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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
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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:
Superintendent of Documents,U.S. Government Printing Office,Washington, DC 20402.
Make checks payable to the Superinten-dent of Documents.
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$53.75 foreign.First-class mail: $89.00.Single copy: $11.00 domestic,
$13.75 foreign.
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).
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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 —
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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.
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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
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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]
Billions of 1987 dollars
I ov/ol
1993:1V
5,232.1
620.1704.2
5,316.2
134
5,302.8
3,508.6625.2226.9942.0
Change from preceding quarter
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]
Billions of 1987 dollars
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
Change from preceding quarter
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
Percent change from preceding quarter
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.
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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
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4 • February 1994 SURVEY OF CURRENT BUSINESS
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
Change from preceding quarter
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
Percent change from preceding quarter
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.
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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
Change from preceding quarter
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).
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6 • February 1994 SURVEY OF CURRENT BUSINESS
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]
Billions of 1987 dollars
u -
1993:1V
-84.1
620.1463.139.1
424.0157.0
704.2598.9
58.5540.4105.3
Change from preceding quarter
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
Percent change from preceding quarter
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]
Billions of 1987 dollars
I 0\/0lLCVCI
1993:1V
942.0
349.5238.094.1
143.9111.551.060.5
592.599.0
493.5365.7127.8
Change from preceding quarter
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
Percent change from preceding quarter
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.
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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.
Government purchases
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]
Gross domestic product
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.
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8 • February 1994 SURVEY OF CURRENT BUSINESS
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
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February 1994 SURVEY OF CURRENT BUSINESS
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
Government purchases
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
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 ...
Government purchases
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
Seasonally adjusted at annual rates
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
10 • February 1994 SURVEY OF CURRENT BUSINESS
Table 1.3.—Gross Domestic Product by Major Type of Product
[Billions of dollars]
Gross domesticproduct
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
Seasonally adjusted at annual rates
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
[Billions of dollars]
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.
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Table 1.7.—Gross Domestic Product by Sector[Billions of dollars]
Gross domesticproduct
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]
Gross domesticproduct
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
Seasonally adjusted at annual rates
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
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 1.6.—Relation of Gross Domestic Product, Gross DomesticPurchases, and Final Sales to Domestic Purchasers in ConstantDollars
[Billions of 1987 dollars]
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.
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Table 1.8.—Gross Domestic Product by Sector in Constant Dollars[Billions of 1987 dollars]
Gross domesticproduct
Business
NonfarmNonfarm less housing ....Housing
FarmStatistical discrepancy
Households and institutions
Private householdsNonprofit institutions
General government
FederalState and local
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS February 1994 • 11
Table 1.9.—Relation of Gross Domestic Product, Gross NationalProduct, Net National Product, National Income, and PersonalIncome
[Billions of dollars]
Table 1.10.—Relation of Gross Domestic Product, Gross NationalProduct, Net National Product, and National Income in ConstantDollars
[Billions of 1987 dollars]
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 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
Seasonally adjusted at annual rates
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
Equals: Net national product
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
12 • February 1994 SURVEY OF CURRENT BUSINESS
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
Seasonally adjusted at annual rates
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
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 ofnonfinancialcorporate business ..
Consumption of fixed capital ..Net domestic product
Indirect business tax andnontax liability plusbusiness transferpayments less subsidies
Domestic income
1992 1993
Seasonally adjusted at annual rates
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
Billions of 1987 dollars
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS February 1994
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
Personal consumptionexpenditures
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
Seasonally adjusted at annual rates
Table 2.2.—Personal Consumption Expenditures by Major Type ofProduct
[Billions of dollars]
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
Personal consumptionexpenditures
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
Seasonally adjusted at annual rates
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
[Billions of 1987 dollars]
Personal consumptionexpenditures
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
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
14 • February 1994 SURVEY OF CURRENT BUSINESS
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
Seasonally adjusted at annual rates
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
Seasonally adjusted at annual rates
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS February 1994
Table 3.7B.—Government Purchases by Type[Billions of dollars]
Table 3.8B.—Government Purchases by Type in Constant Dollars[Billions of 1987 dollars]
Government purchases
Federal
National defenseDurable goodsNondurable goodsServices
Compensation ofemployeesMilitaryCivilian
Other servicesStructures
NondefenseDurable goodsNondurable goods
Commodity CreditCorporationinventory change ...
Other nondurablesServices
Compensation ofemployees
Other servicesStructures
State and local
Durable goodsNondurable goodsServices
Compensation ofemployees
Other servicesStructures
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
Seasonally adjusted at annual rates
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
Government purchases
Federal
National defenseDurable goodsNondurable goodsServices
Compensation ofemployeesMilitaryCivilian
Other servicesStructures
NondefenseDurable goodsNondurable goods
Commodity CreditCorporationinventory change ...
Other nondurablesServices
Compensation ofemployees
Other servicesStructures
State and local
Durable goodsNondurable goodsServices
Compensation ofemployees
Other servicesStructures
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
Seasonally adjusted at annual rates
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
Compensation ofemployeesMilitaryCivilian
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
Petroleum productsAmmunitionOther nondurable goods
Services
Compensation ofemployeesMilitaryCivilian
Other servicesContractual research and
developmentInstallation supportl
Weapons support2
Personnel support3
Transportation ofmaterial
Travel of personsOther
5.2 Structures.
3.02.2
Military facilitiesOther
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
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
l6 • February 1994 SURVEY OF CURRENT BUSINESS
Table 4.1.—Foreign Transactions in the National Income and ProductAccounts
[Billions of dollars]
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
Seasonally adjusted at annual rates
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.
2. Consists largely of receipts by U.S. residents of interest and dividends and reinvested earnings of foreignaffiliates 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.
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
Automotive vehicles, engines, and partsConsumer goods, except automotive
Durable goodsNondurable goods
OtherDurable goodsNondurable goods
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
[Billions of 1987 dollars]
Exports of goods and servicesMerchandisel
DurableNondurable
Servicesl
Receipts of factor income2
Imports of goods and servicesMerchandisel
DurableNondurable
Servicesl
Payments of factor income3
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
Seasonally adjusted at annual rates
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.
2. Consists largely of receipts by U.S. residents of interest and dividends and reinvested earnings of foreignaffiliates 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.
Table 4.4.—Exports and Imports of Merchandise by End-Use Categoryin Constant Dollars
[Billions of 1987 dollars]
Exports of merchandise .
Foods, feeds, and beveragesIndustrial supplies and materials
Durable goodsNondurable 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
Automotive vehicles, engines, and partsConsumer goods, except automotive
Durable goodsNondurable goods
OtherDurable goodsNondurable goods
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
1. Includes parts of: exports of foods, feeds, and beverages, of nondurable industrial supplies and materials,and of nondurable consumer goods, except automotive.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Gross private domesticinvestment
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
Seasonally adjusted at annual rates
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
Producers' durable equipment
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
Seasonally adjusted at annual rates
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
StructuresNonresidential buildings, including
farmUtilitiesMining exploration, shafts, and
wellsOther structures
Producers' durable equipmentInformation processing and related
equipmentComputers and peripheral
equipment'Other
Industrial equipmentTransportation and related
equipmentOther
271.4 Residential
StructuresSingle familyMultifamilyOther structures
Producers' durable equipment
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
Seasonally adjusted at annual rates
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
l8 • February 1994 SURVEY OF CURRENT BUSINESS
Table 5.10.—Change in Business Inventories by Industry
[Billions of dollars]
Table 5.11.—Change in Business Inventories by Industry in ConstantDollars
[Billions of 1987 dollars]
Change in business inventories
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
OtherDurable goodsNondurable 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
Seasonally adjusted at annual rates
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
Change in business inventories
Farm
Nonfarm
ManufacturingDurable goodsNondurable goods
Wholesale tradeDurable goodsNondurable goods
Merchant wholesalersDurable goodsNondurable goods
Nonmerchant wholesalersDurable goodsNondurable goods
Retail tradeDurable goods
AutomotiveOther
Nondurable goods
OtherDurable goodsNondurable 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
Seasonally adjusted at annual rates
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
[Billions of dollars]
Table 5.13.—Inventories and Final Sales of Domestic Businessby Industry in Constant Dollars
[Billions of 1987 dollars]
Inventories1 ...
Farm
NonfarmDurable goodsNondurable goods
ManufacturingDurable goodsNondurable goods
Wholesale tradeDurable goodsNondurable goods
Merchant wholesalersDurable goodsNondurable goods
Nonmerchant wholesalers .Durable goodsNondurable goods
Retail tradeDurable 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
ManufacturingDurable goodsNondurable goods
Wholesale tradeDurable goodsNondurable goods
Merchant wholesalersDurable goodsNondurable goods
Nonmerchant wholesalers .Durable goodsNondurable goods
Retail tradeDurable 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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS February 1994 • 19
Table 6.1 C—National Income Without Capital Consumption Adjustmentby Industry
[Billions of dollars]
Table 6.16C—Corporate Profits by Industry[Billions of dollars]
National incomewithout capitalconsumptionadjustment
Domestic industries
Private industries
Agriculture, forestry, andfisheries
Mining .Construction
ManufacturingDurable goodsNondurable goods
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
Seasonally adjusted at annual rates
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
Seasonally adjusted at annual rates
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Implicit price deflator
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 ..
Implicit price deflator
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 ..
Implicit price deflator
Services:Current dollarsQuantity indexes:
Fixed 1987 weightsChain-type annual weightsBenchmark-years weignts
Price indexes:Fixed 1987 weightsChain-type annual weightsBenchmark-years weignts
Implicit price deflator
Gross private domestic investment:Current dollarsQuantity indexes:
Fixed 1987 weightsChain-type annual weightsBenchmark-years weignts
Price indexes:Fixed 1987 weightsChain-type annual weightsBenchmark-years weignts
Implicit price deflator
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:
Fixed 1987 weightsChain-type annual weightsBenchmark-years weignts
Price indexes:Fixed 1987 weightsChain-type annual weightsBenchmark-years weignts
Implicit price deflator
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
Implicit price deflator
Structures:Current dollarsQuantity indexes:
Fixed 1987 weightsChain-type annual weightsBenchmark-years weights
Price indexes:Fixed 1987 weightsChain-type annual weightsBenchmark-years weights
Implicit price deflator
Producers' durableequipment:Current dollarsQuantity indexes:
Fixed 1987 weightsChain-type annual weightsBenchmark-years weights
Price indexes:Fixed 1987 weightsChain-type annual weightsBenchmark-years weights
Implicit price deflator
Residential:Current dollarsQuantity indexes:
Fixed 1987 weightsChain-type annual weights ...Benchmark-years weights .....
Price indexes:Fixed 1987 weightsChain-type annual weights ...Benchmark-years weights
Implicit price deflator
Exports of goods and services:Current dollarsQuantity indexes:
Fixed 1987 weightsChain-type annual weightsBenchmark-years weights
Price indexes:Fixed 1987 weightsChain-type annual weightsBenchmark-years weights
implicit price deflator
Imports of goods and services:Current dollarsQuantity indexes:
Fixed 1987 weightsChain-type annual weightsBenchmark-years weights
Price indexes:Fixed 1987 weightsChain-type annual weightsBenchmark-years weights
Implicit price deflator
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS February 1994 • 21
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:
Fixed 1987 weightsChain-type annual weightsBenchmark-years weights ..
Price indexes:Fixed 1987 weightsChain-type annual weightsBenchmark-years weights ..
Implicit price deflator
Federal:Current dollarsQuantity indexes:
Fixed 1987 weightsChain-type annual weightsBenchmark-years weights
Price indexes:Fixed 1987 weightsChain-type annual weightsBenchmark-years weights
Implicit price deflator
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
Implicit price deflator
Nondefense:Current dollarsQuantity indexes:
Fixed 1987 weightsChain-type annual weights.Benchmark-years weights ..
Price indexes:Fixed 1987 weightsChain-type annual weights .Benchmark-years weights ..
Implicit price deflator
State and local:Current dollarsQuantity indexes:
Fixed 1987 weightsChain-type annual weightsBenchmark-years weights
Price indexes:Fixed 1987 weightsChain-type annual weightsBenchmark-years weignts
Implicit price deflator
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
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
Final sales of domestic product'Current dollarsQuantity indexes:
Fixed 1987 weightsChain-type annual weights ....Benchmark-years weights
Price indexes:Fixed 1987 weightsChain-type annual weights ....Benchmark-years weights
Implicit price deflator
Gross domestic purchases2:Current dollarsQuantity indexes:
Fixed 1987 weightsChain-type annual weights ....Benchmark-years weights
Price indexes:Fixed 1987 weightsChain-type annual weights ....Benchmark-years weights
Implicit price deflator
Final sales to domestic purchasers3:Current dollarsQuantity indexes:
Fixed 1987 weightsChain-type annual weightsBenchmark-years weights
Price indexes:Fixed 1987 weightsChain-type annual weightsBenchmark-years weights
Implicit price deflator
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
22 • February 1994 SURVEY OF CURRENT BUSINESS
Table 7.3.—Fixed-Weighted and Alternative Quantity and Price Indexesfor Gross National Product and Command-Basis Gross NationalProduct
[Index numbers, 1987=100]
Gross national product:Current dollarsQuantity indexes:
Fixed 1987 weightsChain-type annual weightsBenchmark-years weights ..
Price indexes:Fixed 1987 weightsChain-type annual weightsBenchmark-years weights ..
Implicit price deflator
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
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Table 7.4.—Price Indexes for Personal Consumption Expendituresby Major Type of Product, Fixed 1987 Weights
[Index numbers, 1987=100]
Personal consumptionexpenditures
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
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Table 7.6.—Price Indexes for Fixed Investment by Type, Fixed1987 Weights
[Index numbers, 1987=100]
Fixed investment
Nonresidential
StructuresNonresidential buildings, including
farmUtilitiesMining exploration, shafts, and
wellsOther structures
Producers' durable equipmentInformation processing and related
equipmentComputers and peripheral
equipment1
OtherIndustrial equipmentTransportation and related
equipmentOther
Residential
StructuresSingle familyMultifamilyOther structures
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
[Index numbers, 1987=100]
Exports of goods and services
Merchandisel
DurableNondurable
Servicesl
Receipts of factor income2
Imports of goods and services
Merchandise'Durable .Nondurable .
Services1
Payments of factor income3
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
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal
Government, are included in services.
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS February 1994 • 2$
Table 7.10.—Price Indexes for Exports and Imports of Merchandiseby End-Use Category, Fixed 1987 Weights
[Index numbers, 1987=100]
Table 7.11.—Price Indexes for Government Purchases by Type,Fixed 1987 Weights[Index numbers, 1987=100]
Exports of merchandise
Foods, feeds, and beveragesIndustrial supplies and materials
Durable goodsNondurable 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
Automotive vehicles, engines, and partsConsumer goods, except automotive
Durable goodsNondurable goods
OtherDurable goodsNondurable goods
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
1. Includes parts of: exports of foods, feeds, and beverages, of nondurable industrial supplies and materials,and of nondurable consumer goods, except automotive.
Government purchases .
Federal...
National defenseDurable goodsNondurable goodsServices
Compensation of employees .MilitaryCivilian
Other servicesStructures
NondefenseDurable goodsNondurable goods
Commodity Credit Corporationinventory change
Other nondurablesServices
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
24 • February 1994 SURVEY OF CURRENT BUSINESS
Table 7.12.—Price Indexes for National Defense Purchases, Fixed1987 Weights
[Index numbers, 1987=100]
National defense purchases .
Durable goods
Military equipmentAircraftMissilesShipsVehiclesElectronic equipmentOther
Other durable goods
Nondurable goods
Petroleum productsAmmunitionOther nondurable goods
Services
Compensation of employees .MilitaryCivilian
Other servicesContractual research and
developmentInstallation supportl
Weapons support2
Personnel support3
Transportation of material .Travel of personsOther
Structures
Military facilitiesOther
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
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 7.13.—Implicit Price Deflators for the Relation of GrossDomestic Product, Gross National Product, Net National Product,and National Income
[Index numbers, 1987=100]
Gross domestic product
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
Equals: Net national product
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
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.
Table 7.14.—Implicit Price Deflators for Gross Domestic Productby Sector
[Index numbers, 1987=100]
Gross domestic product
Business
NonfarmNonfarm less housingHousing
FarmStatistical discrepancy
Households and institutions
Private households
Nonprofit institutions
General government
FederalState and local
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS February 1994 • 25
Table 8.1.—Percent Change From Preceding Period in Selected Series[Percent]
1992 1993
Seasonally adjusted at annual rates
1992 1993 1992 1993
Seasonally adjusted at annual rates
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 weights .
Personal consumption expenditures:Current dollarsQuantity indexes:
Fixed 1987 weightsChain-type annual weightsBenchmark-years weights
Price indexes:Fixed 1987 weightsChain-type annual weightsBenchmark-years weights
Durable goods:Current dollarsQuantity indexes:
Fixed 1987 weightsChain-type annual weightsBenchmark-years weights
Price indexes:Fixed 1987 weightsChain-type annual weightsBenchmark-years weights
Nondurable goods:Current dollarsQuantity indexes:
Fixed 1987 weightsChain-type annual weightsBenchmark-years weights
Price indexes:Fixed 1987 weightsChain-type annual weightsBenchmark-years weights
Services:Current dollarsQuantity indexes:
Fixed 1987 weightsChain-type annual weightsBenchmark-years weights
Price indexes:Fixed 1987 weightsChain-type annual weightsBenchmark-years weights
Gross private domestic investment:Current dollarsQuantity indexes:
Fixed 1987 weightsChain-type annual weightsBenchmark-years weights
Price indexes:Fixed 1987 weightsChain-type annual weightsBenchmark-years weights
Fixed investment:Current dollarsQuantity indexes:
Fixed 1987 weightsChain-type annual weightsBenchmark-years weights
Price indexes:Fixed 1987 weightsChain-type annual weightsBenchmark-years weights
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:
Fixed 1987 weightsChain-type annual weightsBenchmark-years weights
Price indexes:Fixed 1987 weightsChain-type annual weightsBenchmark-years weights
Producers' durableequipment:Current dollarsQuantity indexes:
Fixed 1987 weightsChain-type annual weightsBenchmark-years weights
Price indexes:Fixed 1987 weightsChain-type annual weightsBenchmark-years weights
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:
Fixed 1987 weightsChain-type annual weightsBenchmark-years weights
Price indexes:Fixed 1987 weightsChain-type annual weightsBenchmark-years weights
Imports of goods and services:Current dollarsQuantity indexes:
Fixed 1987 weightsChain-type annual weightsBenchmark-years weights
Price indexes:Fixed 1987 weightsChain-type annual weightsBenchmark-years weights
Government purchases:Current dollarsQuantity indexes:
Fixed 1987 weightsChain-type annual weightsBenchmark-years weights
Price indexes:Fixed 1987 weightsChain-type annual weightsBenchmark-years weights
Federal:Current dollarsQuantity indexes:
Fixed 1987 weightsChain-type annual weightsBenchmark-years weights
Price indexes:Fixed 1987 weightsChain-type annual weightsBenchmark-years weights
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
-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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
26 • February 1994 SURVEY OF CURRENT BUSINESS
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:
Fixed 1987 weightsChain-type annual weightsBenchmark-years weights
Price indexes:Fixed 1987 weightsChain-type annual weightsBenchmark-years weights
Addenda:Final sales of domestic product:
Current dollarsQuantity indexes:
Fixed 1987 weightsChain-type annual weightsBenchmark-years weights
Price indexes:Fixed 1987 weightsChain-type annual weightsBenchmark-years weights
Gross domestic purchases:Current dollarsQuantity indexes:
Fixed 1987 weightsChain-type annual weightsBenchmark-years weignts
Price indexes:Fixed 1987 weightsChain-type annual weightsBenchmark-years weights
Final sales to domestic purchasers:Current dollarsQuantity indexes:
Fixed 1987 weightsChain-type annual weightsBenchmark-years weights
Price indexes:Fixed 1987 weightsChain-type annual weightsBenchmark-years weignts
Gross national product:Current dollarsQuantity indexes:
Fixed 1987 weightsChain-type annual weightsBenchmark-years weignts
Price indexes:Fixed 1987 weightsChain-type annual weightsBenchmark-years weights
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
Seasonally adjusted at annual rates
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:
Gross domesticproduct
productPersonal income .Disposable
personalincome
Personal
expenditures ...Durable goods
goodsServices
Constant (1987)dollars:
Gross domesticproduct
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
Seasonally adjusted at annual rates
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
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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
Government purchases
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
Seasonally adjusted at annual rates
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
Government purchases
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
Seasonally adjusted at annual rates
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
Government purchases
Change in business inventories
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
Government purchases
Change in business inventories
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
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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
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SURVEY OF CURRENT BUSINESS February 1994 • 29
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
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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
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SURVEY OF CURRENT BUSINESS February 1994
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.
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32 • February 1994 SURVEY OF CURRENT BUSINESS
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.
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SURVEY OF CURRENT BUSINESS February 1994 • 33
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.
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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.
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SURVEY OF CURRENT BUSINESS February 1994 • 35
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
[Billions of dollars]
Receipts
Current services estimates
Plus: Proposed legislation:Deduction for health insurance costs of the self
employedTobacco tax (net of income offsets)Security law feesOther
Equals: The budget
Outlays
Current services estimates
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.
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3 6 • February 1994 SURVEY OF CURRENT BUSINESS
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
[Billions of dollars]
Current services estimates
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
[Billions of dollars]
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
Sources: The Budget of the United States Government, Fiscal Year 1995, and the Bureauof Economic Analysis.
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
[Billions of dollars]
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
Sources: The Budget of the United States Government, Fiscal Year 1995, and the Bureauof Economic Analysis.
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.
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SURVEY OF CURRENT BUSINESS February 1994
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
[Billions of dollars]
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
Sources: The Budget of the United States Government, Fiscal Year 1995, and the Bureauof Economic Analysis.
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 $0.9 billion.Chart 3 shows the components of expenditureson the NIPA basis for 1985-95.
Table 8.—Sources of Change in Federal GovernmentExpenditures, NIPA Basis
[Billions of dollars]
Total expenditures .
PurchasesNational defense
Pay raise and locality pay •Other
NondefensePay raise and locality pay l
Commodity Credit Corporation inventory changeOther
Transfer paymentsSocial securityMedicareSupplemental security incomeFederal employee retirementEarned income and child care credits ....Veterans benefitsUnemployment benefitsOther
Grants-in-aid to State and local governmentsMedicaidEducationHighwaysHealth careFood and nutritionOther
Net interest paid
Subsidies less current surplus of governmententerprises
Agriculture subsidiesHousing subsidiesLess: Postal Service surplusOther
Change from preced-ing fiscal year
1993 1994 1995
48.5
.1-5.0
-5.05.0
.54.5
39.216.313.23.72.61.1.9
-1.63.0
14.87.9
.91.0.6.9
3.5
-8.5
2.91.7
0.7
1.9
48.8
-1.6-13.2
1.6-14.8
12.5.9
-.211.8
32.116.014.94.42.01.0' .8
-8.51.5
21.811.42.11.4.6.9
5.4
2.0
-5.5-4.0
-.3-.1
-1.3
63.8
6.6-5.9
2.0-7.911.61.5-.1
10.2
36.715.914.91.72.25.4
.7-3.8
11.49.2-.52.81.8.9
-2.8
10.0
-.9-.2
.2
.90
Source: Bureau of Economic Analysis.1. Consists of pay raises and locality pay beginning in January 1993.
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3$ • 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
^ondeiensePurchases
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
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SURVEY OF CURRENT BUSINESS February 1994 • 39
Table 9.—Relation of National Defense Purchases inthe NIPA's to National Defense Outlays in the Budget
[Billions of dollars]
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
Sources: The Budget of the United States Government, Fiscal Year 1995, and the Bureauof Economic Analysis.
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!
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40 • February 1994 SURVEY OF CURRENT BUSINESS
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
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SURVEY OF CURRENT BUSINESS February 1994 • 41
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.
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SURVEY OF CURRENT BUSINESS February 1994
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.
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SURVEY OF CURRENT BUSINESS February 1994 • 43
• 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.
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44 • February 1994 SURVEY OF CURRENT BUSINESS
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
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
Wholesale tradeFinance (except banking), insurance, and real estateServicesOther industries
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
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SURVEY OF CURRENT BUSINESS February 1994 • 45
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.
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46 • February 1994 SURVEY OF CURRENT BUSINESS
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%)
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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
All IndustriesPetroleumManufacturing
Food and kindred productsChemicals and allied productsPrimary and fabricated metals ,Machinery, 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
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
Wholesale tradeFinance (except banking), insurance, and real estateServicesOther industries
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
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48 • February 1994 SURVEY OF CURRENT BUSINESS
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)
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
Wholesale tradeFinance (except banking), insurance, and real
estateServices ,Other industries
All industriesPetroleumManufacturing
Food and kindred productsChemicals and allied productsPrimary and fabricated metalsMachinery, except electricalElectric and electronic equipmentTransportation equipmentOther manufacturing
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.)
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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%)
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50 • February 1994 SURVEY OF CURRENT BUSINESS
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.
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SURVEY OF CURRENT BUSINESS February 1994
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
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§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
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SURVEY OF CURRENT BUSINESS February 1994 • 53
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
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 areas, all Industries
By major area
CanadaEuropeLatin America and Other Western HemisphereAfricaMiddle EastAsia and PacificInternational
By major industry
PetroleumManufacturing
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
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
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• 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
Share of total output accounted for by:
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
PetroleumManufacturing
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 areas, all industries
By major area
CanadaEuropeLatin America and Other Western
HemisphereAfricaMiddle EastAsia and PacificInternational
By major industry
PetroleumManufacturing
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
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS February 1994 • 55
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
Share of total output accounted for by:
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)
All areas, all industries
By major area
CanadaEuropeLatin America and Other Western
HemisphereAfricaMiddle EastAsia and PacificInternational
By major industry
PetroleumManufacturing
Food and Kindred productsChemicals and allied productsPrimary and fabricated metalsMachinery, except electricalElectric and electronic equipment.Transportation equipmentOther manufacturing
Wholesale tradeFinance (except banking), insurance,
and real estateServicesOther industries
All areas, ail industries
By major area
CanadaEuropeLatin America and Other Western
HemisphereAfricaMiddle EastAsia and PacificInternational
By major industry
PetroleumManufacturing
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
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
5 6 • February 1994 SURVEY OF CURRENT BUSINESS
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).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS February 1994
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
$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
Wholesale tradeDurable goodsNondurable goods
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
9,950n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.
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
1,724n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS February 1994 • 59
Table 12.1.—Gross Product of Nonbank Majority-Owned Foreign Affiliates, Country by Industry, 1977[Millions of dollars]
All countries . . ..
Canada
Europe .
AustriaBelgiumDenmarkFinlandFrance
Germany Federal Republic ofGreece . .IrelandItalyLuxembourgNetherlands
Norway .Portuaal' v , a"SpainSwedenSwitzerlandTurkeyUnited KingdomOther
Latin America and Other Western Hemisphere
South AmericaArgentinaBrazilChileColombiaEcuadorPeruVenezuelaOther
Central AmericaCosta RicaGuatemalaHonaurasMexicoPanamaOther
Other Western HemisphereBahamasBarbadosBermudaDominican RepublicJamaicaNetherlands AntillesTrinidad and TobagoUnited Kingdom Islands, CaribbeanOther
AfricaEgyptNigeriaSouth AfricaOther
Middle EastIsraelSaudi ArabiaUnited Arab EmiratesOther
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
60 • February 1994 SURVEY OF CURRENT BUSINESS
Table 12.2.—Gross Product of Nonbank Majority-Owned Foreign Affiliates, Country by Industry, 1982[Millions of dollars]
Allindustries
Petroleum
Manufacturing
TotalFood andkindred
products
Chemi-cals and
alliedproducts
Primaryand
fabricatedmetals
Machin-ery,
exceptelectrical
Electric andelectronicequipment
Transpor-tationequip-ment
Othermanufac-
turing
Whole-sale trade
Finance(except
banking),insurance,and realestate
ServicesOther
industries
All countries
Canada
Europe
AustriaBelgiumDenmark ....FinlandFrance
Germany, Federal Republic ofGreeceIrelandItalyLuxembourgNetherlands
NorwayPortugalSpainSwedenSwitzerlandTurkeyUnited Kingdom .Other
Latin America and Other Western Hemisphere
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
Asia and PacificAustraliaChinaHong KongIndiaIndonesiaJapanKorea, Republic ofMalaysiaNew ZealandPhilippinesSingaporeTaiwanThailandOther
International'
Addenda:Eastern Europe2
European Communities (12)3
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
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS February 1994 6l
Table 12.3.—Gross Product of Nonbank Majority-Owned Foreign Affiliates, Country by Industry, 1989[Millions of dollars]
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
Electric andelectronicequipment
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
Transpor-tationequip-ment
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
Latin America and Other Western Hemisphere
South AmericaArgentinaBrazilChileColombiaEcuadorPeruVenezuelaOther
Central AmericaCosta RicaGuatemalaHondurasMexicoPanamaOther
Other Western HemisphereBahamasBarbadosBermudaDominican RepublicJamaicaNetherlands AntillesTrinidad and TobagoUnited Kingdom Islands, CaribbeanOther
AfricaEgyptNigeriaSouth AfricaOther
Middle EastIsraelSaudi ArabiaUnited Arab EmiratesOther
Asia and PacificAustraliaChinaHong KongIndiaIndonesiaJapanKorea, Republic ofMalaysiaNew ZealandPhilippinesSingaporeTaiwanThailandOther
International1
Addenda:Eastern Europe2
European Communities (12)3
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
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
62 • February 1994 SURVEY OF CURRENT BUSINESS
Table 12.4.—Gross Product of Nonbank Majority-Owned Foreign Affiliates, Country by Industry, 1990[Millions of dollars]
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
Electric andelectronicequipment
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
Transpor-tationequip-ment
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
AustriaBelgiumDenmarkFinlandFrance
Germany1
GreeceIrelandItalyLuxembourgNetherlands
NorwayPortugalSpainSwedenSwitzerlandTurkeyUnited KingdomOther
Latin America and Other Western Hemisphere ..
South AmericaArgentinaBrazilChileColombiaEcuadorPeruVenezuelaOther
Central AmericaCosta RicaGuatemalaHondurasMexicoPanamaOther
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 Europe3
European Communities (12)4
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS February 1994 • 63
Table 12.5.—Gross Product of Nonbank Majority-Owned Foreign Affiliates, Country by Industry, 1991[Millions of dollars]
industries Petroleum
Manufacturing
TotalFood andkindred
products
Chemi-cals and
alliedproducts
Primaryand
fabricatedmetals
Machin-ery,
exceptelectrical
Electric andelectronicequipment
Transpor-tationequip-ment
Othermanufac-
turing
Whole-sale trade
Finance
banking),insurance,and realestate
ServicesOther
industries
All countries
Canada
Europe
AustriaBelgiumDenmarkFinlandFrance
Germany1
GreeceIrelandItalyLuxembourgNetherlands
NorwayPortugalSpainSwedenSwitzerlandTurkeyUnited KingdomOther
Latin America and Other Western Hemisphere
South AmericaArgentinaBrazilChileColombiaEcuadorPeruVenezuelaOther
Central AmericaCosta RicaGuatemalaHondurasMexico ,PanamaOther
Other Western HemisphereBahamasBarbadosBermudaDominican RepublicJamaicaNetherlands AntillesTrinidad and TobagoUnited Kingdom Islands, CaribbeanOther
AfricaEgyptNigeriaSouth AfricaOther
Middle EastIsraelSaudi ArabiaUnited Arab EmiratesOther
Asia and PacificAustraliaChinaHong KongIndiaIndonesiaJapanKorea, Republic ofMalaysiaNew ZealandPhilippinesSingaporeTaiwanThailand !Other
International2
Addenda:Eastern Europe3
European Communities (12)4
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.
3. See footnote 3 to table 6.4. See footnote 4 to table 6.5. See footnote 5 to table 6.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
64 SURVEY OF CURRENT BUSINESS February 1994
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
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 and various secondary sources
Recent quarterly trends
Recent quarterly trends and various secondary sources
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
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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).
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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.
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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.
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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
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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 $100.00
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Diskette {$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
diskettes are also available. For information, call (202) 606-5307.]Printout—Accession No. 54-91-20-207, price $35.00
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
diskettes are also available. For information, call (202) 606-5307.]Printout—Accession No. 54-91-20-208, price $35.00
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
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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
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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
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NationalEconomics—Continued
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.]
Computer tape—Accession No. 54-89-00-002, price $100.00.
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.]
Computer tape—Accession No. 54-89-00-003, price $100.00.
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
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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.
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NationalEconomics—Continued
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.
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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
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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)
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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.
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80 • February 1994 SURVEY OF CURRENT BUSINESS
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
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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
(two diskettes). [Other types of diskettes available; for information, call(202) 606-5341.]
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 $40.00
(two diskettes). [Other types of diskettes available; for information, call(202) 606-5341.]
5.5 County Projections to 2040(diskette). Estimates for 1973, 1979, 1983, and1988, and projections for 1995, 2000, 2005, 2010, 2020, and 2040 for total personalincome, population, per capita personal income, and employment and earnings byindustry for States and counties. Complete set of 13 diskettes {$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.]
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82 • February 1994 SURVEY OF CURRENT BUSINESS
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.
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SURVEY OF CURRENT BUSINESS February 1994 • 83
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
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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
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SURVEY OF CURRENT BUSINESS February 1994 • 85
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
$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 1989 Estimates. (1992)
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.]
Foreign Direct Investment in the United States: Operations of U.S. Affiliates ofForeign Companies, Revised 1988 Estimates. (1991)
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
$20.00. [Other types of diskettes available; for information, call (202)606-9879.]
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:
Publication—Available from GPO: Stock No. 003-010-00210-7, price $14.00.Diskette ($WHD)—Available from BEA: Accession No. 50-90-40-401, price
$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
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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
$20.00. [Other types of diskettes available; for information, call (202)606-9898.]
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:
Publication—Available from GPO: Stock No. 003-010-00228-0, price $36.00.Diskette ($WHD)—Available from BEA: Accession No. 50-92-40-777, price
$20.00. [Other types of diskettes available; for information, call (202)606-9898.]
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
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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
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88 • February 1994 SURVEY OF CURRENT BUSINESS
InternationalEconomics—Continued
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).
U.S. Direct Investment Abroad: Operations of U.S. Parent Companies and TheirForeign Affiliates, Revised 1988 Estimates. (1991)
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
$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 1987 Estimates. (1990)
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
$20.00. [Other types of diskettes available; for information, call (202)606-9820 .]
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.
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SURVEY OF CURRENT BUSINESS February 1994
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
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90 • February 1994 SURVEY OF CURRENT BUSINESS
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.]
Diskette (3V2" HD), 12-month subscription—Accession No. 52-92-41-403, price$200.00 per year. [Other types 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.
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SURVEY OF CURRENT BUSINESS February 1994 • 91
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.]
Diskette (3V2" HD), 12-month subscription—Accession No. 52-92-41-411, price$200.00 per year. [Other types 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
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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/^Ant 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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.$, AR (C.Lg.Lg).
121.8
425.96
433.66
394.43
535.60
584 64
554 84
464.42
119.061 695
'37.24
'36.63
32.26
'40.59
459.12
5.
119.355 689
'33.15
'33.23
29.26
'38.54
442.82
FIXED CAPITAL INVESTMENT
'120.959 691
'35.97
'35.92
33.09
'40.20
56413
533 70
447.24
'122.061002
'32.99
'33.49
30.13
'4322
465.62
'121.059 648
'33.89
'34.15
31.18
'43.80
448.70
'117.651,765
'33.25
'33.96
31.08
'42.80
579.79
546 97
454.96
'120.860422
'38.15
'37.86
34.11
'43.43
462.72
'120.758 341
'33.77
'34.67
31.47
'47.58
442.00
r 120.957 909
'35.63
'36.38
33.24
'44.44
594.11
565 28
468.37
'122.2'63,632
'34.94
'35.84
32.44
'45.34
464.07
'122.9
'36.56
'37.73
34.52
'46.74
470.16
'125.4
'38.78
'40.44
'37.12
'47.15
"600 53
a 573 42
'492.15
'128.0
'38.88
'39.99
'36.79
'52.36
'514.18
'127.7
'41.45
'41.64
'38.03
'52.76
'495.55
NOTE.—The following current high values were reached before December 1992: July 1991—BCl-92 change (6.72)and August 1991—BCl-92 smoothed (-0.83).
See page C-6 for other footnotes.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS February 1994 • C-3
76*
29
89 •
Seriesno.
Series title and timing classificationYear
1993
1992
Dec.
1993
Jan. Feb. Mar. | Apr. | May | June July
5. FIXED CAPITAL INVESTMENT-Continued
Aufl. | Sept Oct Nov. Dec.
1994
Jan.
Business investment expenditures—Continued:Index of industrial production, business equipment,
1987-100 (C,Lg,U)§.Gross private nonresidential fixed investment, bil.
1987$, 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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS February 1994 • C-9
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
C-10 • February 1994
CYCLICAL INDICATORSSURVEY OF CURRENT BUSINESS
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS February 1004 • C-13
CYCLICAL INDICATORSEmployment and Unemployment
Dec. Nov. Nov. Mar.P T P T
Jan. July July Nov.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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
C-14 • February
CYCLICAL INDICATORSOutput, Production, and Capacity Utilization
SURVEY OF CURRENT BUSINESS
Dec. Nov.P T
Jan. July July Nov.P T 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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS February 1994 • C-15
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
C-16 • February 1994
CYCLICAL INDICATORSFixed Capital Investment
SURVEY OF CURRENT BUSINESS
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS February 1994 • C-17
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
C-18 • February 1994
CYCLICAL INDICATORSSURVEY OF CURRENT BUSINESS
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CYCLICAL INDICATORS• Prices and Profits
SURVEY OF CURRENT BUSINESS February 1994 • C-19
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
C-20 • February
CYCLICAL INDICATORSSURVEY OF CURRENT BUSINESS
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 ^ailment 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
NOTE.—Current data for these series are shown on page C-4.
90 91 92 93 1994
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESSC-22 • February 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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS February 1994 • C-23
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESSC-24 • February 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
NOTE.—Current data for these series are shown on page C-5.
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
SURVEY OF CURRENT BUSINESS
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
[Millions of dollars]
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Unless otherwise stated in footnotes below, datathrough 1991 and methodological notes are as
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.
1. GENERAL BUSINESS INDICATORS-Continued
BUSINESS INVENTORIES
[Millions of dollars]
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
Retail trade, totalDurable goods storesNondurable goods stores
Merchant wholesalers, totalDurable goods establishmentsNondurable goods establishments
[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
Retail trade, totalDurable goods storesNondurable goods stores
Merchant wholesalers, totalDurable goods establishmentsNondurable goods establishments
Manufacturing and trade in constant (1987) dollars,totalManufacturingRetail tradeMerchant wholesalers
MANUFACTURERS' SHIPMENTS, INVENTORIES,AND ORDERS
[Millions of dollars]
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:
Durable goods industries, totalStone, clay, and glass productsPrimary metals
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
o-4 • February 1994
Unless otherwise stated in footnotes below, datathrough 1991 and methodological notes are as
shown in BUSINESS STATISTICS, 1953-91
Annual
1992 1993
SURVEY OF CURRENT BUSINESS1992
Dec.
1993
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. | Dec.
1994
Jan.
1. GENERAL BUSINESS INDICATORS-Continued
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:
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 ,.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
productsSupplementary series:
Household durablesCapital goods industries
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
By market category:Home goods and apparelConsumer staplesMachinery and equipmentAutomotive equipmentConstruction materials and suppliesOther materials, supplies, and intermediate
productsSupplementary series:
Household durablesCapital goods industries
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
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Unless otherwise stated in footnotes below, datathrough 1991 and methodological notes are as shown
^ in BUSINESS STATISTICS, i963~9i
Annual
1992 1993
SURVEY OF CURRENT BUSINESS1992
Dec.
February 1994 •
1993
Jan. Feb. | Mar. Apr. May June | July Aug. Sept. Oct. Nov. Dec.
b-5
1994
Jan.
1. GENERAL BUSINESS INDICATORS-Continued
MANUFACTURERS' SHIPMENTS, INVENTORIES,AND ORDERS—Continued!
[Millions of dollars]
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 +
By market category:Home goods and apparelConsumer staplesMachinery and equipmentAutomotive equipmentConstruction materials and suppliesOther materials, supplies, and intermediate
productsSupplementary series:
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
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
o-6 • February 1994
Unless otherwise stated in footnotes below, datathrough 1991 and methodological notes are as shown
in BUSINESS STATISTICS, 1953-91
Annual
1992 1993
SURVEY OF CURRENT BUSINESS1992
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
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS February 1994 • S-7
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.
3. CONSTRUCTION AND REAL ESTATE
CONSTRUCTION PUT IN PLACE
[Millions of dollars]
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
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
[Millions of dollars]
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
[Millions of dollars]
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
[Millions of dollars]
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
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Unless otherwise stated in footnotes below, datathrough 1991 and methodological notes are as 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.
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
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
o-lu • February 1994
Unless otherwise stated in footnotes below, datathrough 1991 and methodological notes are as shown
in BUSINESS STATISTICS, 1963-91
Annual
1992 | 1993
SURVEY OF CURRENT BUSINESS1992
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
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS February 1994 • S-ll
Unless otherwise stated in footnotes below, datathrough 1991 and methodological notes are as shown
in BUSINESS STATISTICS, 1963-91
Annual
1992 1993
1992
Dec. H H Mar. A P , | May |
1993
June July Aug. Sept. | 0 * | Nov. Dec.
1994
Jan.
5. LABOR FORCE, EMPLOYMENT, AND EARNINGS-Continued
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
Durable goodsNondurable goods
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
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-12 • February 1994 SURVEY OF CURRENT BUSINESS
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. j Oct. Nov. Dec.
1994
Jan.
5. LABOR FORCE, EMPLOYMENT, AND EARNINGS-Continued
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
Durable goodsNondurable goods
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
See footnotes at end of tables.
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Unless otherwise stated in footnotes below, datathrough 1991 and methodological notes are as shown
in BUSINESS STATISTICS, 1963-91
Annual
1992 | 1993
SURVEY OF CURRENT BUSINESS
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
[Millions of dollars]
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
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-14 • February 1994 SURVEY OF CURRENT BUSINESSUnless otherwise stated in footnotes below, datathrough 1991 and methodological notes are as
shown in BUSINESS STATISTICS, 1963-91
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
[Millions of dollars]
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
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS February 1994 • S-15
Unless otherwise stated in footnotes below, datathrough 1991 and methodological notes are as shown
in BUSINESS STATISTICS, 1963-91
Annual
1992 1993
1992
Dec. Jan. Feb. Mar. A P , | May |
1993
June July Aug. | Sept. | Oct. Nov. | Dec.
1994
Jan.
6. FINANCE-Continued
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
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
b-lb • February 1994
Unless otherwise stated in footnotes below, datathrough 1991 and methodological notes are as
shown in BUSINESS STATISTICS, 1953-91
Annual
1992 1993
SURVEY OF CURRENT BUSINESS1992
Dec.
1993
Jan. Feb. Mar. | Apr. May June July Aug. Sept. Oct. Nov. I Dec.
1994
Jan.
6. FINANCE-Continued
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
[Millions of dollars]
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
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS February 1994 • S-17
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
'. 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
[Millions of dollars]
Trade balance:Not seasonally adjusted
Seasonally adjusted
[Billions of 1987 dollars]
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
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-18 • February 1994 SURVEY OF CURRENT BUSINESSUnless otherwise stated in footnotes below, data
through 1991 and methodological notes are as shownin BUSINESS STATISTICS, 1953-91
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
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS February 1994 • S-19
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.
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
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
b-ZU • February 1994
Unless otherwise stated in footnotes below, datathrough 1991 and methodological notes are as
shown in BUSINESS STATISTICS, 1953-01
Annual
1992 1993
SURVEY OF CURRENT BUSINESS1992
Dec.
1993
Jan. Feb. Mar. Apr. May June July Aug. | Sept. Oct. Nov. Dec.
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
[Millions of dollars]
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
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS February 1994 • S-21
Unless otherwise stated in footnotes below, datathrough 1991 and methodological notes are as shown
in BUSINESS STATISTICS, 1963-91
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
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-22 • 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
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
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Unless otherwise stated in footnotes below, datathrough 1991 and methodological notes are as shown
in BUSINESS STATISTICS, 1963-91
Annual
1992 1993
SURVEY OF CURRENT BUSINESS
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
[Millions of board feet, unless otherwise indicated]
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-24 • 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
Dec.
13
1993
Jan. Feb. I Mar. Apr. May
. LUMBER AND PRODUCTS-Continued
June July Aug. Sept. Oct. Nov. Dec.
1994
Jan.
SOFTWOODS-Continued
[Millions of board feet, unless otherwise indicated]
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
[Thousands of metric tons]
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
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS February 1994 • S-25
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 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
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
b-Zb • February 1994
Unless otherwise stated in footnotes below, datathrough 1991 and methodological notes are as shown
in BUSINESS STATISTICS, 1963-91
Annual
1992 1993
SURVEY OF CURRENT BUSINESS1992
Dec.
1993
Jan. Feb. Mar. Apr. May June July Aug. | Sept. Oct. | Nov. Dec.
1994
Jan.
14. METALS AND MANUFACTURES-Continued
NONFERROUS METALS AND PRODUCTS-Continued
[Thousands of metric tons, unless otherwisespecified]
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
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Unless otherwise stated in footnotes below, datathrough 1991 and methodological notes are as shown
in BUSINESS STATISTICS, 1953-91
Annual
1992 | 1993
SURVEY OF CURRENT BUSINESS
1992
Dec.
February 1994 •
1993
Jan. Feb. Mar. Apr. May June July Aug. | Sept. Oct. Nov. Dec.
S-271994
Jan.
14. METALS AND MANUFACTURES-Continued
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
[Thousands of short tons, unless otherwise specified]
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
[Thousands of short tons, unless otherwise specified]
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
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-28 • February 1994 SURVEY OF CURRENT BUSINESSUnless otherwise stated in footnotes below, data
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
[Thousands of short tons]
ConsumptionInventories end of the period
WOODPULP
[Thousands of short tons]
Production:Total
Dissolving pulpPaper grades chemical pulpGroundwood and thermo-mechanicalSemi-chemical
Inventories, end of period:Producers' own useProducers' marketConsumers' purchased
[Thousands of metric tons]
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS February 1994 • S-29
Unless otherwise stated in footnotes below, datathrough 1991 and methodological notes are as shown
in BUSINESS STATISTICS, 1953-91
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
[Thousands of short tons, unless otherwise specified]
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
[Thousands of metric tons, unless otherwisespecified]
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
[Thousands of metric tons, unless otherwisespecified]
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
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
b-JU • February 1994
Unless otherwise stated in footnotes below, datathrough 1991 and methodological notes are as shown
in BUSINESS STATISTICS, 1963-91
Annual
1992 | 1993
SURVEY OF CURRENT BUSINESS1992
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
[Thousands of short tons]
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
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Unless otherwise stated in footnotes below, datathrough 1991 and methodological notes are as shown
in BUSINESS STATISTICS, 1963-91
Annual
1992 1993
SURVEY OF CURRENT BUSINESS
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
[Thousands, unless otherwise indicated]
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
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-32 • 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
Dec.
1993
Jan. | Feb. | Mar | Apr. | May | June | July | Aug. | Sept. | Oct. | Nov. Dec.
1994
Jan.
19. TEXTILE PRODUCTS-Continued
APPAREL-Continued
[Thousands, unless otherwise indicated]
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
[Millions of dollars]
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
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS February 1994 • S-33
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.
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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.
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SURVEY OF CURRENT BUSINESS February 1994 • S-35
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.
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