customers.

+ Includes money market deposit accounts.@ 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 officialinstitutions.

Page S-16

t For bonds due or callable in 10 years or more.t Data may not equal the sum of the geographic regions, or commodity groups and principal

commodities, because the revisions to the totals are not reflected in the component items.

Page S-17

t Data include undocumented exports to Canada, which are based on official Canadian importtotals.

t See note"f" for page S-16.


S-34 • February 1994 SURVEY OF CURRENT BUSINESS

Page S-181. For month shown.t Total revenues, expenses, and income for all groups of carriers also reflect nonscheduled service,i The threshold for Class I railroad status is adjusted annually by the Interstate Commerce

Commission to compensate for inflation.0 Before extraordinary and prior period items.@ Data represent entries to a national park for recreational use of the park, its services,

conveniences, and/or facilities.

Page S-19

1. Data are partially estimated for first three quarters of 1991 and are not available. Value for 4thquarter 1991 and the 1st and 2nd quarter for 1993 are based on partially estimated production data.Data for 1992 were not published because they would have disclosed individual company operations.

t Data are reported on the basis of 100 percent content of the specified material unless otherwiseindicated.

Page S-20t Data are not wholly comparable from year to year because of changes in classification.k Includes less than 500 electric generation customers not shown separately.

Page S-211. Crop estimate for the year.2. Stocks as of December 1.3. Stocks as of June 1 and represents previous year's crop; new crop not reported until June

(beginning of new crop year).4. Previous year's crop. New crop is not reported until September. (Crop year: September

1-August31.)5. Stocks as of June 1.6. Stock estimates are available once a year as June 1 stocks and shown in the May column and

(as previous year's crop) in the annual column.t Coverage for 21 selected States, representing approximately 85 percent of U.S. production.1 Excludes pearl barley.@ Quarterly data represent the 3-month periods December-February, March-May, June-August,

and September-November. Annual data represent December-November.

Page S-22t Cases of 30 dozen.

Page S-24

1. Production was low as the result of a idled iron ore production operation.

Page S-25

1. For month shown.O Source: Metals Week.£ Includes domestic and foreign ores.

Page S-26

1. Data are only from companies reporting monthly and reflects an estimated 50 percent of totaltin recovered from scrap.

t Includes secondary smelters' lead stocks in refinery shapes and in copper-base scrap.0 Source: Metals Week.@ Price represents North American Mean.

Page S-27

1 Includes nonmarketable catalyst coke.f Includes small amounts of "other hydrocarbons and alcohol new supply (field production)," not

shown separately.

Page S-29

O Source: American Paper Institute. Total U.S. estimated consumption by all newspaper users,t Compiled by the American Newspaper Publishers Association.

Page S-30

+ Cumulative ginnings to the end of month indicated,t Bales of 480 lbs.

Page S-31

1. Weighted average for crop year, August 1-\July 31.2. Weighted average for crop year, August 1-November 30.3. Average for crop year, August 1-July 31.4. Average for crop year, August 1-January 31.5. Quarterly data withheld to avoid disclosing figures for individual companies.6. Excludes "sweatpants".t 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 andpremiums).

$ The total may include some miscellaneous wool imports.

Page S-32

1. Data withheld to avoid disclosing figures for individual companies.2. Excludes "woven dress and business shirts".3. Production of new vehicles (thousand of units) for November and December 1993: passenger

cars, 551 and 494; trucks and buses, 450 and 398.$ Total includes backlog for nonrelated products and services and basic research.t 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 allother cars.

O Courtesy of R.L. Polk & Company; republication prohibited. Because data for some States arenot available, month-to-month comparisons are not strictly valid.

<§> Includes some imported trucks over 10,000 lbs. GVW.

NOTE TO USERS: AS a result of a reprogramming of resources at BEA, this section of the SURVEY OF

CURRENT BUSINESS will be discontinued after the March 1994 issue; see "Looking Ahead" on page

ii of this issue. A listing of sources, including addresses and telephone numbers, for series in thissection will appear in the March and April issues.



INDEX TO CURRENT BUSINESS STATISTICS

SectionsGeneral:

Business indicators 1-5Commodity prices 5,6Construction and real estate 7, 8Domestic trade 8, 9Labor force, employment, and earnings 9-13Finance 13-16Foreign trade of the United States 16-18Transportation and communication 18,19

Industry:Chemicals and allied products 19, 20Electric power and gas 20Food and kindred products; tobacco 20-23Leather and products 23Lumber and products 23, 24Metals and manufactures 24-27Petroleum, coal, and products 27, 28Pulp, paper, and paper products 28, 29Rubber and rubber products 29Stone, clay, and glass products 30Textile products 30-32Transportation equipment 32

Footnotes 33-35

Individual SeriesAdvertising 8,12Aerospace vehicles 32Agricultural loans 13Air carrier operations 18Air conditioners (room) 27Aircraft and parts 4, 5, 32Alcohol, denatured and ethyl 19Alcoholic beverages 8, 20Aluminum 25Apparel 2, 4-6, 8-12, 31, 32Asphalt 28Automobiles, etc 2-4, 6, 8, 9,14, 15, 17, 32

Banking 13, 14Barley 21Battery shipments 27Beef and veal 22Beverages 8,17, 20Blast furnaces, steel mills 3-5Bonds, issued, prices, sales yields 15, 16Brass and bronze 26Brick 30Building and construction materials 2, 4, 5Building costs 7Building permits 7Business incorporation (new), failures 5Business sales and inventories 2,3Butter 21

Carpets 31Cattle and calves 22Cement 30Chain-store sales, firms with 11 or more stores 9Cheese 21Chemicals 2-4,10-12,15,17, 19, 20Cigarettes and cigars 23Clay products 2-4, 30Clothing (see apparel)Coal 2, 27Cocoa 22Coffee 22Coke 27Combustion, atmosphere, heating equipment 26Communication 15,19Construction:

Contracts 7Costs 7Employment, unemployment, hours, earnings 10-12Housing starts 7New construction put in place 7

Consumer credit 14Consumer goods output, index 1,2Consumer Price Index 5, 6Copper and copper products 25, 26Com 21Cost of living (see Consumer Price Index) 5,6Cotton, raw and manufactures 5, 30, 31Credit, commercial bank, consumer 14Crops 5, 21-23, 30Crude oil 3, 27Currency in circulation 15

Dairy products 5, 21Debt, U.S. Government 14Deflator, PCE 1Department stores, sales, inventories 9Deposits, bank 13, 15Dishwashers and disposers 27

Disposition of personal income 1Distilled spirits 20Dividend payments 1,15Drugstores, sales 8,9

Earnings, weekly and hourly 12Eating and drinking places 8, 9Eggs and poultry 5, 22Electric power 2, 20Electrical machinery and equipment 2-5,10-12, 15, 27Employee-hours, aggregate, and indexes 11Employment and employment cost 10-12Exports (see also individual commodities) 16-18

Failures, industrial and commercial 5Farm prices 5,6Fats and oils 17Federal Government finance 14Federal Reserve System 13Federal Reserve member banks 13Fertilizers 19Fish 22Flooring, hardwood 24Flour, wheat 22Fluid power products 26Food products 2-6, 8,10-12,15,17, 20-23Foreign trade (see also individual commodities) 16-18Freight cars (equipment) 32Fruits and vegetables 5Fuel oil 6, 28Fuels 2, 6,17, 27, 28Furnaces 27Furniture 2, 6, 8-12

Gas, output, prices, sales, revenues 2, 6, 20Gasoline 28Glass and products 30Glycerin 19Gold 14Grains and products 5, 21, 22Grocery stores 9Gypsum and products 30

Hardware stores 8Heating equipment 26Help-wanted advertising index 12Hides and skins 6Hogs 22Home loan banks, outstanding advances 8Home mortgages 8Hotels, motor hotels, and economy hotels 18Hours, average weekly 11Housefumishings 2, 4-6, 8, 9Household appliances, radios, and television sets 27Housing starts and permits 7

Imports (see also individual commodities) 17,18Income, personal 1Income and employment tax receipts 14Industrial production indexes:

By industry 1,2By market grouping 1,2

Installment credit 14Instruments and related products 2-^4,10-12Interest and money rates 14Inventories, manufacturers' and trade 3,4, 8,9Inventory-sales ratios 3Iron and steel 2,15, 24, 25

Labor force 9, 10Lamb and mutton 22Lead 26Leather and products 2, 6, 10-12, 23Livestock 5, 22Loans, real estate, agricultural, bank (see also Consumer credit). 8,13Lubricants 28Lumber and products 2, 6,10-12, 23, 24

Machine tools 26Machinery 2-6,10-12,15,17, 26, 27Manufacturers' sales (or shipments), inventories, orders 3-5Manufacturing employment, unemployment, production workers,

hours, earnings 10-12Manufacturing production indexes 1,2Meat animals and meats 5, 22Medical care 6Metals 2-6, 10-12, 15, 24-26Milk 21Mining 2, 10-12Mobile homes, shipments, installment credit 7,14Monetary statistics 15Money and interest rates 14Money supply 15Mortgage applications, loans, rates 8, 13,14Motor carriers 18Motor vehicles 2-4, 6, 8, 9,15, 17, 32

National parks, visits 18

Newsprint 29New York Stock Exchange, selected data 16Nonferrous metals 2, 4,5,15, 25,26

Oats 21Oils and fats 17Orders, new and unfilled, manufacturers' 4, 5Outlays, U.S. Government 14

Paint and paint materials 20Paper and products and pulp 2-4, 6,10-12,15,28,29Parity ratio 5Passenger cars 2-4, 6, 8,9,15,17,32Passports issued 18Personal consumption expenditures 1Personal income 1Personal outlays 1Petroleum and products 2-A, 10-12,15,17,27,28Pig iron 24Plastics and resin materials 20Population 9Pork 22Poultry and eggs 5, 22Price deflator, implicit (PCE) 1Prices (see also individual commodities) 5, 6Printing and publishing 2,10-12Private sector employment, hours, earnings 10-12Producer Price Indexes (see also individual commodities) 6Profits, corporate 15Public utilities 1, 2, 7,15,16,20Pulp and pulpwood 28Purchasing power of the dollar 6

Radio and television 8, 27Railroads 12,16,18, 32Ranges and microwave ovens 27Rayon and acetate 31Real estate 8,13Receipts, U.S. Government 14Refrigerators 27Registrations (new vehicles) 32Rent (housing) 6Retail trade 2, 3, 5, 8-12,14,32Rice 21Rubber and products (incl. plastics) 2-4, 6,10-12, 29

Saving, personal 1Savings deposits 13Savings institutions 8,14Securities issued 15Security markets 15,16Services 6,10-12Sheep and lambs 22Shoes and other footwear 23Silver 14Spindle activity, cotton 31Steel and steel manufactures 24, 25Stock market customer financing 15Stock prices, yields, sales, etc 16Stone, clay, glass products 2-4,10-12,15,30Sugar 23Sulfur 19Sulfuric acid 19Superphosphate 19Synthetic textile products 31

Tea imports 23Telephone carriers 19Television and radio 27Textiles and products 2 ^ , 10-12,15, 30-32Tin 26Tires and inner tubes 29Tobacco and manufactures 2-4,10-12,23Tractors 27Trade (retail and wholesale) 2,3, 5, 8-12,32Transit lines, urban 18Transportation 6,10-12,15,16,18Transportation equipment 2-6,10-12,15,17,32Travel 18Truck trailers 32Trucks 2, 32

Unemployment and insurance 9,10,13U.S. Government bonds 16U.S. Government finance 14Utilities 2, 6, 7,15,16, 20Vacuum cleaners 27Variety stores 9Vegetables and fruits 5

Wages and salaries 1,12Washers and dryers 27Water heaters 27Wheat and wheat flour 21,22Wholesale trade 2, 3, 5, 8,10-12Wood pulp 28Wool and wool manufactures 31Zinc 26


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Schedule of Upcoming BE A News ReleasesRelease

Subject Date

U.S. International Trade in Goods and Services, January 1994 * Mar. 22Gross Domestic Product, 4th quarter 1993 (final) Mar. 31Corporate Profits, 4th quarter 1993 (preliminary) Mar. 31

Personal Income and Outlays, February 1994 Apr. 1Composite Indexes of Leading, Coincident, and Lagging Indicators, February 1994 Apr. 5U.S. International Trade in Goods and Services, February 1994 * Apr. 19State Personal Income, 4th quarter 1993 and Per Capita Personal Income, 1993 (preliminary) Apr. 27Gross Domestic Product, 1st quarter 1994 (advance) Apr. 28Corporate Profits, 4th quarter 1993 (revised) Apr. 28Personal Income and Outlays, March 1994 Apr. 29

Composite Indexes of Leading, Coincident, and Lagging Indicators, March 1994 May 3Metropolitan Area Personal Income, 1992 May 5U.S. International Trade in Goods and Services, March 1994 * May 19Gross Domestic Product, 1st quarter 1994 (preliminary) May 27Corporate Profits, 1st quarter 1994 (preliminary) May 27Personal Income and Outlays, April 1994 May 31

Composite Indexes of Leading, Coincident, and Lagging Indicators, April 1994 June 2Summary of International Transactions, 1st quarter 1994 June 15U.S. International Trade in Goods and Services, April 1994 * June 21Gross Domestic Product, 1st quarter 1994 (final) June 29Corporate Profits, 1st quarter 1994 (revised) June 29

Personal Income and Outlays, May 1994 June 30

* Joint release by the Bureau of the Census and BEA.

For information, call (202) 606-9900, Bureau of Economic Analysis, U.S. Department of Commerce.
