scb_031998
TRANSCRIPT
MARCH 1998 ****;;• VOLUME 78 NUMBER3
SURVEY of CURRENT BUSINESS
IN THISAGuidetoiheMPA:*
Gross Product by Industry Price Measures, 1977-96
U.S. DEPARTMENT OF COMMERCE -"a*- ECONOMICS ANDSTATISTICS ADMINISTRATION
BUREAU OF ECONOMIC ANALYSIS
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MARCH 1998 VOLUME 78 NUMBER C2
SURVEY oCURRENT BUSINESS
SURVEY OF CURRENT BUSINESS (ISSN0039-6222). Published monthly by theBureau of Economic Analysis of the U.S.Department of Commerce. Editorialcorrespondence should be addressed to theEditor-in-Chief, SURVEY OF CURRENTBUSINESS, Bureau of Economic Analysis,U.S. Department of Commerce,Washington, DC 20230.
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The Secretary of Commerce hasdetermined that the publication of thisperiodical is necessary in the transaction ofthe public business required by law of thisDepartment.
US^Departmeat of CommerceWilliam M. Daley, Secretary****
Economics and Statistics AdministrationLee Price, Acting Under Secretary for Economic Affairs
Bureau of Economic AnalysisJ. Steven Laadefeld, DirectorRosemary D, Marcuss, Deputy Director
Robert R Parker, Chief StatisticianHugh W» Ktiox, Associate Director for Regional EconomicsBrent R. Moulton, AssotiateDirectorforNationallncome,
Expenditure, and WealthAccountsSumiye 0. Qkubo, Associate Director for Industry AccountsGerald A. Pollack, Associate Director for International
Economics
Editor-in-ChiefManaging EditorManuscript EditorGraphics DesignerProduction Editor
Douglas R. FoxEric B. ManningM, Gretchen GibsonW, Ronnie FosterErnestine T. Gladden
THIS isstri of the SOTVEY Went to the printer on March to, 1998,It incorporates data from the following monthly BEA news releases:
U& International Trade in Goods and Services (February 19),Gross DomesticProductCFebruary^andPersonal Income and Outlays (March 2),
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T A B L E O F C O N T E N T S
(Special in this issue
17 Gross Product by Industry Price Measures, 1977-96
Price measures of gross product originating (GPO) by industry can be used tocompare price changes across industries and to compute industry contributionsto the change in GDP prices. For example, the largest contributors to the 2.3-percent increase (annual rate) in the GDP price index in 1992-96 were theservices industry group and the finance, insurance, and real estate industrygroup (0.7 percentage point each). Unit-cost measures by industry can be usedto identify the sources of GPO price change among the cost components of GPO.For example, the labor cost per unit of real GPO declined in 1992-96 for themining and the durable goods manufacturing industries and was unchangedfor the wholesale trade industry.
26 A Guide to the NIPA'S
BEA presents a compilation of information that will help users to better under-stand the NIPA'S. This guide provides the definitions of the major aggregatesand components; discusses the measures of real output and prices; explainshow production is classified and how the NIPA'S are presented; describes thestatistical conventions that are used; and lists the principal source data andmethods used to prepare the estimates of GDP.
l\egular features
1 Business Situation
The "preliminary" estimate of real GDP indicates a ^-percent increase in thefourth quarter 0/1997, 0.4 percentage point lower than the "advance" estimate;a large downward revision to net exports and smaller downward revisions togovernment spending and consumer spending were only partly offset by a largeupward revision to business inventory investment. Despite these revisions, realGDP growth still shows an acceleration from a 3.i-percent increase in the thirdquarter. The price index for gross domestic purchases increased 1.4 percent,about the same pace as in the third quarter.
— Continued on next page •
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1'i SURVEY OF CURRENT BUSINESS March 1998
8 Federal Budget Estimates, Fiscal Year 1999
Each year, BEA prepares a "translation" of the administrations budget thatputs the budget's receipts and outlays on a basis that is consistent with theframework of the NIPA'S. In the NIPA framework, the Federal current deficitwould be $9.9 billion in fiscal year 1999; the administration's budget shows a$9.5 billion surplus. The difference primarily results from the difference in thetreatment of government investment in fixed assets; the consumption of fixedcapital that is included in the NIPA'S is greater than the investment that isexcluded.
l\eports and statistical presentations
D-l BEA Current and Historical Data
Inside back cover: BEA Information(A listing of recent BEA publications available from GPO)
Back cover: Schedule of Upcoming BEA News Releases
LOOKING AHEAD
U.S. Transportation Satellite Account An article that presents the 1992 transportationsatellite account for the United States will be published in a forthcoming issue of theSURVEY. The transportation satellite account, developed jointly by BEA and the Bureauof Transportation, is based on an expansion of the 1992 benchmark input-outputaccounts. It provides estimates of expenditures on transportation that supplement theexisting estimates in the national economic accounts.Domestic Content of the Production of U.S. Manufacturing Affiliates of Foreign Com-panies. An article that compares the domestic content of output of U.S. manufacturingaffiliates of foreign companies with that of other U.S. manufacturing companies willbe published in a forthcoming issue of the SURVEY. The article also examines the extentto which U.S. manufacturing affiliates rely on foreign sources for their intermediateinputs and whether the affiliates' production is intended for U.S. or foreign markets.
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B U S I N E S S S I T U A T I O N
This article wasprepared by LarryR. Moran, DanielLarkins, Ralph W.Morris, andDeborah Y. Sieff.
EAL GROSS domestic product (GDP) in-^ creased 3.9 percent in the fourth quarter
of 1997, according to the "preliminary" estimatesof the national income and product accounts(NIPA'S) (table i and chart i); the "advance" es-timate of real GDP, reported in the February"Business Situation," had shown a 4.3-percent in-crease.1 The downward revision was more thanaccounted for by a large downward revision tonet exports; government spending and consumerspending were also revised down, but by muchless. These downward revisions were partly offsetby a large upward revision to business inventoryinvestment. Business fixed investment was re-
i. Quarterly estimates in the NIPA'S are expressed at seasonally adjustedannual rates unless otherwise specified. Quarter-to-quarter dollar changes aredifferences between published estimates. Quarter-to-quarter percent changesare annualized and are calculated from unrounded index numbers. Realestimates are expressed in chained (1992) dollars. Price indexes are chain-typemeasures.
Table 1.—Real Gross Domestic Product, Real Gross Domestic Purchases, and RealFinal Sales to Domestic Purchasers
[Seasonally adjusted at annual rates]
Gross domestic product . ..
Less'l Exports of goods and services . . .Plus' Imports of goods and services
Equals'. Gross domestic purchases
Less1 Change in business inventories
Equals: Final sales to domestic purchasers
Personal consumption expendituresNonresidential fixed investmentResidential investmentGovernment consumption expenditures and
gross investmentFederalState and local
Addendum: Final sales of domestic product
Billions of chained (1992) dollars
Level
1997
IV
7,283.3
996.41,154.9
7,428.7
74.0
7,349.7
4,933.5866.6286.7
1,274.7456.4818.3
7,204.5
Change from precedingquarter
1997
I
84.2
21.642.3
102.5
30.8
70.4
61.7
8.12.2
-1.3-6.8
5.4
52.4
II
58.0
39.850.2
66.0
13.9
51.6
11.328.14.9
9.67.32.4
43.6
III
54.4
10.538.0
77.7
-30.1
106.2
66.837.5
1.9
3.3-1.3
4.6
82.6
IV
69.3
23.417.8
64.1
26.5
38.8
37.3
r-7.96.6
1.3-2.4
3.6
44.2
Percent change from pre-ceding quarter
1997
I
4.9
9.917.9
5.9
4.0
5.34.13.3
-.4-5.8
2.7
3.0
II
3.3
18.420.5
3.7
2.9
.914.67.4
3.16.61.2
2.5
III
3.1
4.414.6
4.3
6.0
5.619.22.7
1.1-1.1
2.3
4.7
IV
3.9
10.06.4
3.5
2.1
3.1-3.5
9.7
.4-2.1
1.8
2.5
NOTE.-Ohained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992 current-dollarvalue of the corresponding series, divided by 100. Because the formula for the chain-tvpe quantity indexes uses weights of morethan one period, the corresponding chained-dollar estimates usually are not additive. Chained (1992) dollar levels and residuals,which measure the extent of nonadditivity in each table, are found in NIPA tables 1.2, 1.4 and 1.6. Percent changes are calculatedfrom unrounded data. Percent changes in major aggregates are found in NIPA table 8.1. Contributions of the major componentsto the quarter-to-quarter percent change in real GDP are in table 8.2.
vised very little. (The sources of these revisionsare discussed in the "Revisions" section.)
The picture of the economy presented by thepreliminary estimates is somewhat changed fromthat presented by the advance estimates. As in theadvance estimates, real GDP growth acceleratedin the fourth quarter, and the acceleration was
CHART 1
Real Product;Change from Preceding QuarterWon chains (1992)$'
100
80
60
40
20
000
60
40
20
0
40
20
0
•20:40
20
0
-20
-40
40
20
0
-20
•40
GROSS DOMESTIC PRODUCT
lliLlnPERSONAL CONSUMPTION EXPENDITURES
FIXED INVESTMENT
.1.11-0.1
CHANGE IN BUSINESS INVENTORIES
.... M..B. M.( ... .^j...•..!.•..•..|^..,•..•..•..
NET EXPORTS
i—4U
20
0
GOVERNMENT CONSUMPTION EXPENDITURES ANC
|•Jj
|. -0 4 ™* Mlr
•
.........GROSS.JNVESTMENT
•..I.̂ JO.3 .̂ •..—.«....
1994 1995 ,1996 1997Basfcd on $ea$ona !̂Iy Adjusted Annual Rates
U$, Department QfCommefce, Bureau of Economtc Analysts
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March 1998 SURVEY OF CURRENT BUSINESS
more than accounted for by upturns in businessinventory investment and in net exports.2 How-ever, the "preliminary" estimates show a muchsharper deceleration in real final sales of do-mestic product—GDP less the change in businessinventories—than was shown by the advance es-timates. According to the preliminary estimates,real final sales of domestic product increased 2.5percent in the fourth quarter after increasing 4.7percent in the third; the advance estimates hadindicated a 3.6-percent increase in the fourthquarter.
Real gross domestic purchases—GDP less ex-ports of goods and services plus imports ofgoods and services—increased 3.5 percent in thefourth quarter after increasing 4.3 percent in thethird.3 A downturn in business fixed investmentand a deceleration in consumer spending morethan offset a sharp upturn in business inventoryinvestment.
The price index for gross domestic purchasesincreased 1.4 percent in the fourth quarter af-ter increasing 1.3 percent in the third. The priceindex for GDP increased 1.4 percent in both thethird and fourth quarters.
2. NIPA table 8.2 (on page D-25 in this issue) shows the contributions ofthe major components to the quarter-to-quarter percent change in real GDP.
3. Gross domestic purchases is a measure of purchases by U.S. residentsregardless of where the purchased goods and services are produced.
Personal consumption expenditures
Real personal consumption expenditures (PCE)increased 3.1 percent in the fourth quarter afterincreasing 5.6 percent in the third (table 2). Ex-penditures for durable goods slowed sharply, andexpenditures for nondurable goods turned down;in contrast, expenditures for services increasedsomewhat more than in the third quarter.
Several of the factors usually considered inanalyses of PCE showed strength in the fourthquarter (chart 2). The unemployment rate fell to4.7 percent, its lowest rate in more than 25 years.Real disposable personal income accelerated to4.5 percent from 2.6 percent. The Index of Con-sumer Sentiment (prepared by the University ofMichigan's Survey Research Center) slipped onlyslightly from its highest level in 45 years.
Expenditures for durable goods increased only1.7 percent after jumping 18.4 percent. Mo-tor vehicles and parts decreased after increasingsharply; the downturn mainly reflected a down-turn in purchases of new autos and a decelerationin purchases of new trucks, but net purchasesof used cars and purchases of parts also con-tributed. Furniture and household equipmentand "other" durable goods expenditures both in-creased less than in the third quarter. In furnitureand household equipment, most of the slowdownwas accounted for by computers.
Expenditures for nondurable goods decreasedi.o percent after increasing 4.3 percent. The
Table 2.—Real Personal Consumption Expenditures[Seasonally adjusted at annual rates]
Personal consumption expenditures
Durable goodsMotor vehicles and parts
Of which:New autos .New trucks
Furniture and household equipmentOther
Nondurable goodsFood . .Clothing and shoesGasoline and oilFuel oil and coalOther
ServicesHousing .Household operation
Electricity and gas .Other household operation
TransportationMedical careOther
Billions of chained (1992) dollars
Level
1997
IV
4,933.5
658.9237.4
79.461.2
304.4122.9
1,461.9687.4279.3117.0
9.9370.2
2,812.9719.2302.7119.5182.9206.7720.5864.5
Change from preceding quarter
1997
I
61.7
20.75.4
2.6-.8
10.65.1
16.65.67.1-.1-.95.4
25.73.5
-3.7-3.9
.12.37.3
15.9
II
11.3
^8.8-10.3
-5.9-2.7
4.9-1.7
-7.8-3.4-3.3
1.4.7
-.3
25.93.76.24.02.21.64.4
10.2
III
66.8
27.115.6
8.65.88.82.0
15.51.37.5
.1
.36.6
26.33.61.5
-2.13.53.05.4
12.6
IV
37.3
2.8-1.3
-2.93.53.31.2
-3.6-2.1-2.0
.8-.5
.2
36.83.67.03.83.22.86.3
17.4
Percent change from precedingquarter
1997
I
5.3
14.19.9
13.8-5.616.118.6
4.73.3
10.9-.5
-31.36.2
3.92.0
-5.0-12.6
.34.84.28.1
' II
0.9
-5.4-16.6
-26.6-18.1
7.0-5.3
-2.1^3.6-4.7
5.332.5-.3
3.92.18.9
14.75.33.32.55.1
III
5.6
18.431.2
55.752.912.76.7
4.3.8
11.5.4
13.47.5
3.92.02.1
-6.98.26.13.16.2
IV
3.1
1.7-2.2
-13.225.84.54.3
-1.0-1.2-2.8
2.6-17.1
.2
5.42.09.7
13.97.25.53.68.5
NOTE.—See note to table 1 for an explanation of chained (1992) dollar series. Chained (1992)dollar levels and residuals are found in NIPA tables 2.3, 8.5 (autos), and 8.7 (trucks). Percentchanges in major aggregates are in NIPA table 8.1.
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SURVEY OF CURRENT BUSINESS March 1998
CHART 2
Selected FactorsAffecting Consumer SpendingPercent change
15
10
5
0
-5
-10Percent10
REAL DISPOSABLE PERSONAL INCOME'
Ilill ui.c-iiii
UNEMPLOYMENT RATE2
imimiiiiiiiiCONSUMER SENTIMENT1
Index110
100
90
80
70
601994 1995 1996 1997
1. Disposable personal income in chained (1992) dollars: seasonally adjusted annual rates.2. All civilian workers. seasonally adjusted.Data: U.S. Department of Labor, Bureau ol Labor Statistics3. Data: University ol Michigan's Survey Research Center.
U.S. Department ol Commerce, Bureau of Economic Analysis
_L
weakness was widespread but was most pro-nounced in clothing and shoes and in "other"nondurable goods.
Expenditures for services increased 5.4 percentafter increasing 3.9 percent. Household operationaccelerated, reflecting an upturn in electricityand gas. "Other" services increased more thanin the third quarter; net foreign travel turnedup, reflecting an increase in U.S. residents' travelabroad and a decrease in foreign residents' travelin the United States, and recreational services in-creased about twice as much in the fourth quarteras in the third.
Nonresidential fixed investment
Real private nonresidential fixed investment de-creased 3.5 percent in the fourth quarter afterjumping 19.2 percent in the third (table 3). Bothstructures and producers' durable equipment(PDE) turned down; however, the downturn inPDE was much more pronounced.
Factors that affect investment spending havebeen generally favorable over the past four quar-ters: Real final sales of domestic product in-creased 3.2 percent; the capacity utilization rate inmanufacturing increased from 81.4 to 82.1; long-term interest rates decreased—for example, theyield on high-grade corporate bonds decreasedfrom 7.52 percent to 6.79 percent; and domesticcorporate profits increased at an annual rate of18.6 percent through the first three quarters of
Table 3.—Real Gross Private Domestic Fixed Investment[Seasonally adjusted at annual rates]
Gross private domestic fixed investment
NonresidentialStructures
Nonresidential buildings including farmUtilitiesMining exploration shafts and wellsOther
Producers' durable equipmentInformation processing and related equipment
Computers and peripheral equipmentOther
Industrial equipmentTransportation and related equipment
Of which' Motor vehiclesOther
ResidentialSingle-family structuresMultifamily structuresOther
Billions of chained (1992) dollars
Level
1997
IV
1,149.2
866.6194.5145.828.213.07.5
679.7324.9248.8131.5126.6139.5120.1110.8
286.7138.921.0
127.5
Change from preceding quarter
1997
I
10.3
8.1-1.0
1.7-2.0-.2-.5
9.911.013.42.2-1
-2.23.93.6
2.201.6.7
II
32.4
28.1-2.4^3.0
1.2-.6
.1
32.715.520.3
2.96.78.5
-2.13.0
4.9.3.8
4.0
III
37.9
37.53.23.0-.7
.4
.4
36.023.624.4
7.12.1
10.85.43.0
1.9-.8-.83.6
IV
-0.1
-7.9-2.2-4.3
.2-.42.4
-5.64.48.301.0
-7.3.1
-1.3
6.63.21.42.0
Percent change from precedingquarter
1997
I
3.9
4 1-2.1
4.4-24.7^».1
-<J3.1
6.717.232.9
7.6-.3
-6.814.612.5
3.30
41.12.3
II
12.6
14.6-4.7-7.617.4
-18.311.3
23.024.048.49.9
24.829.5-7.012.1
7.47
17.614.4
III
14.4
19.26.78.3
-8.213.934.0
24.135.853.324.9
7.235.820.211.4
2.7-2.3
-15.612.4
IV
0
-3.5^t.3
-10.82.1
-11.5362.9
-3.35.6
14.603.2
-18.4.3
^».3
9.79.8
31.46.4
NOTE.—See note to table 1 for an explanation of chained (1992) dollar series. Chained (1992)dollar levels and residuals are found in NIPA tables 5.5, 8.5 (autos), and 8.7 (trucks). Percentchanges in mapr aggregates are in NIPA table 8.1.
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1997 (profits data for the fourth quarter are notyet available).
PDE decreased 3.3 percent in the fourth quarterafter jumping 24.1 percent in the third. All themajor components contributed to the downturn.Information processing equipment, particularlycomputers and peripheral equipment, increasedmuch less than in the third quarter. Trans-portation equipment turned down, reflecting adownturn in aircraft. "Other" equipment, partic-ularly agricultural equipment and farm tractors,decreased after increasing. Industrial equipmentincreased less than in the third quarter.
Structures decreased 4.3 percent after increas-ing 6.7 percent. The downturn was more thanaccounted for by a downturn in investmentin nonresidential buildings; industrial buildings,"other" buildings, commercial buildings, andhospital and institutional buildings each turneddown. In addition, investment in mining explo-ration, shafts, and wells decreased after increas-ing. In contrast, investment in utilities changedlittle after decreasing, and investment in "other"structures increased more in the fourth quarterthan in the third; the fourth-quarter increase in"other" structures was the result of the sale by theFederal Government to a private business of theNaval Petroleum Reserve at Elk Hills, California.4
Residential investment
Real residential investment increased 9.7 percentin the fourth quarter after increasing 2.7 per-cent in the third (table 3). The accelerationwas accounted for by single-family and multi-family structures, both of which increased afterdecreasing.
Single-family structures increased 9.8 percentafter decreasing 2.3 percent, and multifamily con-struction increased 31.4 percent after decreasing15.6 percent. "Other" residential investment in-creased 6.4 percent after increasing 12.4 percent.5
A sharp slowdown in brokers' commissions morethan offset an acceleration in home improve-ments. The slowdown in brokers' commissions
4. The structures at the Elk Hills Naval Petroleum Reserve were sold forso.8 billion, or $3.2 billion at an annual rate. In the NIPA'S, this transaction isrecorded as offsetting entries in government gross investment and in privatenonresidential structures. The remaining value of the sale, which consists ofland and subsoil assets, is treated as the sale of nonproduced assets and isexcluded from the NIPA'S. Because GDP is measured on an accrual basis, thesale—which was closed in February 1998 but was made retroactive to Octoberi, 1997—was recorded in the fourth quarter in the NIPA'S.
5. "Other" residential investment includes home improvements, new mo-bile home sales, brokers' commissions on home sales, residential equipment,and other residential structures (which consists primarily of dormitories,fraternity and sorority houses, and nurses' homes).
reflected a deceleration in home sales that oc-curred despite a decrease in the commitmentrate on 30-year, fixed-rate mortgages from 7.47percent to 7.20 percent (chart 3).
Inventory investment
Real inventory investment—that is, the changein business inventories—increased $26.5 billionin the fourth quarter, as inventory accumula-tion picked up to $74.0 billion from $47.5 billion(table 4). In contrast, inventory investment haddecreased $30.1 billion in the third quarter, as ac-cumulation had slowed from $77.6 billion in thesecond quarter.
Retail trade inventories increased $16.5 billionin the fourth quarter after increasing $2.8 bil-lion in the third. Most of the step-up wasaccounted for by inventories of motor vehicledealers, which increased substantially after fourconsecutive quarterly decreases. Inventories ofother durable goods increased more than in thethird quarter.
Manufacturing inventories increased $22.3 bil-lion after increasing $14.8 billion. Most ofthe step-up was in nondurable goods industries,largely reflecting an upturn in petroleum prod-ucts and accelerations in chemicals and in food.In the durable goods industries, step-ups in othertransportation equipment and in "other" durablegoods were partly offset by a downturn in motorvehicle inventories.
CHART 3
Selected Interest RatesPercent
12
10Prime Rate
3-Month Treasury Bills
1994 1995 1996 1997
Data: Federal Reserve Board
U.S. Department of Commerce, Bureau of Economic Analysis
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Wholesale trade inventories increased $19.8 bil-lion after increasing $14.9 billion. The step-upwas mainly in nondurable goods and was morethan accounted for by groceries, by apparel, andby farm products. In durable goods, a step-upin "other" durable goods was mostly offset by adownturn in motor vehicles.
"Other" nonfarm inventories increased aboutas much as in the third quarter.6
Farm inventories increased $9.8 billion after in-creasing $9.5 billion. As in the third quarter, anincrease in crop inventories more than offset asmall decrease in livestock inventories.
The ratio of real nonfarm inventories to realfinal sales of domestic businesses increased to 2.29in the fourth quarter from 2.27 in the third. Adifferent ratio, in which final sales are limitedto goods and structures, increased to 4.15 from4.10. For both measures, the fourth-quarter ratiois close to its average in recent years.
Exports and imports
Real exports of goods and services increased 10.0percent in the fourth quarter after increasing 4.4percent in the third (table 5). Real imports ofgoods and services increased 6.4 percent afterincreasing 14.6 percent.
Real exports of goods increased 14.5 percent af-ter increasing 3.4 percent; exports of.both agricul-tural and nonagricultural goods increased morethan in the third quarter. Much of the step-upin nonagricultural exports was accounted for byan acceleration in nonautomotive capital goods,which reflected an upturn in exports of civilianaircraft; in contrast, computers, peripherals, andparts turned down, and "other" nonautomotiveand noncomputer goods increased less than inthe third quarter.7 The step-up in nonagriculturalexports also reflected upturns in automotive ve-hicles, engines, and parts and in consumer goodsexcept automotive and an acceleration in foods,
6. "Other" nonfarm inventories includes inventories held by the fol-lowing industries: Mining; construction; public utilities; transportation;communication; finance, insurance, and real estate; and services.
7. Exports and imports of nonautomotive capital goods include bothparts and equipment. However, parts are not included either in the pro-ducers' durable equipment component of business fixed investment or in theequipment component of government investment.
Table 4.—Real Change in Business Inventories[Billions of chained (1992) dollars; seasonally adjusted at annual rates]
Change in business inventories . .
Farm
NonfarmManufacturingWholesale tradeRetail trade
Of which'. Motor vehicle dealersOther
Level
1996
IV
32.9
6.4
26.512.39.4
.9-4.7
3.9
1997
I
63.7
5.3
58.320.922.9
.6-2.513.7
II
77.6
7.5
70.129.024.67.7
-3.78.9
III
47.5
9.5
38.314.814.92.8-.65.7
IV
74.0
9.8
64.422.319.816.59.55.9
Change from preceding quarter
1997
I
30.8
-1.1
31.88.6
13.5-.32.29.8
II
13.9
2.2
11.88.11.77.1
-1.2-4.8
III
-40.1
2.0
-31.8-14.2
-9.7
-̂ .93.1
-3.2
IV
26.5
.3
26.17.54.9
13.710.1
.2
NOTE.—See note to table 1 for an explanation of chained (1992) dollar series. Chained (1992)dollar levels and residuals are in NIPA table 5.11.
Table 5.—Real Exports and Imports of Goods and Services[Seasonally adjusted at annual rates]
Exports of goods and servicesGoods .. .
Agricultural goodsNonagricultural goods
Services
Imports of goods and servicesGoods
Petroleum and productsNonpetroleum products
Services
Addendum: Net exports of goods and services
Billions of chained (1992) dollars
Level
1997
IV
996.4757.0
53.0707.4244.5
1,154.9988.4
68.6920.1168.0
-158.5
Change from preceding quarter
1997
I
21.620.0-4.025.62.1
42.333.8-1.837.0
8.4
-20.7
II
39.839.6-.5
41.2
1.9
50.247.15.9
40.63.4
-10.3
III
10.56.02.33.34.2
38.034.3
1.133.44.0
-27.5
IV
23.425.23.5
21.3-.5
17.815.7-.6
16.42.2
5.6
Percent change from precedingquarter
1997
I
9.912.6
-27.617.73.7
17.916.7
-10.820.024.2
II
18.425.1-4.228.23.2
20.522.944.521.1
8.9
III
4.43.4
20.61.97.2
14.615.46.3
16.210.1
IV
10.014.531.613.0-.8
6.46.6
-5.27.55.4
NOTE.—See note to table 1 for an explanation of chained (1992) dollar series. Chained (1992)dollar levels and residuals are found in NIPA table 4.4. Percent changes in major aggregatesare found in NIPA table 8.1.
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March 1998 SURVEY OF CURRENT BUSINESS
feeds, and beverages. Exports of services de-creased 0.8 percent after increasing 7.2 percent,primarily reflecting a downturn in travel and aslowdown in "other private services," which in-cludes such services as educational, financial, andtelecommunications.
Real imports of goods increased 6.6 percentafter increasing 15.4 percent; imports of petro-leum and products turned down, and imports ofnonpetroleum goods slowed considerably. Muchof the slowdown in nonpetroleum imports wasaccounted for by a slowdown in nonautomo-tive capital goods, particularly in computers andparts, and by a downturn in automotive vehicles,engines, and parts. Imports of services increased5.4 percent after increasing 10.1 percent; the slow-down was primarily accounted for by downturnsin "other private services," which includes suchservices as telecommunications and financial, andin direct defense expenditures.
Government spending
Real government consumption expenditures andgross investment increased 0.4 percent in thefourth quarter after increasing 1.1 percent in thethird (table 6). Federal Government spendingdecreased more in the fourth quarter than in thethird, and State and local government spendingincreased less than in the third.
Federal nondefense spending decreased 8.6 per-cent after decreasing 5.7 percent. Consumptionexpenditures decreased more than in the thirdquarter, primarily reflecting a larger fourth-quarter decrease in employee compensation. In-vestment spending also decreased more than inthe third quarter, reflecting a downturn in spend-
ing for structures. The fourth-quarter decreasewas the result of the Elk Hills transaction (seefootnote 4).
Federal defense spending increased 1.3 per-cent after increasing 1.2 percent. Consumptionexpenditures increased after decreasing; the up-swing was mostly accounted for by expendituresfor durable goods, largely aircraft parts. In-vestment spending increased less than in thethird quarter; the slowdown was attributable tospending for equipment.
State and local government spending increased1.8 percent after increasing 2.3 percent. Con-sumption expenditures increased less than in thethird quarter, and investment spending decreasedslightly after increasing, reflecting spending forstructures, which decreased after no change, andspending on equipment, which decelerated.
Revisions
As noted earlier, the preliminary estimate of a 3.9-percent increase in real GDP in the fourth quarteris 0.4 percentage point lower than the advanceestimate (table 7); for 1976-97, the average revi-sion, without regard to sign, was 0.5 percentagepoint from the advance estimate to the prelim-inary estimate. The downward revision to GDPin the fourth quarter reflected downward revi-sions to net exports of goods and services and toconsumer spending. These revisions were partlyoffset by a large upward revision to inventoryinvestment.
The downward revision to net exports reflectedthe incorporation of newly available Census Bu-reau data for exports and imports of goods forDecember. The December data for exports was
Table 6.—Real Government Consumption Expenditures and Real Gross Investment by Type[Seasonally adjusted at annual rates]
Government consumption expenditures and gross investment
Federal
National defenseConsumption expendituresGross investment
NondefenseConsumption expenditures . . .Gross investment
State and local
Consumption expendituresGross investment
Billions of chained (1992) dollars
Level
1997
IV
1,274.7
456.4
311.3274.2
37.1
144.8126.6
17.9
818.3
672.5145.8
Change from preceding quarter
1997
I
-1.3
-6.8
-9.7t̂.1
-5.7
2.82.6
.2
5.4
3.32.1
II
9.6
7.3
5.53.61.9
1.7.5
1.4
2.4
3.2-.8
III
3.3
-1.3
.9-.31.3
-2.2-.4
-1.9
4.6
4.3.3
IV
1.3
-2.4
1.0.6.4
-3.2-1.2-2.4
3.6
3.9-.3
Percent change from precedingquarter
1997
I
-0.4
-5.8
-11.8-5.8
-46.9
8.08.54.0
2.7
2.06.0
II
3.1
6.6
7.55.4
25.3
4.91.7
29.8
1.2
1.9-2.4
III
1.1
-1.1
1.2-.4
15.3
-5.7
-1.5-31.1
2.3
2.6.9
IV
0.4
-2.1
1.3.9
4.4
-8.6-3.7
-39.7
1.8
2.3-.7
NOTE.—See note to table 1 for an explanation of chained (1992) dollar series. Chained (1992)dollar levels and residuals are found in NIPA table 3.8B. Percent changes in major aggregatesare in MPA table 8.1.
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SURVEY OF CURRENT BUSINESS March 1998 • 7
in line with the assumption that was used forthe advance estimates, but the increase in theDecember data for imports—the largest increasesince March 1993—was much larger than BEA'Sassumption.
The downward revision to government spend-ing largely reflected the Elk Hills transaction.
The downward revision to consumer spendingwas more than accounted for by goods and re-flected the incorporation of revised retail salesdata for November and December.
The upward revision to inventory investmentmainly reflected the incorporation of revised andnewly available Census Bureau inventory data. Inaddition, the upward revision also reflected twoother revisions: A special adjustment to removethe effects of a large, one-time "write-down" inthe inventories of an aircraft manufacturer, anda revision to the inventory valuation adjustmentto reflect the incorporation of newly availabledata for November on the refiners' acquisitionprice of petroleum and the incorporation of re-vised producer price indexes for September andnewly available indexes for January that are usedin calculating yearend inventory values.
The small downward revision to private non-residential structures was accounted for by adownward revision to purchases of new struc-tures that more than offset the upward revisiondue to the Elk Hills transaction. The downwardrevision to purchases of new structures reflectedthe incorporation of revised data for October andNovember and newly available data for Decemberon the value of construction put in place.
The preliminary estimates of the increases inthe price indexes for gross domestic purchasesand for GDP were each 1.4 percent; each was o.ipercentage point lower than the advance estimate.
The preliminary estimate of real disposablepersonal income increased 4.5 percent, 0.2 per-centage point lower than the advance estimate;cur rent-dollar personal income was revised downslightly, and personal tax and nontax paymentswere revised up. The preliminary estimate of
the personal saving rate—personal savings as apercentage of cur rent-dollar disposable personalincome—was 3.8 percent, o.i percentage pointlower than the advance estimate. C3
Table 7.—Revisions to Real Gross Domestic Product and Prices,Fourth Quarter 1997
[Seasonally adjusted at annual rates]
Gross domestic product
Less' Exports of goods and servicesGoodsServices . .
Plus' Imports of goods and servicesGoodsServices
Equ3ls\ Gross domestic purchases
Personal consumption expendituresDurable goodsNondurable goodsServices
Fixed investmentNonresidential
StructuresProducers' durable equipment
Residential
Change in business inventoriesNonfarm .Farm
Government consumption expenditures and gross investmentFederal
National defenseNondefense
State and local
Addenda:Final sales of domestic productGross domestic purchases price index l
GDP orice index1
Percent change frompreceding quarter
Advanceestimate
4.3
11.316.0
.2
1.3.5
5.7
3.1
3.22.6-.45.1
.1-0.6-2.7-3.910.4
1.6.7
2.9^3.8
2.1
3.61.51.5
Prelimi-nary
estimate
3.9
10.014.5-.8
6.46.65.4
3.5
3.11.7
-1.05.4
0-0.5-̂ .3-3.3
9.7
.4-2.1
1.3-8.6
1.8
2.51.41.4
Preliminary estimateminus advance
estimate
Percent-age
points
-0.4
-1.3-1.5-1.0
5.16.1-.3
.4
-.1-.9-.6
.3
-.1.1
-1.6.6
-7
-1.2-2.8-1.6-4.8-.3
-1.1-.1-.1
Billions ofchained(1992)dollars
-7.0
-2.9-2.4-.6
14.114.5-.1
7.5
-1.5-1.4-2.2
1.9
-.4.1
-.81.2-.4
14.114.7-.7
-3.8^3.1-1.3-1.8-.7
-20.1
1. Based on chained-type annual (1992) weights.NOTE.—The preliminary estimates for the fourth quarter of 1997 incorporate the following revised or additional major source data
that were not available when the advance estimates were prepared.Personal consumption expenditures: Revised retail sales for November and December, consumers' share of new-car purchases
for December, revised average unit value for domestic new autos for October through December, consumers' share of new-truckpurchases for December, and residential electricity usage for October.
Nonresidential fixed investment: Construction put in place for October and November (revised) and December, manufacturers' ship-ments of machinery and equipment for November and December (revised), and exports and imports of machinery and equipmentfor November (revised) and December.
Residential fixed investment: Construction put in place for October and November (revised) and December.Change in business inventories: Manufacturing, retail trade, and wholesale trade inventories for November (revised) and December.Exports and imports of goods and services: Exports and imports of goods for November (revised) and December.Government consumption expenditures and gross investment: Monthly Treasury Statement detailed data for December, Department
of Defense detailed financial reports for the quarter, State and local government construction put in place for October and November(revised) and December.
Wages and salaries: Employment, average hourly earnings, and average weekly hours for November and December (revised).GDP prices: Detailed merchandise export and import price indexes for October through December (revised), values and quantities
of petroleum imports for November (revised) and December, and housing prices for the fourth quarter.
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8 SURVEY OF CURRENT BUSINESS March 1998
Federal Budget Estimates, Fiscal Year 1999By Kurt S. Bersani and Ann M. Groszkiewicz
THE FEDERAL Budget of the United States Gov-ernment for fiscal year 1999 that was released
by the President shows a $9.5 billion surplus, aturnaround from a $10.0 billion deficit in fiscalyear 1998.1 The fiscal year 1999 surplus reflects theadministration's proposed legislation and pro-gram changes, the economic assumptions used inmaking the budget projections, and the laws thathave already been enacted.2
This article summarizes the proposed legisla-tion and program changes in the administration'sbudget and the budget estimates. It then presentsthe budget receipts and outlays in the frameworkof the national income and product accounts,which are designed to show the composition ofproduction and the distribution of the incomesearned in production. This framework, whichdiffers in concept and timing from the budget,provides a means of gauging the effects of theFederal budget on aggregate measures of U.S.economic activity.
Proposed legislation and program changes
The fiscal year 1999 budget presents proposedlegislation that increases receipts by $12.9 billion(table i). The largest proposal is a tobacco in-dustry settlement that would add $9.8 billion toreceipts. Proposals to increase receipts both frominsurance companies and from corporate-ownedlife insurance policy holders who borrow againsttheir policies would total $2.3 billion: A pro-posed modification of the existing tax rules forlife insurance annuity contracts would amountto $1.8 billion, and a proposal to repeal certaintax deductions of interest on corporate-ownedlife insurance policy loans would amount to $0.4
1. Estimates of the Budget of the United States Government are presentedon a fiscal year basis. See Executive Office of the President, Office of Man-agement and Budget, Budget of the United States Government, Fiscal Year 1999(Washington, DC: U.S. Government Printing Office, 1998).
2. Estimates of the administration's proposed legislation and programchanges are derived by BEA as the difference between the "current-services"estimates included in the budget and the total budget. The current-servicesestimates, which are based on the economic assumptions underlying thebudget, are designed to show what Federal receipts and outlays would be ifno changes are made to the laws that are already enacted. In concept, theseestimates are neither recommended amounts nor forecasts; they form a base-line with which administration or congressional proposals can be analyzed.
billion. A proposed extension of corporate en-vironmental and excise taxes for the HazardousSubstance Superfund Trust Fund would add $1.8billion.
Table 1.—Relation of Current-Services Estimates to theBudget
[Billions of dollars]
ReceiptsCurrent-services estimates
Plus' Propos8d legislation
Research and experimentation tax creditInternational trade provisionsEnergy efficiency and the environmentEducation incentivesChild careOther
Subtotal' Tax relief (including offsets)
Tobacco settlement legislationReserve rules for life insurance annuity contractsReinstate environmental tax imposed on corporate
incomeReinstate Superfund excise taxesReplace sales-source rules with activity-based rules ..Preclude premature claiming of losses from
receivablesCorporate-owned life insurance rulesRepeal lower-of-cost-or-market inventory accounting
methodOther
Subtotal: Other provisions that affect receipts
Equsls'. The budget
OutlaysCurrent-services estimates
Plus' Program changes .
National defenseIncome securityNet interestMedicareEducation, training, employment, and social servicesVeterans benefits and servicesTransportationAdministration of justiceNatural resources and environmentGeneral governmentAgricultureCommerce and housing creditAllowances 'Other
Equsls' The budget
Current-services surplus or deficit (— ) . ..Proposed changes, receipts less outlaysAdministration budget surplus or deficit (— )
Fisca
1998
1 6579
_1
-.4
00
2
_5
1
3
o1
.4
1 6579
1 6678
oo
1oo-.2ooo0o0o
1
1 6678
-99-1
-100
year
1999
1 7298
129
-8-6-4-4-3-7
-32
9818
1 176
.44
49
16.2
1 7427
1 7324
8
-441 3_3_2-.2
-1 0_3
8-536-4-433-5
1 7332
-2612195
1. Allowances include funding for emergencies, such as natural disasters, for unforeseen de-fense and nondefense costs, and for unanticipated nonemergency expenses of the year 2000conversion.
Source: The Budget of the United States Government, Fiscal Year 1999.
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SURVEY OF CURRENT BUSINESS March 1998
Proposed legislation that would reduce receiptsconsists of various tax credits and other taxchanges. A proposal to extend a tax credit for cer-tain research and experimentation expendituresthrough June 30, 1999, would reduce receipts by$0.8 billion. A proposal to modify internationaltrade provisions would reduce receipts by an ad-ditional $0.6 billion. More than 90 percent ofthis reduction would come from extending toSeptember 30, 2001, the provisions in the Gen-eral System of Preferences (GSP) that eliminateduty on certain goods from eligible developingcountries. In addition, the following proposals,none of which total more than $0.4 billion, wouldreduce receipts: Tax credits to businesses for pur-chasing energy-efficient equipment, tax creditsfor certain education initiatives, and increased taxcredits for child care.
The budget proposes program changes thatwould increase total outlays by a net $0.8 billionin fiscal year 1999. Among the program changesthat would increase outlays, the largest is forgeneral government, which would be augmentedby $3.6 billion.3 Much of this increase wouldfund Internal Revenue Service improvements incustomer service, electronic data collection, andcommunication.
A proposed $3.3 billion increase in allowanceswould be used for emergencies—such as nat-ural disasters—for unexpected defense expendi-tures, and for any unanticipated nonemergencyexpenses caused by the year 2000 conversion. In-come security would increase by $1.3 billion, thelargest portion of which is a $0.5 billion proposalto restore food stamps to legal immigrants.
The budget proposes an $0.8 billion increasefor the administration of justice. Programs toreduce violent crime and to control and preventjuvenile crime would each receive $0.3 billion inadditional funding. Proposals to increase thenumber of border patrol agents and to improvewireless communication would increase fundingfor each by $0.1 billion.
The largest proposed decreases in outlays are$4.4 billion for national defense and $1.0 billionfor veterans benefits and services. The reduc-tion in national defense spending would resultprimarily from the increased privatization andoutsourcing of support functions, which wouldreduce the number of personnel associated withsupport activities and infrastructure. Most of thedecrease in veterans benefits and services would
result from a proposal to reinstate restrictions ontobacco-related disability-compensation benefits.These benefits would be reduced by $0.7 billion asa result of reinstituting a policy that restricts ben-efits for veterans for tobacco-related disabilitiesthat originated from tobacco use during militaryservice. The remainder of the decrease in out-lays is accounted for by other proposals, none ofwhich amount to more than $0.5 billion.
The budget estimates
In the budget, receipts in fiscal year 1999 are pro-jected to increase $84.9 billion, or 5.1 percent, to$1,742.7 billion (table 2). Receipts in 1998 are pro-jected to be $1,657.9 billion, up 5.0 percent from1997. The projected increase in 1999 is mostly ac-counted for by increases in social insurance taxesand contributions, individual income taxes, andexcise taxes. Projected increases in receipts fromsocial insurance taxes and contributions and fromindividual income taxes are based on administra-tion assumptions that incomes will increase as aresult of real economic growth and inflation. Aprojected increase in excise tax receipts is basedon administration assumptions of increased eco-nomic activity in 1999 after a slowdown in 1998and on higher aviation taxes as a result of the TaxReform Act of 1997. Miscellaneous receipts areprojected to increase $13.2 billion, $9.8 billion ofwhich is accounted for by the proposed tobaccoindustry settlement.
Total budget outlays in fiscal year 1999 are pro-jected to increase $65.4 billion, or 3.9 percent, to$1,733.2 billion (table 3). Outlays in 1998 are pro-jected to be $1,667.8 billion, up 4.2 percent from1997. The projected increase in 1999 is mostlyaccounted for by increases in four areas:
• Social security—An increase of $14.7 bil-lion is accounted for by a $14.7 billionincrease from current-services outlays thatmainly reflects the cost-of-living adjustments
Table 2.—Budget Receipts by Source[Billions of dollars]
3. General government includes such activities as tax collection; adminis-tration of the public debt; and personnel, general property, and administrativemanagement.
Budget receipts
Individual income taxesCorporation income taxesSocial insurance taxes and
contributionsExcise taxesEstate and gift taxesCustoms dutiesMiscellaneous receipts /.
Level for fiscal year
1996
1,453.0
656.4171.8
509.454.017.218.725.5
1997
1,579.3
737.5182.3
539.456.919.817.925.5
1998
1,657.9
767.8190.8
571.455.520.418.433.5
1999
1,742.7
791.5198.0
595.972.020.518.246.7
Change from precedingfiscal year
1997
126.3
81.110.5
30.02.92.6-.80
1998
78.6
30.38.5
32.0-1.4
.6
.48.1
1999
84.9
23.77.1
24.516.5
.1-.2
13.2
Source: The Budget of the United States Government, Fiscal Year 1999.
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IO • March 1998 SURVEY OF CURRENT BUSINESS
and assumptions about inflation and aboutthe number of beneficiaries in these pro-grams. Most of the increase in social securityis accounted for by old-age and survivorsinsurance benefits ($12.1 billion).
• Income security—An increase of $13.5 billionis accounted for by an increase of $12.3 bil-lion in current-services outlays and of $1.3billion in program changes. The increase isdistributed over a variety of programs, in-cluding unemployment compensation, Fed-eral employee retirement and disability, childcare entitlement to States, and food stamps.
• Health—An increase of $9.7 billion is ac-counted for by a $9.8 billion increase incurrent-services outlays. Most of the increaseis accounted for by an increase of $6.9 billionfor medicaid, reflecting assumptions aboutinflation and the number of beneficiaries inthis program. The remaining increases areprimarily accounted for by an increase in theChildren's Health Insurance Program ($1.5billion) to provide insurance for currentlyuninsured children and by an increase for theNational Institutes of Health ($1.0 billion) forbiomedical research.
• Medicare—An increase of $9.1 billion is morethan accounted for by a $9.4 billion increasein current-services outlays. The increase isbased on the assumptions about inflationand the about number of beneficiaries in thisprogram.
Table 3.—Budget Outlays by Function[Billions of dollars]
Budget outlays
Social securityNational defenseIncome securityNet interestMedicareHealthEducation, training, employment, and
social servicesVeterans benefits and servicesTransportationAdministration of justiceNatural resources and environmentGeneral science, space, and technologyGeneral governmentInternational affairsAgricultureCommunity and regional developmentCommerce and housing creditAllowancesEnergyUndistributed offsetting receipts
Level for fiscal year
1996
1,560.5
349.7265.7226.0241.1174.2119.4
52.037.039.617.521.616.711.913.59.2
10.7-10.6
2.8-37.6
1997
1,601.2
365.3270.5230.9244.0190.0123.8
53.039.340.820.221.417.212.815.29.0
11.0-14.6
1.5-50.0
1998
1,667.8
381.5264.1239.3242.7198.1131.8
55.143.141.522.323.817.112.914.510.611.83.5
.4-46.4
1999
1,733.2
396.2265.5252.8241.8207.3141.5
59.543.342.325.523.217.617.214.511.010.93.53.3
-1.0^2.5
Change from precedingfiscal year
1997
40.7
15.64.74.92.9
15.84.5
1.02.31.22.6-.2
.5
.91.7-1
.3-4.0
-1.4-12.4
1998
66.6
16.2-6.4
8.5-1.3
8.17.9
2.13.8
.82.12.5-.1
.1-.71.5.8
18.1
-1.13.6
1999
65.4
14.71.4
13.5-.99.19.7
4.4.2.7
3.3-.6
.54.30.4
-.903.3
-1.43.9
Relation between budget and NIPA estimates
BEA prepares estimates of the Federal sector inthe framework of the national income and prod-uct accounts (NIPA'S), which may be used forsuch purposes as macroeconomic analyses of theimpact of changes in Federal receipts and ex-penditures on gross domestic product and itscomponents. BEA makes adjustments to thebudget estimates to bring them into line withNIPA concepts and definitions.4 One major con-ceptual difference is the treatment of governmentinvestment; in the NIPA'S, the treatment of gov-ernment investment in fixed assets and the costof using these assets is symmetrical with thetreatment of fixed investment in the private sec-tor. Transfers of nonproduced assets, such as thesale of land, are excluded from the NIPA'S be-cause they do not affect current production. TheNIPA'S also exclude transactions with Puerto Rico
4. For a detailed discussion of the reconciliation, see Government Trans-actions, Methodology Paper No. 5 (November 1988). (This paper is availablefrom the National Technical Information Service, accession no. PB 90-118480,and at BEA'S Web site, <http://www.bea.doc.gov>.)
In addition, as part of the comprehensive NIPA revision released in Jan-uary 1996, several changes were made to the definitions and classificationsused to measure the Federal sector. For a discussion of these changes, see"Preview of the Comprehensive Revision of the National Income and ProductAccounts: Recognition of Government Investment and Incorporation of aNew Methodology for Calculating Depreciation," SURVEY OF CURRENT BUSI-NESS 75 (September 1995): 33-41; and "Improved Estimates of the NationalIncome and Product Accounts for 1959-95: Results of the ComprehensiveRevision," SURVEY 76 (January/February 1996): 1-31.
Table 4.—Relation of Federal Government Receipts in theNIPA's to the Budget
[Billions of dollars]
Budget receipts
Less' Coverage differences !
Plus: Netting and grossing differences:Contributions to government employee
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
Miscellaneous4 ....
Equals: Federal Government receipts, NIPA's ....
f
1997
1 5793
26
71.4
-27365
91
-4
695
o-26
1,695.5
:iscal year
1998
1 6579
27
72.2
-27325
67
o-1 861o
-23
1,765.9
1999
1 7427
28
73.8
-28331
42
-3
-1 4-85o-42
1,833.9
Source: The Budget of the United States Government, Fiscal Year 1999.
1. Consists largely of the Federal Communication Commission Universal Service Fund re-ceipts and contributions for social insurance by residents of U.S. territories and Puerto 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.
4. Consists largely of Treasury receipts from sales of foreign currencies to Government agen-
Sources: The Budget of the United States Government, Fiscal Year 1999 and the Bureauof Economic Analysis.
NIPA National income and product accounts
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SURVEY OF CURRENT BUSINESS March 1998 • 11
and the U.S. Territories, whose residents by NIPAdefinition are not U.S. residents, and transac-tions of the Federal Communication CommissionUniversal Service Fund, which pass through anonprofit institution that is regulated by theFederal Communication Commission.
NIPA receipts differ from budget receipts be-cause of differences in coverage, in netting andgrossing (which provide additional informationon items that are recorded on a net basis inthe budget), and in timing (table 4). For mostyears, the difference between NIPA receipts andbudget receipts primarily reflects contributionsto government employee retirement funds andproprietary receipts. In the budget, the contribu-tions are included in outlays both as expendituresand as offsetting receipts and thus net to zero;in the NIPA'S, they are recorded as receipts in
Table 5.—Relation of Federal Government CurrentExpenditures in the NIPA's to the Budget
[Billions of dollars]
Budget outlays
Less: Coverage differences:Geographic l
Financing disbursements from creditprograms
Other ?
Financial transactions:Net lending >Deposit insuranceOther
Net purchases of nonproduced assets:Outer continental shelfOther
Plus: Netting and grossing differences:Contributions to government employee
retirement fundsTaxes received from the rest of the
world3
Other4
Consumption of fixed capital
Timing differences:National defense consumption
expendituresOther
Miscellaneous 5
Equals: Federal Government currentexpenditures and gross investment, NIPA's ...
Less* Gross investment6
Equals: Federal Government currentexpenditures, NIPA's
1997
1,601.2
95
-13.41 5
56-10.4
-.5
-4-99
714
-2.7365
714
-31.8
1
1,797.4
61 2
1,736.2
Fiscal year
1998
1,667.8
99
-18.333
209-3.8-2.9
-6-38
722
-2.7325
71 8
-5.6
1
1,836.8
583
1,778.5
1999
1,733.2
103
-15.57.0
148-3.4-1.3
-3-2.3
73.8
-2.8331
723
1.1.7
.1
1,902.3
585
1,843.8
1. Consists largely of transfer payments, subsidies, and grants-in-aid to residents of U.S. terri-tories and Puerto Rico.
2. Consists of agencies not in the budget and the Federal Communication Commission Uni-versal Service Fund payments. Also includes net purchases of silver and minor coin metal.
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 a clas-sified as receipts in the NIPA's.
5. Consists largely of net expenditures of foreign currencies.6. Gross investment consists of general government and government enterprise expenditures
for fixed assets; inventory investment is included in Federal Government consumption expendi-tures.
Sources: The Budget of the United States Government, Fiscal 1999 and the Bureau of Eco-nomic Analysis.
NIPA National income and product accounts
order to provide separate detail on governmentretirement funds. In the budget, some propri-etary receipts are netted against outlays, but inthe NIPA'S, they are treated as receipts. For 1999,NIPA receipts would exceed budget receipts by$91.2 billion; contributions to government em-ployee retirement funds would be $73.8 billion,and proprietary receipts would be $33.1 billion.
NIPA current expenditures differ from budgetoutlays because of differences in coverage, in net-ting and grossing, and in timing. They alsodiffer because of the NIPA treatment of govern-ment investment in fixed assets and because ofthe exclusion of financial transactions, such asloans, and the exclusion of sales of nonproducedassets (table 5).5 For most years, the differencebetween the NIPA and budget estimates primar-ily reflects the netting and grossing differencesand the treatment of government investment.NIPA current expenditures includes the consump-tion of fixed capital, which is not recognized in
5. Most of the proceeds of the sale of the naval petroleum reserve inElk Hills, California, was classified as the sale of a nonproduced asset andwas excluded from the NIPA'S. For more information on this sale, see the"Business Situation" in this issue.
Table 6.—Relation of National Defense Consumption Ex-penditures and Gross investment in the NIPA's to Na-tional 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 purchasesAdditional payments to military and civilian
retirement fundsConsumption of general government fixed capital
Less: Grants-in-aid to State and local governments andnet interest paid
Timing differenceOther differences
Equals: National defense consumptionexpenditures and gross investment, NIPA's
Less: National defense gross investment1
Equals: National defense consumptionexpenditures. NIPA's
F
1997
270.5
258369.788847.71473.77.13.51.2
176370151
12.2
2
21.657.1
2.7-3-.5
347.4
39.9
307.5
iscal yea
1998
264.1
251 469.792743.71363.36.63.01.1
16235.895
12.7
2
21.456.7
28-5-9
341.1
36.3
304.7
r
1999
265.5
252770.5
• 91 845.51443.2702.812
17035989
12.8
2
22.156.3
301 1
-10
341.1
35.4
305.7
1. Gross investment consists of general government and government enterprise expendituresfor fixed assets; inventory investment is included in Federal Government consumption expendi-tures.
Sources: The Budget of the United States Government, Fiscal Year 1999 and the Bureauof Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
12 • March 1998 SURVEY OF CURRENT BUSINESS
the budget, and it excludes government invest-ment in fixed assets, which is included in budgetoutlays. For 1999, NIPA current expenditureswould exceed budget outlays by $110.6 billion;contributions to government employee retire-ment funds would be $73.8 billion, proprietaryreceipts would be $33.1 billion, and the consump-tion of fixed capital would exceed investment by$14.3 billion.
In the NIPA framework, budget outlays for na-tional defense are included in both consumptionexpenditures and gross investment. These outlaysdiffer from the NIPA estimates for four principalreasons (table 6). First, some defense out-lays, primarily disbursements for foreign militarysales, are treated as exports in the NIPA'S. Second,NIPA expenditures are recorded on a delivery ba-sis, and budget outlays are recorded on a cashbasis; thus, in the NIPA'S, all work-in-progressexcept shipbuilding is included in the change-in-business-inventories component of gross domes-tic product. Third, in defense outlays, the costof the military retirement program is measuredas the cash payment from the military personnelappropriation account to the military retirementtrust fund. In the NIPA'S, a payment is addedto amortize the unfunded liability for militaryretirement benefits earned by military person-nel for service before 1985, and a payment isalso added to amortize the unfunded liabilityfor civilian retirement benefits; these paymentsare recorded in the budget as intergovernmental
Table 7—Relation of Administration Budget and NIPA Esti-mates of Federal Government Receipts and Current Ex-penditures
[Billions of dollars]
Administration budget:ReceiptsOutlays
Surplus or deficit (-)
NIPA's:ReceiptsOutlays
Surplus or deficit (-) '
Administration budget lessNIPA's:ReceiptsOutlays
Surplus or deficit (-)
Level for fiscal year
Actual
1997
1,579.31,601.2
-21.9
1,695.51,736.2
-40.7
-116.2-135.0
18.8
Estimates
1998
1,657.91,667.8
-10.0
1,765.91,778.5
-12.6
-108.0-110.7
2.6
1999
1,742.71,733.2
9.5
1,833.91,843.8
-9.9
-91.2-110.6
19.4
Change frompreceding fiscal
year
1998
78.666.611.9
70.4
42.328.1
8.224.3
-16.2
1999
84.865.4
19.5
68.065.32.7
16.8.1
16.8
transactions. Fourth, the NIPA measure includesgeneral government consumption of fixed capital.
The differences between the budget and NIPAestimates of receipts, of outlays, and of the cur-rent surplus or deficit are summarized in table 7.Unlike the budget, which would record a sur-plus in 1999, the NIPA'S would record a deficitprimarily because of the difference in the treat-ment of government investment in fixed assets;the consumption of fixed capital that is includedin the NIPA'S is greater than the investment thatis excluded.
Fiscal year 1999 NIPA estimates
In the NIPA framework, the current deficit infiscal year 1999 would decrease $2.7 billion, to$9.9 billion, after decreasing $28.1 billion in fis-cal year 1998 (chart i). This slowdown is dueto an acceleration in current expenditures anda deceleration in receipts. The acceleration incurrent expenditures is due to accelerations ingrants-in-aid to State and local governments,transfer payments, and consumption expendi-tures. The deceleration in receipts is attributableto a deceleration in corporate profits tax accruals.
In the NIPA framework, Federal current ex-penditures would increase $65.3 billion in fiscalyear 1999 to $1,843.8 billion (chart 2). Transferpayments would increase $36.1 billion—$14.5 bil-lion for social security and $10.0 billion for medi-care (table 8). Grants-in-aid to State and localgovernments would increase $23.4 billion—$6.7billion for medicaid, $5.3 billion for health care,and $6.9 for other grants programs. Nondefense
CHART 1
Federal Fiscal Position,Surplus or Deficit (-)Billion $50
1. The NIPA current surplus or deficit reflects trie treatment of government investment whichwas introduced in January 1996. Current expenditures now include (1) consumption of fixed cap-ital or general government in consumption expenditures, and (2) consumption of fixed capitalfor for government enterpnses as an expense in the calculation of the current surplus of govern-ment enterprises. Gross investment in fixed assets by general government enterprises is nolonger classified as a current-account expenditure in the year the asset is purchased but is clas-sified, instead, as an expenditure over the service life of the asset.
Sources: The Budget ol the United States Government, Fiscal Year 1999 and the Bureauof Economic Analysis.
NIPA National income and product accounts
-3501989 90 91 92 93 94 95 96 97 98* 99*
Fiscal Years•Estimates by OMB and BEAU.S. Department of Commerce, Bureau ol Economic Analysis
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS March 1998 • 1J
CHART 2
Federal Government Current Expenditures,NIPA FrameworkBillion $
900
800
700
600
500
400
300
200
100
Transfer Payments
National Defense ConsumptionExpenditures
Net Interest Paid^
- All Other- Grants-in-aid to State and local
governmentsI I I ! I I
1989 90 91 92 93 94 95 96 97 98* 99*Fiscal Years
•Estimates by BEAU.S. Department of Commerce, Bureau of Economic Analysis
Table 8.—Sources of Change in Federal GovernmentCurrent Expenditures, NIPA Framework
[Billions of dollars]
Total current expenditures
Consumption expendituresNational defense
Pay raise and locality pay 'Other
NondefensePay raise and locality pay1
Other
Transfer paymentsSocial securityMedicareSupplemental security incomeFederal employee retirementEarned income and child care creditsVeterans benefitsUnemployment benefitsOther
Grants-in-aid to State and local governmentsMedicaidEducationHighwaysHealth CareFood and nutritionOther
Net interest paid
Subsidies less current surplus of governmententerprisesAgriculture subsidiesHousing subsidiesOther subsidiesLess: Current surplus of government enterprises:
Postal Service surplusOther surplus of government enterprises
Change from precedingfiscal year
1997
64.0
15.49.4
9.46.0
6.0
35.414.816.41.45.82.81.2
-2.8-4.2
4.73.601.0
-1.5.7
1.0
8.0
.5-2.1
.63.2
1.0.2
1998
42.3
2.1-2.82.1
-4.94.91.33.6
28.815.57.9
.82.8
.4
.8
.4
.2
15.65.401.21.51.16.4
-3.2
-1.01.20-.3
71.2
1999
65.3
9.01.03.1
-2.18.02.15.9
36.114.510.0
.42.92.71.42.71.5
23.46.73.5
.65.3
.46.9
-1.7
-1.5-.8-.4-.7
-.3-.1
consumption expenditures would increase $8.0billion.
In the NIPA framework, Federal receipts wouldincrease $68.0 billion in fiscal year 1999 to $1,883.9billion (chart 3): $57.5 billion of the increase isdue to a higher tax base, and $10.5 billion is dueto proposed legislation (table 9). The increasein total receipts reflects increases in contribu-tions for social insurance ($30.3 billion), per-sonal taxes ($22.7 billion), indirect business taxes
CHART 3
Federal Government Receipts,NIPA FrameworkBillion $
900
800
700
600
500
400
300
200
100
Personal Tax and Nontax Receipts
-Contributions for Social Insurance
Corporate Profits Tax Accruals^
Indirect Business Tax and Nontax Accruals '
1989 90 91 92 93 94 95 96 97 98* 99*Fiscal Years
•Estimates by BEAU.S. Department of Commerce. Bureau of Economic Analysis
Table 9.—Sources of Change in Federal GovernmentReceipts, NIPA Framework
[Billions of dollars]
Total receiptsDue to tax basesDue to proposed legislation
Personal tax and nontax receiptsDue to tax basesDue to proposed legislation
Corporate profits tax accrualsDue to tax basesDue to proposed legislation
Indirect business tax and nontax accrualsDue to tax basesDue to proposed legislation
Contributions for social insuranceDue to tax basesDue to ororjosed leaislation
Change from precedingfiscal year
1997
143.6143.6
0
88.888.8
0
13.613.60
4.64.60
36.736.7
0
1998
70.470.6-.1
27.827.9-.1
14.814.9-.1
-.1-.2
.1
28.028.00
1999
68.057.510.5
22.723.9-1.2
3.11.41.7
11.91.9
10.0
30.330.30
1 Consists of pay raises and locality pay beginning in January 1998.Source: Bureau of Economic Analysis. Sources: The Budget ol the United States Government, Fiscal Year 1999, and the Bureau
of Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
14 • March 1998 SURVEY OF CURRENT BUSINESS
($11.9 billion), and corporate profits tax accru-als ($3.1 billion). The increase in contributionsfor social insurance reflects higher contributionsfor the old-age, survivors, disability, and hospi-tal insurance programs. The increase in personaltaxes reflects higher withheld income taxes, andthe increase in indirect business taxes reflects theproposed tobacco settlement.
Quarterly pattern.—Seasonally adjusted quarterlyestimates of NIPA receipts and current expendi-tures that are consistent with the budget estimatesof receipts and outlays for the fiscal year areshown in table 10. The NIPA estimates of receiptsreflect the quarterly pattern that results from theenacted and proposed legislation and from theadministration's projected quarterly pattern ofwages and profits. The NIPA estimates of currentexpenditures reflect the quarterly pattern that re-sults from the enacted and proposed legislationthat would adjust pay for Federal Government
employees and provide cost-of-living increases insocial security.
In the NIPA framework, the current deficittrends downward from the first quarter of 1997through the fourth quarter of 1997 and thenincreases in the first quarter of 1998. Thefirst-quarter 1998 increase reflects the following:Decreases in personal taxes, cost-of-living adjust-ments that increase social security (2.1 percent),and adjustments to Federal employee pay (2.8percent).
The current deficit decreases from the secondquarter of 1998 through the fourth quarter of1998, increases in the first quarter of 1999, andthen decreases slightly throughout the third quar-ter of 1999. The first-quarter increase reflectsthe following: Cost-of-living adjustments that in-crease social security (2.2 percent), adjustmentsto Federal employee pay (3.1 percent), and highergrants-in-aid to State and local governments.
Table 10 follows. 5|
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS March 1998 • 15
Table 10.—Federal Government Receipts and Expenditures, NIPA Framework[Billions of dollars; calendar year and quarters at seasonally adjusted annual rates]
Line
1
234
56789
1011
121314
1516171819202122232425262728
29
3031323334353637383940
414243444546474849505152535455565758596061
Receipts
Personal tax and nontax receipts3
Proposed legislationOther
Corporate profit tax accruals4
Federal Reserve BanksProposed legislationOther
Other corporate profit tax accrualsProposed legislationOther
Indirect business tax and nontax accruals7
Proposed legislationOther .
Contributions for social insurance 3
Tax on wages and salaries (PICA)Proposed legislationBase increases
January 1998January 1999
OtherTax on self-employment earnings (SECA)
Base increasesOther
Supplementary medical insuranceUnemployment insuranceFederal retirementOther
Current expenditures
Consumption expendituresNational defense
Pay raises and locality pay .January 1998January 1999
OtherNondefense
Pay raises and locality payJanuary 1998January 1999
Other
Transfer payments (net)3
To personsSocial Security . . .
RegularBenefit increases
January 1998January 1999
Medicare ..Unemployment benefitsFeideral employee retirement
CivilianMilitary
Veterans benefitsRailroad retirement .... .. .Military medical insuranceFood stampsBlack lung benefitsSupplemental security income ... .Earned income and child care creditsAll other
To rest of the world (net)
Fiscal year l
1997
1,695.5
757.3
7573
206.021.0
21.01850
185.0
95.7
95.7
636.5483.3
483.329.4
.129.419.028.167.49.2
1,736.2
457.5307.5
307.5150.0
150.0
786.3774.1353.0353.0
206.120.673.443.030.421.98.52.0
19.61.1
26.721.919.312.2
1998
1,765.9
785.1-1
7852
220.823.40
23.41973-1
197.4
95.61
95.5
6645508.5
0.88
507.731.1
.430719.329.267.392
1,778.5
459.73047
2.12.1
302.7154.9
1 31.3
153.6
815.1802.8368.5362.8
5.757
214.021.076.244.531.622.78.71.9
18.51.1
27.522.320.412.3
1999
1,833.9
807.8-1.3
8091
223.924.1
r
23^91997
1.4198.3
107.510.197.4
6948534.0
.13.73.1
6530.2
32.6.7
31 920.030.668.59.1
1,843.8
468.63057
5.22.824
300.5162.9
3.41.81.6
159.6
851.2839.0383.0369.1
14.07862
224.023.779.146.532.624.18.41.8
19.71.0
27.925.021.212.2
Calendar year
Pub-lished19972
1,724.6
774.4
7744
213.021.4
2l"4191 6
191.6
91.3
91.3
6459490.4
490.428.80
28819.729.767.996
1,752.2
463.93110
311.0152.9
152.9
795.5782.3356.7356.7
210.022.073.242.630.622.18.22.1
18.71.1
25.622.620.113.3
Esti-mated1998
1,787.3
797.7-.1
7978
221.324.00
24.01973-1
197.4
94.926
92.3
6735514.8
0313.10
511.830.4
.430020.030.568.296
1,800.5
461.33030
2.82.8
300.3158.2
1 81.8
156.4
827.6815.3372.5364.9
7.777
220.323.176.744.232.522.98.51.9
18.71.1
26.621.721.412.3
Quarter
Published 19972
I
1,675.3
746.9
7469
204.920.9
20.91840
184.0
88.2
88.2
635.3480.8
0
480.828.50
28519.529.467.79.5
1,730.8
458.03064
306.4151.7
151.7
785.9775.5354.2354.2
204.722.373.042.630.422.18.22.1
19.81.1
25.522.619.910.5
II
1,709.3
767.9
7679
207.721.2
21.21865
186.5
92.2
92.2
641 5486.3
0
486.328.60
28619.629.567.996
1,746.0
464.2311 3
311.3152.9
152.9
791.4780.5356.0356.0
208.322.273.542.730.822.18.22.1
19.01.1
25.522.620.010.8
III
1,741.8
781.9
781 9
219.321.7
21.71977
197.7
92.4
92.4
6482492.3
0
492.328.80
28819.729.668.196
1,752.6
464.7311 6
311.6153.1
153.1
794.5784.5357.5357.5
211.921.873.142.630.522.28.22.0
18.21.1
25.722.620.210.0
IV
1,771.8
800.8
8008
220.121.8
21.8198.2
198.2
92.3
92.3
658.6502.0
0
502.029.1
029119.830.167.99.7
1,779.4
468.5314.8
314.8153.7
153.7
810.3788.5359.0359.0
215.221.673.242.630.722.18.22.0
17.71.1
25.622.620.321.8
Estimated 1998
I
1,768.0
787.0-.1
7871
220.623.90
23.91967
-.1196.8
92.80
92.8
6676510.0
03.13.1
507.029.9
29519.830.168.19.6
1,789.9
469.33135
2.72.7
310.8155.8
1.71.7
154.1
817.4806.7369.1361.6
7.67.6
217.222.276.143.932.222.78.42.0
18.61.1
26.721.721.010.6
II
1,779.6
794.0-.1
7941
221.424.00
24.01974
-.1197.5
93.10
93.1
671 2513.0
03.13.1
510.030.2
29819.930.368.19.6
1,795.7
461.43041
2.82.8
301.3157.3
1.81.8
155.5
822.9812.4371.6364.0
7.67.6
219.222.876.544.132.522.88.51.9
18.51.1
26.621.721.310.4
III
1,790.4
801.2-.1
801 3
221.023.90
23.9197.0
-.1197.1
92.9.4
92.5
675.3516.5
03.13.1
513.530.5
30.220.030.568.09.6
1,799.7
457.8298.7
2.82.8
295.9159.1
1.81.8
157.3
828.7818.2374.1366.4
7.77.7
221.223.477.044.232.722.98.51.8
18.41.0
26.521.721.610.5
IV
1,811.0
808.5-1
8086
222.124.10
24.11981
-.1198.2
100.69.8
90.8
6798519.7
03.13.1
516.730.9
30520.130.968.596
1,816.6
456.52959
2.82.8
293.1160.6
1.81.8
158.8
841.3823.7375.2367.5
7.77.7
223.724.177.244.532.723.28.41.8
19.11.0
26.521.721.717.6
Estimated 1999
I
1,821.9
807.8-1.1
8089
224.024.0r
23.72000
1.9198.0
100.19.9
90.3
6900527.7
05.53.12.5
522.231.5
30.820.731.669.096
1,844.4
463.42994
5.92.83.1
293.5164.1
3.81.82.0
160.3
854.2844.0384.6368.5
16.07.78.3
226.224.879.845.834.023.78.21.8
19.51.0
27.025.521.910.2
II
1,837.4
815.4-1.2
8166
224.324.1
23.'<2001
1.9198.2
100.210.190.1
6975533.7
05.53.12.5
528.231.7
31.120.832.269.596
1,857.5
464.72993
6.02.83.2
293.3165.4
3.91.82.1
161.5
859.4849.2385.7369.6
16.17.88.3
228.725.580.146.134.024.28.11.8
19.71.0
26.925.522.010.2
III
1,855.3
823.0-1.4
8244
225.124.2
.324.0
200.81.9
198.9
101.310.590.8
705.9540.6
.35.53.12.5
534.732.0
.731.420.932.870.096
1,872.4
469.03021
6.02.83.2
296.1166.9
3.91.82.1
163.0
864.5854.4386.8370.6
16.17.88.3
231.226.380.346.434.024.87.71.8
20.01.0
26.825.522.110.1
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
l6 • March 1998 SURVEY OF CURRENT BUSINESS
Table 10.—Federal Government Receipts and Expenditures, NIPA Framework—Continued[Billions of dollars; calendar year and quarters at seasonally adjusted annual rates]
Line
62636465666768697071727374
75
76
777879808182838485
86
87
888990
919293
Grants-in-aid to State and local governmentsPublic assistance
MedicaidCash benefits (AFDC + TANF)Social benefits
HighwaysEducationFood and nutritionCommunity development .Mass transitEnvironmental protectionHealth careAll other
Net interest paid
Subsidies less current surplus of governmententerprisesSubsidies
Agricultural ..HousingOther
Less: Current surplus of government enterprisesPostal ServiceFederal Housing AdministrationTennessee Valley AuthorityOther
Less' Wage accruals less disbursements
Current surplus or deficit (— )5
Addenda:Gross investment6
National defenseNondefense
Consumption expenditures and gross investmentNational defenseNondefense
Fiscal year ]
1997
220.0112.795.41472.6
20.217.114.76.32.32.76.3
37.8
234.2
38.235.57.3
24.93.3
-2.7-7.8
2.92.0
.3
0
-40.7
61 239.921.3
518.7347.4171 3
1998
235.6120.4100.81712.4
21.417.115.87.52.02.57.8
41.1
231.0
37.236.48.5
24.93.0-.8
-7.13.427
.3
0
-12.6
58336.322.0
518.0341.11769
1999
259.0127.5107.51802.0
22.020.616.27.81.92.7
13.147.1
229.3
35.734.57.7
24.52.3
-1.1-7.4
3.828-.3
0
-9.9
58535.423.1
527.1341.11860
Calendar year
Pub-lished19972
224.2112.897.41292.5
20.317.01536.54.02.67.7
38.3
230.2
38.434.27.6
25.61 0
-4.2-8.6
3.31 7-.5
0
-27.7
59939.420.6
523.8350.41734
Esti-mated1998
242.8119.8101.31602.5
22.118.01667.92.62.79.1
44.2
229.6
39.334.38.1
25.56
-5.1-9.5
3.71 7
-1.0
0
-13.2
56.734.522.2
517.9337.5180.4
Quarter
Published 19972
I
219.6111.294.71402.5
19.415.71496.4412.96.9
38.1
228.9
38.433.87.4
25.21 1
-4.7-3.9
3.21 7-.6
0
-55.5
58137021.1
516.1343.31728
II
222.5111.896.41262.8
20.616.615 16.5352.78.4
37.4
229.8
38.134.37.5
25.71 1
-3.9-8.2
3.21 6-.5
0
-36.8
61 839.322.6
526.1350.61755
III
224.2110.296.111 82.4
20.818.11546.4422.67.2
39.4
231.2
37.934.37.5
25.91 0
-3.6-8.0
3.31 5-.4
0
-10.8
61 040.520.5
525.7352.1173.6
IV
230.6117.8102.21322.4
20.317.51576.5402.38.2
38.3
231.0
39.034.5
8.025.7
9-4.5-9.2
3.41 8-.5
0
-7.6
58940.818.1
527.4355.6171 8
Estimated 1998
I
232.8115.798.71462.4
21.316.51638.0322.98.4
40.6
230.6
39.934.88.3
25.68
-5.1-9.7
3.51 8-.7
0
-21.9
57435.621.9
526.7349.1177.6
II
241.4119.4100.71602.6
22.417.71668.12.92.68.2
43.6
229.7
40.334.78.4
25.57
-5.6-10.0
3.61.7-.9
0
-16.1
56.434.422.0
517.9338.5179.4
III
245.9120.5101.41662.5
22.618.51687.92.12.58.4
46.3
229.0
38.434.18.1
25.46
-4.2-8.6
3.71 7
-1.1
0
-9.3
55.833.522.3
513.6332.2181.3
IV
251.2123.4104.21692.3
21.919.41667.4212.9
11.246.2
228.9
38.833.47.7
25.34
-5.4-9.8
3.81 7
-1.2
0
-5.6
57134.522.6
513.6330.4183.2
Estimated 1999
I
259.9126.8107.11742.3
22.220.91657.8212.6
13.347.5
228.6
38.333.1
7.525.2
4-5.3-9.6
3.91 7
-1.3
0
-22.5
58735822.9
522.1335.2187.0
II
266.8128.7108.5
18.02.2
22.621.416.88.1212.8
14.349.8
228.4
38.132.8
7.325.2
3-5.3-9.6
4.01 7
-1.4
0
-20.1
59335923.3
524.0335.3188.7
III
272.8130.5109.9
18.52.1
22.822.416.78.2202.7
15.352.1
228.3
37.832.67.2
25.13
-5.1-9.5
4.01.8
-1.4
0
-17.2
58835523.4
527.8337.5190.3
1. Fiscal year estimates are the sum of quarterly values not seasonally adjusted and are consistent with thebudget proposals.
2. Published estimates, both calendar year and quarters, appear in the NIPA tables 3.2 and 3.7B elsewherein this issue.
3. Estimates of personal tax and nontax receipts, contributions for social insurance, transfer payments (net), andgrants-in-aid to State and local governments for the first quarter of 1998 through the third quarter of 1999 havebeen revised to incorporate information that has become available since the release of the budgeLFor each quarter,personal taxes have been revised up $8.1 billion, and grants-in-aid have been revised up $4.6 billion. To reflectdata on wage and salary disbursements that were not available at the time of the translation, contributions havebeen revised as follows: 1998:1, $3.6 billion; 1998:11, $1.0 billion; 1998:111, -$1.0 billion; 1998:IV, -$3.4 billion; 1999:1,-$2.9 billion; 1999:11, -$1.4 billion; and 1999:111, $1.0 billion. The revisions to transfer payments (net) in 1998 and1999 result from a corrected quarterly pattern for medicare payments.
4. BEA's estimate of corporate profits tax accruals for the fourth quarter of 1997 will not be available until therelease of the final estimates of gross domestic product on March 26, 1998. The value shown is derived from thebudget.
5. See footnote 1 in table 7.6. Gross investment consists of general government and government enterprise expenditures for fixed assets;
inventory investment is included in Federal Government consumption expenditures.7. The Budget of the United States Government, Analytical Perspectives, Fiscal Year 1999, "National Income
and Product Accounts," page 340 contains incorrect fiscal year estimates of indirect business tax and nontax accru-als (IBT); the IBT estimates also carried through to the budget estimates for total receipts and the deficit. The
differences between the fiscal year estimates of IBT shown in the Budget and those shown in table 10 (above)are shown below:
Indirect business tax and nontax accruals:BudgetAmount of correction
Billions of dollars
Fiscal year
1997
92.1
3.6
1998
92.1
3.5
1999
105.71.8
Sources: The Budget of the United States Government, Fiscal Year 1998 and the Bureau of Economic Analysis.AFDC Aid to families with dependent childrenFICA Federal insurance contributions actNIPA National income and product accountsSECA Self-employment contributions actTANF Temporary assistance for needy families
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Gross Product by Industry Price Measures,1977-96By Robert E. Yuskavage
Brian C. Moyer,John Sporing, andRobert A. Sylvesterassisted in thepreparation of theestimates and thetables.
THIS ARTICLE presents annual estimates ofprices and unit costs by industry group for
1977-96. The price measures of gross prod-uct originating by industry (GPO) provide insightinto the sources of change in the aggregate pricelevel by industry. For example, the relativegrowth rates of prices among industries can becompared, and their contributions to the aggre-gate (economy-wide) rate of price change canbe computed. The unit-cost measures by in-dustry can be used to identify the sources ofGPO price change among the cost componentsof GPO—compensation of employees, indirectbusiness taxes, and property-type income.
These measures of GPO prices and unit costshave not previously been included in the articles
on gross product by industry in the SURVEY OFCURRENT BUSINESS, and providing them marksanother step in continuing efforts by the Bureauof Economic Analysis (BEA) to make the in-dustry accounts data more useful. Until lastyear, these articles dealt almost exclusively withcur rent-dollar and real GPO. In November 1997,BEA presented and discussed annual estimates ofgross output and intermediate inputs by industryfor the first time.1
The first part of this article discusses themeasurement and interpretation of GPO prices,including the relationship of GPO prices to gross
i. See Sherlene K.S. Lum and Robert E. Yuskavage, "Gross Productby Industry, 1947-96," SURVEY OF CURRENT BUSINESS 77 (November 1997):20-34.
Gross Product Originating: Definition and Relationship to Gross Domestic Product
Gross product, or gross product originating (GPO), by industryis the contribution of each private industry and of government tothe Nation's output, or gross domestic product (GDP). An industry'sGPO, often referred to as its "value added," is equal to its gross out-put (sales or receipts and other operating income, commodity taxes,and inventory change) minus its intermediate inputs (consumptionof goods and services purchased from other industries or imported).
For the national income and product accounts (NIPA'S), GDP ismeasured as the sum of expenditure components. Gross domesticincome (GDI) is measured as the sum of costs incurred and incomesearned in the production of GDP. In concept, GDP and GDI should bethe same; in practice, they differ because their components are esti-mated using largely independent and less-than-perfect source data.BEA views GDP as the more reliable measure of output because thesource data underlying the estimates of expenditures are consideredto be more accurate.1 The difference between GDP and GDI is the"statistical discrepancy"; it is recorded in the NIPA'S as an "income"component that reconciles GDI with GDP.
Cur rent-dollar GPO by industry is measured as the sum of distribu-tions by industry of the components of GDI. Consequently, the sumof the cur rent-dollar GPO estimates also differs from current-dollarGDP by the statistical discrepancy. In presenting the GPO estimates,the statistical discrepancy is included in the GPO of private industriesbecause of BEA'S view that most of the measurement problems with
the components of GDI affect the GPO of private industries ratherthan the GPO of general government or government enterprises.
Real GDP in the NIPA'S is also measured as the sum of the expendi-ture components. Real GPO estimates for most industries are derivedusing separate estimates of gross output and intermediate inputs.3
The sum of the real GPO estimates differs from real GDP by the realstatistical discrepancy, which is shown as part of private-industryGPO, and by the category entitled "not allocated by industry," whichis the difference between real GDP and the sum of real GPO for thedetailed industries and of the statistical discrepancy. The value ofthe category "not allocated by industry" reflects the lack of additivityof detailed real GPO estimates that results from the formula used tocalculate real output and from differences in the source data (bothcurrent dollars and prices) used to estimate industry GPO and theexpenditures measure of real GDP. As with the current-dollar meas-ures, BEA views the source data used to estimate the componentsof real GDP to be more reliable. In addition, the amount of de-tailed data available to calculate real GDP is greater than that for thegross output and intermediate inputs available to calculate real GPO.For some industries, no source data are available to measure grossoutput, and the resulting real GPO estimates are prepared using lessreliable methodologies.
i. For additional information on the accuracy of the two measures, see the box"Statistical Discrepancy" in Robert P. Parker and Eugene P. Seskin, "Annual Revision ofthe National Income and Product Accounts," SURVEY OF CURRENT BUSINESS 77 (August1997): 19.
2. See "Note on Alternative Measures of Gross Product by Industry," SURVEY 77(November 1997): 84.
3. For information about the computation of the real GPO estimates, see the box"Computation of the Chain-Type Quantity Indexes for Double-Deflated Industries" inRobert E. Yuskavage, "Improved Estimates of Gross Product by Industry, 1959-94,"SURVEY 76 (August 1996): 142.
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18 • March 1998 SURVEY OF CURRENT BUSINESS
output prices and intermediate inputs prices. Thesecond part develops the concept of unit costsin the context of the GPO estimates, and it de-scribes how these measures can be used to analyzechanges in industry-cost structure and the returnto capital. The third part discusses trends inGPO prices and unit costs by industry group for1992-96. Tables 4 and 5 at the end of the articlepresent industry price and unit-cost measures byindustry group for 1977-96.
GPO Prices
The GPO price index for an industry or industrygroup represents the implicit price for gross out-put less intermediate inputs. For most industriesand industry groups, the GPO price measures arechain-type Fisher price indexes computed fromdata on gross output and intermediate inputs.For some industries, the GPO price measures areimplicit price deflators because data for grossoutput prices are not available.
GPO can be defined as either an output meas-ure (gross output less intermediate inputs) or asan input measure (costs incurred and incomesearned); see the box "Gross Product Originat-ing." The measurement of the GPO price indexis based on GPO'S definition as an output meas-ure. As an output measure, GPO is the differencebetween the industry's gross output and its in-termediate inputs. Real GPO and the GPO priceindex can be derived from these separate meas-ures using the double-deflation method. In thedouble-deflation method, estimates of gross out-put and of intermediate inputs are used in thecalculation of real GPO.2 As an input measure,an industry's GPO represents the value-added in-puts (labor services and capital services) that arecombined with the intermediate inputs (energy,materials, and purchased services) to produce thegross output of the industry. The GPO price indexthus represents the implicit price paid by the in-dustry for its value-added inputs. Changes in theGPO price index for the industries for which thedouble-deflation method is used primarily reflect(i) changes in the prices and quantities of thegross output of the industry, (2) changes in theprices and quantities of the intermediate inputsused by the industry, and (3) changes in the ratioof intermediate inputs to gross output.
Gross output
Gross output prices represent the prices receivedby an industry for its products. The chain-typeprice index for gross output is computed fromdetailed data for the industry on product sales,shipments, and prices. Data on cur rent-dollarproduct sales and shipments by industry are pri-marily from annual surveys by the Bureau of theCensus. Detailed price indexes for manufacturingand wholesale trade are primarily producer priceindexes (PPI'S) from the Bureau of Labor Statistics(BLS). Price indexes for farm products are fromthe U.S. Department of Agriculture, and price in-dexes for mineral products are mostly from theU.S. Department of Interior and the U.S. De-partment of Energy. Price indexes for selectedproducts—including computers, semiconductors,digital telephone switching equipment, and se-lected equipment purchased by the U.S. Depart-ment of Defense—are from the national incomeand product accounts (NIPA'S). Price indexes forretail trade and for services are primarily BLS con-sumer price indexes (CPI'S), or they are derivedfrom the NiPA's.3
Intermediate inputs
Intermediate inputs prices represent the pricespaid by an industry for its inputs of raw ma-terials, semifinished goods, energy, and servicespurchased from other industries. The chain-typeprice index for intermediate inputs is computedfrom detailed data on industry product purchasesand prices. Data on the commodity (product)composition of cur rent-dollar intermediate in-puts by industry are obtained primarily fromBEA'S input-output accounts.4 Detailed price in-dexes for inputs of manufactured goods are fromBLS: Primarily PPI'S for domestic goods and inter-national price indexes for imports. These indexesare supplemented by selected price indexes fromthe NIPA'S. Detailed price indexes for inputsof services are primarily CPI'S, or gross outputimplicit price deflators.5
Input-output ratio
An industry's input-output (i-o) ratio is com-puted as its intermediate inputs divided by its
2. For more information on the double-deflation method, see RobertE. Yuskavage, "Improved Estimates of Gross Product by Industry, 1959-94,"SURVEY 76 (August 1996): 142-145.
3. For a list of the sources for current-dollar product detail and priceindexes for gross output, see Yuskavage, "Improved Estimates," table 8.
4. Ann M. Lawson, "Benchmark Input-Output Accounts for the U.S.Economy, 1992: Make, Use, and Supplementary Tables," SURVEY 77(November 1997): 36-82.
5. For a list of the sources for the price indexes for intermediate inputs,see Yuskavage, "Improved Estimates," table 9.
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SURVEY OF CURRENT BUSINESS March 1998
gross output. For an industry with one prod-uct, changes in the i-o ratio from year to yearreflect shifts in the mix between intermediate in-puts and value-added inputs (labor services andcapital services). Such shifts may be viewedas changes in production technology that resultfrom changes in the optimal input mix. Exam-ples include economies of scale that result fromchanges in the rate of output and the contract-ing out of services that were once performedin-house by employees. At the GPO industry level,which approximates the two-digit Standard In-dustrial Classification (sic), changes in the i-oratio may also reflect changes in the relative sizeof the detailed industries that the GPO industrycomprises.
The GPO price index can be viewed as aweighted average of gross output prices less in-termediate inputs prices; thus, changes in the i-oratio affect the GPO price index by changing therelative weights associated with these prices. Nor-mally, this effect is small in comparison with theeffects of changes in gross output prices or ofchanges in intermediate inputs prices.6
Relationship to NIPA prices
For the NIPA'S, gross domestic product (GDP) ismeasured as the sum of final expenditures. GDPcan also be measured as the sum of industry valueadded. In concept, the GDP price and quantityindexes computed from NIPA final expendituresare consistent with those computed from indus-try value added because both approaches excludeintermediate inputs. Consistency is maintainedbetween the two approaches by the use of com-mon source data for prices whenever possible.For example, the price indexes that are usedfor the producers' durable equipment compo-nent of NIPA final expenditures are also used forthe gross output of durable goods manufacturingindustries.
In practice, the results of the two approachesdiffer because of the lack of data for gross out-put prices for certain private services-producingindustries and because of the lack of annual datafor the commodity composition of intermediateinputs by industry. In addition, the two ap-proaches differ in the treatment of trade marginsand transport costs. In the NIPA'S, final ex-penditures are valued in purchasers' prices whichinclude the wholesale trade and retail trade mar-gins and transport costs incurred as goods move
through the distribution system from producers(or importers) to final users. In the industryapproach, value added is valued in producers'prices. Price measures associated with trade mar-gins and transport costs are classified in thewholesale trade, retail trade, and transportationindustries.7
As a result, price measures for specific GPO in-dustries are not necessarily comparable to pricemeasures for related NIPA expenditure compo-nents. For example, the NIPA chain-type priceindex for all durable goods products may differfrom the GPO price index for durable goods man-ufacturing. GDP prices by type of expenditurereflect the prices of goods and services purchasedfor final use, whether domestically produced orimported; GPO prices by industry reflect theprices of the industry's gross output net of in-termediate inputs. Gross output prices from theindustry approach are more comparable to NIPAfinal expenditure prices, but gross output pricesreflect sales by an industry to all of its customers,whereas NIPA price measures reflect sales to finalpurchasers, including sales of imports.
GPO Unit Costs
GPO unit costs show the contribution of the costcomponents of GPO to the GPO price index. GPOmeasures of unit cost are computed by divid-ing cur rent-dollar GPO and its components byreal (chained-dollar) GPO.S The resulting quo-tients provide the GPO chain-type price index andthe part of the price index associated with eachcomponent. If the unit cost for a componentgrows faster than the GPO price index, then therelative importance of that component in the coststructure has increased.
As an input measure, cur rent-dollar GPO ismeasured as the sum of costs incurred and in-comes earned in production; it is equal to grossdomestic income, the components of which canbe grouped into categories that approximate theshares of labor and capital. The labor shareof production can be approximated using com-pensation of employees, which consists of wageand salary accruals, employer contributions forsocial insurance, and other labor income (pri-marily employer contributions to private pension
6. The direction and magnitude of the effect on the GPO price indexdepends on interactions among the gross output price index, the intermediateinputs price index, and the input-output ratio.
7. In the GPO estimates, the gross output of the wholesale trade and retailtrade industries primarily consists of margin, which is defined as sales minusthe cost of goods sold. Because price indexes for margin are not available,sales by detailed type of business are deflated, and the margin rate is assumedto be constant. Such assumptions are not required for the deflation of NIPAfinal expenditures.
8. Current-dollar cost per unit of real GPO equals the GPO price indexdivided by 100.
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2O • March 1998 SURVEY OF CURRENT BUSINESS
plans and health insurance). The capital shareof production (property-type income) can be ap-proximated using the remaining components ofGPO except indirect business tax and nontax lia-bility, which is excluded because it can be viewedas a part of the pretax return to capital thataccrues to government rather than to business.9
GPO unit-cost measures for compensation ofemployees (unit labor costs) include wage andsalary accruals, employer contributions for socialinsurance, and other labor income. Unit-costmeasures for property-type income (income perunit of gross product) include both debt-financedand equity-financed capital, including capitalconsumption allowances. GPO unit-cost meas-ures do not provide information on the separatecontributions of labor and capital services or oflabor and capital prices to the change in GPOprices, because GPO unit-cost measures attributechanges in GPO unit prices to the componentsof GPO in proportion to each component's shareof cur rent-dollar GPO. Thus, year-to-year changesin component shares of cur rent-dollar GPO willresult in changes in the contributions of the com-ponents to GPO prices, even if the prices do notchange.
GPO Prices and Unit Costs for 1992-96
This part of the article presents estimates ofchanges in GPO prices and unit costs by industrygroup for 1992-96. The first section discusses dif-ferences in GPO price changes among industries,including the effects of differences in changes ingross output prices and in intermediate inputsprices. The second section discusses the contri-butions of GPO components to changes in the GPOprice index.
GPO price changes
The GDP chain-type price index increased at anaverage annual rate of 2.5 percent in 1992-96;private industries increased 2.2 percent, and gov-ernment increased 3.3 percent (table i). Amongthe private industry groups, the GPO price in-dex for durable goods manufacturing declined 1.2percent. The GPO price indexes for all the otherindustry groups increased; the increases rangedfrom 0.4 percent for electric, gas, and sanitaryservices to 3.8 percent for agriculture, forestry,
and fishing. Except for electric, gas, and sani-tary services, the industry groups with GPO pricechanges that were less than the GDP price change(2.5 percent) were those associated with the pro-
Table 1.—Percent Changes in Chain-Type Price Indexes byIndustry Group, 1993-96
Gross domestic product
Private industries '
Agriculture, forestry, and fishing:Gross outputIntermediate inputs . . . .Gross product
Mining:Gross outputIntermediate inputsGross product
Construction:Gross outputIntermediate inputsGross product
Manufacturing:Gross outputIntermediate inputsGross product
Durable goods:Gross outputIntermediate inputsGross product
Nondurable goods:Gross outputIntermediate inputsGross product
Transportation and publicutilities1
Transportation l
Communications:Gross outputIntermediate inputsGross product
Electric, gas, and sanitaryservices:Gross outputIntermediate inputsGross product
Wholesale trade:Gross outputIntermediate inputsGross product
Retail trade:Gross outputIntermediate inputsGross product
Finance, insurance, and realestate1
Services l
Government '
Addenda:Private goods-producing
industries2:Gross outputIntermediate inputsGross product
Private services-producingindustries13
1993
2.6
2.5
261.93.7
-.51.3
-1.9
3.2303.5
1 0.8
1.4
1.11.11 2
.9
.51 7
1.81.1
1.3-.52.2
263.72.1
1.82.31.6
15211.2
3.7
3.6
3.1
151.22.1
2.6
1994
2.4
1.8
-622
-35
-3.9-1.2-5.7
3.53040
121.7.5
1.32.1o
1.21.21 1
.71.5
.6-2.222
-71.0
-1 5
2.7262.7
16251 1
2.1
38
3.1
121 8.4
2.4
1995
2.5
2.0
91 7-4
.41.8-.5
4.03248
234.2-.9
.12.2
-31
4.96.51 9
2.33.2
.9-21
2.9
-2-2.6
6
2.23.71.5
1 129
1
4.4
32
3.4
24390
2.9
1996
2.3
2.4
10352
166
17110821.0
2.31 828
-2-2-4
-24-2.3-27
242.228
1 1.6
1 91 227
2610.0
3
021
-1.1
1 326
5
4.1
34
3.7
1 25
23
2.5
Averageannualrate of
change,1992-96
2.5
2.2
322738
303127
332737
1 116
2
o.8
-1 2
232.619
151 6
12-925
1 129
4
1.7271 2
1 425
7
36
35
3.3
1 61812
2.6
9. For purposes of this analysis, property-type income is defined as thesum of corporate profits, proprietors' income, rental income of persons,net interest, capital consumption allowances, business transfer payments,and the current surplus of government enterprises less subsidies. However,a substantial portion of proprietors' income represents the labor share ofproduction.
1. Gross product price index.2. Consists of agriculture, forestry, and fishing; mining; construction; and manufacturing.3. Consists of transportation and public utilities; wholesale trade; retail trade; finance, insur-
ance, and real estate; and services.NOTE.—Estimates for gross output and for intermediate inputs are shown only for industry
groups for which the double-deflation method is used for each detailed industry in the group.See footnote 2 in the text.
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SURVEY OF CURRENT BUSINESS March • 21
duction and distribution of manufactured goods(manufacturing, transportation, wholesale trade,and retail trade).
The GPO price changes for private services-producing industries (2.6 percent) exceeded theGDP price change, and the GPO price change forprivate goods-producing industries (1.2 percent)was less than the GDP price change. The slowergrowth in the GPO price index for private goods-producing industries, compared with the growthfor private services-producing industries, contin-ues a trend that started in 1982 and continuedeach year except for 1989 (chart i). In 1989, theGPO price index for goods-producing industrieswas boosted by a relatively large increase in grossoutput prices for oil and gas extraction. Since1977, GPO prices for private services-producingindustries have increased faster than GDP prices;since 1992, a deceleration in GPO prices for privateservices-producing industries has contributed toa deceleration in GDP prices.
As mentioned earlier, the GPO price index canbe viewed as a weighted average of gross out-put prices and intermediate inputs prices forindustries for which the double-deflation methodis used. Changes in GPO prices are positivelycorrelated with changes in gross output pricesand negatively correlated with changes in in-termediate inputs prices. GPO prices increasefaster than gross output prices when gross out-put prices increase faster than intermediate inputs
CHART 1
Chain-Type Price Indexes(1992=100)
120 i
Private goods-producing-pv'industries'
Private services-producingindustries2
110
100
90
80
70
60
50
401977 79 81 83 85 87 89 91 93 95
1. Consists of agriculture, forestry, and fishing; mining; construction; and manufacturing.2. Consists of transportation and public utilities; wholesale trade; retail trade; finance,insurance and real estate; and services.US. Department of Commerce, Bureau of Economic Analysis
I I I I I I
prices; conversely, GPO prices increase slower thangross output prices when gross output prices in-crease slower than intermediate inputs prices. In1992-96, GPO prices increased faster than grossoutput prices in agriculture, forestry, and fishing,in construction, and in communications. GPOprices increased slower than gross output pricesin all other industry groups.
In 1996, the GPO price index for private in-dustries increased 2.4 percent, slightly more thanthe 2.3-percent increase in the GDP price index.The GPO price index for manufacturing declinedfor the second consecutive year, as an increase innondurable goods was more than offset by a de-cline in durable goods. Three of the four otherindustry groups for which the GPO price indexeither increased less than the GDP price index ordecreased are at least partly involved with the dis-tribution of goods to consumers: Transportation(0.6 percent), electric, gas, and sanitary services(0.3 percent), wholesale trade (-1.1 percent), andretail trade (0.5 percent). Among the industrygroups for which the GPO price index increasedmore than the GDP price index, the increaseswere large in agriculture, forestry, and fishing(16.6 percent) and mining (21.0 percent). Theincreases were smaller in finance, insurance, andreal estate (4.1 percent) and services (3.4 percent).Government increased 3.7 percent.
Contributions to change.—GPO prices can be usedto assess an industry's contribution to the changein GDP prices. Because real GDP can be viewedas the combined result of aggregate inputs of la-bor services and capital services, the GDP priceindex can be viewed as the price index for aggre-gate inputs of labor services and capital services.Because GPO as an input measure represents theindustry's value-added inputs of labor servicesand capital services, the GPO price index canbe used to compute contributions to GDP pricechange.
The extent to which industries contribute tothe change in the GDP price index depends onthe industry's size relative to GDP as well as onthe growth rates in GPO prices.10 In 1992-96,the largest contributors to the change in theGDP price index were services and finance, in-surance, and real estate (0.7 percentage pointeach) (table 2). Government contributed 0.5 per-
10. For a description of the calculation of these contributions, see "Noteon Computing Alternative Chained Dollar Indexes and Contributions toGrowth" in I. Steven Landefeld and Robert P. Parker, "BEA'S Chain Indexes,Time Series, and Measures of Long-Term Economic Growth," SURVEY 77(May 1997): 63. The procedure described in the note was modified to replacethe chain-type quantity index with the chain-type price index.
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22 • March 1998 SURVEY OF CURRENT BUSINESS
centage points.11 In manufacturing, prices wereunchanged, so the contribution of manufactur-ing prices to GDP price change was o.o percentagepoint; durable goods manufacturing contributed-o.i percentage point. In 1995 and 1996, the con-tribution of durable goods manufacturing was-0.3 percentage point. Finance, insurance, andreal estate made the largest positive contributionin each of those years (0.8 percentage point).
Gross output prices.—Gross output prices, whichare the prices received by producers, can beviewed as a weighted average of the prices forintermediate inputs and for value-added inputs(labor services and capital services). In man-ufacturing, gross output prices increased only1.1 percent in 1992-96. Gross output prices indurable goods manufacturing were unchanged,while gross output prices in nondurable goodsmanufacturing increased 2.3 percent. The slowgrowth in the prices of manufactured products,especially durable goods, together with the de-
11. The GPO price index for government is an implicit price deflator com-puted as current-dollar GPO divided by real (chained-dollar) GPO. For generalgovernment, which comprises most of government, current-dollar GPO con-sists of compensation of employees and consumption of fixed capital. Realconsumption of fixed capital is estimated by direct deflation using price in-dexes from the NIPA s. Real compensation of employees is estimated byextrapolating base-year current-dollar values by an indicator of labor input.
celeration of prices for private services-producingindustries, have contributed substantially to thelow rate of GDP price change since 1992.
Within durable goods manufacturing, grossoutput prices in 1992-96 declined in electronicand other electric equipment (5.7 percent) andindustrial machinery and equipment (2.8 per-cent). The declines were primarily for productsdeflated with BEA'S quality-adjusted price indexes:Computers, semiconductors, and digital tele-phone switching equipment. Gross output priceincreases in the remaining industries ranged fromi.o percent for instruments and related productsto 4.4 percent for lumber and wood products.
Unit costs
Because the GPO price index measures the changein the cost of the value-added inputs of laborservices and capital services, it can be used incombination with the components of GPO to as-sess their contributions to the change in totalvalue-added costs. When a component of GPOunit costs grows faster than the GPO price in-dex, then that component's contribution to thegrowth in unit costs has increased.
The cost per unit of real GPO for private indus-tries increased 2.2 percent in 1992-96 (table 3).
Table 2.—Contributions to Percent Change in the Chain-Type Price Index for Gross Domestic Product, 1993-96
Percent change:Gross domestic product
Percentage points:Private industries
Agriculture, forestry, and fishing ...
Mining
Construction
ManufacturingDurable goodsNondurable goods
Transportation and public utilitiesTransportationCommunicationsElectric, gas, and sanitary
services
Wholesale trade
Retail trade
Finance, insurance, and realestate
Services
Statistical discrepancy2
Government
Not allocated by Industry3
1993
2.6
2.2
.1
0
.1
2.11
.10
1
.1
.1
1
.7
7
0
.4
0
1994
2.4
1.5
-.1
-.1
.1
.10
.1
.1o
1
0
.2
.1
.4
7
0
.4
.4
1995
• 2.5
1.7
0
0
.2
-2-.3
.1
.2
.1
.1
0
.1
0
.8
.6
0
.5
.3
1996
2.3
2.1
.3
.3
.1
-.1-.3
.2
.10
.1
0
-1
0
.8
.7
0
.5
-.3
1992-96 1
2.5
1.9
.1
0
.1
0-1
.1
.10
.1
0
.1
.1
.7
.7
0
.5
.1
1. Average annual rate.2. Equals GDP measured as the sum of expenditures less gross domestic income.3. Equals GDP less the statistical discrepancy and the sum of GPO of the detailed industries.NOTE.—For information on the calculation of the contributions to percent change, see footnote
10 in the text.
Data Availability
This article presents summary estimates of grossproduct by industry prices and unit costs. Price in-dexes and real GPO estimates for detailed industries for!977~96 and current-dollar GPO estimates for 1947-96are available on the Internet on BEA'S home page at<http://www.bea.doc.gov>. They are also available on-line to subscribers to STAT-USA'S Economic BulletinBoard (call 202-482-1986), or to STAT-USA'S Internetsite at <http://www.stat-usa.gov>.
In addition, the following estimates are availablefrom BEA on diskettes:
• Gross Product by Industry, 1947-96, productnumber NDN-or/4, price $20.00.
• Gross Output by Detailed Industry, 1977-96,product number NDN-0175, price $20.00.
• Manufacturing Industry Shipments, 1977-96,product number NDN-oi/6, price $20.00.
• Manufacturing Product Shipments, 1977-95,product number NDN-OI//, price $20.00.
To order using Visa or MasterCard, call the BEAOrder Desk at 1-800-704-0415 (outside the UnitedStates, call (202) 606-9666). To order by mail, senda check payable to "Bureau of Economic Analysis, BE-53," to BEA Order Desk, Bureau of Economic Analysis,BE-53, U.S. Department of Commerce, Washington, DC20230.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS March 1998 • 23
Compensation of employees per unit of GPO(unit labor costs) increased 1.7 percent. Unitcosts for indirect business tax and nontax liabilityincreased 0.8 percent, and unit costs for property-type income increased 3.2 percent. The largerincrease in the unit costs for property-type in-come indicates that capital costs became a largerpart of GPO unit costs during the period or thatthe return to capital per unit of gross productincreased.
In 1992-96, unit labor costs declined in two pri-vate industry groups: Mining and durable goodsmanufacturing. Unit labor costs increased inall other private industry groups except whole-sale trade, which was unchanged. In agriculture,forestry, and fishing and in services, the increasesin unit labor costs were larger than the increasesin total unit costs.
As with GPO prices, declines and relatively smallincreases in unit labor costs were in industrygroups involved with the production and distri-bution of goods. In manufacturing, unit laborcosts declined at an average annual rate of 1.7percent in 1992-96, compared with a o.2-percentincrease in total unit costs. Unit labor costs indurable goods manufacturing declined 3.5 per-cent, while total unit costs declined 1.2 percent.In wholesale trade, in retail trade, and in trans-portation and public utilities, the increases inunit labor costs were substantially smaller thanthe increases in total unit costs.
In 1996, unit labor costs increased 1.9 percentin all private industries, less than the increasein total unit costs (2.4 percent). Unit laborcosts increased in all private industry groups ex-cept durable goods manufacturing and wholesaletrade. Durable goods manufacturing fell 3.9 per-cent; this fall marked the fourth consecutive yearthat unit labor costs fell in this industry group.Unit labor costs in manufacturing fell 1.1 percent,the third consecutive annual decline, despite anincrease in nondurable goods manufacturing.
In 1996, the increases in unit labor costs ex-ceeded the increase in total unit costs in onlythree industries: Construction; finance, insur-ance, and real estate; and services. In con-struction, unit labor costs rose faster than totalunit costs for the first time since 1992; unitproperty-type income increased only 0.6 percent.In finance, insurance, and real estate, unit laborcosts increased considerably more than in the 2preceding years. In services, the increase in unitlabor costs was somewhat less than the increasein 1995.
Tables 4 and 5 follow. £3
Table 3.— Percent Changesof Real Gross ProductGroups, 1993-96
in Current-Dollar Cost Per UnitOriginating for Private Industry
TotalCompensation of employeesIndirect business tax and nontax
liabilityProperty-type income
Agriculture, forestry, and fishingCompensation of employeesIndirect business tax and
nontax liabilityProperty-type income
MiningCompensation of employeesIndirect business tax and
nontax liabilityProperty-type income
Construction .Compensation of employeesIndirect business tax and
nontax liabilityProperty-type income
ManufacturingCompensation of employeesIndirect business tax and
nontax liabilityProperty-type income
Durable goodsCompensation of
employeesIndirect business tax and
nontax liabilityProperty-type income
Nondurable goodsCompensation of
employeesIndirect business tax and
nontax liabilityProperty-type income
Transportation and public utilitiesCompensation of employeesIndirect business tax and
nontax liabilityProperty-type income
Wholesale tradeCompensation of employeesIndirect business tax and
nontax liabilityProperty-type income
Retail tradeCompensation of employeesIndirect business tax and
nontax liabilityProperty-type income
Finance, insurance, and realestateCompensation of employeesIndirect business tax and
nontax liabilityProperty-type income
ServicesCompensation of employeesIndirect business tax and
nontax liabilityProperty-type income
1993
2.52.4
2.125
3.717.6
9.4-2.4
-1.9-5.1
-52g
352.0
4570
1 4.6
036
1.2
-1.4
011.1
17
29
3.3-3
1.8.2
o38
1 60
4832
12-.2
1 644
375.8
283.2
364.6
80.4
1994
1.80.5
2.14.0
-3.5-9.0
-6.9_c
-5.7-5.1
-73-5.8
403.4
05.5
c
-2.9
-4.897
0
-4.0
-7713.4
1.1
-20
-4.870
.70
301 1
27-1.5
42131
1.1-.2
551
211.2
142.4
383.2
375.4
1995
2.02.0
-1.02.6
— L
137
14.8-7.9
_5-4.4
-9842
484.5
052
-9-3.5
-2.544
-3.1
-4.7
01.1
1 9
-1 9
-1.783
2.32.4
024
1 54.3
-24-9
11.2
21-44
441.9
-76.8
324.8
36-1.1
1996
2.41.9
03.5
16.66.9
1.623.5
21.08.6
21 7278
283.9
4 36
-4-1.1
-261 2
-2.7
-3.9
-42.8
28
24
3.434
1.11.1
-5825
-1 1-2.8
-2956
5.3
51 4
415.3
273.9
343.5
o3.0
Averageannualrate of
change,1992-96
2.21.7
.83.2
3.86.8
4.42.5
2.7-1.7
-96.1
373.5
224.6
2-1.7
-2.547
-1.2
-3.5
-306.4
1.9
3
045
1.5.9
-824
120
951
.7
.3
1 215
363.5
1.54.0
354.0
3.81.9
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
24 • March 1998 SURVEY OF CURRENT BUSINESS
Table 4.—Chain-Type Price Indexes for Gross Output, Intermediate Inputs, and Gross Product by Industry Group, 1977-96[1992=100]
Gross domestic product
PrivatG industries '
Agriculture, forestry, and fishing:Gross outputIntermediate inputsGross product
Mining:Gross outputIntermediate inputsGross product
Construction:Gross outputIntermediate inputsGross product
Manufacturing:Gross outputIntermediate inputsGross product
Durable goods:Gross outputIntermediate inputsGross product
Nondurable goods:Gross outputIntermediate inputsGross product
Transportation and publicutilities1
Transportation l
Communications:Gross outputIntermediate inputsGross product
Electric, gas, and sanitaryservices:Gross outputIntermediate inputsGross product
Wholesale trade:Gross outputIntermediate inputsGross product
Retail trade:Gross outputIntermediate inputsGross product
Finance, insurance, and realestate l
Services l
Government1
Addenda:Private goods-producing
industries2:Gross output ..Intermediate inputsGross product
Private services-producingindustries J 3
1977
47.42
48.25
7461627788.50
62 1455.4865.71
485453.054386
577157.5158.08
60.0257706382
5485571751 11
51.655430
59.0552326277
437048.944005
623748.817076
5049474852.19
38.16
3585
40.92
57.4857.2257.91
4441
1978
50.88
52.71
843171 86
106.90
68 1560.1172.71
538157.444998
61 5961.4761.81
644461 886864
58 1360915351
55.735934
60.7855686376
479452.684484
660852.077467
537651 0255.30
41 73
3878
43.72
61.9461.4263.08
4780
1979
55.22
56.93
949077.48
115.57
858270.8396.80
594863.985476
682169.7766.06
70.3568687300
660470675763
57.836303
62.1259.966375
53.7162.464649
71.3657.1479.89
587056.0160.20
44.61
42.33
47.09
69.3669.7768.99
51 27
1980
60.34
61.99
97528025
106.01
1146487.62
137.46
657071.325989
770080.6271.04
76.6176107728
774684856344
62.886893
64.5666.226453
64.4876.755372
78.2264.1086.40
646262.6365.66
48.48
46.54
51.48
78.5680.5475.56
55.88
1981
66.01
67.98
100878563
104.84
14819105.53186.43
71 9177.246633
834988.0175.95
82.2981 878281
847993766759
70.637725
70.4871.507006
75.0789.376255
82.9770.5089.74
697468.9470.01
53.63
51.36
56.92
86.3087.9583.37
61.05
1982
70.18
72.12
925489.6896.18
151 99109.44189.80
771979.1475.12
85.4488.6680.22
85.67839588.21
85.3393117052
77.2077.48
75.9075.127706
88.05102.9075.52
83.8973.9289.08
738372.7074.28
57.54
56.30
61.73
88.3389.0687.31
65.32
1983
73.16
74.60
101 0689.73
107.72
14311107.83173.13
788680.8876.70
86.3389.8780.56
87.40865088.64
85.4393 157076
80.9976.83
79.1378.358035
95.91109.6484.89
86.3076.9591.12
760875.9476.16
62.80
60.45
65.40
88.9689.9287.41
69.27
1984
75.92
77.36
101 7894.90
107.52
13848107.67163.70
808583.0078.55
88.3291.9982.33
89.14885089.98
87.6795387301
84.7780.85
83.5881.078583
97.52110.8886.90
88.1980.2792.19
787280.0277.89
66.20
64.12
70.23
90.5791.8088.38
72.35
1985
78.53
79.31
891885.8792.96
131 96106.11152.44
824785.1379.65
88.0691.6382.24
89.24891489.24
87.0494037373
88.8584.45
88.9184.319249
97.64108.4889.34
90.2682.4494.20
80.5982.4179.51
71.33
67.55
74.38
89.8091.4186.91
75.98
1986
80.58
81.77
89.5283.4290.95
972288.49
103.32
85.5684.0886.75
86.4286.7586.11
89.6987.8992.35
83.18856178.50
93.3787.49
92.0286.5396.18
96.0897.2595.79
86.3482.6788.15
80.5283.7378.84
78.47
71.45
77.29
87.0886.4987.67
79.21
1987
83.06
84.41
91.8989.2694.56
974690.37
102.26
886286.3590.56
88.2090.0285.36
90.5690.3090.85
85.91897278.64
92.6490.09
91.3988.139398
92.6293.8092.27
90.6285.3493.21
85.7885.9585.59
81.69
75.35
80.65
88.9989.6887.96
82.58
1988
86.10
86.90
99.4994.88
104.57
934690.3195.67
921790.2493.80
91.9094.5387.44
93.5395.6090.37
90.18934683.84
94.7096.92
92.4390.439414
91.4593.4790.52
94.8188.7097.85
86.7288.9085.44
83.36
79.87
83.83
92.4794.0590.15
85.27
1989
89.72
90.35
105.0599.28
111.54
1004695.55
103.74
94.9493.5096.16
95.9498.5191.64
96.7698.6993.79
95.14983189.01
97.1398.29
95.8494.4297.02
94.3997.0493.07
95.6592.2497.26
90.1892.9788.57
87.07
84.00
87.20
96.5898.0294.47
88.33
1990
93.64
94.38
104.3299.69
109.46
11085103.24115.93
97.8696.4099.08
98.64101.0694.63
98.0799.7995.41
99.351022693.70
98.0699.82
97.5996.7098.29
96.50100.4294.44
99.9896.05
101.86
93.8696.8292.15
92.35
89.65
91.40
99.45100.6497.71
93.26
1991
97.32
97.67
100.86100.11101.66
10245100.64103.70
98.9997.9499.88
99.36100.1797.89
99.2299.8098.30
99.471005297.41
99.78100.16
98.5998.7798.53
99.3899.0399.55
100.7398.36
101.81
97.7199.1396.88
97.82
94.33
96.08
99.5399.9898.84
96.94
1992
100.00
100.00
100.00100.00100.00
100.00100.00100.00
100.00100.00100.00
100.00100.00100.00
100.00100.00100.00
100.0010000100.00
100.00100.00
100.00100.00100.00
100.00100.00100.00
100.00100.00100.00
100.00100.00100.00
100.00
100.00
100.00
100.00100.00100.00
100.00
1993
102.64
102.50
102.64101.88103.70
9946101.3198.14
103.25103.02103.45
101.02100.79101.42
101.12101.07101.21
100.9110051101.70
101.76101.12
101.2699.50
10217
102.65103.71102.11
101.82102.25101.62
101.55102.08101.24
103.73
103.55
103.07
101.54101.20102.08
102.63
1994
105.09
104.34
10204104.12100.08
9555100.0992.52
10689106.10107.58
102.28102.48101.92
102.4210320101.17
102.13101 7510286
102.49102.60
101.9297.32
10438
101.92104.72100.57
104.53104.94104.34
103.19104.60102.36
105.91
107.47
106.29
102.76102.97102.46
10504
1995
107.76
106.42
10294105.9299.66
9594101.9192.09
111 21109.45112.71
10464106.81100.99
102.55105449803
107121083710484
104.8010587
102.869532
10740
101.69102.04101 19
106.83108.81105.88
10435107.67102.43
110.57
110.90
109.87
105.18107.03102.48
10808
1996
110.22
108.95
11359111.43116.21
11236112.95111.46
11381111.4311582
10439106.62100.63
100.05103069536
109671107210777
105.9710646
104.7896.45
11029
104.37112.27101 45
106.82111.11104.75
10571110.49102.99
115.10
114.64
113.98
106.46107.56104.86
11074
1. Gross product price index.2. Consists of agriculture, forestry, and fishing; mining; construction; and manufacturing.3. Consists of transportation and public utilities; wholesale trade; retail trade; finance, insurance, and real estate;
and services.
NOTES.—Estimates for gross output and for intermediate inputs are shown only for industry groups for which thedouble-deflation method is used for each detailed industry in the group. See footnote 2 in the text.
Estimates for 1977-56 are shown on the basis of the 1972 Standard Industrial Classification (SIC). Estimatesfor 1987-96 are shown on the basis of the 1987 SIC.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS March 1998 • 25
Table 5.—Current-Dollar Cost Per Unit of Real Gross Product Originating by Private industry Group, 1977-96[Dollars]
TotalCompensation of employeesIndirect business tax and nontax
liabilityProperty-type income
Agriculture forestry and fishingCompensation of employees ...Indirect business tax and
nontax liabilityProperty-type income
MiningCompensation of employeesIndirect business tax and
nontax liabilityProperty-type income
ConstructionCompensation of employeesIndirect business tax and
nontax liabilityProperty-type income
ManufacturingCompensation of employees ...Indirect business tax and
nontax liabilityProperty- type income
Durable goodsCompensation of employeesIndirect business tax and
nontax liabilityProperty-type income
Nondurable goodsCompensation of employeesIndirect business tax and
nontax liabilityProperty-type income
Transportation and public utilitiesCompensation of employees ...Indirect business tax and
nontax liabilityProperty-type income
Wholesale trade . . ..Compensation of employees ...Indirect business tax and
nontax liabilityProperty-type income
Retail tradeCompensation of employeesIndirect business tax and
nontax liabilityProperty-type income
Finance, insurance, and realestateCompensation of employees ...Indirect business tax and
nontax liabilityProperty-type income
ServicesCompensation of employees ...Indirect business tax and
nontax liabilityProperty-type income
1977
0.483.262
047.174
885.184
051650
657206
057394
439303
009127
581.407
024149
638.475
015.148
511.325
035.151
.516
.264
054.199
708.378
.160170
.522316
.080
.127
382.086
.068228
359.236
009114
1978
0.527.288
048.192
1 069.212
053804
727238
061429
500344
010147
618.437
023158
686510
014.163
535.347
035153
.557286
054218
747.407
.160180
.553336
.087
.130
417.093
067257
388.258
010120
1979
0.569.315
.049
.205
1 156.217
054.884
968.327
086.555
548386
010152
661.473
023.165
730.565
.015
.150
576.361
033.182
.578
.309
.053
.216
.799
.440
.156203
.602
.372
.096
.133
446.100
.067279
.423
.286
.010
.127
1980
0.620.346
.055
.219
1 060.241
055764
1 375.356
208810
599428
011160
710.530
025155
773.624
016.134
634.416
037.181
.629
.334
.056
.239
.864
.493
.158213
.657
.417
.106
.134
485.110
.072302
.465
.319
.011
.135
1981
0.680.372
.063
.245
1 048.203
.049
.796
1 864.447
430.987
663489
011.163
759.555
027.177
.828
.656
.017
.155
676.433
038.204
.706
.362
.060
.284
.897
.514
.159224
.700438
.111
.151
536.121
.080334
514.357
.012
.144
1982
0.721.397
.066
.258
962.213
.044
.704
1 898.486
3511.061
751545
014193
802.590
028.184
882.705
.019
.158
.705
.456
039.210
.772
.396
.067
.308
.891
.527
.159204
.743
.457
.119
.166
.575
.134
.089
.352
.563
.393
.013
.157
1983
0.746.405
.070
.270
1 077.298
.067
.712
1 731.463
287.982
767543
017207
806.578
031.196
886.692
.018
.177
708.448
045.214
.810
.385
.074
.351
.911
.535
.185191
.762
.454
.123
.185
628.146
.093
.388
.604
.422
.015
.168
1984
0.774.413
.071
.289
1 075.237
.049
.789
1.637.439
246.952
786.535
015.235
.823
.576
.030
.217
.900
.667
.017
.216
.730
.466
045.219
.848
.395
.077
.376
.922
.523
.189
.209
.779
.457
.129
.192
.662
.154
.098
.410
.641
.444
.016
.181
1985
0.793.425
.073
.296
930.216
.044
.669
1 524.406
193.925
797.538
014245
822.586
030.206
.892
.685
.018
.190
.737
.466
045.226
.888
.413
.082
.393
.942
.538
.192
.212
.795
.462
.134
.200
.713
.168
.104441
.675
.465
.017
.193
1986
0.818.442
.074
.301
909.222
.045
.642
1.033.371
124.538
867.569
015.283
.861
.607
033.221
.923
.708
.019
.196
.785
.486
.049
.250
.934
.431
.086
.417
.881
.507
.182
.193
.788
.466
.135
.187
.785
.191
.112
.482
.714
.492
.019
.204
1987
0.844.458
.076
.310
946.230
.048
.667
1.023.343
109.570
906.604
016285
854.585
030.239
.909
.678
.019
.211
.786
.473
043.271
.926
.423
.084
.420
.932
.561
.203
.167
.856
.515
.150
.190
.817
.203
.114
.500
.753
.529
.019
.205
1988
0.869.470
.076
.323
1 046.286
.055
.704
957.292
090.574
938631
017.289
874.585
029.260
904.666
018.220
838.485
042.311
.947
.427
.087
.433
.978
.579
.216
.184
.854
.523
.147
.184
834.209
.112513
.799
.558
.020
.221
1989
0.904.486
.080
.338
1 115.287
.055
.773
1.037.324
107.607
qor
.652
018.291
.916
.609
.031
.277
.938
.690
.020
.227
.890
.508
.045
.338
.971
.439
.091
.441
.973
.582
.210
.180
.886
.534
.155
.197
.871
.210
.119
.541
.840
.589
.021
.231
1990
0.944.511
.085
.348
1 095.304
.056
.735
1.159.333
112.715
991.687
019.285
.946
.633
.034
.280
.954
.712
.022
.220
.937
.535
049.353
.981
.451
.095
.435
1.019.618
.224177
.922
.564
.166
.192
.923
.221
.127
.575
.896
.636
.022
.239
1991
0.977.528
.092
.357
1 017.299
.056
.661
1.037.340
114.584
999.698
020.281
.979
.663
.040
.276
.983
.749
.025
.209
.974
.561
.058
.355
.998
.448
.099
.451
1.018.597
.232
.189
.969
.590
.175
.204
.978
.231
.140
.607
.943
.673
.023
.247
1992
1.000.543
.095
.362
1 000.273
.053
.674
1.000.353
116.531
1 000.691
022.287
1.000.680
.042
.278
1.000.766
.026
.208
1 000.580
060.360
1.000.454
.101
.445
1.000.588
.227
.185
1.000.610
.185
.206
1.000.242
.142616
1.000.716
.025
.259
1993
1.025.556
.097
.371
1 037.321
.058
.658
.981
.335
110.536
1 035.705
023307
1 014.684
042.288
1.012.755
026.231
1 017.597
062.359
1.018.455
.101
.462
1.016.588
.238191
1.012609
.188
.215
1 037.256
.146636
1 036.749
027260
1994
1.043.559
.099
.386
1 001.292
054.655
925.318
102505
1 076729
023324
1 019.664
040316
1 012.725
024.262
1 029.585
059384
1.025.455
104.467
1 043.579
.248216
1.024608
189.226
1 059.259
148651
1 075.773
028274
1995
1.064.570
098.396
997.332
062603
921304
092526
1 127762
023341
1 010.641
039330
980691
024265
1 048.574
058416
1.048466
104478
1 059.604
242214
1 024615
193216
1 106.264
147695
1 109.810
029271
1996
1.090.581
098.410
1 162.355
063745
1 115330
112672
1 158792
024343
1 006.634
038334
954664
023267
1 078.588
060430
1.060471
098490
1 047.587
235226
1 030617
194219
1 151.278
151722
1 146.838
029279
NOTES.—Current-dollar cost per unit of real gross product originating (GPO) equals the GPO price index divided Estimates for 1977-86 are shown on the basis of the 1972 Standard Industrial Classification (SIC). Estimatesby 100. for 1987-96 are shown on the basis of the 1987 SIC.
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26 SURVEY OF CURRENT BUSINESS March 1998
A Guide to the NIPA'SBy Eugene P. Seskin and Robert P. Parker
THIS GUIDE presents information on thestructure, definitions, presentation, and
methodologies that underlie the national incomeand product accounts (NIPA'S). This informationis from the forthcoming publication National In-come and Product Accounts of the United States,1929-94 and includes the "Updated SummaryNIPA Methodologies" that was published in theSeptember 1997 issue of the SURVEY OF CUR-RENT BUSINESS. The information reflects thechanges that were introduced in the most recentcomprehensive and annual revisions of the NIPA'S.
The NIPA'S show the composition of productionand the distribution of incomes earned in pro-duction. Thus, they represent a critical elementof the U.S. economic accounts, which are de-signed to provide a consistent and comprehensivepicture of the Nation's economy.
The first section of this article describes the def-initions and classifications underlying the NIPA'S.The second section discusses the presentation ofthe NIPA'S, and the third section discusses the sta-tistical conventions used for the NIPA estimates.An appendix lists the principal source data andmethods used to prepare the estimates of grossdomestic product (GDP).
Definitions and ClassificationsUnderlying the NIPA'S
NIPA entries
The major components of the NIPA'S are pres-ented and defined below within the context ofthe Summary National Income and Product Ac-counts (see table A on page 28). The fivesummary accounts show the composition of pro-duction and the distribution of the incomesearned in production. In these accounts, produc-tion consists of the goods, services, and structuresthat are produced in the current period. Pro-duction, or "current production," and its relatedincomes do not include gains or losses from thesale of nonproduced assets, such as land, or offinancial assets, such as stocks and bonds. In
addition, production does not include gains orlosses from holding goods in inventories.
The first summary account is the NationalIncome and Product Account: The right sideshows GDP as measured by the sum of goodsand services produced in the United States andsold to final users, and the left side shows GDPas measured by the incomes earned in produc-tion (gross domestic income) and the "statisticaldiscrepancy" between the two measures. Eachof the components in this summary account canbe mapped to one of the other summary ac-counts and can, in turn, be mapped to one ormore of the 142 tables that make up the fullset of NIPA tables. This system of integrated,double-entry accounts provides a comprehensiveand unduplicated measure of economic activitywithin a consistently defined framework.1 Thus,the NIPA'S—together with the industry, wealth,and regional accounts—can be used to tracethe principal economic flows among the majorsectors of the economy.
Within the summary accounts, each entry has acounterentry, generally in another account. Theparenthetical numbers that follow an entry in ta-ble A identify the counterentry by account andline number. Except for the major income andproduct aggregates, the entries are usually de-fined in the sequence in which they appear in thefive-account summary.
The definition of a component is not re-peated for the counterentry, but a cross-referenceis made to the first appearance of the defini-tion. After the components in the five-account-summary are defined, the following other def-initions are presented: Final sales of domesticproduct, gross domestic purchases, final sales todomestic purchasers, population, personal savingas a percentage of disposable personal income,gross saving as a percentage of gross national
i. For more information on the concepts underlying the accounts, seeAllan H. Young and Helen Stone Tice, An Introduction to National EconomicAccounting, NIPA Methodology Paper No. i (1985); and Carol S. Carson,GNP: An Overview of Source Data and Estimating Methods, NIPA MethodologyPaper No. 4 (1987). For information on the availability of these papers, seethe box "Information About NIPA Methodology."
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SURVEY OF CURRENT BUSINESS March 1998 •
product, U.S. residents, foreign residents, and therest of the world.
Major aggregates
Gross domestic product (GDP), the featured meas-ure of U.S. output, is the market value of thegoods and services produced by labor and propertylocated in the United States. Because the laborand property are located in the United States,the suppliers (that is, the workers and, for prop-erty, the owners) may be either U.S. residents orresidents of the rest of the world.
Gross domestic income (GDI) (1-34) measuresoutput as the costs incurred and the incomesearned in the production of GDP. In theory, GDPshould equal GDI, but in practice, they differbecause their components are estimated using
largely independent and less-than-perfect sourcedata. This difference is termed the "statisticaldiscrepancy" (see page 34).
Gross national product (GNP) is the marketvalue of the goods and services produced by laborand property supplied by U.S. residents. Becausethe labor and property are supplied by U.S. res-idents (see page 36), they may be located eitherin the United States or abroad. The differencebetween GDP and GNP is net receipts of factorincome from the rest of the world. These netreceipts represent income from the goods andservices produced abroad using the labor andproperty supplied by U.S. residents less paymentsto the rest of the world for the goods and services
Text continues on page 30.
Information About NIPA Methodology
As part of each comprehensive and annual revisionof the NIPA'S, BEA publishes a summary description ofthe principal source data and methods used to preparethe current-dollar and real estimates of gross domes-tic product. The most recent "Updated Summary NIPAMethodologies" was published in the September 1997 is-sue of the SURVEY OF CURRENT BUSINESS and is reprintedas an appendix in this article.
BEA has also prepared a series of papers that dis-cuss the concepts that underlie the NIPA'S and thatpresent detailed descriptions of the methodologies usedto prepare the NIPA estimates. Note, however, thatthe methodologies described in these papers are subjectto periodic improvements, usually as part of the an-nual and comprehensive revisions of the NIPA estimates.These improvements—which consist of changes in def-initions and in source data, the incorporation of newsource data, and the use of new estimating methods—are described in the SURVEY. For example, two majorimprovements were the shift to gross domestic prod-uct as the featured measure of U.S. production andthe introduction of a new treatment of governmentinvestment.
Copies of the following methodology papers are avail-able from the National Technical Information Service(NTIS).
• An Introduction to National Economic Accounting,Methodology Paper No. i (1985)—NTIS accession no.PB85-24756/, $12.50
1. For information on the methodology used to prepare the na-tional estimates of personal income, which provide the basis for theState estimates of personal income, see State Personal Income, 1959-93(Washington, DC: U.S. Government Printing Office, 1995).
2. See "Gross Domestic Product as a Measure of U.S. Production,"SURVEY 71 (August 1991): 8; and "Preview of the Comprehensive Re-vision of the National Income and Product Accounts: Recognition ofGovernment Investment and Incorporation of a New Methodology forCalculating Depreciation," SURVEY 75 (September 1995): 33-41.
• Corporate Profits: Profits Before Tax, Profits TaxLiability, and Dividends, Methodology Paper No. 2(1985)—NTIS accession no. PB85-24539/, $27.00
• Foreign Transactions, Methodology Paper No. 3(1987)—NTIS accession no. PB88-ioo649, $27.00
• GNP: An Overview of Source Data and EstimatingMethods, Methodology Paper No. 4 (1987)—NTIS acces-sion no. PB88-134838, $24.50
• Government Transactions, Methodology Paper No. 5(1988)—NTIS accession no. PB9o-n848o, $31.50
• Personal Consumption Expenditures, MethodologyPaper No. 6 (1990)—NTIS accession no. PB90-254244,$27.00
The results of the most recent comprehensive and an-nual revisions are published in the following SURVEYarticles.
• "Annual Revision of the National Income and Prod-uct Accounts: Annual Estimates, 1993-96, and QuarterlyEstimates 1993:1-1997:1" (August 1997)
• "Preview of the Comprehensive Revision of theNational Income and Product Accounts: BEA'S New Fea-tured Measures of Output and Prices" (July 1995)
• "Preview of the Comprehensive Revision of the Na-tional Income and Product Accounts: Recognition ofGovernment Investment and Incorporation of a NewMethodology for Calculating Depreciation" (September1995)
• "Preview of the Comprehensive Revision of theNational Income and Product Accounts: New and Re-designed Tables" (October 1995)
• "Improved Estimates of the National Income andProduct Accounts: Results of the Comprehensive Revi-sion" (January/February 1996)
• "Completion of the Comprehensive Revision of theNational Income and Product Accounts, 1929-96" (May
1997)The methodological information on the NIPA'S is also
available on BEA'S Web site at <http://www.bea.doc.gov>.
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28 • March '1998 SURVEY OF CURRENT BUSINESS
Table A.—Summary National Income and Product Accounts, 1996[Billions of dollars]
Line
1234567
8
9
10
1112131415161718
19
20
2122232425
2627282930
31
32
33
34
35
1
2345
6
Line
Account 1.— National Income and Product Account
Compensation of employeesWage and salary accruals
Disbursements (2—7)Wage accruals less disbursements (3-8 and 5-5)
Supplements to wages and salariesEmployer contributions for social insurance (3-16)Other labor income (2-8)
Proprietors' income with inventory valuation and capital consumptionadjustments (2-9).
Rental income of persons with capital consumption adjustment(2-10).
Corporate profits with inventory valuation and capital consumptionadjustments.Corporate profits with inventory valuation adjustment
Profits before taxProfits tax liability (3-13)Profits after tax
Dividends (2-12)Undistributed profits
Inventory valuation adjustmentCapital consumption adjustment
Net interest (2-15)
National income
Business transfer paymentsTo persons (2-19)To the rest of the world (4—9)
Indirect business tax and nontax liability (3—14)Less: Subsidies less current surplus of government enterprises (3-7)
Consumption of fixed capital (5-7)Private (5-8)Government (5-9) . .
General government (5—10)Government enterprises (5-1 1 )
Gross national income .
Less: Receipts of factor income from the rest of the world (4-2)
Plus' Payments of factor income to the rest of the world (4—5)
Gross domestic income
Statistical discrepancy (5—14)
GROSS DOMESTIC PRODUCT
4,426.93,633.63,632.5
1.1793.3385.7407.6
520.3
146.3
735.9
674.1676.6229.0447.6304.8142.8-2.561.8
425.1
6,254.5
33.626.07.6
604.825.4
830.1682.7147.4125.122.3
7,697.6
234.3
232.6
7,695.9
-59.9
7,636.0
36373839
40414243444546
474849
50
51525354
Personal consumption expenditures (2-3)Durable goodsNondurable goodsServices
Gross private domestic investment (5—1)Fixed investment
NonresidentialStructuresProducers' durable equipment
ResidentialChange in business inventories
Net exports of goods and servicesExports (4-1)Imports (4—4)
Government consumption expenditures and gross investment (3-1and 5-2).Federal
National defenseNondefense
State and local
GROSS DOMESTIC PRODUCT
5,207.6634.5
1,534.73,038.4
1,116.51,090.7
781.4215.2566.2309.2
25.9
-94.8870.9965.7
1,406.7
520.0352.8167.3886.7
7,636.0
Account 2.— Personal Income and Outlay Account
Personal tax and nontax payments (3-12)
Personal outlaysPersonal consumption expenditures (1—36)Interest paid by persons (2—17)Personal transfer payments to the rest of the world (net) (4-7)
Personal saving (5-4)
PERSONAL TAXES. OUTLAYS. AND SAVING
886.9
5,368.85,207.6
145.215.9
239.6
6.495.2
7
8
9
10111213
14151617
181920
21
Wage and salary disbursements (1—3)
Other labor income (1-7)
Proprietors' income with inventory valuation and capital consumptionadjustments (HB).
Rental income of persons with capital consumption adjustment (1-9)Personal dividend income
Dividends (1-15)Less: Dividends received by government (3-6)
Personal interest incomeNet interest (1-19)Net interest paid by government (3-5)Interest paid by persons (2-4)
Transfer payments to personsFrom business (1-22)From government (3-3) .
Less: Personal contributions for social insurance (3-17)
PERSONAL INCOME
3,632.5
407.6
520.3
146.3291.2304.8
13.6
735.7425.1165.4145.2
1,068.026.0
1,042.0
306.3
6.495.2
See note at end of table.
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SURVEY OF CURRENT BUSINESS March 1998 • 29
Table A.—Summary National Income and Product Accounts, 199&-Continued[Billions of dollars]
Line
1
234
5
6
7
8
9
1011
1
2
3
1
2
3
Line
Account 3.— Government Receipts and Expenditures Account
Consumption expenditures (1—50)
Transfer paymentsTo persons (2-20)To the rest of the world (net) (4-8)
Net interest paid (2-16) .
Less' Dividends received by government (2—13)
1,182.4
1 05831 042 0
163
165.4
13fi
Subsidies less current surplus of government enterprises (1-25) 25.4
Less' Waae accruals less disbursements (1—4) 0
Current surplus or deficit (-), national income and(5-12).FederalState and local
GOVERNMENT CURRENT EXPENDITURES ANC
product accounts -5.1
-11051053
) SURPLUS 2,412.7
12
13
14
151617
Personal tax and nontax payments (2—1)
Corporate profits tax liability (1—13)
Indirect business tax and nontax liability (1—24)
Contributions for social insuranceEmployer (1-6) . .Personal (2-21)
GOVERNMENT RECEIPTS
886.9
229.0
604.8
692.0385.7306.3
2,412.7
Account 4.-— Foreign Transactions Account
Exports of goods and services (1-48)
Receipts of factor income (1—32)
Capital grants received by the United States (net)
RECEIPTS FROM THE REST OF THE WORLD
8709
2343
(5-13) 0
1,105.1
4
5
6789
10
Imports of goods and services (1^49)
Payments of factor income (1—33)
Transfer payments to the rest of the world (net)From persons (net) (2-5)From government (net) (3-4)From business (1-23)
Net foreign investment (5-3)
PAYMENTS TO THE REST OF THE WORLD
965.7
232.6
39.815.916.37.6
-132.9
1,105.1
Account 5.— Gross Saving and Investment Account
Gross private domestic investment (1-40)
Gross government investment (1—50)
Net foreign investment (4—10)
GROSS INVESTMENT
1,116.5
2243
-132.9
1,207.9
4
5
6
7891011
12
13
14
Personal saving (2—6)
Wage accruals less disbursements (private) (1-4)
Undistributed corporate profits with inventory valuation and capitalconsumption adjustments.
Consumption of fixed capital (1-26)Private (1-27)Government (1-28)
General government (1—29)Government enterprises (1-30)
Government current surplus or deficit (-), national income and prod-uct accounts (3-9).
Capital grants received by the United States (net) (4—3)
Statistical discrepancy (1—35)
GROSS SAVING AND STATISTICAL DISCREPANCY
239.6
1.1
202.1
830.1682.7147.4125.122.3
-5.1
0
-59.9
1.207.9
NOTE.—Numbers in parentheses indicate accounts and items of counterentry in the accounts. Forexample, line 3 of account 1 is shown as "Disbursements (2-7)"; the counterentry is shown in ac-count 2, line 7.
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3O • March 1998 SURVEY OF CURRENT BUSINESS
Text continues from page 27.
produced in the United States using the labor andproperty supplied by foreign residents. Factorincomes are measured as compensation of em-ployees, corporate profits (dividends, earnings ofunincorporated affiliates, and reinvested earningsof incorporated affiliates), and interest.
Gross national income (GNI) (1-31) is the costsincurred and the incomes earned in the pro-duction of GNP. GNI is the sum of (i) factorincomes—compensation of employees, propri-etors' income, rental income of persons, corpo-rate profits, and net interest; (2) three nonfac-tor charges—business transfer payments, indi-rect business taxes, and the current surplus ofgovernment enterprises less government subsidypayments; and (3) consumption of fixed capi-tal (CFG), which is the fixed capital "used up"in the production process during the accountingperiod. GNI and GNP also differ by the statisticaldiscrepancy.
Net domestic product (NDP) is the net marketvalue of the goods and services attributable tolabor and property located in the United Statesand is equal to GDP less CFG.
Net national product (NNP) is the net marketvalue of goods and services attributable to thelabor and property supplied by U.S. residents andis equal to GNP less CFC. The measure of CFC usedfor both NDP and NNP relates only to fixed capitallocated in the United States. Investment in thecapital is measured by private fixed investmentand government gross investment.
National income (1-20) is the sum of the factorincomes. It is a net factor-cost measure (net ofCFC) equal to the income that originates in theproduction of goods and services from labor andproperty supplied by U.S. residents.
Domestic income, also a net factor-cost meas-ure, is the income that originates in the produc-tion of goods and services attributable to laborand property located in the United States.
Personal income is the income received bypersons from all sources—that is, from partic-ipation in production, from both governmentand business transfer payments, and from gov-ernment interest (which is treated like a transferpayment). "Persons" consists of individuals,nonprofit institutions that primarily serve indi-viduals, private noninsured welfare funds, andprivate trust funds. Personal income is calculatedas the sum of wage and salary disbursements,other labor income, proprietors' income with
inventory valuation and capital consumption ad-justments, rental income of persons with capitalconsumption adjustment, personal dividend in-come, personal interest income, and transferpayments to persons, less personal contributionsfor social insurance.
Disposable personal income is personal incomeless personal tax and nontax payments. It isthe income available to persons for spending orsaving.
National income and product account
GDP is measured as the sum of personal con-sumption expenditures, gross private domesticinvestment (including change in business in-ventories and before deduction of charges forCFC), net exports of goods and services (exportsless imports), and government consumption ex-penditures and gross investment. GDP excludesintermediate purchases of goods and services bybusiness.
Personal consumption expenditures (1-36) isgoods and services purchased by persons residentin the United States. Personal consumption ex-penditures (PCE) consists mainly of purchases ofnew goods and of services by individuals frombusiness. In addition, PCE includes purchasesof new goods and of services by nonprofit insti-tutions (including compensation of employees),net purchases of used goods by individuals andnonprofit institutions, and purchases abroad ofgoods and services by U.S. residents.2 PCE alsoincludes purchases for certain goods and servicesprovided by government agencies—primarily tu-ition payments for higher education, charges formedical care, and charges for water and sanitaryservices. Finally, PCE includes imputed purchasesthat keep PCE invariant to changes in the way thatcertain activities are carried out—for example,whether housing is rented or owned, whether fi-nancial services are explicitly charged, or whetheremployees are paid in cash or in kind.
The following conventions are used to clas-sify each PCE commodity: Durable goods (1-37)are commodities that can be stored or invento-ried and that have an average life of at least 3years; nondurable goods (1-38) are all other com-modities that can be stored or inventoried; andservices (1-39) are commodities that cannot bestored and that are consumed at the place andtime of purchase.
2. Purchases of fixed assets, including residential structures by individualsand by nonprofit institutions that primarily serve individuals, are classifiedas gross private domestic investment.
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SURVEY OF CURRENT BUSINESS March 1998
Gross private domestic investment (1-40) con-sists of fixed investment (1-41) and change inbusiness inventories (1-46). Fixed investmentconsists of both nonresidential (1-42) fixed invest-ment and residential (1-45) fixed investment. Itconsists of purchases of fixed assets, which arecommodities that will be used in a productionprocess for more than i year, including replace-ments and additions to the capital stock, and itis measured before a deduction for consumptionof fixed capital. It covers all investment by pri-vate businesses and by nonprofit institutions inthe United States, regardless of whether the in-vestment is owned by U.S. residents. (Purchasesof the same types of equipment and structures bygovernment agencies are included in governmentgross investment.) It excludes investment by U.S.residents in other countries. Nonresidential fixedinvestment consists of both structures (1-43) andproducers' durable equipment (PDE) (1-44).
Nonresidential structures consists of new con-struction, brokers' commissions on sales of struc-tures, and net purchases of used structures byprivate business and by nonprofit institutionsfrom government agencies. New constructionalso includes hotels and motels and miningexploration, shafts, and wells.
Nonresidential PDE consists of private businesspurchases on capital account of new machin-ery, equipment such as furniture, and vehicles(except for personal-use portions of equipmentpurchased for both business and personal use,which are included in PCE), dealers' margins onsales of used equipment, and net purchases ofused equipment from government agencies, frompersons, and from the rest of the world.
Residential fixed investment consists of privatestructures and of residential PDE—equipmentowned by landlords and rented to tenants. In-vestment in structures consists of new units,improvements to existing units, mobile homes,brokers' commissions on the sale of residentialproperty, and net purchases of used structuresfrom government agencies.
Change in business inventories (1-46) is thechange in the physical volume of goods pur-chased by private business for use in the produc-tion of other commodities or for resale, valuedin average prices of the period. It differs fromthe change in the book value of inventories re-ported by most business; the difference is theinventory valuation adjustment (described on thenext page).
Net exports of goods and services (1-47) is ex-ports (1-48) less imports (1-49) of goods and
services. Receipts and payments of factor incomeand transfer payments to the rest of the world(net) are excluded.
Government consumption expenditures and grossinvestment (1-50) consists of net purchases ofgoods, services, and structures from businessand from the rest of the world by general gov-ernment; payments by general government tohouseholds in the form of compensation of em-ployees; the consumption of general governmentfixed capital, which represents the value of thecurrent services of fixed assets of general govern-ment; net purchases of fixed assets by governmententerprises; inventory change of governmententerprises; and a deduction for general gov-ernment sales—primarily tuition payments forhigher education and charges for medical care.Of this total, gross investment is net purchasesof new and used structures and equipment bygeneral government and government enterprises;all other transactions are consumption expend-itures. Government consumption expendituresand gross investment excludes purchases by gov-ernment enterprises (except for fixed assets),transfer payments, interest paid or received bygovernment, subsidies, and transactions in finan-cial assets and in nonproduced assets, such asland.
Compensation of employees (1-1) is the incomeaccruing to employees as remuneration for theirwork. It is the sum of wage and salary accrualsand of supplements to wages and salaries.
Wage and salary accruals (1-2) consists of themonetary remuneration of employees, includingthe compensation of corporate officers; com-missions, tips, and bonuses; voluntary employeecontributions to certain deferred compensationplans, such as 401 (k) plans; and receipts in kindthat represent income. Wage and salary accrualsconsists of disbursements (1-3) and wage accrualsless disbursements (1-4). Disbursements is wagesand salaries as just defined except that retroactivewage payments are recorded when paid ratherthan when earned. Accruals less disbursementsis the difference between wages earned, or ac-crued, and wages paid, or disbursed. In theNIPA'S, wages accrued is the appropriate measurefor national income, and wages disbursed is theappropriate measure for personal income.
Supplements to wages and salaries (1-5) consistsof employer contributions for social insuranceand other labor income. Employer contribu-tions for social insurance (1-6) consists of em-ployer payments under the following Federal andState and local government programs: Old-age,
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survivors, and disability insurance (social secu-rity); hospital insurance; unemployment insur-ance; railroad retirement; government employeeretirement; pension benefit guaranty; veteranslife insurance; publicly administered workers'compensation; military medical insurance; andtemporary disability insurance. Other labor in-come (1-7) consists of employer payments (in-cluding payments in kind) to private pensionand profit-sharing plans, private group healthand life insurance plans, privately administeredworkers' compensation plans, supplemental un-employment benefit plans, corporate directors'fees, and several minor categories of employeecompensation, including judicial fees to jurorsand witnesses, compensation of prison inmates,and marriage fees to justices of the peace.
Proprietors' income with inventory valuationand capital consumption adjustments (1-8) is thecurrent-production income (including income inkind) of sole proprietorships and partnershipsand of tax-exempt cooperatives. The imputednet rental income of owner-occupants of farmdwellings is included; the imputed net rental in-come of owner-occupants of nonfarm dwellingsis included in rental income of persons (describedbelow). Proprietors' income excludes dividendsand monetary interest received by nonfinancialbusiness and rental incomes received by personsnot primarily engaged in the real estate busi-ness; these incomes are included in dividends,net interest, and rental income of persons. (See"inventory valuation adjustment" and "capitalconsumption adjustment.")
Rental income of persons with capital con-sumption adjustment (1-9) is the net current-production income of persons from the rental ofreal property except for the income of personsprimarily engaged in the real estate business; theimputed net rental income of owner-occupantsof nonfarm dwellings; and the royalties receivedby persons from patents, copyrights, and rightsto natural resources. (See "capital consumptionadjustment.")
Corporate profits with inventory valuation andcapital consumption adjustments (1-10) is thenet current-production income of organizationstreated as corporations in the NIPA'S. These or-ganizations consist of all entities required to fileFederal corporate tax returns, including mutualfinancial institutions and cooperatives subject toFederal income tax; private noninsured pensionfunds; nonprofit institutions that primarily servebusiness; Federal Reserve banks; and federallysponsored credit agencies. With several differ-
ences, this income is measured as receipts lessexpenses as defined in Federal tax law. Amongthese differences: Receipts exclude capital gainsand dividends received, expenses exclude deple-tion and capital losses and losses resulting frombad debts, inventory withdrawals are valued atreplacement cost, and depreciation is on a consis-tent accounting basis and is valued at replacementcost using depreciation profiles based on empir-ical evidence on used-asset prices that generallysuggest a geometric pattern of price declines.Because national income is defined as the in-come of U.S. residents, its profits componentincludes income earned abroad by U.S. corpora-tions and excludes income earned in the UnitedStates by the rest of the world. (See "inventoryvaluation adjustment" and "capital consumptionadjustment")
Profits before tax (1-12) is the income oforganizations treated as corporations in theNIPA'S except that it reflects the inventory- anddepreciation-accounting practices used for Fed-eral income tax returns. It consists of profits taxliability, dividends, and undistributed corporateprofits.
Profits tax liability (1-13) is the sum of Federal,State, and local income taxes on all income sub-ject to taxes; this income includes capital gainsand other income excluded from profits beforetax. The taxes are measured on an accrual basis,net of applicable tax credits.
Profits after tax (1-14) is profits before tax lessprofits tax liability. It consists of dividends andundistributed corporate profits. Dividends (1-15)is payments in cash or other assets, excluding thecorporations' own stock, that are made by corpo-rations located in the United States and abroadto stockholders who are U.S. residents. The pay-ments are measured net of dividends receivedby U.S. corporations. Dividends paid to Stateand local government social insurance funds andgeneral government are included. Undistributedprofits (1-16) is corporate profits after tax lessdividends.
Inventory valuation adjustment (IVA) (1-17) forcorporations is the difference between the costof inventory withdrawals as valued in the sourcedata used to determine profits before tax and thecost of withdrawals valued at replacement cost.It is needed because inventories as reported inthe source data are often charged to cost of sales(that is, withdrawn) at their acquisition (histor-ical) cost rather than at their replacement cost(the concept underlying the NIPA'S). As priceschange, companies that value inventory with-
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drawals at acquisition cost may realize profitsor losses. Inventory profits, a capital-gains-likeelement in profits, result from an increase ininventory prices, and inventory losses, a capital-loss-like element in profits, result from a decreasein inventory prices. In the NIPA'S, inventory prof-its or losses are shown as adjustments to businessincome (corporate profits and nonfarm propri-etors' income); they are shown as the IVA with thesign reversed. No adjustment is needed to farmproprietors' income because farm inventories aremeasured on a current-market-cost basis.
Net interest (1-19) is the interest paid by pri-vate business less the interest received by privatebusiness, plus the interest received from the restof the world less the interest paid to the rest ofthe world. Interest payments on mortgage andhome improvement loans and on home equityloans are counted as interest paid by business be-cause home ownership is treated as a business inthe NIPA'S. In addition to monetary interest, netinterest includes imputed interest, which is paidby corporate financial business and is measuredas the difference between the property incomereceived on depositors' or policyholders' fundsand the amount of property income paid outexplicitly. The imputed interest paid by life in-surance carriers and noninsured pension plansattributes their investment income to persons inthe period it is earned. The imputed interest pay-ments by financial intermediaries other than lifeinsurance carriers and private noninsured pen-sion plans to persons, governments, and to therest of the world have imputed service chargesas counterentries in GDP and in net receipts offactor income from the rest of the world; theyare included in personal consumption expendi-tures, in government consumption expendituresand gross investment, and in exports of goodsand services, respectively.
Business transfer payments (1-21) consists ofpayments to persons (1-22) and to the rest of theworld (1-23) by private business for which nocurrent services are performed. Business transferpayments to persons consists primarily of liabil-ity payments for personal injury and of corporategifts to nonprofit institutions. Business transferpayments to the rest of the world is nonresi-dent taxes—taxes paid by domestic corporationsto foreign governments.
Indirect business tax and nontax liability (1-24)consists of (i) tax liabilities that are chargeable tobusiness expense in the calculation of profit-typeincomes and (2) certain other business liabilitiesto general government agencies that are treated
like taxes. Indirect business taxes includes taxeson sales, property, and production. Employercontributions for social insurance are not in-cluded. Taxes on corporate incomes are notincluded; these taxes cannot be calculated untilprofits are known, and in that sense, they arenot a business expense. Nontaxes includes reg-ulatory and inspection fees, special assessments,fines and forfeitures, rents and royalties, and do-nations. Nontaxes generally excludes businesspurchases from general government agencies ofgoods and services that are similar to those pro-vided by the private sector. Government receiptsfrom the sales of such products are netted againstgovernment consumption expenditures.
Subsidies less current surplus of government en-terprises (1-25). Subsidies is the monetary grantspaid by government agencies to private busi-ness and to government enterprises at anotherlevel of government. The current surplus ofgovernment enterprises is their current operatingrevenue and subsidies received from other lev-els of government less their current expenses.In the calculation of their current surplus, nodeduction is made for net interest paid. Thecurrent surplus of government enterprises is notcounted as a profit-type income, and therefore,it is not counted as a factor charge. Subsidiesand current surplus are shown as a combinedentry because deficits incurred by some govern-ment enterprises may result from selling goods tobusiness at below-market prices in lieu of givingthem subsidies.
Consumption of fixed capital (1-26) is a chargefor the using up of private and governmentfixed capital located in the United States. It isbased on studies of prices of used equipmentand structures in resale markets. For gen-eral government and for nonprofit institutionsthat primarily serve individuals, it is recordedin government consumption expenditures andin personal consumption expenditures, respec-tively, as the value of the current services ofthe fixed capital assets owned and used by theseentities. Private capital consumption allowancesconsists of tax-return-based depreciation chargesfor corporations and nonfarm proprietorshipsand of historical-cost depreciation (calculatedby BEA using a geometric pattern of price de-clines) for farm proprietorships, rental incomeof persons, and nonprofit institutions. Privatecapital consumption adjustment is the differencebetween private capital consumption allowancesand private consumption of fixed capital.
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Receipts of factor income from the rest of theworld (1-32) consists of receipts by U.S. resi-dents of interest and dividends, of reinvestedearnings of foreign affiliates of U.S. corporations,and of compensation paid to U.S. residents byforeigners.
Payments of factor income to the rest of theworld (1-33) consists of payments to foreign res-idents of interest and dividends, of reinvestedearnings of U.S. affiliates of foreign corporations,and of compensation paid to foreigners by U.S.residents.
Statistical discrepancy (1-35) is GDP less GDI orGNP less GNI. It is recorded in the NIPA'S as an "in-come" component that reconciles the income andproduct sides of the accounts. As noted above, itarises because the two sides are estimated usingindependent and imperfect data.3
Personal income and outlay account
Personal income is the sum of wage andsalary disbursements, other labor income, pro-prietors' income with inventory valuation andcapital consumption adjustments, rental incomeof persons with capital consumption adjustment,personal dividend income, personal interest in-come, and transfer payments to persons, lesspersonal contributions for social insurance.
Wage and salary disbursements (see 1-3).Other labor income (see 1-7).Proprietors' income with inventory valuation and
capital consumption adjustments (see 1-8).Rental income of persons with capital consump-
tion adjustment (see 1-9).Personal dividend income (2-11) is the dividend
income of persons from all sources. It equals netdividends paid by corporations (see 1-15) less div-idends received by government (2-13). Dividendsreceived by government consists of dividends re-ceived by State and local governments, primarilyby their retirement systems.
Personal interest income (2-14) is the interestincome (monetary and imputed) of persons fromall sources. It equals net interest (see 1-19) plusnet interest paid by government (2-16) plus interestpaid by persons (2-17). The last item consists ofall interest paid by individuals except mortgageinterest, which is reflected in net rental incomeof persons.
Transfer payments to persons is income pay-ments to persons for which no current services
3. For additional details, see the box "The Statistical Discrepancy," inRobert P. Parker and Eugene P. Seskin, "Annual Revision of the NationalIncome and Product Accounts," SURVEY OF CURRENT BUSINESS 77 (August1997): 19.
are performed. It consists of business transferpayments to persons (see 1-22) and governmenttransfer payments (2-20). Government transferpayments includes benefits from the followingsocial insurance funds: Old-age, survivors, anddisability insurance (social security); hospitalinsurance; supplementary medical insurance; un-employment insurance; government employeeretirement; railroad retirement; pension bene-fit guaranty; veterans life insurance; workers'compensation; military medical insurance; andtemporary disability insurance. Governmenttransfer payments also includes benefits from cer-tain other programs: Veterans benefits other thanlife insurance, food stamps, black lung, supple-mental security income, public assistance (in-cluding medical care and family assistance), andeducational assistance. Government paymentsto nonprofit institutions excluding payments forwork under research and development contractsare also included.
Personal contributions for social insurance (2-21)includes payments by employees, self-employed,and other individuals who participate in thefollowing government programs: Old-age, sur-vivors, and disability insurance (social security);hospital insurance; supplementary medical in-surance; unemployment insurance; governmentemployee retirement; railroad retirement; vet-erans life insurance; and temporary disabilityinsurance.
Personal tax and nontax payments (2-1) is taxpayments (net of refunds) by U.S. residents thatare not chargeable to business expense and cer-tain other personal payments to governmentagencies (except government enterprises) that aretreated like taxes. Personal taxes includes taxeson income, including realized net capital gains;on transfers of estates and gifts; and on personalproperty. Nontaxes includes donations and fees,fines, and forfeitures. Personal contributions forsocial insurance is not included. Taxes paid byU.S. residents to foreign governments and taxespaid by foreigners to the U.S. Government areboth included in transfer payments.
Personal outlays (2-2) is the sum of personalconsumption expenditures (see 1-36), interestpaid by persons (see 2-17), and personal transferpayments to the rest of the world (net) (2-5). Thelast item is personal remittances in cash and inkind to the rest of the world less such remittancesfrom the rest of the world.
Personal saving (2-6) is personal income lessthe sum of personal outlays and personal tax andnontax payments. It is the current saving of
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individuals (including proprietors and partner-ships), nonprofit institutions that primarily serveindividuals, life insurance carriers, private non-insured welfare funds, and private trust funds.Personal saving may also be viewed as the sumof the net acquisition of financial assets (suchas cash and deposits, securities, and the changein the net equity of individuals in life insuranceand in private noninsured pension plans) andthe change in physical assets less the sum of netborrowing and of consumption of fixed capital.
Government receipts and expenditures account
Personal tax and nontax payments (see 2-1).Corporate profits tax liability (see 1-13).Indirect business tax and nontax liability (see
1-24).Contributions for social insurance (see 1-6 and
2-21).Consumption expenditures (see 1-50).Transfer payments (3-2) is transfer payments to
persons (see 2-20) and transfer payments to therest of the world (net) (3-4). The latter consists ofU.S. Government military and nonmilitary grantsin cash and nonmilitary grants in kind to foreigngovernments and of U.S. Government transfers,mainly retirement benefits, to former residents ofthe United States.
Net interest paid (3-5). Net interest paid bygovernment is interest paid by government topersons, to business, and to the rest of the world(that is, to foreign businesses, governments, andpersons) less interest received by governmentfrom persons, from business, and from the restof the world. Interest paid consists of monetaryinterest paid on public debt and other financialobligations. Interest received consists of mone-tary and imputed interest received on loans andinvestments, including on the balances of Stateand local government social insurance funds.
Dividends received by government (see 2-13).Subsidies less current surplus of government
enterprises (see 1-25).Wage accruals less disbursements (see 1-4).Current surplus or deficit (-), national income
and product accounts (3-9) is the sum of govern-ment receipts (lines 12, 13, 14, and 15 of account3) less the sum of government expenditures (linesi, 2, 5, 6, 7, and 8 of account 3). It may also beviewed as the sum of net acquisition of financialassets by general government and governmententerprises and net government purchases ofland and of rights to government-owned landincluding oil resources, less net borrowing.
Foreign transactions account
Imports of goods and services (see 1-49).Payments of factor income (see 1-33).Transfer payments to the rest of the world (see
1-23, 2-5, and 3-4).Net foreign investment (4-10) is U.S. exports of
goods and services, receipts of factor income, andcapital grants received by the United States (net)(see below), less imports of goods and servicesby the United States, payments of factor income,and transfer payments to the rest of the world(net). It may also be viewed as the acquisition offoreign assets by U.S. residents less the acquisitionof U.S. assets by foreign residents. It includes thestatistical discrepancy in the balance of paymentsaccounts.
Exports of goods and services (see 1-48).Receipts of factor income (see 1-32).Capital grants received by the United States (net)
(4-3) is mainly the allocation of Special DrawingRights to the United States.
Gross saving and investment account
Personal saving (see 2-6).Wage accruals less disbursements (see 1-4).Undistributed corporate profits with inventory
valuation and capital consumption adjustments(see 1-16,1-17, and 1-18).
Consumption of fixed capital (see 1-26).Government current surplus or deficit (-),
national income and product accounts (see 3-9).Capital grants received by the United States (net)
(see 4-3).Statistical discrepancy (see 1-35).Gross private domestic investment (see 1—40).Gross government investment (see 1-50).Net foreign investment (see 4-10).
Other definitions
Final sales of domestic product is GDP minuschange in business inventories; equivalently, itis the sum of personal consumption expendi-tures, gross private domestic fixed investment,government consumption expenditures and grossinvestment, and net exports of goods andservices.
Gross domestic purchases is the market value ofgoods and services purchased by U.S. residents,regardless of where those goods and serviceswere produced. It is GDP minus net exportsof goods and services; equivalently, it is thesum of personal consumption expenditures, grossprivate domestic investment, and governmentconsumption expenditures and gross investment.
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Final sales to domestic purchasers is grossdomestic purchases minus change in businessinventories.
Population is the total population of the UnitedStates, including the Armed Forces overseas andthe institutionalized population. The monthlyestimate is the average of Census Bureau surveyestimates for the first of the month and the firstof the following month; the quarterly and annualestimates are the averages of the relevant monthlyestimates.
Personal saving as a percentage of disposablepersonal income (DPI), frequently referred to as"the personal saving rate," is calculated on amonthly, quarterly, and annual basis as the ratioof personal saving to DPI.
Gross saving as a percentage of gross nationalproduct (GNp)y sometimes referred to as "the na-tional saving rate," is calculated on a quarterlyand annual basis as the ratio of gross saving—thesum of gross private saving, gross governmentsaving, and capital grants received by the UnitedStates (net)—to GNP.
17.S. residents are individuals, governments,business enterprises, trusts, associations, andsimilar institutions that have the center of theireconomic interest in the United States and thatreside or expect to reside in the United States fori year or more. (For example, business enter-prises resident in the United States include U.S.affiliates of foreign companies.) In addition, U.S.residents include all U.S. citizens who reside out-side the United States for less than i year andU.S. citizens residing abroad for i year or morewho meet one of the following criteria: Ownersor employees of U.S. business enterprises who re-side abroad to further the enterprises' businessand who intend to return within a reasonableperiod; U.S. Government civilian and militaryemployees and members of their immediate fam-ilies; and students who attend foreign educationalinstitutions.
Foreign residents include international insti-tutions located in the United States, foreignnationals employed by their home Governmentsin the United States, and foreign affiliates of U.S.companies.
The rest of the world consists of foreignresidents who are transactors with U.S. residents.
Real output and related measures
The chain-type quantity and price indexes, incombination with the cur rent-dollar estimates,provide users with the basic data series fromwhich all other analytical tables and presentations
of the NIPA'S are derived. The chained (1992)dollar estimates provide measures to calculatethe percent changes for GDP and its componentsthat are consistent with those calculated fromthe chain-type quantity indexes. These estimatesalso provide comparisons of levels over time andreasonable approximations of the relative impor-tance, and the contributions to growth in GDP,of most components for the years close to 1992.The chained (1992) dollar estimates are also usedto compute certain key aggregates, such as percapita GDP.
Quantity and price indexes
Changes in cur rent-dollar GDP measure changesin the market value of the goods and servicesproduced in the economy in a particular period.For many purposes, it is necessary to decomposethese changes into quantity changes and pricechanges.
The changes in quantities and prices in theNIPA'S are calculated using a Fisher formula thatincorporates weights from two adjacent periods.For example, the 1992-93 change in real GDPuses prices for 1992 and 1993 as weights, and the1992-93 change in prices uses quantities for 1992and 1993 as weights.4 These annual changes are"chained" (multiplied) together to form time se-ries of quantity and price. (For more details, seethe box "Basic Formulas for Calculating Chain-Type Quantity and Price Indexes") Because theFisher formula allows for the effects of changesin relative prices and in the composition of out-put over time, the resulting quantity or pricechanges are not affected by the substitution biasassociated with the fixed-weighted formula previ-ously used to calculate changes in quantities andprices.5 The Fisher formula also produces resultsthat are not affected by the choice of base periods.
4. Because the source data available for most components of GDP aremeasured in dollars rather than in units, the quantities of most of the detailedcomponents used to calculate percent changes are obtained by deflation. Fordeflation, quantities are approximated by real values (expressed at presentwith 1992 as the base period) that are calculated by dividing the current-dollarvalue of the component by its price index, where the price index uses 1992as the base period.
Two other methods, quantity extrapolation and direct base-year valua-tion, are also used to calculate the real values for a small number of themost detailed GDP components. For quantity extrapolation, the real valuesare obtained by extrapolating the base-year current-dollar estimates in bothdirections from the base period (1992) by quantity indicators; for example,the real values for mining exploration, shafts, and wells structures are extrap-olated using oilwell footage drilled. For direct-base-year valuation, the realvalues are obtained by multiplying base-year prices by quantity data for eachperiod; for example, the real values of natural gas inventories are calculatedusing quantities and prices of natural gas stocks.
5. For a discussion of the advantages of the Fisher index, see Jack E.Triplett, "Economic Theory and BEA'S Alternative Quantity and Price In-dexes," SURVEY 72 (April 1992): 49-52; and J. Steven Landefeld and RobertP. Parker, "BEA'S Chain Indexes, Time Series, and Measures of Long-TermEconomic Growth," SURVEY 77 (May 1997): 58-68.
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In addition, because the changes in quantitiesand prices calculated in this way are symmetric,the product of a quantity index and the corre-sponding price index equals the cur rent-dollarindex.6
Chain-type quantity and price indexes that cor-respond to most of the cur rent-dollar output,product, and expenditure measures are presen-ted in tables 7.1-7.14 and 7.17-7.207 Percentagechanges from the preceding period for GDP andits major components and for other aggregatesare presented in table 8.1. Contributions by majorcomponents to changes in real GDP are presen-ted in table 8.2, which is discussed in more detailbelow.
Chained-dollar measures
BEA also prepares measures of real GDP and itscomponents in a dollar-denominated form, des-ignated "chained (1992) dollar estimates!' ForGDP and most other series, these estimates arecomputed by multiplying the 1992 cur rent-dollarvalue by a corresponding quantity index num-ber and then dividing by ioo.8 For example,if a cur rent-dollar GDP component equaled $100in 1992 and if real output for this componentincreased 10 percent in 1993, then the chained(1992) dollar value of this component would be$110 ($100 x 1.10) in 1993.
For analyses of changes over time in an aggre-gate or in a component, the percentage changescalculated from the chained-dollar estimates andfrom the chain-type quantity indexes are thesame; any differences will be small and due torounding. However, because the relative prices
6. For the annual estimates of NIPA aggregates that include the compo-nents "change in business inventories" and "change in Commodity CreditCorporation inventories," this relationship does not hold exactly, becauseof the price-data conventions used to calculate those components. In ad-dition, for the quarterly estimates, all quarterly chain-type quantities andprices are adjusted to average to the corresponding annual estimates. Fordetails on quarterly calculations, see the box "Basic Formulas for CalculatingChain-Type Quantity and Price Indexes."
7. Indexes are not presented for change in inventories, for net exports,and for most of the "net" series in tables 7.5, 7.7, 7.11, 7.13, and 7.20. Indexesfor these series are not meaningful.
8. For change in business inventories (in tables 1.2,1.4, 1.6, 5.3, 5.11, 8.5,8.7, and 8.9), real values are calculated as the difference between end-of-periodand beginning-of-period chain-weighted stocks of inventories.
The following "real" series are calculated as the current-dollar value of theseries divided by an appropriate implicit price deflator: The chained-dollarvalues of gross national income and gross domestic income (in table 1.10), ofcommand-basis exports of goods and services and receipts of factor income(in table 1.11), of gross and net domestic product of nonfinancial corporatebusiness (in table 1.16), and of disposable personal income (in tables 2.1 and2.9).
For the following series, real values are calculated as the sum of, or thedifference between, chained-dollar series: Net exports (in tables 1.2, 8.5, and8.7); command-basis gross national product (in table 1.11), foreign travel andother, net (in table 2.5); net foreign travel (in table 2.7); Federal consumptionexpenditures for durable goods, for nondurable goods, and for CommodityCredit Corporation inventory change (in table 3.8); net investment by majortype (in table 5.3); and Federal defense and nondefense net purchases of usedstructures (in table 5.15).
used as weights for any period other than thebase period differ from those used for the baseperiod, the chained-dollar values for the detailedGDP components do not necessarily sum to thechained-dollar estimate of GDP or to any inter-mediate aggregate. A measure of the extent ofsuch differences is provided in most chained-dollar tables by a "residual" line, which indicatesthe difference between GDP (or an other ma-jor aggregate) and the sum of the most detailedcomponents in the table.
For periods close to the base year, when thereusually has not been much change in the relativeprices that are used as the weights for the chain-type index, the residuals tend to be small, andthe chained (1992) dollar estimates can be usedto approximate the contributions to growth andto aggregate the detailed estimates.
As one moves further from the base year, theresidual tends to become larger, and the chained-dollar estimates become less useful for analysesof contributions to growth. In general, the useof chained-dollar estimates to calculate compo-nent shares or component contributions to realgrowth may be misleading for periods away fromthe base year. In particular, for components forwhich relative prices are changing rapidly, thesecalculations may be misleading even just a fewyears from the base year.
To assist users in making valid comparisonsacross components for periods away from thebase year, several changes have been made inthe NIPA tables. Table 8.2 provides an accuratemeasure of the contributions of the major GDPcomponents to the percentage change in real GDPfor all periods. This table should be used forperiods far from the base period, when the over-all residual and the errors in contributions togrowth become quite large. This table uses exactformulas for attributing growth to the compo-nents of GDP and of other aggregates, but thepresentation is limited to the contributions tochanges from the preceding year or quarter andto changes in the major components of GDP. (Fordetails, see the box "Calculation of ComponentContributions to the Change in GDP")
For some analytical purposes, it may be de-sirable to calculate contributions to growth formore than a single quarter or year, to calculatecontributions to growth for aggregates other thanGDP, or to work with real estimates that are de-nominated in dollars. Two articles in the SURVEYprovide information on how to prepare chained-dollar series with different base periods thatpermit the calculation of close approximations of
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Basic Formulas for Calculating Chain-Type Quantity and Price Indexes
Annual indexes
This box shows the basic calculations used to prepare annual andquarterly chain-type quantity and price indexes. The formula usedto calculate the annual change in real GDP and other componentsof output and expenditures is a Fisher index (Qf) that uses weightsfor 2 adjacent years (years t - 1 and t).
The formula for real GDP in year t relative to its value in year t — Iis
where the p's and q's represent prices and quantities of detailedcomponents in the 2 years.
Because the first term in the Fisher formula is a Laspeyres quantityindex (Qf), or
Of-
and the second term is a Paasche quantity index (Qf ), or
the Fisher formula can also be expressed for year t as the geometricmean of these indexes as follows:
The percent change in real GDP (or in a GDP component) fromyear t - I to year t is calculated as
100(Qf - 1.0).
Similarly, price indexes are calculated using the Fisher formula
which is the geometric mean of a Laspeyres price index (PtL) and a
Paasche price index (Pf ), or
The chain-type quantity index value for period t is
/ f = / f - i X Q f ,
and the chain-type price index is calculated analogously. Chain-typereal output and price indexes are presented with the base year (b)equal to 100; that is, /& = 100.
The current-dollar change from year t - 1 to year t expressedas a ratio is equal to the product of the Fisher price and quantityindexes:1
= /?xQf.
Quarterly indexes
The same formulas are used to calculate the quarterly indexes forthe most recent quarters, called the "tail" period; quarterly data aresubstituted for annual data. The tail period begins in the third quar-ter of the most recent complete year that is included in an annual orcomprehensive NIPA revision, so the specific quarters covered changeannually. Modified formulas are used to calculate the indexes forthe other quarters, called the "historical" period. Quarterly quantitydata are used for the quantity indexes, and quarterly price data areused for the price indexes, but the weights — prices for a quantityindex and quantities for a price index — are annual data.
The weights that are used for the indexes in the historical pe-riod depend on the quarter being estimated. For each quarter, theweights for the closest ^ years are used: For the first and secondquarters of a year, the weights are from that year and the precedingyear; while for the third and fourth quarters, the weights are fromthat year and the next year.
All quarterly chain-type indexes for completed years that havebeen included in an annual or comprehensive revision are adjustedso that the quarterly indexes average to the corresponding annualindex. When an additional year is completed between annual revi-sions, the annual index is computed as the average of the quarterlyindexes, so no adjustment is required to make the quarterly and an-nual indexes consistent. For example, until the 1998 annual revisionis released, the chain-type indexes for the year 1997 are derived byaveraging the four quarterly indexes for 1997.
Chained-dollar estimates
The chained- dollar value (CDf ) is calculated by multiplying theindex value by the base-period cur rent- dollar value (^pbtf.b) anddividing by ioo.2 For period t,
CDf =
Implicit price deflators
The implicit price deflator (IPDf) for period t is calculated as theratio of the current-dollar value to the corresponding chained-dollarvalue, multiplied by ioo, as follows:
JPDf :CDf
xlOO.
1. See also footnote 6 in the text.2. For exceptions to this procedure, see footnote 8 in the text.
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contributions to real growth or of relative changesfor any period.9 These articles show how to cal-culate a chained-dollar series for any period byusing the percent changes in the chain-type in-dexes to compute chained-dollar series indexedto the current dollars of whatever base period isappropriate for the analysis. In addition, thesearticles provide a number of chained-dollar se-ries over frequently cited time periods, such asdecades and business cycles. In computing theseseries, different base periods were used, depend-ing upon the time period analyzed; for example,for decades and business cycles, the midpoints ofthe periods were used.
The presentation of detailed quantity indexes,which are accurate for all periods, has beengreatly expanded in tables 7.3-7.20. The an-nual growth rates for major NIPA aggregates forall yearly intervals for 1970 to the present areshown each month under "Historical Tables" un-
9. See Landefeld and Parker, "BEA'S Chain Indexes," 63-66; and J. StevenLandefeld and Robert P. Parker, "Preview of the Comprehensive Revision ofthe National Income and Product Accounts: BEA'S New Featured Measuresof Output and Prices," SURVEY 75 (July 1995): 31-38.
der "National Data" in the section "BEA Currentand Historical Data" in the SURVEY.
Price indexes
BEA'S featured aggregate price measure is theprice index for gross domestic purchases, whichmeasures the prices paid for goods and serv-ices purchased by U.S. residents. This index isderived from the prices of personal consump-tion expenditures (PCE), gross private domesticinvestment, and government consumption ex-penditures and gross investment. In contrast,the GDP price index measures the prices paid forgoods and services produced by the U.S. econ-omy and is derived from the prices of PCE, grossprivate domestic investment, net exports, andgovernment consumption expenditures and grossinvestment. Thus, the two indexes differ with re-spect to coverage of the prices of exported andimported goods and services. Price changes ingoods and services produced abroad and sold inthe United States are reflected in the gross do-mestic purchases measure but not in the GDPmeasure; price changes in goods and servicesproduced by the U.S. economy and sold abroad
Calculation of Component Contributions to the Change in GDP
Changes from preceding period
The contributions to the change in real GDP pro-vide a measure of the composition of GDP growththat is not affected by the nonadditivity of the GDPcomponents. Two formulas for the contributions ofcomponents to the percent change in real GDP are used—one for years following the base year, and the otherfor the base year and for years preceding the baseyear.
For years following the base year, the contribution tothe percent change in real GDP in year t attributableto the quantity change in component i (C%Ai>t)
C%Aiit = 100 x Pi>t * *
t,t = 100 x2 x
where CDf.j is the chained-dollar GDP in year t - 1;
IPDf is the implicit price deflator for GDP in year
t;
and
pitt is the price of component i in year t;
PI is the Paasche price index for GDP in year
ttt is the quantity of component i in year t.
where PtL is the Laspeyres price index for GDP in year t.
Because these contributions to the percent change areadditive, they can be used to calculate the contributionsto subaggregates as well as the contributions of the de-tailed components.
The formula used for the contributions for years af-ter the base period can also be used for the most recentquarters (the "tail" period), except the quarterly resultsare expressed at annual rates.1
Changes over other periods
Users can also prepare close approximations of con-tributions to real GDP growth or to the growth of otheraggregates using chain-type annual-weighted indexes. Ineffect, users compute a chained-dollar series for a partic-ular period using the percent changes in the chain-typeannual-weighted indexes to compute chained-dollar se-ries indexed to the current dollars of the base periodappropriate for the analysis. (For references to additionalinformation on these calculations, see footnote 9 in thetext.)
For the base year and years preceding the base year,U is
i. The formulas must be modified for other quarters and for themost recent year because for these periods, chained output is calculatedin a slightly different manner.
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40 • March 1998 SURVEY OF CURRENT BUSINESS
are reflected in the GDP price measure but notin the gross domestic purchases price measure.For example, a change in the price of importedpetroleum that is fully passed on to U.S. con-sumers would be fully reflected in the price indexfor gross domestic purchases but not in the GDPprice index, because imports are subtracted inderiving GDP.
Implicit price deflators
BEA also prepares another price index, the im-plicit price deflator (IPD), which is calculated asthe ratio of the cur rent-dollar value to the cor-responding chained-dollar value, multiplied by100 (see the box "Basic Formulas for CalculatingChain-Type Quantity and Price Indexes"). Thevalues of the IPD are very close to the values ofthe corresponding chain-type price index for allperiods.10
Implicit price deflators for GDP and its majorcomponents are presented as index numbers intable 7.1, and percentage changes from the pre-ceding period for these measures are presented intable 8.1.
Command-basis GNP and terms of trade
BEA also prepares a measure of "real" output—command-basis GNP (see table 1.11). Command-basis GNP is a measure of the goods and servicesproduced by the U.S. economy in terms of theirpurchasing power. GNP and command-basis GNPdiffer in how their real values are prepared: Inestimating real GNP, the cur rent-dollar values ofthe detailed components of exports of goodsand services are deflated by export prices, thecur rent-dollar values of the detailed componentsof imports of goods and services are deflatedby import prices, and the cur rent-dollar valueof most factor income is deflated by the im-plicit price deflator for final sales to domesticpurchasers. In estimating command-basis GNP,the cur rent-dollar value of the sum of exports ofgoods and services and of receipts of factor in-come is deflated by the implicit price deflator forthe sum of imports of goods and services and ofpayments of factor income.
The terms of trade is a measure of the relation-ship between the prices that are received by U.S.producers for exports of goods and services andthe prices that are paid by U.S. purchasers forimports of goods and services. It is measured bythe following ratio, with the decimal point shifted
10. The two measures of the price level differ only because of the factorscited in footnote 6.
two places to the right: In the numerator, theIPD for the sum of exports of goods and servicesand of receipts of factor income; in the denom-inator, the IPD for the sum of imports of goodsand services and of payments of factor income.Changes in the terms of trade reflect the inter-action of several factors, including movementsin exchange rates, changes in the composition oftraded goods and services, and changes in pro-ducers' profit margins. For example, if the U.S.dollar depreciates against a foreign currency, aforeign manufacturer may choose to absorb thiscost by reducing the profit margin on the prod-uct it sells to the United States, or it may chooseto raise the price of the product and risk a lossin market share.
Classifications of production
In the NIPA'S, production is classified by the typeof product, by the sector, by the legal form oforganization, and by industry.
Type of product
Type of product classifications—goods (durableand nondurable), services, and structures—arepresented for GDP and the components of finalsales of domestic product. Goods are productsthat can be stored or inventoried, services areproducts that cannot be stored and are consumedat the place and time of their purchase, and struc-tures are products that are usually constructedat the location where they will be used and thattypically have long economic lives. If a prod-uct has characteristics of more than one of theseclassifications, it is classified on the basis of thedominant characteristic.
Accordingly, the following products are in-cluded in goods: Restaurant meals; expendituresabroad by U.S. residents except for travel; replace-ment parts whose installation cost is minimal;dealers' margins on used equipment; and mov-able household appliances, such as refrigerators,even when they are included in the purchase priceof a new home.
The following products are included in serv-ices: Food (that is included in airline trans-portation and hospital charges), natural gas andelectricity (except in exports and imports ofgoods and services); office supplies (that are in-cluded in current operating expense of nonprofitinstitutions); foreign travel by U.S. residents; ex-penditures in the United States by foreigners;repair services, which include the cost of parts(except replacement parts whose installation cost
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is minimal); defense research and development;and exports and imports of certain goods, pri-marily military equipment purchased and sold bythe Federal Government.11
The following products are included in struc-tures: Mobile homes; certain types of installedequipment, such as elevators, heating, and airconditioning systems; brokers' commissions onsale of structures; architectural and engineeringfees included in the value of structures; land de-velopment costs; and mining exploration, shafts,and wells.
In personal consumption expenditures, ex-ports, imports, and government consumption ex-penditures and gross investment, durable goodshave an average life of at least 3 years. In fixed in-vestment, producers' durable equipment consistsof goods that have an average life of at least i year.In change in business inventories, goods held bymanufacturing and trade establishments are clas-sified as durable goods or nondurable goods inaccordance with the classification of the industryof the establishment holding the inventories. In-ventories held by construction establishments areclassified as durable goods; inventories held by allother establishments are classified as nondurablegoods.
Sector
In the NIPA'S, a breakdown of GDP is alsoshown in terms of the three sectors of theeconomy—business, households and institutions,and general government.
Business: Production by all entities that pro-duce goods and services for sale at a priceintended at least to approximate the costs ofproduction, corporate and noncorporate pri-vate entities organized for profit, and certainother entities that are treated as business inthe NIPA'S. These entities include mutual fi-nancial institutions, private noninsured pensionfunds, cooperatives, nonprofit organizations (thatis, entities classified as nonprofit by the Inter-nal Revenue Service (IRS) in determining incometax liability) that primarily serve business, Fed-eral Reserve banks, federally sponsored creditagencies, and government enterprises.12 Busi-ness production also includes the services ofowner-occupied housing and of buildings andequipment owned and used by nonprofit insti-tutions that primarily serve individuals. Gross
product of the business sector is measured asGDP less the gross product of households andinstitutions and of general government.13
Households and institutions: Production byhouseholds, consisting of families and unrelatedindividuals, and by nonprofit institutions thatprimarily serve individuals. Gross product ofhouseholds and institutions is measured by thecompensation paid to domestic workers and tothe employees of these nonprofit institutions.
General government Production of all Fed-eral Government and State and local governmentagencies except government enterprises. Grossproduct of general government is measured asthe sum of the compensation of the employees ofthese agencies and of the consumption of fixedcapital.
Legal form of organization
For the domestic business sector, income and itscomponents are shown for four legal forms oforganizations—corporate business, sole propri-etorships and partnerships, other private busi-ness, and government enterprises (employeecompensation only).
Corporate business: All entities required tofile Federal corporate tax returns (IRS Form1120 series). These entities include mutual fi-nancial institutions and cooperatives subject toFederal income tax, private noninsured pensionfunds, nonprofit institutions that primarily servebusiness, Federal Reserve banks, and Federallysponsored credit agencies.
Sole proprietorships: All entities that would berequired to file IRS Schedule C (Profits or Lossfrom Business) or Schedule F (Farm Income andExpenses) if the proprietor met the filing re-quirements, together with owner-occupied farmhousing.
Partnerships: All entities required to file Federalpartnership income tax returns, IRS Form 1065(U.S. Partnership Return of Income).
Other private business: All entities that wouldbe required to report rental and royalty in-come on the individual income tax return in IRSSchedule E (Supplemental Income and Loss) ifthe individual met the filing requirements, tax-exempt cooperatives, owner-occupied nonfarmhousing, and buildings and equipment ownedand used by nonprofit institutions that primarilyserve individuals.
11. These certain goods are classified as services only for exports andimports.
12. For more detail on government enterprises, see the section "Legal formof organization."
13. Gross product of financial and of nonfinancial corporations are alsoshown in the NIPA tables. They are calculated as the costs incurred and theincomes earned from production.
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42 • March 1998 SURVEY OF CURRENT BUSINESS
Government enterprises: Government agenciesthat cover a substantial proportion of their op-erating costs by selling goods and services tothe public and that maintain their own separateaccounts. A "mixed" treatment of governmententerprises is used in the NIPA'S: Some types oftransactions are recorded as if they were part ofthe business sector, and others are recorded as ifthey were part of the general government sector.
Government enterprises are treated like otherbusinesses and included in the NIPA business sec-tor: (i) Their sales to final users are recorded assales by private businesses, (2) their purchases ofmaterials and business services are considered in-termediate, and (3) their compensation paymentsand consumption of fixed capital are deductedin calculating their income. Within the businesssector, government enterprises are classified asnoncorporate businesses.
Government enterprises are treated like othergovernment agencies: (i) Their interest paymentsare combined with those of general governmentrather than those of business, (2) their investmentin equipment and structures is combined withgeneral government investment rather than withbusiness investment in gross private domestic in-vestment, and (3) their profit-like income, thecurrent surplus of government enterprises (seethe definition on page 33), accrues to generalgovernment.
Industry
Industrial distributions are presented for nationalincome and its components, capital consump-tion allowances, employment and hours, and thechange in business inventories and the stock ofbusiness inventories.14 The classification underly-ing the distributions of private activities is basedon the Standard Industrial Classification (sic).15
Industrial distributions of government activi-ties are not provided; instead, they are combinedinto a single category. For most series, separateestimates are shown for the activities of the Fed-eral Government, of State and local governments,and of government enterprises. Expenditures by
14. An industrial distribution of fixed investment based on data collectedfrom establishments is prepared as part of the procedure used to estimatecapital stock.
Industrial distributions of gross product are also prepared; for furtherinformation, see Sherlene K.S. Lum and Robert E. Yuskavage, "Gross Productby Industry, 1947-96," SURVEY 77 (November 1997): 20-34.
15. Office of Management and Budget, Statistical Policy Division, StandardIndustrial Classification Manual, 1987 (Washington, DC: U.S. GovernmentPrinting Office (GPO), 1988); Office of Management and Budget, StatisticalPolicy Division, Standard Industrial Classification Manual 1972 (Washington,DC: GPO, 1972); and Bureau of the Budget, Standard Industrial ClassificationManual 1942 (Washington, DC: GPO, 1942).
the Federal Government and by State and lo-cal governments are also shown by type and byfunction.
The industrial distributions for private ac-tivities are based on data collected from "es-tablishments" or from "companies" (also calledenterprises or firms). Establishments, as definedin the sic, are economic units, generally at asingle physical location, where business is con-ducted or where services or industrial operationsare performed. Companies consist of one ormore establishments owned by the same legal en-tity or group of affiliated entities. Establishmentsare classified into an sic industry on the basisof their principal product or service, and com-panies are classified into an sic industry on thebasis of the principal sic industry of all their es-tablishments. Because large multiestablishmentcompanies typically own establishments that areclassified in different sic industries, the indus-trial distribution of the same economic activityon an establishment basis can differ significantlyfrom that on a company basis. For example,employment of steel-manufacturing companiesdiffers from employment of steel-manufacturingestablishments because the employment of thesecompanies includes the employment of establish-ments that are not classified in steel manufactur-ing and because it excludes the employment ofestablishments that manufacture steel but are notowned by steel-manufacturing companies.
Industrial distributions on a consistent estab-lishment or company basis are not available forall NIPA components. As a result, the industrialdistribution of national income reflects a mix ofestablishment and company data. For the follow-ing series, the industrial distributions are basedon establishment data: Compensation of em-ployees, employment, hours, inventories, rentalincome of persons, farm proprietors5 income,farm net interest, and farm noncorporate capitalconsumption allowances. For nonfarm pro-prietors, industrial distributions of proprietors'income, net interest, and capital consumption al-lowances are based on company data; these dataare regarded as being substantially the same asif they were based on establishment data becausenearly all unincorporated companies own onlyone establishment (and the few multiestablish-ment companies usually own establishments inthe same sic industry). For corporations, indus-trial distributions of profits, nonfarm net interest,and capital consumption allowances are based oncompany data.
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In addition, individual industry series are notfully comparable over time. Historical compara-bility is affected primarily by two factors. First,the composition of industries may change be-cause of changes in the sic basis that is used forthe estimates. This factor affects estimates basedon establishment data and on company data.
Second, historical comparability is affected be-cause the industrial classification of the sameestablishment or company may change overtime. This factor affects company-based es-timates much more than establishment-basedestimates. The classification of a company maychange as a result of the following: Shifts in thelevel of consolidation of entities for which com-pany reports are filed; mergers and acquisitions;and other shifts in principal activities, especiallyfor large diversified firms.
In addition to the sic industrial distributions ofprivate activities, some NIPA tables show the fol-lowing special sic groupings, the titles of whichcorrespond to the 1987 sic:
Financial industries consists of the followingsic industries: Depository institutions, nonde-pository institutions, security and commoditybrokers, insurance carriers, regulated investmentcompanies, small business investment companies,and real estate investment trusts.16
Nonfinancial industries consists of all otherprivate industries.
Goods-producing industries consists of the fol-lowing sic divisions: Agriculture, forestry, andfishing; mining; construction; and manufactur-ing.
Distributive industries consists of the followingsic divisions: Transportation (excluding the U.S.Postal Service); communications; electric, gas,and sanitary services; wholesale trade; and retailtrade.
Service industries consists of the rest-of-the-world sector and the following sic divisions:Finance, insurance, and real estate; and services.
Presentation of the NIPA'S
This section describes the release schedule for theNIPA estimates, the publication of the NIPA tables,and additional presentations of NIPA and NIPA-related estimates.
16. Regulated investment companies, small business investment compa-nies, and real estate investment trusts are included in the sic classification"holding and other investment offices" and are not shown separately in theNIPA tables.
Release schedule
For gross domestic product (GDP) and most otherNIPA series, quarterly estimates are released onthe following schedule: "Advance" estimates arereleased near the end of the first month after theend of the quarter; as more detailed and morecomprehensive data become available, "prelimi-nary" and "final" estimates are released near theend of the second and third months, respectively.
For gross national product, gross domestic in-come, national income, corporate profits, and netinterest, advance estimates are not prepared, be-cause of a lag in the availability of source data.Except for the fourth-quarter estimates, the ini-tial estimates for these series are released withthe preliminary GDP estimates, and the revisedestimates are released with the final GDP esti-mates. For the fourth-quarter, these estimates arereleased only with the final GDP estimates.
Monthly estimates of personal income and out-lays are released near the end of the monthfollowing the reference month; estimates for thepreceding 2 to 4 months are subject to revisionat that time.
Annual revisions of the NIPA'S are usually car-ried out each summer and cover the monthsand quarters of the most recent calendar yearand of the 2 preceding years. These revisionsare timed to incorporate newly available majorannual source data.
Comprehensive revisions are carried out atabout 5-year intervals and incorporate three ma-jor types of improvements: (i) Definitional andclassificational changes that update the accountsto portray more accurately the evolving U.S.economy, (2) statistical changes that update theaccounts to reflect the introduction of new andimproved methodologies and the incorporationof newly available and revised source data, and(3) presentational changes that update the NIPAtables to reflect the definitional, classificational,and statistical changes and to make the tablesmore informative.
Publication of the NIPA tables
Tables that present the NIPA estimates appeareach month under "National Data" in the section"BEA Current and Historical Data" in the SUR-VEY OF CURRENT BusiNESs.17 The full set of NIPAtables consists of 142 tables that present annual,quarterly, and monthly estimates. These tablesare grouped into nine categories:
17. The NIPA estimates appear first in news releases, which are availableto the general public in a variety of forms (see the box "Data Availability").
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44 • March 1998 SURVEY OF CURRENT BUSINESS
1. National Product and Income2. Personal Income and Outlays3. Government Receipts, Current Expendi-
tures, and Gross Investment4. Foreign Transactions5. Saving and Investment6. Income and Employment by Industry7. Quantity and Price Indexes8. Supplemental Tables18
9. Seasonally Unadjusted Estimates
The NIPA tables are numbered as follows: Thenumber preceding the period is the categorynumber, and the number following the periodindicates the specific table in that category; forexample, table 2.2 is the second table in thesecond category "Personal Income and Outlays."
Most of the full set of NIPA tables are publishedin the issues of the SURVEY that describe the an-nual and comprehensive revisions (for example,see the August 1997 SURVEY); the remaining tablesare published in subsequent months. In addi-tion, a set of "Selected NIPA Tables" is publishedmonthly in the SURVEY; this set presents the es-
18. In this category, the first table shows year-to-year and quarter-to-quarter percent changes in the major NIPA aggregates, and the second tableshows contributions of the major expenditure components to the percentchange in real GDP. The other tables show the following: Selected per capitaseries; auto and truck output, farm and housing sector accounts; detail onseveral components of gross national income (consumption of fixed capital,capital consumption adjustment, business transfer payments, supplements towages and salaries, rental income of persons, dividends, and interest); NIPAimputations and the components affected; and reconciliations of several NIPAmeasures with the source data (for example, tax return tabulations) fromwhich they are derived or to which they are closely related. The last tableshows fixed (1992) weighted quantity indexes for selected series.
timates for the most recent six quarters and themost recent 2 years. The selected set comprises 57tables from the first eight NIPA categories (season-ally unadjusted estimates in the ninth categoryare compiled only once a year and thus are notincluded in the selected set of tables). Becausethe numbering system used for the full set of ta-bles is retained in the selected set, gaps occur inthe numbering of the selected tables.
A note preceding the NIPA tables indicates in-formation on the vintage of the estimates. Ingeneral, the NIPA tables in the SURVEY present es-timates for the most recent 2-4 years. Historicalannual and quarterly estimates for summary NIPAseries are presented annually in the SURVEY andcover the following: Current- and chained-dollarGDP for most of the components in NIPA tables1.1 and 1.2 and for final sales of domestic productand gross national product; NIPA price indexesand implicit price deflators; and most of the ma-jor components of national income and personalincome in NIPA tables 1.14 and 2.1. For exam-ple, these estimates were published as "SummaryNational Income and Product Series, 1929-96" inthe August 1997 SURVEY. In addition, historicalannual and quarterly estimates for the major NIPAaggregates are published monthly in the SURVEY.
Additional presentations of NIPA andNiPA-related estimates
The SURVEY also presents the following NIPAand NiPA-related estimates that do not fit neatly
Data Availability
The estimates from the national income and productaccounts (NIPA'S) that are prepared by the Bureau of Eco-nomic Analysis (BEA) are available on three World WideWeb sites and in a variety of other media.
Web sites• The BEA Web site at <http://www.doc.bea.gov>
presents summary NIPA estimates, selected articles fromthe SURVEY OF CURRENT BUSINESS, and the monthlynews releases for gross domestic product (GDP) and forpersonal income and outlays.
• The Web site of the Department of CommercedSTAT-USA provides the monthly news releases on GDPand on personal income at the time of release, theunderlying-detail NIPA tables, and the complete issuesof the SURVEY; to subscribe, go to the Web site at<http://www.stat-usa.gov>. This information is alsoavailable on STAT-USA'S Economic Bulletin Board; to sub-scribe, call 202-482-1986.
• The Federal Statistical Briefing Room at the WhiteHouse Web site at <http://www.whitehouse.gov/fsbr>
provides summary estimates of GDP and of a few othermajor NIPA aggregates.
Other media
The NIPA estimates are published monthly in the SUR-VEY; to subscribe, call the Superintendent of Documentsof the U.S. Government Printing Office at 202-512-1800.
Summary information on the estimates of GDP andof personal income is available in a recorded telephonemessage at the time of release. For the GDP estimates,call 202-606-5306; for the estimates of personal incomeand outlays, call 202-606-5303.
The NIPA estimates are also available on diskettes orprintouts from BEA. For a description of these productsand for other information about BEA'S programs andproducts, see the "User's Guide to BEA Information" onthe BEA Web site. To order products from BEA using Visaor MasterCard, call the Order Desk at 1-800-704-0415(outside the United States, 202-606-9666).
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into the system or publication schedule for thestandard NIPA presentation.
"Gross Domestic Product by Industry" presentscurrent- and chained-dollar estimates of grossproduct, or gross product originating, by indus-try, which is the contribution of each industry—including government—to GDP. Estimates forGDP by industry for 1947-96 were published inthe November 1997 SURVEY.
"Reconciliation Tables" in appendix A ofthe "BEA Current and Historical Data" sectionpresents tables that reconcile NIPA estimates withrelated series and that provide analytically use-ful extensions of the NIPA estimates. At present,tables in this section show the reconciliation ofrelevant NIPA series with related series in thebalance of payments accounts and the reconcilia-tion of BEA compensation with Bureau of LaborStatistics earnings.
"Real Inventories, Sales, and Inventory-SalesRatios for Manufacturing and Trade"—in theJanuary, April, July, and October issues of theSURVEY—shows quarterly and monthly estimatesfor these series. Also shown are quarterly andmonthly inventories for manufacturing by stageof fabrication. Historical estimates for these se-ries, quarterly for 1977 forward, were published inthe May 1996 SURVEY, and revised and new esti-mates for 1993-96 were published in the October1997 SURVEY. Estimates for 1959 forward are avail-able electronically to subscribers to STAT-USA'SEconomic Bulletin Board or Internet services (seethe box "Data Availability").
"Fixed Reproducible Tangible Wealth in theUnited States"—usually published in the Septem-ber issue of the SURVEY—shows annual estimatesof stocks for fixed private capital, government-owned fixed capital, and durable goods owned byconsumers. Revised estimates for 1929-95 werepublished in the May 1997 SURVEY and were up-dated to 1996 in the September 1997 SURVEY. (Thepublication Fixed Reproducible Tangible Wealthin the United States, 1925-94 is forthcoming andwill present the estimates described above andadditional estimates by industry and by type ofasset for net stocks, consumption of fixed capital,investment, and average age of net stocks.)
"Selected Monthly Estimates" for personal in-come by type of income and for the dispositionof personal income, including personal consump-tion expenditures, appears under "National Data"in the "BEA Current and Historical Data" sectionof the SURVEY. These estimates are also publishedannually in NIPA tables 2.8-2.11, and the esti-
mates for the most recent months appear in thepersonal-income-and-outlays news release.
"Source Data and Assumptions" shows thesource data and the BEA assumptions for miss-ing key source data that are used to prepare theadvance estimates of GDP. This information isavailable at the time of the news release and isincluded in the "Business Situation" article in theSURVEY that presents the advance estimates.19
Statistical Conventions Usedfor NIPA Estimates
Most of the NIPA estimates are presented in cur-rent dollars. Changes in cur rent-dollar estimatesmeasure the changes in the market values ofgoods or services that are produced or sold inthe economy. For many purposes, it is neces-sary to decompose these changes into price andquantity components. Prices are expressed as in-dex numbers with the base period—at present,the year 1992—equal to 100. Quantities, or "real"measures, are expressed as index numbers withthe base period (1992) equal to 100; for selectedseries, they are also expressed in chained (1992)dollars. (For further details, see the section "Realoutput and related measures")
Seasonal adjustment
Quarterly and monthly NIPA estimates are sea-sonally adjusted at the detailed series levelwhen statistically significant seasonal patterns arepresent. For most of the series that are season-ally adjusted by the source agency, BEA adopts thecorresponding seasonal adjustment factors. Sea-sonal adjustment removes from the time seriesthe average effect of variations that normally oc-cur at about the same time and in about the samemagnitude each year—for example, weather andholidays. After seasonal adjustment, cyclical andother short-term changes in the economy standout more clearly.
Annual rates
Quarterly and monthly NIPA estimates in currentand chained dollars are presented at annual rates,which show the value that would be registeredif the rate of activity measured for a quarter ora month were maintained for a full year. An-nual rates are used so that periods of differentlengths—for example, quarters and years—may
19. Additional information about source data and assumptions is alsoavailable online through STAT-USA'S Economic Bulletin Board and on theInternet (see the box "Data Availability").
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46 • March 1998 SURVEY OF CURRENT BUSINESS
be easily compared. These annual rates are deter-mined simply by multiplying the estimated rateof activity by 4 (for quarterly data) or by 12 (formonthly data).
rnp \itm/n
Percent changes in the estimates are also ex-pressed at annual rates. Calculating these changesrequires a variant of the compound interestformula, where
r is the percent change at an annual rate;GDPt is the level of activity in the later period;GDPo is the level of activity in the earlier
period;m is the yearly periodicity of the data (for ex-
ample, i for annual data, 4 for quarterly,or 12 for monthly); and
n is the number of periods between the earlierand later periods (that is, t - 0).
AppendixUpdated Summary NIPA Methodologies
This appendix presents summary descriptionsof the principal source data and methods usedto prepare the cur rent-dollar estimates of grossdomestic product (GDP) and the estimates ofreal GDP.20 These descriptions have been updatedto reflect the methodological improvements thatwere introduced in the annual revision of the na-tional income and product accounts (NIPA'S) thatwas released in July 199/.21
Current-dollar estimates
Table i lists the components of cur rent-dollarGDP starting with the components on the productside and proceeding to those on the income side.The subcomponents, with their dollar values for1996, are grouped according to the methodologyused to prepare them.
The column for the annual estimates coversthe revision cycle for those estimates and notesthe major differences in methodology as the es-timates move through the three annual revisionsto a benchmark revision.22 For example, for"most goods" in personal consumption expend-itures (the first item on the product side), the
20. BEA has prepared a series of papers that provide detailed descriptionsof NIPA concepts and methodologies. See the box "Information About NIPAMethodology."
21. See Parker and Seskin, "Annual Revision," 6-32.
22. For additional details on the release schedule for the NIPA estimates,see the section "Presentation of the NIPA'S" in the text.
table indicates one methodology for benchmarkyears and another for all other years.
The column for the quarterly estimates cov-ers only the advance estimate for the currentquarter—that is, the estimate prepared abouta month after the end of the quarter. Thatestimate, rather than the preliminary or finalquarterly estimate, is described because more at-tention focuses on the "first look" at the quarter.In addition, the column lists only the source dataand methods; it does not indicate how manymonths of source data are available or whetherthe data are subject to revision by the sourceagency. Information on the key monthly sourcedata appears each month in the "Business Sit-uation" in the SURVEY OF CURRENT BUSINESS.Additional information on the monthly sourcedata used for the advance estimate is avail-able online from the Department of Commerce'sEconomic Bulletin Board.23
The source data listed consist of a variety ofeconomic measures, such as sales or receipts,wages and salaries, unit sales, housing stock,insurance premiums, expenses, interest rates,mortgage debt, and tax collections. For mostcomponents, the source data are "value data";that is, they encompass both the quantity andprice dimensions that are required for current-dollar estimates. In these cases, the methodologyindicated in table i covers only the adjustment ofthe value data to derive estimates consistent withNIPA definitions and coverage.
For those estimates not derived from valuedata, the table indicates the combination of datawith separate quantity and price dimensions thatis used to derive the required value estimate andthe major adjustments needed to derive estimatesconsistent with NIPA definitions and coverage.On the product side, a "physical quantity timesprice" method is used for several components.For example, the estimate for new autos is calcu-lated as unit sales times expenditure per auto (theaverage list price with options, adjusted for trans-portation charges, sales tax, dealer discounts, andrebates). On the income side, an "employmenttimes earnings times hours" method and vari-ations of a "stock of assets/liabilities times aneffective interest rate" method are used for severalcomponents.
Some of the source data shown in table i forthe annual estimates are used as indicators to in-terpolate and extrapolate the levels established bysource data that are more comprehensive, and allof the source data shown for the advance quar-
23. For additional information, see the box "Data Availability."
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SURVEY OF CURRENT BUSINESS March 1998
terly estimates are used to extrapolate the level ofthe preceding quarter. In addition, extrapolationand interpolation may be based on trends, as isthe case when "judgmental trend" is listed in thetable.24
Estimating methods.—Table i refers to fourmethods—commodity flow, retail control, per-petual inventory, and fiscal year analysis—usedby BEA for estimating specific components.
The commodity-flow method is used to ob-tain the value of final users1 purchases of goodsand services (that is, commodities) for BEA'Sbenchmark input-output accounts. These valuesserve as the benchmark for the NIPA estimatesof personal consumption expenditures (PCE),of producers' durable equipment (PDE), and ofthe commodity detail for State and local gov-ernment consumption expenditures and grossinvestment.25 This method is also used for PDEin nonbenchmark years, but it is implementedin an abbreviated form. An even more abbrevi-ated commodity-flow method is used for currentquarterly estimates of PDE.
The retail-control method is used to estimateover one-third of the value of PCE for peri-ods other than benchmark years. This methodprovides the indicator series used in extrapolat-ing and interpolating the total of "most goods"and the "control" total to which the PCE cate-gories and residential PDE included in this groupmust sum. These PCE categories consist ofall goods except autos and trucks, food fur-nished to employees, food and fuel producedand consumed on farms, standard clothing is-sued to military personnel, school lunches, andnet foreign remittances.26
The perpetual-inventory method is used to de-rive estimates of fixed capital stock, which in turnform the basis for the estimates of consump-tion of fixed capital. This method is based oninvestment flows and a geometric depreciationformula; it is used instead of direct measurementof the capital stock because direct measurementis seldom statistically feasible on a comprehensivebasis.27
24. For a few components, the final quarterly estimates are based on newlyavailable source data that replace judgmental trends.
25. For additional information on the commodity-flow method, see U.S.Department of Commerce, Bureau of Economic Analysis, Personal Consump-tion Expenditures, Methodology Paper Series MP-6 (Washington, DC: U.S.Government Printing Office, 1990): 31-34; and U.S. Department of Com-merce, Bureau of Economic Analysis, GNP: An Overview of Source Data andEstimating Methods, Methodology Paper Series MP-4 (Washington, DC: U.S.Government Printing Office, 1987): 16-17.
26. For additional information, see Personal Consumption Expenditures,41-54; and GNP: An Overview, 17.
27. For additional information on the perpetual-inventory method, seeU.S. Department of Commerce, Bureau of Economic Analysis, Fixed Re-
The fiscal year-analysis method provides theframework for the annual and quarterly estimatesof Federal Government consumption expendi-tures and gross investment. The estimates ofexpenditures are prepared by program—that is,by activity for a group of line items or for an indi-vidual line item in the Budget of the U.S. Govern-ment. For most programs, the fiscal year analysisbegins by adjusting budget outlays for coverageand for netting and grossing differences betweenthese outlays and NIPA expenditures. The ex-penditures total (as adjusted) for a program isthen classified by type of NIPA expenditure—forexample, transfer payments and interest paid—with nondefense consumption expenditures andgross investment determined residually. When afiscal year analysis is completed, the detailed ar-ray of NIPA expenditures by program and by typeof expenditure serves as a set of control totals forthe quarterly estimates.28
Balance of payments accounts.—The source datafor the foreign transactions reflected in most NIPAcomponents—such as net exports of goods andservices and rest-of-the-world corporate profits—are the balance of payments accounts (BPA'S),which are also prepared by BEA.29 As noted intable i, for some NIPA components, the BPA esti-mates are adjusted to conform to NIPA conceptsand definitions.30 Annual estimates of these ad-justments and their definitions are shown in NIPAtable 4.5, which was last published in the August1997 SURVEY on page 82; summary quarterly es-timates are shown in "Reconciliation Tables" inappendix A of the SURVEY.
Other information.—In preparing the annual esti-mates of several of the income-side components,BEA adjusts the source data for various coverageand conceptual differences. For each subcompo-nent listed below, an annual NIPA table reconcilesthe value published by the source agency with the
producible Tangible Wealth in the United States, 1925-89 (Washington, DC:U.S. Government Printing Office, January 1993): M-2-M-15; and GNP; AnOverview, 17-18. For additional information on the geometric depreciationformula, see "Improved Estimates of Fixed Reproducible Tangible Wealth,1929-95," SURVEY 77 (May 1997): 69-92.
28. For additional information and an illustration of the fiscal year-analysismethod, see U.S. Department of Commerce, Bureau of Economic Analysis,Government Transactions* Methodology Paper Series MP-5 (Washington, DC:U.S. Government Printing Office, 1988): 19-20.
29. See U.S. Department of Commerce, Bureau of Economic Analysis, TheBalance of Payments of the United States: Concepts, Data Sources, and Esti-mating Procedures, (Washington, DC: U.S. Government Printing Office, 1990).(The methodologies described in this publication are subject to periodic im-provements, which are typically introduced as part of the annual revision ofthe BPA'S; these improvements are described in the SURVEY articles that coverthe annual BPA revisions, most recently in "U.S. International Transactions,Revised Estimates for 1974-96," SURVEY 77 (July 1997): 43-55.)
30. These adjustments are described in U.S. Department of Commerce,Bureau of Economic Analysis, Foreign Transactions, Methodology Paper SeriesMP-3 (Washington, DC: U.S. Government Printing Office, 1987): 15-25.
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48 • March 1998 SURVEY OF CURRENT BUSINESS
NIPA value published by BEA and identifies theBEA adjustments. The following is a list of thesubcomponents and their corresponding recon-ciliation tables, which were last published in theSeptember 1997 SURVEY beginning on page 34:Wages and salaries, table 8.25; farm proprietors'income, table 8.22; nonfarm proprietors' income,table 8.21; corporate profits, table 8.23; net inter-est, table 8.24; and consumption of fixed capital,table 8.20.
Real estimates
Table 2 shows which one of three methods—deflation, quantity extrapolation, and direct base-year valuation—is used to prepare the quantityindex for each detailed product-side componentof real GDP and identifies the source data withwhich the method is implemented.31 Deflation isused for most of the detailed components. In de-flation, the quantity index is obtained by dividingthe current-dollar index by an appropriate price
index that has the base year—currently 1992—equal to 100 and then by multiplying the resultby 100.
The quantity-extrapolation and direct-base-year-valuation methods are similar in that theyboth use explicit quantity data. In quantityextrapolation, quantity indexes are obtained byusing a quantity indicator to extrapolate fromthe base-year value of 100 in both directions. Indirect-base-year valuation, quantity indexes areobtained by multiplying the base-year price byactual quantity data for the index period and thenexpressing the result as an index with the baseyear equal to 100.
The subcomponents in table 2 are the same asthose shown in table i, but the detail differs tohighlight the alternative methodologies used forcalculating the real estimates.32
Tables i and 2 follow. £2
31. For additional information on the calculation of real GDP, see thesection "Real output and related measures" in the text.
32. For the real estimates, the distinction between annual and quarterlymethodologies is far less important than it is for the current-dollar estimates.For the relatively few cases in which the annual and quarterly source datadiffer, the major differences are noted in the entry.
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Table 1.—Principal Source Data and Estimating Methods Used in Preparing Estimates of Current-Dollar GDP
Component (billions ofdollars)
Subcomponent (billions ofdollars)
Annual estimates: Source data and methods used to deter-mine level for benchmark and other years or used to prepare
an extrapolator or interpolator
Advance quarterly estimates: Sourcedata and methods used to prepare an
extrapolator
Product side (GDP of $7,636.0 billion for 1996)
Personalconsumptionexpenditures($5,207.6)
Durable and nondurablegoods:($2,169.2)'
Most goods (except sub-components listed sepa-rately)($1,821.0)
New autos($86.1)
Net purchases of usedautos($55.2)
New trucks($63.7)
Gasoline and oil2
($122.6)
Benchmark years—Commodity-flow method, starting withmanufacturers' shipments from Census Bureau quinquen-.nial census and including an adjustment for exports andimports from Census Bureau foreign trade data.
Other years—Retail-control method, using retail trade salesfrom Census Bureau annual survey or, for most recentyear, monthly survey of retail trade.
Physical quantity purchased times average retail price: Unitsales, information to allocate sales among consumers andother purchasers, and average list price with options, ad-justed for transportation charges, sales tax, dealer dis-counts, and rebates, all from trade sources.
Benchmark years—For net transactions, change in theconsumer stock of autos from trade sources. For dealers'margin, retail sales from Census Bureau quinquennial cen-sus and margin rate from Census Bureau annual survey ofretail trade.
Other years except most recent—For net transactions, sameas benchmark years. For dealers' margin, franchised deal-ers' unit sales times sales price, both from trade sources,times margin rate for independent dealers from Census Bu-reau annual survey; independent dealers' margin from Cen-sus Bureau annual survey.
Most recent year—For net transactions, same as benchmarkyears. For dealers' margin, for franchised dealers, unitsales and sales price from trade sources; for independentdealers, sales from Census Bureau monthly survey of retailtrade.
Benchmark years-Commodity-flow method, starting withmanufacturers' shipments from Census Bureau quinquen-nial census and including an adjustment for exports andimports from Census Bureau foreign trade data.
Other years except most recent—Abbreviated commodity-flowmethod, starting with manufacturers' shipments from Cen-sus Bureau annual survey and including an adjustment forexports and imports from Census Bureau foreign tradedata.
Most recent year—Physical quantity purchased times averageretail price: Unit sales and information to allocate salesamong consumers and other purchasers from tradesources and average price based on Bureau of Labor Sta-tistics consumer price index for new trucks.
Benchmark years—Physical quantity purchased times averageretail price: Gallons consumed from the Department ofTransportation, information to allocate that total among con-sumers and other purchasers from Federal agencies andtrade sources, and average retail price from Census Bu-reau quinquennial census.
Other years except most recent—Same as benchmark years,except average retail price from the Energy Information Ad-ministration.
Most recent year—Physical quantity purchased times averageretail price: Gallons consumed and average price, bothfrom the Energy Information Administration.
Same as annual for most recent year.
Same as annual.
For net transactions, residual basedon net sales by other sectors. Fordealers' margin, unit sales of fran-chised dealers from trade sourceand sales price from Bureau ofLabor Statistics consumer priceindex for used cars.
Same as annual for most recent year.
Same as annual for most recent year.
See footnotes at end of table.
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Table 1.—Principal Source Data and Estimating Methods Used in Preparing Estimates of Current-Dollar GDP—Continued
Component (billions ofdollars)
Subcomponent (billions ofdollars)
Annual estimates: Source data and methods used to deter-mine level for benchmark and other years or used to prepare
an extrapolator or interpolator
Advance quarterly estimates: Sourcedata and methods used to prepare an
extrapolator
Product side (GDP of $7,636.0 billion for 1996)—Continued
Personalconsumptionexpenditures-Continued
Durable and nondurablegoods—Continued:
Food furnished to employ-ees (including military)($8.7)
See footnotes at end of table.
Expenditures abroad byU.S. residents ($2.6)less personal remit-tances in kind to non-residents ($1.2)
Services:($3,038.4)
Nonfarm dwellings—spacerent for owner-occupiedand rent for tenant-occu-pied($752.0)
Rental value of farm dwell-ings($6.1)
Motor vehicle and other re-pair, other purchasedintercity transportation,legal and funeral serv-ices, barbershops andbeauty parlors, nursinghomes, laundries, em-ployment agency fees,accounting and tax re-turn preparation serv-ices, recreation (exceptcable TV, casino gam-bling, parimutuel net re-ceipts, and lotteries), ho-tels and motels, andother education and re-search($508.1)
Benchmark years—For commercial employees, number of em-ployees of appropriate industries from Bureau of Labor Sta-tistics tabulations times BEA estimate of per capita expend-itures for food; for military personnel, outlays from theBudget of the United States prepared by the Office of Man-agement and Budget.
Other years—Same as benchmark years, except per capitaexpenditures for food based on Bureau of Labor Statisticsconsumer price index for food.
Estimated as part of the balance of payments accounts; seeentry for "exports and imports of services, net," under netexports of goods and services.
Benchmark years—Based on data on housing stock and aver-age annual rent from Census Bureau decennial census ofhousing and residential finance survey, adjusted for utilitiesbilled with rent.
Other years—Based on data on housing stock and averageannual rent from Census Bureau biennial housing survey oron the number of households from Census Bureau monthlycurrent population survey and Bureau of Labor Statisticsconsumer price index for rent.
Benchmark years—Based on data on housing stock and aver-age annual rent from Census Bureau decennial census ofhousing and survey of residential finance.
Other years—Based on data on net value of real farm hous-ing stock from BEA capital stock series.
Benchmark years—Receipts and expenses from Census Bu-reau quinquennial census adjusted for receipts from busi-ness and governments.
Other years—Receipts for spectator sports from tradesources; for legitimate theaters and other education and re-search, tabulations of wages and salaries of employeescovered by State unemployment insurance from the Bureauof Labor Statistics; for others in this group, Census Bureauservice annual survey.
For commercial employees, same asannual for other years; for militarypersonnel, judgmental trend.
Judgmental trend.
Same as annual: For housing stock,judgmental trend; for average rent,Bureau of Labor Statisticsconsumer price index for rent.
Judgmental trend.
For nursing homes, other educationand research, employment agencyfees, and clubs and fraternal orga-nizations, wages and salaries de-rived from Bureau of Labor Statis-tics monthly employment timesearnings times hours; for legitimatetheaters and motion pictures, re-ceipts from trade sources; for radioand TV repair, number of TV'sbased on stock and sales fromtrade source times Bureau of LaborStatistics consumer price index forappliance and furniture repair; forhotels and motels, rooms rentedtimes average price per room fromtrade source; for others in thisgroup, judgmental trend.
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Table 1—Principal Source Data and Estimating Methods Used in Preparing Estimates of Current-Dollar GDP—Continued
Component (billions ofdollars)
Subcomponent (billions ofdollars)
Annual estimates: Source data and methods used to deter-mine level for benchmark and other final or used to prepare
an extrapolator or interpolator
Advance quarterly estimates: Sourcedata and methods used to prepare an
extrapolator
Product side (GDP of $7,636.0 billion for 1996)—Continued
Personalconsumptionexpenditures-Continued
Services—Continued:
Physicians, dentists, andother professional medi-cal services($357.6)
Private nursery, elemen-tary, and secondaryschools, day care, wel-fare activities, and tradeunions and professionalassociations($148.6)
Financial services furnishedwithout payment bybanks, credit agencies,and investment compa-nies 3
($169.9)Brokerage charges and in-
vestment counseling,bank service charges,intercity transportationexcept other, and privatehigher education($148.7)
Domestic services($12.5)
Benchmark years—For nonprofit professional services, ex-penses, and for others in this group, receipts, adjusted forgovernment consumption, all from Census Bureau quin-quennial census.
Other years—Receipts and revenues, adjusted for governmentconsumption, from Census Bureau service annual survey.
Benchmark years—For religious-affiliated schools, enrollmentfrom the Department of Education times BEA estimate ofaverage expenditures per pupil; for nursery schools andday care, expenditures from Bureau of Labor Statisticsconsumer expenditure survey; for others in this group, re-ceipts and expenses from Census Bureau quinquennialcensus.
Other years except most recent—For nursery schools and daycare, same as benchmark years; for others in this group,annual tabulations of wages and salaries of employeescovered by State unemployment insurance from the Bureauof Labor Statistics.
Most recent year—For nursery schools and day care,judgmental trend; for others in this group, tabulations ofwages and salaries of employees covered by State unem-ployment insurance from the Bureau of Labor Statistics.
See entry for "imputed-tanks, credit agencies, and invest-ment companies" under net interest.
Years except most recent—For private higher education, ex-penses, and for others in this group, receipts, all from an-nual reports of government administrative agencies.
Most recent year—For brokerage charges, bank servicecharges, and intercity transportation, receipts, from annualreports of government administrative agencies; for privatehigher education, enrollment from the Department of Edu-cation times price index for higher education from tradesource.
See footnotes at end of table.
Benchmark years—For cleaning services, receipts from Cen-sus Bureau quinquennial census; for other domestic serv-ices, number of workers times weekly hours times earningsfrom the Bureau of Labor Statistics.
Other years—Number of workers times weekly hours timesearnings from the Bureau of Labor Statistics.
For physicians and dentists,judgmental trend; for other profes-sional medical services, wages andsalaries derived from Bureau ofLabor Statistics monthly employ-ment times earnings times hours.
For political organizations and founda-tions, judgmental trend; for othersin this group, wages and salariesderived from Bureau of Labor Sta-tistics monthly employment timesearnings times hours.
Judgmental trend.
For stock brokerage charges, stockexchange transactions from tradesources; for income from sales ofinvestment company securities,sales of open-end investment com-pany shares from trade source; forother brokerage charges and in-vestment counseling and for bankservice charges, judgmental trend;for intercity transportation, receiptsfrom trade sources; for privatehigher education, wages and sala-ries derived from Bureau of LaborStatistics monthly employmenttimes earnings times hours.
Judgmental trend.
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Table 1.—Principal Source Data and Estimating Methods Used in Preparing Estimates of Current-Dollar GDP—Continued
Component (billions ofdollars)
Subcomponent (billions ofdollars)
Annual estimates: Source data and methods used to deter-mine level for benchmark and other years or used to prepare
an extrapolator or interpolator
Advance quarterly estimates: Sourcedata and methods used to prepare an
extrapolator
Product side (GDP of $7,636.0 billion for 1996)—Continued
Personalconsumptionexpenditures-Continued
Services—Continued:
Public higher education andhospitals, water andother sanitary services,and lotteries($157.7)
Insurance, private hospitals,religious activities, cableTV, utilities, and localtransport($720.1)
See footnotes at end of table.
Foreign travel by U.S. resi-dents ($54.9) less ex-penditures in the UnitedStates by nonresidents($82.7)
Other services: Casinogambling, and parimutuelnet receipts; other hous-ing except hotels andmotels; bridge, etc., tolls;other household oper-ation except repairs andinsurance; travel and en-tertainment card fees;stenographic and repro-duction services; andmoney orders and clas-sified advertising($85.0)
Years except most recent—For lotteries, net receipts fromCensus Bureau quinquennial census and annual surveys ofState and local governments, adjusted to a calendar yearbasis from a fiscal year basis; for others in this group, re-ceipts from the same sources.
Most recent year—Judgmental trend.Years except most recent—For life insurance, expenses from
trade sources; for medical and hospitalization insurance,premiums and benefits from the Health Care Financing Ad-ministration; for other insurance, premiums and benefitsfrom trade sources; for private hospitals, receipts and ex-penses from Census Bureau quinquennial census (bench-mark year), and expenses from trade sources (otheryears); for religious activities, expenses based on contribu-tions and membership from trade sources; for cable TVand utilities, receipts from government agencies and tradesources; for local transport, receipts from trade source.
Most recent year—For life insurance, tabulations of wagesand salaries of employees covered by State unemploymentinsurance from the Bureau of Labor Statistics; for insuranceother than life insurance, judgmental trend; for religious ac-tivities, expenses based on population from the Census Bu-reau and per capita disposable personal income from BEA;for local transport, passenger trips from trade source timesBureau of Labor Statistics consumer price index for intra-city mass transit; for others in this group, same as otheryears.
Estimated as part of the balance of payments accounts; seeentry for "exports and imports of services, net," under netexports of goods and services.
Various source data.
Same as annual for most recent year.
For life insurance, hospitals, and reli-gious activities, wages and salariesderived from Bureau of Labor Sta-tistics monthly employment timesearnings times hours; for electricityand gas, projected quantities basedon degree-day data from the Na-tional Oceanic and AtmosphericAdministration times price based onBureau of Labor Statisticsconsumer price indexes for utilities;for others in this group, judgmentaltrend.
Same as annual.
For casino gambling, receipts fromState agency; for others in thisgroup, judgmental trend.
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Table 1.—Principal Source Data and Estimating Methods Used in Preparing Estimates of Current-Dollar GDP—Continued
Component (billions ofdollars)
Subcomponent (billions ofdollars)
Annual estimates: Source data and methods used to deter-mine level for benchmark and other years or used to prepare
an extrapolator or interpolator
Advance quarterly estimates: Sourcedata and methods used to prepare an
extrapolator
Product side (GDP of $7,636.0 billion for 1996)—Continued
Fixed investment($1,090.7)
Nonresidential structures:($215.2)4
Utilities: Telecommuni-cations($11.9)
Utilities: Other($21.4)
Mining exploration, shafts,and wells($16.1)
Industrial buildings($32.1)
Other nonfarm buildingsand structures($129.7)
Farm buildings($3.7)
Nonresidential producers'durable equipment:($566.2)
Equipment, except autos($520.9)
New and used autos($45.3)
Value put in place from Census Bureau monthly constructionsurvey.
Expenditures from Federal regulatory agencies and tradesources.
Benchmark years—Expenditures from Census Bureau quin-quennial census.
Other years—For petroleum and natural gas, physical quantitytimes average price: Footage drilled and cost per foot fromtrade sources; for other mining, expenditures from CensusBureau surveys on capital expenditures.
Benchmark years, except 1992—Value put in place from Cen-sus Bureau monthly construction survey and improvementsfrom Department of Energy commercial buildings energyconsumption survey. For 1992, tabulations from CensusBureau annual capital expenditure survey, adjusted forundercoverage.
Other years—Value put in place from Census Bureau monthlyconstruction survey.
Benchmark years—Value put in place from Census Bureaumonthly construction survey and improvements from De-partment of Energy commercial buildings energy consump-tion survey.
Other years—Value put in place from Census Bureau monthlyconstruction survey.
Expenditures for new construction from Department of Agri-culture surveys.
Benchmark years—Commodity-flow method, starting withmanufacturers' shipments from Census Bureau quinquen-nial census and including an adjustment for exports andimports from Census Bureau foreign trade data.
Other years—Abbreviated commodity-flow method, startingwith manufacturers' shipments from Census Bureau annualsurvey or, for most recent year (except aircraft and trucks),monthly survey of manufactures and including an adjust-ment for exports and imports from Census Bureau foreigntrade data. For aircraft, manufacturers' shipments fromCensus Bureau current industrial report, adjusted for ex-ports and imports. For trucks, domestic and North Amer-ican imports, physical quantity purchased times average re-tail price: Unit sales and information to allocate salesamong business and other purchasers from trade sourcesand average price based on Bureau of Labor Statistics pro-ducer price indexes; for truck trailers, shipments from Cen-sus Bureau current industrial report.
For new autos, see entry for "new autos" under personal con-sumption expenditures; for used autos, change in businessstock of autos at least 1 year old from trade source.
Same as annual.
Judgmental trend.
For petroleum and natural gas, sameas annual for other years; for min-ing, judgmental trend.
Same as annual for other years.
Same as annual for other years.
Value put in place from Census Bu-reau monthly construction survey.
For trucks, see entry for "new trucks"under personal consumption ex-penditures; for others in this group,same as annual for other years butwith less detail.
For new autos, same as annual; forused autos, judgmental trend.
See footnotes at end of table.
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54 • March 1998 SURVEY OF CURRENT BUSINESS
Table 1.—Principal Source Data and Estimating Methods Used in Preparing Estimates of Current-Dollar GDP—Continued
Component (billions ofdollars)
Subcomponent (billions ofdollars)
Annual estimates: Source data and methods used to deter-mine level for benchmark and other years or used to prepare
an extrapolator or interpolator
Advance quarterly estimates: Sourcedata and methods used to prepare an
extrapolator
Product side (GDP of $7,636.0 billion for 1996)—Continued
Fixed investment—Continued
Change in businessinventories($25.9)
Residential investment:($309.2)5
Permanent-site new single-family housing units($159.1)
Permanent-site new multi-family housing units($20.3)
Mobile homes($12.6)
Improvements($74.4)
Brokers' commissions($36.3)
Producers' durable equip-ment($7.5)
Manufacturing and trade($18.0)
Other nonfarm industries($5.0)
See footnotes at end of table.
Farm($2.9)
Value put in place based on phased housing starts and aver-age construction cost from Census Bureau monthly con-struction survey.
Value put in place from Census Bureau monthly constructionsurvey.
Benchmark years—See entry for "equipment, except autos"under nonresidential producers' durable equipment.
Other years—Physical quantity shipped times price: Ship-ments from trade sources and average retail price fromCensus Bureau monthly survey.
Expenditures by owner-occupants from Bureau of Labor Sta-tistics quarterly consumer expenditure survey and by land-lords from Census Bureau quarterly survey of landlords.
Physical quantity times price times average commission rate:Number of single-family houses sold, mean sales price,and commission rates from Census Bureau monthly con-struction survey, Census Bureau biennial housing survey,and trade sources.
See entry for "most goods" under personal consumption ex-penditures.
Benchmark years—Inventories from Census Bureau quinquen-nial censuses revalued to current replacement cost, usinginformation on the proportions of inventories reported usingdifferent accounting methods, on the commodity composi-tion of goods held in inventory, and on the turnover period,all from Census Bureau quinquennial censuses and sur-veys, combined with prices, largely based on Bureau ofLabor Statistics producer price indexes. (The difference be-tween Census Bureau change in inventories and BEAchange in business inventories is the IVA.)
Other years except most recent—Inventories from Census Bu-reau annual surveys, revalued as described above.
Most recent year—For retail auto dealers, quantities times av-erage prices from trade sources; for all other, inventoriesfrom Census Bureau monthly surveys, revalued as de-scribed above.
Inventories revalued to current replacement cost (except whennoted as physical quantity times price) as described formanufacturing and trade: For years except most recent, In-ternal Revenue Service tabulations of business tax returns;for most recent year, Census Bureau quarterly survey ofcorporations for mining, monthly quantities from the EnergyInformation Administration combined with Bureau of LaborStatistics producer price indexes for electric utilities, and forall others, judgmental trend.
Changes in physical quantities times current prices from De-partment of Agriculture surveys.
Same as annual.
Same as annual.
Same as annual for other years.
Judgmental trend.
Same as annual.
Same as annual.
Same as annual for most recent year.
For electric utilities, same as annualfor most recent year; for all others,judgmental trend.
Judgmental projections by BEA andthe Department of Agriculture.
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SURVEY OF CURRENT BUSINESS March 1998 • 55
Table 1.—Principal Source Data and Estimating Methods Used in Preparing Estimates of Current-Dollar GDP—Continued
Component (billions ofdollars)
Subcomponent (billions ofdollars)
Annual estimates: Source data and methods used to deter-mine level for benchmark and other years or used to prepare
an extrapolator or interpolator
Advance quarterly estimates: Sourcedata and methods used to prepare an
extrapolator
Product side (GDP of $7,636.0 billion for 1996)—Continued
Net exports ofgoods andservices(-$94.8)
Governmentconsumptionexpenditures andgross investment($1,406.7)
Exports and imports ofgoods, net(-$191.5)
Exports and imports ofservices, net($96.6)
See footnotes at end of table.
Federal national defenseconsumption of generalgovernment fixed capital($57.3)
Federal national defense,except consumption ofgeneral governmentfixed capital($295.4)
Federal nondefense con-sumption of general gov-ernment fixed capital($11.2)
Estimated as part of the balance of payments accounts: Ex-port and import documents compiled monthly by the Cen-sus Bureau with adjustments by BEA for coverage andvaluation to convert the data to a balance-of-paymentsbasis. Adjusted for balance-of-payments coverage of U.S.territories and Puerto Rico with data from the Common-wealth of Puerto Rico, the U.S. Virgin Islands, and theCensus Bureau, and coverage of gold adjusted with datafrom the U.S. Geological Survey and trade sources.
Estimated as part of the balance of payments accounts: Forgovernment transactions, reports by Federal agencies ontheir purchases and sales abroad; for most others in thisgroup (including travel, passenger fares, other transpor-tation, and royalties and license fees), BEA quarterly or an-nual surveys (supplemented with data from other sources).Adjusted for balance-of-payments coverage of U.S terri-tories and Puerto Rico, see entry above; adjusted to in-clude financial services furnished without payment, seeentry for "imputed-4)anks, credit agencies, and investmentcompanies" under net interest, and adjusted for NIPA treat-ment of military grants and labor income.
Perpetual-inventory calculations at current cost, based ongross investment and on investment prices.
Within a control total established by fiscal year analysis: Forcompensation, military wages from the Budget of the Unit-ed States prepared by the Office of Management andBudget, civilian wages and benefits from the Office of Per-sonnel Management, and employer contributions for socialinsurance mainly from outlays from Monthly Treasury State-ment; for other than compensation, by type, based mainlyon data from Department of Defense reports.
Perpetual-inventory calculations at current cost, based ongross investment and on investment prices.
For territorial adjustment and cov-erage of gold, judgmental trend; forall others, same as annual.
For territorial adjustment, judgmentaltrend; for all others, same as an-nual.
Same as annual.
For components of compensation,employment from the Departmentof Defense (military) and the Bu-reau of Labor Statistics (civilian);for other than compensation, sameas annual.
Same as annual.
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56 • March 1998 SURVEY OF CURRENT BUSINESS
Table 1.—Principal Source Data and Estimating Methods Used in Preparing Estimates of Current-Dollar GDP—Continued
Component (billions ofdollars)
Subcomponent (billions ofdollars)
Annual estimates: Source data and methods used to deter-mine level for benchmark and other years or used to prepare
an extrapolator or interpolator
Advance quarterly estimates: Sourcedata and methods used to prepare an
extrapolator
Product side (GDP of $7,636.0 billion for 1996)—Continued
Governmentconsumptionexpenditures andgrossinvestment-Continued
Federal nondefense, exceptconsumption of generalgovernment fixed capital($156.1)
State and local compensa-tion of general govern-ment employees, exceptforce-account construc-tion($547.2)
State and local structures($128.5)
State and local brokeragecharges and financialservices furnished with-out payment($13.0)
State and local consump-tion of general govern-ment fixed capital($56.6)
State and local investmentin equipment and con-sumption expenditures,except compensation,consumption of fixedcapital, brokeragecharges, and financialservices furnished with-out payment.($141.4)
Within a control total established by fiscal year analysis: ForCommodity Credit Corporation inventory change, book val-ues of acquisitions and physical quantities of dispositionsfrom agency reports times average market prices from theDepartment of Agriculture; for financial services furnishedwithout payment, see entry for "imputecWDanks, creditagencies, and investment companies" under net interest;for compensation, civilian wages and benefits from the Of-fice of Personnel Management and employer contributionsfor social insurance mainly from outlays from MonthlyTreasury Statement; for petroleum sales (Naval PetroleumReserve), distribution and price data from the Departmentof Energy; for research and development, obligations fromthe National Science Foundation and disbursements fromthe National Aeronautics and Space Administration; forconstruction, value put in place from Census Bureaumonthly construction survey; for all other, outlays fromMonthly Treasury Statement.
For wages and salaries, tabulations of wages and salaries ofemployees covered by State unemployment insurance fromthe Bureau of Labor Statistics; for employer contributionsfor social insurance, tabulations from the Social SecurityAdministration, other agencies administering social insur-ance programs, and Census Bureau surveys of State andlocal government retirement funds, adjusted to a calendaryear basis from a fiscal year basis; for other labor income,trade sources, Health Care Financing Administration, andCensus Bureau surveys of State and local governments,adjusted to a calendar year basis from a fiscal year basis.
Value of construction put in place from Census Bureaumonthly construction survey.
See entries under personal consumption expenditures forservices.
Perpetual-inventory calculations at current cost, based ongross investment, and on investment prices.
Years except most recent—Total expenditures from CensusBureau quinquennial censuses and annual surveys of Stateand local governments, selectively replaced with sourcedata that are more appropriate for the NIPA's and adjustedas follows: For coverage; for netting and grossing dif-ferences; to a calendar year basis from a fiscal year basis;for other timing differences; to exclude interest, subsidies,net expenditures of government enterprises, and transferpayments; and to exclude compensation and structures.
Most recent year—Judgmental trend.
For components of compensation,employment from the Bureau,ofLabor Statistics; for other thancompensation, same as annual.
For wages and salaries, derived fromBureau of Labor Statistics monthlyemployment times earnings fromBureau of Labor Statistics employ-ment cost index, if available; other-wise, judgmental trend. For othercompensation, judgmental trend.
Same as annual.
See entries under personal consump-tion expenditures for services.
Same as annual.
Same as annual for most recent year.
See footnotes at end of table.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS March 1998 • 57
Table 1.—Principal Source Data and Estimating Methods Used in Preparing Estimates of Current-Dollar GDP—Continued
Component (billions ofdollars)
Subcomponent (billions ofdollars)
Annual estimates: Source data and methods used to deter-mine level for benchmark and other years or used to prepare
an extrapolator or interpolator
Advance quarterly estimates: Sourcedata and methods used to prepare an
extrapolator
Income side (Gross national income of $7,697.6 billion for 1996)
Compensation ofemployees6
($4,426.9)
Wage and salary accruals:Private industries($2,991.0)
Wage and salary accruals:Federal Government($177.2)
Wage and salary accruals:State and local govern-ments($465.4)
Employer contributions forsocial insurance($385.7)
See footnotes at end of table.
Other labor income: Grouphealth insurance($262.7)
Other labor income: Pen-sion and profit-sharing($94.8)
Other labor income: Work-ers' compensation($37.0)
Other labor income: Grouplife insurance($7.4)
For most industries, annual tabulations of wages and salariesof employees covered by State unemployment insurancefrom the Bureau of Labor Statistics; for remainder, wagesfrom a variety of sources (such as the Department of Agri-culture for farms and the Railroad Retirement Board forrailroad transportation), adjusted for understatement of in-come on tax returns and for several coverage differences.
For civilians, wages from the Office of Personnel Manage-ment; for military personnel, wages from the Budget of theUnited States prepared by the Office of Management andBudget.
Mainly tabulations of wages and salaries of employees cov-ered by State unemployment insurance from the Bureau ofLabor Statistics.
Years except most recent—Tabulations from the Social Secu-rity Administration and other agencies administering socialinsurance programs, and Census Bureau surveys of Stateand local government retirement funds, adjusted to a cal-endar year basis from a fiscal year basis.
Most recent year—Census Bureau surveys of State retirementfunds, adjusted to a calendar year basis from a fiscal yearbasis.
Years except 3 most recent—Total contributions from theHealth Care Financing Administration less employee con-tributions from the Bureau of Labor Statistics consumer ex-penditure survey.
Three most recent years—Employer costs for employee com-pensation from the Bureau of Labor Statistics.
Years except 2 most recent—Tabulations from the Depart-ment of Labor.
Two most recent years—Employer costs for employee com-pensation from the Bureau of Labor Statistics or InternalRevenue Service tabulations of business tax returns.
Years except most recent—Employer contributions from tradesources and contributions for self-insured plans from theSocial Security Administration.
Most recent year—Judgmental trend.Years except most recent—Group premiums and estimates of
employer share from trade sources.Most recent year—Judgmental trend.
For most industries, wages and sala-ries derived from Bureau of LaborStatistics monthly employmenttimes earnings times hours; for oth-ers, judgmental trend.
For civilians, employment from theBureau of Labor Statistics andjudgmental trend; for military per-sonnel, employment from the De-partment of Defense andjudgmental trend.
Derived from Bureau of Labor Statis-tics monthly employment timesearnings from Bureau of Labor Sta-
tistics employment cost index, ifavailable, otherwise judgmentaltrend.
For Federal programs, BEA-derivedwages and salaries of employeescovered by the programs; for Stateand local government programs,judgmental trend.
Judgmental trend.
Judgmental trend.
Judgmental trend.
Judgmental trend.
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58 • March 1998 SURVEY OF CURRENT BUSINESS
Table 1.—Principal Source Data and Estimating Methods Used in Preparing Estimates of Current-Dollar GDP—Continued
Component (billions ofdollars)
Subcomponent (billions ofdollars)
Annual estimates: Source data and methods used to deter-mine level for benchmark and other years or used to prepare
an extrapolator or interpolator
Advance quarterly estimates: Sourcedata and methods used to prepare an
extrapolator
Income side (Gross national income of $7,697.6 billion for 1996)—Continued
Proprietors' incomewith IVA andCCAdj($520.3)
Rental income ofpersons withCCAdj($146.3)
Farm income with IVA($45.0)
Farm CCAdj(-$7.8)
Nonfarm income($455.3)
Nonfarm IVA(-$0.2)
Nonfarm CCAdj($28.0)
Owner-occupied nonfarmhousing($109.7)
Tenant-occupied nonfarmhousing($52.7)
Farms owned by nonopera-tor landlords($6.8)
Nonfarm nonresidentialproperties($15.8)
See footnotes at end of table.
Royalties($8.3)
CCAdj(-$47.0)
Based on Department of Agriculture data on net income, ob-tained by deriving gross income (cash receipts from mar-keting, inventory change, government payments, other cashincome, and nonmoney income) and subtracting productionexpenses, adjusted to exclude corporate income from Inter-nal Revenue Service tabulations of business tax returnsand adjusted to a NIPA basis.
See entry for "CCAdj" under consumption of fixed capital.
Years except most recent—Income from Internal RevenueService tabulations of business tax returns, adjusted for un-derstatement of income on tax returns and for several con-ceptual differences.
Most recent year—For construction, trade, and services, indi-cators of activity (such as value of housing put in place);for most others, judgmental trend.
See entry for "IVA" under corporate profits with IVA andCCAdj.
See entry for "CCAdj" under consumption of fixed capital.
Benchmark years—Derived as space rent (see entry for "non-farm dwellings" under personal consumption expenditures)less related expenses, including maintenance and repairfrom Bureau of Labor Statistics quarterly consumer expend-iture survey, mortgage interest, and property taxes fromCensus Bureau decennial survey of residential finance.
Other years—Same as benchmark years, except mortgage in-terest, based on mortgage debt from the Federal ReserveBoard times a BEA interest rate, and property taxes fromCensus Bureau quarterly surveys of State and local taxcollections.
Same as owner-occupied nonfarm housing, adjusted to coveronly rental income accruing to persons not primarily en-gaged in the real estate business.
Prepared in conjunction with farm proprietors' income; seeentry for "farm income with IVA" under proprietors' incomewith IVA and CCAdj.
Years through 1983—Rents paid and received by businessand government, adjusted for expenses associated withproperty (mainly depreciation, taxes, interest, and repairs)from Internal Revenue Service tabulations of business taxreturns, Census Bureau surveys, and the Budget of theUnited States prepared by the Office of Management andBudget.
Other years-judgmental trend.Years except most recent—Internal Revenue Service tabula-
tions of royalties reported on individual income tax returns.Most recent year—Judgmental trend.See entry for "CCAdj" under consumption of fixed capital.
For crops, BEA quarterly allocation ofDepartment of Agriculture annualprojections of crop output; for live-stock, Department of Agriculturequarterly projections of cash re-ceipts and inventories; for bothcrops and livestock, quarterly allo-cation of Department of Agricultureannual projections of governmentsubsidy payments and productionexpenses.
Same as annual for most recent year.
For owner-occupied space rent, sameas annual; for depreciation, inter-est, and taxes, based on NIPA es-timates of those components; forother expenses, judgmental trend.
Same as annual.
Judgmental trend.
Judgmental trend.
Same as annual for most recent year.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS March 1998 59
Table 1.—Principal Source Data and Estimating Methods Used in Preparing Estimates of Current-Dollar GDP—Continued
Component (billions ofdollars)
Subcomponent (billions ofdollars)
Annual estimates: Source data and methods used to deter-mine level for benchmark and other years or used to prepare
an extrapolator or interpolator
Advance quarterly estimates: Sourcedata and methods used to prepare an
extrapolator
Income side (Gross national income of $7,697.6 billion for 1996)—Continued
Corporate profitswith IVA andCCAdj($735.9)
Net interest($425.1)
Domestic profits before tax($580.7)
Rest-of-the-world profits be-fore tax($95.9)
IVA(-$2.5)
CCAdj($61.8)
Domestic monetary, net($87.6)
Rest-of-the-world monetary,net(-$76.4)
Years except most recent—Receipts less deductions from In-ternal Revenue Service tabulations of business tax returns,adjusted for understatement of income on tax returns andfor several conceptual differences.
Most recent year—Profits from Census Bureau quarterly sur-vey of corporate profits, regulatory agency reports, andcompilations of publicly available corporate financial state-ments.
Estimated as part of the balance of payments accounts: Fordirect investment income, BEA surveys; for portfolio in-come, Treasury Department surveys. Adjusted for NIPAcoverage of U.S. territories and Puerto Rico—see entry for"exports and imports of goods, net," under net exports ofgoods and services.
The IVA on the income side (for corporations and for nonfarmsole proprietorships and partnerships) and the IVA on theproduct side (described under the entry for change in busi-ness inventories) differ because the source data reflect dif-ferent proportions of accounting methods (last-in, first-out(LIFO), etc.) underlying reported inventories. The income-side IVA is based on the product-side IVA, adjusted by therelationship between non-LIFO inventories from InternalRevenue Service tabulations of business tax returns andnon-LIFO inventories from the Census Bureau.
See entry for "CCAdj" under consumption of fixed capital.
Years except most recent—For farm interest paid, Departmentof Agriculture surveys; for residential mortgage interestpaid, Census Bureau decennial residential finance surveyand mortgage debt from the Federal Reserve Board timesa BEA interest rate; for most other interest paid and re-ceived by business, Internal Revenue Service tabulations ofbusiness tax returns, adjusted for misreporting on tax re-turns and for several conceptual differences.
Most recent year—For farm and mortgage interest paid, sameas other years; for other interest, interest receipts and pay-ments from regulatory agencies (such as the Federal De-posit Insurance Corporation), from trade sources, or ob-tained by applying BEA interest rates to interest-bearingassets/liabilities from Federal Reserve Board flow-of-fundsaccounts.
Estimated as part of the balance of payments accounts: Fordirect investment income, BEA surveys; for portfolio in-come, Treasury Department surveys. Adjusted for NIPAcoverage of U.S. territories and Puerto Rico—see entry for"exports and imports of goods, net," under net exports ofgoods and services.
For some industries in transportationand some in finance, etc.,judgmental trend; for others, sameas annual for most recent year.(Released at time of preliminaryestimate of GDP for the first, sec-ond, and third quarters and of finalestimate for the fourth quarter.)
Same as annual. (Released on sameschedule as domestic profits beforetax.)
Same as annual.
Derived by combining estimates of (1)interest received by persons, (2)government interest paid and re-ceived, and (3) interest paid bypersons. For (1), judgmental trend;for (2), Monthly Treasury Statementfor Federal and judgmental trendfor State and local; for (3),consumer debt from the FederalReserve Board times BEA esti-mates of interest rates. (Releasedon same schedule as domesticprofits before tax.)
Same as annual. (Released on sameschedule as domestic profits beforetax.)
See footnotes at end of table.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
6O • March 1998 SURVEY OF CURRENT BUSINESS
Table 1.—Principal Source Data and Estimating Methods Used in Preparing Estimates of Current-Dollar GDP—Continued
Component (billions ofdollars)
Subcomponent (billions ofdollars)
Annual estimates: Source data and methods used to deter-mine level for benchmark and other years or used to prepare
an extrapolator or interpolator
Advance quarterly estimates: Sourcedata and methods used to prepare an
extrapolator
Income side (Gross national income of $7,697.6 billion for 1996)—Continued
Net interest-Continued
Business transferpayments($33.6)
Indirect business taxand nontaxliability($604.8)
Subsidies lesscurrent surplus ofgovernmententerprises($25.4)
lmputecM)anks, creditagencies, and invest-ment companies($180.1)
Imputed—life insurancecarriers and private non-insured pension plans($233.7)
Federal Government($95.8)
State and local govern-ments($508.9)
Federal Government($37.7)
State and local govern-ments(-$12.3)
Property income earned on investment of deposits and mone-tary interest paid to depositors (and for mutual depositories,profits from Internal Revenue Service tabulations of busi-ness tax returns) from annual reports of regulatory agen-cies and the Federal Reserve Board. Imputed interest (fi-nancial services furnished without payment) is allocated topersons, government, and the rest of the world on thebasis of deposit liabilities from the same sources.
Property income earned (and for life insurance carriers, prof-its) from Internal Revenue Service tabulations of businesstax returns, trade sources, and the Federal Reserve Board.
Payments to persons: For charitable contributions, for yearsexcept most recent, Internal Revenue Service tabulations ofbusiness tax returns or, for most recent year, judgmentaltrend; for other components (such as liability payments forpersonal injury), for years except most recent, informationfrom government agency reports and trade sources or, formost recent year, judgmental trend. Payments to the restof the world: Estimated as part of the balance of paymentsaccounts.
For excise taxes, collections from the Bureau of Alcohol, To-bacco, and Firearms and the Internal Revenue Service; forcustoms duties, receipts from Monthly Treasury Statement;and for nontaxes (such as fines), receipts from the Budgetof the United States prepared by the Office of Managementand Budget.
Receipts from Census Bureau quinquennial censuses and an-nual and quarterly surveys, adjusted to a calendar yearbasis from a fiscal year basis.
For subsidies, payments by the Commodity Credit Corporationfrom agency reports and, for most other agencies, outlaysfrom Monthly Treasury Statement, for current surplus, main-ly reports of various agencies, such as the Postal Service,and consumption of fixed capital estimates derived withperpetual-inventory calculations at current cost, based ongross investment and on investment prices.
For subsidies, limited to railroad, Census Bureau annual sur-veys of expenditures, adjusted to a calendar year basisfrom a fiscal year basis. For current surplus: For currentoperating receipts, mainly revenue data from Census Bu-reau annual surveys of State and local governments, ad-justed to a calendar year basis from a fiscal year basis; forcurrent operating expenditures, see entries (1) for "Stateand local investment in equipment and consumption ex-penditures, except compensation, consumption of fixed cap-ital, brokerage charges, and financial services furnishedwithout payment" and (2) for "State and local consumptionof general government fixed capital" under Governmentconsumption expenditures and gross investment.
Judgmental trend.
Judgmental trend. (Released on sameschedule as domestic profits beforetax.)
Judgmental trend.
For customs duties, Monthly TreasuryStatement; for most excise taxes,derived from indicators of activity(such as gasoline production forgasoline tax); for others in thisgroup, judgmental trend.
Judgmental trend.
For subsidies, Commodity Credit Cor-poration reports and judgmentaltrend; for current surplus,judgmental trend and consumptionof fixed capital estimates derivedwith perpetual-inventory calcula-tions at current cost, based ongross investment and on invest-ment prices.
Judgmental trend.
See footnotes at end of table.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS March 1998 6i
Table 1.—Principal Source Data and Estimating Methods Used in Preparing Estimates of Current-Dollar GDP—Continued
Component (billions ofdollars)
Subcomponent (billions ofdollars)
Annual estimates: Source data and methods used to deter-mine level for benchmark and other years or used to prepare
an extrapolator or interpolator
Advance quarterly estimates: Sourcedata and methods used to prepare an
extrapolator
Income side (Gross national income of $7,697.6 billion for 1996)—Continued
Consumption offixed capital($830.1)
Government:($147.4)
General government($125.1)
Government enterprise($22.3)
Private:($682.7)
Capital consumption allow-ances($709.9)
Less: CCAdj($27.1)
Perpetual-inventory calculations at current cost, based ongross investment and on investment prices.
Perpetual-inventory calculations at current cost, based ongross investment and on investment prices.
Perpetual-inventory calculations at current cost, based ongross investment and on investment prices.
Years except most recent—For depreciation of corporationsand of nonfarm sole proprietorships and partnerships, Inter-nal Revenue Service tabulations of business tax returns,adjusted for several conceptual differences; for other depre-ciation (including noncorporate farms, nonprofit institutions,and owner-occupied houses), perpetual-inventory calcula-tions; for accidental damage to fixed capital, losses re-ported to insurance companies and government agencies.
Most recent year—For depreciation of corporations and non-farm sole proprietorships and partnerships, BEA estimatesof tax-return-based depreciation; for other depreciation andaccidental damage to fixed capital, same as other years.
For corporations and nonfarm sole proprietorships and part-nerships, the difference between tax-return-based calcula-tions and perpetual-inventory calculations; for other (includ-ing noncorporate farms, nonprofit institutions, and owner-occupied houses), the difference between perpetual-inven-tory calculations at historical cost and current cost.
Same as annual.
Same as annual.
Same as annual.
Judgmental trend.
Judgmental trend.
1. Includes $10.6 billion for food produced and consumed on farms, standard clothing issued tomilitary personnel, and used trucks.
2. the retail-control method cited under "personal consumption expenditures (PCE) for mostgoods" is based on retail trade sales data that include sales of gasoline service statipns. Estimatesof PCE for gasoline and oil are derived separately and are deducted from the retail-control totals(that include goods sold by gasoline service stations) to derive the estimates for "PCE for mostgoods."
3. Also referred to as "services furnished without payment by financial intermediaries, except lifeinsurance carriers and private noninsured pension plans."
4. Includes $0.5 billion for brokers' commissions on sale of structures and net purchases of used
structures.5. Includes -$1.0 billion for other structures (dormitories, fraternity and sorority houses, nurses'
homes, etc.) and net purchases of used structures.6. Includes -$2.6 billion for wage and salary accruals: Rest of the world, net, and $5.7 billion
for other labor income: Supplemental unemployment, directors' fees, and judicial fees.CCAdj Capital consumption adjustmentIVA Inventory valuation adjustmentNIPA National income and product accountSource: 1996 estimates—SURVEY OF CURRENT BUSINESS, August 1997.
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62 • March 1998 SURVEY OF CURRENT BUSINESS
Table 2.—Methodology Used in Preparing Estimates of Real GDP
Component
Personalconsumptionexpenditures
Subcomponent
Durable and nondurablegoods:
Most goods (except sub-components listed sepa-rately).
New autosNet purchases of used
autos.
New trucksGasoline and oilFood furnished to employ-
ees (including military).Expenditures abroad by
U.S. residents less per-sonal remittances in kindto nonresidents.
Services:Nonfarm dwellings-space
rent for owner-occupiedand rent for tenant-occu-pied.
Rental value of farm dwell-ings.
Deflation, using price based on—
Components ofthe Consumer
Price Index (CPI)or the ProducerPrice Index (PPI)
Except as noted,CPI; militaryclothing, PPI.
CPI
CPICPICPI
CPI
Other
Computers, BEA price index,Bureau of Labor Statisticsimport price indexes, andPPI.
Foreign consumer price in-dexes (exchange-rate ad-justed).
Using quantity for—
Extrapolation
Net value of farm housingstock from BEA capitalstock series.
Direct valuation
Used autos, in twoparts: (1) Margin,unit sales fromtrade sources withdealer marginsfrom Census Bu-reau and tradesources; (2) nettransactions, netchange in unitstock of autos heldby consumers byyear of originalsale, valued by de-preciated originalvalue in base-yeardollars.
See footnotes at end of table.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS March 1998 • 63
Table 2.—Methodology Used in Preparing Estimates of Real GDP—Continued
Component
Personalconsumptionexpenditures-Continued
Subcomponent
Services— Continued:
Motor vehicle and other re-pair, other purchasedintercity transportation,legal and funeral serv-ices, barbershops andbeauty parlors, nursinghomes, laundries, em-ployment agency fees,accounting and tax returnpreparation services,recreation (except cableTV, casino gambling,parimutuel net receipts,and lotteries), hotels andmotels, and other edu-cation and research.
Physicians, dentists, andother professional medi-cal services.
Private nursery, elementary,and secondary schools,day care, welfare activi-ties, and trade unionsand professional associa-tions.
Public education and hos-pitals, water and othersanitary services, andlotteries.
Financial services furnishedwithout payment bybanks, credit agencies,and investment compa-nies. l
Brokerage charges and in-vestment counseling,bank service charges,intercity transportationexcept other, and privatehigher education.
Domestic services
Deflation, using price based on—
Components ofthe Consumer
Price Index (CPI)or the ProducerPrice Index (PPI)
Except as noted,CPI; privatefor-profit nurs-ing homes,PPI.
Except as noted,CPI; physi-cians, PPI.
Except as noted,CPI; publichospitals, PPI.
Except as noted,CPI.
CPI
Other
Private nonprofit nursinghomes, composite index ofinput prices from theHealth Care Financing Ad-ministration; clubs and fra-ternal organizations, andother education and re-search, BEA compositeindex of input prices.
BEA composite indexes ofinput prices.
Airline transportation, BEAindex based on revenueper passenger mile fromthe Department of Trans-portation and trade source,and CPI for airline fares;private higher education,BEA composite index ofinput prices.
Using quantity for—
Extrapolation
Paid employee hours ofrelevant financial institu-tions.
Stock brokerage charges,BEA orders, derivedfrom volume data fromthe Securities and Ex-change Commissionand trade sources.
Direct valuation
See footnotes at end of table.
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64 • March 1998 SURVEY OF CURRENT BUSINESS
Table 2.—Methodology Used in Preparing Estimates of Real GDP—Continued
Component
Personalconsumptionexpenditures-Continued
Fixed investment
Subcomponent
Services— Continued:
Insurance, private hospitals,religious activities, cableTV, utilities, and localtransport.
Foreign travel by U.S. resi-dents less expendituresin the United States bynonresidents.
Other services: Casinogambling, and parimutuelnet receipts; other hous-ing except hotels andmotels; bridge, etc., tolls;other household oper-ation except repairs andinsurance; travel and en-tertainment card fees;stenographic and repro-duction services; andmoney orders and classi-fied advertising.
Nonresidential structures:Utilities ..
Mining exploration, shafts,and wells.
Nonfarm buildings andstructures.
Farm buildings
Deflation, using price based on—-
Components ofthe Consumer
Price Index (CPI)or the ProducerPrice Index (PPI)
Except as noted,CPI; privatefor-profit hos-pitals, PPI.
Expenditures inthe UnitedStates, CPI.
Except as noted,CPI.
Gas and petro-leum pipelines,PPI.
Casing PPI
Other
Life insurance and religiousactivities, BEA compositeindexes of input prices;private nonprofit hospitals,composite index of inputprices from the HealthCare Financing Adminis-tration.
Foreign travel, BEA compos-ite index of foreignconsumer price indexes(exchange-rate adjusted).
Telecommunications, costindex from trade source;railroads, BEA price index;other, cost indexes fromgovernment agencies andtrade sources.
Exploration, cost index fromtrade source; mines, im-plicit price deflator for non-farm nonresidential build-ings.
Buildings, BEA index basedon cost index from tradesource and on CensusBureau price deflator forsingle-family houses underconstruction; structures,cost indexes from govern-ment agencies.
Implicit price deflator for non-farm nonresidential build-ings.
Using quantity for—
Extrapolation
Auto insurance, premiumsdeflated by CPI; healthinsurance, benefits de-flated by CPI.
Parimutuel net receipts,gross winnings deflatedby CPI.
Drilling, footage by geo-graphic area from tradesource.
Direct valuation
See footnotes at end of table.
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SURVEY OF CURRENT BUSINESS March 1998 • 65
Table 2.—Methodology Used in Preparing Estimates of Real GDP—Continued
Component
Fixed investment-Continued
See footnotes at end of tab
Subcomponent
Nonresidential producers'durable equipment:
Equipment, except autos,telephone and telegraphinstallation, and tele-phone switching equip-ment.
New and used autos
Telephone and telegraph in-stallation.
Telephone switching equip-ment.
Residential investment:Permanent-site new single-
family housing units.
Permanent-site new multi-family housing units.
Mobile homesImprovements
Brokers' commissions
Producers' durable equip-ment,
le.
Deflation, using price based on—
Components ofthe Consumer
Price Index (CPI)or the Producer
Price Index (PPI)
Domestic compo-nents, exceptas noted, PPI;imported trans-portationequipment,PPI.
New autos, CPI.
PPIMajor replace-
ments, CPI.
CPI
Other
Imported components, exceptcomputers and transpor-tation equipment, Bureauof Labor Statistics importprice indexes; domesticand imported computers,BEA price index, Bureauof Labor Statistics importprice indexes, and PPI.
BEA cost index.
BEA price index.
Census Bureau price deflatorfor single-family housesunder construction.
BEA price index.
Additions and alterations,BEA index based on Cen-sus Bureau price deflatorfor single-family housesunder construction andCPI component.
Using quantity for—
Extrapolation
Numbers of new and usedhouses sold from Cen-sus Bureau and tradesources.
Direct valuation
Used autos, in twoparts: (1) Margin,unit sales fromtrade sources withdealer marginsfrom Census Bu-reau and tradesources; (2) nettransactions, netchange in unitstock of autos heldby business byyear of originalsale, valued by de-preciated originalvalue in base-yeardollars.
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66 • March 1998 SURVEY OF CURRENT BUSINESS
Table 2.—Methodology Used in Preparing Estimates of Real GDP—Continued
Component
Change inbusinessinventories
Net exports ofgoods andservices2
Subcomponent
Nonfarm: Purchased goods,all industries.
Nonfarm: Work-in-processand finished goods, man-ufacturing.
Farm
Exports and imports ofgoods. 2
Exports and imports ofservices. 2
Deflation, using price based on—
Components ofthe Consumer
Price Index (CPI)or the ProducerPrice Index (PPI)
Except as noted,PPI.
Except as noted,PPI; someoverhead costitems, CPI.
Gold; transpor-tation equip-ment; selectedagriculturalfoods, feeds,and bev-erages; andselected im-ports of refinedpetroleum, PPI.
Travel receipts,medical re-ceipts, andstudents' ex-penditures,CPI; freightand port ex-penditures andtelecommuni-cations, PPI.
Other
Crude petroleum, index fromthe Energy Information Ad-ministration; computers,BEA price index, Bureauof Labor Statistics importprice indexes, and PPI;imported goods purchasedby trade industries, Bureauof Labor Statistics importprice indexes.
BEA indexes of unit laborcost.
Department of Agriculture av-erage market prices..
Bureau of Labor Statisticsexport and import price in-dexes; electric energy ex-ports and imports, and pe-troleum imports, unit-valueindexes based on CensusBureau values and quan-tities; computer and semi-conductor exports, BEAprice indexes and PPI;computer and semiconduc-tor imports, BEA price in-dexes and Bureau ofLabor Statistics importprice indexes.
Military transfers and directdefense expendituresabroad, selected deflatorsfor Federal national de-fense, except consumptionof fixed capital (seebelow); passenger fares,Bureau of Labor Statisticsexport and import price in-dexes; travel paymentsand U.S. Government pay-ments for miscellaneousservices, BEA compositeindex of foreign consumerprice indexes (exchange-rate adjusted); royaltiesand fees, and other pri-vate services, implicit pricedeflator for final sales todomestic purchasers.
Using quantity for—
Extrapolation
Exports of financial serv-ices furnished withoutpayment, l paid em-ployee hours of rel-evant financial institu-tions.
Direct valuation
Quantities and pricesof stocks of coal,petroleum, and nat-ural gas for utilitiesfrom the Energy In-formation Adminis-tration.
See footnotes at end of table.
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SURVEY OF CURRENT BUSINESS March 1998 • 67
Table 2.—Methodology Used in Preparing Estimates of Real GDP—Continued
Component
Governmentconsumptionexpenditures andgross investment
Subcomponent
Federal national defenseconsumption of generalgovernment fixed capital.
Federal national defense,except consumption ofgeneral government fixedcapital.
Federal nondefense con-sumption of general gov-ernment fixed capital.
Federal nondefense, exceptconsumption of generalgovernment fixed capital.
State and local compensa-tion of general govern-ment employees.
State and local structures.
Deflation, using price based on—
Components ofthe Consumer
Price Index (CPI)or the ProducerPrice Index (PPI)
Selected goods,PPI; utilitiesand commu-nications, CPIand PPI.
Most goods, PPI;rent, utilities,and commu-nications, CPI.
Other
Some goods, some services,and most military struc-tures, BEA indexes basedon Department of Defenseprices paid; some serv-ices, Bureau of Labor Sta-tistics monthly earnings;computers, BEA priceindex, Bureau of LaborStatistics import price in-dexes, and PPI; non-military structures, cost in-dexes from trade sourcesand government agencies.
Structures, cost indexes fromtrade sources and govern-ment agencies; computers,BEA price index, Bureauof Labor Statistics importprice indexes, and PPI;most services, Bureau ofLabor Statistics monthlyearnings.
Cost indexes from tradesources and governmentagencies.
Using quantity for—
Extrapolation
Military compensation, full-time equivalent employ-ment by rank andlength of service; civil-ian compensation, full-time equivalent employ-ment by grade, ad-justed for change frombase year in hoursworked.
Compensation, full-timeequivalent employmentby grade, adjusted forchange from base yearin hours worked; finan-cial services furnishedwithout payment, l paidemployee hours of rel-evant financial institu-tions.
Employees in education,full-time equivalent em-ployment by educationand experience, ad-justed for change frombase year in hoursworked; other employ-ees, full-time equivalentemployment, adjustedfor change from baseyear in hours worked.
Direct valuation
Perpetual-inventorycalculations, basedon gross invest-ment.
Many goods, someservices, and a fewmilitary structures,quantities andprices from Depart-ment of Defensereports; electricityand natural gasquantities from theDepartment of En-ergy.
Perpetual-inventorycalculations, basedon gross invest-ment.
Net purchases of ag-ricultural commod-ities by the Com-modity Credit Cor-poration, quantitiesby crop from agen-cy reports with De-partment of Agri-culture prices; se-lected petroleumtransactions, quan-tities and pricesfrom the Depart-ment of Energy.
See footnotes at end of table.
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68 • March 1998 SURVEY OF CURRENT BUSINESS
Table 2.—Methodology Used in Preparing Estimates of Real GDP—Continued
Component
Governmentconsumptionexpenditures andgrossinvestment-Continued
Subcomponent
State and local brokeragecharges and financialservices furnished with-out payment.
State and local consump-tion of general govern-ment fixed capital.
State and local investmentin equipment and con-sumption expenditures,except compensation,consumption of fixedcapital, brokeragecharges, and financialservices furnished with-out payment.
Deflation, using price based on—
Components ofthe Consumer
Price Index (CPI)or the ProducerPrice Index (PPI)
Services, exceptas noted, andgoods used inmaintenanceand repair,CPI; goods,except asnoted, andelectricity, PPI.
Other
See entries under personalconsumption expendituresfor services.
Transportation, books, andpostal services, BEA in-dexes based on Depart-ment of Defense pricespaid; computers, BEAprice index, Bureau ofLabor Statistics importprice indexes, and PPI.
Using quantity tor-
Extrapolation Direct valuation
Perpetual-inventorycalculations, basedon gross invest-ment.
1. Also referred to as "services furnished without payment by financial intermediaries, except lifeinsurance carriers and private noninsured pension plans."
2. Estimates of real exports and imports of goods and services are prepared separately. Realreceipts and payments of factor income from the rest of the world—the difference between GDP
and GIMP—are prepared by deflation using the implicit price deflator for final sales to domestic pur-chasers except for imputed interest paid to nonresidents, which is prepared by extrapolation usingpaid employee hours of relevant institutions.
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March 1998 SURVEY OF CURRENT BUSINESS Contents D-l
B E A C U R R E N T A N D H I S T O R I C A L D A T A
National, International, and Regional Estimates
This section presents an extensive selection of economic statistics prepared by the Bureau of Economic Analysis (BEA)and a much briefer selection of collateral statistics prepared by other Government agencies and private organizations. Seriesoriginating in Government agencies are not copyrighted and may be reprinted freely. Series from private sources are providedthrough the courtesy of the compilers and are subject to their copyrights.
BEA makes its economic information available on three World Wide Web sites. The BEA Web site<http://www.bea.doc.gov> contains data, articles, and news releases from BEA'S national, international, and regional pro-grams. The Federal Statistical Briefing Room (FSBR) on the White House Web site <http://www.whitehouse.gov/fsbr>provides summary statistics for GDP and a handful of other NIPA aggregates. The Commerce Department's STAT-USA Website <http://www.stat-usa.gov> provides detailed databases and news releases from BEA and from other Federal Governmentagencies by subscription; information about sTAT-USA'S Economic Bulletin Board (EBB) and Internet services may be obtainedat the Web site or by calling 202-482-1986.
The tables listed below present annual, quarterly, and monthly estimates, indicated as follows: [A] Annual estimates only;[Q] quarterly estimates only; [QA] quarterly and annual estimates; [MA] monthly and annual estimates.
National Data
A. Selected NIPA Tables: [QA]1. National product and income D-22. Personal income and outlays D-63. Government receipts, current expenditures,
and gross investment D—74. Foreign transactions D-n5. Saving and investment D-136. Income and employment by industry D-i67. Quantity and price indexes D-178. Supplementary tables D-24
B. Other NIPA and NiPA-related tables:Monthly estimates: [MA]B.i. Personal income D-27B.2. Disposition of personal income D-27
Annual estimates: [A]B.3. GDP by industry D-286.4. Personal consumption expenditures by type of
expenditure D-29B.S. Private purchases of structures by type D-3OB.6. Private purchases of producers' durable
equipment by type D-306.7. Compensation and wage and salary accruals
by industry D-3iB.S. Employment by industry D-326.9. Wage and salary accruals and employment
by industry per full-time equivalent D-33B.io. Farm sector output, gross product,
and national income D-34B.n. Housing sector output, gross product,
and national income D-34B.12. Net stock of fixed private capital, by type... D-35
C. Historical tables: [A]C.i. Historical estimates for major NIPA
aggregates D-36C.2.-C.7. Growth rates of selected components
of real GDP D-39
D. Domestic perspectives [MA, QA] D~4i
E. Charts:Selected NIPA series D-43Other indicators of the domestic economy D-49
International Data
F. Transactions tables:F.i. U.S. international transactions in goods
and services [MA] D-5iF.2. U.S. international transactions [QA] D-52F.3. Selected U.S. international transactions,
by area [Q] D-53F.4. Private service transactions [A] D-56
G. Investment tables:G.i. International investment position of the United
States [A] 0-57G.2. USDIA: Selected items [A] D-58G.3. Selected financial and operating data for nonbank
foreign affiliates of U.S. companies [A] D-59G.4. FDIUS: Selected items [A] D-6oG.S. Selected financial and operating data of nonbank
U.S. affiliates of foreign companies [A] D-6i
H. International perspectives [MA, QA] D-62
I. Charts D-64
Regional Data
J. State and regional tables:J.i. Total and nonfarm personal income [QA].... D-65J.2. Percent of personal income for selected
components [A] D-66J.3. Per capita personal income and
disposable personal income [A] D-67J.4. Gross state product [A] D-68
K. Local area table D-6p
L. Charts D-7i
Appendixes
Appendix A: Additional information aboutBEA'S NIPA estimates:Statistical conventions D-73Reconciliation tables [QA] 0-74
Appendix B: Suggested reading D-75
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D-2 • National Data SURVEY OF CURRENT BUSINESS March 1998
National Data
A. Selected NIPA Tables
The tables in this section include the most recent estimates of gross domestic product and its components;these estimates were released on February 27,1998 and include the "preliminary" estimates for the fourth quarterof 1997 and for the year 1997.
The selected set of NIPA tables shown in this section presents quarterly estimates, which are updated monthly.In most tables, the annual estimates are also shown. Most of the "annual only" NIPA tables were presented in theAugust 1997 SURVEY OF CURRENT BUSINESS; tables 8.20-8.26 were presented in the September 1997 SURVEY; andthe remaining "annual only" tables—tables 3.15-3.20 and 9.1-9.6—were presented in the October 1997 SURVEY.
The selected NIPA tables are available on printouts or diskettes from BEA. To order NIPA subscriptionproducts using Visa or MasterCard, call the BEA Order Desk at 1-800-704-0415 (outside the United States,202-606-9666).
The news release on gross domestic product (GDP) is available at the time of release, and the selected NIPAtables are available later that day, on STAT-USA'S Economic Bulletin Board and Internet services; for information,call STAT-USA on 202-482-1986. In addition, the GDP news release is available the afternoon of the day of therelease, and the selected NIPA tables are available about 2 weeks later (when the SURVEY is sent to the printer),on BEA'S Internet site <http://www.bea.doc.gov>.
i. National Product and Income.
Table 1.1.—Gross Domestic Product[Billions of dollars]
Gross domestic product
Personal consumptionexpenditures
Durable goodsNondurable goodsServices
Gross private domesticinvestment
Fixed investmentNonresidential
StructuresProducers' durable
equipmentResidential , .
Change in businessinventories
Net exports of goods andservices
ExportsGoodsServices
ImportsGoodsServices
Government consumptionexpenditures and grossinvestment
FederalNational defenseNondefense
State and local
1996
7,636.0
5,207.6
634.51,534.73,038.4
1,116.5
1,090.7781.4215.2
566.2309.2
25.9
-94.8
870.9617.5253.3965.7809.0156.7
1,406.7
520.0352.8167.3886.7
1997
8,081.0
5,488.1
659.11,592.13,236.9
1,240.9
1,172.6845.4229.9
615.5327.2
68.3
-100.8
958.0686.5271.5
1,058.8888.7170.0
1,452.7
523.8350.4173.4928.9
Seasonally adjusted at annual rates
1996
III
7,676.0
5,227.4
634.51,538.33,054.6
1,149.2
1,112.0798.6217.7
580.9313.5
37.1
-114.0
863.7609.7254.0977.6820.2157.5
1,413.5
521.6354.8166.8891.9
IV
7,792.9
5,308.1
638.21,560.13,109.8
1,151.1
1,119.2807.2227.0
580.2312.0
31.9
-88.6
904.6640.5264.2993.2834.6158.6
1,422.3
517.6350.6167.0904.7
1997
I
7,933.6
5,405.7
658.41,587.43,159.9
1,193.6
1,127.5811.3227.4
583.9316.2
66.1
-88.8
922.2656.2266.0
1,021.0855.8165.2
1,433.1
516.1343.3172.8917.0
II
8,034.3
5,432.1
644.51,578.93,208.7
1,242.0
1,160.8836.3226.8
609.5324.6
81.1
-S8.7
960.3690.0270.3
1,049.0880.1168.9
1,449.0
526.1350.6175.5923.0
III
8,124.3
5,527.4
667.31,600.83,259.3
1,250.2
1,201.3872.0232.9
639.1329.3
48.9
-111.3
965.8691.1274.8
1,077.1905.6171.6
1,457.9
525.7352.1173.6932.3
IV
8,231.8
5,587.2
666.21,601.43,319.6
1,277.8
1,200.8861.9232.5
629.4338.9
77.0
-104.2
983.8708.7275.1
1,088.0913.5174.5
1,470.9
527.4355.6171.8943.5
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Table 1.2.—Real Gross Domestic Product[Billions of chained (1992) dollars]
Gross domestic product
Personal consumptionexpenditures
Durable goodsNondurable goodsServices
Gross private domesticinvestment
Fixed investmentNonresidential
StructuresProducers' durable
equipmentResidential
Change in businessinventories
Net exports of goods andservices
Exports .GoodsServices
Imports . . .GoodsServices
Government consumptionexpenditures and grossinvestment
FederalNational defense .Nondefense
State and local . . . .
Residual
1996
6,928.4
4,714.1
611.11,432.32,671.0
1,069.1
1,041.7771.7188.7
586.0272.1
25.0
-114.4
857.0628.4229.9971.5823.1149.0
1,257.9
464.2317.8146.1793.7
-1.6
1997
7,189.6
4,869.3
645.51,458.82,765.7
1,195.7
1,122.2846.8195.2
657.7279.6
65.7
-146.4
963.6725.2242.3
1,110.0947.7163.5
1,269.7
457.0308.7147.9812.7
-4.2
Seasonally adjusted at annual rates
1996
III
6,943.8
4,718.2
611.91,433.92,672.8
1,100.3
1,060.9789.3190.0
602.9274.1
37.9
-138.9
851,4623.0229.4990.2841.7149.3
1,261.5
465.7319.4146.0795.9
-2.4
IV
7,017.4
4,756.4
617.11,441.22,698.2
1,104.8
1,068.7800.8196.9
606.7271.1
32.9
-105.6
901.1666.2236.8
1,006.6857.5150.0
1,261.8
459.6313.6145.7802.3
-3.8
1997
I
7,101.6
4,818.1
637.81,457.82,723.9
1,149.2
1,079.0808.9195.9
616.6273.3
63.7
-126.3
922.7686.2238.9
1,048.9891.3158.4
1,260.5
452.8303.9148.5807.7
-2.9
II
7,159.6
4,829.4
629.01,450.02,749.8
1,197.1
1,111.4837.0193.5
649.3278.2
77.6
-136.6
962.5725.8240.8
1,099.1938.4161.8
1,270.1
460.1309.4150.2810.1
-3,9
III
7,214.0
4,896.2
656.11,465.52,776.1
1,204.6
1,149.3874.5196.7
685.3280.1
47.5
-164.1
973.0731.8245.0
1,137.1972.7165.8
1,273.4
458.8310.3148.0814.7
-4.6
IV
7,283.3
4,933.5
658.91,461.92,812.9
1,231.8
1,149.2866.6194.5
679.7286.7
74.0
-158.5
996.4757.0244.5
1 1549988.4168.0
1,274.7
456.4311.3144.8818.3
-4.8
NOTE.-Chained (1992) dollar series are calculated as the pcurrent-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantityindexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.The residual line is the difference between the first line and the sum of the most detailed lines.
Percent changes from preceding period for selected items in this table are shown in table 8.1; contributions tothe percent change in real gross domestic product are shown in table 8.2.
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March 1998 SURVEY OF CURRENT BUSINESS National Data D-3
Table 1.3.—Gross Domestic Product by Major Type of Product[Billions of dollars]
Table 1.4.—Real Gross Domestic Product by Major Type of Product[Billions of chained (1992) dollars]
Gross domestic productFinal sales of domestic
productChange in business
inventoriesGoods
Final salesChange in business
inventoriesDurable goods
Final salesChange in business
inventoriesNondurable goods
Final salesChange in business
inventories ,ServicesStructuresAddenda:
Motor vehicle outputGross domestic product less
motor vehicle output .
1996
7,636.0
7,610.2
25.9
2,785.2
2,759.3
25.9
1,228.91,212.0
16.9
1,556.31,547.3
9.0
4,187.3
663.6
271.4
7,364.7
1997
8,081.0
8,012.7
68.3
2,943.7
2,875.4
68.3
1,315.41,283.0
32.4
1,628.31,592.4
35.9
4,433.1
704.1
284.3
7,796.7
Seasonally adjusted at annual rates
1996
III
7,676.0
7,638.9
37.1
2,797.8
2,760.7
37.1
1,249.51,216.3
33.3
1,548.31,544.4
3.9
4,208.1
670.1
278.7
7,397.3
IV
7,792.9
7,761.0
31.9
2,826.9
2,795.0
31.9
1,232.41,233.5
-1.1
1,594.51,561.5
33.0
4,282.7
683.3
267.2
7,525.8
1997
1
7,933.6
7,867.4
66.1
2,904.6
2,838.4
66.1
1,279.81,248.0
31.8
1,624.71,590.4
34.3
4,338.2
690.8
281.4
7,652.2
II
8,034.3
7,953.2
81.1
2,936.0
2,854.9
81.1
1,322.11,275.3
46.8
1,613.91,579.6
34.4
4,400.1
698.2
270.4
7,764.0
III
8,124.3
8,075.3
48.9
2,952.1
2,903.2
48.9
1,323.91,305.3
18.6
1,628.21,597.9
30.3
4,462.3
709.8
287.4
7,836.9
IV
8,231.8
8,154.7
77.0
2,982.3
2,905.2
77.0
1,335.91,303.5
32.5
1,646.31,601.7
44.6
4,531.9
717.6
298.1
7,933.7
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Gross domestic productFinal sales of domestic
productChange in business
inventoriesResidual .
GoodsFinal sales . ...Change in business
inventoriesDurable goods
Final salesChange in business
inventories :Nondurable goods
Final salesChange in business
inventoriesServicesStructuresResidualAddenda:
Motor vehicle outputGross domestic product less
motor vehicle output
1996
6,928.4
6,901.0
25.0
2.4
2,662.6
2,635.5
25.0
1,222.11,205.8
15.9
1,443.71,433.2
9.1
3,686.6
582.2
-4.4
241.3
6,687.1
1997
7,189.6
7,119.2
65.7
4.7
2,807.2
2,734.5
65.7
1,324.91,293.1
30.4
1,488.81,448.7
35.2
3,791.0
598.5
-7.3
252.1
6,937.7
Seasonally adjusted at annual rates
1996
III
6,943.8
6,905.0
37.9
.9
2,673.1
2,634.0
37.9
1,244.01,211.4
31.3
1,433.51,426.5
6.6
3,689.0
585.0
-6.0
246.8
6,696.8
IV
7,017.4
6,981.7
32.9
2.8
2,704.1
2,668.4
32.9
1,228.51,230.1
-.9
1,477.91,442.6
33.8
3,723.9
592.9
-5.0
236.5
6,781.0
1997
I
7,101.6
7,034.1
63.7
3.8
2,769.3
2,699.6
63.7
1,277.01,245.8
29.9
1,496.11,458.3
33.8
3,743.9
595.1
-5.2
247.5
6,854.1
II
7,159.6
7,077.7
77.6
4.3
2,796.7
2,711.8
77.6
1,327.51,281.4
43.8
1,476.21,437.5
33.8
3,774.4
595.7
-7.0
240.6
6,919.1
III
7,214.0
7,160.3
47.5
6.2
2,815.4
2,760.7
47.5
1,338.41,320.4
17.5
1,484.31,449.0
30.1
3,804.8
600.7
-3.5
254.0
6,960.1
IV
7,283.3
7,204.5
74.0
4.8
2,847.6
2,766.0
74.0
1,356.81,324.7
30.7
1,498.51,450.2
43.3
3,840.8
602.5
-3.9
266.1
7,017.3
NOTE.-Chained (1992) dollar series are calculated as the p ..„current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantityindexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.The residual line following change in business inventories is the difference between gross domestic product andthe sum of final sales of domestic product and of change in business inventories; the residual line following struc-tures is the difference between gross domestic product and the sum of the detailed lines of goods, of services,and of structures.
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 Domestic0 Purchases, and Final Sales to Domestic Purchasers
[Billions of dollars]
Gross domestic product ...Less: Exports of goods and
servicesPlus: Imports of goods and
servicesEquals: Gross domestic
Less: Change in businessinventories
Equals: Final sales todomestic purchasers.
7,636.0 8,081.0 7,676.0 7,792.9 7,933.6
870.9
965.7
25.9
7,705.0
958.0
1,058.8
68.3
8,113.4
863.7
977.6
37.1
7,752.8
904.6
993.2
7,730.9 8,181.8 7,790.0 7,881.5 8,032.4 8,123.1
31.9
922.2
1,021.0
66.1
7,849.6 7,966.3
8,034.38,124.38,231.8
960.3
1,049.0
81.1
8,042.0
965.8
1,077.1
8,235.6
48.9
8,186.6
983.8
1,088.0
8,335.9
77.0
8,258.9
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 domestic productBusiness1
Nonfarm *Nonfarm less housingHousing
FarmHouseholds and institutions ...
Private householdsNonprofit institutions
General government2
FederalState and local
7,636.0 8,081.0 7,676.06,401.0 6,795.1
6,011.25,677.35,777.1
334.6
281.4607.6
6,434.2 6,543.1
6,311.66,700.56,341.75,652.8
658.889.4
346.011.5
689.394.6
366.3
11.4355.0
919.6
285.8633.7
664.492.5
347.9
11.4336.6
893.9
282.1611.8
7,792.9 7,933.6 8,034.3 8,124.3 8,231.8
6,450.0 6,573.1
673.093.0
352.0
11.1341.0
897.8
281.1616.7
6,666.56,755.06,831.86,927.0
5,892.55,971.0680.693.4
357.7
11.1346.6909.4
286.2623.3J
6,657.9 6,736.8 6,834.1
686.897.1
363.611.3
352.3
915.8
286.2629.6
6,044.2 6,137.1692.7
95.0
369.311.4
357.9
923.2
286.1637.1:
697.092.9
374.8
11.6363.2929.9285.0645.0
1. Gross domestic business product equals gross domestic product less gross product of households and institu-tions and of general government. Nonfarm product equals gross domestic business product less gross farm product.
2. Equals compensation of general government employees plus general government consumption of fixed capitalas shown in table 3.7.
Table 1.6.—Relation of Real Gross Domestic Product, Real GrossDomestic Purchases, and Real Final Sales to Domestic Purchasers
[Billions of chained (1992) dollars]
Gross domestic productLess: Exports of goods and
servicesPlus: Imports of goods and
servicesEquals: Gross domestic
purchasesLess: Change in business
inventoriesEquals: Final sales to
domestic purchasers
6,928.4 7,189.6 6,943.8 7,017.4 7,101.6 7,159.6 7,214.0 7,283.3
857.0
971.5
7,037.7
25.0
7,010.2
963.6
1,110.0
65.7
7,254.6
851.4
990.2
37.9
901.1
1,006.6
7,325.3 7,075.3 7,118.4 7,220.9 7,286.9
32.9
7,036.4 7,082.7 7,153.1
922.7
1,048.9
63.7
962.5
1,099.1
77.6
7,204.7
973.0
1,137.1
7,364.6
47.5
7,310.9
996.4
1,154.9
7,428.7
74.0
7,349.7
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantityindexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
Percent changes from preceding period for selected items in this table are shown in table 8.1.
Table 1.8.—Real Gross Domestic Product by Sector[Billions of chained (1992) dollars]
Gross domestic productBusiness!
NonfarmJ
Nonfarm less housingHousing
FarmHouseholds and institutions ...
Private householdsNonprofit institutions
General government2
FederalState and local
Residual
6,928.4 7,189.6 6,943.8
5,842.9 6,092.8 5,854.9
5,766.8 6,012.5 5,779.85,181.4 5,418.1
585.775.5
311.2
10.1301.1775.9240.9535.2
-1.5
595.379.5
320.5
9.6310.9
779.3
236.0543.7
5,191.3 5,261.3 5,335.3 5,388.2 5,439.2 5,509.6588.7
74.6
312.5
10.0302.5778.1
241.3537.0
-1.6
7,017.4
5,928.5
5,853.3
592.374.7
314.4
9.6304.8776.6238.9537.9
-2.1
7,101.66,009.6 6,064.4 6,114.45,929.7
594.979.0
316.9
9.6307.4
777.7
238.2539.9
-2.7
7,159.6 7,214.0 7,283.3
5,983.2 6,034.0 6,103.2
595.680.4
319.2
9.6309.6
778.8
237.1542.1
-3.0
595.779.6
321.7
9.7312.1
781.1
236.3545.2
-5.8
6,183.0
594.879.1
324.3
9.7314.6
779.7
232.5547.8
-4.8
1. Gross domestic business product equals gross domestic product less gross product of households and institu-tions and of general government. Nonfarm product equals gross domestic business product less gross farm product.
2. Equals compensation of general government employees plus general government consumption of fixed capitalas shown in table 3.8.
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantityindexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.The residual line is the difference between the first line and the sum of the most detailed lines.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
D-4 • National Data SURVEY OF CURRENT BUSINESS March 1998
Table 1.9.—Relation of Gross Domestic Product, Gross National Product,Net National Product, National Income, and Personal Income
[Billions of dollars]
Table 1.10.—Relation of Real Gross Domestic Product, Real GrossNational Product, and Real Net National Product
[Billions of chained (1992) dollars]
Gross domestic product
Plus: Receipts of factor incomefrom the rest of the world
Less: Payments of factor incometo the rest of the world
Equals: Gross nationalproduct
Less: Consumption of fixedcapital .
PrivateCapital
consumptionallowances
Less: Capitalconsumptionadjustment
GovernmentGeneral
governmentGovernment
enterprises
Equals: Net national product
Less: Indirect business tax andnontax liability
Business transferpayments
Statistical discrepancyPlus: Subsidies less current
surplus of governmententerprises
Equals: National income
Less: Corporate profits withinventory valuation and capitalconsumption adjustments
Net interestContributions for social
insuranceWage accruals less
disbursementsPlus: Personal interest income ...
Personal dividendincome
Government transferpayments to persons
Business transferpayments to persons
Equals: Personal income
Addenda:Gross domestic incomeGross national incomeNet domestic oroduct
1996
7,636.0
2343
2326
7,637.7
830.1682.7
709.9
27.1147.4
125.1
22.3
6,807.6
604.8
33.6-599
25.4
6,254.5
7359425.1
692.0
1.1735.7
291.2
1,042.0
26.0
6,495.2
769597,697.66,805.9
1997
8,081.0
867.9716.8
750.4
33.6
151.1
127.8
23.3
619.4
35.4
26.1
732.1
1.2768.8
321.5
1,094.0
27.1
6,874.2
7.213.1
Seasonally adjusted at annual rates
1996
III
7,676.0
235.4
2423
7,669.1
835.4687.7
715.4
27.8147.8
125.4
22.4
6,833.6
600.9
33.8-79.5
24.9
6,303.3
739.6430.9
696.8
1.1742.7
292.0
1,046.3
26.1
6,541.9
7,755.57,748.56.840.6
IV
7,792.9
248.8
2456
7,796.1
845.6697.2
725.3
28.1148.4
125.8
22.6
6,950.4
625.3
34.2-59.5
26.0
6,376.5
747.8430.6
705.1
1.1749.8
295.2
1,055.1
26.4
6,618.4
7,852.47,855.56,947.3
1997
I
7,933.6
248.2
2625
7,919.2
855.0705.4
736.6
31.2149.6
126.8
22.9
7,064.2
610.2
34.4-64.3
26.1
6,510.0
779.6440.5
719.5
1.2757.2
312.5
1,080.5
26.7
6,746.2
7,997.97,983.67,078.5
II
8,034.3
261.6
2823
8,013.6
863.0712.3
745.9
33.6150.6
127.4
23.3
7,150.7
616.2
35.0-73.5
26.0
6,599.0
795.1448.1
726.9
1.2766.1
318.3
1,090.0
26.9
6,829.1
8,107.98,087.27,171.4
III
8,124.3
269.4
2901
8,103.5
871.6720.3
754.3
34.0151.3
128.0
23.4
7,231.9
625.4
35.9-103.2
25.8
6,699.6
827.3451.8
735.0
1.2772.6
324.5
1,098.4
27.2
6,906.9
8,227.48,206.77,252.6
IV
8,231.8
881.8729.2
764.8
35.7152.6
129.0
23.6
625.8
36.2
26.7
746.9
1.2779.3
330.7
1,107.2
27.5
7,014.6
7]350!()
Gross domestic product
Plus: Receipts of factor incomefrom the rest of the world
Less: Payments of factor incometo the rest of the world
Equals: Gross nationalproduct
Less: Consumption of fixedcapital
PrivateGovernment
Generalgovernment
Governmententerprises
Equals: Net national product
Addenda:Gross domestic income *Gross national income2
Net domestic product
1996
6,928.4
2142
2102
6,932.0
776.4642.4134.2
114.1
20.0
6,155.6
6,982.76,986.36,151.9
1997
7,189.6
807.3672.2135.4
114.9
20.5
eiS&ii
Seasonally adjusted at annual rates
1996
III
6,943.8
214.8
218.1
6,940.2
779.8645.7134.3
114.2
20.1
6,160.4
7,015.77,012.16,164.0
IV
7,017.4
226.0
219.8
7,023.1
786.7652.2134.6
114.4
20.2
6,236.4
7,070.97,076.76,230.7
1997
I
7,101.6
224.6
234.0
7,091.8
797.3662.6135.0
114.6
20.3
6,294.5
7,159.27,149.46,304.4
II
7,159.6
236.3
250.8
7,144.4
806.5671.5135.3
114.8
20.4
6,338.2
7,225.27,210.06,353.3
III
7,214.0
242.5
256.9
7,198.8
816.0680.8135.6
115.0
20.6
6,383.3
7,305.67,290.56,398.3
IV
7,283.3
809.5674.0135.8
115.1
20.7
6,4^5
1. Gross domestic income deflated by the implicit price deflator for gross domestic product.2. Grass national income deflated by the implicit price deflator for gross national product.NOTE.—Except as noted in footnotes 1 and 2, chained (1992) dollar series are calculated as the product of
the chain-type quantity index and the 1992 current-dollar value of the corresponding series, divided by 100. Becausethe formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
Table 1.11.—Command-Basis Real Gross National Product[Billions of chained (1992) dollars]
Gross national product
Less: Exports of goods andservices and receipts of factorincome from the rest of theworld
Plus: Command-basis exports ofgoods and services andreceipts of factor income '
Equals: Command-basis grossnational product
Addendum:Terms of trade2
6,932.0
1 071 7
1 091 1
6,951.4
1018
6,940.2
1,066.8
1,090.2
6,963.6
102.2
7,023.1
1,127.6
1,143.4
7,038.9
101.4
7,091.8
1,147.3
1,171.9
7,116.4
102.1
7,144.4
1,198.9
1,241.7
7,187.2
103.6
7,198.8
1,216.0
1,261.9
7,244.8
103.8
1. Exports of goods and services and receipts of factor income deflated by the implicit price deflator for importsof 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 thecorresponding implicit price deflator for imports with the decimal point shifted two places to the right.
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantityindexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
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
March 1998 SURVEY OF CURRENT BUSINESS National Data • D-5
Table 1.14.—National Income by Type of Income[Billions of dollars]
National income
Compensation of employees ...Wage and salary accruals
GovernmentOther
Supplements to wages andsalariesEmployer contributions for
social insuranceOther labor income
Proprietors' income withinventory valuation andcapital consumptionadjustmentsFarm
Proprietors' income withinventory valuationadjustment
Capital consumptionadjustment
NonfarmProprietors' incomeInventory valuation
adjustmentCapital consumption
adjustment
Rental income of persons withcapital consumptionadjustmentRental income of personsCapital consumption
adjustment
Corporate profits withinventory valuation andcapital consumptionadjustmentsCorporate profits with
inventory valuationadjustmentProfits before tax
Profits tax liabilityProfits after tax
DividendsUndistributed profits ...
Inventory valuationadjustment .
Capital consumptionadjustment
Net interestAddenda:
Corporate profits after tax withinventory valuation andcapital consumptionadjustments
Net cash flow with inventoryvaluation and capitalconsumption adjustmentsUndistributed profits with
inventory valuation andcapital consumptionadjustments
Consumption of fixedcapital
Less: Inventory valuationadjustment
Equals1 Net cash flow
1996
6,254.5
4,426.93,633.6
642.62,991.0
793.3
385.7407.6
520.337.2
45.0
-7.8483.1455.3
n— .£
28.0
146.3193.3
^7.0
735.9
674167662290447.6304.8142.8
-2.5
61.8
425.1
5069
6543
202.1
452.3
-2.56568
1997
4,703.53,878.5
665.33,213.2
825.0
408.4416.6
544.540.7
48.3
-7.6503.7474.5
28.9
148.0197.5
^9.4
"sseii
5.7
69.8
475.6
5.7
Seasonally adjusted at annual rates
1996
III
6,303.3
4,461.03,664.0
645.53,018.4
797.0
388.6408.4
523.840.1
47.9
-7.8483.7456.1
-.1
27.8
148.0195.5
^7.5
739.6
67646791231.6447.5305.7141.8
-2.7
63.2
430.9
5080
657.8
202.3
455.5
-2.76605
IV
6,376.5
4,520.73,718.0
648.93,069.0
802.7
393.6409.1
528.340.4
48.1
-7.8487.9460.0
/q
27.5
149.2197.3
-48.1
747.8
68346800226.0454.0309.1144.9
3.3
64.4
430.6
521 8
674.6
212.6
462.0
3.3671 3
1997
I
6,510.0
4,606.33,792.7
657.83,134.9
813.6
401.3412.3
534.640.2
47.9
-7.7494.4466.3
-.1
28.1
149.0197.9
^8.9
779.6
711.9708.4241.2467.2326.8140.3
3.5
67.7
440.5
538.4
678.9
211.5
467.4
3.5675.5
II
6,599.0
4,663.43,842.7
662.03,180.8
820.7
405.6415.1
543.643.6
51.2
-7.6500.0470.8
.6
28.7
148.7197.6
^8.9
795.1
725.7719.8244.5475.3333.0142.3
5.9
69.4
448.1
550.6
690.2
217.6
472.6
5.9684.4
III
6,699.6
4,725.23,897.3
667.73,229.6
827.9
410.2417.7
547.240.9
48.5
-7.5506.3477.0
.2
29.1
148.0197.7
^9.7
827.3
757.1753.4258.2495.2339.1156.1
3.6
70.3
451.8
569.1
707.9
230.0
478.0
3.6704.3
IV
4,819.23,981.2
673.83,307.4
837.9
416.6421.4
552.538.2
45.7
-7.5514.2483.9
.5
29.8
146.4196.6
-50.1
"345.6
9.6
71.6
484.5
9.6
Table 1.16.—Gross Domestic Product of Corporate Business in CurrentDollars and Gross Domestic Product of Nonfinancial Corporate Busi-ness in Current and Chained Dollars
Gross domestic productof corporate business
Consumption of fixed capital
Net domestic productIndirect business tax and
nontax liability plusbusiness transfer paymentsless subsidies
Domestic incomeCompensation of
employeesWage and salary
accrualsSupplements to wages
and salariesCorporate profits with
inventory valuation andcapital consumptionadjustmentsProfits before tax
Profits tax liability ....Profits after tax
DividendsUndistributed profits
Inventory valuationadjustment
Capital consumptionadjustment
Net interest
Gross domestic productof financial corporatebusiness
Gross domestic productof nonfinancialcorporate business ....
Consumption of fixed capital
Net domestic productIndirect business tax and
nontax liability plusbusiness transfer paymentsless subsidies .
Domestic incomeCompensation of
employeesWage and salary
accrualsSupplements to wages
and salariesCorporate profits with
inventory valuation andcapital consumptionadjustmentsProfits before tax
Profits tax liabilityProfits after tax
DividendsUndistributed profits
Inventory valuationadjustment
Capital consumptionadjustment
Net interest . . . .
Gross domestic productof nonfinancialcorporate business ' ...
Consumption of fixed capital2 ....Net domestic product3
1996 1997
Seasonally adjusted at annual rates
1996
III IV
1997
I II III IV
Billions of dollars
4,624.9
452.3
4,172.6
463.93,708.7
2,926.7
2,433.5
493.2
640.05807229.0351.6270.8
80.8
-2.5
61.8142.1
492.5
4,132.4
393.4
3,739.0
421.83317.2
2,682.9
2,228.6
454.4
5458477.2154.8322.41964126.0
-2.5
71.1
88.5
475.6
476.6
3,127.2
2,614.3
512.9
5.7
69.8
413.3
439.9
2,866.7
2,394.1
472.6
5.7
79.7
4,661.0
455.5
4,205.5
460.93,744.6
2,951.4
2,456.3
495.1
647.8587.4231.6355.7265.6
90.1
-2.7
63.2145.4
495.2
4,165.8
396.2
3,769.7
423.73,345.9
2,704.7
2,248.7
456.0
553.3483.4156.8326.6191.8134.8
-2.7
72.688.0
4,733.2
462.0
4,271.2
485.03,786.2
2,997.9
2,500.7
497.3
640.3572.5226.0346.5281.6
64.9
3.3
64.4148.0
513.2
4,220.1
401.8
3,818.3
430.03,388.3
2,745.3
2,287.5
457.8
561.7484.4159.0325.5199.4126.1
3.3
74.081.3
4,824.8
467.4
4,357.4
465.93,891.5
3,056.5
2,550.7
505.8
682.2611.0241.2369.8292.7
77.1
3.5
67.7152.8
525.1
4,299.7
406.3
3,893.4
432.23,461.2
2,801.9
2,335.8
466.0
575.4494.5159.4335.1207.0128.2
3.5
77.4839
4,897.2
472.6
4,424.6
474.43,950.2
3,098.2
2,588.0
510.2
694.4619.1244.5374.5293.6
80.9
5.9
69.4157.6
536.1
4,361.1
410.7
3,950.4
437.03,513.3
2,840.1
2,370.0
470.1
586.7501.5161.8339.8208.1131.7
5.9
79.3866
4,989.2
478.0
4,511.3
483.140282
3,142.3
2,627.6
514.7
7275653.5258.23953292.01033
3.6
70.3158.4
543.0
4,446.3
415.3
4,031.0
445.33,585.7
2,880.6
2,406.3
474.2
618.2534.2174.1360.1207.7152.4
3.6
80.4
870
484.5
483.0
3,211.9
2,691.0
520.9
9.6
71.6
420.8
444.9
2,944.3
2,464.3
480.0
9.6
81.8
Billions of chained (1992) dollars
3,887.8
374.43,513.5
402.7
3,913.7
376.63,537.1
3,963.5
381.73,581.8
4,022.2
396.03,626.2
4,068.9
402.23,666.7
4,146.5
408.23,738.3
404.2
1. Chained-dollar gross domestic product of nonfinancial corporate business equals the current-dollar product de-flated by the implicit price deflator for goods and structures in gross domestic product.
2. Chained-dollar consumption of fixed capital of nonfinancial corporate business is calculated as the productof the chain-type quantity index and the 1992 current-dollar value of the corresponding series, divided by 100.
3. Chained-dollar net domestic product of nonfinancial corporate business is the difference between the grossproduct and the consumption of fixed capital.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
D-6 • National Data SURVEY OF CURRENT BUSINESS March 1998
2. Personal Income and Outlays-
Table 2.1.—Personal Income and Its Disposition[Billions of dollars]
Table 2.2.—Personal Consumption Expenditures by Major Type ofProduct
Personal income
Wage and salarydisbursementsPrivate industries
Goods-producingindustriesManufacturing
Distributive industriesService industries
Government
Other labor income
Proprietors' income withinventory valuation andcapital consumptionadjustmentsFarmNonfarm
Rental income of personswith capital consumptionadjustment
Personal dividend income ...
Personal interest income
Transfer payments topersonsOld-age, survivors,
disability, and healthinsurance benefits
Government unemploymentinsurance benefits
Veterans benefitsGovernment employees
retirement benefitsOther transfer payments ....
Family assistance 1
Other
Less: Personalcontributions for socialinsurance
Less: Personal tax and nontaxpayments
Equals: Disposable personalincome
Less: Personal outlaysPersonal consumption
expendituresInterest paid by personsPersonal transfer payments to
the rest of the world (net)Equals: Personal saving
Addenda:Disposable personal income:
total, billions of chained(1992) dollars2
Per capita:Current dollars ....Chained (1992) dollars
Population (mid-period,millions)
Personal saving as apercentage of disposablepersonal income
1996
6,495.2
3,632.52,989.9
909.1674.7823.3
1,257.5642.6
407.6
520.337.2
483.1
146.3
291.2
735.7
1,068.0
537.6
22.021.6
142.5344.2
21.7322.5
306.3
886.9
5,608.3
5,368.8
5,207.6145.2
15.9
239.6
5,076.9
21,11719,116
265.6
4.3
1997
6,874.2
3,877.33,212.0
960.2705.9876.2
1,375.5665.3
416.6
544.5407
503.7
148.0
321.5
768.8
1,121.1
566.7
21.722.4
153.4356.9
18.8338.1
323.7
988.7
5,885.5
5,660.8
5,488.1154.8
17.9
224.7
5,221.9
21,97219,494
267.9
3.8
Seasonally adjusted at annual rate
1996
III
6,541.9
3,662.83,017.3
917.2680.1829.0
1,271.1645.5
408.4
523.840.1
483.7
148.0
292.0
742.7
1,072.4
540.0
21.321.7
143.7345.7
21.6324.2
308.2
897.3
5,644.6
5,390.6
5,227.4147.4
15.9
254.0
5,094.8
21,22919,161
265.9
4.5
IV
6,618.4
3,716.93,067.9
927.8685.6840.6
1,299.5648.9
409.1
528.340.4
487.9
149.2
295.2
749.8
1,081.5
545.6
21.621.4
145.9347.0
20.7326.2
311.5
922.6
5,695.8
5,475.4
5,308.1150.5
16.7
220.4
5,103.8
21,37319,152
266.5
3.9
fi
1997
I
6,746.2
3,791.53,133.7
942.9694.1856.8
1,334.1657.8
412.3
534.640.2
494.4
149.0
312.5
757.2
1,107.2
558.9
22.122.4
150.4353.5
19.7
333.8
318.2
955.7
5,790.5
5,574.6
5,405.7151.9
17.0
215.9
5,161.1
21,68919,331
267.0
3.7
II
6,829.1
3,841.63,179.6
952.8700.3867.0
1,359.8662.0
415.1
543.643.6
500.0
148.7
318.3
766.1
1,117.0
564.4
21.922.4
152.7355.6
19.0336.6
321.3
979.2
5,849.9
5,602.8
5,432.1153.1
17.6
247.0
5,200.9
21,86519,439
267.5
4.2
III
6,906.9
3,896.13,228.4
961.4706.0880.8
1,386.3667.7
417.7
547.240.9
506.3
148.0
324.5
772.6
1,125.7
569.4
21.622.5
154.2358.0
18.2339.8
324.8
998.0
5,908.9
5,700.8
5,527.4155.1
18.2
208.2
5,234.1
22,03419,518
268.2
3.5
IV
7,014.6
Personal consumption39801 expenditures3,306.3 Durable goods
983.9 Motor vehicles and parts723.4 Furniture and household900 4 equipment .
1 421 9 Other673.0 Mnnrlnrohlo nnnric
421'4 FoodClothing and shoesGasoline and oilFuel oil and coal
5525 Other38.2 Qon/iroc
514.2 Semces
HousingHousehold operation
... Electricity and gas14t)'4 Other household operation330 7 Transportation
Medical care779-3 Other
1996
5,207.6
634.5
261.3
252.6120.6
1,534.7
756.1264.3122.6
11.6380.1
3,038.4
787.2315.9125.3190.6218.4808.1908.9
1997
5,488.1
659.1
263.3
267.3128.5
1,592.1
776.5277.2124.7
10.8402.9
3,236.9
826.5328.6127.0201.6236.3855.1990.5
Seasonally adjusted at annual rates
1996
III
5,227.4
634.5
260.0
254.2120.3
1,538.3
757.4265.7121.4
11.2382.7
3,054.6
791.8313.4122.8190.6219.7811.9917.8
IV
5,308.1
638.2
258.9
255.9123.4
1,560.1
766.6266.2126.0
12.0389.3
3,109.8
800.7321.8126.8195.0224.8826.9935.6
1997
I
5,405.7
658.4
265.7
263.8128.9
1,587.4
775.5275.2128.5
11.0397.1
3,159.9
810.5320.8124.9195.9228.9841.0958.8
II
5,432.1
644.5
252.7
265.4126.5
1,578.9
771.4274.8121.6
11.0400.0
3,208.7
821.2326.7127.2199.5233.4849.6977.9
III
5,527.4
667.3
268.7
269.9128.8
1,600.8
779.3280.5123.5
10.9406.5
3,259.3
831.9328.8125.2203.6238.5859.7
1,000.4
IV
5,587.2
666.2
266.1
270.3129.8
1,601.4
779.6278.5124.9
10.5408.0
3,319.6
842.2338.1130.7207.4244.4870.1
1,024.7
' ' Table 2.3.— Real Personal Consumption Expenditures by Major Type of574.1 Pr0dUCt
[Billions of chained (1992) dollars]914
22.3 Personal consumptionexpenditures
iDb.J360 5 Durable goods
QA9 1 ^otor venicles ar|d partsJ '̂* Furniture and householdequipment
Other330.4 Nnnriiirahla nnnric
0 Food1,021.O rinthinn anrl ohnoc
Gasoline and oil59928 Fuel oil and coal
5,764.9 °ther
Services
55872 Housing*1592 Household operation
Electricity and gas18.5 Other household operation
Transportation227.8 Medical care
Other
Residual
4,714.1
611.1
231.3
269.5113.3
1,432.3
689.7267.7114.1
10.6351.2
2,671.0
700.2289.6117.8171.7194.6688.1799.4
-5.1
4,869.3
645.5
233.1
296.3121.4
1,458.8
689.9277.9116.0
10.0366.8
2,765.7
713.8295.1116.7178.2202.7712.0842.6
-8.1
4,718.2
611.9
229.7
272.3113.2
1,433.9
687.3270.8114.1
10.6352.5
2,672.8
701.7285.8114.8170.9195.4689.8800.8
-5.7
4,756.4
617.1
228.0
276.8116.3
1,441.2
689.0270.0114.8
10.3358.3
2,698.2
704.8291.7117.7173.9197.0697.1808.4
-6.0
4,818.1
637.8
233.4
287.4121.4
1,457.8
694.6277.1114.7
9.4363.7
2,723.9
708.3288.0113.8174.0199.3704.4824.3
-7.7
4,829.4
629.0
223.1
292.3119.7
1,450.0
688.2273.8116.1
10.1363.4
2,749.8
712.0294.2117.8176.2200.9708.8834.5
-7.5
4,896.2
656.1
238.7
301.1121.7
1,465.5
689.5281.3116.2
10.4370.0
2,776.1
715.6295.7115.7179.7203.9714.2847.1
-8.9
4,933.5
658.9
237.4
304.4122.9
1,461.9
687.4279.3117.0
9.9370.2
2,812.9
719.2302.7119.5182.9206.7720.5864.5
-6.3
5,291.6 NOTE.— Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
22,297 indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.19,688 The residual line is the difference between the first line and the sum of the most detailed lines.
268.8
3.8
1. Consists of aid to families with dependent children and, beginning with 1996, assistance programs operatingunder the Personal Responsibility and Work Opportunity Reconciliation Act of 1996.
2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expendi-tures.
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
March 1998 SURVEY OF CURRENT BUSINESS National Data D-7
3. Government Receipts, Current Expenditures, and Gross Investment.
Table 3.1.—Government Receipts and Current Expenditures[Billions of dollars]
Receipts
Personal tax and nontax receiptsCorporate profits tax accrualsIndirect business tax and nontax accruals .Contributions for sxial insurance
Current expenditures . . .
Consumption expenditures
Transfer payments (net)To persons . .To the rest of the world (net)
Net interest paidInterest paid
To persons and businessTo the rest of the world . ....
Less; Interest received by government
Less: Dividends received by government
Subsidies less current surplus of government enterprisesSubsidies :Less: Current surplus of government enterprises .
Less: Wage accruals less disbursements . ..
Current surplus or deficit (-), national income and product accounts . . .
Social insurance fundsOther :
1996
2,412.7
886.92290604.8692.0
2,417.8
1,182.4
1,058.310420
16.3
165.4317.7246.4
71 3152.3
13.6
25.433.58.1
0
-5.1
126.6-131.7
1997
988.7
619.4732.1
2,510.6
1,226.8
1,107.31 0940
13.3
165.0319.2
154.1
14.6
26.134.68.4
0
135.1
Seasonally adjusted at annual rates
1996
III
2,426.7
897.3231.6600.9696.8
2,423.6
1,189.8
1,058.210463
11.9
164.4318.1244.1
74.0153.7
13.7
24.933.58.5
0
3.1
129.7-126.6
IV
2,479.0
922.6226.0625.3705.1
2,455.8
1,197.0
1,078.01 0551
22.9
168.8320.7241.3
79.4152.0
14.0
26.033.77.7
0
23.2
132.0-108.8
1997
I
2,526.6
955.7241.2.610.2719.5
2,477.4
1,209.7
1,091.010805
10.5
164.9317.9233.3
84.6153.0
14.3
26.134.18.0
0
49.2
129.9-80.7
II
2,566.8
979.2244.5616.2726.9
2,498.7
1,221.6
1,100.81,090.0
10.8
164.9319.1227.9
91.2154.1
14.7
26.034.6
8.6
0
68.1
132.0-63.9
III
2,616.7
998.0258.2625.4735.0
2,516.1
1,230.8
1,108.51,098.4
10.0
165.6319.7225.9
93.9154.1
14.7
25.834.78.8
0
100.6
135.8-35.1
IV
1,021.8
625.8746.9
2,550.3
1,244.9
1,129.01,107.2
21.8
164.7320.0
155.3
14.9
26.734.9
8.2
0
142.9
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
D-8 • National Data SURVEY OF CURRENT BUSINESS March 1998
Table 3.2.—Federal Government Receipts and Current Expenditures[Billions of dollars]
Receipts
Personal tax and nontax receiptsIncome taxesEstate and gift taxesNontaxes . .
Corporate profits tax accruals ....Federal Reserve banksOther
Indirect business tax and nontaxaccrualsExcise taxesCustoms dutiesNontaxes
Contributions for social insurance
Current expenditures
Consumption expenditures
Transfer payments (net)To personsTo the rest of the world (net)
Grants-in-aid to State and localgovernments . ..
Net interest paidInterest paid
To persons and businessTo the rest of the world
Less: Interest received bygovernment
Subsidies less current surplus ofgovernment enterprisesSubsidiesLess: Current surplus of
government enterprises
Less: Wage accruals lessdisbursements
Current surplus or deficit(-), national incomeand product accounts
Social insurance fundsOther ,
1996
1,587.6
686.7666.8
17.52.5
194520.1
174.4
95.856.419.220.2
610.5
1,698.1
451.5
763.5747.2
16.3
218.3
227.1253.1181.8
71.3
26.0
37.733.1
-4.6
0
-110.5
55.3-165.8
1997
774.4751.1
20.62.7
91.358.719.712.9
645.9
1,752.2
463.9
795.5782.2
13.3
224.2
230.2254.5
24.3
38.434.2
-4.1
0
63.7
Seasonally adjusted at annual rates
1996
III
1,598.6
695.7674.8
18.42.5
196.720.1
176.6
91.555.720.215.5
614.8
1,698.2
454.0
761.5749.7
11.9
218.7
226.6253.4179.5
74.0
26.9
37.433.1
-4.2
0
-99.5
58.2-157.8
IV
1,641.6
717.5697.2
17.72.6
192.020.4
171.7
110.259.616.833.7
622.0
1,718.8
453.6
777.3754.4
22.9
217.5
231.8256.1176.779.4
24.3
38.533.4
-5.1
0
-77.1
60.6-137.7
1997
I
1,675.3
746.9725.0
19.32.6
204.920.9
184.0
88.256.518.613.2
635.3
1,730.8
458.0
785.9775.5
10.5
219.6
228.9253.2168.784.6
24.4
38.433.8
-4.7
0
-55.5
58.7-114.2
II
1,709.3
767.9744.1
21.12.6
207.721.2
186.5
92.259.020.512.7
641.5
1,746.0
464.2
791.4780.5
10.8
222.5
229.8254.4163.3
91.2
24.6
38.134.3
-3.9
0
-36.8
60.4-97.2
III
1,741.8
781.9758.5
20.72.7
219.321.7
197.7
92.459.020.912.6
648.2
1,752.6
464.7
794.5784.5
10.0
224.2
231.2255.1161.2
93.9
23.9
37.934.3
-5.6
0
-10.8
64.4-75.2
IV
800.8776.7
21.42.7
92.360.419.013.0
658.6
1,779.4
468.5
810.3788.5
21.8
230.6
231.0255.4
24.3
39.034.5
-4.5
0
71.3
Table 3.3—State and Local Government Receipts and CurrentExpenditures[Billions of dollars]
Receipts
Personal tax and nontax receiptsIncome taxesNontaxesOther
Corporate profits tax accruals ....
Indirect business tax and nontaxaccrualsSales taxesProperty taxesOther
Contributions for social insurance
Federal grants-in-aid
Current expenditures
Consumption expenditures
Transfer payments to persons ...
Net interest paidInterest paidLess: Interest received by
government
Less: Dividends received bygovernment
Subsidies less current surplus ofgovernment enterprisesSubsidiesLess: Current surplus of
government enterprises
Less: Wage accruals lessdisbursements
Current surplus or deficit(-), national incomeand product accounts
Social insurance fundsOther
1996
1,043.4
200.2149.128.822.3
34.5
508.9249.8202.3
56.8
81.4
218.3
938.0
730.9
294.8
-61.764.6
126.3
13.6
-12.3.3
12.7
0
105.3
71.3341
1997
214.3159.8
31.023.5
528.1257.4208.7
62.0
86.2
224.2
982.6
762.9
311.8
-65.264.6
129.9
14.6
-12.2.3
12.6
0
71.4
Seasonally adjusted at annual rates
1996
III
1,046.7
201.7150.329.122.3
34.9
509.4249.6203.0
56.8
82.0
218.7
944.2
735.9
296.6
-62.264.6
126.8
13.7
-12.4.3
12.8
0
102.6
71.531.1
IV
1,054.9
205.1153.129.622.5
34.0
515.1251.9204.7
58.5
83.1
217.5
954.5
743.3
, 300.6
-63.064.7
127.7
14.0
-12.5.3
12.8
0
100.4
71.428.9
1997
I
1,070.9
208.7155.730.122.9
36.4
522.0256.2206.2
59.6
84.2
219.6
966.1
751.7
305.1
-64.064.6
128.6
14.3
-12.3.3
12.7
0
104.7
71.333.5
II
1,080.0
211.3157.430.723.3
36.8
524.0255.6207.8
60.6
85.4
222.5
975.1
757.4
309.5
-64.964.6
129.5
14.7
-12.2.3
12.5
0
104.9
71.633.3
III
1,099.1
216.1161.2
31.323.7
38.9
533.0258.4209.4
65.2
86.8
224.2
987.7
766.1
314.0
-65.664.6
130.3
14.7
-12.1.3
12.4
0
111.4
71.4
40.0
IV
221.0165.131.824.0
533.4259.2211.5
62.7
88.4
230.6
1,001.4
776.3
318.7
-66.464.7
131.0
14.9
-12.4.3
12.7
0
71.5
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1998 SURVEY OF CURRENT BUSINESS National Data • D-9
Table 3.7.—Government Consumption Expenditures and GrossInvestment by Type
[Billions of dollars]
Table 3.8.—Real Government Consumption Expenditures and Real GrossInvestment by Type
[Billions of chained (1992) dollars]
Government consumptionexpenditures andgross investment '
Federal
National defenseConsumption expenditures
Durable goods 2
Nondurable goodsServices
Compensation ofgeneral governmentemployees, exceptforce-accountconstruction 3
Consumption ofgeneral governmentfixed capital4
Other servicesGross investment
StructuresEquipment
NondefenseConsumption expenditures
Durable goods 2
Nondurable goodsCommodity Credit
Corporationinventory change ...
Other nondurablesServices
Compensation ofgeneral governmentemployees, exceptforce-accountconstruction 3
Consumption ofgeneral governmentfixed capital4
Other servicesGross investment
StructuresEquipment
State and localConsumption expenditures
Durable goods 2
Nondurable goodsServices
Compensation of generalgovernmentemployees, exceptforce-accountconstruction 3
Consumption of generalgovernment fixedcapital4
Other servicesGross investment
StructuresEquipment
Addenda:Compensation of general
government employees3 ....FederalState and local
1996
1,406.7
520.0
352.8305.7
22.37.9
275.6
135.2
57.383.047.06.8
40.2
167.3145.7
9
57
-.46.1
139.2
77.5
11.250.421.511.310.2
886.7730.9
15.378.2
637.5
547.2
56.633.7
155.7128.5
27.3
763.9212.8551.0
1997
1,452.7
523.8
350.4311.0
21.07.2
282.9
135.9
57.090.039.46.2
33.1
173.4152.8
.76.8
-.16.9
145.4
81.1
11.852.520.610.210.3
928.9762.9
15.880.5
666.5
570.6
59.037.0
166.0138.4
27.6
791.8217.1574.7
Seasonally adjusted at annual rates
1996
III
1,413.5
521.6
354.8309.3
24.78.5
276.1
135.9
57.283.045.56.6
38.8
166.8144.6
.75.2
_c
5£138.7
77.6
11.349.822.111.310.9
891.9735.9
15.478.3
642.2
551.1
56.834.3
156.0128.6
27.4
768.5213.5555.0
IV
1,422.3
517.6
350.6307.6
20.67.2
279.8
134.7
57.187.942.96.6
36.3
167.0146.0
c
s.'e
~.<*5.9
139.9
77.8
11.450.721.011.49.6
904.7743.3
15.580.3
647.6
555.4
57.334.9
161.4133.9
27.4
772.0212.6559.4
1997
I
1,433.1
516.1
343.3306.4
20.67.6
278.2
136.8
57.184.337.06.3
30.7
172.8151.7
.96.6
06.6
144.2
80.6
11.552.021.111.29.9
917.0751.7
15.681.0
655.1
561.1
58.136.0
165.2137.7
27.5
782.7217.5565.2
II
1,449.0
526.1
350.6311.3
21.96.8
282.7
136.1
57.089.639.36.2
33.1
175.5152.9
.86.7
—.26.8
145.5
81.4
11.752.522.610.512.0
923.0757.4
15.779.9
661.8
566.7
58.736.3
165.6138.0
27.6
788.4217.5570.9
III
1,457.9
525.7
352.1311.6
20.57.2
283.9
135.8
56.991.240.56.2
34.3
173.6153.1
.66.6
-.26.8
145.9
81.4
11.852.720.510.99.6
932.3766.1
15.980.3
669.9
573.7
59.237.0
166.2138.5
27.7
795.2217.3577.9
1. Gross government investment consists of general government and government enterprise expenditures
IV
Government consumptionexpenditures and
1,470.9 gross investment !
527.4 Federal
355.6 National defense314.8 Consumption expenditures21.1 Durable goods 2
7 1 Nondurable goods286 6 Services .
Compensation ofgeneral governmentemployees, exceptforce-account
134.8 construction3
Consumption ofgeneral government
57.0 fixed capital4
94 8 Other services . . ..40 8 Gross investment6 3 Structures
34.5 Equipment
171.8 Nondefense153.7 Consumption expenditures
6 Durable goods 2
7.2 Nondurable goodsCommodity Credit
Corporation-.2 inventory change ...7.4 Other nondurables
145.9 ServicesCompensation of
general governmentemployees, exceptforce-account
81.2 construction3
Consumption ofgeneral government
12.0 fixed capital4
52.7 Other services18.1 Gross investment8.2 Structures9.8 Equipment
943.5 State and local776.3 Consumption expenditures
161 Durable goods 2
81 0 Nondurable goods ..679.3 Services
Compensation of generalgovernmentemployees, exceptforce-account
580.8 construction3
Consumption of generalgovernment fixed
60.0 capital438 5 Other services
167.2 Gross investment139.5 Structures27.7 Equipment
Residual
801 0 Addenda:2160 Compensation of general5850 government employees3 ....
rsdsrai, , ., State and localfor fixed
1996
1,257.9
464.2
317.8275.5
21.87.2
246.5
117.2
51.478.042.35.6
36.5
146.1125.3
1.15.1
r\—.c.
5.4119.1
61.3
10.847.421.010.011.1
793.7653.6
14.471.5
567.9
479.9
52.037.4
140.1112.8
27.4
-2.1
661.9178.9483.2
1997
1,269.7
457.0
308.7273.0
20.46.6
245.8
112.9
50.483.035.75.0
30.6
147.9127.6
1.16.1
-.16.2
120.5
61.2
11.348.520.38.8
11.9
812.7666.6
14.874.1
577.9
486.9
53.439.4
146.1117.4
28.8
-2.9
664.6174.6490.5
Seasonally adjusted at annual rates
1996
III
1,261.5
465.7
319.4278.1
24.17.8
246.3
117.2
51.377.941.45.4
35.8
146.0124.6
1.14.7
-.45.1
118.9
61.7
10.846.721.610.011.9
795.9655.7
14.571.8
569.6
481.5
52.237.3
140.1112.6
27.6
-2.4
664.0179.4484.9
IV
1,261.8
459.6
313.6274.4
20.26.2
247.8
115.4
51.081.639.25.4
33.7
145.7125.1
g
.s!i
-.25.3
119.1
61.4
11.047.220.610.010.7
802.3657.8
14.672.5
570.9
482.0
52.637.9
144.5116.628.0
-2.2
662.3177.2485.4
1997
I
1,260.5
452.8
303.9270.3
20.06.6
243.5
114.5
50.878.433.55.0
28.2
148.5127.7
1.26.0
06.0
120.6
61.6
11.148.320.89.8
11.3
807.7661.1
14.773.2
573.5
483.5
52.938.8
146.6118.428.3
-2.1
663.2176.5487.1
II
1,270.1
460.1
309.4273.9
21.26.3
246.3
113.3
50.583.035.44.9
30.3
150.2128.2
1.26.0
-.26.1
121.1
61.9
11.248.622.29.1
13.8
810.1664.3
14.873.8
576.0
485.4
53.239.0
145.8117.228.6
-3.1
664.1175.6489.0
III
1,273.4
458.8
310.3273.6
19.96.9
246.6
113.0
50.383.936.74.9
31.7
148.0127.8
1.05.9
-.26.1
120.9
61.5
11.348.720.39.3
11.2
814.7668.6
14.974.4
579.5
488.2
53.539.6
146.1117.229.1
-3.0
666.2175.0491.7
IV
1,274.7
456.4
311.3274.2
20.66.6
246.9
111.0
50.086.637.15.0
32.0
144.8126.6
1.16.4
-.26.6
119.2
60.0
11.548.517.96.9
11.6
818.3672.5
15.075.1
582.7
490.5
53.840.2
145.8116.829.3
-3.8
664.7171.4494.0
assets; inventory investment is included in government consumption expenditures.2. Consumption expenditures for durable goods excludes expenditures classified as investment, except for goods
transferred to foreign countries by the Federal Government.3. Compensation of government employees engaged in new force-account construction and related expenditures
for goods and services are classified as investment in structures. The compensation of all general government em-ployees is shown in the addenda.
4. Consumption of fixed capital, or depreciation, is included in government consumption expenditures as a partialmeasure of the value of the services of general government fixed assets; use of depreciation assumes a zeronet return on these assets.
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantityindexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.The residual line is the difference between the first line and the sum of the most detailed lines, excluding thelines in the addenda.
See footnotes to table 3.7.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
D-10 • National Data SURVEY OF CURRENT BUSINESS March 1998
Table 3.10.—National Defense Consumption Expenditures and GrossInvestment
[Billions of dollars]
Table 3.11.—Real National Defense Consumption Expenditures and RealGross Investment
[Billions of chained (1992) dollars]
National defenseconsumptionexpenditures andgross investment '
Consumption expenditures
Durable goods2
AircraftMissilesShipsVehiclesElectronicsOther durable goods
Nondurable goods
Petroleum productsAmmunitionOther nondurable goods ....
Services
Compensation of generalgovernment employees,except force-accountconstruction3
MilitaryCivilian
Consumption of generalgovernment fixedcapital 4
Other servicesResearch and
developmentInstallation supportWeapons supportPersonnel supportTransportation of
materialTravel of personsOther
Gross investment
Structures
EquipmentAircraftMissilesShipsVehiclesElectronicsOther equipment
Addendum:Compensation of general
government employees3 ....
1996
352.8
305.7
22.39.73.2
.91.02.65.0
7.9
3.41.13.4
275.6
135.285.849.4
57.383.0
23.527.46.3
19.0
4.74.3
-2.1
47.0
6.8
40.29.34.16.8
.93.6
15.5
135.2
1997
350.4
311.0
21.09.63.0
.7
.92.54.2
7.2
2.91.33.0
282.9
135.986.749.1
57.090.0
27.526.86.8
22.4
4.43.8
-1.6
39.4
6.2
33.15.83.06.11.23.3
13.7
135.9
Seasonally adjusted at annual rates
1996
III
354.8
309.3
24.710.63.81.31.12.95.0
8.54.11.13.3
276.1
135.986.349.5
57.283.0
24.228.35.4
18.8
4.74.2
-2.6
45.5
6.6
38.87.64.36.6
.94.0
15.5
135.9
IV
350.6
307.6
20.69.22.8
.6g
£34.8
7.2
3.0.7
3.6
279.8
134.786.248.5
57.187.9
26.226.48.0
20.5
4.74.1
-1.9
42.9
6.6
36.35.93.76.3
.83.2
16.3
134.7
1997
I
343.3
306.4
20.69.22.8
.71.22.54.1
7.6
3.11.53.0
278.2
136.887.149.7
57.184.3
25.825.95.9
20.2
4.53.9
-1.8
37.0
6.3
30.74.72.95.61.03.3
13.2
136.8
II
350.6
311.3
21.910.13.1
.7
.92.64.4
6.8
3.01.12.7
282.7
136.186.749.4
57.089.6
27.526.76.9
22.4
4.23.9
-2.0
39.3
6.2
33.14.03.46.71.33.4
14.3
136.1
III
352.1
311.6
20.59.23.2
.7
.82.64.0
7.2
3.01.13.2
283.9
135.886.849.0
56.991.2
25.927.97.7
23.3
4.13.7
-1.5
40.5
6.2
34.36.82.96.41.33.3
13.5
135.8
IV
355.6
314.8
21.110.03.0
.6
.72.44.4
7.1
2.51.53.1
286.6
134.886.348.5
57.094.8
30.726.76.7
23.5
4.63.7
-1.1
40.8
6.3
34.57.52.95.81.23.1
14.0
134.8
1. Gross government investment consists of general government and government enterprise expenditures for fixedassets; inventory investment is included in government consumption expenditures.
2. Consumption expenditures for durable goods excludes expenditures classified as investment, except for goodstransferred to foreign countries.
3. Compensation of government employees engaged in new force-account construction and related expendituresfor goods and services are classified as investment in structures. The compensation of all general government em-ployees is shown in the addendum.
4. Consumption of fixed capital, or depreciation, is included in government consumption expenditures as a partialmeasure of the value of the services of general government fixed assets; use of depreciation assumes a zeronet return on these assets.
IV
National defenseconsumptionexpenditures and
355.6 gross investment '
314.8 Consumption expenditures
21 1 Durable goods 2
100 Aircraft30 Missiles
.6 Ships7 Vehicles
24 Electronics4.4 Other durable goods
7.1 Nondurable goods
2.5 Petroleum products1 5 Ammunition3.1 Other nondurable goods ....
286.6 Services
Compensation of generalgovernment employees,except force-account
1348 construction3
86 3 Military48 5 Civilian
Consumption of generalgovernment fixed
57 0 capital 4
94 8 Other servicesResearch and
30 7 development26.7 Installation support6.7 Weapons support
23.5 Personnel supportTransportation of
4 6 material3.7 Travel of persons
-1 1 Other
40.8 Gross investment
6.3 Structures ....
34.5 Equipment7 5 Aircraft29 Missiles5 8 Ships1 2 Vehicles3 1 Electronics
140 Other equipment
Residual
134g Addendum:Compensation of general
fixed government employees 3 ....
1996
317.8
275.5
21.89.33.4
.8
.92.74.67.2
3.11.03.2
246.5
117.276.940.4
51.478.0
23.524.95.7
17.2
4.74.1
-1.9
42.3
5.6
36.57.14.46.1
.84.4
14.1
-.6
117.2
1997
308.7
273.0
20.49.43.1.7.9
2.73.9
6.6
2.81.12.8
245.8
112.974.938.2
50.483.0
27.024.26.0
19.6
4.33.5
-1.4
35.7
5.0
30.64.93.05.41.04.5
12.3
-1.5
112.9
Seasonally adjusted at annual rates
1996
III
319.4
278.1
24.110.24.01.21.13.04.6
7.8
3.71.03.1
246.3
117.276.740.6
51.377.9
24.325.64.9
17.0
4.64.0
-2.3
41.4
5.4
35.86.44.55.9.7
5.013.9
-1.0
117.2
IV
313.6
274.4
20.28.93.1
c
'.£2.44.4
6.2
2.4.6
3.4
247.8
115.476.139.4
51.081.6
26.023.87.1
18.1
4.63.8
-1.6
39.2
5.4
33.75.04.05.6
.74.2
14.7
-.9
115.4
1997
I
303.9
270.3
20.08.92.J
li2.63.8
6.6
2.61.32.8
243.5
114.575.539.0
50.878.4
25.723.55.2
17.7
4.43.6
-1.6
33.5
5.0
28.24.02.94.9.9
4.311.8
-.5
114.5
II
309.4
273.9
21.29.83-J
!92.84.0
6.3
2.99
2.B
246.3
113.374.838.6
50.583.0
27.124.26.1
19.8
4.13.6
-1.7
35.4
4.9
30.33.33.45.91.14.6
12.7
-1.3
113.3
III
310.3
273.6
19.98.93.2.7.7
2.83.7
6.9
3.1g
sio246.6
113.074.938.2
50.383.9
25.425.26.7
20.5
4.03.4
-1.3
36.7
4.9
31.75.92.95.61.14.5
12.0
-.9
113.0
IV
311.3
274.2
20.69.83.0.6.6
2.54.06.6
2.51.32.9
246.9
111.074.436.9
50.086.6
29.923.95.8
20.3
4.63.4
-1.037.1
5.0
32.06.52.85.11.04.4
12.5
-1.4
111.0
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantityindexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.The residual line is the difference between the first line and the sum of the most detailed lines, excluding theline in the addendum.
See footnotes to table 3.10.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1998 SURVEY OF CURRENT BUSINESS National Data D-ll
4. Foreign Transactions.
Table 4.1.—Foreign Transactions in the National Income and ProductAccounts
[Billions of dollars]
Receipts from the rest ofthe world
Exports of goods and services ...Goods"1
DurableNondurable
Services l
Receipts of factor incomeCapital grants received by the
United States (net)Payments to the rest of
the worldImports of goods and services ...
Goods l
DurableNondurable
Services l
Payments of factor incomeTransfer payments (net)
From persons (net)From government (net) .From business
Net foreign investment
1996
1,105.1
870.9617.5421.2196.3253.3
2343
0
1 1051
965.7809.0533.6275.5156.7
232.6
39.815.916.37.6
-132.9
1997
958.0686.5481.7204.8271.5
0
1,058.8888.7589.8299.0170.0
39.417.913.38.3
Seasonally adjusted at annual rates
1996 j
III
1,099.0
863.7609.7415.8193.9254.0
235.4
0
1,099.0
977.6820.2540.3279.8157.5
242.3
35.415.911.97.7
-156.4
IV
1,153.4
904.6640.5438.8201.6264.2
248.8
0
1,153.4
993.2834.6541.3293.3158.6
245.6
47.416.722.9
7.8
-132.9
1997
I
1,170.4
922.2656.2455.9200.3266.0
248.2
0
1,170.4
1,021.0855.8563.4292.5165.2
262.5
35.217.010.57.7
-148.4
II
1,221.9
960.3690.0486.3203.7270.3
261.6
0
1,221.9
1,049.0880.1583.8296.3168.9
282.3
36.517.610.88.1
-146.0
III
1,235.2
965.8691.1485.6205.4274.8
269.4
0
1,235.2
1,077.1905.6603.2302.4171.6
290.1
36.918.210.08.7
-168.9
IV
983.8708.7499.0209.7275.1
0
1,088.0913.5608.8304.7174.5
49.018.521.88.7
Table 4.2.—Real Exports and Imports of Goods and Services andReceipts and Payments of Factor Income
[Billions of chained (1992) dollars]
Exports of goods and servicesGoods1
DurableNondurable
Services 'Receipts of factor incomeImports of goods and services
Goods1
DurableNondurable
Services l
Payments of factor income
1996
857.0628.4463.3169.1229.9214.2971.5823.1569.9253.5149.0210.2
1997
963.6725.2553.4180.6242.3
1,110.0947.7670.9279.8163.5
Seasonally adjusted at annual rates
1996
III
851.4623.0460.8166.4229.4214.8990.2841.7582.6259.4149.3
218.1
IV
901.1666.2494.0177.0236.8226.0
1,006.6857.5596.6261.6150.0
219.8
1997
I
922.7686.2517.0176.0238.9224.6
1,048.9891.3630.8263.3158.4
234.0
II
962.5725.8555.8179.2240.8236.3
1,099.1938.4660.7280.1161.8250.8
III
973.0731.8559.8181.1245.0242.5
1,137.1972.7688.5287.2165.8256.9
IV
996.4757.0580.8186.1244.5
1,154.9988.4703.6288.6168.0
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Govern-ment, are included in services. Beginning with 1986, repairs and alterations of equipment are reclassified from goodsto services.
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantityindexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Govern-ment, are included in services. Beginning with 1986, repairs and alterations of equipment were reclassified fromgoods to services.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
D-12 • National Data SURVEY OF CURRENT BUSINESS March
Table 4.3—Exports and Imports of Goods and Services by Type ofProduct
[Billions of dollars]
Table 4.4.—Real Exports and Imports of Goods and Services by Type ofProduct
[Billions of chained (1992) dollars]
Exports of goods andservices
Exports of goods 'Foods, feeds, and beveragesIndustrial supplies and
materialsDurable goodsNondurable goods
Capital goods, exceptautomotiveCivilian aircraft, engines,
and parts .....Computers, peripherals,
and parts . . .Other
Automotive vehicles, engines,and parts
Consumer goods, exceptautomotiveDurable goodsNondurable goods
OtherDurable goodsNondurable goods
Exports of services l
Transfers under U.S. militaryagency sales contracts
TravelPassenger faresOther transportationRoyalties and license feesOther private servicesOther
Imports of goods andservices
Imports of goods l
Foods, feeds, and beveragesIndustrial supplies and
materials, except petroleumand productsDurable goodsNondurable goods
Petroleum and productsCapital goods, except
automotiveCivilian aircraft, engines,
and partsComputers, peripherals,
and partsOther
Automotive vehicles, engines,and parts
Consumer goods, exceptautomotiveDurable goodsNondurable goods
OtherDurable goodsNondurable goods
Imports of services l
Direct defense expenditures ...TravelPassenger faresOther transportationRoyalties and license feesOther private servicesOther
Addenda:Exports of agricultural goods 2
Exports of nonagriculturalgoods
Imports of nonpetroleumgoods
1996
870.9
617.5
55.5
141.051.090.1
253.1
30.8
43.7178.6
65.0
70.135.834.332.716.316.3
253.3
13.569.920.627.230.072.219.9
965.7
809.0
35.7
125.263.162.172.7
229.0
12.7
61.5154.9
128.9
171.089.381.746.423.223.2
156.7
10.948.715.828.57.3
38.96.6
61.5
556.0
736.3
1997
958.0
686.5
51.0
152.755.197.7
294.5
41.4
49.5203.6
73.7
77.540.037.537.118.518.5
271.5
13.673.621.329.031.681.021.5
1,058.8
888.7
39.7
135.169.265.972.1
254.1
16.7
70.1167.3
141.3
192.998.494.553.526.826.8
170.0
11.453.317.529.88.5
42.76.9
58.3
628.2
816.6
Seasonally adjusted at annual rates
1996
III
863.7609.7
55.1
139.551.088.5
246.8
26.8
43.5176.5
66.2
69.435.533.932.716.316.3
254.0
12.870.620.926.930.072.420.4
977.6
820.2
35.8
127.164.762.476.2
227.4
13.0
61.7152.7
133.7
173.291.282.046.723.423.4
157.5
11.147.715.728.98.6
38.96.7
60.4
549.3
743.9
IV
904.6
640.5
55.8
145.951.994.0
265.3
36.7
43.3185.2
67.0
72.937.835.133.516.816.8
264.2
14.972.721.128.630.875.220.8
993.2
834.6
36.7
128.764.963.882.2
231.4
14.0
62.8154.6
128.9
179.492.487.047.223.623.6
158.6
10.949.016.228.77.1
40.06.8
61.8
578.7
752.4
1997
I
922.2
656.2
51.1
147.453.294.3
275.9
39.6
46.3190.0
70.9
75.338.137.235.617.817.8
266.0
12.374.521.328.230.977.721.0
1,021.0
855.8
38.0
130.765.765.076.7
237.3
13.6
65.5158.2
142.2
181.293.288.049.624.824.8
165.2
11.252.317.129.37.6
40.96.8
57.3
598.9
779.1
II
960.3
690.0
48.6
154.055.798.3
296.9
45.5
50.1201.3
73.4
78.941.237.738.219.119.1
270.3
14.072.621.228.831.980.221.5
1,049.0
880.1
40.0
134.369.464.971.0
251.7
15.5
70.5165.6
138.3
192.098.094.152.826.426.4
168.9
11.452.617.230.08.4
42.46.8
56.4
633.5
809.1
III
965.8
691.1
49.6
155.355.599.8
298.4
36.3
52.6209.5
73.1
77.039.837.237.718.818.8
274.8
14.274.121.529.231.882.521.6
1,077.1
905.6
40.5
137.670.367.370.4
262.5
19.0
73.6169.9
143.7
195.198.896.355.827.927.9
171.6
11.553.017.629.98.8
43.96.9
58.1
632.9
835.2
IV
983.8
708.7
54.9
154.255.998.3
306.7
44.2
48.9213.6
77.1
78.940.838.136.918.418.4
275.1
14.073.121.129.731.883.521.8
1,088.0
913.5
40.1
137.871.266.670.4
264.9
18.5
70.8175.6
141.1
203.1103.6
99.656.028.028.0
174.5
11.555.318.230.19.1
43.56.9
61.3
647.3
843.1
Exports of goods and servicesExports of goods '
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
Exports of services ' . .Transfers under U.S. military agency
sales contractsTravelPassenger faresOther transportationRoyalties and license feesOther private servicesOther
Residualimports of goods and services
Imports of goods l
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 .
Imports of services l
Direct defense expendituresTravelPassenger fares .. .Other transportationRoyalties and license fees .. .Other private servicesOther
ResidualAddenda:
Exports of agricultural goods2
Exports of nonagricultural goodsImports of nonpetroleum goods
1996
857.0
628.4
44.0121.9
44.877.1
310.427.097.2
203.362.467.334.932.431.515.815.8
229.9
12.262.618.725.827.467.016.3
-27.7
971.5
823.1
32.3
114.257.356.863.8
294.511.2
118.3177.6118.8165.386.678.743,221.621.6
149.0
10.144.614.927.66.7
39.26.0
-22.2
48.6581.3757.8
1997
963.6
725.2
43.8132.5
48.883.7
388.235.0
145.9242.070.173.838.535.336.818.418.4
242.3
12.364.020.027.528.574.116.4
-59.1
1,110)
947.7
35.5
123.361.761.567.0
377.514.1
170.3217.5129.9188.697.691.050.325.125.1
163.5
11.450.515.728.97.6
43.36.3
-50.0
49.3679.5880.9
Seasonally adjusted at annual rates
1996
III
851.4623.0
42.8121.345.476.0
305.823.3
100.3202.463.566.534.532.031.615.815.8
229.4
11.662.919.125.427.367.016.2
-29.9990.2841.732.5
116.958.858.167.5
298.611.4
121.5179.1123.1167.688.678.943.621.821.8
149.310.343.015.028.07.8
39.36.1
-22.4
46.8578.1772.3
IV
901.1666.247.2
126.646.380.4
337.231.8
106.8217.2
64.169.836.833.033.016.516.5
236.8
13.564.418.826.728.069.316.2
-32.41,0065857.533.2
117.759.158.564.0
319.612.2
130.2191.8118.7173.990.083.944.022.022.0
150.010.044.715.127.46.4
40.36.2
-29.1
51.7616.0792.7
1997
I
922.7686.243.2
127.646.980.8
356.133.7
122.3224.767.671.836.835.035.117.617.6
238.9
11.165.320.726.528.071.416.3
-42.81,04®891.3
34.2
118.359.159.262.2
340.311.7
144.4202.8131.0176.591.584.946.423.223.2
158.411.049.115.728.16.9
41.46.3
^7.0
47.7641.6829.7
II
962.5725.8
40.9133.549.184.5
388.738.7
142.5238.769.875.239.735.537.818.918.9
240.8
12.663.419.427.228.873.516.3
-55.91,099938.435.3
123.361.761.668.1
369.413.2
165.2214.5127.6187.697.090.549.624.824.8
161.811.249.915.328.97.6
42.96.3
-47.3
47.2682.8870.3
III
973.0731.842.7
134.348.985.4
396.030.6
160.7249.4
69.573.238.434.837.518.718.7
245.0
12.864.619.927.828.675.416.4
-70.31,1371972.736.2
125.562.263.269.2
393.416.1
183.7221.2132.0191.098,292.752.426.226.2
165.811.750.615.629.17.9
44.76.3
-55.9
49.5686.1903.7
IV
996.4757.0
48.3134.450.384.2
412.137.2
158.2255.3
73.374.939.235.736.718.418.4
244.5
12.762.820.228.328.576.016.5
-67.11,150988.436.1
126.063.961.968.6
406.815.5
187.9231.4129.1199.4103.695.852.826.426.4
168.011.552.316.129.58.1
44.16.3
-59.6
53.0707.4920.1
NOTE.-Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantityindexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.The residual line following the detail for exports is the difference between the aggregate "exports of goods andservices" and the sum of the detailed lines for exports of goods and export of services. The residual line followingthe detail for imports is the difference between the aggregate "imports of goods and services" and the detailedlines for imports of goods and imports of services.
See footnotes to table 4.3.
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Govern-ment, are included in services. Beginning with 1986, repairs and alterations of equipment are reclassified from goodsto services.
2. Includes parts of foods, feeds, and beverages; of nondurable industrial supplies and materials; and of nondura-ble nonautomotive consumer goods.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1998 SURVEY OF CURRENT BUSINESS National Data D-13
5. Saving and Investment-
Table 5.1.—Gross Saving and investment[Billions of dollars]
Gross savingGross private saving
Personal savingUndistributed corporate profits with inventory valuation and capital consumption adjustments
Undistributed profitsInventory valuation adjustmentCapital consumption adjustment . . . .
Corporate consumption of fixed capitalNoncorporate consumption of fixed capital :Wage accruals less disbursements
Gross government saving .. .Federal .
Consumption of fixed capitalCurrent surplus or deficit (— ) national income and product accounts
State and localConsumption of fixed capital ...Current surplus or deficit (— ) national income and product accounts
Capital grants received by the United States (net)Gross investment
Gross private domestic investment ....Gross government investmentNet foreign investment
Statistical discrepancyAddendum:
Gross savina as a Dercentaae of aross national product
1996
1,267.8
1,125.5239.6202.1142.8-2.561.8
452.3230.5
1.1
142.3-39.2
71.2-1105
181.576.2
1053
0
1,207.9
1,116.5224.3
-132.9
-59.9
16.6
1997
224.7
5.769.8
475.6241.2
1.2
71.6
79.5
0
1,240.9226.0
Seasonally adjusted at annual rates
1996
III
1,295.91,145.1
254.0202.3141.8-2.763.2
455.5232.2
1.1
150.8-283
71.2-99.51791
76.51026
0
1,216.4
1,149.2223.6
-156.4
-79.5
16.9
IV
1,303.0
1,131.4220.4212.6144.9
3.364.4
462.0235.2
1.1
171.6-5.971.3
-77.1177.5
77.21004
0
1,243.5
1,151.1225.3
-132.9
-59.5
16.7
1997
I
1,332.9
1,134.0215.9211.5140.3
3.567.7
467.4238.0
1.2
198.915.971.4
-55.5182.9
78.21047
0
1,268.6
1,193.6223.3
-148.4
-64.3
16.8
II
1,396.9
1,178.1247.0217.6142.3
5.969.4
472.6239.7
1.2
218.834771.5
-36.81841
79.21049
0
1,323.4
1,242.0227.4
-146.0
-73.5
17.4
III
1,411.6
1,159.6208.2230.0156.1
3.670.3
478.0242.4
1.2
251.960.871.6
-10.8191.1
79.7111 4
0
1,308.4
1,250.2227.1
-168.9
-103.2
17.4
IV
227.8
9.671.6
484.5244.7
1.2
71.8
80.8
0
1,277.8226.0
Table 5.4.—Private Fixed Investment by Type[Billions of dollars]
Table 5.5.—Real Private Fixed Investment by Type[Billions of chained (1992) dollars]
Private fixed investment
Nonresidential
StructuresNonresidential buildings,
including farmUtilitiesMining exploration, shafts,
and wellsOther structures
Producers' durableequipment .Information processing and
related equipmentComputers and
peripheral equipment 'Other
Industrial equipmentTransportation and related
eauiDmentother..!... :.:Residential
StructuresSingle familyMultifamilyOther structures
Producers' durableeauiDment
1996
1,090.7
781.4
215.2
159.833.3
16.16.2
566.2
195.1
78.7116.3127.5
134.5109.1
309.2
301.7159.1
20.3122.3
7.5
1997
1,172.6
845.4
229.9
174.433.1
16.06.4
615.5
212.2
85.3126.9134.8
149.1119.5
327.2
319.3163.7
22.8132.8
7.9
Seasonally adjusted at annual rates
1996
III
1,112.0
798.6
217.7
162.532.7
16.56.0
580.9
201.1
80.9120.3128.2
140.0111.5
313.5
305.9162.2
19.2
124.5
7.5
IV
1,119.2
807.2
227.0
171.234.1
16.05.8
580.2
200.3
81.0119.3127.9
140.1111.9
312.0
304.4160.6
20.1123.7
7.6
1997
I
1,127.5
811.3
227.4
174.032.0
16.15.3
583.9
202.8
81.8121.0127.7
137.7115.7
316.2
308.3161.0
21.9125.3
7.9
II
1,160.8
836.3
226.8
172.133.7
15.65.5
609.5
208.4
84.5123.9134.9
147.1119.1
324.6
316.7162.5
23.0131.2
7.9
III
1,201.3
872.0
232.9
177.533.2
16.25.9
639.1
219.5
88.1131.3137.5
159.9122.2
329.3
321.4163.1
22.3135.9
8.0
IV
1,200.8
861.9
232.5
174.233.6
16.08.8
629.4
218.0
86.8131.2138.9
151.5121.0
338.9
331.0168.1
24.0138.8
7.9
1. Includes new computers and peripheral equipment only.
Private fixed investment
Nonresidential
StructuresNonresidential buildings,
including farmUtilitiesMining exploration, shafts,
and wellsOther structures
Producers' durableequipmentInformation processing and
related equipmentComputers and
peripheral equipment !Other
Industrial equipmentTransportation and related
eQuiomentOther
Residential
StructuresSingle familyMultifamilyOther structures
Producers' durableequipment
Residual
1996
1,041.7
771.7
188.7
140.029.3
13.95.5
586.0
253.1
160.8116.3117.0
125.0100.8
272.1
265.0136.6
18.6110.2
7.1
^39.4
1997
1,122.2
846.8
195.2
148.328.1
13.25.5
657.7
305.9
225.3127.2123.1
137.4109.5
279.6
272.1136.820.2
115.7
7.5
-75.6
Seasonally adjusted at annual rates
1996
III
1,060.9
789.3
190.0
141.728.7
14.15.4
602.9
264.3
170.0120.3117.6
129.5102.8
274.1
266.9138.3
17.5111.5
7.2
-43.7
IV
1,068.7
800.8
196.9
148.429.5
13.85.1
606.7
270.4
182.4119.3116.9
129.7102.5
271.1
263.9136.2
18.0110.0
7.2
-50.3
1997
I
1,079.0
808.9
195.9
150.127.5
13.64.6
616.6
281.4
195.8121.5116.8
127.5106.1
273.3
265.9136.2
19.6110.5
7.4
-58.2
II
1,111.4
837.0
193.5
147.128.7
13.04.7
649.3
296.9
216.1124.4123.5
136.0109.1
278.2
270.8136.520.4
114.4
7.5
-70.0
III
1,149.3
874.5
196.7
150.128.0
13.45.1
685.3
320.5
240.5131.5125.6
146.8112.1
280.1
272.6135.7
19.6117.9
7.6
-S4.6
IV
1,149.2
866.6
194.5
145.828.2
13.07.5
679.7
324.9
248.8131.5126.6
139.5110.8
286.7
279.1138.921.0
119.9
7.5
-89.8
1. Includes new computers and peripheral equipment only.NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula ior the chain-type quantityindexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.The residual line is the difference between the first line and the sum of the most detailed lines.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
D-14 • National Data SURVEY OF CURRENT BUSINESS March 1998
Table 5.10.—Change in Business Inventories by Industry[Billions of dollars]
Table 5.11.—Real Change in Business Inventories by Industry[Billions of chained (1992) dollars]
Change in businessinventories
FarmNonfarm
Change in book valueInventory valuation
adjustmentManufacturing
Durable goodsNondurable goods
Wholesale tradeDurable goodsNondurable goods
Merchant wholesalers ....Durable goodsNondurable goods
NonmerchantwholesalersDurable goodsNondurable goods
Retail tradeDurable goods
Motor vehicle dealers ....Other
Nondurable goodsOther
Durable goodsNondurable goods
1996
25.92.9
23.028.2
-5.110.610.2
.43.32.5
.82.41.9.5
.9
.6
.34.11.9
-1.63.52.35.02.32.6
1997
68.36.6
61.750.4
11.223.113.49.7
21.811.810.018.1
^10.08.1
3.71.81.97.35.4
4.$2.09.41.97.5
Seasonally adjusted at annual rates
1996
III
37.15.8
31.333.8
-2.415.314.4
.9-7.7
4.7-12.4-6.0
4.2-12.1
.3
.6-.3
21.214.611.92.76.62.5-.52.9
IV
31.93.2
28.732.6
-3.913.36.86.4
10.1-5.515.611.7^3.214.8
-1.6-2.3
.81.1
-3.3-5.3
2.04.44.3
.83.4
1997
I
66.13.9
62.244.5
17.722.312.99.3
24.315.48.9
18.912.36.6
5.43.12.3
.61.4
-2.94.2-.8
15.2,2.113.0
II
81.16.2
74.957.5
17.430.919.111.826.023.52.4
18.418.6-.2
7.64.92.78.32.4
-4.06.45.99.81.88.0
III
48.98.1
40.938.2
2.615.810.35.5
15.84.0
11.815.14.3
10.9
.7-.31.03.01.7-.62.31.36.32.63.7
IV
Change in business inventories ....T™ Farm8.5 Nonfarm
Manufacturino61-4 Durable goods
Nondurable goodsWholesale trade
23.5 Durable goods1 1 .3 Nondurable goods12-3 Merchant wholesalers21-0 Durable goods4.1 Nondurable aoods
Nonmerchant wholesalers19.9 Durable goods4.8 Nondurable goods
15-1 Retail tradeDurable goods
1.1 Motor vehicle dealers"7 Other1-8 Nondurable goods
17.5 other16.1 Durable aoods10-6 Nondurable goods15 Residual
J-jj NoiE.-Chained (1992) dollar series for real cha1 -u change in chained-dollar end-of-period inventories.5.5 nual rates. Because the formula for the chain-typ
NOTF— Estimates for nonfarm industries other than manufacturino and trade for 1986 and earlier oeriods are line and the sum of the most detailed lines. See no
1996
25.0
2.622.5
9.99.7
.44.02.41.63.21.81.3.8.6.3
4.01.7
-1.43.32.34.52.12.4-.4
1997
65.7
8.057.8
21.712.88.9
20.611.39.1
17.19.67.43.51.71.86.94.9
.74.31.98.61.67.00
Seasonally adjusted at annual rates
1996
III
37.96.5
31.614.313.8
.8-5.0
4.5-9.0-5.2
3.9-6.7
.3
.5-.2
20.013.310.62.56.52.3-.42.8-.7
IV
32.96.4
26.512.36.65.79.4
-5.213.910.9-3.013.3-1.5-2.3
.6
.9-3.0-4.7
1.84.13.9
.73.2
.5
1997
I
63.75.3
58.320.912.38.5
22.914.88.1
17.811.86.05.13.02.1
.61.2
-2.53.9-.7
13.71.8
12.0.2
II
77.67.5
70.129.018.210.824.622.72.3
17.517.9-.17.24.82.57.72.0
-3.75.95.88.91.57.5
-1.0
III
47.59.5
38.314.89.95.0
14.93.8
10.814.34.19.9
.6-.3
.92.81.5-.62.11.35.72.33.40
IV
74.09.8
64.422.310.811.319.84.0
15.318.74.7
13.61.1-.71.7
16.514.79.55.11.45.9
.95.2
.7
ige in business inventories are calculated as the period-to-periodQuarterly changes in end-of-period inventories are stated at an-e quantity indexes uses weights of more than one period, thenot additive. The residual line is the difference between the firste to table 5.10.
based on the 1972 Standard Industrial Classification (SIC). Manufacturing estimates for 1981 and earlier periodsand trade estimates for 1966 and and earlier periods are based on the 1972 SIC; later estimates for these industriesare based on the 1987 SIC. The resulting discontinuities are small.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1998 SURVEY OF CURRENT BUSINESS National Data D-15
Table 5.12.—Inventories and Domestic Final Sales of Business byIndustry
[Billions of dollars]
Table 5.13.—Real Inventories and Real Domestic Final Sales of Businessby Industry
[Billions of chained (1992) dollars]
Inventories l
FarmNonfarm
Durable goodsNondurable goods
ManufacturingDurable goodsNondurable goods
Wholesale tradeDurable goodsNondurable goods
Merchant wholesalersDurable goodsNondurable goods
Nonmerchant wholesalersDurable goodsNondurable goods
Retail tradeDurable goods
Motor vehicle dealersOther
Nondurable goodsOther
Durable goodsNondurable goodsFinal sales of domestic business2 ...Final sales of goods and structures of
domestic 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
1996
III
1,287.1106.0
1,181.2675.6505.5436.3271.4164.9300.3186.6113.6257.9161.996.042.424.817.6
312.5168.885.583.3
143.6132.148.783.4
533.1
285.9
2.412.22
4.13
IV
1,294.5102.6
1,191.9675.2516.7440.3273.7166.6300.8184.9116.0258.6160.797.942.324.118.1
313.0167.783.983.9
145.3137.748.988.8
542.6
289.9
2.392.20
4.11
1997
I
1,306.1107.2
1,198.9684.4514.5443.3277.0166.3306.2188.7117.5263.4163.999.542.824.917.9
313.3168.783.685.1
144.6136.150.086.2
550.0
294.1
2.372.18
4.08
II
1,318.1107.7
1,210.4693.2517.2448.0280.7167.3310.8194.4116.4266.6168.4
98.244.226.118.2
313.2167.7
80.986.7
145.6138.350.587.9
556.2
296.1
2.372.18
4.09
III
1,334.1109.1
1,225.0697.0528.0453.5283.2170.3316.1195.0121.2271.4169.0102.4
44.725.918.8
314.7168.080.787.3
146.7140.750.889.9
565.2
301.1
2.362.17
4.07
IV
1,342.1108.1
1,234.0702.8531.2456.8285.5171.4318.6195.1123.6274.3169.4104.8
44.425.618.8
318.0171.382.988.4
146.7140.550.989.6
570.8
301.9
2.352.16
4.09
1. Inventories are as of the end of the quarter. The quarter-to-quarter change in inventories calculated from cur-rent-dollar inventories in this table is not the current-dollar change in business inventories (CBI) component of GDP.The former is the difference between two inventory stocks, each valued at their respective end-of-quarter prices.The latter is the change in the physical volume of inventories valued at average prices of the quarter. In addition,changes calculated from this table are at quarterly rates; whereas, CBI is stated at annual rates.
2. Quarterly totals at monthly rates. Final sales of domestic business equals final sales of domestic product lessgross product of households and institutions and of general government and includes a small amount of final salesby farm.
Inventories 1
FarmNonfarm
Durable goodsNondurable goods
ManufacturingDurable goodsNondurable goods
Wholesale tradeDurable goodsNondurable goods
Merchant wholesalersDurable goodsNondurable goods
Nonmerchant wholesalersDurable goodsNondurable goods
Retail tradeDurable goods
Motor vehicle dealersOther
Nondurable goodsOther
Durable goodsNondurable goods
ResidualFinal 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
1996
III
1,200.7100.9
1,099.3634.3464.9406.6259.3147.5280.1179.2101.1240.1155.185.339.924.215.8
292.4153.275.777.5
138.9120.142.377.7
.5484.7
268.2
2.482.27
4.10
IV
1,208.9102.5
1,105.9634.0471.7409.7260.9148.9282.4177.9104.6242.8154.388.639.523.616.0
292.7152.474.578.0
140.0121.142.578.4
.7491.1
271.8
2.462.25
4.07
1997
I
1,224.8103.8
1,120.5641.5478.8414.9264.0151.1288.1181.6106.6247.3157.390.140.824.316.5
292.8152.773.979.0
139.8124.542.981.4
.7495.1
274.5
2.472.26
4.08
II
1,244.2105.7
1,138.0652.5485.4422.1268.6153.8294.3187.3107.2251.7161.890.142.625.517.1
294.7153.273.080.4
141.2126.7
43.383.3
.4498.5
275.6
2.502.28
4.13
III
1,256.1108.0
1,147.6656.8490.6425.8271.0155.0298.0188.3109.9255.2162.892.642.825.517.3
295.4153.6
72.881.0
141.5128.2
43.984.2
.5505.0
280.0
2.492.27
4.10
IV
1,274.6110.5
1,163.7664.5499.0431.4273.7157.8303.0189.3113.7259.9164.096.043.025.317.7
299.5157.375.282.3
141.9129.7
44.185.5
.6508.7
280.6
2.512.29
4.15
1. Inventories are as of the end of the quarter. Quarter-to-quarter changes calculated from this table are at quar-terly rates, whereas, the change in the business inventories component of GDP is stated at annual rates.
2. Quarterly totals at monthly rates. Final sales of domestic business equals final sales of domestic product lessgross product of households and institutions and of general government and includes a small amount of final salesby farm.
NOTE.—Chained (1992) dollar inventory series are calculated as the product of the chain-type quantity index andthe average of the end-of-year fixed-weighted inventories for 1991 and 1992, divided by 100. Chained (1992) dollarfinal sales series are calculated as the product of the chain-type index and the 1992 current-dollar value of thecorresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights of morethan one period, the corresponding chained-dollar estimates are usually not additive. The residual line is the dif-ference between the first line and the sum of the most detailed lines for inventories.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
D-16 • National Data SURVEY OF CURRENT BUSINESS March 1998
6. Income and Employment by Industry.
Table 6.1C.—National Income Without Capital Consumption Adjustmentby Industry
[Billions of dollars]
Table 6.16C.—Corporate Profits by Industry[Billions of dollars]
National income withoutcapital consumptionadjustment
Domestic industriesPrivate industries
Agriculture, forestry, andfishing
MiningConstruction .
ManufacturingDurable goodsNondurable goods
Transportation and publicutilitiesTransportationCommunicationsElectric, gas, and
sanitary servicesWholesale tradeRetail tradeFinance, insurance, and
real estateServices
Government
Rest of the world
1996
6,219.6
6,217.9
5,362.6
1056469
2852
1 1101634.5475.6
4567191 01350
130.8
34915037
1,095.31 4101
855.3
1.7
1997
Seasonally adjusted at annual rates
1996
III
6,267.7
6,274.7
5,415.0
109046.9
286.9
1,120.8642.7478.1
45931946137.0
127.7
350.6506.8
1,111.51,423.2
859.7
-7.0
IV
6,340.4
6,337.3
5,472.0
109645.0
291.4
1,122.1639.4482.8
4573192.3133.1
131.9
364.8512.3
1,116.51,452.9
865.2
3.1
1997
I
6,470.8
6,485.1
5,608.9
110848.2
298.2
1,134.6651.0483.6
46711996135.5
132.0
372.4527.7
1,168.91,481.1
876.2
-14.3
II
6,557.3
6,578.0
5,696.1
115549.2
302.2
1,160.5669.7490.8
471.5203.0135.2
133.3
379.3533.0
1,185.01,500.1
881.9
-20.7
III
6,657.5
6,678.2
5,788.8
114148.0
307.4
1,187.8691.2496.6
477.2207.6139.0
130.6
388.7542.6
1,199.21,523.7
889.4
-20.7
IV Corporate profits with inventoryvaluation and capitalconsumption adjustments
Domestic industries
Financial .Nonfinancial
Rest of the world
Receipts 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 productsIndustrial 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 utilitiesTransportationCommunicationsElectric, gas, and sanitary services
Wholesale tradeRetail tradeOther
Rest of the world
1996
735.9
640.0
942545.8
95.9
132736.7
674.1
578.2103.5
22.081.5
474.720559905.6
17.1
?58
239-3.229.8
106528.531.210036891.711.736044.038.3489903
95.9
1997
Seasonally adjusted at annual rates
1996
III
739.6
647.8
94.6553.3
91.8
133.441.6
676.4
584.6104.0
22.082.0
480.7210.5102.9
7.018.0
P56
25.2
-1.528.6
107.728.831510.037.391.213037.640.637.750690.6
91.8
IV
747.8
640.3
78.5561.7
107.5
142.635.0
683.4
575.888.122.365.8
487.8209.7
99.75.1
18.1
246
29.6-8.330.6
109.934228.911.934.990.511 434.844.347.448391.9
107.5
1997
I
779.6
682.2
106.8575.4
97.4
139.942.5
711.9
614.5116.5
22.893.7
498.0208.2101.3
3.917.4
240
31.4-1.325.9
106.928028812.437.791.514933.842.849.055.194.2
97.4
II
795.1
694.4
107.7586.7
100.8
148.347.5
725.7
624.9117.5
23.294.3
507.4221.0111.8
5.618.4
278
33.3^3.530.2
109.228229910.340.889.616430.842.449.554.992.4
100.8
III
827.3
727.5
109.3618.2
99.9
150.550.6
757.1
657.2119.4
23.795.7
537.8240.4128.1
7.620.8
325
36.7.4
30.0112.329130012.440.990.016933.439.854.157 995.3
99.9
IV
NOTE— Estimates in this table are based on the 1987 Standard Industrial Classification.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March SURVEY OF CURRENT BUSINESS National Data D-I7
7. Quantity and Price Indexes.
Table 7.1.—Quantity and Price Indexes for Gross Domestic Product[Index numbers, 1992=100]
Gross domestic product:Current dollarsChain-type quantity indexChain-type price index ...Implicit price deflator
Personal consumptionexpenditures:Current dollarsChain-type quantity indexChain-type price indexImplicit price deflator
Durable goods:Current dollarsChain-type quantity index ...Chain-type price indexImplicit price deflator
Nondurable goods:Current dollarsChain-type quantity index ...Chain-type price indexImplicit price deflator
Services:Current dollarsChain-type quantity index ...Chain-type price indexImplicit price deflator
Gross private domesticinvestment:Current dollarsChain-type quantity indexChain-type price indexImplicit price deflator
Fixed investment:Current dollarsChain-type quantity index ...Chain-type price index ........Implicit price deflator
Nonresidential:Current dollarsChain-type quantity indexChain-type price index ...Implicit price deflator
Structures:Current dollarsChain-type quantity
indexChain-type price indexImplicit price deflator
Producers' durableequipment:Current dollarsChain-type quantity
indexChain-type price indexImplicit price deflator
Residential:Current dollarsChain-type quantity indexChain-type price index ...Implicit price deflator
1996
122.29110.95110.22110.21
123.41111.71110.47110.47
129.88125.09103.83103.83
116.11108.36107.15107.15
126.10110.86113.76113.76
141.26135.26104.50104.43
139.22132.97104.70104.70
140.07138.33101.26101.26
127.22
111.51114.09114.09
145.67
150.7796.6296.62
137.10120.64113.64113.64
1997
129.41115.14112.45112.40
130.06115.39112.72112.71
134.92132.12102.16102.12
120.45110.36109.15109.14
134.34114.79117.04117.04
156.99151.27104.12103.78
149.67143.25104.51104.49
151.53151.7999.8699.83
135.89
115.36117.84117.80
158.34
169.2293.6293.58
145.07123.95117.03117.04
Seasonally adjusted
1996
III
122.93111.20110.59110.54
123.88111.81110.80110.79
129.87125.25103.72103.69
116.38108.48107.29107.28
126.78110.93114.29114.28
145.38139.21104.63104.44
141.94135.42104.85104.82
143.15141.48101.21101.18
128.66
112.32114.58114.55
149.45
155.1096.3896.36
138.97121.51114.37114.36
IV
124.80112.38111.10111.05
125.79112.72111.61111.60
130.64126.32103.45103.41
118.03109.03108.26108.25
129.07111.99115.26115.25
145.63139.77104.50104.19
142.86136.41104.75104.73
144.69143.54100.82100.80
134.16
116.40115.30115.26
149.27
156.0995.6595.63
138.33120.18115.10115.10
1997
I
127.05113.73111.78111.71
128.10114.18112.21112.20
134.77130.55103.27103.24
120.09110.29108.90108.89
131.15113.05116.02116.01
151.01145.39104.23103.86
143.91137.73104.52104.49
145.43145.00100.31100.29
134.40
115.79116.11116.07
150.23
158.6394.7294.70
140.16121.17115.68115.68
II
128.66114.66112.27112.22
128.73114.45112.49112.48
131.92128.75102.50102.46
119.45109.70108.89108.88
133.17114.13116.70116.69
157.12151.45104.07103.75
148.17141.86104.47104.45
149.90150.0399.9399.91
134.05
114.39117.23117.19
156.80
167.0593.8893.86
143.90123.36116.65116.65
III
130.10115.53112.67112.62
130.99116.03112.91112.89
136.60134.31101.74101.71
121.10110.87109.24109.23
135.27115.22117.42117.41
158.17152.40104.11103.78
153.34146.70104.55104.52
156.30156.7599.7399.71
137.65
116.26118.44118.40
164.42
176.3293.2793.25
146.01124.19117.57117.56
IV
131.83116.64113.08113.02
132.41116.91113.26113.25
136.37134.88101.14101.11
121.15110.59109.56109.55
137.77116.75118.02118.01
161.66155.84104.06103.74
153.27146.69104.51104.49
154.50155.3599.4799.46
137.45
114.98119.58119.54
161.93
174.8792.6192.60
150.23127.10118.21118.20
Exports of goods andservices:Current dollarsChain-type quantity indexChain-type price indexImplicit price deflator
Exports of goods:Current dollarsChain-type quantity index ...Chain-type price indexImplicit price deflator ...\
Exports of services:
Chain-type quantity index ...Chain-type price indexImplicit price deflator
Imports of goods and services:Current dollarsChain-type quantity indexChain-type price indexImplicit price deflator
Imports of goods:Current dollarsChain-type quantity index ...Chain-type price indexImplicit price deflator
Imports of services:Current dollarsChain-type quantity index ...Chain-type price indexImplicit price deflator
Government consumptionexpenditures and grossinvestment:Current dollarsChain-type quantity indexChain-type price indexImplicit price deflator
Federal:Current dollarsChain-type quantity index ...Chain-type price indexImplicit price deflator
National defense:Current dollarsChain-type quantity indexChain-type price index ...Implicit price deflator
Nondefense:Current dollarsChain-type quantity indexChain-type price index ...Implicit price deflator
State and local:Current dollarsChain-type quantity index ...Chain-type price indexImplicit price deflator
1996
136.19134.03101.61101.61
137.63140.0598.2798.27
132.81120.51110.21110.21
144.36145.2299.4199.40
148.49151.0698.3098.29
126.23120.06105.13105.13
111.3199.54
111.83111.83
98.4987.92
112.03112.02
93.8784.56
111.02111.02
109.9096.01
114.47114.47
120.51107.88111.71111.71
1997
149.83150.7199.3899.42
153.00161.6394.6194.66
142.35127.04112.04112.05
158.27165.9395.5195.39
163.12173.9493.9293.78
137.01131.75104.02104.00
114.95100.47114.47114.42
99.2186.56
114.73114.61
93.2582.15
113.65113.50
113.9397.16
117.33117.26
126.25110.46114.31114.30
Seasonally adjusted
1996
III
135.07133.15101.47101.44
135.89138.8597.8997.86
133.14120.28110.70110.70
146.14148.0398.7698.73
150.53154.4997.4797.44
126.89120.29105.50105.49
111.8499.83
112.07112.04
98.7988.21
112.05111.99
94.4185.00
111.16111.07
109.5895.93
114.25114.23
121.22108.17112.07112.07
IV
141.48140.92100.35
,100.39
142.75148.4896.0696.14
138.49124.14111.55111.56
148.47150.4898.7598.66
153.18157.3797.4297.34
127.76120.90105.69105.68
112.5499.85
112.76112.71
98.0387.04
112.74112.62
93.2983.44
111.94111.80
109.7295.69
114.72114.66
122.96109.04112.77112.76
1997
I
144.22144.3099.9099.95
146.26152.9495.5595.63
139.43125.27111.29111.30
152.63156.8097.4297.34
157.07163.5896.1196.02
133.13127.64104.31104.30
113.4099.74
113.74113.69
97.7585.76
114.10113.98
91.3780.86
113.14112.99
113.5297.54
116.44116.39
124.63109.78113.54113.52
II
150.18150.5399.7299.77
153.78161.7694.9995.07
141.70126.25112.23112.24
156.81164.3095.5295.44
161.53172.2493.8793.78
136.09130.41104.37104.36
114.66100.50114.14114.09
99.6487.14
114.46114.34
93.2982.33
113.46113.31
115.3198.71
116.87116.82
125.44110.10113.95113.94
III
151.05152.17
99.2199.26
154.02163.1194.3594.43
144.05128.46112.12112.14
161.02169.9894.8194.73
166.21178.5393.1893.10
138.23133.58103.49103.48
115.37100.77114.54114.49
99.5686.89
114.71114.58
93.7082.58
113.62113.47
114.0497.27
117.30117.24
126.70110.73114.44114.43
IV
153.86155.8398.6998.74
157.95168.7393.5493.62
144.23128.20112.49112.51
162.64172.6494.2994.21
167.66181.4092.5192.42
140.60135.35103.90103.88
116.39100.86115.44115.39
99.8886.44
115.67115.55
94.6382.84
114.37114.23
112.8495.11
118.70118.65
128.24111.22115.32115.30
NOTE.— Chain-type quantity and price indexes are calculated from weighted averages of the detailed output andprices used to prepare each aggregate and component. Implicit price deflators are weighted averages of the detailedprice indexes used to prepare each aggregate and component and are calculated as the ratio of current- to chained-
dollar output multiplied by 100.Percent change from preceding period for items in this table are shown in table 8.1. (Contributions to the percent
change in real gross domestic product are shown in table 8.2).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
D-18 • National Data SURVEY OF CURRENT BUSINESS March 1998
Table 7.2.—Quantity and Price Indexes for Gross Domestic Product,Final Sales, and Purchases
[Index numbers, 1992=100]
Table 7.4.—Chain-Type Quantity and Price Indexes for PersonalConsumption Expenditures by Major Type of Product
[Index numbers, 1992=100]
Gross domestic product:Current dollarsChain-type quantity indexChain-type price indexImplicit price deflator
Final sales of domesticproduct:Current dollarsChain-type quantity indexChain-type price indexImplicit price deflator
Gross domestic purchases:Current dollarsChain-type quantity indexChain-type price indexImplicit price deflator
Final sales to domesticpurchasers:Current dollarsChain-type quantity indexChain-type price indexImplicit price deflator
Addenda:Chain-type price indexes for
gross domestic purchases:FoodEnergyGross domestic purchases
less food and energy
1996
122.29110.95110.22110.21
122.01110.64110.28110.28
123.22112.17109.86109.85
122.95111.86109.91109.91
109.42107.01
110.06
1997
129.41115.14112.45112.40
128.46114.14112.55112.55
130.41116.76111.77111.69
129.46115.76111.86111.84
112.21107.46
111.94
Seasonally adjusted
1996
III
122.93111.20110.59110.54
122.47110.70110.65110.63
124.16112.77110.15110.10
123.71112.28110.20110.18
109.98106.72
110.34
IV
124.80112.38111.10111.05
124.43111.93111.17111.16
125.62113.46110.79110.72
125.25113.02110.85110.83
111.02109.23
110.86
1997
I
127.05113.73111.78111.71
126.13112.77111.85111.85
128.03115.09111.32111.24
127.11114.14111.39111.37
111.35110.89
111.36
II
128.66114.66112.27112.22
127.51113.47112.37112.37
129.47116.14111.55111.48
128.32114.96111.65111.62
111.79105.91
111.81
III
130.10115.53112.67112.62
129.47114.80112.78112.78
131.27117.38111.90111.83
130.63116.66112.00111.98
112.67106.16
112.10
IV
131.83116.64113.08113.02
130.74115.50113.19113.19
132.87118.41112.29112.21
131.78117.28112.40112.37
113.03106.86
112.48
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Table 7.3.—Quantity and Price Indexes for Gross National Product andCommand-Basis Gross National Product
[Index numbers, 1992=100]
Gross national product:Current dollarsChain-type quantity indexChain-type price index .Implicit price deflator . . . .
Less: Exports of goods andservices and receipts offactor income:
Chain-type quantity index
Plus: Command-basis exportsof goods and services andreceipts of factor income:
Chain-type quantity index
Equals: Command-basis grossnational product:
Chain-tvoe auantitv index
12210110811101911018
13788
14035
111.12
12260110951105511050
13724
14023
111.32
1246311227111 06111 01
14506
14707
112.52
1266011337111 73111 67
14760
15074
113.76
12810114.21112.22112.17
154.24
159.72
114.89
1295411508112.6211257
156.43
16232
115.81
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Chain-type quantity indexes
Personal consumptionexpenditures
Durable goods
Motor vehicles and partsFurniture and household
equipmentOther
Nondurable goods
FoodClothing and shoesGasoline and oilFuel oil and coalOther
Services
HousingHousehold operation
Electricity and gasOther household operation
TransportationMedical careOther
Chain-type price indexes
Personal consumptionexpenditures
Durable goods
Motor vehicles and partsFurniture and household
eQuiomentOther
Nondurable goodsFoodClothing and shoesGasoline and oilFuel oil and coalOther
ServicesHousingHousehold operation
Electricity and gas ... .Other household operation
TransportationMedical careOther
Addenda:Price indexes for persona!
consumption expenditures:FoodEnergy J
personal consumptionexpenditures less foodand enerav
1996
111,71
125.09
111.82
142.35122.72
108.36
104.51118.70107.0297.19
110.16
110.86
108.25116.65110.55121.17123.11106.42112.64
110.47
103.83
112.95
93.71106.48
107.15109.6398.75
107.44108.92108.22
113.76112.43109.08106.35111.01112.22117.43113.69
109.63106.96
110.88
1997
115.39
132.12
112.70
156.47131.55
110.36
104.54123.21108.8391.34
115.06
114.79
110.36118.90109.54125.78128.25110.10118.73
112.72
102.16
112.94
90.29105.83
109.15112.5499.76
107.50108.72109.84
117.04115.78111.32108.77113.14116.56120.11117.55
112.54108.15
113.07
Seasonally adjusted
1996
III
111.81
125.25
111.06
143.80122.66
108.48
104.14120.09107.0196.86
110.55
110.93
108.48115.15107.74120.61123.64106.67112.84
110.80
103.72
113.15
93.38106.26
107.29
110.2098.08
106.47105.69108.57
114.29112.85109.63106.92111.55112.43117.72114.63
110.20106.63
111.21
IV
112.72
126.32
110.19
146.18125.98
109.03
104.39119.73107.6994.75
112.37
111,99
108.97117.51110.47122.71124.64107.81113.91
111.61
103.45
113.55
92.50106.14
108.26111.2798.56
109.83116.17108.67
115.26113.60110.32107.73112.16114.15118.62115.76
111.27109.07
111.87
1997
I
114.18
130.55
112.83
151.75131.48
110.29
105.25122.88107.5686.25
114.07
113.05
109.52116.02106.82122.79126.10108.93116.15
112.21
103.27
113.84
91.84106.22
108.90
111.6599.29
112.13116.49109.21
116.02114.42111.37109.66112.63114.88119.41116.33
111.65111.11
112.41
II
114.45
128.75
107.82
154.35129.70
109.70
104.28121.39108.9592.53
113.98
114.13
110.09118.51110.55124.38127.14109.61117.59
112.49
102.50
113.26
90.84105.64
108.89
112.09100.37104.77108.78110.08
116.70115.34111.05107.98113.21116.14119.88117.20
112.09106.47
112.97
III
116.03
134.31
115.39
159.01131.81110.87
104.48124.74109.0595.48
116.06
115.22
110.64119.14108.60126.86129.02110.45119.36
112.91
101.74
112.55
89.67105.85
109.24
113.0299.68
106.31104.55109.87
117.42116.25111.17108.16113.28116.98120.38118.12
113.02107.11
113.28
IV
116.91
134.88
114.75
160.77133.20
110.59
104.16123.85109.7491.09
116.12
116.75
111.20121.93112.18129.09130.75111.43121.81
113.26
101.14
112.11
88.82105.60
109.56
113.4199.69
106.80105.07110.21
118.02117.11111.70109.30113.42118.26120.77118.56
113.41107.92
113.61
1. Consists of prices for gasoline and oil, fuel oil and coal, and electricity and gas.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1998 SURVEY OF CURRENT BUSINESS National Data • D-19
Table 7.6.—Chain-Type Quantity and Price Indexes for Private FixedInvestment by Type[Index numbers, 1992=100]
Chain-type quantity indexesPrivate fixed
investmentNonresidential
StructuresNonresidential buildings,
including farmUtilities .Mining exploration, shafts,
and wellsOther structures
Producers' durableequipmentInformation processing and
related equipmentComputers and
peripheral equipment 'Other
Industrial equipmentTransportation and related
equipmentOther
ResidentialStructures
Single familyMultifamilyOther structures ....
Producers' durableequipment
Chain-type price indexesPrivate fixed
investmentNonresidential
StructuresNonresidential buildings,
including farmUtilitiesMining exploration, shafts,
and wellsOther structures ..
Producers' durableequipmentInformation processing and
related equipmentComputers and
peripheral equipment 'Other
Industrial equipmentTransportation and related
eau fomentOther
ResidentialStructures
Single familyMultifamilyOther structures
Producers' durableequipment
1996
132.97
138.33
111.51
123.6784.83
104.1866.68
150.77
188.61
365.81128.90131.01
145.10127.58
120.64
120.71117.22142.27122.54
118.12
104.70
101.26
114.09
114.14113.70
115.89112.33
96.62
77.09
48.98100.04108.96
107.56108.24
113.64
113.88116.50109.10111.02
104.84
1997
143.25
151.79
115.36
131.0181.48
99.5266.52
169.22
228.01
512.64141.01137.88
159.48138.59
123.95
123.95117.43153.89128.66
124.23
104.51
99.86
117.84
117.71117.77
120.84116.64
93.62
69.43
37.8499.74
109.42
108.48109.11
117.03
117.35119.63113.27114.80
105.23
Seasonally adjusted
1996
III
135.42
141.48
112.32
125.2283.23
106.2065.30
155.10
196.97
386.78133.29131.64
150.25130.11
121.51
121.59118.73133.41123.96
118.83
104.85
101.21
114.58
114.72113.75
116.56112.46
96.38
76.06
47.21100.02109.06
108.18108.46
114.37
114.62117.27110.17111.68
104.94
IV
136.41
143.54
116.40
131.1585.66
103.5461.90
156.09
201.54
414.95132.21130.91
150.54129.66
120.18
120.21116.95137.49122.33
119.28
104.75
100.82
115.30
115.38115.29
116.21113.43
95.65
74.05
44.10100.07109.41
108.03109.20
115.10
115.36117.84111.69112.50
105.59
1997
I
137.73
145.00
115.79
132.5879.80
102.4555.98
158.63
209.70
445.54134.66130.81
147.92134.23
121.17
121.13116.95149.84122.86
122.83
104.52
100.31
116.11
116.02116.17
118.47114.82
94.72
72.06
41.4799.65
109.34
108.09109.05
115.68
115.94118.15111.87113.47
106.27
II
141.86
150.03
114.39
129.9883.07
97.4057.50
167.05
221.31
491.73137.85138.25
157.79138.07
123.36
123.35117.14156.03127.25
123.91
104.47
99.93
117.23
117.03117.45
120.25116.51
93.88
70.16
38.8199.67
109.23
108.22109.16
116.65
116.96119.05112.73114.66
105.27
III
146.70
156.75
116.26
132.6181.32
100.6261.86
176.32
238.88
547.14145.77140.67
170.32141.85
124.19
124.17116.45149.56131.15
125.40
104.55
99.73
118.44
118.33118.42
121.28116.93
93.27
68.46
36.4199.89
109,47
108.97108.99
117.57
117.91120.26113.87115.29
104.89
IV
146.69
155.35
114.98
128.8681.75
97.5990.74
174.87
242.16
566.15145.76141.79
161.90140.21
127.10
127.16119.20160.12133.37
124.77
104.51
99.47
119.58
119.48119.05
123.34118.31
92.61
67.06
34.6599.75
109.65
108.65109.25
118.21
118.58121.06114.63115.78
104.49
Table 7.9.—Chain-Type Quantity and Price Indexes for Exports and Im-ports of Goods and Services and for Receipts and Payments of Fac-tor Income
[Index numbers, 1992=100]
Chain-type quantity indexesExports of goods and services
Goods1
DurableNondurable
Services J ..Receipts of factor incomeImports of goods and services
Goods1
DurableNondurable
Services1
Payments of factor incomeChain-type price indexes
Exports of goods and servicesGoods l
DurableNondurable
Services l
Receipts of factor incomeImports of goods and services
Goods1
DurableNondurable
Services l ...Payments of factor income
1996
134.03140.05153.97114.40120.51
155.36
145.22151.06164.50127.78120.06
165.78
101.6198.2790.93
116.09110.21
109.36
99.4198.3093.63
108.65105.13
110.63
1997
150.71161.63183.91122.21127.04
165.93173.94193.66141.01131.75
99.3894.6187.03
113.26112.04
95.5193.9287.95
107.12104.02
Seasonally adjusted
1996
III
133.15138.85153.17112.57120.28
155.79
148.03154.49168.17130.74120.29
171.97
101.4797.8990.21
116.61110.70
109.56
98.7697.4792.74
107.94105.50
111.14
IV
140.92148.48164.19119.77124.14
163.87
150.48157.37172.22131.83120.90
173.34
100.3596.0688.77
113.78111.55
110.08
98.7597.4290.73
112.34105.69
111.81
1997
I
144.30152.94171.81119.12125.27
162.90
156.80163.58182.08132.70127.64
184.53
99.9095.5588.13
113.67111.29
110.49
97.4296.1189.31
111.27104.31
112.24
II
150.53161.76184.74121.23126.25
171.33
164.30172.24190.72141.15130.41
197.73
99.7294.9987.43
113.55112.23
110.73
95.5293.8788.36
105.99104.37
112.65
III
152.17163.11186.07122.57128.46
175.83
169.98178.53198.74144.77133.58
202.54
99.2194.3586.69
113.28112.12
111.10
94.8193.1887.61
105.47103.49
113.00
IV
155.83168.73193.04125.92128.20
172.64181.40203.09145.44135.35
98.6993.5485.86
112.55112.49
94.2992.5186.53
105.77103.90
ment, are included in services. Beginning with 1986, repairs and alterations of equipment are reclassified from goodsto services.
1. Includes new computers and peripheral equipment only.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
D-20 • National Data SURVEY OF CURRENT BUSINESS March 1998
Table 7.10.—Chain-Type Quantity and Price Indexes for Exports and Imports of Goods and Services by Major Type of Product[Index numbers, 1992=100]
Chain-type quantity indexesExports of goods and
servicesExports of goods J
Foods, feeds, and beveragesIndustrial supplies and
materials .. ..Durable goods .. ..Nondurable goods
Capital goods, exceptautomotiveCivilian aircraft, engines,
and partsComputers, peripherals, and
partsOther
Automotive vehicles, engines,and parts
Consumer goods, exceptautomotive -.. . .Durable goodsNondurable goods
OtherDurable goodsNondurable goods
Exports of services l
Transfers under U.S. militaryagency sales contracts
TravelPassenger fares . .Other transportationRoyalties and license feesOther private servicesOther
Imports of goods andservices
Imports of goods 1
Foods, feeds, and beveragesIndustrial supplies and
materials, except petroleumand productsDurable goodsNondurable goods
Petroleum and productsCapital goods, except
automotiveCivilian aircraft, engines,
and partsComputers, peripherals, and
partsOther
Automotive vehicles, engines,and parts
Consumer goods, exceptautomotiveDurable goodsNondurable goods
OtherDurable goodsNondurable goods
Imports of services 'Direct defense expenditures ...TravelPassenger fares . . ..Other transportationRoyalties and license feesOther private servicesOtherAddenda:
Exports of agriculturalgoods -
Exports of nonagriculturalgoods
Imports of nonpetroleumcioods
1996
134.03
140.05
109.04
116.02121.61113.07
176.29
71.59
337.98185.57
132.62
130.81131.21130.37109.60109.60109.60
120.51
111.75114.43112.61108.78136.87134.38109.14
145.22
151.06
116.82
138.73146.42131.63123.72
219.36
88.71
373.29197.41
129.38
134.78135.52133.96124.65124.65124.65
120.06
72.71115.75141.57108.20131.88156.64107.59
110.25
143.68
153.63
1997
150.71
161.63
108.50
126.091,32.52122.71
220.49
92.88
507.42220.87
149.01
143.50145.07141.83127.88127.88127.88
127.04
112.96116.94120.54115.85142.17148.59109.74
165.93
173.94
128.46
149.74157.64142.43129.97
281.17
112.22
537.40241.67
141.54
153.76152.66154.93145.19145.19145.19
131.75
82.04130.89148.48113.45150.42172.95112.49
111.98
167.94
178.59
Seasonally adjusted
1996
III
133.15
138.85
106.22
115.44123.20111.36
173.67
61.81
348.56184.71
135.07
129.26129.81128.68109.92109.92109.92
120.28
106.13114.82114.88107.32136.63134.48108.48
148.03
154.49
117.84
142.02150.17134.50130.93
222.42
90.58
383.34199.06
134.07
136.62138.66134.41125.92125,92125.92
120.29
74.42111.42142.09109.77154.18157.00108.64
106.20
142.86
156.57
IV
140.92
148.48
117.01
120.53125.69117.81
191.52
84.26
371.25198.17
136.33
135,65138.38132.80114.59114.60114.59
124.14
124.35117.69113.35112.55139.76139.03108.73
150.48
157.37
120.16
142.95150.97135.54123.98
238.05
96.77
410.89213.17
129.32
141.81140.82142.86127.07127.07127.07
120.90
72.34115.97143.35107.70126.69161.19109.99
117.38
152.24
160.69
1997
I
144.30
152.94
107.05
121.51127.44118.39
202.24
89.29
425.35205.08
143.80
139.66138.59140.75122.19122.20122.19
125.27
101.68119.26124.53111.72139.78143.25109.21
156.80
163.58
123.78
143.73150.80137.18120.50
253.47
92.67
455.71225.32
142.67
143.88143.19144.62133.79133.79133.79
127.64
79.33127.31149.12110.16135.99165.61111.87
108.28
158.58
168.20
II
150.53
161.76
101.39
127.10133.28123.86
220.74
102.57
495.59,217.82
148.52
146.32149.53142.95131.33131.33131.33
126.25
115.54115.75116.59114.98143.74147.40109.45
164.30
172.24
127.97
149.80157.53142.64132.12
275.14
105.06
521.20238.34
138.97
152.92151.76154.15143.13143.13143.13
130.41
81.05129.34144.58113.41149.43171.31112.06
107.13
168.75
176.44
III
152.17
163.11
105.81
127.82132.87125.15
224.90
81.03
558.72227.57
147.80
142.33144.41140.13130.36130.36130.35
128.46
117.72117.95119.52117.26142.94151.24109.87
169.98
178.53
131.19
152.42158.96146.42134.16
293.05
127.72
579.68245.82
143.84
155.69153.68157.83151.38151.38151.38
133.58
84.47131.36147.33114.41156.31178.47113.05
112.27
169.57
183.20
IV
155.83
168.73
119.75
127.92136.47123.44
234.06
98.62
550.01232.99
155.91
145.67147.74143.49127.64127.64 .127.64
128.20
116.89114.79121.51119.46142.23152.49110.43
172.64
181.40
130.89
153.02163.29143.46133.09
303.02
123.44
593.02257.20
140.69
162.54162.00163.14152.46152.46152.46
135.35
83.30135.56152.88115.82159.97176.43112.99
120.24
174.84
186.53
Chain-type price indexesExports of goods and
servicesExports of goods !
Foods, feeds, and beveragesIndustrial supplies and
materialsDurable goodsNondurable goods
Capital goods, exceptautomotiveCivilian aircraft, engines,
and partsComputers, peripherals, and
partsOther
Automotive vehicles, engines,and parts
Consumer goods, exceptautomotiveDurable goods . . .Nondurable goods
OtherDurable goodsNondurable goods
Exports of services !
Transfers under U.S. militaryagency sales contracts
TravelPassenger faresOther transportationRoyalties and license feesOther private servicesOther
Imports of goods andservices
Imports of goods 'Foods, feeds, and beveragesIndustrial supplies and
materials, except petroleumand productsDurable goodsNondurable goods
Petroleum and productsCapital goods, except
automotiveCivilian aircraft, engines,
and partsComputers, peripherals, and
partsOther
Automotive vehicles, engines,and parts
Consumer goods, exceptautomotiveDurable goodsNondurable goods
OtherDurable goodsNondurable goods
Imports of services 'Direct defense expenditures ...TravelPassenger faresOther transportation
I Royalties and license feesOther private servicesOther ..Addenda:
Exports of agriculturalgoods2
Exports of nonagriculturalgoods
Imports of nonpetroleumqoods
1996
101.61
98.27
126.27
115.72113.74116.78
81.56
114.01
44.9787.85
104.25
104.27102.71105.95103.61103.61103.61
110.21
111.29111.60109.86105.61109.41107.81122.10
99.41
98.30
110.72
109.62110.07109.26113.99
77.78
113.54
52.0187.18
108.57
103.45103.06103.87107.43107.43107.43
105.13
107.97109.23105.58103.29109.4299.25
109.36
126.61
95.65
97.16
1997
99.38
94.61
115.98
115.34112.74116.78
75.84
118.34
34.0784.09
105.12
105.05103.70106.50100.76100.81100.81
112.04
110.18114.97106.25105.63111.02109.27131.28
95.51
93.92
111.93
109.60112.06107.25107.97
67.34
118.16
41.3976.98
108.84
102.27100.85103.81106.44106.44106.44
104.02
100.30105.69111.73103.23111.0298.63
108.92
117.53
92.44
92.75
Seasonally adjusted
1996
III
101.4797.89
128.50
115.05112.30116.58
80.68
114.97
43.2387.16
104.24
104.39102.86106.05103.38103.42103.42
110.70
109.83112.38109.73105.69109.62107.95126.05
98.76
97.47
110.06
108.70109.99107.49112.85
76.05
114.47
50.6585.15
108.64
103.37102.90103.89107.08107.08107.08
105.50
107.94110.96104.56103.32109.6298.93
110.20
128.81
95.04
96.32
IV
100.35
96.06
117.48
115.29112.12117.06
78.60
115.70
40.4685.25
104.53
104.53102.92106.27101.61101.65101.65
111.55
109.65112.89112.16107.16110.14108.43128.28
98.75
97.42
110.71
109.35109.86108.95128.60
72.32
114.99
48.1680.62
108.67
103.14102.61103.72107.24107.24107.24
105.69
108.89109.53107.13104.57110.1499.08
109.96
118.80
93.91
94.93
1997
I
99.90
95.55
117.60
115.52113.19116.81
77.42
117.81
37.7784.49
104.92
104.80103.38106.32101.12101.16101.16
111.29
110.56114.09102.75106.69110.55108.78129.06
97.42
96.11
111.37
110.46111.36109.66123.38
69.65
117.21
45.2678.03
108.67
102.67101.84103.57107.05107.05107.05
104.31
101.94106.66108.68104.33110.5598.61
109.04
119.38
93.31
93.92
II
99.72
94.99
117.98
115.36113.30116.48
76.31
117.63
35.0684.28
105.15
104.86103.75106.05101.12101.17101.17
112.23
110.84114.62109.52105.73110.79109.16131.79
95.52
93.87
113.17
108.90112.51105.41104.18
68.05
117.65
42.6477.23
108.50
102.38101.00103.89106.36106.36106.36
104.37
101.45105.58112.91103.88110.7998.98
108.74
118.84
92.75
92.98
III
99.21
94.35
115.48
115.71113.32117.03
75.28
118.82
32.6483.96
105.21
105.18103.77106.72100.38100.42100.42
112.12
109.69114.78108.05105.06111.15109.36131.76
94.81
93.18
112.05
109.65112.95106.47101.73
66.63
118.63
40.0076.79
108.90
102.14100.57103.84106.34106.34106.34
103.49
98.05104.74112.86102.65111.1598.34
108.61
116.80
92.22
92.43
IV
98.69
93.54
112.85
114.78111.17"116.80
74.36
119.09
30.8183.61
105.21
105.35103.90106.91100.44100.48100.48
112.49
109.63116.41104.67105.05111.57109.78132.49
94.29
92.51
111.15
109.38111.42107.46102.58
65.04
119.13
37.6475.88
109.29
101.89100.00103.94105.99105.99105.99
103.90
99.75105.76112.48102.05111.5798.59
109.27
115.11
91.47
91.64
NOTE.—See footnotes to table 4.3.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1998 SURVEY OF CURRENT BUSINESS National Data D-21
Table 7.11.—Chain-Type Quantity and Price Indexes for Government Consumption Expenditures and Gross Investment by Type[Index numbers, 1992=100]
Chain-type quantity indexesGovernment consumption
expenditures and grossinvestment1 . .
FederalNational defense
Consumption expendituresDurable goods2
Nondurable goodsServices
Compensation ofgeneral governmentemployees, exceptforce-accountconstruction3
Consumption ofgeneral governmentfixed capital4
Other servicesGross investment
StructuresEquipment
NondefenseConsumption expenditures
Durable goods 2
Nondurable goodsCommodity Credit
Corporationinventory change
Other nondurablesServices
Compensation ofgeneral governmentemployees, exceptforce-accountconstruction3
Consumption ofgeneral governmentfixed capital4
Other servicesGross investment
StructuresEquipment
State and localConsumption expenditures
Durable goods2 . .Nondurable goodsServices
Compensation of generalgovernmentemployees, exceptforce-accountconstruction3
Consumption of generalgovernment fixedcapital 4
Other servicesGross investment
StructuresEquipment
Addenda:Compensation of general
government employees3 ....FederalState and local . .
1996
99.54
87.92
84.5686.2072.2776.0588.01
81.89
94.8294.2575.34
107.1171.80
96.0195.37
75.0895.57
90.66
115.7099.49
100.6197.44
104.93
107.88108.28115.98117.38107.08
105.08
111.57138.73106.03104.30114.13
98.6684.83
105.06
1997
100.47
86.56
82.1585.4167.8169.9087.76
78.91
92.92100.2863.5895.1360.05
97.1697.09
86.8396.67
90.52
121.31101.8997.4885.32
113.27
110.46110.44119.47121.71108.98
106.62
114.41146.07110.52108.58119.80
99.0782.82
106.63
Seasonally adjusted
1996
III
99.83
88.21
85.0086.9979.9882.3087.94
81.93
94.5794.0873.76
103.7570.43
95.9394.84
70.8695.43
91.20
116.4298.03
103.7596.76
112.70
108.17108.63116.49117.92107.41
105.44
111.94138.20106.03104.15114.91
98.9885.07
105.42
IV
99.85
87.04
83.4485.8467.0466.0288.45
80.64
94.1298.6069.89
102.8066.21
95.6995.21
74.3895.61
90.70
117.8099.1699.0897.41
101.49
109.04108.98117.32119.06107.66
105.54
112.66140.65109.35107.84116.33
98.7284.02
105.54
1997
1
99.74
85.76
80.8684.5766.3770.2686.93
79.99
93.6294.7459.6696.5455.49
97.5497.18
83.7596.75
91.10
119.30101.47100.0694.95
106.77
109.78109.53118.18120.12108.15
105.87
113.37143.86110.95109.49117.57
98.8783.73
105.89
II
100.50
87.14
82.3385.6970.4366.4687.94
79.14
93.17100.3063.1394.5659.61
98.7197.60
85.8297.23
91.42
120.73102.05106.8188.29
130.76
110.10110.06119.04121.18108.61
106.30
114.07144.66110.28108.43119.08
99.0083.27
106.31
III
100.77
86.89
82.5885.6066.1672.5288.05
78.93
92.70101.4265.4293.9162.26
97.2797.24
85.4197.03
90.91
122.01102.1397.3190.52
105.85
110.73110.77119.90122.24109.28
106.90
114.76146.73110.52108.39120.88
99.3182.98
106.91
IV
100.86
86.44
82.8485.7968.2970.3488.13
77.58
92.19104.6566.1395.5262.86
95.1196.33
92.3495.69
88.67
123.19101.8985.7367.54
109.70
111.22111.41120.76123.30109.87
107.41
115.43149.02110.34108.03121.68
99.0981.30
107.41
Chain-type price indexes
Government consumptionexpenditures and grossinvestment1
FederalNational defense
Consumption expendituresDurable goods2
Nondurable goodsServices
Compensation ofgeneral governmentemployees, exceptforce-accountconstruction 3
Consumption ofgeneral governmentfixed capital4
Other servicesGross investment
StructuresEquipment
NondefenseConsumption expenditures
Durable goods ~Nondurable goods . .
Commodity CreditCorporationinventory change ..
Other nondurablesServices
Compensation ofgeneral governmentemployees, exceptforce-accountconstruction 3
Consumption ofgeneral governmentfixed capital4
Other servicesGross investment
StructuresEquipment
State and localConsumption expenditures
Durable goods 2
Nondurable goodsServices
Compensation of generalgovernmentemployees, exceptforce-accountconstruction3
Consumption of generalgovernment fixedcapital4
Other servicesGross investment
StructuresEquipment
Addenda:Compensation of general
government employees3 ....FederalState and local
1996
111.83112.03111.02110.96102.41109.95111.78
115.40
111.40106.45111.22121.50110.07
114.47116.32
112.73116.89
126.39
104.51106.39102.76113.1492.16
111.71111.84106.39109.36112.25
114.02
108.7490.09
111.14113.9399.35
115.42119.00114.03
1997
114.47
114.73
113.65113.97102.98108.32115.11
120.33
113.15108.50111.19125.43109.41
117.33119.86
111.30120.73
132.60
104.24108.10101.46116.6386.89
114.31114.44106.80108.70115.33
117.18
110.5693.80
113.71117.9595.95
119.16124.38117.18
Seasonally adjusted
1996
III
112.07
112.05
111.16111.26102.60109.14112.12
115.87
'111.61106.69110.39122.21109.00
114.25116.10
113.82116.64
125.72
104.40106.65102.53113.3091.56
112.07112.23106.32109.07112.75
114.45
108.8591.97
111.34114.2599.09
115.75119.08114.46
IV
112.76
112.74
111.94112.16102.17116.27112.96
116.76
111.91107.82110.29123.57108.67
114.72116.74
109.98117.48
126.91
104.15107.29101.99113.9290.00
112.77113.01106.45110.70113.43
115.24
108.9592.13
111.69114.9098.20
116.59120.08115.24
1997
I
113.74
114.10
113.14113.39102.89114.14114.31
119.51
112.50107.65111.26124.09109.72
116.44118.80
110.07119.65
130.91
104.08107.60101.63114.6388.66
113.54113.71106.42110.77114.23
116.04
109.8492.76
112.73116.3697.49
118.03123.26116.04
II
114.14
114.46
113.46113.70103.22107.47114.81
120.16
112.78108.07111.65125.35109.95
116.87119.30
111.40120.14
131.68
103.77107.92101.67116.1887.56
113.95114.02106.45108.30114.90
116.75
110.4193.05
113.64117.7596.39
118.73123.94116.75
III
114.54
114.71
113.62113.95103.01105.14115.17
120.26
113.26108.71111.10126.15109.19
117.30119.87
111.61120.73
132.41
104.43108.29101.24117.1186.12
114.44114.58107.01107.82115.60
117.52
110.5793.55
113.78118.2095.28
119.38124.26117.53
IV
115.44
115.67
114.37114.85102.81106.55116.15
121.39
114.05109.58110.76126.13108.79
118.70121.47
112.12122.38
135.40
104.69108.58101.31118.6185.20
115.32115.45107.32107.89116.58
118.41
111.4095.86
114.69119.4994.65
120.51126.05118.41
NOTE.—See footnotes to table 3.7.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
D-22 • National Data SURVEY OF CURRENT BUSINESS March 2998
Table 7.14.—Chain-Type Quantity and Price indexes for Gross DomesticProduct by Sector
[Index numbers, 1992=100]
Table 7.16.—Implicit Price Deflators for Inventories of Business byIndustry
[Index numbers, 1992=100]
Chain-type quantity indexes
Gross domesticproduct
Business '
Nonfarm !
Nonfarm less housingHousing
Farm
Households and institutions ...
Private householdsNonprofit institutions ..
General government2
FederalState and local
Chain-type price indexes
Gross domesticproduct
Business ^
Nonfarm1
Nonfarm less housing
Households and institutions ...
Private householdsNonprofit institutions
General government2 ..
FederalState and local
1996
110.95
112.70
112.99113.61107.8393.75
111.52
100.06111.96
99.34
87.79105.65
110.22
109.56
109.46109.11112.48118.34
111.19
113.51111.10
114.58
116.82113.53
1997
115.14
117.52
117.81118.80109.5998.71
114.86
95.64115.59
99.79
86.02107.33
112.45
111.59
111.46110.96115.80122.39
114.29
117.66114.17
118.01
121.16116.55
Seasonally adjusted
1996
III
111.20
112.93
113.25113.83108.3792.56
111.96
98.67112.47
99.63
87.94106.00
110.59
109.95
109.76109.40112.88125.11
111.36
114.29111.25
114.89
116.92113.93
IV
112.38
114.35
114.69115.36109.0592.75
112.66
95.09113.33
99.43
87.08106.18
111.10
110.43
110.21109.82113.63128.16
111.98
115.40111.86
115.62
117.71114.64
1997
I
113.73
115.92
116.18116.99109.5398.07
113.55
94.77114.27
99.58
86.80106.56
111.78
111.00
110.88110.47114.42121.56
112.87
115.86112.77
116.95
120.1911546
II
114.66
116.98
117.23118.15109.6699.75
114.40
95.54115.11
99.72
86.40107.00
112.27
111.45
111.29110.83115.32124.35
113.90
116.84113.79
117.60
120.74116.15
III
115.53
117.94
118.23119.27109.6798.78
115.28
95.97116.02
100.01
86.12107.61
112.67
111.80
111.67111.14116.29122.82
114.79
118.22114.68
118.21
121.11116.86
IV
Inventories ]
Farm116-64 Nonfarm119.26 Durable goods
Nondurable goods
12081 Manufacturing10951 Durable goods9823 Nondurable goods
11621 WholesaleDurable goods
96.28 Nondurable nood<;
Merchant wholesalersDurable goods
8474 Nondurable goods108 13 Nonmerchant wholesalers
Durable goodsNondurable goods
Retail trade113.08 Durable goods•MO 10 Motor vehicle dealers
Other112.00 Nondurable goods
117 19 Other120 8^ Durable goods
Nondurable aoods11559
Seasonally adjusted
1996
III
107.20
105.03
107.45106.52108.74
107.32104.68111.79
107.22104.14112.38
107.39104.39112.55106.18102.54111.59
106.85110.22112.94107.50103.39
109.96115.20107.36
IV
107.08
100.15
107.77106.49109.53
107.47104.89111.85
106.53103.90110.90
106.48104.14110.43106.86102.26113.64
106.96110.06112.57107.52103.80
113.73115.15113.22
1997
I
106.63
103.26'
107.00106.69107.45
106.84104.92110.06
106.26103.91110.16
106.50104.17110.44104.87102.24108.77
107.01110.48113.16107.79103.44
109.34116.40105.81
II
105.93
101.90
106.36106.25106.54
106.13104.52108.80
105.62103.80108.61
105.93104.06109.05103.79102.07106.34
106.28109.42110.90107.83103.08
109.15116.50105.46
III
106.21
101.00
106.74106.12107.62
106.49104.50109.84
106.08103.56110.27
106.35103.83110.61104.50101.79108.52
106.53109.38110.89107.76103.64
109.74115.80106.73
IV
105.29
97.86
106.04105.76106.45
105.89104.28108.57
105.17103.06108.66
105.52103.32109.23103.09101.32105.72
106.16108.93110.26107.47103.36
108.39115.50104.83
11Q79 1- Implicit price deflators are as of the end of the quarter and are consistent with the inventory stocks shown11544 in tables 5.12 and 5.13.
119.28
122.61117.74
NOTE.-See footnotes to table 1.7.
Table 7.15.—Current-Dollar Cost and Profit Per Unit of Real GrossDomestic Product of Nonfinancial Corporate Business
[Dollars]
Current-dollar cost andprofit per unit of realgross domesticproduct *
Consumption of fixed capital
Net domestic product
Indirect business tax andnontax liability plusbusiness transfer paymentsless subsidies
Domestic incomeCompensation of
employeesCorporate profits with
inventory valuation andcapital consumptionadjustmentsProfits tax liabilityProfits after tax with
inventory valuationand capitalconsumptionadjustments
Net interest
1.063
.101
.962
108853
.690
140040
.101m
1.064
.101
.963
108855
.691
141040
.101M?
1.065
.101
.963
108855
.693
142.040
.102
.021
1.069
.101
.968
.107
.861
.697
.143
.040
.103
.021
1.072
.101
.971
107863
.698
144.040
.104
0?1
1.072
.100
.972
107.865
.695
149.042
.107
n?i
1. Equals the deflator for gross domestic product of nonfinancial corporate business with the decimal point shiftedtwo places to the left.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1998 SURVEY OF CURRENT BUSINESS National Data • D-23
Table 7.17.—Chain-Type Quantity Indexes for Gross Domestic Productby Major Type of Product
[Index numbers, 1992=100]
Table 7.18.—Chain-Type Quantity Indexes for Auto Output[Index numbers, 1992=100]
Gross domestic product
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
Services
Structures
Addenda:Motor vehicle output ....Gross domestic product less
motor vehicle output
1996
110.95
110.64
114.72
113.89
127.97124.84
105.69106.32
108.08
113.63
117.55
110.73
1997
115.14
114.14
120.95
118.17
138.73133.87
108.99107.47
111.14
116.82
122.79
114.88
Seasonally adjusted
1996
III
111.20
110.70
115.17
113.83
130.25125.41
104.94105.82
108.15
114.19
120.25
110.89
IV
112.38
111.93
116.51
115.32
128.64127.35
108.19107.01
109.17
115.73
115.23
112.28
1997
I
113.73
112.77
119.31
116.66
133.71128.97
109.52108.17
109.76
116.16
120.59
113.50
II
114.66
113.47
120.49
117.19
139.00132.66
108.07106.63
110.65
116.27
117.22
114.57
III
115.53
114.80
121.30
119.31
140.14136.70
108.66107.49
111.54
117.26
123.72
115.25
IV
116.64
115.50
122.69
119.53
142.07137.14
109.70107.58
112.60
117.60
129.63
116.20
Auto output
Final salesPersonal consumption
expendituresNew autosNet purchases of used
autosProducers' durable equipment
New autosNet purchases of used
autosNet exports
ExportsImports
Gross government investment
Change in businessinventories of new and usedautosNewUsed
Addenda:Domestic output of new
autos1
Sales of imported new autos2
1996
98.69
101.94
103.0795.25
128.03126.10
112.16126.62102.75
110.9398.06
1997
98.63
98.05
103.2595.88
132.76126.85
110.85140.0898.22
110.20107.16
Seasonally adjusted
1996
III
105.25
101.44
102.9493.43
133.95133.00
112.99131.3189.32
120.2597.64
IV
93.58
99.35
100.3893.83
127.22121.72
110.84125.96115.71
103.6399.15
1997
I
98.45
99.31
105.1196.91
136.19130.80
109.44143.81103.02
109.88108.82
II
96.09
94.84
99.6989.70
130.82126.22
119.00139.6082.28
108.14102.63
III
100.49
100.39
106.36100.20
136.50129.36
106.05143.34100.78
114.28109.56
IV
99.48
97.68
101.8496.70
127.53121.04
108.89133.59106.80
108.49107.62
1. Consists of final sales and change in business inventories of new autos assembled in the Unite2. Consists of personal consumption expenditures, producers' durable equipment, and gross government invest-
ment.
Table 7.19.—Chain-Type Quantity Indexes for Truck Output[Index numbers, 1992=100]
Truck output '
Final salesPersonal consumption
expendituresProducers' durable equipmentNet exports
ExportsImports
Gross government investmentChange in business
inventories
144.61
147.62
121.78181.34
156.23116.4591.90
157.53
156.55
123.02199.57
185.47135.13105.16
141.72
144.35
118.29184.46
147.53125.3379.52
146.38
152.03
120.90190.80
177.17113.9282.80
152.43
150.72
119.17193.20
175.571331497.68
147.62
147.96
11336192.36
169.8913075109.59
157.14
158.65
12605202.08
176.3614562120.72
172.92
168.87
13349210.64
220.08131 0492.66
1. Includes new trucks only.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
D-24 • National Data SURVEY OF CURRENT BUSINESS March 1998
8. Supplementary Tables.
Table 8.1.—Percent Change From Preceding Period in Selected Series[Percent]
Gross domestic product:Current dollarsChain-type quantity index
Personal consumption expenditures:Current dollars . ..Chain-type quantity indexChain-tvoe orice indexImplicit price deflator
Durable goods:Current dollarsChain-type quantity indexChain-type price indexImplicit price deflator
Nondurable goods:Current dollarsChain-type quantity indexChain-type price indexImplicit price deflator
Services:Current dollarsChain-type quantity indexChain-type price indexImplicit price deflator
Gross private domestic investment:Current dollarsChain-type quantity indexChain-type price indexImplicit price deflator
Fixed investment:Current dollarsChain-type quantity indexChain-type price indexImplicit price deflator
Nonresidential:Current dollarsChain-type quantity indexChain-type price indexImplicit price deflator
Structures:Current dollarsChain-type quantity indexChain-type price indexImplicit price deflator
Producers' durable equipment:Current dollarsChain-type quantity indexChain-type price indexImplicit price deflator
Residential:Current dollarsChain-type quantity indexChain-type price indexImplicit price deflator
Exports of goods and services:Current dollarsChain-type quantity indexChain-type price indexImplicit price deflator
Exports of goods:Current dollarsChain-type quantity indexChain-type price indexImplicit price deflator .
Exports of services:Current dollarsChain-type quantity indexChain-type price index
1996
5.12.82.32.3
5.02.62.42.4
4.347-.4-.4
4.01.42.62.6
5.72.72.92.9
7.57.8-.2-.3
8.28.3-.1-.1
8.19.2
-1.0-1.0
7.34.82.32.3
8.410.9-2.3-2.3
8.55.92.42.4
6.48.3
-1.8-1.8
5.89.5
^3.4-3.4
8.05.52.4
1997
5.83.82.02.0
5.43.32.02.0
3.95.6
-1.6-1.6
3.71.81.91.9
6.5352.92.9
11.111.8-.4-.6
7.57.7-.2-.2
8.29.7
-1.4-1.4
6.83.53.33.3
8.712.2-3.1-3.1
5.82.73.03.0
10.012.4-2.2-2.2
11.215.4-<3.7-3.7
7.25.41.7
Seasonally adjusted at annual rates
1996
III
3.61.02.72.6
3.0.5
2.52.5
-2.6-1.9-.6-.7
1.6.6.9.9
4.91.03.93.9
16.816.51.2.3
11.610.11.41.3
16.116.5-.3-.3
14.210.03.93.8
16.919.1-1.9-1.9
1.0-4.5
5.75.7
-.61.9
-2.6-2.4
-2.72.5
-5.3-5.1
4.6.3
4.3
IV
6.24.31.91.9
6.33.33.02.9
2.43.5
-1.0-1.1
5.82.13.73.7
7.43.93.43.4
.71.6-.5-.9
2.63.0-.4-.4
4.45.9
-1.5-1.5
18.215.32.52.5
-.52.6
-3.0-3.0
-1.8-4.3
2.62.6
20.425.5-4.3-4.1
21.830.7-7.3-6.9
17.1
13.53.1
1997
I
7.44.92.42.4
7.65.32.22.2
13.314.1-.7-.7
7.24.72.42.4
6.63.92.62.6
15.617.1-1.0-1.3
3.03.9-.9-.9
2.14.1
-2.0-2.0
.7-2.1
2.82.8
2.66.7
^3.8-3.8
5.43.32.02.0
8.09.9
-1.8-1.8
10.212.6-2.1-2.1
2.73.7-.9
II
5.23.31.81.8
2.0.9
1.01.0
-8.2-5.4-3.0-3.0
-2.1-2.10#0
6.33.92.42.4
17.217.7-.6-.4
12.412.6-.2-.2
12.914.6-1.5-1.5
-1.0-4.1
3.93.9
18.723.0-3.5-3.5
11.17.43.43.4
17.618.4-.7-.7
22225.1-2.3-2.3
6.73.23.4
III
4.63.11.41.4
7.25.61 5i!s
15.018.4-2.9-2.9
5.74.31.31^3
6.53.92.52.5
2.72.5
.2
.1
14.714.4
.3
.3
18.219.2-.8-.8
11.26.74.24.2
20.924.1-2.6-2.6
6.02.73.23.2
2.34.4
-2.0-2.0
.63.4
-2.6-2.6
6.87.2-.4
IV
5.43.91.41.4
4.43.11.31.3
-.71.7
-2.3-2.3
.2-1.0
1.21.2
7.65.42.12.1
9.19.3-.2-.2
-.20-.1-.1
-̂ .5-3.5-1.0-1.0
-.6-4.3
3.93.9
-5.9-4.3-2.8-2.8
12.19.72.22.2
7.710.0-2.1-2.1
10.614.5^3.4^3.4
.5-.81.3
Implicit price deflator
Imports of goods and services:Current dollarsChain-type quantity indexChain-type price indexImplicit price deflator
Imports of goods:Current dollarsChain-type quantity indexChain-type price indexImplicit price deflator
Imports of services:Current dollarsChain-type quantity indexChain-type price indexImplicit price deflator
Government consumption expendituresand gross investment:Current dollarsChain-type quantity indexChain-type price index
Federal:Current dollars tChain-type quantity indexChain-type price index
National defense:Current dollarsChain-type quantity indexChain-type price index
Nondefense:Current dollarsChain-type quantity indexChain-type price index
State and local:Current dollarsChain-type quantity indexChain-type price index
Addenda:Final sales of domestic product:
Current dollarsChain-type quantity index
Implicit price deflatorGross domestic purchases:
Current dollarsChain-type quantity indexPhain-tvnp nrirp inrlpyImplicit price deflator
Final sales to domestic purchasers:Current dollarsChain-type quantity index
Imolicit orice deflator
Gross national product:Current dollarsChain-type quantity index
Implicit orice deflator
Command-basis gross national product:Chain-type quantity index
Disposable personal income:Current dollarsChained (1992) dollars
1996
2.4
6.89.1
-2.2-2.2
6.89.9
-2.8-2.8
6.65.51.11.1
3.8.5
3.33.3
2.1-1.3
3.43.4
2.4-1.5
3.93.9
1.4-.92.32.3
4.81.63.23.2
5.22.82.32.3
5.22.92.22.2
5.23.02.22.2
502.72.32.3
28
4.72.3
1997
1.7
9.614.3-3.9
-4.0
9.915.1-4.5
-4.6
8.59.7
-1.1-1.1
3.3.9
2.42.3
.7-1.6
2.42.3
-.7-2.8
2.42.2
3.71.22.52.4
4.82.42.32.3
5.33.22.12.1
5.84.11.71.7
5.33.51.81.8
4.92.9
Seasonally adjusted at annual rates
1996
III
4.3
8.113.2
-4.2-4.5
8.915.7
-5.6-5.9
4.31.23.13.1
1.8-1.1
3.13.0
-2.3-4.2
2.11.9
-2.8
-4.62.11.9
-1.3-3.2
2.22.0
4.4.7
3.63.6
2.9.2
2.72.7
4.72.42.42.2
4.01.52.42.4
31.6
2.62.5
.8
5.22.7
IV
3.1
6.56.80-.3
7.27.7-.2-.4
2.82.1.7.7
2.5.1
2.52.4
-3.0-5.2
2.52.3
-4.7-7.1
2.82.6
.5-1.0
1.71.5
5.93.32.52.5
6.64.51.92.0
4.82.52.42.3
5.12.72.42.4
fiR4.91.91.8
4.4
3.7.7
1997
I
-.9
11.717.9-5.3-5.3
10.516.7
-5.3-5.3
17.924.2-5.1-5.1
3.1-.43.53.5
-1.1-5.8
4.94.9
-8.0-11.8
4.34.3
14.68.06.16.1
5.52.72.72.7
5.63.02.52.5
7.95.91.91.9
6.14.02.02.0
6.54.02.42.4
4.5
6.84.6
II.
3.4
11.420.5-7.6-7.6
11.822.9
-9.0-9.0
9.28.9
.2
.2
4.53.11.41.4
7.96.61.31.3
8.77.51.11.1
6.44.91.51.5
2.61.21.51.5
4.42.51.91.9
4.63.7
.8
.9
3.92.9
.9
.9
493.01,81.8
4.0
4.23.1
III
-.4
11.214.6
-3.0-3.0
12.115.4
-2.9-2.9
6.410.1-3.3^3.3
2.51.11.41.4
-.3-1.1
.9
.9
1.81.2.6.6
-4.3-5.7
1.51.5
4.12.31.71.7
6.34.71.51.5
5.74.31.31.3
7.46.01.31.3
463.11.41.4
3.2
4.12.6
IV
1.3
4.16.4
-2.2-2.2
3.56.6
-2.9-2.9
7.05.41.61.6
3.6.4
3.23.2
1.3-2.1
3.43.4
4.01.32.72.7
.̂1-8.6
4.94.9
4.91.83.13.1
4.02.51.51.5
5.03.51.41.4
3.62.11.41.4
5.84.5
NOTE.—Contributions to the percent change in real gross domestic product are shown in table 8.2.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1998 SURVEY OF CURRENT BUSINESS National Data D-25
Table 8.2.—Contributions to Percent Change in Real Gross DomesticProduct
Percent change at annual rate:
Gross domestic product
Percentage points at annual rates:
Personal consumption expenditures
Durable goodsNondurable goodsServices
Gross private domestic investment ...
Fixed investmentNonresidential
StructuresProducers' durable equipment
ResidentialChange in business inventories
Net exports of goods and services ...
ExportsGoods . .Services
ImportsGoodsServices
Government consumptionexpenditures and grossinvestment
FederalNational defenseNondefense '.
State and local
1996
2.8
1.8
.4
.31.1
1.1
1.1.9.1.8.2
0
-.2
.9
.7
.2-1.1-1.0-.1
.1
-.1-10,?
1997
3.8
2.2
.4
.41.4
1.6
1.0.9.1.8.1.6
-.3
1.31.2.2
-1.4-1.2-.2
.2
— 1-10
3
Seasonally adjusted at annual rates
1996
III
1.0
.4
-.2.1.4
2.3
1.41.6.3
1.3-.2
.8
-1.4
.2
.20
-1.6-1.6
0
-.2
-.3-.2-.1
,1
IV
4.3
2.2
.3
.41.5
.2
.4
.6
.4
.2-.2-.2
1.8
2.72.2.4
-.8-.80
0
-.4-.30
4
1997
I
4.9
3.6
1.1.9
1.5
2.4
.6
.4-.1
.5
.11.8
-1.0
1.11.0.1
-2.1-1.7-.5
-.1
-.4-.6
.2,3
II
3.3
.6
-.5-.41.5
2.5
1.71.4-.11.6.3.8
-.4
2.01.9.1
-2.5-2.3-.2
.6
.4
.3
.1,1
III
3.1
3.8
1.4.8
1.5
.4
2.01.9.2
1.7.1
-1.6
-1.3
.5
.3
.2-1.7-1.6-.1
.2
-.1.1
-1.3
IV
3.9
2.1
.1-.22.1
1.4
0-.4-.1-.3
.41.4
.3
1.11.20-.8-.7-.1
.1
-.1.1
-.2.2
Table 8.3.—Selected Per Capita Product and Income Series in Currentand Chained Dollars
[Dollars]
Current dollars:
Gross domesticproduct
Gross nationalproduct
Personal incomeDisposable personal
incomePersonal
consumptionexpendituresDurable goods ....Nondurable
goodsServices
Chained (1992)dollars:
Gross domesticproduct
Gross nationalproduct
Disposable personalincome
PersonalconsumptionexpendituresDurable goods ....Nondurable
aoodsServices .....
Population (mid-period,thousands)
1996
28,752
28,75924,457
21,117
19,6082,389
5,77911,441
26,088
26,101
19,116
17,7502,301
5,39310,057
265,579
1997
30,168
25,663
21,972
20,4882,461
5,94412,084
26,840
19,494
18,1782,410
5,44610,325
267.868
Seasonally adjusted at annual rates
1996
III
28,869
28,84324,604
21,229
19,6602,386
5,78611,488
26,116
26,102
19,161
17,7452,301
5,39310,052
265,887
IV
29,243
29,25424,835
21,373
19,9192,395
5,85411,669
26,333
26,354
19,152
17,8482,316
5,40810,125
266,491
1997
I
29,715
29,66225,268
21,689
20,2472,466
5,94511,836
26,599
26,562
19,331
18,0462,389
5,46010,202
266,987
II
30,030
29,95225,525
21,865
20,3032,409
5,90111,993
26,760
26,704
19,439
18,0512,351
5,42010,278
267,545
III
30,295
30,21825,756
22,034
20,6122,488
5,96912,154
26,901
26,844
19,518
18,2582,447
5,46510,352
268.171
IV
30,628
26,099
22,297
20,7882,479
5,95812,351
27,099
19,688
18,3562,452
5,43910,466
268.770
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
D-26 • National Data SURVEY OF CURRENT BUSINESS March 1998
Table 8.4.—Auto Output[Billions of dollars]
Table 8.5.—Real Auto Output[Billions of chained (1992) dollars]
Auto output
Final salesPersonal consumption expenditures
New autosNet purchases of used autos
Producers' durable equipmentNew autosNet purchases of used autos
Net exportsExportsImports
Gross government investment
Change in business inventories of newand used autosNewUsed
Addenda:Domestic output of new autos !
Sales of imported new autos2
1996
134.6
140.0141.386.155.345.379.2
-33.9-48.9
17.065.92.3
-5.4-5.6
.2
121.158.2
1997
134.9
134.8140.886.854.048.479.8
-31.4-56.7
16.973.52.2
.1
.7-.6
120.763.7
Seasonally adjusted at annual rates
1996
III
144.5
140.2141.584.856.748.084.0
-35.9-51.3
17.168.32.0
4.33.7
.6
131.658.2
IV
128.7
138.0138.485.353.245.976.9
-51.1-48.8
16.865.72.6
-9.3-9.0-.4
113.559.2
1997
I
136.4
137.9145.287.957.348.882.5
-33.7-58.4
16.675.02.3
-1.5-.8-.6
120.864.8
II
130.2
131.1136.781.355.447.479.5
-52.1-54.9
18.173.0
1.9
-.9.3
-1.2
116.861.1
III
138.1
137.4144.090.753.350.481.4
-31.0-59.4
16.275.52.3
.71.1-.4
126.365.1
IV
134.9
132.7137.287.250.147.175.9
-28.8-54.0
16.670.72.5
2.12.3-.2
118.863.7
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 gross government invest-
ment.
Table 8.6.—Truck Output[Billions of dollars]
Truck output 'Final sales
Personal consumption expendituresProducers' durable equipmentNet exports
ExportsImports
Gross government investmentChange in business inventories
136.7137.4
63.771.6-4.790
13768
-.7
149.4
146?65.278.3-5.010915.978
3?
134.2
134.662.172.9-63
8514859
-.4
138.5
141.663.974.9-3?10213461
-5.1
145.0
141.163.276.1-5.410215.77?
38
140.2
138360.175.5-5.410015381
18
149.3
148366.879.3-6710417.189
10
163?
157.270.682.2-?413.115.568
61
1. Includes new trucks only.
Auto output
Final salesPersonal consumption expenditures
New autosNet purchases of used autos
Producers' durable equipmentNew autosNet purchases of used autos .
Net exportsExportsImports
Gross government investment
Change in business inventories of newand used autosNewUsed
Residual
Addenda:Domestic output of new autos 'Sales of imported new autos 2 . .
1996
119.9
124.4121.278.242.145.172.0
-26.6-43.6
16.059.62.1
-4.7-5.2
.3
.6
110.952.9
1997
119.9
119.7121.478.741.846.872.4
-25.6-50.1
15.865.92.0
0.8
-.7
.6
110.157.8
Seasonally adjusted at annual rates
1996
III
127.9
123.8121.076.743.247.275.9
-28.4-45.6
16.161.8
1.8
4.03.6
.5
.3
120.252.6
IV
113.7
121.3118.077.040.244.969.5
-24.6-43.4
15.859.22.3
-7.9-8.1
0
.8
103.653.5
1997
I
119.7
121.2123.679.643.148.074.7
-26.6-52.0
15.667.62.1
-1.8-1.0-.7
.5
109.858.7
II
116.8
115.8117.273.742.446.172.1
-25.9-48.7
17.065.7
1.7
.92.3
-1.2
.4
108.155.3
III
122.1
122.6125.082.342.048.173.9
-25.8-52.3
15.167.42.0
-.60-.5
.5
114.259.1
IV
120.9
119.2119.779.439.745.069.1
-24.2^7.3
15.562.82.2
1.51.9-.3
.4
108.458.0
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 gross government invest-
ment.NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantityindexes uses weights of more than one period, the corresponding chamed-dollar estimates are usually not additive.The residual line is the difference between the first line and the sum of the most detailed lines, excluding thelines in the addenda.
Table 8.7.—Real Truck Output[Billions of chained (1992) dollars]
Truck output l
Final salesPersonal consumption expendituresProducers' durable equipmentNet exports
ExportsImports
Gross government investment
Change in business inventories
Residual
121.1
121.755.8637-37
8.71246.1
-.6
-.2
131.9
129.056.4701-4.110.31446.9
3.0
-.4
118.7
119.054.2647-5.18?
1345.2
-.3
.1
122.6
125.355.4670-2.3
981215.5
-2.9
-.1
127.6
124.254.6678-44
9.814264
3.6
-.4
1236
121.951.9675-4594
13972
1.7
-.2
131 6
130757.7709-57
9815580
.9
-.2
1448
139261.2739-171221406157
-.3
1. Includes new trucks only.NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantityindexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.The residual line is the difference between the first line and the sum of the most detailed lines.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1998 SURVEY OF CURRENT BUSINESS National Data • D-27
B. Other NIPA and NiPA-Related Tables.
Monthly Estimates:
Tables B.i and B.2 include the most recent estimates of personal income and its components; these estimateswere released on March 2, 1998 and include "preliminary" estimates for January 1998 and "revised" estimatesfor October-December.
Table B.1.—Personal Income[Billions of dollars; monthly estimates seasonally adjusted at annual rates]
Personal income
Wage and salary disbursementsPrivate industries
Commodity-producing industriesManufacturing
Distributive industriesService industries
Government
Other labor income
Proprietors' income with IVA and CCAdjFarm .Nonfarm
Rental income of persons with CCAdj
Personal dividend income
Personal interest income
Transfer payments to personsOld-age, survivors, disability, and health insurance benefitsGovernment unemployment insurance benefitsOther
Less' Personal contributions for social insurance
1996
6,495.2
3,632.529899
909.167478233
1,257.56426
407.6
5203372
483.1
146.3
291 2
735.7
1 0680537.6
22.05084
3063
1997
6,874.2
3,877.332120
960.27059876.2
1,375.56653
416.6
544540.7
503.7
148.0
3215
768.8
1 121 1566.7
21.75327
3237
1996
Dec.
6,664.4
3,753.73,1040
935.26904848.9
1,319.96497
411.4
5298399
490.0
149.1
2969
751.8
1 0855548.2
22.35150
3138
Jan.
6,700.1
3,754.13,098.7
936.36905847.7
1,314.66555
410.5
532239.4
492.8
148.5
3107
754.3
1,1055559.5
22.15239
315.8
Feb.
6,750.3
3,799.13,140.9
943.46934857.9
1,339.66582
412.5
5345399
494.6
149.3
3125
757.0
1 1041555.6
22.05265
318.7
Mar.
6,788.2
3,821.33,161.7
948.86984864.8
1,348.1659.7
413.9
537241.4
495.8
149.2
3144
760.4
1 111 9561.5
22.05284
320.1
Apr.
6,800.9
3,822.13,161.2
950.36995863.1
1,347.7660.9
414.4
540943.0
497.9
149.3
3163
763.4
1,1146562.4
22.0530.2
320.1
May
6,822.8
3,835.13,173 1
953.77003865.0
1 ,354.5661 9
415.3
543643.8
499.8
148.9
3183
766.0
1,1166564.8
21.95299
320.9
1S
June
6,863.5
3,867.63,204.5
954.57012872.9
1,377.16631
415.6
546544.0
502.4
147.8
3203
768.9
1 1197565.9
21.95319
323.0
97
July
6,873.1
3,870.03,204.6
955.57015872.2
1,376.86654
416.6
546843.0
503.9
147.4
3224
771.0
1 1221567.3
21.75331
323.1
Aug.
6,912.2
3,902.33,234.5
962.0706.5883.7
1,388.9667.8
417.6
546.140.8
505.3
148.5
3245
772.5
1,125.9570.4
21.4534.1
325.2
Sept.
6,935.5
3,916.13,246.2
966.6710.0886.4
1,393.3669.8
418.9
548.739.0
509.6
148.2
3266
774.3
1,129.0570.4
21.6537.0
326.1
Oct.'
6,970.7
3,943.63,271.7
975.4717.8893.1
1,403.1671.9
420.1
551538.5
513.0
146.8
3286
776.6
1,131 4571.9
21.4538.0
327.9
Nov.'
7,021.5
3,990.03,3160
984.97244904.1
1,427.06739
421.4
5519381
513.8
146.3
3307
779.3
1 1328572.7
21.45388
3310
Dec.'
7,051.6
4,006.73,331.2
991.47279904.0
1,435.76755
422.6
553938.1
515.8
146.2
3328
781.9
1 1398577.821.5
5405
3321
1998
Jan.*
7,092.8
4,033.33,353 4
994.772809133
1,445.46798
423.9
5581381
520.0
145.6
3349
784.5
1 1487582.6
21.55446
3361
0 Preliminary.r Revised.
CCAdj Capital consumption adjustmentIVA Inventory valuation adjustmentSource: U.S. Department of Commerce, Bureau of Economic Analysis.
Table B.2.—The Disposition of Personal Income[Monthly estimates seasonally adjusted at annual rates]
Personal income
Less" Personal tax and nontax payments
Equals', Disposable personal income
Less* Personal outlavs
Personal consumption expendituresDurable goods ...Nondurable goodsServices
Interest paid by personsPersonal transfer payments to rest of world
Eouals' Personal savinos
Addenda:Disposable personal income:
Billions of chained (1992) dollars 'Per capita:
Current dollarsChained (1992) dollars
Population (thousands)
Personal consumption expenditures:Billions of chained (1992) dollars
Durable goods ..Nondurable goodsServices
Implicit price deflator 1992=100
Personal saving as percentage of disposable personal income2
Personal income current dollars
Disposable personal income:Current dollarsChained (1992) dollars
Personal consumption expenditures:Current dollarsChained (1992) dollars .
1996 19971996
Dec.
1997
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.'" | Nov.' Dec.'
1998
Jan./'
Billions of dollars, unless otherwise indicated
6,495.2
886.9
5,608.3
5,368.8
5,207.6634.5
1,534.73,038.4
145.215.9
239.6
5,076.9
21,11719,116
265,579
4,714.1611.1
1,432.32,671.0110.47
4.3
6,874.2
988.7
5,885.5
5,660.8
5,488.1659.1
1,592.13,236.9
154.817.9
224.7
5,221.9
21,97219,494
267,869
4,869.3645.5
1,458.82,765.7112.71
3.8
6,664.4
936.8
5,727.6
5,505.9
5,336.4637.4
1,564.63,134.5
152.816.7
221.7
5,123.0
21,47819,211
266,672
4,773.1618.2
1,440.72,714.0111.80
3.9
6,700.1
942.3
5,757.8
5,565.9
5,396.7661.0
1,584.53,151.1
152.217.0
191.9
5,142.3
21,57919,272
266,826
4,819.8641.2
1,456.02,724.2111.97
3.3
6,750.3
957.7
5,792.7
5,578.5
5,409.7659.8
1,589.03,160.9
151.717.0
214.2
5,159.4
21,69719,326
266,975
4,818.3638.4
1,458.12,723.2112.27
3.7
6,788.2
967.0
5,821.2
5,579.5
5,410.8654.4
1,588.63,167.8
151.617.0
241.7
5,181.4
21,78919,394
267,161
4,816.1633.8
1,459.22,724.2112.35
4.2
6,800.9
970.4
5,830.5
5,592.3
5,422.0642.9
1,577.03,202.1
152.717.6
238.2
5,185.5
21,80819,396
267,354
4,822.2625.9
1,446.32,749.1112.44
4.1
6,822.8
978.3
5,844.5
5,592.7
5,422.4643.5
1,577.13,201.8
152.717.6
251.8
5,198.7
21,84519,431
267,541
4,823.2628.1
1,449.12,745.5112.42
4.3
6,863.5
988.9
5,874.5
5,623.5
5,451.9647.0
1,582.63,222.3
154.0'17.6
251.0
5,218.3
21,94119,490
267,741
4,842.9633.0
1,454.72,755.0112.58
4.3
6,873.1
991.2
5,881.9
5,690.4
5,518.7670.8
1,597.63,250.3
153.518.2
191.4
5,214.8
21,95119,462
267,952
4,892.8657.7
1,466.02,771.0112.79
3.3
6,912.2
999.3
5,913.0
5,699.3
5,525.8670.5
1,599.83,255.5
155.218.2
213.7
5,239.8
22,04919,539
268,171
4,896.8659.9
1,464.82,774.1112.85
3.6
6,935.5
1,003.5
5,932.0
5,712.6
5,537.8660.7
1,604.93,272.2
156.618.2
219.4
5,247.8
22,10219,553
268,391
4,899.0650.9
1,465.62,783.2113.04
3.7
6,970.7
1,012.1
5,958.6
5,740.0
5,563.6655.3
1,604.53,303.9
157.818.5
218.7
5,265.9
22,18519,606
268,594
4,916.9647.2
1,464.32,804.7113.15
3.7
7,021.5
1,024.3
5,997.2
5,764.6
5,587.7669.9
1,601.03,316.8
158.418.5
232.6
5,293.7
22,31319,696
268,775
4,932.3663.0
1,461.52,808.5113.29
3.9
7,051.6
1,029.2
6,022.5
5,790.2
5,610.4673.6
1,598.83,338.0
161.318.5
232.3
5,315.2
22,39319,763
268,942
4,951.5666.6
1,459.72,825.5113.31
3.9
7,092.8
1,022.7
6,070.1
5,812.6
5,631.4676.8
1,604.93,349.7
162.618.5
257.5
5,353.8
22,55719,896
269,098
4,967.0671.0
1,467.02,829.9113.38
4.2
Percent change from preceding period
5.6
4.72.3
5.02.6
5.8
4.92.9
5.43.3
0.7
.6
.4
.6
.5
0.5
.5
.4
1.11.0
0.7
.6
.3
.20
0.6
.5
.4
00
0.2
.2
.1
.2
.1
0.3
.2
.3
00
0.6
.5
.4
.5
.4
0.1
.1-.1
1.21.0
0.6
.5
.5
.1
.1
0.3
.3
.2
.20
0.5
.4
.3
.5
.4
0.7
.6
.5
.4
.3
0.4
.4
.4
.4
.4
0.6
.8
.7
.4
.3
1. Disposable personal income in chained (1992) dollars equals the current-dollar figure divided by the implicitprice deflator for personal consumption expenditures.
2. Monthly estimates equal personal saving for the month as a percentage of disposable personal income forthat month.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
D-28 • National Data SURVEY OF CURRENT BUSINESS March 1998
Annual Estimates:
Except as noted, these tables are derived from the NIPA tables published in the August 1997 SURVEY OF CURRENTBUSINESS; they are consistent with the most recent comprehensive and annual revisions.
Table B.3.—Gross Domestic Product by Industry, Current-Dollar and Real Estimates for 1994-56
Gross domestic product
Private industries
Agriculture, forestry and fishingFarmsAgricultural services, forestry and fishing
MiningMetal miningCoal miningOil and gas extractionNonmetallic minerals except fuels
Construction
ManufacturingDurable goods
Lumber and wood productsFurniture and fixturesStone clay and glass productsPrimary metal industriesFabricated metal productsIndustrial machinery and equipmentElectronic and other electric equipment ...Motor vehicles and equipmentOther transportation equipmentInstruments and related productsMiscellaneous manufacturing industries ...
Nondurable goodsFood and kindred productsTobacco productsTextile mill productsApparel and other textile productsPaper and allied productsPrinting and publishingChemicals and allied productsPetroleum and coal productsRubber and miscellaenous plasticsLeather and leather products
Transportation and public utilitiesTransportation
Railroad transportationLocal and interurban passenger transit ....
Water transportation
Pipelines except natural gas
Billions of dollars
1994
6,947.0
6,013.5
119.283.535.7
94.95.9
13.166.7
9.2
268.7
1,216.1679.2
38.418.528.846.384.2
122.3132.9
87.449.548.722.2
536.9109.6
16.325.428.251.386.0
140.630.444.44.7
598.7219.9
24.211.495.010.951.74.6
1995
7,265.4
6,301.3
111.073.537.5
99.86.8
12.371.09.6
286.4
1,286.3716.8
40.719.430.752.089.5
142.4134.0
87.346.949.724.3
569.5118.7
17.623.627.359.985.0
155.930.246.15.1
622.4228.7
24.512.497.510.854.95.7
1996
7,636.0
6,639.8
129.889.440.5
113.66.8
12.384.410.2
306.1
1,332.1749.0
41.420.532.750.698.2
150.2143.8
85.149.752.324.6
583.1122.6
18.125.526.657.190.4
157.830.149.75.2
645.3235.1
25.313.692.211.263.25.5
Billions of chained(1992) dollars
1994
6,610.7
5,763.6
119.184.934.9
102.55.7
15.572.29.2
249.8
1,193.2671.3
29.818.027.045.084.5
131.5145.8
78.047.645.121.5
522.0106.5
22.327.328.352.178.0
131.227.645.44.5
584.1214.3
25.911.088.710.851.44.8
1995
6,742.1
5,921.4
111.474.237.0
108.45.5
15.777.79.5
254.1
1,273.7731.2
31.618.727.744.489.7
164.5175.6
79.343.842.622.8
543.2120.9
24.325.428.545.477.5
138.932.248.24.7
593.8216.0
27.712.087.411.049.85.4
4 QQCiyyo
6,928.4
6,094.1
111.775.537.6
101.96.3
16.669.410.1
264.3
1,323.7785.5
33.618.829.146.894.0
186.1217.4
76.144.538.323.3
541.0112.9
23.926.626.947.374.3
142.233.850.94.8
608.9220.8
31.012.280.310.759.05.0
Transportation servicesCommunications
Telephone and telegraphRadio and television
Flprtrir na^ PnH Qsnitsrv Qpn/irp^
Wholesale trade
Retail trade
Finance, insurance, and real estateDepository instituionsNondepository institutionsSecurity and commodity brokersInsurance carriersInsurance agents, brokers, and servicesRpgl ostate
Other real estateHoldinc and other investment offices
ServicesHotels and other lodging placesPersonal servicesBusiness servicesAuto repair services and parkingMiscellaneous repair servicesMotion picturesAmusement and recreation servicesHealth servicesLegal servicesEducational servicesSocial servicesMembership organizationsOther servicesPrivate households
Statistical discrepancy
Government
FederalGeneral gvernmentGovernment enterprises
State and localGeneral governmentGovernment enterprises
Not allocated by industry 2
Billions of dollars
1994
22.1184.6142.142.5
194.2
468.0
615.3
1,267.6207.436.178.5
108.845.0
802.9607.3195.6-11.1
1,350.457.445.8
256.059.319.223.051.4
410.293.852.343.245.1
182.611.0
14.6
933.5
324.9275.2
49.7
608.6557.5
51.1
1995
23.0191.6144.147.5
202.0
484.4
637.6
1,361.3229.6
39.079.5
126.547.1
842.7642.8199.9-3.2
1,440.360.646.6
283.361.120.725.956.2
428.996.555.146.747.0
199.911.8
-28.2
964.1
326.2275.5
50.7
637.9583.4
54.5
1996
24.0200.3149.6
50.6210.0
516.8
667.9
1,448.5247.4
49.990.0
136.650.4
886.2673.3212.9-12.0
1,539.563.749.1
318.565.022.529.960.8
447.0100.058.249.348.9
215.211.5
-59.9
996.3
331.5281.4
50.2
664.7607.6
57.1
Billions of chained(1992) dollars
1994
21.7176.9137.938.8
193.1
448.6
601.2
1,196.9197.0
33.983.091.341.6
758.3573.3185.0
12.9
1,256.554.442.6
247.153.316.721.847.5
369.786.048.941.642.1
175.410.4
13.9
878.3
306.9258.4
48.6
571.3524.2
47.1
-60.4
1995
23.2178.4136.4
41.7199.6
457.5
622.5
1,231.1193.4
32.681.9
105.142.1
775.6587.9187.7
12.6
1,298.855.442.4
271.353.317.023.949.7
371.685.549.643.742.5
184.610.8
-26.3
877.4
297.1248.1
49.0
580.3532.2
48.0
-87.9
1996
24.0181.6141.240.4
207.0
493.3
648.5
1,258.5192.0
35.492.2
110.143.6
793.3596.8196.6
12.6
1,342.955.843.3
295.755.315.926.251.6
376.685.150.744.943.1
192.910.1
-54.7
874.1
290.6240.9
49.7
583.4535.2
48.2
-101.1
1. The current-dollar statistical discrepancy equals gross domestic product (GDP) measured as the sum of ex-penditures less gross domestic income—that is, GDP measured as the costs incurred and profits earned in domesticproduction. The chained (1992) dollar statistical discrepancy equals the current-dollar discrepancy deflated by theimplicit price deflator for gross domestic product.
2. Equals GDP in chained (1992) dollars less the statistical discrepancy and the sum of GPO of the detailedindustries.
NOTE—Estimates are based on the 1987 Standard Industrial Classification. The table is derived from tables 7and 10 in "Gross Product by Industry, 1947-96" in the November 1997 SURVEY OF CURRENT BUSINESS.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1998 SURVEY OF CURRENT BUSINESS National Data • D-29
Table B.4.—Personal Consumption Expenditures by Type of Expenditure
Personal consumption expenditures
Food and tobaccoFood purchased for off-premise consumption (n.d.)Purchased meals and beverages ' (n d )Food furnished to employees (including military) (n.d.)Food produced and consumed on farms (n.d.)Tobacco products (n.d.)Addenda: Food excluding alcoholic beverages (n.d.)
Alcoholic beverages purchased for off-premiseconsumption (n.d.)
Other alcoholic beverages (n.d.)
Clothing, accessories, and jewelryShoes (n.d.)Clothing and accessories except shoes2
Women's and children's (n.d.)Men.'sand boys' (n.d.)
Standard clothing issued to military personnel (n. d)Cleaning, storage, and repair of clothing and shoes (s.) ...Jewelry and watches (d.)Other -MS.)
T '1 t rt' 1 « ariri t'n'n4'7"ri'iBarbershops, beauty parlors, and health clubs (s.)
HousingOwner-occupied nonfarm dwellings space rent4 (s.)Tenant-occupied nonfarm dwellings rent5 (s.)Rental value of farm dwellings (s )Other 6 (s )
Household operationFurniture, including mattresses and bedsprings (d.)Kitchen and other household appliances * (d.)China, glassware, tableware, and utensils (d.)Other durable house furnishings8 (d.)Semidurable house furnishings9 (n.d.)Cleaning and polishing preparations, and miscellaneous
household supplies and paper products (n. d)Stationery and writing supplies (n.d.)Household utilities
Electricity (s.)Gas (s.)Water and other sanitary services (s.)Fuel oil and coal (n.d.)
Telephone and telegraph (s.)Domestic service (s.)Other 10 (s.) ...
Medical careDrug preparations and sundries ' ' (n.d.)Ophthalmic products and orthopedic appliances (d.)Physicians (s.)Dentists (s.) ...Other professional services 12 (s.)Hospitals and nursing homes n ...
Nonprofit (s )Proprietary (s.)Government (s.)
Nursing homes (s.)Health insurance
Medical care and hospitalization I4 (s.)Income loss15 (s.)Workers' compensation 16 (s.)
Billions of dollars
1994
4,717.0
761.7451.6254.3
8.1.5
47.3
633.6
53.9
27.0
312.736.0
211.6137.5
74.1
.311.637.7
15.6
68.4
45.3
23.0
712.7507.0174.0
5.826.0
535.045.9
25.6
24.0
52.327.2
50.8
15.1
163.884.2
32.4
36.6
10.5
82.6
11.935.8
826.181.6
12.9
180.043.995.7
357.0298.1200.2
32.1
65.8
58.9
55.0
42.9
2.79.4
1995
4,957.7
783.8462.2264.1
8.4.4
48.7
652.0
54.9
28.2
323.436.8
217.7141.3
76.4
.312.3
39.3
17.1
71.947.2
24.7
750.3532.2184.6
5.927.5
562.848.027.2
25.3
54.5
28.9
52.3
15.8
168.588.0
31.5
38.8
10.2
90.2
12.839.4
871.685.7
13.1191.4
47.6104.4375.9310.6207.9
34.5
68.2
65.2
53.640.7
2.910.0
1996
5,207.6
805.7478.4268.7
8.7.4
49.6
669.9
57.3
28.9
336.338.1
226.0145.880.2
.312.3
41.6
18.1
75.7
49.9
25.7
787.2558.3193.6
6.129.1
591.949.6
27.827.4
58.2
30.1
54.5
17.0
177.990.3
34.941.1
11.6
96.9
12.540.1
912.890.9
13.9
196.550.9
110.2394.2325.1217.3
37.1
70.7
69.1
56.3
41.8
3.211.3
Billions of chained(1992) dollars
1994
4,486.0
735.0434.5245.1
7.85
47.2
608.7
53.7
25.6
308.535.7
211.2137.0
74.1
.311.035.6
14.7
65.5
43.7
21.8
674.3479.6165.2
5.224.3
514.543.2
25.0
23.551.4
25.7
50.214.4
156.382.6
30.033.0
10.7
79.6
11.234.2
751.076.7
12.3
162.439.8
89.2
331.5276.9187.829.2
59.9
54.6
40.0
36.62.42.3
1995
4,595.3
737.9433.4248.7
7.9c
47.4
610.2
54.5
25.9
321.836.6
220.6144.2
76.4
.311.5
36.8
16.0
67.9
45.0
22.9
688.2487.2171.1
5.224.8
533.644.2
26.6
25.0
53.126.9
50.014.4
159.484.330.7
33.8
10.5
86.6
11.735.9
766.279.1
12:2
166.141.1
95.6
336.6278.5188.230.3
60.0
58.1
37.5
35.2
2.51.8
1996
4,714.1
736.5434.7246.6
8.0.4
46.8608.7
55.5
25.7
335.337.6
229.9150.7
79.2
.311.3
39.7
16.6
70.1
47.0
23.0
700.2495.3174.9
5.125.0
548.444.627.1
26.9
56.1
28.2
50.6
14.8
163.185.232.7
34.6
10.6
91.1
11.0
35.3
782.481.7
12.6
169.342.0
99.1
343.1284.4191.831.960.7
58.7
36.934.7
2.61.8
Personal businessBrokerage charges and investment counseling (s.)Bank service charges, trust services, and safe deposit
box rental (s )Services furnished, without payment by financial
intermediaries except life insurance carriers and privatenoninsureo pension pians (s.; .„.„......
Legal services (s )Funeral and burial expenses (s )Other ' 8 (s )
TransportationUser-operated transportation
New autos (d )Net purchases of used autos (d )Other motor vehicles (d )
Repair, greasing, washing, parking, storage, rental, andleasing (s)
Gasoline and oil (n d )
Insurance 19 (s.)Purchased local transportation
Mass transit systems (s )Taxicab (s )
Purchased intercity transportationRailway (s)Bus (s )
Other 2"(s j
RecreationBooks and maps (d )Magazines, newspapers, and sheet music (n.d.) ;Nondurable toys and sport supplies (n.d.)Wheel goods, sports and photographic equipment, boats,
and pleasure aircraft (d )Video and audio products, computing equipment, and
musical instruments (d jRadio and television repair (s )Flowers seeds and potted plants (nd.) ...Admissions to specified spectator amusements
Motion picture theaters (s )Legitimate theaters and opera, and entertainments of
nonprofit institutions (except athletics) (s ) ...Spectator sports21 (s.)
Clubs and fraternal organizations 22 (s )Commercial participant amusements23 (s.)Pari-mutuel net receipts (s )Other 2 4(s)
Education and research ...Higher education 25 (s )Nursery, elementary, and secondary schools26 (s.)Other 2 7 (s)
Religious and welfare activities28 (s)
Foreign travel and other, netForeign travel by U S residents (s )Expenditures abroad by U. S. residents (n.d.)Less: Expenditures in the United States by nonresidents
(s.)Less: Personal remittances in kind to nonresidents (n.d.)
Residual
Billions of dollars
1994
370.436.2
31.6
151.572.6
48.811.1
18.5
542.2502.6
91.2
44.1
76.8
34.5
116.4109.4
2.627.5
8.95.93.0
30.7
.71.1
25.8
3.2
370.220.6
24.539.7
35.6
78.5
4.513.4
19.0
5.6
8.25.2
11.836.2
3.383.1
104.759.0
21.4
24.4
131.2
-18.350.12.7
69.7
1.4
1995
389.138.8
33.9
159.875.4
49.1
12.2
19.9
572.3530.1
87.1
52.4
79.4
35.8
128.7114.4
2.829.4
9.26.03.2
33.0
.81.3
27.7
3.3
402.522.1
25.5
42.2
39.1
85.2
4.913.920.2
6.0
8.75.5
12.7
41.5
3.391.9
112.262.2
22.8
27.2
139.8
-22.151.9
2.6
75.2
1.4
1996
421.147.2
37.3
169.979.9
52.2
12.8
21.8
602.2557.7
86.1
55.3
82.1
37.9
140.1122.6
2.930.9
10.1
6.63.5
34.4
.81.3
28.2
4.0
431.123.2
26.545.4
42.0
89.7
5.114.922.1
6.3
9.36.4
13.0
46.2
3.599.6
119.665.2
24.0
30.3
150.5
-26.554.9
2.6
82.7
1.2
Billions of chained(1992) dollars
1994
352.137.8
27.5
146.568.1
45.3
10.1
17.1
515.3476.6
86.2
37.571.4
35.1
108.5109.8
2.425.6
8.65.72.9
30.1.7
1.125.5
2.8
365.219.6
22.9
38.9
34.8
87.4
4.213.4
17.8
5.2
7.74.9
11.234.1
3.179.1
96.8
53.1
20.4
23.4
125.6
-16.248.8
2.8
66.4
1.3
-5.7
1995
350.741.8
27.8
141.967.9
44.0
10.5
17.6
528.0487.8
80.6
40.8
71.7
36.2
116.5113.1
2.426.0
8.55.53.0
31.7
.71.4
26.8
2.8
395.720.6
22.9
41.4
37.7
101.84.5
13.2
18.2
5.4
7.95.0
11.5
38.0
3.185.5
99.4
53.7
20.8
25.0
128.6
-19.548.92.4
69.5
1.3
-10.6
1996
363.650.0
28.9
143.968.5
45.2
10.4
18.7
540.3497.7
78.2
42.1
72.5
38.3
123.3114.1
2.526.2
8.55.63.0
34.2
.71.4
28.8
3.3
424.420.822.7
43.9
40.3
119.54.5
14.4
18.95.4
8.05.5
11.8
41.13.1
89.3
102.754.021.7
27.2
136.6
-21.550.8
2.4
73.5
1.1
-17.8
1. Consists of purchases (including tips) of meals and beverages from retail, service, and amusement establish-ments, hotels, dining and buffet cars, schools, school fraternities, institutions, clubs, and industrial lunchrooms. In-cludes meals and beverages consumed both on-and off-premise.
2. Includes luggage.3. Consists of watch, clock, and jewelry repairs, costume and dress suit rental, and miscellaneous personal serv-
ices.4. Consists of rent for space and for heating and plumbing facilities, water heaters, lighting fixtures, kitchen cabi-
nets, linoleum, storm windows and doors, window screens, and screen doors, but excludes rent for appliances andfurniture and purchases of fuel and electricity.
5. Consists of space rent (see footnote 4) and rent for appliances, furnishings, and furniture.6. Consists of transient hotels, motels, clubs, schools, and other group housing.7. Consists of refrigerators and freezers, cooking ranges, dishwashers, laundry equipment, stoves, room air condi-
tioners, sewing machines, vacuum cleaners, and other appliances.8. Includes such house furnishings as floor coverings, comforters, quilts, blankets, pillows, picture frames, mirrors,
art products, portable lamps, and clocks. Also includes writing equipment and hand, power, and garden tools.9. Consists largely of textile house furnishings, including piece goods allocated to house furnishing use. Also
includes lamp shades, brooms, and brushes.10. Consists of maintenance services for appliances and house furnishings, moving and warehouse expenses,
postage and express charges, premiums for fire and theft insurance on personal property less benefits and divi-dends, and miscellaneous household operation services.
11. Excludes drug preparations and related products dispensed by physicians, hospitals, and other medical serv-ices.
12. Consists of osteopathic physicians, chiropractors, private duty nurses, chiropodists, podiatrists, and others pro-viding health and allied services, not elsewhere classified.
13. Consists of (1) current expenditures (including consumption of fixed capital) of nonprofit hospitals and nursinghomes, and (2) payments by patients to proprietary and government hospitals and nursing homes.
14. Consists of (1) premiums, less benefits and dividends, for health, hospitalization, and accidental death anddismemberment insurance provided by commercial insurance carriers, and (2) administrative expenses (including con-sumption of fixed capital) of Blue Cross and Blue Shield plans and of other independent prepaid and self-insuredhealth plans.
15. Consists of premiums, less benefits and dividends, for income loss insurance.16. Consists of premiums, less benefits and dividends, for privately administered workers' compensation.17. Consists of (1) operating expenses of life insurance carriers and private noninsured pension plans, and (2)
premiums, less benefits and dividends, of fraternal benefit societies. Excludes expenses allocated by commercialcarriers to accident and health insurance.
18. Consists of current expenditures (including consumption of fixed capital) of trade unions and professional asso-ciations, employment agency fees, money order fees, spending for classified advertisements, tax return preparationservices, and other personal business services.
19. Consists of premiums, less benefits and dividends, for motor vehicle insurance.20. Consists of baggage charges, coastal and inland waterway fares, travel agents' fees, and airport bus fares.21. Consists of admissions to professional and amateur athletic events and to racetracks.
22. Consists of dues and fees excluding insurance premiums.23. Consists of billiard parlors; bowling alleys; dancing, riding, shooting, skating, and swimming places; amusement
devices and parks; golf courses; sightseeing buses and guides; private flying operations; casino gambling; and othercommercial participant amusements.
24. Consists of net receipts of lotteries and expenditures for purchases of pets and pet care services, cableTV, film processing, photographic studios, sporting and recreation camps, video cassette rentals, and recreationalservices, not elsewhere classified.
25. For private institutions, equals current expenditures (including consumption of fixed capital) less receipts-such as those from meals, rooms, and entertainments—accounted for separately in consumer expenditures, andless expenditures for research and development financed under contracts or grants. For government institutions,equals student payments of tuition.
26. For private institutions, equals current expenditures (including consumption of fixed capital) less receipts-such as those from meals, rooms, and entertainments—accounted for separately in consumer expenditures. For gov-ernment institutions, equals student payments of tuition. Excludes child day care services, which are included inreligious and welfare activities.
27. Consists of (1) fees paid to commercial, business, trade, and correspondence schools and for educationalservices, not elsewhere classified, and (2) current expenditures (including consumption of fixed capital) by researchorganizations and foundations for education and research.
28. For nonprofit institutions, equals current expenditures (including consumption of fixed capital) of religious, so-cial welfare, foreign relief, and political organizations, museums, libraries, and foundations, the expenditures arenet of receipts—such as those from meals, rooms, and entertainments—accounted for separately in consumer ex-penditures, and excludes relief payments within the United States and expenditures by foundations for educationand research. For proprietary and government institutions, equals receipts from users.
NOTES.—Consumer durable goods are designated (d.), nondurable goods (n.d.), and services (s.).Estimates of foreign travel by U. S. residents (line 108) expenditures were $0.3 billion in 1981. Beginning with
1984, estimates of foreign travel by U. S. residents include substantially improved estimates of U. S. residents'foreign travel and passenger fare expenditures. Estimates of expenditures in the United States by nonresidents (line110) include, beginning with 1981, nonresidents' student and medical care expenditures in the United States. Studentexpenditures were $2.2 billion, and medical expenditures were $0.4 billion in 1981. Beginning with 1984, estimatesof expenditures in the United States by nonresidents include substantially improved estimates of nonresidents' travelexpenditures. Expenditures in the United States by nonresidents are subtracted from total personal consumption ex-penditures (line 110) because they are included in detailed type of expenditure estimates elsewhere in personalconsumption expenditures.
Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992 current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexesuses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. Theresidual line is the difference between the first line and the sum of the most detailed lines.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
D-30 • National Data SURVEY OF CURRENT BUSINESS March 1998
Table B.5.—Private Purchases of Structures by Type Table B.6.—Private Purchases of Producers' Durable Equipment by Type
Private purchases of structures
Nonresidential
New
Nonresidential buildings, excluding farmIndustrial .Commercial
Office buildings !
Other2
ReligiousEducationalHospital and institutionalOther3
Utilities ..RailroadsTelecommunicationsElectric light and powerGasPetroleum pipelines
FarmMining exploration, shafts, and wells
Petroleum and natural gasOther
Other4
Brokers' commissions on sale ofstructures
Net purchases of used structures
Residential
New
New housing unitsPermanent site
Single-family structuresMultifamily structures
Mobile homesimprovementsOther5
Brokers' commissions on sale ofstructures
Net purchases of used structures
Residual
Billions of dollars
1994
463.6
184.5
184.3
125.528.961.925.836.13.85.6
13.711.6
32.03.3
10.113.04.61.0
3.216.714.71.96.9
1.5
-1.2
279.1
248.5
177.2167.9153.8
14.19.3
71.0.3
31.6-1.0
1995
478.4
200.6
200.2
140.832.570.829.841.04.26.2
12.514.5
33.23.5
11.012.35.5
.9
3.016.314.81.56.9
1.6
-1.3
277.8
246.9
174.4163.1145.2
17.911.372.0
.5
32.1-1.1
1996
517.0
215.2
214.7
156.132.177.632.145.54.47.5
13.421.1
33.34.6
11.911.04.71.0
3.716.114.81.35.7
1.8
-1.3
301.7
267.0
192.1179.4159.120.312.674.4
.6
36.3-1.6
Billions of chained(1992) dollars
1994
432.8
172.5
172.2
116.927.057.724.133.63.55.2
12.710.8
29.93.09.6
12.14.2
.9
3.015.814.01.86.6
1.4
-1.2
260.3
230.8
162.0153.7140.1
13.68.3
68.4.3
30.4-.9
.3
1995
430.0
179.9
179.5
126.129.163.426.736.73.85.6
11.213.0
30.03.1
10.111.05.0
.8
2.714.313.01.36.3
1.5
-1.1
250.0
220.8
153.1143.5126.9
16.99.5
67.3.4
30.3-1.0
-.1
1996
453.7
188.7
188.2
136.728.168.028.239.83.96.6
11.718.5
29.33.9
10.49.84.2
.9
3.213.912.71.15.0
1.6
-1.2
265.0
233.6
165.2154.8136.6
18.610.367.7
.5
32.7-1.4
.3
1. Consists of office buildings, except those constructed at industrial sites and those constructed by utilities fortheir own use.
2. Consists of stores, restaurants, garages, service stations, warehouses, mobile structures, and other buildingsused for commercial purposes.
3. Consists of hotels and motels, buildings used primarily for social and recreational activities, and buildings notelsewhere classified, such as passenger terminals, greenhouses, and animal hpspitals.
4. Consists primarily of streets, dams and reservoirs, sewer and water facilities, parks, and airfields.5. Consists primarily of dormitories, fraternity and sorority houses, and nurses' homes.NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantityindexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.The residual line is the difference between the first line and the sum of the most detailed lines.
Private purchases of producers' durableequipment
Nonresidential equipment
Information processing and related equipmentOffice, computing, and accounting machinery
Computers and peripheral equipment !Other
Communication equipmentInstrumentsPhotocopy and related equipment
Industrial equipmentFabricated metal productsEngines and turbinesMetalworking machinerySpecial industry machinery, n.e.cGeneral industrial, including materials handling,
equipmentElectrical transmission, distribution, and
industrial apparatus
Transportation and related equipmentTrucks, buses, and truck trailersAutos . . .AircraftShips and boatsRailroad equipment
Other equipmentFurniture and fixturesTractorsAgricultural machinery except tractorsConstruction machinery, except tractorsMining and oilfield machineryService industry machineryElectrical equipment, n e.c
Less: Sale of equipment scrap, excluding autos
Residential equipment . . .
Residual
Addenda:Private purchases of producers' durable
equipmentLess' Dealers' margin on used equipment
Net purchases of used equipment fromgovernment
Plus' Net sales of used equipmentNet exports of used equipmentSale OT equipment scrap
Equals: Private purchases of new equipment
Billions of dollars
1994
483.0
476.1
152.159.351.87.5
52.822.117.9
109.310.54.8
24.426.9
23.6
19.0
118.655.048.08.91.55.1
99.925.69.99.7
12.01.5
13.410.716.9
3.7
6.9
483.04.9
1.031 3
1.53.8
513.7
1995
529.6
522.4
172.873.565.67.9
59.422.417.6
121.511.14.2
28.231.2
25.8
20.9
125.763.342.312.81.55.7
106.928.110.410.413.51.8
14.410.817.5
4.5
7.2
529.65.3
1.1376
.64.6
566.0
1996
573.7
566.2
195.188.178.79.3
65.923.417.7
127.511.74.0
29.632.8
28.5
20.9
134.568.945.313.4
1.65.3
113.730.210.910.914.42.3
15.211.118.6
4.6
7.5
573.75.8
1.2397
.74.6
611.8
Billions of chained(1992) dollars
1994
483.5
476.8
165.173.967.27.3
53.721.217.3
105.510.44.6
23.325.9
22.6
18.6
113.250.647.88.41.54.9
96.024.59.59.2
11.41.5
13.010.616.3
3.1
6.7
-1.4
1995
535.2
528.3
201.8108.1102.8
7.562.021.216.6
113.410.64.0
26.029.0
24.0
19.8
118.956.743.411.61.45.2
100.326.29.89.6
12.41.7
13.510.416.5
3.4
7.0
-10.3
1996
593.1
586.0
253.1164.2160.8
9.069.921.816.4
117.011.03.7
26.629.9
26.0
19.7
125.061.345.111.81.44.6
104.627.410.29.9
13.02.1
14.010.817.2
3.8
7.1
-33.8
1. Includes new computers and peripheral equipment only.
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantityindexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.The residual line is the difference between the first line ana the sum of the most detailed lines,
n.e.c. Not elsewhere classified.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1998 SURVEY OF CURRENT BUSINESS National Data D-31
Table B.7.—Compensation and Wage and Salary Accruals by Industry[Millions of dollars]
Total
Domestic Industries
Private industries
Agriculture, forestry, and fishingFarmsAgricultural services, forestry, and
fishing .
MiningMetal miningCoal miningOil and gas extractionNonmetallic minerals, except fuels
ManufacturingDurable goodsLumber and wood products
Stone, clay, and glass productsPrimary metal industriesFabricated metal productsIndustrial machinery and equipment ...Electronic and other electric
equipmentMotor vehicles and equipmentOther transportation equipmentInstruments and related productsMiscellaneous manufacturing
Nondurable qoods
Textile mill productsApparel ana other textile products
Printing and publishingChemicals and allied productsPetroleum and coal productsRubber and miscellaneous plastics
productsLeather and leather products
Transportation and public utilitiesTransportation
Railroad transportationLocal and interurban passenger
transitTrucking and warehousingWater transportationTransportation by airPipelines, except natural gasTransportation services
Compensation
1994
4,012,002
4,014,482
3,213,814
34,78014,477
20,303
32,6562,7916,375
19,0694,421
182,016
792,034486,84423,01814,92721,56436,10256,39895,407
72,72661,77147,36744,806
12,758305,19059,3812,768
19,27421,35232,23658,65263,65310,769
34,1332,972
265,575144,64915,346
8,91163,7637,757
34,4241,126
13,322
1995
4,215,434
4,217,968
3,392,629
37,01115,588
21,423
32,8923,1456,174
18,9294,644
193,746
816,853505,16723,80215,44322,12937,26158,594
100,891
77,18165,04746,24345,579
12,997311,68661,0422,949
18,95620,99632,93660,38765,39310,834
35,3222,871
276,517150,66415,313
9,37466,9147,843
35,7141,051
14,455
1996
4,426,912
4,429,472
3,574,191
39,61916,385
23,234
33,6783,3585,974
19,5394,807
209,279
839,754521,75024,83215,75422,92037,88860,161
105,182
80,89565,91147,10547,745
13,357318,00462,4223,014
18,74420,37933,66162,30867,53810,738
36,4782,722
287,023156,92415,525
10,10160,8387,895
46,4921,007
15,066
Wage and salary accruals
1994
3,254,030
3,256,510
2,654,320
29,85212,325
17,527
26,3782,1874,993
15,6063,592
147,425
625,496379,616
18,49511,98617,05426,84144,49676,720
58,30242,38436,86135,960
10,517245,88047,6142,062
15,84017,44226,23048,19350,743
7,796
27,5272,433
211,840113,62611,249
7,29249,7506,238
27,189929
10,979
1995
3,442,583
3,445,117
2,822,137
31,91513,309
18,606
26,8432,5184,884
15,6283,813
157,684
651,750398,272
19,40112,58417,70627,99046,79482,191
62,68144,88636,17237,013
10,854253,47849,5272,215
15,69717,32227,05850,08752,5827,837
28,7842,369
221,770119,11011,271
7,73152,594
6,32328,339
86911,983
1996
3,633,641
3,636,201
2,993,607
34,47614,163
20,313
27,6442,7074,739
16,2403,958
172,234
675,067416,06120,45912;96418,54828,86648,55386,528
66,17946,37737,18639,158
11,243259,00650,7462,268
15,54416,81627,67251,71854,411
7,791
29,8032,237
231,072124,81511,422
8,38147,040
6,42938,220
82912,494
CommunicationsTelephone and telegraphRadio and televisionElectric, gas, and sanitary services
Wholesale trade
Retail trade
Finance, insurance, and real estate ....Depository institutions
Security and commodity brokers
Insurance agents, brokers, andservice
Real estateHolding and other investment offices
ServicesHotels and other lodging placesPersonal servicesBusiness servicesAuto repair, services, and parkingMiscellaneous repair servicesMotion picturesAmusement and recreation services ...Health servicesLegal servicesEducational servicesSocial services and membership
organizationsSocial servicesMembership organizations
Other services'Private households
GovernmentFederal
General governmentCivilianMilitary2
Government enterprisesState and local
General governmentEducationOther
Government enterprises
Rest of the worldReceipts from the rest of the worldLess: Payments to the rest of the world 3
Addenda:Households and institutionsNonfarm business
Compensation
1994
67,07051,67915,39153,856
259,828
365,722
310,21177,10121,47453,79870,378
29,51441,28416,662
970,99234,23122,439
168,26525,92410,22214,42631,264
325,04156,88649,079
86,12142,37543,746
136,05911,035
800,668258,006208,312123,97684,33649,694
542,662506,154265,457240,69736,508
-2,4801,2393,719
312,7412,972,798
1995
71,11253,70117,41154,741
276,202
383,120
324,89480,24321,67759,45072,737
31,00842,18217,597
1,051,39435,88623,495
193,88827,83011,24716,83734,526
344,68058,33351,755
91,56545,86245,703
149,53111,821
825,339258,051207,288123,42783,86150,763
567,288529,188279,024250,16438,100
-2,5341,3233,857
331,7603,134,144
1996
75,15356,20218,95154,946
289,438
399,951
350,18083,79325,08968,97375,871
32,82844,90618,720
1,125,26937,67624,609
221,47330,38812,10318,95637,235
359,17960,45254,601
95,87748,35047,527
161,26311,457
855,281264,853212,849125,17487,67552,004
590,428551,031292,665258,36639,397
-2,5601,3383,898
346,0343,303,173
Wage and salary accruals
1994
55,32042,51712,80342,894
217,964
313,776
260,04562,94918,08746,85758,148
25,03934,56714,398
821,54428,96619,383
142,29222,0538,709
12,22426,179
271,67848,40741,294
73,36435,10938,255
116,20510,790
602,190173,413139,74484,86454,88033,669
428,777399,489207,472192,01729,288
-2,4801,2393,719
1995
58,93344,31514,61843,727
234,467
329,936
273,12465,66418,31751,96760,125
26,38435,44215,225
894,64830,55720,405
165,30023,8249,650
14,39929,150
289,56449,76143,697
78,34638,28240,064
128,43211,563
622,980175,045140,70884,54056,16834,337
447,935417,381217,962199,41930,554
-2,5341,3233,857
1996
62,27946,36115,91843,978
246,452
345,994
296,11269,01321,22360,68863,079
28,03137,91016,168
964,55632,32221,518
190,52626,21210,45516,28931,764
303,79051,90546,503
82,74940,76641,983
139,31611,207
642,594177,228142,03885,54156,49735,190
465,366433,845228,252205,59331,521
-2,5601,3383,898
1. Consists of museums, botanical, zoological gardens; engineering and management services; and services, not NOTE.—Estimates in this table are based on the 1987 Standard Industrial Classification (SIC).elsewhere classified. Compensation equals wage and salary accruals plus supplements to wages and salaries. "Supplements" are listed
2. Includes Coast Guard. in table 8.15 of the August 1997 SURVEY OF CURRENT BUSINESS.3. Beginning with 1993, includes estimates of foreign professional workers and undocumented Mexican migratory
workers employed temporarily in the United States.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
D-32 • National Data SURVEY OF CURRENT BUSINESS March 1998
Table B.8.—Employment by Industry[Thousands]
Total
Domestic industries
Private industries
Agriculture, forestry, and fishingFarms .. ..Agricultural services, forestry, and fishing
MiningMetal mining
Oil and gas extractionNonmetallic minerals, except fuels
Construction
ManufacturingDurable goods
Furniture and fixturesStone clay and glass productsPrimary metal industriesFabricated metal productsIndustrial machinery and equipmentElectronic and other electric equipmentMotor vehicles and equipmentOther transportation equipmentInstruments and related productsMiscellaneous manufacturing industries
Nondurable goodsFood and kindred productsTobacco productsTextile mill productsApparel and other textile productsPaper and allied productsPrinting and publishingChemicals and allied productsPetroleum and coal productsRubber and miscellaneous plastics
1 pflttip anri 'ipafhpr'nrnri i"rV«
Transportation and public utilitiesTransportation
Railroad transportationLocal and interurban passenger transitTruckino and warehousinoWater transportationTransportation by airPipelines except natural gas
Full-time and part-timeemployment
1994
121,695
122,258
100,326
1,936840
1,096
60649
113339105
5,197
18,42810,507
776505535697
1,3962,0001,582
900852860404
7,9211,683
43681982693
1,5661,056
147
954116
6,0603,834
233407
1,843179750
17
1995
124,602
125,171
103,195
2,004868
1,136
58752
106321108
5,383
18,59210,722
790512542708
1,4432,0691,626
969817841405
7,8701,688
42664946692
1,5701,039
143
978108
6,1753,962
232420
1,916178778
15
1996
126,992
127,543
105,596
2,069860
1,209
5835499
321109
5,669
18,57410,834
801506547709
1,4522,1151,658
967820855404
7,7401,697
42629874682
1,5651,032
139
98199
6,2924,063
224440
1,658177
1,11914
Persons engaged inproduction
1994
118,560
119,042
100,750
3,1481,7911,357
60749
110345103
6,406
18,44510,584
835515544693
1,3901,9961,573
895850853440
7,8611,654
43676998686
1,5511,039
145
951118
6,0453,922
220437
1,977175704
17
1995
121,370
121,858
103,531
3,1991,8101,389
59052
103327108
6,654
18,61310,802
857525550701
1,4412,0831,616
952816834427
7,8111,659
42661952686
1,5601,032
142
967110
6,1764,048
220431
2,054178731
15
1996
123,666
124,151
105,947
3,3001,8181,482
5865497
327108
6,954
18,57710,911
858521558707
1,4462,1001,653
960819850439
7,6661,664
42631881677
1,5361,024
138
971102
6,3184,182
212444
1,854174
1,05014
Transportation servicesCommunications
Telephone and telegraphRadio and television
Wholesale trade
Retail trade
Depository institutionsNondepository institutions
Insurance carriersInsurance agents, brokers, and serviceReal estateHolding and other investment offices
ServicesHotels and other lodging placesPersonal servicesBusiness servicesAuto repair, services, and parkingMiscellaneous repair servicesMotion picturesAmusement and recreation servicesHealth servicesLegal servicesEducational services
Social services and membership_ ,y. .OUUdl bttlVIUia
Other services*
FederalGeneral government
CivilianMilitary3
Government enterprisesState and local
General governmentEducationOther
Government enterprises
Rest of the world4
Full-time and part-timeemployment
1994
4051,293
916377933
6,235
21,159
7,0212,068
488543
1,522723
1,422255
33,6841,7121,2766,3521,075
350458
1,4219,3181,0592,024
4,4782,3282,1502,8771,284
21,9325,7204,7482,1002,648
97216,21215,2958,2207,075
917
-663
1995
4231,307
915392906
6,475
21,867
6,9262,023
463554
1,497732
1,410247
35,1861,7541,3006,9351,132
374506
1,5199,5681,0562,075
4,6372,4542,1833,0491,281
21,9765,5604,5732,0262,547
98716,41615,4858,3897,096
931
-569
1996
4311,347
936411882
6,558
22,256
7,0512,018
513582
1,503746
1,441248
36,5441,7911,3177,4841,205
389553
1,5939,8091,0632,141
4,7602,5342,2263,1931,246
21,9475,3574,3661,9522,414
99116,59015,6558,5427,113
935
-551
Persons engaged inproduction '
1994
3921,192
844348931
6,324
18,897
7,2511,973
485592
1,468853
1,635245
33,6271,5491,7256,5381,338
568498
1,2648,6771,1841,860
4,3512,5631,7883,254
821
18,2924,6613,8672,0521,815
79413,63112,7546,6356,119
877
-482
1995
4191,219
851368909
6,559
19,476
7,2161,937
466622
1,449856
1,648238
35,0481,5871,7767,1091,362
591543
1,3278,9031,1731,915
4,5042,6891,8153,439
819
18,3274,5303,7251,9841,741
80513,79712,9106,7706,140
887
-488
1996
4341,258
873385878
6,589
19,866
7,3151,923
506648
1,447873
1,680238
36,4421,6251,8057,6641,480
573583
1,4209,1681,1471,986
4,6232,7721,8513,572
796
18,2044,3683,5621,9121,650
80613,83612,945
6,7916,154
891
-485
1. Equals the number of full-time equivalent employees (table 6.5) plus the number of self-employed persons 3. Includes Coast Guard.(table 6.7). Unpaid family workers are not included. 4. Beginning with 1993, includes estimates of foreign professional workers and undocumented Mexican migratory
2. Consists of museums, botanical, zoological gardens; engineering and management services; and services, not workers employed temporarily in the United States.elsewhere classified. NOTE.—Estimates in this table are based on the 1987 Standard Industrial Classification (SIC).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1998 SURVEY OF CURRENT BUSINESS National Data • D-33
Table B.9.—Wage and Salary Accruals Per Full-Time Equivalent Employee and Full-Time Equivalent Employees by Industry
Total '
Domestic industries
Private industries
Agriculture, forestry, and fishingFarms . .Agricultural services, forestry, and fishing
MiningMetal miningr>--i minjnn
Oil and gas extractionNonmetallic minerals, except fuels
Construction
ManufacturingDurable goods
Lumber and wood productsFurniture and fixturesStone clay and class productsPrimary metal industriesFabricated metal productsIndustrial machinery and equipmentElectronic and other electric equipmentMotor vehicles and equipmentOther transportation equipmentInstruments and related productsMiscellaneous manufacturing industries
Nondurable goodsFood and kindred productsTobacco productsTextile mill productsApparel and other textile products
Chemicals and allied products
Rubber and miscellaneous plasticsproducts
Transportation and public utilitiesTransportation
Railroad transportationLocal and interurban passenger transitTrucking and warehousingWater transportationTransportation by airPipelines except natural gas
Dollars
Wages and salaries perfull-t me equivalent
1994
30,131
30,020
29,432
17,83317,11818,372
44,48244,63345,39147,00635,216
30,191
34,72536,72424,40024,31232,29938,78832,45539,06337,27747,51643,67442,50627,31732,03229,15747,95323,64218,16938,29233,25948,93253,766
29,25321,531
37,40131,88251,13219,65528,92437,35338,95354,647
1995
31,032
30,919
30,314
18,33117,88818,662
46,68348,42347,41749,61336,314
30,453
35,85237,75125,13125,06833,34540,10032,95440,09339,00547,24844,71244,81028,19233,22630,16352,73824,00218,82839,55834,54351,20055,190
29,92122,349
38,36932,27951,23220,13329,36637,86239,08857,933
1996
32,121
32,006
31,378
18,87018,70918,984
48,32950,13048,85651,55637,340
31,649
37,16539,03026,16226,08534,79941,00334,07241,76140,27948,41045,68346,45128,90234,51630,68154,00024,95019,87740,93535,79153,34456,457
30,88423,547
39,27832,99453,87720,84830,34838,72936,64459,214
Thousands
Full-time equivalentemployees
1994
107,996
108,478
90,186
1,674720954
59349
110332102
4,883
18,01310,337
758493528692
1,3711,9641,564
892844846385
7,6761,633
43670960685
1,4491,037
145
941113
5,6643,564
220371
1,720167698
17
1995
110,935
111,423
93,096
1,741744997
57552
103315105
5,178
18,17910,550
772502531698
1,4202,0501,607
950809826385
7,6291,642
42654920684
1,4501,027
142
962106
5,7803,690
220384
1,791167725
15
1996
113,125
113,610
95,406
1,827757
1,070
5725497
315106
5,442
18,16410,660
782497533704
1,4252,0721,643
958814843389
7,5041,654
42623846676
1,4451,020
138
96595
5,8833,783
212402
1,550166
1,04314
Transportation services ...Communications . .
Telephone and telegraphRadio and television
Wholesale trade
Retail trade
Depository institutionsNondepository institutions
Insurance carriersInsurance agents, brokers, and servicesReal estateHolding and other investment offices
ServicesHotels and other lodging placesPersonal servicesBusiness servicesAuto repair services and parkingMiscellaneous repair servicesMotion picturesAmusement and recreation servicesHealth servicesLegal services . . .Educational servicesSocial services and membership
organizations
Membership organizationsOther services2
Private households
GovernmentFederal
General governmentCivilianMilitary3 ....
Government enterprisesState and local
General governmentEducationOther
Government enterprises
Rest of the world4 ..
Dollars
Wages and salaries perfull-time equivalent
1994
29,59346,80250,73637,21846,725
36,504
18,130
39,28231,92138,64789,93739,61036,44727,45658,767
27,88619,58517,33724,55421,94327,21634,43422,90432,78051,49723,637
19,26617,38121,39543,98413,143
32,92137,20536,13841,35730,23742,40431,45631,32331,26931,38033,396
1995
30,88449,31652,94540,83248,857
37,817
18,300
41,69833,93541,07097,49941,49437,85428,30863,971
28,98720,11717,91525,94222,45428,13436,63923,68034,09853,10724,263
19,83417,93122,07445,75414,118
33,99238,64137,77442,61132,26242,65532,46632,33032,19532,47934,446
1996
31,55150,71654,28742,56150,433
39,256
18,821
44,62935,92643,224
108,76043,59339,64829,78067,933
29,93520,73318,51827,71323,07429,20437,70624,50934,62454,98424,895
20,34618,39622,68147,14614,079
35,30040,57439,87644,73934,24143,66033,63433,51433,61133,40835,377
Thousands
Full-time equivalentemployees
1994
3711,182
838344918
5,971
17,307
6,6201,972
468521
1,468687
1,259245
29,4611,4791,1185,7951,005
320355
1,1438,288
9401,747
3,8082,0201,7882,642
821
18,2924,6613,8672,0521,815
79413,63112,7546,6356,119
877
-482
1995
3881,195
837358895
6,200
18,029
6,5501,935
446533
1,449697
1,252238
30,8641,5191,1396,3721,061
343393
1,2318,492
9371,801
3,9502,1351,8152,807
819
18,3274,5303,7251,9841,741
80513,79712,9106,7706,140
887
-488
1996
3961,228
854374872
6,278
18,383
6,6351,921
491558
1,447707
1,273238
32,2221,5591,1626,8751,136
358432
1,2968,774
9441,868
4,0672,2161,8512,955
796
18,2044,3683,5621,9121,650
80613,83612,9456,7916,154
891
-485
1. Full-time equivalent employees equals the number of employees on full-time schedules plus the number ofemployees on part-time schedules converted to a full-time basis. The number of full-time equivalent employees ineach industry is the product of the total number of employees and the ratio of average weekly hours per employee workers employed temporarily in the. United States.
3. Includes Coast Guard.4. Beginning with 1993, includes estimates of foreign professional workers and undocumented Mexican migratory
for all employees to average weekly hours per employee on full-time schedules.2. Consists of museums, botanical, zoological gardens; engineering and management services; and services, not
elsewhere classified.
NOTE.-Estimates in this table are based on the 1987 Standard Industrial Classification (SIC).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
D-34 • National Data SURVEY OF CURRENT BUSINESS March 1998
Table B. 10.—Farm Sector Output, Gross Product, and National Income
Farm output
Cash receipts from farm marketingsCropsLivestock
Farm housingFarm products consumed on farmsOther farm incomeChange in farm inventories
CropsLivestock
Less: Intermediate goods and servicespurchased
Intermediate goods and services, otherthan rent
Rent paid to nonoperator landlords
Equals'. Gross farm product
Less' Consumption of fixed capital
Equals'. Net farm product
Less: Indirect business tax and nontaxliability
Plus: Subsidies to operators
Equals'. Farm national incomeCompensation of employees
Wage and salary accrualsSupplements to wages and salaries
Proprietors' income and corporateprofits with IVA and CCAdjProprietors' income .Corporate profits
Net interest
Billions of dollars
1994
202.9
180.992.888.15.8
.54.9
10.89.71.1
119.4
105.314.1
83.5
23.7
59.8
486.6
61.514.612.32.2
37836.9
.99.1
1995
197.9
193.9106.987.05.9
.55.6
-7.9-8.2
.2
124.4
110.014.3
73.5
24.7
48.8
516.1
49.715.713.32.4
24723.4
1.29.4
1996
219.9
204.2111.492.96.1
.46.32.94.1
-1.3
130.6
113.716.8
89.4
25.6
63.8
516.1
64.916.514.22.3
38637.2
1.49.8
Billions of chained(1992) dollars
1994
199.4
178.288.489.95.2
.54.8
11.79.21.2
114.7
100.714.0
85.0
22.4
62.9
1995
192.0
188.596.991.35.2.5
5.2-9.2-7.7
.3
117.6
103.414.2
74.2
22.8
51.3
1996
193.1
179.088.990.55.1
.45.32.63.0
-1.5
117.3
101.216.2
75.5
23.2
52.2
Table B.11.—Housing Sector Output, Gross Product, and NationalIncome
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantityindexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
CCAdj Capital consumption adjustmentIVA Inventory valuation adjustment
Housing output L
Nonfarm housingOwner-occupiedTenant-occupied
Farm housing
Less: Intermediate goods and servicesconsumed
Equals: Gross housing productNonfarm housing
Owner-occupiedTenant-occupied
Farm housing
Less1 Consumption of fixed capitalCapital consumption allowancesLess1 CCAdj
Equals: Net housing product
Less: Indirect business tax and nontaxliability plus business transfer payments ...
Plus: Subsidies less current surplus ofgovernment enterprises
Equals: Housing national income
Compensation of employeesProprietors' income with IVA and CCAdj ...Rental income of persons with CCAdjCorporate profits with IVA and CCAdjNet interest
Billions of dollars
1994
686.7
680.9507.0174.0
5.8
87.6
599.1594.4439.5155.0
4.7
120.560.9
-59.6
478.6
112.9
20.6
386.4
7.717.696.74.2
260.2
1995
722.7
716.8532.2184.6
5.9
88.5
634.2629.2462.8166.4
5.0
114.859.6
-55.1
519.4
116.2
20.8
424.0
8.125.2
104.35.1
281.3
1996
758.1
752.0558.3193.6
6.1
94.1
664.0658.8484.0174.9
5.1
118.262.8
-55.4
545.8
119.5
22.6
448.9
8.527.1
115.85.6
292.0
Billions of chained(1992) dollars
1994
649.9
644.8479.6165.2
5.2
83.1
566.8562.7415.6147.1
4.2
112.2
454.5
1995
663.4
658.3487.2171.1
5.2
82.1
581.3577.0423.1153.9
4.3
103.6
477.8
1996
675.2
670.2495.3174.9
5.1
85.3
589.9585.7428.3157.5
4.2
104.6
485.5
1. Equals personal consumption expenditures for housing less expenditures for other housing as shown in tableB.4.
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantityindexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
CCAdj Capital consumption adjustmentIVA Inventory valuation adjustment
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1998 SURVEY OF CURRENT BUSINESS National Data • D-35
Table B.12.-Net Stock of Fixed Private Capital, by Type[Yearend estimates]
Fixed private capital
Private producers' durable equipment
Nonresidential equipment
Information processing and related equipmentOffice computing and accounting machinery
Computers and peripheral equipmentOther office equipment
Communication equipmentInstrumentsPhotocopy and related equipment
Industrial equipmentFabricated metal productsEngines and turbines
Steam enginesInternal combustion engines
Metalworking machinerySpecial industry machinery, n.e.cGeneral industrial, including materials handling, equipmentElectrical transmission, distribution, and industrial apparatus
Transportation and related equipmentTrucks buses and truck trailersAutosAircraft .Ships and boatsRailroad equipment
Other equipmentFurniture and fixtures . .
Household furnitureOther furniture
TractorsFarm tractorsConstruction tractors
Agricultural machinery except tractorsConstruction machinery except tractorsMining and oilfield machineryService industry machineryElectrical equipment nee
Household appliancesOther
Other nonresidential equipment
Residential equipment
Private structuresNonresidential structures
Nonresidential buildings excluding farmIndustrial buildings ' . . .Office buildings ICommercial buildings
Mobile structuresOther commercial 2
Religious buildingsEducational buildingsHospital and institutional buildingsOther
Hotels and motelsAmusement and recreational buildingsOther nonfarm buildings 3
UtilitiesRailroadTelecommunicationsElectric light and powerGasPetroleum pipelines . .
Farm related buildings and structuresMining exploration shafts and wells
Petroleum and natural gasOther mining
Other nonfarm structures4
Residential structures
Housing unitsPermanent site
1-to-4-unit5-or-more-unit
Mobile homesImprovementsOther residential 5
Current-cost valuation (billions of dollars)
1991
12,955.2
2,570.3
2,519.5
603.2119.0
99.519.5
318.9101.4
64.0
898.387.750.846.04.8
167.1193.4185.7213.6
491.2160.6102.5114.445.568.2
526.8140.0
9.0131.054.142.311.865.466.716.761.041.54.5
37.081.2
50.8
10,384.9
4,177.2
2,593.9589.7611.2653.7
6.4647.4119.7102.6246.2270.8135.6
67.867.4
1,032.3266.7181.1410.9136.8
36.8
182.0263.8234.7
29.0105.2
6,207.7
5,057.24,959.64,226.4
733.297.6
1,124.725.9
1992
13,484.1
2,642.7
2,590.0
629.0120.7101.0
19.7330.8109.967.5
916.886.751.847.14.7
168.8199.4189.0221.0
510.0169.1107.6121.245.167.1
534.2146.1
9.1137.0
54.142.411.764.966.015.360.344.64.6
40.183.0
52.6
10,841.4
4,302.7
2,686.1613.0625.4678.7
6.6672.1123.5108.0259.8277.6139.270.268.2
1,062.0272.4185.3423.8143.137.5
183.5259.0229.3
29.7112.1
6,538.7
5,327.05,226.14,465.3
760.7100.9
1,185.126.6
1993
14,198.8
2,742.1
2,686.7
650.4128.3107.920.4
333.0117.971.2
945.787.053.248.25.0
174.4207.5194.9228.7
538.9185.5111.7127.1
45.669.0
551.8153.8
9.4144.4
55.143.2
11.965.666.814.661.047.24.7
42.587.7
55.4
11,456.7
4,528.9
2,834.9636.2670.1717.2
7.2710.1129.4114.7276.7290.6145.973.771.0
1,120.2290.1194.0443.4153.0
39.6
194.3260.1229.2
31.0119.4
6,927.8
5,667.35,557.94,796.1
761.9109.4
1,232.627.8
1994
15,064.5
2,881.7
2,823.1
673.8138.5118.0
20.6335.3124.175.8
991.490.356.851.55.4
183.0218.2202.5240.5
581.2210.1124.6129.244.772.7
576.6163.0
9.7153.357.245.112.167.169.614.064.548.94.9
44.092.4
58.6
12,182.8
4,775.6
3,011.3673.6707.8765.0
7.9757.1136.6123.5297.9307.0153.778.674.7
1,159.7294.0204.8459.6160.0
41.2
201.6274.5241.6
32.9128.4
7,407.2
6,078.45,956.25,182.3
773.8122.2
1,299.829.0
1995
15,738.6
3,050.3
2,989.3
704.0151.2130.420.9
342.7130.679.4
1,050.393.558.452.55.9
197.0232.1212.5256.7
627.2236.8131.1136.2
44.378.8
607.7175.0
10.1164.959.146.812.369.973.213.869.250.35.1
45.297.2
61.0
12,688.3
4,970.8
3,144.1700.7736.5803.8
8.3795.5141.4130.2311.6319.9161.0
83.275.7
1,199.7300.3218.3476.5163.141.5
204.6283.7250.0
33.7138.7
7,717.5
6,322.46,190.15,398.5
791.5132.3
1,365.829.3
1996
16,503.4
3,232.9
3,168.9
785.4175.7153.921.8
391.5136.282.0
1,083.695.759.753.56.3
205.8240.0220.8261.6
660.5259.6138.0140.3
44.478.3
639.4186.2
10.5175.760.948.212.772.277.113.376.750.95.2
45.7102.1
64.1
13,270.4
5,163.3
3,299.0725.9767.1855.8
8.7847.1146.2138.0325.6340.5173.3
88.778.5
1,236.4311.1229.9481.8170.4
43.2
206.1278.5244.5
34.1143.3
8,107.1
6,639.36,497.75,662.9
834.8141.5
1,438.029.9
Chain-type quantity indexes (1992=100)
1991
98.49
98.37
98.39
94.8687.3185.1499.3597.2195.0997.52
99.38100.7997.8497.48
101.47100.3899.14
100.5397.65
98.9398.9997.4497.17
103.69101.16
100.4296.81
100.2296.59
102.77102.43103.99103.85104.46110.04103.2794.4399.3193.8798.81
97.03
98.52
98.92
98.4498.3698.7298.4698.2698.4799.1097.0596.8799.6799.5198.63
101.07
99.44100.9398.2199.6197.56
100.12
101.36101.90102.1799.8194.60
98.25
98.37v/O.oD
98.0999.9799.1097.64
100.98
1992
100.00
100.00
100.00
100.00100.00100.00100.00100.00100.00100.00
100.00100.00100.00100.00100.00100.00100.00100.00100.00
100.00100.00100.00100.00100.00100.00
100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00
100.00
100.00
100.00
100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00
100.00100.00100.00100.00100.00100.00
100.00100.00100.00100.00100.00
100.00
100.00100.00100.00100.00100.00100.00100.00
1993
101.94
102.74
102.72
106.40120.18124.20101.27102.41105.34104.27
101.38100.07102.12102.13102.06100.48101.85100.70102.57
102.30105.33100.93102.2598.2599.65
101.19103.04100.43103.2199.71
100.2897.6898.7999.0993.6799.38
104.87101.98105.20103.18
103.36
101.75
101.16
101.38100.17101.51101.96101.54101.97101.10102.47102.72100.79101.03101.2599.84
100.5999.08
101.66100.86101.42100.18
102.1099.1498.97
100.48104.32
102.14
102.00102.00102.3799.78
102.02102.8399.67
1994
104.15
106.62
106.61
113.96144.51154.49101.08106.50109.32109.02
103.55100.95104.56104.33106.76102.74104.03102.25105.65
106.91115.39109.20100.5795.33
100.79
103.29105.84101.74106.12101.34102.6196.8599.07
100.5187.79
103.02107.43104.43107.77106.40
107.18
103.57
102.20
102.97101.44102.54103.93103.27103.94102.06105.40105.71101.88101.79103.20100.73
100.7698.22
103.71100.77101.99100.25
101.2998.3197.82
101.99107.95
104.47
104.20104.17105.0199.05
105.56105.8798.53
1995
106.67
111.68
111.70
125.25189.31211.49101.82112.84112.73112.00
106.34101.72105.58104.68114.34106.16107.46104.37109.13
111.87127.18113.03101.8092.42
102.22
106.07110.10103.22110.55103.25105.1196.6599.89
103.1583.85
107.46109.26107.35109.47109.34
111.01
105.50
103.61
105.02103.03104.24106.63105.36106.64103.23108.64108.08103.76104.25106.8399.60
101.2997.42
106.33101.20102.88100.00
100.4897.3696.76
101.92111.30
106.75
106.43106.36107.4599.64
110.07108.4297.95
1996
109.58
117.63
117.69
140.31264.83308.42108.04120.39116.19113.98
108.92102.72105.86104.57118.43109.54109.64107.35112.29
116.89139.25117.20103.0889.79
102.81
109.92115.18105.88115.79105.60107.8497.69
101.40106.1178.91
117.36111.42110.74111.49112.59
114.80
107.74
105.43
107.92104.54106.37111.20107.95111.24104.47112.77110.59108.01109.82111.45100.81
101.7396.92
109.22101.28103.2399.92
99.1495.8995.21
101.14113.37
109.25
108.99108.86110.22100.47115.21110.7597.69
1. Consists of office buildings, except those occupied by electric and gas utility companies.2. Consists primarily of stores, restaurants, garages, service stations, warehouses, and other buildings used for
commercial purposes.3. Consists of buildings not elsewhere classified, such as passenger terminals, greenhouses, and animal hospitals.4. Consists primarily of streets, dams, reservoirs, sewer and water facilities, parks, and airfields.5. Consists primarily of dormitories, fraternity and sorority houses, and nurses' homes.
n.e.c. Not elsewhere classified.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
D-36 • National Data SURVEY OF CURRENT BUSINESS March 1998
C. Historical Tables.
The tables in this section are derived from the "Summary National Income and Product Series" tables that werepublished in the August 1997 issue of the SURVEY OF CURRENT BUSINESS and from the "Selected NIPA Tables"that are published in this issue. (Changes in prices are calculated from indexes expressed to three decimalplaces.)
Table C.1.—Historical Measures of Real Gross Domestic Product, Real Gross National Product, and Real Gross Domestic Purchases[Quarterly estimates are seasonally adjusted at annual rates]
Year andquarter
1959
19601961196219631964
19651966196719681969
19701971197219731974
19751976197719781979
19801981198219831984
19851986198719881989
1990 .1991199219931994
199519961997
1959: 1IIIllIV
1960' IIIIllIV
1961' IIIIllIV
1962: IIIIllIV
1963: 1IIIllIV
1964: 1IIIIIIV
1965: 1IIIllIV
1966: 1IIIllIV
1967: 1IIIllIV
Billions of chained (1992) dollars
Gross domesticproduct
2,210.2
2,262.92,314.32,454.82,559.42,708.4
2,881.13,069.23,147.23,293.93,393.6
3,397.63,510.03,702.33,916.33,891.2
3,873.94,082.94,273.64,503.04,630.6
4,615.04,720.74,620.34,803.75,140.1
5,323.55,487.75,649.55,865.26,062.0
6,136.36,079.46,244.46,389.66,610.7
6,742.16,928.47,189.6
2,165.02,223.32,221.42,231.0
2,279.22,265.52,268.32,238.6
2,251.72,292.02,332.62,381.0
2,422.62,448.02,471.92,476.7
2,508.72,538.12,586.32,604.6
2,666.72,697.52,729.62,739.7
2,808.92,846.32,898.82,970.5
3,042.43,055.53,076.53,102.4
3,127.23,129.53,154.23,178.0
Final sales ofdomesticproduct
2,206.9
2,264.22,318.02,445.42,552.42,705.1
2,860.43,033.53,125.13,278.03,377.2
3,406.53,499.83,689.53,883.93,873.4
3,906.44,061.74,240.84,464.44,614.4
4,641.94,691.64,651.24,821.25,061.6
5,296.95,480.95,626.05,855.16,028.7
6,126.76,082.66,237.46,368.96,551.2
6,712.76,901.07,119.2
2,165.52,204.22,232.62,225.3
2,248.52,268.42,265.12,274.7
2,277.72,301.12,320.42,372.8
2,400.32,440.72,462.02,478.7
2,492.42,533.82,578.02,605.3
2,663.12,695.02,727.62,734.5
2,777.22,826.72,879.82,957.8
3,008.83,023.13,047.23,054.8
3,085.63,119.03,134.23,161.5
Gross nationalproduct
2,222.0
2,276.02,329.12,471.52,577.32,727.8
2,901.43,087.83,166.43,314.53,413.3
3,417.13,532.13,726.33,950.13,930.2
3,903.34,118.84,314.54,543.74,687.4
4,670.84,769.94,662.04,844.85,178.0
5,346.75,501.25,658.25,878.56,075.7
6,157.06,094.96,255.56,408.06,619.1
6,748.76,932.0
2,176.22,234.52,233.52,243.9
2,291.62,278.22,281.62,252.7
2,266.82,306.32,347.12,395.9
2,437.42,464.42,488.42,495.9
2,526.92,555.52,604.02,622.9
2,686.82,716.82,749.52,758.1
2,830.02,868.22,918.92,988.6
3,061.13,074.23,094.73,121.4
3,145.93,147.73,174.43,197.5
Percent change from precedingperiod
Gross domesticproduct
7.4
2.42.36.14.35.8
6.46.52.54.73.0
.13.35.55.8-.6
-.45.44.75.42.8
-.32.3
-2.14.07.0
3.63.12.93.83.4
1.2-.92.72.33.5
2.02.83.8
8.611.2-.31.7
8.9-2.4
.5-5.1
2.47.47.38.6
7.24.34.0
.8
5.34.87.82.9
9.94.74.81.5
10.55.47.6
10.3
10.01.72.83.4
3.2.3
3.23.1
Final sales ofdomesticproduct
6.5
2.62.45.54.46.0
5.76.13.04.93.0
.92.75.45.3-.3
.94.04.45.33.4
.61.1-.93.75.0
4.63.52.64.13.0
1.6-.72.52.12.9
2.52.83.2
9.27.35.3
-1.3
4.23.6-.61.7
.54.23.49.3
4.76.93.52.7
2.26.87.24.3
9.24.94.91.0
6.47.37.7
11.3
7.11.93.21.0
4.14.42.03.5
Chain-type price indexes
Gross domesticproduct
22.95
23.2723.5423.8424.1224.48
24.9525.6626.4827.6428.94
30.4832.0533.4235.3038.46
42.0944.5547.4250.8855.22
60.3466.0170.1873.1675.92
78.5380.5883.0686.1089.72
93.6497.32
100.00102.64105.09
107.76110.22112.45
22.8622.9222.9623.05
23.1023.2123.3223.44
23.4823.5123.5523.61
23.7323.8023.8623.96
24.0324.0724.1124.26
24.3324.4124.5324.64
24.7624.8825.0125.16
25.3025.5025.8226.03
26.1626.3226.5726.87
Gross domesticpurchases
22.44
22.7523.0023.2823.5823.94
24.3925.0725.8326.9528.21
29.7331.3232.7134.6438.17
41.7244.1547.1850.6555.22
61.1066.7270.6473.3175.90
78.3480.4083.1186.1389.78
93.8397.30
100.00102.48104.85
107.52109.86111.77
22.3522.4122.4522.53
22.5722.6922.8022.92
22.9622.9723.0123.06
23.1723.2423.3123.41
23.4823.5323.5823.72
23.8023.8923.9924.09
24.1924.3124.4424.61
24.7324.9325.2225.41
25.5225.6725.9226.21
Implicit price deflators
Gross domesticproduct
22.95
23.2723.5423.8424.1224.48
24.9625.6726.4927.6428.94
30.4832.0633.4235.3038.47
42.0944.5547.4350.8955.23
60.3366.0170.1773.1675.92
78.5380.5883.0686.0989.72
93.6097.32
100.00102.64105.09
107.76110.21112.40
22.9222.9122.9423.03
23.1323.2223.3223.40
23.4523.5123.5623.63
23.7523.8123.8723.94
24.0024.0724.1224.29
24.3524.4124.5224.64
24.7724.8825.0125.17
25.3225.5325.7926.02
26.1426.3126.6026.90
Gross nationalproduct
22.96
23.2823.5523.8524.1324.49
24.9725.6826.5027.6628.96
30.5032.0833.4435.3238.49
42.1144.5847.4650.9255.26
60.3666.0570.2173.2075.97
78.5780.6283.0986.1289.75
93.6397.33
100.00102.63105.08
107.73110.18
22.9322.9122.9523.04
23.1423.2323.3323.41
23.4623.5223.5723.64
23.7623.8123.8723.95
24.0124.0824.1324.30
24.3624.4224.5324.65
24.7824.8925.02,25.1 8j
25.3425.5425.8126.03
26.1526.3226.6126.91
Percent change from preceding period
Chain-type price index
Gross domesticproduct
1.0
1.41.21.31.21.5
1.92.83.24.44.7
5.35.24.25.68.9
9.45.86.57.38.5
9.39.46.34.33.8
3.42.63.13.74.2
4.43.92.82.62.4
2.52.32.0
.81.1.7
1.5
.92.02.02.1
.7
.5
.71.1
2.01.11.11.7
1.2.6.7
2.4
1.21.31.91.8
2.02.02.12.5
2.23.25.13.4
2.02.53.94.6
Gross domesticpurchases
1.0
1.41.11.21.31.6
1.92.83.04.34.7
5.45.34.55.9
10.2
9.35.86.97.49.0
10.79.25.93.83.5
3.22.63.43.64.2
4.53.72.82.52.3
2.52.21.7
1.11.1
.71.5
.82.12.02.1
.6
.2
.7
.9
1.91.41.11.8
1.3.8.9
2.5
1.31.51.81.6
1.62.02.22.8
1.93.24.83.1
1.62.53.94.5
Implicit price deflators
Gross domesticproduct
1.0
1.41.21.31.21.5
2.02.83.24.44.7
5.35.24.25.69.0
9.45.86.57.38.5
9.29.46.34.33.8
3.42.63.13.74.2
4.34.02.82.62.4
2.52.32.0
.8-.3
.61.6
1.81.51.71.4
.91.0
.81.2
2.01.01.01.2
1.11.1.8
3.0
.9
.91.82.1
2.01.92.12.6
2.53.24.23.5
1.92.54.54.6
Gross nationalproduct
1.0
1.41.21.31.21.5
2.02.83.24.44.7
5.35.24.25.68.9
9.45.96.57.38.5
9.29.46.34.33.8
3.42.63.13.74.2
4.34.02.72.62.4
2.52.3
.8-.3
.61.6
1.91.51.71.4
.91.0
.81.2
2.01.01.01.2
1.11.1
.83.0
.9
.91.82.1
2.01.92.12.6
2.53.34.23.5
2.02.54.54.6
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1998 SURVEY OF CURRENT BUSINESS National Data • D-37
Table C.1.—Historical Measures of Real Gross Domestic Product, Real Gross National Product, and Real Gross Domestic Purchases—Continued[Quarterly estimates are seasonally adjusted at annual rates]
Year andquarter
19681 1IIIllIV
1969: 1IIIllIV
1970: 1||IIIIV
1971: IIIIllIV
1972: 1IIIllIV
1973: 1IIIllIV
1974' IIIIllIV
1975: IIIIll .IV
1976: 1||IIIIV
19771 1IIIllIV
1978: IIIIllIV
1979: IIIIIIIV
1980: 1IIIllIV
1981: 1||IIIIV
1982: 1IIIllIV
1983' I||IIIIV
1984- IIIIllIV
1985' IIIIllIV
1986' III .IllIV
1987: 1IIIllIV
1988' I . .IIIllIV
Billions of chained (1992) dollars
Gross domesticproduct
3,236.23,292.13,316.13,331.2
3,381.93,390.23,409.73,392.6
3,386.53,391.63,423.03,389.4
3,481.43,500.93,523.83,533.8
3,604.73,687.93,726.23,790.4
3,892.23,919.03,907.13,947.1
3,908.13,922.63,880.03,854.1
3,800.93,835.23,907.03,952.5
4,044.64,072.24,088.54,126.4
4,176.34,260.14,329.54,328.3
4,345.54,510.74,552.14,603.7
4,605.74,615.64,644.94,656.2
4,679.04,566.64,562.34,651.9
4,739.24,696.84,753.04,693.8
4,615.94,634.94,612.14,618.3
4,663.04,763.64,849.04,939.2
5,053.65,132.95,170.35,203.7
5,257.35,283.75,359.65,393.6
5,460.85,466.95,496.35,526.8
5,561.85,618.05,667.45,750.6
5,785.35,844.05,878.75,952.8
Final sales odomesticproduct
3,225.33,258.03,303.93,325.1
3,357.53,373.03,389.63,388.9
3,397.63,391.93,421.93,414.8
3,458.93,481.23,509.43,549.5
3,608.03,665.73,700.03,784.3
3,867.03,884.53,890.93,893.1
3,889.13,899.73,882.53,822.2
3,848.33,887.93,922.73,966.7
4,027.04,039.14,061.74,119.0
4,161.44,228.44,270.04,303.3
4,306.04,474.64,511.64,565.4
4,579.04,577.04,639.24,662.5
4,675.34,579.04,637.14,676.1
4,692.94,699.04,702.54,672.0
4,655.44,651.24,616.94,681.3
4,719.44,785.34,860.74,919.5
4,961.05,050.05,085.65,149.9
5,231.75,261.05,336.95,358.0
5,410.55,448.45,518.25,546.6
5,535.85,608.45,671.55,688.3
5,774.25,840.15,869.25,937.0
Gross nationaproduct
325623,312.53,337.33,352.2
3,402.83,410.33,428.53,411.4
3,406.03,411.93,442.93,407.4
3,503.33,524.33,544.73,556.0
3,627.93,710.73,751.23,815.3
3,921.53,950.43,944.13,984.4
3,952.43,964.33,917.63,886.1
3,827.33,861.83,936.13,987.9
4,078.84,107.94,124.84,163.7
4,219.44,302.24,371.24,365.0
4,388.64,546.14,591.14,649.0
4,652.64,668.74,708.84,719.5
4,743.04,625.64,617.84,696.6
4,787.74,742.64,801.44,747.9
4,658.54,682.94,651.14,655.6
4,700.14,804.44,891.34,983.5
5,092.65,172.45,209.55,237.5
5,280.35,310.85,378.45,417.5
5,481.15,480.15,510.45,533.1
5,568.75,628.75,676.05,759.6
5,802.35,857.55,889.45,964.9
Percent change
Gross domesticproduct
7.57.3.01.8
6.21.02.3
-2.0
I3.7
^3.9
11.32.32.61.1
8.39.64.27.1
11.22.8
-1.24.2
-3.91.5
-43-2.6
-5.43.77.74.7
9.72.81.63.8
4.98.36.7-.1
1.616.13.74.6
.2
.92.61.0
2.0-9.3-.48.1
7.7-3.5
4.9-4.9
-6.51.7
-2.0.5
3.98.97.47.7
9.66.43.02.6
4.22.05.92.6
5.1.4
2.22.2
2.64.13.66.0
2.44.12.45.1
from precedingiod
Final sales odomesticproduct
8.34.15.82.6
4.01.92.0
1.(
3.'i
5.32.63.34.7
6.86.53.89.4
9.01.*
— t1.1
-1.8-6.1
2.84.23.64.6
6.21.22.35.8
4.26.64.03.2
16.63.44.9
1.2-.25.52.0
1.1-8.0
5.23.4
1.4.5.3
-2.6
-1.4-.4
-2.95.7
3.35.76.44.9
3.47.42.95.2
6.52.35.91.6
4.02.85.22.1
-.85.44.61.2
6.24.62.04.7
Chain-type price indexes
Gross domesticproduct
27.1927.5027.7528.12
28.3828.7429.1429.51
29.9230.3630.6031.02
31.5031.9332.2532.53
33.0133.2333.5033.93
34.3834.9635.6336.24
36.9837.7938.9340.14
41.0441.6742.4443.21
43.6844.1744.7845.56
46.3147.0847.7448.55
49.3950.4351.3252.37
53.4654.7055.8256.92
58.2559.5960.9362.57
64.1965.3566.6567.85
68.8569.7170.6971.46
72.1272.8473.5074.19
75.0075.6276.2576.82
77.6478.2578.8079.44
79.8180.2680.8181.44
82.1182.6883.3584.08
84.6985.5686.6787.46
Gross domesticpurchases
26.5226.8027.0627.43
27.6628.0228.4028.77
29.1829.5929.8730.29
30.7531.1831.5231.81
32.2832.5332.8233.23
33.6934.3334.9535.60
36.5537.5938.7139.84
40.6941.3442.0542.79
43.2643.7644.4245.16
45.9946.8147.5548.36
49.1950.2251.1152.08
53.2154.5255.8957.25
58.8960.4161.7763.33
64.9666.1567.2768.48
69.4270.1771.1071.85
72.3373.0373.6574.24
75.0475.6576.1976.71
77.3878.0278.5879.37
79.7779.9780.6081.25
82.0782.7483.4484.19
84.8185.6886.5887.44
Implicit price deflators
Gross domesticproduct
27.2127.4927.7528.12
28.3928.7329.1429.51
29.9430.3630.6131.02
31.5031.9332.2732.54
33.0233.2033.4933.95
34.3634.9435.6136.29
37.0137.7938.9640.13
41.0541.6642.4143.19
43.6944.1544.7745.57
46.3247.0747.6648.63
49.4250.4151.2752.35
53.5154.6555.8256.92
58.1859.5561.0162.59
64.1565.3766.6567.87
68.8669.7270.6671.44
72.0872.8373.4874.19
75.0275.5876.2576.81
77.6378.2578.7679.45
79.8180.2280.8481.45
82.0982.6883.3384.09
84.6785.5686.6687.44
Gross nationaproduct
27.2227.5027.7628.13
28.4028.7529.1629.52
29.9530.3730.6331.03
31.5231.9432.2932.55
33.0333.2233.5133.97
34.3834.9635.6336.31
37.0337.8138.9840.15
41.0741.6842.4443.22
43.7244.1844.8045.60
46.3447.1047.6948.66
49.4550.4451.3052.39
53.5454.6855.8556.95
58.2259.5861.0562.64
64.2065.4266.6967.91
68.9169.7770.7071.47
72.1272.8773.5274.24
75.0675.6376.2976.85
77.6778.2978.8079.49
79.8580.2680.8881.49
82.1282.7183.3684.12
84.6985.5986.6987.47
Percent change from preceding period
Chain-type price index
Gross domesticproduct
4.84.53.75.5
3.75.25.75.2
5.76.03.25.6
6.35.74.13.5
6.02.63.35.2
5.56.97.87.0
8.49.0
12.713.0
9.26.37.67.4
4.44.65.77.2
6.76.85.77.0
7.18.67.38.4
8.69.68.58.1
9.79.69.3
11.2
10.77.48.27.4
6.05.15.74.5
3.74.13.73.8
4.43.33.43.0
4.33.22.83.3
1.92.22.83.2
3.32.83.33.6
2.94.25.33.7
Gross domesticpurchases
4.94.24.05.5
3.55.35.65.2
5.95.83.85.7
6.25.74.53.7
6.03.13.65.1
5.67.87.57.6
11.111.912.512.2
8.86.57.07.2
4.54.76.16.9
7.67.36.47.1
7.08.67.37.9
9.010.210.410.2
12.010.79.3
10.5
10.77.57.07.3
5.64.45.44.3
2.73.93.43.2
4.43.32.92.7
3.63.32.94.1
2.01.03.23.3
4.13.33.43.6
3.04.24.34.0
Implicit price deflators
Gross domesticproduct
4.74.13.85.5
3.85.05.85.1
6.05.73.45.4
6.45.54.43.3
6.02.23.55.6
5.06.97.97.8
8.28.7
12.912.6
9.56.17.47.6
4.74.25.77.3
6.86.65.18.4
6.78.27.08.7
9.18.88.98.1
9.29.7
10.210.8
10.37.88.07.5
6.05.15.54.4
3.74.23.73.9
4.53.13.53.0
4.43.32.63.5
1.82.13.13.1
3.22.93.23.7
2.74.35.23.7
Gross nationalproduct
4.84.13.85.5
3.95.05.85.1
6.05.73.45.4
6.45.54.43.3
6.12.23.55.6
5.06.97.97.8
8.28.7
12.912.5
9.56.17.47.6
4.74.25.77.3
6.76.75.18.4
6.78.27.18.7
9.18.88.98.1
9.29.7
10.210.8
10.47.88.07.5
6.05.15.54.4
3.74.23.73.9
4.53.13.62.9
4.33.22.63.5
1.82.13.13.0
3.22.93.23.7
2.84.35.23.7
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
D-38 • National Data SURVEY OF CURRENT BUSINESS March 1998
Table C.1.—Historical Measures of Real Gross Domestic Product, Real Gross National Product, and Real Gross Domestic Purchases—Continued[Quarterly estimates are seasonally adjusted at annual rates]
Year andquarter
1989: 1IIIIIIV
1990: 1IIIllIV
1991: 1IIIllIV
1992: 1II
.Ill
IV
1993: 1IIIllIV
1994: 1IIIIIIV
1995: 1IIIllIV
1996: 1I I . . .IllIV
1997: 1IIIllIV
Billions of chained (1992) dollars
Gross domesticproduct
6,011.06,055.66,088.06,093.5
6,152.66,171.66,142.16,079.0
6,047.56,074.76,090.16,105.3
6,175.76,214.26,260.76,327.1
6,327.96,359.96,393.56,476.9
6,524.56,600.36,629.56,688.6
6,703.76,708.86,759.26,796.5
6,826.46,926.06,943.87,017.4
7,101.67,159.67,214.07,283.3
Final sales ofdomesticproduct
5,970.06,010.96,063.16,070.8
6,144.66,127.56,126.66,108.1
6,065.46,095.96,085.46,083.8
6,175.86,203.86,249.56,320.7
6,297.36,344.96,379.36,453.8
6,473.06,526.76,580.46,624.8
6,654.36,685.36,739.36,771.9
6,815.06,902.36,905.06,981.7
7,034.17,077.77,160.37,204.5
Gross nationalproduct
6,023.16,065.56,101.86,112.3
6,172.86,188.06,155.76,111.3
6,074.36,086.46,099.26,119.5
6,192.06,225.26,270.36,334.6
6,351.36,375.96,415.36,489.7
6,540.56,609.36,635.66,691.2
6,711.36,721.06,758.36,804.2
6,834.76,930.16,940.27,023.1
7,091.87,144.47,198.8
Percent change from precedingperiod
Gross domesticproduct
4.03.02.2
.4
3.91.2
-1.9-4.0
-2.1
1.81.01.0
4.72.53.04.3
.12.02.15.3
3.04.71.83.6
.9
.33.02.2
1.86.01.04.3
4.93.33.13.9
Final sales ofdomesticproduct
2.22.83.5
.5
5.0-1.1-.1
-1.2
-2.8
2.0-.7-.1
6.21.83.04.6
-1.5
3.12.24.8
1.23.43.32.7
1.81.93.32.0
2.65.2
.24.5
3.02.54.72.5
Chain-type price indexes
Gross domesticproduct
88.4489.4090.1390.91
92.0193.2094.1995.14
96.2697.0297.7098.30
99.1499.81
100.17100.88
101.85102.38102.83103.52
104.16104.74105.39106.07
106.93107.49108.03108.60
109.35109.86110.59111.10
111.78112.27112.67113.08
Gross domesticpurchases
88.4789.5290.1490.98
92.1793.1494.3295.68
96.4296.9597.5898.27
99.0499.76
100.28100.92
101.71102.28102.64103.28
103.80104.46105.24105.88
106.66107.33107.79108.29
109.01109.50110.15110.79
111.32111.55111.90112.29
Implicit price deflators
Gross domesticproduct
88.4589.3990.1390.88
92.0093.1894.1495.11
96.2797.0097.7098.31
99.1399.79
100.17100.88
101.84102.35102.83103.51
104.13104.71105.39106.09
106.94107.46108.02108.61
109.39109.84110.54111.05
111.71112.22112.62113.02
Gross nationalproduct
88.4889.4290.1690.91
92.0493.2194.1795.13
96.2997.0197.7198.32
99.1399.79
100.17100.88
101.84102.34102.83103.50
104.14104.71105.38106.06
106.91107.43107.99108.59
109.37109.82110.50111.01
111.67112.17112.57
Percent change from preceding period
Chain-type price index
Gross domesticproduct
4.54.43.33.5
4.95.24.34.1
4.83.22.82.5
3.42.81.42.8
3.92.11.82.7
2.52.22.52.6
3.32.12.02.1
2.81.92.71.9
2.41.81.41.4
Gross domesticpurchases
4.84.82.83.8
5.44.25.25.9
3.12.22.62.9
3.22.92.12.6
3.22.31.42.5
2.02.63.02.5
3.02.51.71.9
2.71.82.42.4
1.9.8
1.31.4
Implicit price deflators
Gross domesticproduct
4.74.33.33.4
5.05.24.24.2
5.03.12.92.5
3.42.71.52.9
3.92.01.92.7
2.42.22.62.7
3.32.02.12.2
2.91.72.61.9
2.41.81.41.4
Gross nationalproduct
4.74.33.33.4
5.15.24.24.2
4.93.12.92.5
3.42.71.52.9
3.82.01.92.6
2.52.22.62.6
3.22.02.12.2
2.91.62.51.8
2.41.81.4
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1998 SURVEY OF CURRENT BUSINESS National Data • D-39
Table C.2.—Real Gross Domestic Product[Average annual percent change, based on chained (1992) dollar estimates]
Terminal year
1997199619951994199319921991 . .1990198919881987198619851984198319821981198019791978197719761975197419731972
Initial year
1971
2.82.82.82.82.82.82.83.03.13.13.03.03.03.02.62.53.03.13.53.63.33.12.53.55.65.5
1972
2.72.62.62.72.62.62.62.82.92.92.92.92.82.82.42.22.72.83.23.32.92.51.52.55.8
1973
2.62.52.52.52.52.52.52.72.82.72.72.62.62.52.11.92.42.42.82.82.21.4-.5-.6
1974
2.72.72.72.72.62.72.72.93.03.02.92.92.92.82.42.22.82.93.53.73.22.4-.4
1975
2.92.82.82.92.82.82.93.13.33.23.23.23.23.22.72.53.33.64.65.15.05.4
1976
2.72.72.72.72.72.72.73.03.13.13.03.03.02.92.32.12.93.14.35.04.7
1977
2.62.62.62.62.52.62.52.83.02.92.82.82.82.72.01.62.52.64.15.4
1978
2.52.42.42.42.42.42.32.62.72.72.62.52.42.21.3.6
1.61.22.8
1979
2.52.42.42.42.32.32.32.62.72.72.52.52.42.1.9
-.11.0_q
1980
2.62.62.62.62.52.62.52.93.13.02.92.92.92.71.3.1
2.3
1981
2.72.62.62.62.62.62.63.03.23.13.03.13.12.9.9
-2.1
1982
3.02.92.93.03.03.13.13.64.04.14.14.44.85.54.0
1983
2.92.92.92.92.93.03.03.64.04.14.14.55.37.0
1984
2.62.52.52.52.42.52.43.03.43.43.23.33.6
1985
2.52.42.42.42.32.32.22.93.33.33.03.1
1986
2.52.42.32.42.22.22.12.83.43.42.9
1987
2.42.32.22.32.12.01.92.83.63.8
1988
2.32.12.02.01.71.61.22.33.4
1989
2.21.91.81.71.31.0.11.2
1990
2.32.01.91.91.4.9-.9
1991
2.82.62.62.82.52.7
1992
2.92.62.62.92.3
1993
3.02.72.73.5
1994
2.82.42.0
1995
3.32.8
1996
3.8
Table C.3.—Chain-Type Price Index for Gross Domestic Product[Average annual percent change]
Initial year
19971996 . .199519941993199219911990198919881987198619851984198319821981198019791978197719761975197419731972
1971
4.9515.2535.4565.75.85.9606.16.36.669717.4757.37.0686.76.87.0634.94.2
1972
5.0515.2535.5565.85.96.0616.36.56.871747.7797.77.4737.37.58.0735.6
1973
4.9515.2535.5565.85.96.0616.36.66.972767.9818.07.7767.78.19.289
1974
4.8495.0525.3555.65.75.8596.16.46.7707478807.87.5727.27.69.4
1975
4.6474.8495.1525.45.55.6575.86.16.4687276787.57.0656.15.8
1976
4.5464.8495.0525.35.45.5565.86.16.5697379827.97.4696.5
1977
4.4454.7484.9515.35.45.5565.86.16.570758.2868.47.973
1978
4.3444.5464.8495.15.25.3545.65.96.4697584918.98.5
1979
4.0414.3444.5474.84.95.0515.25.56.0667383939.3
1980
3.7383.9404.2434.44.54.5454.74.95.459667.894
1981
3.43.53.6363.7384.04.03.9393.94.14.448536.3
1982
3.23.33.4343.5363.73.73.6353.43.53.84043
1983
3.13.23.3333.4353.63.63.5333.23.33.638
1984
3.1323.2333.4353.63.63.4323.03.03.4
1985
3.0313.2333.4353.63.63.4312.82.6
1986
3.1323.3343.5373.83.83.6343.1
1987
3.1323.3343.6384.04.13.937
1988
3.0313.3343.6384.24.34.2
1989
2.9303.1323.4374.14.4
1990
2.7282.9293.1333.9
1991
2.4252.6262.728
1992
2.4252.5252.6
1993
2.3242.524
1994
2.32425
1995
2.223
1996
2.0
Table C.4.—Real Gross Domestic Purchases[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
19971996199519941993199219911990198919881987198619851984198319821981198019791978197719761975197419731972
1971
2.82.7272.72.72.72.72.93.03.03.0313.03.02.52.32.72.73.335322.71.82.95.25.7
1972
2.72.6262.62.62.52.52.72.92.92.9292.82.82.32.02.42.33.031272.0
.61.64.8
1973
2.62.5252.52.42.42.42.62.72.72.7272.72.62.01.62.1202.728221 1
-1.4-1.5
1974
2.72.7272.72.72.62.62.93.03.131313.13.02.42.02.6263.5393425
-1.3
1975
2.92.9292.92.92.92.93.23.43.43.4353.53.52.92.53.2344.8575964
1976
2.82.7272.72.72.72.63.03.13.23.2323.23.12.41.92.6274.35354
1977
2.62.6252.62.52.52.52.82.93.03.0302.92.81.91.21.9183.753
1978
2.52.4242.42.32.32.22.62.72.72.7272.62.41.2.2.91
2.2
1979
2.52.4242.42.32.32.22.62.82.82.8282.72.51.0-.4
.2-20
1980
2.82.7272.82.72.72.63.13.33.43.5363.73.62.0
.42.4
1981
2.82.7272.82.72.72.73.13.43.53.6384.04.01.8
-1.6
1982
3.13.1313.23.13.13.13.74.24.44.7525.96.95.3
1983
3.02.9293.02.92.92.93.54.04.24.6526.28.5
1984
2.62.4242.42.32.22.12.73.13.23.3363.9
1985
2.42.3222.32.11.9182.52.93.03.033
1986
2.42.2212.11.91.71.52.32.82.82.7
1987
2.32.1202.11.81.5122.12.82.9
1988
2.32.01 91.91.51.2.6
1.82.7
1989
2.21.91 81.81.2.7
-.4.8
1990
2.42.1202.01.4.6
-16
1991
3.12.9293.22.92.8
1992
3.12.9293.42.9
1993
3.22.9293.9
1994
3.02.41 9
1995
3.52.9
1996
4.1
NOTE.—to these triangles, the growth rate from one year to any other year can be found at the intersectionof the column for the earlier yevar and the row for the later year; thus, growth rates from one year to the nextare shown on the main diagonal. For example, from 1985 to 1995, real gross domestic product grew at an averageannual rate of 2.4 percent; from 1984 to 1985, it grew 3.6 percent.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
D-40 • National Data SURVEY OF CURRENT BUSINESS March 1998
Table C.5.—Chain-Type Price Index for Gross Domestic Purchases[Average annual percent change]
Terminal year
19971996199519941993199219911990198919881987 . .1986198519841983198219811980 . . .19791978197719761975197419731972
Initial year
1971
5.05.15.35.45.55.75.85.96.06.16.36.56.87.07.37.77.97.77.37.17.17.17.46.85.24.5
1972
5.05.25.35.45.65.75.96.06.16.26.46.66.97.37.68.08.28.17.87.67.67.88.48.05.9
1973
5.05.15.35.45.65.75.96.06.16.36.56.77.07.47.88.28.58.48.17.98.08.49.7
10.2
1974
4.84.95.15.25.35.55.75.85.96.06.26.46.87.17.58.08.38.27.77.37.37.59.3
1975
4.64.74.85.05.15.35.45.65.65.75.96.16.56.97.37.88.17.97.36.76.35.8
1976
4.54.74.84.95.15.25.45.55.65.75.96.26.67.07.58.18.68.57.77.16.9
1977
4.44.54.74.85.05.15.35.45.55.65.86.16.57.07.68.49.09.08.27.4
1978
4.34.44.54.74.85.05.25.35.35.55.75.96.47.07.78.79.69.89.0
1979
4.04.14.34.44.54.74.84.95.05.15.25.56.06.67.38.69.910.7
1980
3.63.73.83.94.14.24.34.44.44.44.54.75.15.66.37.59.2
1981
3.33.43.53.53.63.73.83.93.83.73.73.84.14.44.85.9
1982
3.13.23.33.33.43.53.63.63.53.43.33.33.53.73.8
1983
3.13.23.23.33.43.53.63.63.43.33.23.13.43.5
1984
3.03.13.23.33.43.53.63.63.43.23.12.93.2
1985
3.03.13.23.33.43.53.73.73.53.23.02.6
1986
3.03.23.33.43.53.73.93.93.73.53.4
1987
3.03.13.33.43.63.84.04.13.93.6
1988
2.93.13.23.33.53.84.14.44.2
1989
2.82.93.13.23.43.74.14.5
1990
2.52.72.82.83.03.23.7
1991
2.32.52.52.52.62.8
1992
2.22.42.42.42.5
1993
2.22.32.42.3
1994
2.22.42.5
1995
2.02.2
1996
1.7
Table C.6.—Real Final Sales of Domestic Product[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
19971996199519941993199219911990198919881987198619851984198319821981198019791978197719761975197419731972
1971
282.8282.82.82.82.8303.1313.03.03.0292.72.63.0323.53.53.33.0283.45.35.4
1972
272.6262.62.62.72.7292.9292.92.92.8272.52.32.7293.23.22.82.41 92.55.3
1973
262.5252.52.52.52.5272.8282.72.72.6242.22.02.4262.92.82.21.5
3-.3
1974
272.7272.72.72.72.7293.0302.92.92.9272.52.32.8313.63.63.12.4
9
1975
282.7272.82.82.82.8303.1323.13.13.1292.72.53.1354.34.64.24.0
1976
272.7272.72.72.72.7303.1313.03.03.0282.52.32.9344.34.84.4
1977
262.6262.62.62.62.62.93.0302.92.92.82.62.21.92.6314.35.3
1978
252.4242.42.42.42.42.72.82.72.62.62.5211.51.01.7203.4
1979
242.4242.42.32.32.3262.7272.52.52.3191.1
.3
.86
1980
252.5252.52.52.52.5282.9292.82.82.7221.3
.11.1
1981
2.62.62.62.62.62.62.63.03.23.23.13.23.1261.4-.9
1982
2.92.92.92.92.93.03.03.53.83.93.94.24.44.33.7
1983
2.82.82.82.82.82.92.93.53.84.03.94.44.850
1984
2.72.6262.62.62.62.73.23.63.73.64.14.6
1985
2.52.42.42.42.32.42.33.03.33.43.13.5
1986
2.42.32.32.32.22.22.12.83.23.42.6
1987
2.42.32.22.22.12.12.02.93.54.1
1988
2.22.12.01.91.71.61.32.33.0
1989
2.11.91.81.71.41.1
.41.6
1990
2.22.01.81.71.3.9
-.7
1991
2.72.62.52.52.32.5
1992
2.72.62.52.52.1
1993
2.82.72.72.9
1994
2.82.62.5
1995
3.02.8
1996
32
Table C.7.—Real Disposable Personal Income[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
19971996199519941993199219911990198919881987 .1986198519841983 . ..198219811980 .19791978197719761975197419731972
1971
282.82.82.8282.82.83.03.13.1313.23.232282.830313.43.5333.3313.65.84.6
1972
272.72.72.7272.82.82.93.03.0303.13.131272.729293.33.4303.0263.17.1
1973
252.52.52.52.52.52.52.72.72.8272.82.7272.32.2242.42.72.6201.6
5-.7
1974
272.72.72.62.72.72.72.93.03.0303.13.031262.628293.43.5302.81 7
1975
272.72.72.7272.82.83.03.03.1313.23.232272.730313.84.1363.9
1976
262.62.72.6262.72.72.93.03.1303.13.1312.52.528293.74.232
1977
2.62.62.62.62.62.72.72.93.03.03.03.13.13.12.42.3272.83.95.2
1978
2.52.52.52.42.42.52.52.72.82.82.72.82.8281.91.619172.7
1979
2.52.42.52.42.42.52.52.72.82.8272.92.8281.61.31 5
6
1980
262.62.62.52.62.62.62.93.03.1303.23.23.32.01.623
-"
1981
2.62.62.62.52.62.72.62.93.13.23.13.43.53.61.8.9
1982
2.72.72.72.72.72.82.83.23.43.63.64.14.45.02.8
1983
2.72.72.72.72.72.92.93.33.53.83.84.55.17.3
1984
2.42.32.32.22.22.32.22.62.83.02.63.13.0
1985
2.32.32.32.12.12.22.12.52.72.92.43.2
1986
2.22.22.12.02.02.01.92.3
. 2.52.81.6
1987
2.32.22.22.12.02.11.92.62.93.9
1988
2.12.02.01.71.71.71.31.92.0
1989
2.12.02.01.71.61.6.9
1.8
1990
2.22.02.01.71.51.4
0
1991
2.52.42.52.22.22.8
'
1992
2.42.32.41.91.7
1993
2.62.62.72.2
1994
2.82.83.3
1995
262.3
1996
29
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1998 SURVEY OF CURRENT BUSINESS National Data D-41
D. Domestic Perspectives.
This table presents data collected from other government agencies and private organizations, as noted. Quarterlydata are shown in the middle month of the quarter.
Table D.1.—Domestic Perspectives
Consumer price index for all urban consumers,1982-84=100:All itemsLess food and energyServices
Producer price index, 1982=100:Finished goods
Less food and energyFinished consumer goodsCapital equipmentIntermediate materialsCrude materials
Money stock (seasonally adjusted): 2Percent change:
M1M2
Ratio:Gross domestic product to M1Personal income to M2
Interest rates (percent, not seasonally adjusted): 2Federal funds rateDiscount rate on new 91 -day Treasury billsYield on new high-grade corporate bonds1 0-Year U S Treasury bondsYield on municipal bonds, 20-bond averageMortgage commitment rateAverage prime rate charged by banks
Index of stock prices (not seasonally adjusted): 3500 common stocks 1941-43=10
Civilian labor forceLabor force participation rates (percent):
Males 20 and overFemales 20 and over16-19 years Of age
Civilian employmentRatio, civilian employment to working-age
population (percent)Persons engaged in nonagricultural activitiesEmployees on nonagricultural payrolls
Goods-producing industriesServices-producing industries
Average weekly hours, manufacturing (hours)Average weekly overtime hours, manufacturing
(hours)
Number of persons unemployedUnemployment rates (percent):
Total15 weeks and over
Average duration of unemployment (weeks)
Nonfarm business sector, 1992=100:Output per hour of all personsUnit labor costsHourly compensation .
1996 19971996
Dec.
1997
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1998
Jan.
Consumer and producer prices, (seasonally adjusted) ]
156.9165.6174.1
131.3142.0129.5138.3125.71138
160.5169.5179.4
131.8142.5130.2138.3125.61109
159.2167.71767
133.0142.4131.6138.5126.31225
159.4168.01772
1330142.4131.6138.6126.51271
159.7168.31776
1326142.4131.1138.5126.41164
159.8168.61781
1324142.6131.0138.5126.01074
160.0169.21785
131 9142.6130.2138.4125.61079
160.1169.41788
131 7142.3130.0138.2125.51099
160.4169.71793
131 4142.3129.6138.2125.41069
160.6170.01798
131 1142.1129.3138.1125.2106.4
160.9170.11800
131 3142.2129.5138.1125.3106.8
161.3170.41804
131 8142.7130.1138.4125.5108.2
161.6170.8181 0
131 9142.7130.3138.2125.4112.1
161.8171.0181 4
131 7142.6130.1138.1125.7114.1
161.9171.4181.7
131 4142.5129.8137.8125.3108.2
161.9171.7181.9
1305142.3128.7137.7124.5103.3
Money, interest rates, and stock prices
6.9041.734
5.305.027.626.445.767.808.27
670.83
7.5531.750
5.465.077.406.355.527.608.44
87272
0.13.56
1.742
5.294.877.456.305.647.608.25
74325
-0.19.38
1.745
5.255.057636.585.727.828.25
76622
-0.19.32
7.3581.752
5.195.007.546.425.637.658.25
79839
-0.36.40
1.755
5.395.147.856.695.767.908.30
79216
-0.63.54
1.748
5.515.178046.895.888.148.50
76393
-0.38.06
75371.753
5.505.137.906.715.707.948.50
83309
0.10.39
1.756
5.564.927.716.495.537.698.50
87629
0.01.35
1.752
5.525.077.446.225.357.508.50
92529
0.51.79
76161.749
5.545.137.306.305.417.488.50
92774
-0.71.52
1.745
5.544.977.046.215.397.438.50
93702
-0.16.48
1.746
5.504.956906.035.387.298.50
951 16
0.68.60
77011.748
5.525.156.795.885.337.218.50
93892
0.63.56
1 745
5.505.166.685.815.197.108.50
962.37
-0.26.60
1 745
5.565.096.625.545.066.998.50
963.36
Labor markets (thousands, seasonally adjusted, unless otherwise noted) !
133,943
76.859.952.3
126,708
63.2123,264119,52324,43195,092
41.6
4.5
7,236
5.41.7
16.7
102.6108.0110.8
136,297
77.060.5
' 51.6129,558
63.8126,159122,25724,73897,519
42.0
4.8
6,739
4.91.5
15.8
104.4110.2115.0
135,060
76860.352.2
127,899
63.4124,476120,65924,54096,119
42.0
4.7
7,161
5.31.6
15.8
135,729
77160.351.9
128,541
63.5125,088120,90924,58196,328
41.8
4.7
7,188
5.31.6
15.9
135,689
76960.352.6
128,515
63.5125,175121,16224,65396,509
41.9
4.7
7,174
5.31.6
15.9
103.4109.8113.5
136,115
77160.552.4
129,035
63.7125,648121,34424,67096,674
42.1
4.9
7,080
5.21.5
15.4
136,043
77160.452.0
129,275
63.8125,813121,67124,66797,004
42.1
4.9
6,768
5.01.5
15.4
136,060
76960.551.9
129,494
63.8126,076121,83424,70297,132
42.0
4.8
6,566
4.81.5
15.3
104.0110.0114.4
136,206
77060.551.2
129,392
63.7126,003122,05624,71497,342
41.8
4.6
6,814
5.01.5
15.3
136,294
77060.551.4
129661
63.8126,209122,44024,71397,727
41.8
4.7
6,633
4.91.6
16.5
136,404
76960.651.0
129,747
63.8126,368122,49224,76597,727
41.8
4.7
6,657
4.91.5
15.8
1049110.1115.5
136,439
76860.651.0
129,761
63.7126,339122,79224,77198,021
41.9
4.7
6,678
4.91.5
15.9
136,406
76860.550.9
129,910
63.8126,583123,08324,81498,269
42.0
4.8
6,496
4.81.5
16.3
136,864
77060.451.8
130,575
64.0127,191123,51224,88898,624
42.1
4.9
6,289
4.61.4
15.6
10541109116.9
137,169
77.060.751.6
130,777
64.1127,392123,86724,98898,879
42.2
4.9
6,392
4.71.4
16.3
137,493
77.160.653.1
131,083
64.2127,764124,22525,12399,102
42.1
4.9
6,409
4.71.3
15.6
See footnotes at the end of the table.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
D-42 • National Data SURVEY OF CURRENT BUSINESS March 1998
Table D.1.—Domestic Perspectives—Continued
Total new private construction put inplace (billions of dollars)Residential . . .Nonresidential
Housing starts (thousands of units):Total1-unit structures
New 1 -family houses sold(thousands of units)
Inventories:Total manufacturing and trade
ManufacturingMerchant wholesalersRetail trade
Sales:Total manufacturing and trade
ManufacturingMerchant wholesalersRetail trade
Industrial production indexes,1992=100:Total
By industry:Durable manufacturesNondurable manufactures ....
By market category:Consumer goods
Capacity utilization rates (percent):Total industryManufacturing
All sectors, by instrument:Total
Open market paperU.S. government securitiesMunicipal securitiesCorporate and foreign bonds ...Bank loans neeOther loans and advancesMortgagesConsumer credit
1996 19971996
Dec.
1997
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1998
Jan.
Construction (seasonally adjusted at annual rates) 4
437.1247.2149.4
1,4771,161
757
462.1260.1161.5
1,4741,133
800
447.0247.9157.4
1,3841,065
794
444.4246.7161.0
1,3941,138
822
452.0251.4163.7
1,5471,231
826
452.7254.0160.5
1,4771,139
825
457.6259.9156.5
1,4801,134
765
459.9259.7160.0
1,4041,095
764
456.9257.3159.2
1,5021,132
802
464.3258.8164.5
1,4611,144
812
465.2260.0163.4
1,3831,076
798
468.8263.8163.3
1,5011,174
816
469.6265.7162.0
1,5291,124
785
470.3267.5161.4
1,5231,167
857
474.7271.0161.7
1,5381,118
777
480.1273.8163.3
1,5341,196
Manufacturing and trade, inventories and sales (millions of dollars, seasonally adjusted) 4
1,004,708434,434256,178314,096
8,601,1583,735,1832,420,6792,445,296
1,048,088453,738272,487321,863
9,022,0643,948,4832,527,2942,546,287
1,004,708434,434256,178314,096
727,929316,306204,951206,672
1,007,618435,743257,895313,980
737,464319,725207,506210,233
1,011,899437,873258,088315,938
747,790322,967211,801213,022
1,013,376438,560259,389315,427
745,460322,923210,195212,342
1,017,150441,508258,046317,596
746,769326,909209,926209,934
1,019,025443,460259,029316,536
742,945323,567210,008209,370
1,026,255444,823264,154317,278
750,027328,315210,772210,940
1,027,787446,602262,314318,871
757,485332,895211,041213,549
1,030,243448,447264,899316,897
752,886330,178208,336214,372
1,037,172449,152268,112319,908
762,543335,366213,372213,805
1,040,265452,139268,183319,943
759,880334,064212,299213,517
1,043,460454,182270,004319,274
757,708332,955210,919213,834
1,048,088453,738272,487321,863
764,499337,386212,531214,582
Industrial production indexes and capacity utilization rates (seasonally adjusted) 2
118.5
131.7108.0
111.8
82.481.4
124.5
142.3111.2
114.4
82.781.7
120.9
135.3110.3
113.6
82.581.5
121.3
136.1110.2
113.2
82.481.4
122.1
137.8110.4
113.1
82.681.7
122.5
138.7110.5
113.4
82.581.6
123.1
139.5110.8
113.4
82.681.6
123.3
140.1110.7
113.9
82.481.4
123.5
141.2110.5
113.5
82.381.3
124.5
142.4110.9
113.9,
82.681.5
125.2
144.3111.0
114.6
82.881.8
125.6
144.4111.3
114.5
82.781.6
126.5
145.5112.2
115.9
83.081.9
127.4
147.6112.6
116.6
83.282.3
127.9
148.3113.0
116.5
83.382.3
127.9
148.8113.3
116.4
83.082.1
Credit market borrowing (billions of dollars, seasonally adjusted at annual rates)2
1,321.0102.6376.5
1.3278.492.650.2
330.688.8
1,041.4199.2186.9
23.21293153.8-41
2835696
1,284.9109.5189.176.5
3354126.767.2
322.7578
1,255.01720201.9
40.43419
48.785.9
321.442.7
Sources:1. Bureau of Labor Statistics.2. Federal Reserve Board.
3. Standard and Poor's, Inc.4. Bureau of the Census,n.e.c. Not elsewhere classified.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1998 SURVEY OF CURRENT BUSINESS National Data • D-43
E. Charts.Percent changes shown in this section are based on quarter-to-quarter changes and are expressed at seasonallyadjusted annual rates; likewise, levels of series are expressed at seasonally adjusted annual rates as appropriate.
SELECTED NIPA SERIESChained (1992) dollars
Apr Feb28000
26000-
24000-
22000-
20000-
Dec Nov Nov Mar JanJIyJIy Nov Jly Mar28000
-26000
-24000
-22000
-20000
RE/tSROSS DOMESTIC PRODUCT PER CAPITA
10000 I I I I I I I I59' '611 '63' '651 '67 71' '73' '75' '77' '79' '81' '83' '85' '87
-18000
-16000
-14000
-12000
15 -
HEJ^BROSS DOMESTIC PRODUCT (PERCENTCHANGE)
Ju Jill JllilJul Jill
-15
-10
- 5
I LJ LJ LJ UJ I I.J U L. U L. LJ67' '69' '71' '73' '75' '77' '79' '81' '83' '85' '87 91' '93' '95' '97
r 0
- -5
U.& Department of Commerce, Bureau of Economic Analysis
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
D-44 • National Data SURVEY OF CURRENT BUSINESS March 1998
SELECTED NIPA SERIES
Percent
60
50 -
40 -
30 -
20 -
10
SHAKES OF FEDERAL GOVERNMENT RECEI
Persona! tax and nontax
Percent59 »' V ITS' I75I IT?' ITS 'si1 ae
70
60 -
50 -
40 -
30 -
20 -
10 -
Apr Fib Dec No» Nov MarSH«ffiS OF FEDERAL GOVERNMENT CURREMf EXPENDITURES
Janjty Jty Nov
'89' '91'
Jy Mar
,,__ ,N ̂ ^j-'--^ Transfer payments
' -̂ .Consumption expenditures
- 20
- 10
97
Grans to State and local governmlnts
70
-60
-50
40
-30
-20
-10
0
Percent̂ ' ~t "'Ajr Fab
f63> las> '•» [73> '75' "77' '79' 'ei'
RABJ GOVERNMENT SURPLUS/DEFICIT( NIB̂ GROSS DOM^K PRODUCT ™
Total
U.S. DSpwtMwit of Commerca, Bweau of Economic Analysis
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1998 SURVEY OF CURRENT BUSINESS National Data • D-45
SELECTED NIPA SERIES
Percent25 Apr Feb Dec Nov Nov Mar Jan Jly Jly Nov Jly Mar
20-
15 -
RATIO, SAVING TO GROSS NATIONAL PRODUCT
Corporate and other privatesaving
25
h10
Gross government saving
,J LJ LJ LJ LJ LJ I59' '61' 63' '65 ' '67 ' '69 '71 '73 ' 75' '77' 79 '81 ' '83 '85 ' '87 ' '89 ' '91 ' '93 ' ' 9 5 ' '97
Percent25
20-
15-
10-
5-
Apr Feb Dec Nov Nov Mar Jan Jly Jly Nov Jly Mar
RATIO, INVESTMENT TO GROSS NATIONAL PRODUCT
-20
-15
Gross private domestic investment
Gross government investment
25
- 5
-5
59' 'ei' 63' 65' '67' 'eg' 7l' '73' '75' '77' '79' 'si ' 'S3 ' 8s'
Apr FebPercent
60
50-
40-
30-
20
10-
U.S. Department of Commerce, Bureau of Economic Analysis
Dec Nov Nov Mar Jan Jly Jly Nov
891 ' 91 ' '93 ' '95 ' 97
Jly MarSHARES OF GROSS PRIVATE DOMESTIC FIXED INVESTMENT
Producers' durable equipment, nonresidential
Residential investment
Structures, nonresidential
I UJ Lo I59' '61' '63' '65' '67' '69' 71' '73' '75' '77' '79' '81' '83' '85' '87' '89' '91' '93 ' '95 ' '97
60
-50
1-40
-30
-20
- 10
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
D-46 • National Data SURVEY OF CURRENT BUSINESS March 1998
SELECTED NIPA SERIES
SHARES OF NATIONAL INCOME
Wage and salaryaccruals, 63.3%
alary X^~ "̂ X 1959
Wage and salaryaccruals, 58.1%
1996
Supplements towages and salaries, 5.2%
Net interest, 2.5%
Corporate profitswith IVA and CCAdj, 12.2%
Supplements to xRenta income of persons d , n ,2 J0/
wth IVA, 4.4% y
Proprietors' incomewith IVA and CCAdj, 12.3%
Net interest, 6.8%
Corporate profitswith IVA and CCAdj, 11.f
_ Rental income ol personsProprietors' income wth IVA, 2.3%with IVA and CCAdj. 8.3%
SHARES OF GROSS DOMESTIC PRODUCT BY SECTOR
Business, 86.1%
1959 1996
Business, 83.8%
Generalgovernment, 11.4'
Households andinstitutions, 2.4%
Generalgovernment, 11.6%
Households andinstitutions, 4.5%
SHARES OF GROSS DOMESTIC PURCHASES
Personalconsumptionexpenditures, 62.5%
1959 Personalconsumptionexpenditures, 67.4%
1996
Nonresidentialinvestment, 10.0%
Government consumptionexpenditures and grossinvestment, 22.0%
Government consumptionexpenditures and grossinvestment, 18.2%
Residential investment, 5.5%Nonresidentialinvestment, 10.4%
Residential investment, 4.0%
U.S. Department of Commerce, Bureau of Economic Analysis
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1998 SURVEY OF CURRENT BUSINESS National Data • D-47
SELECTED NIPA SERIESPercent
60
50 -
40 -
30 -
20 -
10 -
APT Feb Dec Nov . Nov Mar JanJtvJIv Nov JY Mar60
SHARES OF GROSS DOMESTIC PRODUCT BY TYPE OF PRODUCT
Output of services "*,
Output of structures
-50
-40
-30
-20
-10
'73'Percent
14 Apr Feb
I69I [.Dec Nov Nov Mar
'77' '79' as 93
JanJIyJIy Nov Jly Mar
97
14
12 -
10 -
8 .
6 .
EXPORTS AS SHARE OF GROSS DOMESTIC PRODUCTIMPORTS AS SHARE OF GROSS DOMESTIC PURCHASES
-12
-10
- 8
- 6
- 4
Percent
60
59' lei' '63! 'es' 'er'
Apr Feb
leg' '71' ITS' hs
Dec Nov Nov Mar
'77' '79' 'a1 'as'JanJIyJlY Nov
'91 >Jty Mar
60SHARES OF PERSONAL CONSUMPTION EXPENDmJRES BY TYPEQW>RODUCT
50-
40-
30-
20
10
Durable goods
-50
-40
•30
20
10
59' '71' '73' '75' '77'US. Department of Commerce, Bureau of Economic Analysis
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
D-48 • National Data SURVEY OF CURRENT BUSINESS March 1998
SELECTED NIPA SERIES
PercentACT Feb Nov Mar JanJIvJIv Nov Jlv Mar
PROFIT MARGIN, DOMESTIC NONFINANCIAL (J1WORATIONS'
Ratio of corporate profitspef unit to cost and profit per unit
59' '61' '63' '65' '67' '69' 71' '73' '75' '77' '79' '81 ' '83' '85' '87' '89' '91' '93' '95' '97
Ratio
4-
3-
Acf Feb Dec Nov Nov Mar JanJIvJIv Nov Jlv MarINViNTORY/SALES RATIOS, CURRENT-DOLLAfff/5
Nonfarm inventoidB tofinal sales of goods and structures
Inventories tofinal sales of domestic business
-4
-3
Nonfarm inventories tofinal sales of domestic business
'Based on current-dollar estimates of inventories and sales
59' '61' '63' '65' '67' '69' '71 ' '73 ' '751 '771 '791 ' 81' 'S31 '86' '871 '891 '911 '931 '95 ' !97Ratio
Aor Feb Jan Jlv Jlv Nov Jlv Mar
4 -
3-
2 -
1
INVENTORY/SALES RATIOS, REAL'
Nonfarm inventories tofinal sales of goods and structures
Inventories IDfinal sales of domestic business
-4
Nonfarm inventories tofinal sales of domestic business
'Based on chained (1992) dollar eslimates of inventories and sales
-2
U I67I59' m ea 67 71U.S. Department of Commerce, Bureau of Economic Analysis
73 * 'TB' "si' 'as' as 91 n '97
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1998 SURVEY OF CURRENT BUSINESS National Data D-49
OTHER INDICATORS OF THE DOMESTIC ECONOMYPercent
Nov Mar18
JanJIyJIy Nov JlyMar
CONSUMER PRICE INDEX (PERCENT CHANGE)
I I I I I II I I I I73 75 77 79 81 83 85 87 89 91 93 95 97
Index.130 Nov Mar JanJIvJIv Nov JlyMar
120-
110-
100-
90-
80-
70-
INDUSTRIAL PRODUCTION INDEX
60
73Hours
43 Nov Mar
W W W 8l' 871 '93! 97
JanJIyJIyNov JlyMar
42-
41
40 -
39-
38-
37
AVERAGE WEEKLY HOURS, MANUFACTURING
I I I I I I I I I I I I I I I I I I I I I I I I I73 75 77 79 81 83 85 87 89 91 93 95 97
JlyMarPRODUCER PRICE INDEX (PERCENT CHANGE)
-4 -
-8 I I I I I I73 75 77 79 81 83 85
PercentNpvjar
W]
JanJIyJIy Nov
7 89 91 93
JlyMar
w
90-
85-
80-
75-
70-
65
CARftCITY UTILIZATION RATE
Manufacturing
II I I I I I I I I I I I I I I I I I I I I I73 75 77 79 81 83 85 87 89 91 93 95 97
Hoursc Nov Marb JanJIvJIv Nov Jlv Mar
AVERAGE WEEKLY OVERTIME HOURS, MANUFACTURING
I I I I I I I I I I I I I I I I I I I II I , .73 75 77 79 81 83 85 87 89 91 93 95 97
U.S. Department of Commerce, Bureau of Economic Analysis
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
D-50 • National Data SURVEY OF CURRENT BUSINESS March 1998
OTHER INDICATORS OF THE DOMESTIC ECONOMYPercent12 Nov Mar JanJIyJIyNov
10-
8-
6-
4-
JlyMar
UNEMPLOYMENT SftTE
u I I I 1 I I l \ \ I I I I I I I I I I I I I I I I73 75 77 79 81 83 85 87 89 91 93 95 97
PercentNw Mar JanJIyJIyNov JlyMar
flONEY SUPPLY (PERCBfT CHANGE)
MillionsNovMar
3.0
2.5 -
2.0-
1.5-
1.0-
0.5-
w 'w w w y w b> w y y y^wJanJIyJIyNov JlyMar
I I I I I I I ! I I I I I I I I I I I I I I I I I73 75 77 79 81 83 85 87 89 91 93 95 97
US. Department of Commerce, Bureau of Economic Analysis
PercentNov Mar
18
15-
12-
9-
6-
3-
JanJIyJIyNov JlyMarINTEREST RATES
10-Year Treasury Binds
Ratio73' W W W 8l' '831 85'
8.0
7.5-
7.0-
6.5-
6.0-
5.5-
5.0-
4.5-
4.0
Nov Mar JanJIyJIyNov
sT^TJlyMar
W
RATIO, GDP TO M1
73' w w y v ^ uJanJIyJIyNov
Thousands
1000 NwMar
800
600-
400-
200-
'9i y y wJlyMar
SALES OF NEW ON6FAMJO' HOUSES
T U M I TT i i i i i i i i i i i i i i rrr73 75 77 79 81 83 85 87 89 91 93 95 97
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1998 SURVEY OF CURRENT BUSINESS International Data D-51
International Data
F. Transactions Tables-
Table F.i includes the most recent estimates of U.S. international trade in goods and services; the estimates werereleased on February 19, 1998 and include "preliminary" estimates for December 1997 and "revised" estimatesfor November. The sources for the other tables in this section are as noted.
Table F.1.—U.S. International Transactions in Goods and Services[Millions of dollars; monthly estimates seasonally adjusted}
Exports of goods and services
GoodsFoods feeds snd beveragesIndustrial supplies and materialsCapital goods, except automotiveAutomotive vehicles engines and partsConsumer goods (nonfood) except automotiveOther goodsAdjustments '
ServicesTravelPassenger faresOther transportationRoyalties and license feesOther private servicesTransfers under U S military agency sales contracts2
U.S. Government miscellaneous services
Imports of goods and services
Goods .Foods, feeds, and beveragesIndustrial supplies and materialsCapital goods, except automotiveAutomotive vehicles engines and partsConsumer goods (nonfood) except automotiveOther goodsAdjustments '
ServicesTravelPassenger faresOther transportationRoyalties and license feesOther private servicesDirect defense expenditures2
U S Government miscellaneous services
Memoranda:Balance on goodsBalance on servicesBalance on goods and services
1995
794,610
575,87150473
146247233,046618286442528,723-6871
218,73963395191252741227 38366,85013756
818
896,467
749,43133,176
181 849221,43112379515990523,3875888
1470364605314,433282496,503
392859,8902623
-17356071,703
-101 857
1996
848,833
612,06955534
147,652252,8956502170,13833,836
-13006
236,7646990820,5572721629,97473,56914647
893
959,873
803,23935,710
204 482229,050128938171,00726,1027950
156,63448,73915,77628453
7,3224279610,8612687
-191 17080,130
-1 1 1 040
1$
Nov.
73,969
53,2095012
1225222,21158786,0703,064
-1279
20,76062151,80123932,5706,3701342
69
81,634
68,3852,976
1756219,3301123414,7492,245
289
13,2494,1561,3672323
5893680
907227
-151767,511
-7665
)96
Dec.
72,444
52,1334398
1246322,05254656,0153,056
-1 316
20,31158231,69023492,5746,4261381
68
83,045
69,8283,189
1869819,5811084615,1492,130
235
13,2174,0611,3422366
6043707
911226
-176957,094
-10601
Jan.
71,848
51,6864327
12,09121,55556006,0682,595-551
20,16259471,71122912,5616,5101,074
68
83,458
69,8343,074
1794419,46611 76315,1172,224
247
13,6244,2951,4112448
5883739
914229
-181496,538
-1 1 61 1
Feb.
74,282
53,6874272
1270622,715590762642,493-671
20,59562431,79723212,5636,5881 015
68
84,138
70,4483,105
1764119,4391211315,2562,465
429
13,6904,3121,4252439
5983770
917229
-167616,905
-9856
Mar.
78,124
57,1554181
1373124,713622864812,808-988
20,96963661,811238725756,6621 101
67
85,955
72,0323,328
1796920,42211 685149272,2441 456
13,92344111,4472491
6133811
922228
-148777,046
-7831
Apr.
78,385
57,1624162
1350724,971
61716,3392,709-697
21,22363891,88023792,5506,7561205
64
86,504
72,6893,358
1757520,6861136616,2142,4721019
13,8154,2751,3972518
6093893
896227
-155287,408
-6120
May
77,989
56,8714052
1339924,760593566633,057-995
21,11861891,830236525406,8781252
64
87,178
73,2343,378
1790520,98811 625160792,361
897
13,9444,3401,3922546
6153933
892226
-163637,174
-9189
19
June
78,365
57,3783929
1388524,482
625167202,968-857
20,98760271,801229925326,9951270
63
86,702
72,6223,251
1756521,25011 594157162,355
891
14,0804,3881,4122478
6234062
891226
-152446907
-8337
97
July
77,845
56,7453,832
13,16924,8986,2616,3973,218
-1,031
21,1006,0981,80522892,5417,0591,245
63
87,589
73,5933,395
17,45621,5741229116,1002,549
227
13,9964,2881,3982,420
6594104
899228
-168497,104
-9745
Aug.
78,890
57,3264,234
13,37324,9136,1746,4483,228
-1044
21,5646,3421,84624232,5357,1081,247
63
87,945
73,8853,347
1787822,0601181716,0092,531
242
14,0604,2891,3992,523
6414081
900227
-165597,504
-9055
Sept.
78,116
56,3704337
1313324,77858446,4003,010
-1 133
21,74665371,92024282,5287,0221248
63
89,344
74,9083,395
18 28821,9841182116,6562,505
259
14,4364,5241,4842575
6514074
901227
-185387310
-1 1 228
Oct.
80,230
58,4504681
1322925,350645867523,021
-1 040
21,78064181,877245925317,1681261
66
89,321
74,9293,304
1836322,38611 252166452,738
242
14,39244711,4582588
6604069
919227
-164797388
-9091
Nov.r
78971
57,5864612
1309524448690265692623-663
21,38561841819240125337,1251 258
65
87,647
733083213
175202138511 806167462,405
234
1433945451,4692476
6714055
896227
-15 7237046
-8677
Dec.p
80019
58,6744426
1307126873592364062855-880
2134561341 7942416253071471 259
65
90804
763173516
177642246112210173962552
417
1448746421 5042502
6804038
894227
-176436858
-10785
p Preliminary. Source: U.S. Department of Commerce, Bureau of Economic Analysis and Bureau of the Census
1. Reflects adjustments necessary to bring the Census Bureau's component data in line with the concepts anddefinitions used to prepare BEA's international and national accounts.
2. Contains goods mat cannot be separately identified.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
D-52 • International Data SURVEY OF CURRENT BUSINESS March 1998
Table F.2.—U.S. International Transactions[Millions of dollars]
Line
1
2
34
567
89
10
11121314
15
16
1718
192021
222324
25262728
29
303132
33
3435363738
39404142
43444546
47
48
49505152535455
5657585960
61
62
6363a
6465666768
6970
(Credits +; debits -) '
Exports of goods, servicss and income
Goods adjusted excluding military2
Services 3
Transfers under US military agency sales contracts4 . . .
TravelPassenger faresOther transportation
Royalties and license fees 5
Other private services5
U S Government miscellaneous services
Income receipts on U S assets abroadDirect investment receipts . . .Other private receiptsU S Government receipts
Imports of goods, services, and income
Goods adjusted excluding military2
Services3 ..Direct defense expenditures
TravelPassenger fares . ....Other transportation
Royalties and license fees 5
Other private services5
U S Government miscellaneous services
Income payments on foreign assets in the United StatesDirect investment paymentsOther private paymentsUS Government payments
Unilateral transfers, net
US Government grants4
U S Government pensions and other transfersPrivate remittances and other transfers6
U.S. assets abroad, net (increase/capital outflow (-))
US official reserve assets net7
GoldSpecial drawing rights . . .Reserve position in the International Monetary FundForeign currencies
U S Government assets, other than official reserve assets, netU S credits and other long-term assetsRepayments on U.S. credits and other long-term assets8
U.S. foreign currency holdings and U.S. short-term assets, net
U S private assets netDirect investmentForeign securities ..U.S. claims on unaffiliated foreigners reported by U.S. nonbanking
concernsU.S. claims reported by U.S. banks, not included elsewhere
Foreign assets in the United States, net (increase/capital inflow (+)) ....
Foreign official assets in the United States netUS Government securities '
US Treasury securities9
Other10
Other U S Government liabilities n
U.S. liabilities reported by U.S. banks, not included elsewhereOther foreign official assets 12 .
Other foreign assets in the United States netDirect investmentU S Treasury securities and U S currency flowsU S securities other than U S 'Treasury securitiesU.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking
concernsU.S. liabilities reported by U.S. banks, not included elsewhere
Allocations of special drawing rights
Statistical discrepancy (sum of above items with sign reversed)Of which seasonal adjustment discrepancy
Memoranda:Balance on goods (lines 2 and 16)Balance on services (lines 3 and 17) . . . .Balance on goods and services (lines 64 and 65)Balance on investment income (lines 11 and 25)Balance on goods, services, and income (lines 1 and 15 or lines 66 and
Unilateral transfers net (line 29)Balance on current account (lines 1, 15, and 29 or lines 68 and 69) 13
1996
1,055,233
612,069
236,76414,647
69,90820,55727,216
29,97473,569
893
206,40098,890
102,8664,644
-1,163,450
-803,239
-156,634-10,861
^8,739-15,776-28,453
-7,322^2,796-2,687
-203,577^32,132
-100,103-71,342
^9,968
-14,933-4,331
-20,704
-352,444
• 6,668
370-1,280
7,578
-690
-4,9304,134
106
-358,422-87,813
-108,189
-£4,234-98,186
547,555
122,354115,634111,253
4,381720
4,7221,278
425,20176,955
172,878133,798
31,7869,784
-46,927
-191,17080,130
-111,0402,824
-108,216-39,968
-148,184
Not seasonally adjusted
1996
II
261,665
154,198
57,1213,961
17,1654,7696,788
7,17017,082
187
50,34624,31825,053
975
-289,195
-199,450
^0,128-2,747
-13,236-4,188-7,222
-1,606-10,473
-657
^9,616-8,184
-24,600-16,832
-8,122
-2,423-781
,̂918
-51,161
-523
-133
-220
-170
-358
-1,489870261
-50,280-25,097-20,328
-5,047192
106,568
13,154-2,125-3,383
1,258-204
14,1981,285
93,41417,89436,15229,761
7,2882,319
-19,755
^5,25216,993
-28,259729
-27,530-8,122
-35,652
III
260,424
145,670
63,5643,572
21,0416,1046,763
7,41018,464
210
51,19023,83725,938
1,415
-501,489
-205,518
-42,415-2,780
-14,321^,406-7,380
-2,154-10,682
-692
-53,556-9,905
-25,158-18,493
-9,103
-2,690-1,188-5,225
-78,638
7,489
848-1836,824
162-1,127
1,20683
-86,289-12,200-23,206
-17,294-33,589
159,231
24,08926,68925,472
1,217907
-1,922-1,585
135,14226,57950,79835,115
20,6102,040
-30,424
-59,84821,149
-38,699-2,367
-41,066-9,103
-50,169
IV
276,672
160,759
60,6694,022
16,8984,9167,229
8,27319,124
207
55,24327,12327,232
888
-302,337
-210,542
-38,253-2,727
-10,690-3,637-7,203
-1,865-11,451
-680
-53,542-7,554
-26,135-19,853
-12,305
-5,499-1,407-5,399
-149,829
-315
-146
-28-141
-284
-1,2381,045-51
-149,230-26,258-30,200
-26,115-66,657
193,738
33,09735,41833,564
1,854160
-4,2701,789
160,64116,82075,32632,447
-2,91238,960
-5,938
-49,78322,416
-27,3671,701
-25,666-12,305-37,971
1997
I
278,315
162,812
59,8413,190
16,4214,9766,873
7,38920,789
203
55,66326,16428,544
955
-300,017
-204,876
-38,247-2,753
-10,935-3,947-7,191
-1 ,772
-10,962-686
-56,895-8,175
-27,581-21,139
-8,604
-2,109-795
-5,700
-130,316
4,480
721,0553,353
-21-1,107
1,111-25
-134,775-28,773-14,510
-29,466-62,026
181,978
28,89123,94023,289
651478
7,698-3,225
153,08730,38151,28938,820
15,21017,387
-21,356
^2,06421,594
-20,470-1,232
-21,702-8,604
^30,306
II r
293,478
172,548
61,6523,727
18,4285,3027,029
7,44519,530
191
59,27828,38030,151
747
^522,999
-217,230
^3,073-2,679
-14,205-4,445-7,514
-1,758-11,793
-679
-62,696-10,561-29,341-22,794
-8,623
-2,245-1,057-5,321
-92,849
-236
-13354
-157
-268
-1,6131,358-13
-92,345-38,573-21,841
-3,984-27,947
143,508
-5,374-1 1 ,464
-12,108644654
4,536900
148,88227,10149,91551,682
-7,91628,100
-12,515
^4,68218,579
-26,103-3,418
-29,521-8,623
-38,144
\\\P
294,545
165,691
69,0753,740
22,6966,5137,193
7,52721,217
189
59,77927,13831,643
998
-335,255
-225,289
^5,746-2,700
-15,664-4,789-7,686
-1,963-12,262
-682
-64,220-10,992-29,759-23,469
-9,061
-2,252-936
-5,873
-103,146
-730
-139
^63-128
482-1,382
1,872-8
-102,898-26,243-37,995
-15,900-22,760
170,177
22,4989,1486,4852,663
1612,705
629
147,67921,71343,49460,770
7,60014,102
-17,260
-59,59823,329
-36,269-4,441
-40,710-9,061
^9,771
Seasonally adjusted
1996
II
262,335
153,411
58,7363,961
17,3564,9526,805
7,34518,130
187
50,18823,92925,053
1,206
-289,231
-200,973
-38,953-2,747
-12,099-3,943-7,253
-1,684-10,570
-657
^9,305-7,873
-24,600-16,832
-8,689
-2,423-1,081-5,185
-49,698
-623
-133
-220-170
-358
-1,489870261
-48,817-23,634-20,328
-6,047192
106,114
13,154-2,125^3,383
1,258-204
14,1981,285
92,96017,44036,15229,761
7,2882,319
-20,831-1,076
-47,56219,783
-27,779883
-26,896-8,689
-35,585
III
261,979
150,764
59,3223,572
17,6595,2376,716
7,49518,433
210
51,89324,67525,938
1,280
-295,865
-203,257
-39,345-2,780
-11,915-3,920-7,218
-2,144-10,676
-692
-53,263-9,612
-25,158-18,493
-8,947
-2,690-1,064-5,193
-77,542
7,489
848-1836,824
162-1,127
1,20683
-65,193-11,104-23,206
-17,294-33,589
158,629
24,08926,68925,472
1,217907
-1,922-1,585
134,54025,97750,79835,115
20,6102,040
-38,254-7,830
-52,49319,977
-32,516-1,370
-33,886-8,947
-42,833
IV
274,545
157,846
61,6564,022
18,1835,2827,142
7,70319,117
207
55,04326,89827,232
913
-299,493
-206,036
^39,664-2,727
-12,241-4,053-7,166
-1,770-11,027
-680
-53,793-7,805
-26,135-19,853
-11,926
-5,499-1,050-5,377
-154,436
-315
-146
-28-141
-284
-1,2381,045-91
-153,837-30,865-30,200
-26,115-66,657
194,579
33,09735,41833,564
1,854160
-4,2701,789
161,48217,66175,32632,447
-2,91238,960
-3,2692,669
-48,19021,992
-56,1981,250
-24,948-11,926^36,874
1997
I
279,521
162,527
61,7253,190
18,5565,3196,999
7,69919,759
203
55,26925,87228,544
853
-310,811
-212,314
-41,238-2,753
-13,018-4,283-7,378
-1,799-11,321
-686
-57,259-8,539
-27,581-21,139
-8,682
-2,109-1,083-5,490
-127,969
4,480
721,0553,353
-21-1,107
1,111-25
-132,428-26,426-14,510
-29,466-62,026
182,238
28,89123,94023,289
651478
7,698-3,225
153,34730,64151,28938,820
15,21017,387
-14,2977,059
^9,78720,487
-29,300-1,990
-31,290-8,682
-39,972
llr
293,868
171,411
63,3283,727
18,6055,5117,043
7,62220,629
191
59,12927,97030,151
1,008
^22,760
-218,545
-41,839-2,679
-13,003-4,201-7,542
-1,847-11,888
-679
-62,376-10,241-29,341-22,794
-8,960
-2,245-1,128-5,587
-90,935
-236
-13354
-157
-268
-1,6131,358-13
-90,431-36,659-21,841
-3,984-27,947
143,015
-5,374-1 1 ,464
-12,108644654
4,536900
148,38926,60849,91551,682
-7,91628,100
-14,228-1,713
-47,13421,489
-25,645-3,247
-28,892-8,960
-37,852
Ilk
295,597
170,579
64,4103,740
18,9775,5717,140
7,60421,189
189
60,60828,08831,643
877
-328,549
-222,128
-42,492-2,700
-13,101-4,281-7,518
-1,951-12,259
-682
-63,929-10,701-29,759-23,469
-9,204
-2,252-1,099-5,853
-101,564
-730
-139
-463-128
482-1,382
1,872-8
-101,316-24,661-37,995
-15,900-22,760
169,540
22,4989,1486,4852,663
1612,705
629
147,04221,07643,49460,770
7,60014,102
-25,820-8,560
-51,54921,918
-29,631-3,321
-32,952-9,204
-42,156
See footnotes to table F.3.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1998 SURVEY OF CURRENT BUSINESS International Data • D-53
Table F.3.—Selected U.S. International Transactions, by Area[Millions of dollars]
Line
1
2
34
567
89
1011121314
15
16
1718
192021
222324
25262728
29
303132
33
3435363738
39404142
43444546
47
48
49505152535455
5657585960
61
62
63
64656667686970
(Credits +; debits -) '
Exports of goods, services and income
Goods adjusted excluding military2
Services3 ..Transfers under U.S. military agency sales contracts4
Travel ';.Passenger faresOther transportation
Royalties and license fees 5
Other private services 5
U S Government miscellaneous services
Income receipts on U S assets abroadDirect investment receiptsOther private receiptsU S Government receipts
Imports of goods, services and income
Goods adjusted excluding military2
Services 3
Direct defense expenditures .
Travel ..Passenger faresOther transportation
Royalties and license fees 5
Other private services5
U.S Government miscellaneous services
Income payments on foreign assets in the United StatesDirect investment paymentsOther private paymentsU.S. Government payments
Unilateral transfers net
U S Government grants4
U.S. Government pensions and other transfers ...Private remittances and other transfers6
U.S. assets abroad, net (increase/capital outflow (-))
U S official reserve assets net 7
GoldSpecial drawing rightsReserve position in the International Monetary FundForeign currencies
U S Government assets other than official reserve assets netU.S credits and other long-term assetsRepayments on U.S. credits and other long-term assets8
U S foreign currency holdings and U S short-term assets net
U S private assets netDirect investmentForeign securitiesU.S. claims on unaffiliated foreigners reported by U.S. nonbanking
concernsU.S. claims reported by U.S. banks, not included elsewhere
Foreign assets in the United States, net (increase/capital inflow (+))
Foreign official assets in the United States, netU § Government securities
U.S. Treasury securities9
Other10
Other U.S. Government liabilities11
U.S. liabilities reported by U.S. banks, not included elsewhereOther foreign official assets 12
Other foreign assets in the United States netDirect investmentU.S Treasury securities and U S currency flowsU S securities other than U S Treasury securitiesU.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking
concernsU.S. liabilities reported by U.S. banks, not included elsewhere
Allocations of special drawing rights
Statistical discrepancy, and transfers of funds between foreign areas, net(sum of above items with sign reversed)
Memoranda:Balance on goods (lines 2 and 16)Balance on services (lines 3 and 1 7)Balance on goods and services (lines 64 and 65)Balance on investment income (lines 11 and 25) .Jalance on goods, services, and income (lines 1 and 15 or lines 66 and 67) 13
Unilateral transfers net (line 29)Balance on current account (lines 1,15, and 29 or lines 68 and 69) :3
Western Europe-
1997
1
82,285
38,645
19,651934
4,6781,4481,942
3,7116,896
42
23,99012,01311,695
282
-83,405
-40,901
-14,442-1,780
^3,057-1,752-2,456
-1,213-3,890
-293
-28,063-6,311
-13,688-8,064
45
-102-281
428
-63,486
-196
-196
157-36
-255-12
-83,447-12,590-3,366
-16,678-50,813
111,398
11,034
R'3(17)(17)
100,36426,390
(17)30,948
12,825(17)
-26,837
-2,2565,2092,953,̂073
-1,12045
-1,075
II'-
85,940
39,866
21,070879
5,8961,7282,002
3,5406,990
35
25,00412,44212,392
170
-94,876
-45,115
-17,876-1,594
-5,609-2,338-2,683
-1,196-4,168
-288
-31,885-8,578
-14,475-3,832
63
-134-330
527
-21,851
-139
-139
-17-112
109-14
-21,695-22,885
4,773
-5,2691,686
85,754
1,172(17)
R84,58214,755
32,525
-368(17)
-55,030
-5,2493,194
-2,055-6,881-8,936
63-8,873
\\\p
84,666
35,404
24,110928
7,6892,4482,107
3,5947,303
41
25,15211,93112,946
275
-94,109
^2,971
-18,784-1,700
-5,911-2,529-2,741
-1,289-4,324
-290
-32,354-3,056
-14,827-9,471
-50
-201-306
457
-41,951
-142
-142
198-71274-5
^2,007-10,479-19,674
-11,854
110,212
396
RUR
109,81612,979
C7)38,295
C7)
-58,768
-7,5675,326
-2,241-7,202-8,443
-50-9,493
European Union 14
1997
1
74,107
35,089
17,350566
4,2471,3751,557
3,5426,026
37
21,66810,58310,843
242
-75,539
-37,268
-12,697-1,415
-2,871-1,593-1,932
-1,035-3,599
-252
-25,574-5,521
-12,762-7,291
243
-17-249
509
-75,870
12
12
141^35188-12
-76,023-11,023-2,135
-16,590^6,275
103,122(18
F<;pC8)
24,223(.8)
29,431
12,56018 36,81 4
-26,062
-2,1794,6532,474
^3,906-1,433
243-1,190
II'
76,451
35,147
18,686487
5,3881,6391,593
3,3556,194
30
22,61810,96711,506
145
-46,504
-41,220
-15,744-1,263
-5,133-2,102-2,062
—995-3,942
-247
-29,540-7,951
-13,523-3,066
288
-11-282
581
-20,810
-227
-20,-21,
4,
-5,2,
84,
12,
30,
18 41?
227
-62-51
4-15
521951397
152185
121
3;:;5718),8)
3;38]
386767
-53,546
-6,0732,942
-3,131-6,922
-10,053288
-9,765
III"
76,476
32,449
21,434533
7,0312,3291,684
3,4056,417
35
22,59310,32812,034
231
—85,845
-39,192
-16,739-1,350
-5,529-2,287-2,136
-1,108,̂080-249
-29,914-7,311
-13,861-8,742
268
-267535
-28,853
189
189
170^35204
1
-29,212-6,504
-20,218
-2,490
103,883
a0R(18)
5,920
«£3
18 59,291
-65,929
-6,7434,695
-2,048-7,321-9,369
268-9,101
United Kingdom
1997
I
23,784
9,554
5,347213
1,602358458
6252,079
12
8,8833,7955,088
-28,874
-7,578
-4,671-136
-1,020-631-565
-511-1,785
-23
-16,626-2,666-9,776-4,184
350
-44394
-34,277
-5
-5
-34,272-2,446-2,013
-8,552-21,261
80,358(18)(18)
C8)(18)
-77
R13.Q
(18)
21,470
11,57618 33,705
-41,341
1,976677
2,653-7,743-5,090
350-4,740
IK
24,050
9,327
5,673108
2,023379423
6302,099
11
9,0503,5375,513
-31,843
-7,949
-5,438-132
-1,450-399-514
-474-1,946
-23
-18,456-3,247
-10,345-4,864
374
^8422
-14,108
4
-14,-14,
1,
-5,3,
40,
1,
21,
18 17,
4
112312663
337574
D75
t3,8)18)
,8)
188,8)
327
11280
-18,548
1,378235
1,613-9,406-7,793
374-7,419
III"
23,597
8,149
6,393105
2,379566434
7062,191
12
9,0553,1635,892
-31,997
-3,100
-5,836-100
-1,575-925-578
-544-2,091
-23
-18,061-2,422
-10,477-5,162
390
-44434
-11,745
-11,7452,019
-19,868
6,104
57,025
( 8 )
II( 8 )I8)(18)
1,420(U)
24,361
18 31 ,238
-37,270
49557606
-9,006-8,400
390-3,010
European Union (6)15
1997
I
38,711
20,391
8,859150
1,937821687
2,1623,086
15
9,4625,1844,137
141
-36,856
-23,637
-6,567-1,168
-1,554-679-967
-465-1,547
-186
-6,652-2,344-2,429-1,879
87
-144231
-31,031
12
12
-8
-31,-6,
1,
-7,-18,
11,
10,
6,
18-4,<
-8
035631504
145763
978
S)376
-I18)
38
2M3)52
17,111
-3,2462,292-9542,8091,855
871,942
II'-
40,599
20,776
9,613109
2,5361,008
715
2,0143,217
14
10,2105,7834,295
132
-42,988
-26,620
-7,937-1,044
-2,738-828
-1,002
-454-1,687
-184
-8,431-3,964-2,570-1,897
110
-157267
-3,431
-227
-227
-17
-17
-3,187-3,722
1,111
1,708716
42,247
13( 8 )106( 8 )( 8 )
ii£7$
-9141824,387
^6,537
-5,8441,676
-4,1681,779
-2,389110
-2,279
III"
41,155
19,722
11,386181
3,6201,421
757
2,0873,303
17
10,0475,5574,354
136
-41,993
-24,612
-8,337-1,100
-2,959-920
-1,026
^67-1,679
-186
-8,044^,060-2,791-2,193
67
-152219
-16,139
189
1891
1
-16,329-7,457
-796
^076
37,090(18)(18)
C8)(.8)
80(18)(18)
(18)
3,122(18)
12,307
18 21 ,581
-20,180
-4,8903,049
-1,8411,003-838
67-771
" Preliminary.r Revised.1. Credits, +: Exports of goods, services, and income; unilateral transfers to United States; capital inflows (in-
crease in foreign assets (U.S. liabilities) or decrease in U.S. assets); decrease in U.S. official reserve assets; in-crease in foreign official assets in the United States.
Debits, -: Imports of goods, services, and income; unilateral transfers to foreigners; capital outflows (decreasein foreign assets (U.S. liabilities) or increase in U.S. assets); increase in U.S. official reserve assets; decrease inforeign offical assets in the United States.
2. Excludes exports of goods under U.S. military agency sales contracts identified in Census export documents,excludes imports of goods under direct defense expenditures identified in Census import documents, and reflectsvarious other adjustments (for valuation, coverage, and timing) of Census statistics to balance of payments basis;see table 2 in "U.S. International Transactions, Third Quarter 1997" in the January 1998 issue of the SURVEY.
3. Includes some goods: Mainly military equipment in line 4; major equipment, other materials, supplies, and petro-leum products purchased abroad by U.S. military agencies in line 18; and fuels purchased by airline and steamshipoperators in lines 7 and 21.
4. Includes transfers of goods and services under U.S. military grant programs.5. Beginning in 1982, these lines are presented on a gross basis. The definition of exports is revised to exclude
U.S. parents' payments to foreign affiliates and to include U.S. affiliates' receipts from foreign parents. The definitionof imports is revised to include U.S. parents' payments to foreign affiliates and to exclude U.S. affiliates' receiptsfrom foreign parents.
6. Beginning in 1982, the "other transfers" component includes taxes paid by U.S. private residents to foreigngovernments and taxes paid by private nonresidents to the U.S. Government.
7. For all areas, amounts outstanding September 30,1997, were as follows in millions of dollars: Line 34, 67,148;line 35,11,050; line 36, 9,997; line 37,14,042; line 38, 32,059. Data are preliminary.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
D-54 • International Data SURVEY OF CURRENT BUSINESS March 1998
Table F.3.—Selected U.S. International Transactions, by Area[Millions of dollars]
Line
1
2
34
567
89
10
11121314
15
16
1718
192021
222324
25262728
29
303132
33
3435363738
39404142
43444546
47
48
49505152535455
5657585960
61
62
63
64656667686970
(Credits +; debits -) '
Exports of goods, services, and income
Goods, adjusted, excluding military2
Services3
Transfers under U S military agency sales contracts4
TravelPassenger faresOther transportation
Royalties and license fees5
Other private services 5
U S Government miscellaneous services
Income receipts on U S assets abroad .Direct investment receiptsOther private receiptsU S Government receipts . ..
Imports of goods, services, and income ..
Goods, adjusted, excluding military2
Services3
Direct defense expenditures
TravelPassenger faresOther transportation - . .
Royalties and license fees 5 . ....Other private services 5
U S Government miscellaneous services
Income payments on foreign assets in the United StatesDirect investment paymentsOther private paymentsUS Government payments
Unilateral transfers, net
U S Government grants4
U S Government pensions and other transfersPrivate remittances and other transfers6
U.S. assets abroad, net (increase/capital outflow (-))
US official reserve assets net7
GoldSpecial drawing rightsReserve position in the International Monetary FundForeign currencies
U S Government assets other than official reserve assets netU S credits and other long-term assetsRepayments on U S credits and other long-term assets 8
U S foreign currency holdings and U S short-term assets net
U S private assets netDirect investmentForeign securitiesU.S. claims on unaffiliated foreigners reported by U.S. nonbanking
concernsU S claims reported by U S banks not included elsewhere
Foreign assets in the United States, net (increase/capital inflow (+)) ....
Foreign official assets in the United States, netU S Government securities
U.S. Treasury securities9
Other10
Other U S Government liabilities ' 'U.S. liabilities reported by U.S. banks, not included elsewhereOther foreign official assets 12
Other foreign assets in the United States, netDirect investmentU.S. Treasury securities and U.S. currency flowsU S securities other than U S Treasury securitiesU.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking
concernsU.S. liabilities reported by U.S. banks, not included elsewhere
Allocations of special drawing rights
Statistical discrepancy, and transfers of funds between foreign areas, net(sum of above items with sign reversed)
Memoranda^Balance on goods (lines 2 and 16)Balance on services (lines 3 and 17) ...Balance on goods and services (lines 64 and 65)Balance on investment income (lines 11 and 25)Balance on goods, services, and income (lines 1 and 15 or lines 66 and 67) 13
Unilateral transfers net (line 29)Balance on current account (lines 1,15, and 29 or lines 68 and 69) n
Eastern Europe
1997
I
3,1081,811
88196
173209942
4429
41624710069
-2,792
-1,864
-580-79
-212-52-30-2
-142-14
-348-3
-99-246
-653
-292-9
-352
-3,738
11-28
2712
-3,749-748-85
38-2,954
1,180
RaR.$is33
181,419
2,896
-53301248
68315
-653-338
If
3,403
2,110
84680
2272297
36374
10
44730210936
-3,108
-2,009
-722-51
-338-96-70
-1-151-15
-3775
-99-283
-687
-359-10
-318
1,044
-13-328
315
1,057-578-577
-312,243
3,708(.8)
R(18)
R(i«̂3-41
183,606
-4,360
101124225
70295
-687-392
Ilk
3,205
1,749
94361
2933094
33422
10
513262133118
-3,600
-2,323
-645-100
-420-96-66
-2-146-15
-4328
-119-321
-771
-433-8
-330
-2,607
5-220
225
-2,612-368-577
""-1,667
1,690
RISi3
181,314
2,083
-57498
-47681
-395-771
-1,166
Canada
1997
I
47,188
36,823
5,44824
1,954327726
3432,056
17
4,9172,5812,336
-47,506
-42,004
-3,009-18
-619-32
-925
-59-1,275
-32
-2,493-685
-1,279-529
-102
-101-1
-12,332
-1
-i-12,331-2,563
2,300
681-12,749
3,906682( 7 )
|Jnn
3,2242,034
&-1,038
(17)
8,847
-5,1812,439
-2,7422,424^319-102^21
\V
49,685
39,042
5,39222
1,907307768
3292,043
16
5,2512,7932,458
-50,077
^3,383
-3,781-14
-1,270-121-965
-70-1,308
-33
-2,913-983
-1,380-550
-74
-10228
-5,131
1
1
-5,132-2,914-2,428
2,762-2,552
7,813
-1,430
R(io(")C7)
9,2433,509
O7)977
-256C7)
-2,216
,̂3411,611
-2,7302,338-392-74
-466
Ilk
47,024
36,795
5,01123
1,601226754
3512,052
4
5,2182,7472,471
-48,781
-41,319
-4,659-15
-2,126-145-935
-76-1,329
-33
-2,803-961
-1,277-565
-102
-1119
7,117
7,117-2,835-4,509
i'4"461
-7,503546
BB7
-8,049459
&
n
2,245
-4,524352
-4,1722,415
-1,757-102
-1,859
Latin America and Other WesternHemisphere
1997
I
51,153
29,516
8,905114
3,543979849
3623,019
39
12,7324,1928,401
139
-51,733
-32,831
-6,081-85
-3,713-742-589
-28-2,815
-110
-10,821-351
-7,668-2,802
-2,627
-276-140
-2,211
-13,440
3,500
3,500106
-270386-10
-17,046-4,657-6,992
-13,8848,487
7,023
RSP)£3(.8)
192
2,469183,861
9,623
-3,315824
-2,4911,911-580
-2,627-3,207
II '
55,830
32,425
9,04695
3,551993930
3903,050
37
14,3595,4508,841
68
-54,841
-34,925
-6,362-83
-3,708-617-672
-37^3,134
-111
-11,554-477
-8,240-2,837
-2,700
-342-161
-2,197
-40,996
228-219
43710
-41,224-7,024
-11,098
-1,576-21,526
27,322
RR11
R3J3
<J3-6,935
1821,689
15,385
-2,500684
-1,8162,805
989-2,700-1,711
Ilk
60,431
34,444
10,671110
4,5271,226
981
4083,381
38
15,3165,6349,562
120
-56,425
-36,046
-6,723-85
-3,737-689-659
-38-3,404
-111
-11,656-454
-8,491-2,711
-2,785
^302-144
-2,339
-58,458
48-344
3911
-58,506-6,771-1,635
-15,900^34,200
29,406(18)
R3R
,1313,636
7,60018 7,083
27,831
-1,6021,948
3463,6604,006
-2,7851,221
Japan
1997
I
28,710
16,448
9,753156
3,4861,743
774
1,4452,135
14
2,5091,1031,399
7
-41,415
-30,096
-3,548-257
-790-190-982
^326-978-24
-7,771-1,016-1,610-5,145
-66
-22^4
-2,623
49
49
8
8
-2,680-1,045^3,258
1551,468
26,740
RR
-154
Ri£2.a-111
18 24,787
-11,346
-13,6486,206
-7,442-5,262
-12,705-66
-12,771
•-28,385
16,557
9,26698
3,2431,627
796
1,5731,919
10
2,5621,1481,392
22
-41,837
-29,317
-3,754-293
-865-182
-1,018
-323-1,049
-24
-8,766-1,408-1,758-5,600
-25
-23-2
-11,820
-18
-18
3
3
-11,805-514
-10,150
67-1,20820,656
RR429(18)(.8)
(18)
1,670(18)
7,402
-29318 11, 448
4,641
-12,7605,512
-7,248-6,204
-13,452-25
-13,477
Ilk
28,675
15,702
10,689130
4,1571,829
806
1,5522,204
11
2,284904
1,381-1
-44,334
-30,803
-3,948-275
-907-189
-1,128-374
-1,051-24
-9,583-2,077-1,680-5,826
-11
^2110
3,547
14
14
-1
-1
3,534-1,533-2,410
7"477
9,005
1R
3$
*£}18-204
3,118
-15,1016,741
-8,360-7,299
-15,659-11
-15,670
8. Includes sales of foreign obligations to foreigners.9. Consists of bills, certificates, marketable bonds and notes, and nonmarketable convertible and nonconvertible
bonds and notes.10. Consists of U.S. Treasury and Export-Import Bank obligations, not included elsewhere, and of debt securities
of U.S. Government corporations and agencies,11. Includes, primarily, U.S. Government liabilities associated with military agency sales contracts and other trans-
actions arranged with or through foreign official agencies; see table 4 in "U.S. International Transactions, Third Quar-ter 1997" in the January 1998 issue of the SURVEY.
12. Consists of investments in U.S. corporate stocks and in debt securities of private corporations and Stateand local governments.
13. Conceptually, the sum of lines 70 and 62 is equal to "net foreign investment" in the national income andproduct accounts (NIPA's). However, the foreign transactions accpunt in the NIPA's (a) includes adjustments to theinternational transactions accounts for the treatment of gold, (b) includes adjustments for the different geographicaltreatment of transactions with U.S. territories and Puerto Rico, and (c) includes services furnished without paymentby financial pension plans except life insurance carriers and private noninsured pension plans. A reconciliation ofthe balance on goods and services from the international accounts and the NIPA net exports appears in AppendixA of this section of the SURVEY OF CURRENT BUSINESS. A reconciliation of the other foreign transactions in thetwo sets of accounts appears in table 4.5 of the full set of NIPA tables (published annually in the August issueof the SURVEY).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1998 SURVEY OF CURRENT BUSINESS International Data D-55
Table F.3.—Selected U.S. International Transactions, by Area[Millions of dollars]
Line
1
2
34
567
89
10
11121314
15
16
1718
192021
222324
25262728
29
303132
33
3435363738
39404142
4344454647
48
49505152535455
565758596061
62
63
64656667686970
(Credits +; debits -) '
Exports of goods services and income
Goods adjusted excluding military2
Services 3
Transfers under U S military agency sales contracts4
TravelPassenger faresOther transportation
Royalties and license fees 5
Other private services 5 -U S Government miscellaneous services
Income receipts on U.S. assets abroadDirect investment receiptsOther private receiptsU S Government receipts
Imports of goods services and income
Goods adjusted excluding military2
Services3 .Direct defense expenditures
TravelPassenger fares . . . . . .Other transportation
Royalties and license fees 5
Other private services 5
U.S. Government miscellaneous services
Income payments on foreign assets in the United StatesDirect investment paymentsOther private paymentsU S Government payments
Unilateral transfers, n e t . . .
US. Government grants4 .U.S. Government pensions and other transfersPrivate remittances and other transfers6
U.S. assets abroad, net (increase/capital outflow (-))
U.S. official reserve assets, net7GoldSpecial drawing rightsReserve position in the International Monetary FundForeign currencies
U.S. Government assets, other than official reserve assets, netU S credits and other long-term assetsRepayments on U S credits and other long-term assets8 . .U.S. foreign currency holdings and U.S. short-term assets, net
U.S. private assets, netDirect investmentForeign securitiesU.S claims on unaffiliated foreigners reported by U S nonbanking concernsU.S. claims reported by U.S. banks, not included elsewhere
Foreign assets in the United States, net (increase/capita! inflow (+))
Foreign official assets in the United States, netU.S Government securities
U.S. Treasury securities9
Other10
Other U S. Government liabilities ' 'U.S. liabilities reported by U.S. banks, not included elsewhereOther foreign official assets 12
Other foreign assets in the United States, netDirect investment ' '.U S Treasury securities and U S currency flowsU.S. securities other than U.S. Treasury securitiesU S liabilities to unaffiliated foreigners reported by U S nonbanking concernsU.S. liabilities reported by U S. banks, not included elsewhere
Allocations of special drawing rights
Statistical discrepancy, and transfers of funds between foreign areas, net (sum ofabove items with sign reversed)
Memoranda:Balance on goods (lines 2 and 16)Balance on services (lines 3 and 1 7) . . .. . . .Balance on goods and services (lines 64 and 65)Balance on investment income (lines 11 and 25)Balance on goods services and income (lines 1 and 15 or lines 66 and 67) 13
Unilateral transfers'; net (line 29)Balance on .current account (lines 1 15, and 29 or lines 68 and 69) 13
Australia
1997
I
5,319
2,823
1,12235
39210072
141379
3
1,374777597
-2,074
-1,159
-743-21
-325-157-61
-8-155-17
-172-65-88-19
-25
-9-16
-595
-1
-1
-594-797
-1,092142
1,153
-921
(18)
$•aRQ£3128
18-1,813
-1,703
1,664378
2,0421,2023,244
-253,219
II '
6,174
3,095
1,29346
48013379
159393
1,7861,169
617
-1,658
-1,169
-567-12
-175-114-60
-8-187-11
78213
-115-20
-22
-9-13
-2,026
-1
-1
-2,025-632-197-57
-1,139
2,560
I?qR0£3
-15318 2,1 73
-5,028
1,926726
2,6521,8644,516
-224,494
III*
6,107
3,080
1,45556
62014785
162382
3
1,572944628
-1,929
-1,290
-659-20
-203-130-56
-54-185-11
20175
-135-20
-19
-7-12
-104
-104317
-922
501
1,874
Rel,,8]
R«fiffl
18-700
-5,929
1,790796
2,5861,5924,178
-194,159
Other countries in Asia and Africa
1997
I
56,128
36,746
12,6231,831
2,195359
2,230
9624,967
79
6,7604,0872,357
316
-70,072
-56,021
-7,146-513
-2,219-972
-1,741
-22-1,483
-196
-6,905-176
-2,423-4,306
-3,061
-1,213-121
-1,727
-16,737
32-390
443-21
-16,769-5,445-3,665
24-7,683
31,640
Rn£!R0
40880
1826,265
2,102
-19,2755,477
-13,798-145
-13,944-3,061
-17,005
II r
59,659
39,453
13,3802,507
3,124492
2,250
1,0333,894
80
6,8263,9122,597
317
-75,688
-61,312
-7,439-632
-2,240-977
-1,811
-19-1,563
-197
-6,937238
-2,530-4,645
-2,818
-1,203-125
-1,490
-10,535
-129-614
497-12
-10,406-3,198-2,297
123-5,034
-11,650
318)
12
R(18)
3,520
,J379
18-1 6,941
41,032
-21,8595,941
-15,918-111
-16,029-2,818
-18,847
\\\P
59,787
38,517
14,7862,432
3,809607
2,232
1,0364,588
82
6,4843,4712,657
356
-85,129
-70,537
-7,537-505
-2,360-1,011-1,854
-14-1,595
-198
-7,055^9
-2,495-4,511-4,028
-1,205-121
-1,702
-9,454
525-454
982-3
-9,979-3,743-6,789
2,55321,167
(.8)
(18)
iin(18)
(.8)
1,741(18)
2,65618 17,266
16,657
-32,0207,249
-24,771-571
-25,342-3,028
-28,370
Internal
I
4,424
1,458
181
382895
2,9661,1651,659
142
-1,019
-697
-357
-115-225
-322432
-726-28
-2,115
-226-112
-1,777
2,636
1,127
721,055
-333-333
1,842-9271,648
561,065
1,012
1,012-471
(18)
924
18 1,450
-4,938
761761
2,6443,406
-2,1151,291
onal organizations andunallocated 16
1997
II r
4,402
1,359
107
385867
3,0431,1641,745
134
-914
-572
-235
-104-233
-342429
-744-27
-2,360-207-297
-1,856-1,534
-79
-13354
-340-340
-1,115-828
133-3
-417
7,345
7,345-473
1357
18 7,786
-6,939
787787
2,7013,488
-2,3601,128
III*
4,650
1,410
134
391885
3,2401,2451,865
130
-948
-591
-247
-116-228
-357422
-735-44
-2,295
-111-218
-1,966
-1,236
-602
-139-463
-293-293
-341-631
521
-31
4,326
4,326^76
(18)
-73
184,875
-4,497
819819
2,8833,702
-2,2951,407
14. The "European Union" includes the "European Union (6)," United Kingdom, Denmark, Ireland, Greece, Spain,and Portugal. Beginning with the first quarter of 1995, the 'European Union' also includes Austria, Finland, andSweden.
15. The "European Union (6)" includes Belgium, France, Germany (includes the former German Democratic Re-public (East Germany) beginning in the fourth quarter of 1990), Italy, Luxembourg, Netherlands, European AtomicEnergy Community, European Coal and Steel Community, and European Investment Bank.
16. Includes, as part of international and unallocated, the estimated direct investment in foreign affiliates engagedin international shipping, in operating oil and gas drilling equipment internationally, and in petroleum trading. Also
includes taxes withheld; current-cost adjustments associated with U.S/ and foreign direct investment; small trans-actions in business services that are not reported by country; and net U.S. currency flows, for which geographicsource data are not available.
17. Details not shown separately; see totals in lines 49 and 56.18. Details not shown separately are included in line 61.NOTE.—The data in tables F.2 and F.3 are from tables 1 and 10 in "U.S. International Transactions, Third Quarter
1997" in the January 1998 issue of the SURVEY OF CURRENT BUSINESS, which presents the most recent estimatesfrom the balance of payments accounts.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
D-56 • International Data SURVEY OF CURRENT BUSINESS March 1998
Table FA—Private Service Transactions[Millions of dollars]
Line
1
234567
89
1011121314
15161718192021222324252627
28
293031323334
35363738394041
42434445464748495051525354
555657
Exports of private services
Travel (table F 2 line 5)Passenger fares (table F 2 line 6)Other transportation (table F.2, line 7) '..
FreightPort servicesOther
Royalties and license fees (table F 2 line 8)Affiliated . .
U S parents' receiptsU S affiliates' receipts
UnaffiliatedIndustrial processes l
Other2
Other private services (table F 2, line 9)Affiliated services
U S parents' receipts .U S affiliates' receipts
Unaffiliated servicesEducationFinancial servicesInsurance net
Premiums receivedLosses paid
TelecommunicationsBusiness professional and technical servicesOther unaffiliated services3
Imports of private services
Travel (table F2 line 19)Passenger fares (table F.2, line 20)Other transportation (table F 2 line 21)
FreightPort servicesOther
Royalties and license fees (table F 2 line 22)Affiliated
U S parents' paymentsU S affiliates' payments
UnaffiliatedIndustrial processes l
Other 2
Other private services (table F 2 line 23)Affiliated services
U S parents' paymentsU S affiliates' payments
Unaffiliated servicesEducationFinancial servicesInsurance net
Premiums paidLosses recovered
TelecommunicationsBusiness professional and technical servicesOther unaffiliated services3
Memoranda:Balance on goods (table F 2 line 64) . . . .Balance on private services (line 1 minus line 28)Balance on goods and private services (lines 55 and 56)
1995
204,165
63,39519,12527,41211,42014,810
1,184
27,38321,67020,210
1,4605,7133,5832,131
66,85020,27212,7957,477
46,5787,5127,0291,3905,5244,1333,183
17,7659,699
134,523
46,05314,43328,24916,75910,579
911
6,5035,128
4484,6801,373
962411
39,28513,5976,8206,777
25,689949
2,4725,383
15,1879,8047,7734,6914,420
-173,56069,642
-103,918
1996
221,224
69,90820,55727,21611,16114,691
1,364
29,97423,76021,916
1,8446,2143,9792,235
73,56922,81013,7639,047
50,7597,8078,0342,1216,1794,0583,405
19,24710,145
143,086
48,73915,77628,45316,87910,792
783
7,3225,301
5544,7482,0211,126
895
42,79616,0267,5058,521
26,7701,0413,1844,387
15,47311,0868,3855,2534,520
-191,17078,138
-113,032
Seasonally adjusted
1996
II
54,588
17,3564,9526,8052,8233,639
342
7,3455,8145,436
3781,531
978554
18,1305,5713,4292,142
12,5591,9381,938
5131,5241,011
8544,7342,583
35,549
12,0993,9437,2534,4142,647
193
1,6841,304
1371,167
380279101
10,5703,9451,7882,1576,625
256781
1,0893,8332,7452,1031,2781,119
^7,56219,039
-28,523
III
55,540
17,6595,2376,7162,7473,625
343
7,4955,9295,505
4241,5661,006
560
18,4335,7773,4102,367
12,6561,9981,925
5611,5671,006
8384,8472,486
35,873
11,9153,9207,2184,3122,709
198
2,1441,264
1361,128
880288592
10,6764,0731,9352,1386,603
262769
1,0473,8772,8302,0661,3351,122
-52,49319,667
-32,826
IV
57,427
18,1835,2827,1422,9413,861
339
7,7036,0915,445
6461,6121,040
573
19,1175,8403,4312,409
13,2771,9552,325
5971,6091,012
8504,9852,565
36,257
12,2414,0537,1664,1302,838
199
1,7701,376
1641,212
394292103
11,0274,1301,8672,2636,897
269859
1,0643,9472,8842,0891,4061,210
-48,19021,170
-27,020
1997
I
58,332
18,5565,3196,9992,9093,720
370
7,6996,0335,761
2721,6661,080
587
19,7596,1033,6222,481
13,6561,9922,259
6201,6501,030
8455,2872,654
37,800
13,0184,2837,3784,3182,845
214
1,7991,403
1551,248
396291106
11,3214,2221,9732,2497,099
275888
1,1394,0462,9072,0761,5401,180
-49,78720,532
-29,255
\ \ r
59,410
18,6055,5117,0432,9193,747
377
7,6225,9155,460
4551,7071,109
598
20,6296,4263,8022,624
14,2032,0092,492
6371,6811,044
8955,5432,627
38,481
13,0034,2017,5424,6362,706
200
1,8471,462
1721,290
38529095
11,8884,3642,1392,2257,524
2781,1061,1954,1192,9242,1371,6121,196
^7,13420,929
-26,205
\\\P
60,481
18,9775,5717,1402,9093,857
374
7,6045,8695,383
4861,7351,129
607
21,1896,6703,8392,831
14,5192,0802,561
6481,7021,054
9135,6402,677
39,110
13,1014,2817,5184,5702,749
199
1,9511,537
1571,380
414289125
12,2594,5732,2142,3597,686
2851,1471,2324,1682,9362,1571,6481,217
-51,54921,371
-30,178
p Preliminary. ments and international organizations in the United States. Payments (imports) include mainlyr Revised. wages of foreign residents temporarily employed in the United States and Canadian and Mexican1. Patented techniques, processes, and formulas and other intangible property rights that are commuters in U.S. border areas.
used in goods production NOTE.—The data in this table are from table 3 in "U.S. International Transactions, Third Quarter2. Copyrights, trademarks, franchises, rights to broadcast live events, and other intangible prop- 199r in ̂ January 1998 issue of the SuRVEY OF CuRRENT BUSINESS) which presents the most
unaffiliated services receipts (exports) include mainly expenditures of foreign govern- recent estimates from the balance of Payments accounts'
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1998 SURVEY OF CURRENT BUSINESS International Data • D-57
G. Investment Tables.
Table G.1.—International Investment Position of the United States at Yearend, 1995 and 1996[Millions of dollars]
Line
-12
34
56789
1011121314
1516
171819202122
23
2425
26272829303132
3334
3536373839404142
43
Type of investment
Net international investment position of the United States:With direct investment positions at current cost (line 3 less line 24) ...With direct investment positions at market value (line 4 less line 25)
U.S. assets abroad:With direct investment positions at current cost (lines 5+10+15)With direct investment positions at market value (lines 5+10+16)
U S official reserve assetsGoldSpecial drawing rightsReserve position in the International Monetary FundForeign currencies
U.S Government assets, other than official reserve assetsU S credits and other long-term assets 4
Repayable in dollarsOther5
U S foreign currency holdings and U S short-term assets
U.S. private assets:With direct investment at current cost (lines 17+19+22+23)With direct investment at market value (lines 18+19+22+23)
Direct investment abroad:At current costAt market value
Foreign securitiesBondsCorporate stocks
U.S. claims on unaffiliated foreigners reported by U.S. nonbankingconcerns.
U S claims reported by U S banks not included elsewhere
Foreign assets in the United States:With direct investment at current cost (lines 26+33)With direct investment at market value (lines 26+34) . . . . . .
Foreign official assets in the United StatesU 9 Government securities
U S Treasury securitiesOther
Other U S Government liabilities 7
U S liabilities reported by U S banks not included elsewhereOther foreign official assets
Other foreign assets:With direct investment at current cost (lines 35+37+38+39+42+43)With direct investment at market value (lines 36+37+38+39+42+43) ....
Direct investment in the United States:At current costAt market value
U S Treasury securitiesU S currencyU S securities other than U S Treasury securities
Corporate and other bondsCorporate stocks
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbankingconcerns.
U.S. liabilities recoiled bv U.S. banks, not included elsewhere
Position1995'
-687,702-637,480
3,272,7313,700,432
176,061101 27911,03714,64949,096
81,89779,95879,178
7801,939
3,014,7733,442,474
884,2901,311,9911,054,352
355,284699,068307,982
768,149
3,960,4334,337,912
678,451498,906471,50827,39825,225
107,39446,926
3,281,9823,659,461
654,5021,031,981
389,383192,300999,537534,116465,421232,891
813.369
Changes in position in 1996 (decrease (-))
Attributable to:
Capitalflows
(a)
-195,111-195,111
3525444352,444
-6,668
^3701,280
-7,578
690796846-50
-106
358,422358,422
87,81387,813
108,18949,40358,78664,234
98,186
547,555547,555
122,354115,634111,253
4,381720
4,7221,278
425,201425,201
76,95576,955
155,57817,300
133,798121,19412,60431,786
9.784
Valuation adjustments
Pricechanges
(b)
32,03839,063
121,367267,858
-4,5813-4,581
125,948272,439
7,375153,866118,573
806117,767
89,329228,795
4,345-4,333-3,802
-531
8,678
84,984224,450
5,356144,822-14,411
94,039721
93,318
Exchangerate
changes J
(c)
-22,195^16,339
-21,849-45,567
-4,073
-355^94
-3224
-34-1
-1-33
-17,742-41,460
H726-28,444-7,675-7,521
-154-3,161
-2,180
346772
346772
-426
-1,887-1,887
5,932
-3.273
Otherchanges 2
(d)
2,4468,564
-3,9649,373
( ,
^,581
11
-1213
-3,9659,372
-3,9549,383
-11
-6,410809
-1
-1
-£,409810
-7,335-116
926
Total
(a+b+c+d)
-182,822-193,823
447,998584,108
-15,32296,698
-725786
-10,802
657796834-38
-139
462,663598,773
86,508222,618219,087
42,688176,39961,073
95,995
630,820777,931
126,698111,301107,451
3,850719
4,7229,956
504,122651,233
74,550221,661141,16717,300
225,950120,028105,92238,644
6.511
Position1996"
-870,524-831,303
3,720,7294,284,540
160,739
10,31215,43538,294
82,55480,75480,012
7421,800
3,477,4364,041,247
970,7981,534,6091,273,439
397,972875,467369,055
864,144
4,591,2535,115,843
805,149610,207578,95931,24825,944
112,11656,882
3,786,1044,310,694
729,0521,253,642
530,550209,600
1,225,487654,144571,343271,535
819.880
p Preliminary.r Revised.1. Represents gains or losses on foreign-currency-denominated assets due to their revaluation
at current exchange rates.2. Includes changes in coverage, statistical discrepancies, and other adjustments to the value
of assets.3. Reflects changes in the value of the official gold stock due to fluctuations in the market
price of gold.4. Also includes paid-in capital subscriptions to international financial institutions and outstanding
amounts of miscellaneous claims that have been settled through international agreements to bepayable to the U.S. Government over periods in excess of 1 year. Excludes World War I debtsthat are not being serviced.
5. Includes indebtedness that the borrower may contractually, or at its option, repay with itscurrency, with a third country's currency, or by delivery of materials or transfer of services.
6. Primarily U.S. Government liabilities associated with military sales contracts and other trans-actions arranged with or through foreign official agencies.
NOTE—The data in this table are from table 1 in "International Investment Position of the Unit-ed States in 1996" in the July 1997 issue of the SURVEY OF CURRENT BUSINESS.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
D-58 • International Data SURVEY OF CURRENT BUSINESS March 1998
Table G.2.—U.S. Direct Investment Abroad: Selected Items, by Country and by Industry of Foreign Affiliate, 1994-96[Millions of dollars]
All countries, all industries
By country
Canada
EuropeOf which:
FranceGermanyNetherlandsUnited Kingdom
Latin America and Other Western HemisphereOf which:
BrazilMexico
Africa
Middle East . . . .
Asia and PacificOf which:
AustraliaJapan
International
By industryPetroleum
ManufacturingFood and Wndred productsChemicals and allied productsPrimary and fabricated metalsIndustrial machinery and equipmentElectronic and other electric equipmentTransportation equipmentOther manufacturing
Wholesale trade
Bankina
Finance (except banking) insurance and real estate
Services
Other industries
Direct investment position on ahistorical-cost basis
1994
640,320
78,018
320,135
28,20438,46729,558
121,321
115,093
18,40016,169
5,606
6,741
111,373
20,21736,524
3,355
67,104
211,43129,58849,12810,01726,78119,92529,42046,572
62,608
26,693
213,175
26,734
32,575
1995
717,554
85,441
360,994
32,95044,22639,344
122,767
128,252
23,70615,980
6,383
7,669
125,834
25,00338,406
2,981
70,229
250,25332,43962,15112,03233,71625,24233,97250,701
67,222
28,123
228,744
32,769
40,213
1996
796,494
91,587
399,632
34,00044,25944,667
142,560
144,209
26,16618,747
7,568
8,743
140,402
28,76939,593
4,352
75,479
272,56436,17969,43013,60335,02029,51933,54355,270
72,462
32,504
257,213
36,673
49,600
Capital outflows (inflows (-))
1994
68,272
6,760
28,785
2,5862,2176,3317,177
19,010
3,5173,674
332
242
13,121
322,384
22
1,690
23,9533,7644,992
8192,0102,8675,9933,508
6,325
1,786
22,982
5,613
5,924
. 1995
85,115
8,435
45,292
5,7264,3738,4204,515
14,753
4,8992,955
873
905
15,241
6,4501,079
-384
2,437
42,5312,871
18,4771,9355,2864,9954,6364,330
8,511
714
12,109
7,702
11,113
1996
85,560
6,875
45,274
5,221955
7,14018,310
14,299
3,0642,747
1,221
1,044
14,752
3,7891,817
2,096
6,144
28,5303,2807,8355,0092,0164,513
7145,163
7,048
1,329
28,985
3,644
9,880
Income
1994
68,597
5,873
30,468
1,2963,1075,0818,082
16,299
4,7562,497
1,395
964
13,474
2,3922,379
124
7,177
26,6994,6906,839
8962,1773,2343,5395,324
7,753
3,785
18,302
2,796
2,085
1995
87,448
8,812
41,320
2,7284,7836,890
11,384
15,221
3,5151,369
1,861
1,393
18,542
3,4024,117
300
9,730
35,0654,7288,8771,3654,3734,4943,9527,277
9,191
2,889
23,757
3,815
3,002
1996
95,067
8,642
46,183
3,3224,2867,991
13,862
17,404
3,8792,931
1,963
1,458
18,937
2,9793,950
480
11,960
34,9754,684
10,0011,0044,5794,3743,4296,903
9,272
3,767
27,797
3,997
3,299
NOTE.—In this table, unlike in the international transactions accounts, income and capital out- The data in this table are from tables 17 and 18 in "U.S. Direct Investment Abroad: Detailflows are shown without a current-cost adjustment, and income is shown net of withholding taxes, for Historical-Cost Position and Related Capital and Income Flows, 1996" in the September 1997In addition, unlike in the international investment position, the direct investment position is valued SURVEY OF CURRENT BUSINESS.at historical cost.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1998 SURVEY OF CURRENT BUSINESS International Data • D-59
Table G.3.—Selected Financial and Operating Data for Nonbank Foreign Affiliates of U.S. Companies, by Country and byIndustry of Affiliate, 1995
Number ofaffiliates
Millions of dollars
Total assets Net income
Number ofemployees(thousands)
All countries, all industries
By countryCanada
EuropeOf which:
FranceGermanyItalyNetherlandsSwitzerlandUnited Kingdom
Latin America and Other Western HemisphereOf which:
BrazilMexico
Africa
Middle East
Asia and PacificOf which:
AustraliaJapan
International
By industryPetroleum
ManufacturingFood and kindred productsChemicals and allied productsPrimary and fabricated metalsIndustrial machinery and equipmentElectronic and other electric equipmentTransportation equipmentOther manufacturing
Wholesale trade
Finance (except banking), insurance, and real estate .
Services
Other industries
21,318
2,023
.10,435
1,2261,358757999505
2,393
3,256
400823
502
338
4,665
8551,006
99
1,520
8,023764
1,942722
1,033855469
2,238
4,878
2,742
2,671
1,484
2,815,141
246,242
1,567,904
135,906219,53859,468139,078132,464641,348
316,495
48,47759,115
22,604
30,231
614,555
81,055280,164
17,110
272,087
779,33999,571180,96435,266112,92171,483124,721154,413
206,015
1,229,643
114,995
213,062
2,140,438
231,081
1,176,126
124,457234,16968,550112,18260,128363,372
191,340
44,53661,122
20,587
21,703
492,181
63,056211,821
7,421
428,030
984,868113,166189,09636,862
159,20595,395
218,333172,811
367,515
108,441
100,035
151,548
124,675
8,313
63,083
4,3036,4672,315
11,4927,203
14,338
23,419
5,0734,732
1,845
2,899
24,464
2,9444,979
653
13,981
53,7957,064
15,6951,2277,6116,4434,406
11,348
15,124
30,507
4,050
7,219
7,377.0
918.1
3,014.5
413.9596.3198.7138.850.6
928.8
1,485.2
299.9743.6
126.5
73.4
1,747.6
258.7414.9
11.8
230.9
4,376.6554.4591.9195.7529.4846.0697.6961.5
538.3
191.0
779.8
1,260.4
NOTE.—The data in this table are from "U.S. Multinational Companies: Operations in 1995"in the October 1997 SURVEY OF CURRENT BUSINESS.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
D-60 • International Data SURVEY OF CURRENT BUSINESS March 1998
Table G.4.—Foreign Direct Investment in the United States: Selected Items, by Country of Foreign Parent and by Industry ofAffiliate, 1994-96
[Millions of dollars]
All countries, all industries
By countryCanada
EuropeOf which:
FranceGermanyNetherlandsUnited Kingdom
Latin America and Other Western HemisphereOf which:
Brazil . .Mexico
Africa
Middle East
Asia and PacificOf which:
AustraliaJapan
By industryPetroleum
ManufacturingFood and Kindred productsChemicals and allied productsPrimary and fabricated metalsMachineryOther manufacturing
Wholesale trade
Retail trade
Depository institutions
Finance except depository institutions
Insurance
Real estate
Services
Other industries
Direct investment position on ahistorical-cost basis
1994
496,539
41,959
303,649
33,60340,34567,210
104,867
26,070
6292,412
1,230
6,674
116,956
8,080102,999
32,290
189,45921,41166,02814,32035,19652,504
63,792
11,857
27,139
41,000
38,833
31,613
37,045
23,511
1995
560,850
48,258
357,193
38,48049,26965,806
126,177
25,240
7511,980
1,164
6,008
122,986
7,833107,933
33,888
213,02626,89871,36714,08537,63863,037
66,393
12,743
34,076
62,369
50,975
29,704
32,887
24,788
1996
630,045
53,845
410,425
49,30762,24273,803
142,607
24,627
5911,078
717
6,177
134,255
9,747118,116
42,343
234,32328,08974,81018,72737,09375,604
77,937
15,008
31,903
70,185
59,566
30,118
38,945
29,716
Capital
1994
46,995
4,960
28,002
3,8817,144
-3,1748,076
4,767
-S1,248
44
161
9,061
1,1016,238
1,665
19,673-1,37510,8201,9823,8264,419
5,785
1,532
3,800
3,652
2,759
259
2,303
5,570
nflows (outflows (-))
1995
69,414
7,080
55,300
4,50010,229-1,78920,446
-1,121
97-470
-66
-298
8,519
5046,591
3,152
27,8495,596
11,306312
3,9866,648
6,453
1,207
6,566
16,681
4,114
-880
1,946
2,326
1996
78,828
5,670
59,809
10,92816,2838,225
18,929
131
-99-447
^40
555
13,104
2,12911,930
8,113
29,1122,4396,8805,280
^3514,548
9,799
2,140
562
7,775
7,739
388
8,618
4,583
Income
1994
21,286
2,996
16,059
-632,2564,1207,232
1,391
882
-19
54
805
-268985
1,902
10,7882,1344,643-2161,1653,063
2,611
399
2,837
831
2,237
-680
-345
705
1995
32,029
3,911
22,975
1,7221,9085,212
11,006
1,349
9181
54
209
3,531
1123,405
2,970
15,8861,7096,2021,2732,3164,386
3,863
544
4,725
697
1,913
-623
212
1,841
1996
33,759
3,285
25,806
2,6542,0976,2949,220
1,557
34-8
-113
141
3,084
-313,106
4,190
17,2621,7806,2471,0601,7396,436
3,548
496,
2,626
714
3,048
62
396
1,418
NOTE.—In this table, unlike in the international transactions accounts, income and capital inflows The data in this table are from tables 16 and 17 in "Foreign Direct Investment in the Unitedare shown without a current-cost adjustment, and income is shown net of withholding taxes. In States: Detail for Historical-Cost Position and Related Capital and Income Flows, 1996" in theaddition, unlike in the international investment position, the direct investment position is valued .September 1997 SURVEY OF CURRENT BUSINESS.at historical cost.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1998 SURVEY OF CURRENT BUSINESS International Data • D-61
Table G.5.—Selected Financial and Operating Data of Nonbank U.S. Affiliates of Foreign Companies, by Country of UltimateBeneficial Owner and by Industry of Affiliate, 1995
All countriGS all industries
By countryCanada
EuropeOf which:
FranceGermanyNetherlandsSwitzerlandUnited Kingdom
Latin America and Other Western HemisphereOf which:
Brazil . . .Mexico
Africa
Middle East
Asia and PacificOf which:
AustraliaJapan
United States
By industryPetroleum .
ManufacturingFood and kindred productsChemicals and allied productsPrimary and fabricated metalsMachinery .Other manufacturing
Wholesale trade
Retail trade
Finance except depository institutions
Insurance
Real estate
Services
Other industries
Number ofaffiliates
12,497
1,285
5,363
6681,291
394603
1,205
1,078
75265
68
414
4,212
1723,241
77
240
2,896252331396739
1,178
2,228
353
874
167
3,494
1,250
995
Millions of dollars
Total assets
2,383,612
267,378
1,327,437
232,662210,408154,877229,335381,241
53,830
8,6619,593
(D)
25,516
598,404
37,003519,577
(D)
104,358
587,04957,195
191,61455,97996,130
186,132
222,616
47,982
568,216
514,601
96,852
110,674
131,264
Sales
1,561,879
141,292
832,286
111,966161,09998,08492,343
264,355
52,067
3,9038,540
10,495
18,121
489,928
22,209418,656
17,690
131,889
562,15150,879
131,89270,086
123,167186,128
466,192
93,624
45,074
88,149
14,184
59,264
101,352
Net income
15,608
2,446
14,273
1,0531,3312,790-1378,101
917
89-20
345
-198
-5,027
-577-3,621
2,851
2,419
9,824632
3,9031,547
1763,566
174
759
1,392
3,570
-2,283
-1,975
1,729
Grossproduct
326,955
36,532
202,361
24,17837,18228,01318,62471,049
13,345
2131,798
2,393
4,861
62,558
4,21152,000
4,904
30,525
156,99112,22939,76817,80432,16355,028
39,135
23,951
2,910
8,557
5,574
23,753
35,561
Thousands ofemployees
4,928.3
703.7
2,991.0
348.2580.6334.2308.3986.5
166.6
4.335.6
20.8
46.6
954.6
73.6758.2
44.9
105.7
2,276.8228.6407.1246.9541.6852.6
455.5
759.1
45.3
148.2
24.9
633.0
479.9
Millions of dollars
U.S.exports of
goodsshipped by
affiliates
136,702
5,402
59,344
14,88212,3085,3576,398
11,728
6,193
866661
551
641
63,933
87755,519
638
9,956
55,5612,790
13,7783,988
18,86116,144
65,500
1,793
18
0
9
492
3,372
U.S.imports of
goodsshipped toaffiliates
254,895
13,565
86,349
11,25527,7538,7307,847
14,367
10,126
1,3102,182
723
4,628
138,425
1,110119,942
1,079
19,522
81,7903,238
13,5828,018
29,21927,734
148,735
3,742
25
0
1
690
389D Suppressed to avoid disclosure of data of individual companies.NOTE.—The data in this table are from tables A1 and A2 in Foreign Direct Investment in the
United States: Operations of U.S. Affiliates of Foreign Companies, Preliminary 1995 Estimates.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
D-62 • International Data SURVEY OF CURRENT BUSINESS March 1998
H. International Perspectives-Quarterly data in this table are shown in the middle month of the quarter.
Table H.1.—International Perspectives
Canada (Can.$/US$)France (FFr/US$)Germany (DM/US$)Italy (L/US0)Japan (¥/US0)Mexico (Peso/US$)United Kingdom (US$/£)
Addendum:Exchange value of the U.S. dollar l ...
CanadaFranceGermanyItalyJapanMexico .United Kingdom
Addendum:United States
CanadaFranceGermany (1991=100)ItalyJapan . ...MexicoUnited Kingdom
Addendum:United States
CanadaFranceGermanyItaly, yJapan . .MexicoUnited Kingdom
Addendum:United States
1996 19971997
Nov. Dec.
1998
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
Exchange rates per U.S. dollar (not seasonally adjusted)
1.37254.98641.4321
16.2945.9396
6.44671.5785
84.25
1.36385.11581.5049
15.42761.08787.60041.5607
87.34
1.33815.11561.5118
15.13661.12307.91191.6623
86.98
1.36225.24271.5525
15.28441.13987.87691.6639
88.71
1.34945.41451.6047
15.67911.17917.82891.6585
91.01
1.35565.65361.6747
16.55001.22967.80231.6285
94.52
1.37255.71541.6946
16.91211.22777.95621.6096
95.60
1.39425.76721.7119
16.94521.25647.90591.6293
96.39
1.38045.74821.7048
16.84331.19197.90371.6322
95.29
1.38435.82931.7277
16.94541.14297.94981.6449
95.42
1.37756.05111.7939
17.45911.15387.86791.6694
97.48
1.38726.20101.8400
17.97121.17937.78181.6035
99.96
1.38726.00311.7862
17.43221.20897.78091.6013
98.29
1.38695.89541.7575
17.21091.21067.87081.6330
97.07
1.41285.80011.7323
16.97081.25388.27161.6889
96.37
1.42715.95421.7788
17.43861.29738.12711.6597
98.82
Unemployment rates (percent, seasonally adjusted)
9.611.69.4
12.03.16.38.2
5.6
9.712.310.412.13.45.57.5
5.4
10.012.510.812.03.35.06.9
5.4
9.712.510.9
3.35.06.7
5.3
9.712.511.2
3.34.56.5
5.3
9.712.511.21223.34.26.2
5.3
9.312.511.2
3.24.26.1
5.2
9.612.511.2
3.34.25.9
5.0
9.512.511.41243.64.05.8
4.8
9.112.611.4
3.53.95.7
5.0
9.012.511.5
3.43.85.5
4.9
9.012.511.612.13.43.45.3
4.9
9.012.511.7
3.43.35.2
4.9
9.112.511.8
3.53.25.2
4.8
9.012.411.81223.53.35.1
4.6
8.612.211.8
3.43.25.0
4.7
Consumer prices (seasonally adjusted, 1990=100)
111.8111.6114.8128.1107.0224.5118.2
116.6
113.5113.8116.5133.2107.1301.7121.1
120.0
114.5114.2116.7134.4107.3323.0122.0
121.5
114.5114.4117.0134.4107.5333.3122.4
121.8
114.8114.7117.6134.9107.5341.9122.4
122.0
114.9114.9118.1135.1107.5347.6122.9
122.3
115.2115.0117.9135.4107.4352.0123.2
122.4
115.2115.0117.9135.6109.1355.8123.9
122.5
115.3115.2118.4136.0109.2359.0124.4
122.5
115.5115.2118.6136.0109.6362.2124.9
122.7
115.5115.0119.2136.0109.5365.3124.9
122.9
115.7115.3119.3136.1109.3368.6125.7
123.1
115.6115.5119.0136.2109.7373.2126.3
123.5
115.7115.5118.9
109.9376.2126.5
123.7
115.5115.7118.9
109.7380.4126.5
123.8
115.3115.7119.1
109.6385.7126.9
123.9
Real gross domestic product (percent change from preceding quarter, seasonally adjusted at annual rates)
2.22.11.93.01.5
-6.22.7
2.0
1.21.51.4.6
3.95.12.3
2.8
2.41.3.90
4.36.04.2
4.3
411 41 2-98.3334.6
49
5.4464.177
-10.61943.4
3.3
4.13.53.21.73.14.73.8
3.1 39
See footnotes at the end of the table.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1998 SURVEY OF CURRENT BUSINESS International Data D-63
Table H.1.-international Perspectives—Continued
CanadaFranceGermanyItalyJapanMexicoUnited Kingdom
Addendum:United States
Canada . . . .FranceGermanyItaly ...JapanMexicoUnited Kingdom
Addendum:United States
Canada ... .FranceGermanyItalyJapanMexicoUnited Kingdom
Addendum:United States
1996 19971997
Nov. Dec.
1998
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
Short-term, 3-month, interest rates (percent, not seasonally adjusted)
7.076.584.53
10.461.23
48.246.68
5.51
4.433.943.318.82
.5932.91
6.02
5.02
3.003.473.197.41
.5228.94
6.29
5.03
3.083.443.237.25.52
26.516.34
4.87
3.113.353.147.23.53
24606.32
5.05
3.103333.197.36.55
21 966.19
500
3.203363.267.43
.562232
6.20
514
3.413.403.237.13
.562237
6.37
517
3.293.483.176.83
.582059
6.45
513
3.223.433.146.88
.6121 40
6.66
492
3.513.393.146.89.67
19406.95
507
3.633.433.266.87.59
20.157.15
5.13
3.603.413.316.67.56
20517.20
4.97
3.763.593.586.65
.5319917.25
495
3.993.693.746.49
.552201
7.54
515
4.583693.746.08
19887.62
516
Long-term interest rates, government bond yields (percent, not seasonally adjusted)
8.367.666.80
11.793.21
8.24
6.57
7.546.516.108.852.98
782
6.44
6.485.795.807.152.44
761
6.20
6.815.825.706.952.57
7.55
6.30
6.995.695.706.762.38
7.54
6.58
6.745.395.406.932.40
7.20
6.42
6.925.805.607.552.27
7.46
669
7.095.935.707.372.36
7.65
6.89
6.905.965.607.022.55
7.16
6.71
6.635.675.606.822.37
7.13
6.49
6.305.505.406.382.12
7.04
6.22
6.305.655.506.532.01
7.08
6.30
6.195.555.506.101.88
6.80
6.21
5.945.805.505.901.62
6.50
603
5.765.665.505.811.73
6.61
588
5.855.455.305.44
6.36
581
Share price indices (not seasonally adjusted, 1990=100)
130.0103.0102.495.063.0
389.3147.0
159.0
154.0118.0115.696.074.0
554.8167.0
195.0
176.0125.0121.999.072.0
577.3170.0
212.0
173.0128.0124.9100.069.0
589.5171.0
213.0
179.0135.0130.0114.0
63.0639.7176.0
220.0
180.0145.0138.9119.064.0
6737179.0
228.0
171.0148.0145.8114.063.0
6574182.0
227.0
175.0145.0145.7116.063.0
6589179.0
219.0
187.0149.0154.4119.068.0
6961185.0
236.0
188.0151.0160.2123.070.0
781 9186.0
249.0
201.0161.0174.8138.070.0
8889190.0
262.0
193.0161.0176.4139.068.0
815.3194.0
262.0
206.0160.0170.2145.065.0
9334198.0
267.0
200.0159.0171.5149.062.0
8152203.0
2720
190.0151.0161.5145.057.0
8725194.0
2680
196.0157.0171.21540
917.2200.0
275.0
1. Index of weighted average exchange value of U.S. dollar against currencies of other G-10 countries. March NOTE.—All exchange rates are from the Board of Governors of the Federal Reserve System. U.S. interest rates,1973=100. Weights are 1972-76 global trade of each of the 10 countries. Series revised as of August 1978. For unemployment rates, and GDP growth rates are from the Federal Reserve, the Bureau of Labor Statistics, anddescription and back data, see: Index of the weighted-average exchange value of the U.S. dollar: Revision" on BEA, respectively. All other data (including U.S. consumer prices and U.S. share prices, both of which have beenpage 700 of the August 1978 Federal Reserve Bulletin. rebased to 1990 to facilitate comparison) are © OECD, February 1998, OECD Main Economic Indicators and are
reproduced with permission of the OECD.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
D-64 • International Data SURVEY OF CURRENT BUSINESS March 1998
I. Charts_
THE U.S. IN THE INTERNATIONAL ECONOMY
-40-
-5082 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97
Billion $50
40-
30-
20-
10-
-10
U.S. DIRECT INVESTMENT ABROAD ANDFOREIGN DIRECT INVESTMENT IN THE U.S.
FDIUS
82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97
Billion $300
250-
200
150-
100-
50
EXPORTS AND IMPORTS
Exports
Billion $30
15-
0-
-15 -
-30-
-45-
-60
COMPONENTS OF CURRENT ACCOUNT BALANCEServices.
82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97
Billion $
20
-2082 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97
Billion $5000
4000-
3000-
2000-
1000-
82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97-1000
NET INTERNATIONAL INVESTMENT POSITIONVALUED AT CURRENT COST
Foreign assets in the United States
U..S. assets abroad
_ _ Net investment position
82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97
US. Department of Commerce, Bureau of Economic Analysis
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1998 SURVEY OF CURRENT BUSINESS Regional Data • D-65
Regional Data
J. State and Regional Tables.
The tables in this section include the most recent estimates of State personal income and gross state product.The sources of these estimates are noted.
The quarterly and annual State personal income estimates and the gross state product estimates are avail-able on diskettes or CD-ROM. For information on personal income, e-mail [email protected]; writeto the Regional Economic Information System, BE-55, Bureau of Economic Analysis, U.S. Department ofCommerce, Washington, DC 20230; or call 202-606-5360. For information on gross state product, [email protected]; write to the Regional Economic Analysis Division, BE-6i, Bureau of EconomicAnalysis, U.S. Department of Commerce, Washington, DC 20230; or call 202-606-5340.
Table J.1.—Quarterly Personal Income for States and Regions
Area name
United States
New EnglandConnecticutMaineMassachusettsNew HampshireRhode IslandVermont
MideastDelawareDistrict of ColumbiaMarylandNew JerseyNew YorkPennsylvania
Great LakesIllinoisIndianaMichiganOhioWisconsin
PlainsIowaKansasMinnesotaMissouriNebraskaNorth DakotaSouth Dakota
SoutheastAlabamaArkansasFloridaGeorgiaKentuckyLouisianaMississippiNorth CarolinaSouth CarolinaTennesseeVirginiaWest Virginia
Southwest . .ArizonaNew MexicoOklahomaTexas
Rocky MountainColoradoIdahoMontanaUtahWyoming
Far WestAlaskaCaliforniaHawaiiNevadaOregonWashington
Mllions of dollars
1995
I
6,040,235
361,426104,15724,630
168,24728,83923,12112,433
1,186,54118,42417,979
132,435235,873500,818281,013
1,011,205297,953125,000228,072247,297112,884
396,92858,23055,452
108,996114,66934,25911,61913,702
1,315,53280,84944,006
322,062154,45171,56081,22044,325
148,91769,009
109,635157,79031,708
568,00885,30030,23160,341
392,135
172,90289,98521,94415,89135,1969,885
1,027,69414,500
752,42129,35236,89367,167
127,361
II
6,102,138
366,632105,26324,975
170,82629,55923,50712,502
1,194,84918,57317,999
133,396238,211502,971283,700
1,016,414299,874125,260227,381249,836114,063
401,41458,65455,957
110,264116,22534,63111,82813,854
1,330,90081,64344,711
325,801156,10372,41781,82344,797
151,50569,827
111,021159,36831,885
576,31586,46030,58061,041
398,234
174,64790,80422,13516,02935,7019,977
1,040,96714,548
761,43029,66937,50368,155
129,663
III
6,166,454
370,349106,20924,979
173,25629,59223,68412,630
1,203,96118,82318,011
134,073239,921507,122286,012
1,025,335302,507125,840229,862252,041115,086
405,94059,33956,483
111,360117,49235,32411,87114,072
1,346,68982,53145,284
330,072158,78472,97282,91245,387
153,25870,483
112,222160,76432,021
584,36188,34531,00961,604
403,402
177,64992,49422,44616,25036,38810,072
1,052,16914,590
768,72829,63338,35169,323
131,544
IV
6,242,674
375,186107,48525,282
175,70230,05023,85312,815
1,216,14019,20818,097
135,171242,202512,336289,126
1,037,991306,538127,120232,862254,992116,480
411,89460,34956,978
113,501118,62236,00812,14114,295
1,366,12383,24746,153
334,334162,16274,00883,05346,079
156,72471,511
113,817162,64232,392
592,61989,96831,30462,385
408,962
180,76493,77922,94516,45637,37810,205
1,061,95814,615
775,16029,71639,05570,580
132,832
1996
1
6,344,946
379,607109,08325,590
177,59230,33623,97113,034
1,237,52419,55218,444
137,621245,984522,825293,099
1,050,678311,898128,813235,014257,084117,869
422,85462,44458,546
116,196121,01136,96312,84214,853
1,384,84084,12246,329
342,159164,06375,07583,91746,721
158,01472,080
114,441165,25932,659
603,09992,20031,82363,239
415,838
183,45995,74923,11216,56637,85610,177
1,082,88414,731
790,29129,90240,25571,934
135,771
II
6,446,004
385,048110,49125,984
180,41530,72724,27013,160
1,251,87119,84218,299
139,245249,308527,239297,938
1,067,473316,298131,434238,849261,194119,697
430,28963,33059,253
118,885122,78437,68613,11115,239
1,409,18885,65547,567
346,800168,02376,52585,27347,627
161,85973,495
116,169167,21932,976
613,57693,85132,15264,273
423,301
187,08497,51423,58116,78838,84810,354
1,101,47414,789
803,57330,06741,28673,336
138,424
III
6,526,017
388,521111,17826,251
182,33431,10924,34113,307
1,264,42620,25218,629
140,748251,460532,396300,941
1,080,212320,221
. 133,113241,129264,418121,331
436,02764,07159,992
120,959124,03538,117
. 13,34715,505
1,427,93986,74048,005
351,320170,89177,70786,11148,188
163,92074,607
117,626169,44433,381
623,32795,62332,36765,003
430,334
190,15499,19123,79517,01739,69710,453
1,115,41214,826
812,71630,15042,20774,683
140,830
IV
6,602,689
394,993112,91226,669
185,67831,58424,74313,407
1,280,91320,73518,787
142,657254,430540,159304,145
1,088,807323,827134,643242,326265,610122,402
440,50264,60860,546
122,079125,63338,68113,33815,617
1,443,18787,56848,436
355,118172,85778,23586,89248,402
166,61675,377
118,806171,27733,603
630,15196,70932,52665,541
435,376
192,566100,57823,87717,21340,39710,501
1,131,57014,894
825,32130,16943,05075,735
142,401
1997
I
6,730,234
403,164116,05827,068
189,30631,98425,10513,643
1,304,44720,80619,046
145,585259,568550,752308,691
1,107,241329,728136,273246,604270,378124,257
447,50965,60861,519
123,362128,40839,33513,50715,769
1,472,78988,99848,995
362,557176,81879,89988,37449,263
170,54476,809
121,368175,30233,864
645,36699,12333,30167,017
445,924
196,311102,45524,35417,29441,52010,687
1,153,40615,055
840,00430,54944,03277,505
146,261
II
6,813,111
407,102117,25827,371
190,83632,53325,33013,773
1,311,68320,85818,980
146,772260,234552,885311,954
1,118,858334,795137,946246,771273,296126,050
454,00466,54762,694
125,624129,37839,83313,75816,170
1,490,00489,80050,187
366,848178,64780,93489,74850,109
172,99977,602
122,635176,23834,258
656,488100,86033,83767,547
454,244
199,637104,39324,76017,53642,15310,795
1,175,33415,384
855,51430,83744,79979,098
149,703
III
6,890,952
412,469119,09227,668
193,26232,89625,60013,952
1,325,98221,17019,128
148,279263,035559,445314,925
1,128,709338,706139,130247,980275,415127,478
458,27266,78963,322
127,214130,48740,28713,93316,240
1,506,72990,58750,252
371,547181,43381,76290,87150,571
174,23078,662
123,994178,23634,585
665,435102,40734,15468,659
460,215
202,462105,78525,16917,66042,92110,926
1,190,89315,574
866,43631,09545,49080,046
152,252
Percent change '
1996:111-1996:IV
1.2
1.71.61.61.81.51.7.7
1.32.4
.81.41.21.51.1
.81.11.1.5.5.9
1.0.8.9.9
1.31.50.7
1.11.0.9
1.11.2.7.9.4
1.61.01.01.1.7
1.11.1.5.8
1.2
1.31.4.3
1.21.8.5
1.4.5
1.6.1
2.01.41.1
1996:IV-1997:1
1.9
2.12.81.52.01.31.51.8
1.8.3
1.42.12.02.01.5
1.71.81.21.81.81.5
1.61.51.61.12.21.71.31.0
2.11.61.22.12.32.11.71.82.41.92.22.3
.8
2.42.52.42.32.4
1.91.92.0
.52.81.8
1.91.11.81.32.32.32.7
1997:1-1997:11
1.2
1.01.01.1.8
1.7.9
1.0
.6
.20
.8
.3
.41.1
1.01.51.2.1
1.11.4
1.51.41.91.8.8
1.31.92.5
1.2.9
2.41.21.01.31.61.71.41.01.0.5
1.2
1.71.81.6.8
1.9
1.71.91.71.41.51.0
1.92.21.8.9
1.72.12.4
1997:1^1997:111
1.1
1.31.61.11.31.11.11.3
1.11.5.8
1.01.11.21.0
.91.2.9.5.8
1.1
.9
.41.01.3
.91.11.3.4
1.1.9.1
1.31.61.01.3
.9
.71.41.11.11.0
1.41.5.9
1.61.3
1.41.31.7.7
1.81.2
1.31.21.3.8
1.51.21.7
1. Percent changes are expressed at quarterly rates and are calculated from seasonally adjusted unrounded data, abroad temporarily by private U.S. firms. It can also differ from the NIPA estimate because of different data sources
It differs from the national income and product accounts (NIPA) estimate of personal income because, by definition', . Spuj* Table 1 in "Personal Income by State and Region, Third Quarter 1997" in the February 1998 issueit omits the earnings of Federal civilian and military personnel stationed abroad and of U.S. residents employed of the SuRVEY OF CuRRENT BUSINESS.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
D-66 • Regional Data SURVEY OF CURRENT BUSINESS March 1998
Table J.2.—Annual Personal Income and Disposable Personal Income for States and Regions
Area name
United States
New EnglandConnecticutMaineMassachusetts . .New HampshireRhode IslandVermont . . . .
MideastDelaware .District of ColumbiaMarylandNew JerseyNew YorkPennsylvania
Great LakesIllinoisIndiana ....MichiganOhioWisconsin .
PlainsIowaKansasMinnesotaMissouriNebraskaNorth DakotaSouth Dakota
Southeast .. .AlabamaArkansasFloridaGeorgiaKentucky .LouisianaMississippiNorth CarolinaSouth CarolinaTennesseeVirginiaWest Virginia
Southwest . ... . . . .ArizonaNew MexicoOklahomaTexas
Rocky MountainColoradoIdahoMontanaUtahWyoming
Far WestAlaskaCaliforniaHawaiiNevada ...OregonWashinaton
Personal income
Millions of dollars
1994
5,774,806
345,43099,70323,865
160,24727,53222,29611,787
1,138,13717,51717,795
127,014225,686479,156270,969
964,118284,319119,665215,266237,118107,749
382,69756,78753,088
104,727109,61333,21811,66113,602
1,255,47577,34442,079
306,657146,10368,67078,21942,507
141,42666,019
103,989151,48730,973
541,42979,86828,51858,691
374,353
163,20384,64320,73215,13733,171
9,522
984,31714,125
722,00228,46934,29263,667
121,762
1995
6,137,875
368,398105,77824,966
172,00829,51023,54112,595
1,200,37318,75718,021
133,769239,052505,812284,963
1,022,736301,718125,805229,544251,041114,628
404,04459,14356,218
111,031116,75235,05511,86513,981
1,339,81182,06745,039
328,067157,87572,73982,25245,147
152,60170,208
111,674160,14132,001
580,32687,51830,78161,343
400,683
176,49091,76622,36816,15736,16610,035
1,045,69714,563
764,43529,59337,95168,806
130.350
1996
6,479,914
387,042110,91626,124
181,50530,93924,33113,227
1,258,68420,09518,539
140,068250,295530,655299,031
1,071,792318,061132,001239,330262,077120,325
432,41863,61359,585
119,530123,36637,86213,15915,303
1,416,28986,02147,584
348,849168,95976,88585,54847,735
162,60273,890
116,760168,30033,155
617,53894,59632,21764,514
426,212
188,31698,25823,59116,89639,19910,371
1,107,83514,810
807,97530,07241,69973,922
139.356
Percent change '
1994-95
6.3
6.66.14.67.37.25.66.9
5.57.11.35.35.95.65.2
6.16.15.16.65.96.4
5.64.15.96.06.55.51.72.8
6.76.17.07.08.15.95.26.27.96.37.45.73.3
7.29.67.94.57.0
8.18.47.96.79.05.4
6.23.15.93.9
10.7
8.17.1
1995-96
5.6
5.14.94.65.54.83.45.0
4.97.12.94.74.74.94.9
4.85.44.94.34.45.0
7.07.66.07.75.78.0
10.9
9.5
5.74.85.76.37.05.74.05.76.65.24.65.13.6
6.48.14.75.26.4
6.77.15.54.68.43.4
5.91.75.71.69.97.46.9
Disposable personal income
M Ilions of dollars
1994
5,036,648
295,60584,19021,091
135,86024,52219,56210,381
977,62415,01615,167
108,911193,487407,831237,212
834,810245,498103,684186,873206,164
92,591
333,87349,89446,46389,18296,24229,30810,43712,348
1,109,30468,89237,597
271,419127,64660,45170,54838,700
123,33358,66193,528
130,74127,788
483,57170,24225,38852,010
335,932
141,20472,62918,13613,27528,761
8,403
860,65612,247
632,20624,64029,69954,244
107,621
1995
5,343,656
313,75588,51422,099
145,10526,22120,68311,132
1,029,80716,07415,405
114,640205,302429,520248,867
884,726260,030109,145199,127217,936
98,488
351,35751,96049,00094,081
102,31430,75610,60212,643
1,181,95973,04340,142
289,716137,70163,93074,10641,143
133,00962,097
100,278138,12628,667
518,17476,88727,50854,409
359,370
152,79678,82619,58814,25831,2398,885
911,08112,655
665,60925,91632,87058,879
115,154
1996
5,593,988
325,59691,39522,963
151,14927,22121,24711,622
1,070,91017,06915,859
119,139212,443447,031259,369
919,565271,612113,693206,030225,788102,442
373,26755,61751,481
100,058107,57332,98511,74813,805
1,240,75476,15142,344
305,142145,97867,20876,59243,420
141,00865,038
104,146144,18929,539
547,02182,50928,66156,831
379,020
161,62183,52320,54514,79233,633
9,128
955,25412,778
695,76726,11935,71862,833
122,040
Percent change '
1994-95
6.1
6.15.14.86.86.95.77.2
5.37.01.65.36.15.34.9
6.05.95.36.65.76.4
5.24.15.55.56.34.91.62.4
6.56.06.86.77.95.85.06.37.85.97.25.63.2
7.29.58.44.67.0
8.28.58.07.48.65.7
5.93.35.35.2
10.7
8.57.0
1 QQR_Q£i 3ao— yo
4.7
3.83.33.94.23.82.74.4
4.06.22.93.93.54.14.2
3.94.54.23.53.64.0
6.27.05.16.45.17.2
10.89.2
5.04.35.55.36.05.13.45.56.04.73.94.43.0
5.67.34.24.55.5
5.86.04.93.77.72.7
4.81.04.5
.88.76.76.0
1. Percent changes are calculated from unrounded data. stationed abroad and of U.S. residents employed abroad temporarily by private U.S. firms. It canNOTE.-The personal income level shown for the United States is derived as the sum of the alj» diff
reor ̂ ° NIPA
H?B^^ ,hState estimates! differs from the national income and product accounts (NIPA) estimate of per- ^u^J^bles 1 and 3̂ in ̂ State^Personal Income, Rev.sed Estimates for 1958-96 in thesonal income because, by definition, it omits the earnings of Federal civilian and military personnel
- D c1997 bUFWEY OF CURRENT BUSINESS.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1998 SURVEY OF CURRENT BUSINESS Regional Data • D-67
Table J.3.—Per Capita Personal Income and Per Capita Disposable Personal Income for States and Regions, 1994-96
Area name
United States
New EnglandConnecticutMaineMassachusettsNew HampshireRhode IslandVermont
MideastDelawareDistrict of ColumbiaMarylandNew JerseyNew YorkPennsylvania
Great LakesIllinoisIndianaMichiganOhioWisconsin
PlainsIowaKansasMinnesotaMissouriNebraskaNorth DakotaSouth Dakota
SoutheastAlabamaArkansasFloridaGeorgiaKentuckyLouisianaMississippiNorth CarolinaSouth CarolinaTennesseeVirginiaWest Virginia
SouthwestArizonaNew MexicoOklahomaTexas
Rocky MountainColoradoIdahoMontanaUtahWyoming
Far WestAlaskaCaliforniaHawaiiNevadaOregonWashington
Per capita personal income '
Dollars
1994
22,180
26,04030,46219,27726,52224,25022,38320,299
25,61324,74831,32725,40528,54726,33222,471
22,34224,23020,81122,69221,36821,192
21,00520,04920,81922,90420,77920,43518,22918,783
20,00318,34917,14221,95920,68617,94918,13515,93119,97918,13820,12023,12916,998
19,73919,56217,18718,03920,308
20,28623,10918,24317,67217,33420,013
22,86723,48723,02224,27823,42220,57522,755
1995
23,348
27,68832,34120,15728,33225,70023,73821,538
26,96826,15932,49926,54730,07127,80623,628
23,57525,59021,70224,06622,54722,379
22,01820,80221,92924,06121,94921,38518,49519,165
21,07619,32718,12623,12921,90118,86018,96016,74521,18819,14621,28424,20817,532
20,67320,32918,21518,73121,311
21,46724,48719,18118,56318,46820,941
24,05224,17024,21725,09524,74821,85123,927
1996
24,426
28,98933,87521,01129,79226,61524,57222,470
28,24227,72434,12927,61831,33429,18124,803
24,57526,84822,60124,94523,45723,320
23,41422,30623,16525,66323,02222,91720,44820,895
22,01620,13118,95924,22622,97719,79719,66417,57522,20519,97721,94925,21218,160
21,61421,36318,80319,54422,282
22,49025,70419,83719,21419,59521,544
25,17324,39825,34625,40426,01123,07425,187
Rank in U.S.
1996
3f
\1829
t
€ti\
17
728162122
30231125273837
394720264243503240331449
35484531
1641464434
1913129
2415
Per capita disposable personal income '
Dollars
1994
19,345
22,28425,72217,03622,48621,59919,63817,878
22,00021,21526,70221,78424,47422,41219,672
19,34620,92218,03219,69918,57918,211
18,32517,61618,22119,50418,24418,03016,31517,051
17,67416,34415,31619,43618,07215,80116,35614,50417,42316,11618,09619,96115,250
17,63017,20515,30115,98518,224
17,55219,82915,95915,49915,02917,661
19,99420,36420,15821,01220,28517,53020,112
1995
20,327
23,58227,06317,84223,90122,83620,85619,036
23,13622,41727,78022,75125,82623,61220,635
20,39422,05418,82820,87719,57419,228
19,14718,27619,11420,38819,23418,76316,52617,331
18,59317,20216,15520,42519,10216,57617,08315,26018,46716,93419,11320,88015,706
18,45917,86016,27816,61419,114
18,58521,03416,79816,38215,95218,542
20,95521,00221,08721,97821,43518,69821,138
1996
21,087
24,38727,91318,46924,81023,41621,45719,743
24,02823,54929,19523,49126,59524,58321,514
21,08422,92819,46621,47420,20919,854
20,21119,50320,01521,48220,07519,96618,25518,849
19,28817,82116,87221,19019,85217,30517,60515,98619,25617,58419,57721,60016,179
19,14618,63316,72717,21719,815
19,30221,84917,27616,82116,81218,961
21,70621,05021,82622,06522,28019,61222,057
Rank in U.S.
1996
13737
1828
5
624
15
832172125
31231622243835
394519264240503341301449
36484427
1243464734
2013109
2911
1. Per capita personal income and per capita disposable personal income are computed usingmidyear population estimates of the Bureau of the Census.
NOTE—The personal income level shown for the United States is derived as the sum of theState estimates. It differs from the national income and product accounts (NIPA) estimate of per-
sonal income because, by definiton, it omits the earnings of Federal civilian and military personnelstationed abroad and of U.S. residents employed abroad temporarily by private U.S. firms. It canalso differ from the NIPA estimate because of different data sources and revision schedules.
Source: Tables 2 and 4 in "State Personal Income, Revised Estimates for 1958-96" in theOctober 1997 SURVEY OF CURRENT BUSINESS.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
D-68 • Regional Data SURVEY OF CURRENT BUSINESS March 1998
Table J.4.—Gross State Product for States and Regions by Industry, 1994[Millions of dollars]
State and region
United States
New EnglandConnecticutMaineMassachusettsNew HampshireRhode IslandVermont
MideastDelawareDistrict of ColumbiaMarylandNew JerseyNew YorkPennsylvania
Great Lakes .IllinoisIndianaMichigan .OhioWisconsin
PlainsIowaKansasMinnesotaMissouriNebraskaNorth DakotaSouth Dakota
SoutheastAlabamaArkansasFloridaGeorgiaKentuckyLouisianaMississippiNorth CarolinaSouth CarolinaTennesseeVirginiaWest Virginia
SouthwestArizonaNew MexicoOklahomaTexas
Rocky MountainColoradoIdahoMontanaUtahWyoming
Far WestAlaskaCalifornia . .. .HawaiiNevadaOregonWashington
Rank oftotal
grossstate
product
214210404450
41
16826
41597
19
29312017364946
25335
112622321227181339
2437303
2343473548
451
38342814
Totalgrossstate
product
6,835,641
389,259110,44926069
186 19929,3932386713282
1,327,7982669748,028
132703254945570 994294,431
1,111,598332,853138190240,390274,844125 321
455,0136829861 ,758
124641128,21641,3571349417,250
1,478,62788,66150,575
317,82918304286,485
101 10150,587
181,52179925
126,53917770834,654
677,88894,09337,83266189
479,774
198,1329976724,1851686241,65715660
1,197,32622720
875,6973671843,95874366
143,867
Farms
82,197
1,182280221296
9456
234
4,504221
0601479
1,3991,805
11,2653,515183914862,1212302
17,42842382,529282217513,16012861,642
20,1751,5122,0353,39924911,867
8821,2563,420
7241,2421 147
200
8,347810564
1,5915,381
3,9891 1801,260
835418297
15,30618
11,171282142
1 4812,212
Agricul-tural
services,forestry,
andfishing
35,651
1,91550426777713814782
4,0127513
610864
1,2211,229
4,4181,321
531887
1,039640
2,562553348534563308
84173
7,841460315
2,735768442369287786363476737101
3,541673178311
2,379
1,12050627613512379
10,241356
7,189198178734
1,586
Mining
90,058
2373812
113291431
2,35547
111152428
1,653
4,4591,273
753938
1,238258
2,466156815507356
98349185
21,5091,184
382711752
2,9419995
356229158347
10743,380
39,6521,1142,7023,281
32,555
8,8161660
169837
1,4844,666
10,56342384,459
261,438
96306
Construc-tion
269,232
13,1583,6461 1425,9431,031
822574
45,626889428
65369261
16,66111,852
45,15514,08664938,584
10,5835409
19,20227002,40253185,8231,714
588657
60,7473,4961,846
14,59267073,42944761,8557,0783,4734,67774431,675
28,9895,1161,7812,069
20,024
10,27152341,536
7582,151
591
46,0841038
29,22221513,0903,4477,137
|\
Total
1,197,098
66,13418,6124,639
30,3876,0534,1482,296
183,2355,3971,267
11 44236,84170,34657,941
284,54262,44141,84371,41573,88734,956
88,35916,69910,72724,95027,0176,031
9791,956
282,97219,39812,57826,61232,57623,22117,41711,85453,62921,78730,61127,435
5,854
105,71213,9735,117
11,06075,562
24,79012,2994,6121,3175,891
670
161,3541,149
121,8421,1282,002
14,81420,418
/tanufacturin
Durablegoods
673,139
43,39212,2312200
20,2454,3362,7761,605
85,1061,486
1535676
1214435,55630,091
188,31435,27729,11554,41448,60520,903
49,4439,7755,638
1451014,4773,088
5341,422
126,4359,5936,757
15,07913,38312,5454,3117,015
19,7398,403
16,04911,0472,514
61,74711,1554,4226,615
39,555
15,01171973,030
7633,806
215
103,692317
76,608296
1,26911,26013,942
9
Nondura-ble goods
523,959
22,7436,3812439
10,1421,7181372
691
98,12939111,1145766
2469834,79027,850
96,22927,16412,72817,00125,28214053
38,9166,9245,090
1044012,5402,944
445534
156,5379,8055,820
11,53319,19210,676131074,839
33,89013,38414,562163893,341
43,9642,817
6954,445
36,007
9,77951021,583
5552,086
455
57,662833
45,234832733
3,5546,476
Transpor-tationand
publicutilities
606,354
27,7867,7441,864
12,8832,3271,7391,229
114,7211,3542,596
11,14425,75046,60527,272
90,97831,9401 1 ,40716,15622,5928,882
43,3065,3887,4449,564
13,4764,5591,4961,378
143,7408,8216,196
29,91421 ,8658,305
1 1 ,0596,228
14,3156,399
10,64615,4254,567
72,5148,3453,6727,281
53,216
22,01711 0142,1812,1524,0082,662
91,2933,835
63,1223,4753,3765,909
11,576
Whole-saletrade
461,863
25,9627,3281,510
13,2371,7421,274
872
86,8941,046
5778199
23,37435,68318,014
77,67426,6398,382
16,37318,5347,745
34,2074,7184,545
10,0619,4063,1471,2551,076
97,8085,5153,077
22,64416,3554,7705,7842,840
11,6924,3679,2329,6941,836
46,7435,6771,6454,051
35,369
11,8696,3411,4561,0492,532
492
80,707672
59,8601,4141,9905,888
10,882
Retailtrade
609,908
33,1958,8133,159
14,7842,9132,2041,323
100,2911,5131,367
11 78719,09640,00526,523
97,28427,54912,73419,95825,92211,120
41,9795,9665,956
11,13412,4933,4881,2911,652
144,1308,9265,193
35,78316,7147,6518,7175,008
16,3388,043
13,88114,8203,057
62,87710,0343,5516,663
42,630
19,56310,0392,5021,7144,2681,040
110,5891,539
79,6624,0634,0846,773
14,467
Finance,insur-ance,
and realestate
1,273,678
92,05630,1384,742
42,9196,5025,4562,299
321,73310,4146,888
29,25357,125
164,08153,972
179,20963,25318,44836,38541,40419,719
69,1619,6327,831
21,86918,7345,9371,6733,487
226,27810,8605,637
68,12328,563
9,51413,2605,680
23,46510,29716,21730,823
3,838
98,97717,1155,1308,203
68,529
29,74316,8253,0922,2615,9051,661
256,5192,480
199,0788,5848,058
12,46425,856
Services
1,342,720
88,57822,9394,816
47,2455,7235,1512,704
294,5633,419
15,63629,53154,124
129,46862,385
198,66366,85321 ,32542,28847,89920,298
79,87910,09010,00323,88224,1726,7242,3022,706
263,45314,0457,272
72,63931 ,98012,47116,7387,597
26,34511,63223,66333,5945,477
120,95818,1556,595
10,78885,419
37,14220,6263,7713,0618,2211,464
259,4852,653
193,3147,586
14,96713,24827,716
Federalciviliangovern-
ment
182,651
6,7121,510
8273,134
448477317
46,598358
16,10299564,1868,4437,553
19,2126,3572,7252,8145,2252,091
10,7861 ,2631,58423613,5491,104
358567
45,7814,1731,1796,6695,6672,6831,8411,5223,1481,8644,450
11,646939
17,3312,5381,7912,500
10,502
7,2153424
760742
1,901388
29,0151,113
18,9001,745
8402,0204,397
Federalmilitarygovern-
ment
79,948
2,084579342678
6735465
7,278273
1,1662117
8321,8041,087
4,0251,686
479527
1,032300
4,102191
1,347306892587494288
31,1011,411
4114,5733,5191,80313201,0644,8822,273
6949,009
142
9,9671,200
8341,4766,456
3,0341,885
268266412202
18,3571,094
11,1872,623
435223
2,795
localgovern-
ment
604,284
30,2588,3192528
138042,32620261 256
1159871 7331,981
11 416228625485023,145
94,71325,93811 2292258023,36611 600
41,57567066,227
11 33499854,5001,3411,483
133,0928,8614,455
29,435150857,38792415,039
16,1948545
10,403148603,587
62,2819,3434,2726,915
41,750
1856487362,30117344,3461 447
107,8142535
76,6913,4423,3587269
14,519
NOTE—Totals shown for the United States differ from the NIPA estimates of gross domestic product (GDP) be-cause State data exclude the statistical discrepancy (the difference between GDP and gross domestic income), the 1997 SURVEY OF CURRENT BUSINESS.compensation of Federal civilian and military personnel stationed abroad, and government consumption of fixed cap-ital for military structures located abroad and fpr military equipment, except office equipment; they may also differfrom the GDP estimates because of differences in revision schedules.
Sources: Tables 9 and 10 in "Comprehensive Revision of Gross State Product by Industry, 1977-94" in the June
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1998 SURVEY OF CURRENT BUSINESS Regional Data • D-69
K. Local Area Table_
Table K.1.—Personal Income and Per Capita Personal Income by Metropolitan Area, 1993-95
Area name
United States 'Metropolitan portion
Consolidated MetropolitanStatistical Areas
Chicago-Gary-Kenosha, IL-IN-WI ...Cincinnati-Hamilton, OH-KY-INCleveland-Akron OHDallas-Fort Worth, TXDenver-Boulder-Greeley, CODetroit-Ann Arbor-Flint, MlHouston-Galveston-Brazoria, TX ....Los Angeles-Riverside-Orange
County CAMiami-Fort Lauderdale, FLMilwaukee-Racine Wl
New York-No. New Jersey-Long Is-land, NY-NJ-CT-PA
Philadelphia-Wilmington-AtlanticCity, PA-NJ-DE-MD
Portland-Salem OR-WASacramento-Yolo, CASan Francisco-Oakland-San Jose,
CASeattle-Tacoma-Bremerton, WAWashington-Baltimore, DC-MD-VA-
WV
Metropolitan Statistical Areas4
Abilene, TXAkron, OH*Albany, GAAlbany-Schenectady-Troy, NYAlbuquerque NMAlexandria LAAllentown-Bethlehem-Easton, PA ...Altoona, PAArriarillo, TXAnchorage AK
Anniston, ALAppleton-Oshkosh-Neenah, WlAsneville NCAthens GAAtlanta, GAAtlantic-Cape May, NJ*Augusta-Aiken, GA-SCAustin-San Marcos, TXBakersfield, CA
Baltimore MD*Bangor ME (NECMA)Barnstable- Yarmouth, MA
(NECMA)Baton Rouge LABeaumont- Port Arthur TXBellinqham WABenton Harbor MlBeroen-Passaic NJ*Billings MTBiloxi-Gulfport-Pascagoula, MS
Binghamton NYBirmingham, ALBismarck NDBloomington, INBloomington-Normal, ILBoise City, IDBoston-Worcester-Lawrence-Lowell-
Brockton, MA-NH (NECMA)Boulder-Longmont, CO*Brazoria TX*Bremerton WA*
Brownsville-Harlingen-San Benito,TX .
Bryan-College Station, TXBuffalo-Niagara Falls, NYBurlington, VT (NECMA)Canton-Massillon OHCasper, WYCedar Rapids IAChampaign-Urbana ILCharleston-North Charleston, SC ...Charleston WV
Charlotte-Gastonia-Rock Hill, NC-SC
Charlottesville, VAChattanooga, TN-GACheyenne, WYChicago, IL*Chico-Paradise CACincinnati OH-KY-IN* .Clarksville-Hopkinsville, TN-KYCleveland-Lorain-Elyria, OH*
Personal income
Millions of dollars
1993
5,471,1294,627,25
843,874
210,0740,5464,7398,73551,988
121,2593,005
331,38971,82637,629
564,130
147,09941,38233,416
181,38677,103
185,306
2,11713,8691,915
19,39612,0712,177
13,2502,2873,6736,616
12,2511,8466,7353,9202,276
75,1668,1928,114
18,73710,073
56,9122,518
4,87010,4926,7112,5933,073
40,7892,3615,374
5,07117,8461,6271,9392,7976,932
146,8906,2213,7754,108
3,2591,877
24,1403,8647,6251,4143,8353,1258,8795,201
26,5363,1728,4611,570
193,6763,225
34,4732,694
50,869
1994
5,739,854,850,244
889,60
220,22442,52267,82
105,22254,925
131,5897,330
337,7174,61839,592
585,058
151,97244,38235,017
187,91680,757
194,456
2,15314,6912,063
20,36513,0562,332
13,7942,3793,9166,921
13,4721,9167,1784,0952,416
80,8718,5028,429
20,33110,218
59,7992,601
5,10611,2336,9512,7893,257
42,0242,5155,852
5,17218,9601,6972,0293,0567,629
153,7496,6323,9704,293
3,4761,985
25,5094,0188,0521,4694,0943,2359,1685,434
28,4723,3188,8871,597
202,9693,317
36,0842,854
53,136
1995
6,097,9775,162,277
935,700
234,8845,31072,102
113,63359,36
140,169104,073
357,5780,09542,025
619,024
160,67748,17037,534
201,54485,826
204,023
2,29915,6202,199
21,00414,1882,456
14,5802,4954,1887,015
14,5082,0247,6724,3912,606
87,9568,9648,809
22,33810,860
62,5562,728
5,49211,9197,3482,9533,442
44,3452,6626,104
5,26920,283
1,8142,1473,2138,330
164,7187,1144,2404,529
3,6822,086
26,7664,2808,5351,5504,3633,3909,4475,744
30,9893,5129,4531,664
216,5533,482
38,4283,053
56,482
Percentchange 2
1994-95
6.26.45.2
6.76.66.38.08.16.56.9
5.97.36.1
5.8
5.78.57.2
7.36.3
4.9
6.86.36.63.18.75.35.74.97.01.4
7.75.66.97.27.88.85.44.59.96.3
4.64.9
7.66.15.75.95.75.55.84.3
1.97.06.95.85.19.2
7.17.36.85.5
5.95.14.96.56.05.56.64.83.05.7
8.85.86.44.26.75.06.57.06.3
Per capita personal income 3
Dollars
1993
21,22322,4816,239
24,86921,55922,38823,00624,2123,13923,048
21,82221,51423,036
28,691
24,74321,23621,212
28,05524,214
26,550
17,40720,66316,50722,19419,14517,39921,75417,33818,80126,465
24,10115,85920,49719,49117,39023,26024,97318,29720,04816,798
23,28217,228
25,28618,96217,97318,19819,01831,48919,54316,315
19,16520,64418,63417,19620,72220,711
25,77325,45118,11219,292
11,24614,52420,25421,05319,01422,47621,92818,44216,91920,465
21,50522,92619,45020,42025,50116,88121,92814,94322,910
1994
22,04423,32716,959
25,90622,43623,35024,03425,08425,11723,693
22,12221,96524,182
29,654
25,49722,30822,052
28,90125,062
27,584
17,72021,82817,71123,08220,17518,49222,55417,96319,66427,484
26,25516,98921,59620,05018,09424,22925,76818,79020,97716,711
24,32617,777
26,09020,11418,56719,09720,19332,29120,47217,339
19,72721,54719,25517,84422,41721,885
26,83226,55518,66219,802
11,61015,18721,47521,51820,05422,97823,18419,51817,76921,352
22,58023,62220,23020,45826,55317,24922,84815,40523,809
1995
23,19624,59417,658
27,4823,75224,79225,41826,5826,64624,910
23,29023,15525,636
31,280
26,92123,71923,332
30,80226,231
28,706
18,70823,10318,84923,83721,45219,35223,80118,89120,46427,914
27,82917,84022,81021,18119,32025,56327,02019,45122,18517,625
25,34718,747
27,56821,15919,54119,77521,28433,93121,34517,856
20,44622,83020,34218,60323,22923,052
28,56427,97819,59520,004
11,96015,87222,64522,68721,22224,24824,44820,37618,84022,562
24,02224,63021,33021,20128,17718,04024,19916,83325,303
Rank inU.S.
1995
25492
24673
14222474
24417722
242891021542284229
222123291
44252
25156221210150
4146288
17899
1822619094
1720
218197
3133061091051526561
181247112
7156
14715319
28066
29846
Area name
Colorado Springs CO
Columbia, MOColumbia, SCColumbus, GA-ALColumbus, OHCorpus Christi, TXCumberland, MD-WVDallas, TX*Danville VADavenport-Moline-Rock Island, IA-
Dayton-Springfield OH
Daytona Beach, FLDecatur, ALDecatur, ILDenver, CO*Des Moines, IADetroit Ml*Dothan AL . . . . . .Dover DEDubuque, IADuluth-Superior MN-WI
Dutchess County, NY*Eau Claire, WlEl Paso TXElkhart-Goshen, INElmira, NYEnid OKErie PAEugene-Springfield OREvansville-Henderson, IN-KYFargo-Moorhead, ND-MN
Fayetteville, NCFayetteville-Springdale-Rogers, ARFlagstaff, AZ-UTFlint Ml*Florence ALFlorence, SCFort Collins-Loveland, CO
Fort Myers-Cape Coral, FLFort Pierce-Port St. Lucie, FL
Fort Smith AR-OKFort Walton Beach FLFort Wayne INFort Worth-Arlington, TX*Fresno CAGadsden, ALGainesville, FLGalveston-Texas City, TX*Gary, IN*Glens Falls, NY
Goldsboro, NCGrand Forks, ND-MNGrand Junction, COGrand Rapids-Muskegon-Holland,
Great Falls MTGreeley CO*Green Bay WlGreensboro-Winston-Salem-High
Point NCGreenville NCGreenville-Spartanburg-Anderson,
SC .:
Hagerstown, MD*Hamilton-Middletown, OH*Harrisburg-Lebanon-Carlisle, PA ....Hartford, CT (NECMA)Hattiesburg, MSHickory-Morganton-Lenoir, NCHonolulu HIHouma, LAHouston TX*Huntington-Ashland, WV-KY-OH ....
Huntsville, ALIndianapolis, INIowa City, IAJackson MlJackson, MS . .Jackson, TNJacksonville FLJacksonville NCJamestown NYJanesville-Beloit Wl
Jersey City, NJ*Johnson City-Kingsport-Bristol, TN-
VAJohnstown, PA
Personal income
Millions of dollars
1993
8,301
2,2909,2984,612
30,3286,1281,610
68,7191,793
7,01619,884
7,4172,4662,360
43,3009,387
100,5822,2642,0691,6694,338
6,0922,4408,3913,3171,6861,0315,2785,3275,8532,952
4,7734,3191,6798,4182,2562,0674,075
32,7167,7846,126
3,0142,9149,698
30,01514,363
1,6393,4734,497
11,9982,146
1,6641,7071,768
20,0591,5002,4664,349
23,2672,041
15,643
2,1566,076
13,17929,959
1,5255,602
21,6752,759
84,7345,123
6,54732,6052,0422,7157,4101,678
19,6061,9622,3852,831
11,975
7,5964,080
1994
8,931
2,4439,8184,798
32,4416,4691,682
73,6381,865
7,33720,823
7,8672,6232,434
45,76410,014
108,7032,3722,1771,7714,540
6,1322,5848,8093,5641,7731,0635,5105,6676,0713,165
4,8994,6961,8209,4072,3972,1774,368
34,2748,2596,362
3,2443,060
10,20231,58514,583
1,7273,6634,731
12,6132,267
1,7681,8091,866
21,5911,5272,5294,622
24,5112,174
16,664
2,2966,438
13,75130,762
1,6355,945
22,2542,963
88,6285,341
6,78434,4402,2062,8877,9811,829
20,6302,0302,5033,018
12,241
7,9364,211
1995
9,660
2,60810,4645,060
34,6146,8331,765
79,7371,965
7,72222,132
8,4642,7722,517
49,54610,709
115,7542,5062,3441,8654,782
6,3022,7549,2993,7801,8631,0995,8116,0436,3603,348
5,2105,0781,9489,9082,5472,3014,726
37,0088,8806,866
3,4283,237
10,86733,89615,2741,8393,9055,065
13,3692,364
1,8951,9062,007
23,2321,6242,7004,936
26,3572,339
17,948
2,3826,882
14,53332,169
1,7616,286
22,9013,126
94,7685,566
7,09136,4022,3213,0558,5941,963
22,2092,1492,5953,247
12,987
8,4424,431
Percentchange2
1994-95
8.2
6.76.65.46.75.65.08.35.3
5.36.3
7.65.73.48.36.96.55.77.75.35.3
2.86.55.66.15.03.35.56.64.85.8
6.48.17.05.36.35.78.28.07.57.9
5.75.86.57.34.76.46.67.06.04.3
7.25.47.6
7.66.46.86.8
7.57.6
7.7
3.86.95.74.67.75.72.95.56.94.2
4.55.75.25.87.77.37.75.93.77.6
6.1
6.45.2
Per capita .personal income 3
Dollars
1993
19,104
19,21219,36217,02321,52516,59415,89424,08416,395
19,64620,734
17,12017,91220,10624,57022,74723,39516,91917,49419,01117,959
23,17717,29212,96420,48517,74518,24618,87918,03620,50518,469
16,81318,38115,12419,46916,67917,28519,87524,17521,67222,491
16,41018,49120,80320,86717,41116,42518,19319,38119,47217,602
15,40816,49217,553
20,57918,68217,54821,236
21,28817,889
18,140
17:13419,67921,75326,81314,93718,52725,15014,80823,57116,188
20,81822,60520,61217,77918,19017,69320,40113,47416,76319,580
21,714
16,95916,934
1994
19,684
20,17820,70217,54922,82517,19016,62725,29816,972
20,53421,834
17,74219,06920,85125,49423,98725,32017,81918,23220,11318,834
23,47418,21813,21121,71918,76618,71919,63018,93221,18419,535
17,25219,29315,95921,75717,80117,98120,53824,73622,45022,847
17,51519,00721,76821,52717,38416,93518,96120,13020,39718,598
16,26117,32618,016
21,81118,80317,47022,267
22,09518,712
19,084
18,16220,37722,54627,58715,77319,40225,60215,80724,21416,865
20,71123,58321,92618,93619,35519,03221,23414,00517,63520,635
22,223
17,62217,482
,1995
20,77
21,1321,73318,6124,13217,98417,4626,80317,93.0
21,58823,238
18,79419,95521,64027,06925,33126,88918,77719,33321,16019,959
24,09819,33513,70222,66019,81719,16020,70419,91722,12420,433
18,28920,06016,73322,81518,83718,76721,74726,19223,66424,313
18,16719,79523,04822,66518,01418,03219,98421,30021,53419,326
17,12718,29718,904
23,17420,04318,17823,429
23,42819,813
20,301
18,74021,52723,75228,96216,59420,23526,30016,58525,44917,570
21,62424,66422,89419,91320,64620,16122,61714,89718,36621,865
23,561
18,58218,425
Rank inU.S.
1995
166
15713125968
28529332
286
13789
249200134284531
250226155199
69225312107206235168202124180
271192299101248251130377864
27620895
106283281198149139227
295270243
9119427585
86207
184
2531417514
30118635
30243
292
1355598
203170190110310269127
80
262268
See footnotes at the end of the table.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
D-70 • Regional Data SURVEY OF CURRENT BUSINESS March 1998
Table K.1.—Personal Income and Per Capita Personal Income by Metropolitan Area, 1993-95—Continued
Area name
Jonesboro ARJoplin MO .Kalamazoo-Battle Creek, MlKankakee, IL*Kansas City MO-KSKenosha Wl*Killeen-Temple, TX
Knoxville, TNKokomo, INLa Crosse, WI-MNLafayette LALafayette, INLake Charles LALakeland-Winter Haven FLLancaster, PALansing-East Lansing, MlLaredo TX
Las Cruces, NMLas Vegas, NV-AZLawrence, KSLawton, OKLewiston-Auburn, ME (NECMA)Lexington KYLima OH'Lincoln NELittle Rock-North Little Rock, AR ...Longview-Marshall TX . .
Los Angeles-Long Beach, CA*Louisville, KY-INLubbock, TX
r burg, VAi, GA
Madison, WlMansfield, OHMcAllen-Edinburg-Mission, TXMedford-Ashland ORMelbourne-Titusville-Palm Bay, FL
Memphis, TN-AR-MSMerced, CAMiami, FL*Middlesex-Somerset-Hunterdon,
NJ*Milwaukee-Waukesha, Wl*Minneapolis-St. Paul, MN-WIMobile, ALModesto CAMonmouth-Ocean, NJ*Monroe LA
Montgomery, ALMuncie INMyrtle Beach, SCNaples, FLNashville, TNNassau-Suffolk, NY*New Haven-Bridgeport-Stamford-
Danbury-Waterbury, CT*New London-Norwich, CT
(NECMA)New Orleans LANew York NY*
Newark, NJ*Newburgh, NY-PA*Norfolk-Virginia Beach-Newport
News, VA-NCOakland, CA*Ocala, FLOdessa-Midland TXOklahoma City OKOlympia WA* 'Omaha NE-IAOrange County CA*
Orlando, FLOwensboro KYPanama City FLParkersburg-Marietta, WV-OHPensacola, FLPeoria-Pekin ILPhiladelphia PA-NJ*Phoenix-Mesa, AZPine Bluff ARPittsburgh PA
Pittsfield, MA (NECMA)Pocatello IDPortland, ME (NECMA)Portland-Vancouver, OR-WA*Providence-Warwick-Pawtucket, Rl
(NECMA)Provo-Orem UTPueblo COPunta Gorda FLRacine Wl*
Personal income
M Ilions of dollars
1993
1,1542,3578,7371,808
36,3592,5974,202
12,1532,0712,3145,7202,9942,9577,1759,5378,5311,730
2,05921,342
1,4171,7781,8498,6602,7954,541
10,4893,507
199,77020,8044,1003,7235,4909,2063,0394,5212,8598,564
21,8623,025
39,110
31,64033,77966,4748,4956,992
27,3082,390
5,8402,1802,5445,343
23,38577,581
52,715
5,90725,439
242,044
57,1177,061
28,55456,7963,5334,650
18,5033,791
14,16765,005
26,1801,5622,3732,7396,2297,005
122,47948,394
1,29053,184
3,0481,1215,649
36,081
19,8323,8952,0612,2943,849
1994
1,2262,5439,2291,892
38,5332,7514,530
12,9642,2032,4306,1613,1643,1767,7099,7859,1681,885
2,16023,786
1,5051,8031,9189,0802,9884,831
11,1053,660
201,75421,8344,3303,9225,7409,7653,2014,8933,0708,938
23,4323,043
40,344
33,11735,51970,5558,9677,139
28,0582,528
6,1782,2872,7715,601
25,39480,864
54,255
6,26426,568
251,831
58,9477,395
29,76858,8013,8044,875
19,4433,996
14,95867,212
27,6901,6692,4712,8536,4847,418
126,36452,629
1,31954,634
3,1451,1825,896
38,758
20,2414,2482,1762,4564,073
1995
1,3352,7399,8212,020
41,1232,9484,828
13,8142,3682,5506,5273,3533,3948,344
10,3219,6861,966
2,34326,198
1,6081,8802,0199,7433,1175,156
11,9163,905
213,33723,2324,5904,1276,085
10,3913,3735,2483,2729,341
25,2223,017
43,087
35,08737,69874,9019,4697,449
29,6352,708
6,5582,3843,0346,015
27,45385,250
57,566
6,61528,089
266,669
62,6847,729
31,21762,9954,0905,152
20,4744,288
16,10871,272
29,6451,7582,5922,9996,8187,692
133,52858,036
1,39757,518
3,3261,2456,253
42,160
21,5764,6912,3902,6494,327
Percentchange 2
1994-95
8.97.76.46.76.77.26.6
6.67.54.95.96.06.98.25.55.74.3
8.510.16.84.35.37.34.36.77.36.7
5.76.46.05.26.06.45.47.36.64.5
7.6-.96.8
5.96.16.25.64.35.67.1
6.14.29.57.48.15.4
6.1
5.65.75.9
6.34.5
4.97.17.55.75.37.37.76.0
7.15:34.95.15.13.75.7
10.35.85.3
5.85.36.18.8
6.610.49.97.96.2
Per capita personal income 3
Dollars
1993
15,90516,85719,89518,00322,29019,09215,600
19,62720,84819,38515,99918,07017,18816,97221,74519,55310,998
13,48721,05416,48315,04117,80820,33117,89720,27519,68017,531
21,98421,36318,02718,55018,12923,82217,34310,17018,08019,663
20,98815,73519,699
29,96723,26325,02616,81117,37926,72016,395
18,99618,18517,14331,08422,36729,373
32,372
23,76119,49728,163
29,59920,037
18,82626,19616,67319,82918,57520,66221,53525,681
19,62117,46817,29518,11517,19520,42824,77520,18015,29422,090
22,39516,05623,03221,897
21,68713,73616,37818,63621,217
1994
16,70417,96020,96418,69923,24419,99015,682
20,56622,13020,21017,06018,80618,25817,93022,08420,61411,430
13,75221,97417,26615,86618,55821,06019,16821,32520,65218,166
22,21822,26718,77619,31418,68625,03218,26510,52518,91320,161
22,21515,49420,056
30,99724,42226,19717,61417,53727,08917,304
19,96419,20418,17731,44723,71630,527
33,352
25,15720,27729,227
30,45920,813
19,48526,97317,31820,61819,27721,30122,54026,213
20,31318,49617,68018,81617,39121,55125,52121,17815,64922,760
23,15116,40423,83923,046
22,18514,06317,02519,48322,275
1995
17,82619,08822,20319,90124,57621,11716,508
21,55823,71521,08817,86719,73419,26219,12623,05621,71711,402
14,64322,92718,19116,87019,62622,39420,04222,44621,95419,132
23,50123,55219,78320,19919,67426,44919,24310,87819,74620,747
23,64015,65321,058
32,50725,90627,43618,42918,12228,18718,444
21,00020,04419,22032,87825,07732,108
35,400
26,43621,37430,896
32,34621,528
20,33228,72918,13021,67420,13922,25824,00227,420
21,39519,39018,22919,77418,02522,23526,95921,83916,68524,071
24,61117,03325,12724,553
23,73015,09918,44120,53923,498
Rank inU.S.
1995
29024112220458
158303
13877
159287215230238
93132314
31197
274297217116195114126237
8281
20918821633
231315213167
79307160
73826
266278
18264
162193234
5509
3
3414411
8140
18316
2771331911207227
14322327321128212130
12830070
572964960
7630926517483
Area name
Raleigh-Durham-Chapel Hill, NC ...
Rapid City, SDReading PARedding, CAReno NVRichland-Kennewick-Pasco, WA ....Richmond-Petersburg, VARiverside-San Bernardino, CA*Roanoke VARochester MNRochester NY
Rockford, ILRocky Mount NCSacramento CA*Saginaw-Bay City-Midland, MlSt Cloud MNSt. Joseph, MOSt Louis MO-ILSalem OR*Salinas CASalt Lake City-Ogden UT
San Angelo TXSan Antonio TXSan Diego, CASan Francisco, CA*San Jose, CA*San Luis Obispo-Atascadero-Paso
Robles, CASanta Barbara-Santa Maria-
Lorn poc CASanta Cruz-Watsonviile, CA*Santa Fe NMSanta Rosa CA*
Sarasota-Bradenton, FLSavannah GAScranton-Wilkes-Barre-Hazleton,
PASeattle-Bellevue-Everett, WA*Sharon PASheboygan WlSherman-Denison, TXShreveport-Bossier City LASioux City, IA-NE .'Sioux Falls SD
South Bend, INSpokane, WASpringfield, ILSpringfield MOSpringfield, MA (NECMA)State College PASteubenville-Weirton, OH-WVStockton-Lodi CASumter SCSyracuse NY
Tacoma, WA*Tallahassee FL
Terre Haute, INTexarkana, TX-Texarkana, ARToledo OHTopeka KSTrenton' NJ*Tucson AZTulsa OK
Tuscaloosa ALTyler, TXUtica-Rome, NYVallejo-Fairfield-Napa, CA*Ventura CA*Victoria, TXVineland-Millville-Bridgeton, NJ*Visalia-Tulare-PortervUle, CAWaco TXWashington, DC-MD-VA-WV*
Waterloo-Cedar Falls, IAWausau, WlWest Palm Beach-Boca Raton, FLWheeling, WV-OHWichita, KSWichita Falls, TXWilliamsport, PAWilmington-Newark, DE-MD*Wilmington NCYakima WA
Yolo, CA*York PAYoungstown-Warren, OHYuba City, CAYuma AZ
Personal income
Millions of dollars
1993
21,293
1,5647,6982,9096,9333,388
21,37850,5785,0172,608
24,339
6,8372,375
30,4647,9732,6091,697
56,9705,3007,946
20,413
1,75425,64456,00155,37543,786
4,216
9,1935,6182,9139,703
13,4895,292
11,96357,0792,0422,1881,6776,9632,1963,208
5,1267,4094,1455,243
12,1242,2472,3269,1151,463
14,898
12,1254,504
43,9342,5741,975
12,5833,4099,809
12,64414,918
2,6783,0545,632
10,10816,0351,5132,7205,2633,297
126,237
2,2582,247
30,9952,717
10,7102,3842,119
13,7093,4993,599
2,9527,632
11,0512,1911,757
1994
22,694
1,6458,0203,0077,5063,605
22,54052,2505,2072,667
25,451
7,3812,481
31,9628,4782,7771,781
59,8265,6247,922
22,030
1,84527,29857,82056,96445,784
4,361
9,3785,7883,087
10,103
14,3755,612
12,31659,7632,1412,3141J517,2962,3363,504
5,3997,8494,3815,640
12,5662,3332,4209,3851,549
15,544
12,7064,784
45,8642,6542,080
13,2923,554
10,19413,78215,473
2,8563,2385,892
10,47616,4941,5942,7865,3633,474
132,361
2,4062,370
32,4242,796
10,9342,5192,184
14,3213,7413,738
3,0557,823
11,6412,2331,687
1995
24,596
1,7608,4553,1468,1103,699
23,94055,4775,5752,784
26,703
7,8882,656
34,2588,9962,9021,872
63,9296,0108,452
23,739
1,95829,31361,10660,85349,548
4,645
9,9296,1933,350
10,779
15,5575,971
12,92763,4222,2592,4561,8797,6722,5173,747
5,7418,2714,5546,053
13,2642,4752,5219,9241,645
16,171
13,5865,083
49,3912,7892,215
14,0383,753
10,77014,77016,274
3,0453,4566,085
11,17417,4851,7002,9365,6153,734
139,085
2,5402,530
35,2042,926
11,6172,7072,290
15,2494,0623,934
3,2768,299
12,3022,3661,976
Percentchange2
1994-95
8.4
7.05.44.68.02.66.26.27.14.44.9
6.97.17.26.14.55.16.96.96.77.8
6.17.45.76.88.2
6.5
5.97.08.56.7
8.26.4
5.06.15.56.27.35.27.76.9
6.35.43.97.35.66.14.25.76.24.0
6.96.3
7.75.16.55.65.65.77.25.2
6.66.73.36.76.06.65.44.77.55.1
5.66.88.64.76.27.54.96.58.65.2
7.26.15.75.9
17.1
Per capita personal income 3
Dollars
1993
22,661
18,18122,26818,31925,18920,22023,60017,58422,04523,14122,372
19,92317,14721,30619,78716,82517,25122,52917,61222,57717,674
17,55318,21421,48433,89128,362
18,970
24,21624,04922,81223,799
26,40619,473
18,69526,45816,70220,58917,42018,49518,49321,573
20,21518,93221,31118,56220,32117,40316,51917,82613,81119,745
19,23118,014
20,56717,16016,18420,52120,77529,85317,76720,192
17,30619,35717,72921,13823,19619,19719,56715,51616,96328,631
18,14218,77233,19717,13821,23818,29517,51725,64918,66717,559
20,29321,56318,24916,56614,112
1994
23,448
18,99123,00818,78526,44820,69124,58717,89222,75323,57423,386
21,33017,63122,17321,04717,70818,21423,63418,27823,80418,703
18,24719,05522,11434,74529,439
19,444
24,43524,58723,46124,533
27,70420,318
19,36327,42217,54521,52617,96319,32119,54423,045
21,15019,78821,65719,55621,08017,97717,27818,08514,55720,676
19,89918,760
21,24617,75716,93921,73021,54030,96418,76120,823
18,41120,24518,68021,82023,52719,89220,06315,51717,52829,644
19,41919,68933,86217,72321,57419,02018,08026,50719,31417,810
20,86421,72719,31716,56913,228
1995
24,675
20,17624,13919,55827,86620,61825,85118,68524,37824,72024,566
22,60218,61523,45922,34218,27819,22225,17019,15425,27019,825
19,23120,03423,26336,98931,487
20,490
25,86026,20224,69125,888
29,64121,351
20,44228,77318,49822,56019,09020,22820,87124,320
22,35020,57522,42620,61622,34218,95718,07918,87415,38721,592
20,94519,753
22,64618,64017,99822,97122,75232,63319,55621,789
19,28121,25319,74023,32824,73621,04221,31216,14418,67430,824
20,66020,90236,05718,68222,82319,93319,10227,92420,24718,427
22,08322,75920,51217,41416,221
Rank inU.S.
1995
54
18967
21923
17141
255625259
11126084
11827223348
23647
205
23219688
110
176
40365339
13145
17915
26311324018716563
117173115172118242279245308136
163212
10825828496
1046
220129
2291512148751
161148305257
12
169164
225610020123921
185267
125103175294304
1. The personal income level shown for the United States is derived as the sum of the county estimates; itdiffers from the national income and product accounts (NIPA) estimate of personal income because, by definition,it omits the earnings of Federal civilian and military personnel stationed abroad and of U.S. residents employedabroad temporarily by private U.S. firms. It can also differ from the NIPA estimate because of different data sourcesand revision schedules.
2. Percent change was calculated from unrounded data.3. Per capita personal income was computed using Census Bureau midyear population estimates. Estimates for
1993-95 reflect county population estimates available as of March 1997.4. Includes Metropolitan Statistical Areas, Primary Metropolitan Statistical Areas (PMSA's designated by *), and
New England County Metropolitan Areas (NECMA's). The New Haven-Bridgeport-Stamford-Danbury-Waterbury, CTNECMA is presented as a PMSA (part of the New York CMSA).
Source: Table 1 in "Comprehensive Revision of Local Area Personal Income, 1969-95" in the September 1997SURVEY OF CURRENT BUSINESS.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1998
L. Charts.
SURVEY OF CURRENT BUSINESS Regional Data • D-71
SELECTED REGIONAL ESTIMATES
SHARES OF U.S. PERSONAL INCOME BY REGION
Great Lakes20.8%
1969
New England6.4%
1996Great Lakes
16.5%
Plains6.7%
Southeast21.9%
Southeast17.3% Rocky Mountain
2.2%
New England6.0%
Southwest9.5%
Rocky Mountain2.9%
SHARES OF U.S. GROSS STATE PRODUCT BY REGION1977
Great Lakes19.6%
Plains7.5%
Southeast19.6%
1994
New England5.2%
Far West15.7%
Rocky Mountain2.8%
New England5.7%
Far West17.5%
Rocky Mountain2.9%
AVERAGE ANNUAL GROWTH RATE OF PERSONAL INCOME, 1969-96
STATES WITH FASTEST GROWTH U'S' IT!!?6 STATES WITH SLOWEST GROWTH U.S. average8.2%
North Dakota
Indiana
West Virginia
Rhode Island
Michigan
Pennsylvania
Illinois
New York
Ohio
Iowa
Percent Percent
US. Department of Commerce, Bureau of Economic Analysis
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
D-72 • Regional Data SURVEY OF CURRENT BUSINESS March
SELECTED REGIONAL ESTIMATES
PER CAPITA PERSONAL INCOME, 1996
i ? WA / NH MJfC $25,187 / 1 """ . VT $26,615 /S21.011
/ ~. / X HT NO " ' "' j22470 \^ / $19,214 $20,448 MN •, .... *"'"" _ > ' ^
OR / n — _ $25,663 .; ., — ' MA
' $23,074 J |D W Wl '•-••-•; ' ; $29,792
/^r^/™37 / wv '20,895 ;'23'320 WV •-£*-?.•>. R,
> r^TTr-7 «"« • - « - • ; ,A ,̂. . • PA ̂ ,'24'572/ ,,'Mf • ./ ^ *-— T— r-y— __ S52917 ', $22'306 ^ OH • $24,803 NJ CT
V \ «#« ' ' ur K^S^T '' '.' «• IN $23,457 ' ̂ ^'^ $31,334 $33,875;: r, \ ' J -̂s - - " • • \wj»«j22^ou jw;/ i - DE, CA \ / $19,595 KS ' M0 -. :. , .-; -'l$18,16d VA ->s MD D^
^*° \,,^~ — $23'165 «022 V'̂ 7.̂ ;:''̂ 12 x $ 2 7 ' 6 1 8 $ ''~- \ ., ^L- ' IT ' ' TN .-• ' MOoni -/^ DC
"X ', W NM OK .„ '? 121940 , $22,205^ $34129.' $21,363 "" wg^ AR ; *21.9'19 SC _ ^
' __ ; $18-803 --_ ̂ W8^59.' $19,977'\ • -v^-^.^ ( AL GA , ,
\. I \ MS $20,131 ; $22,977 '.''^ -. : — - — t : TY ^ ^^
i /J17J75'c , \ $22,282 \ LAtl'Ir"'
Hl"^ / • -, /*19^64 ^7-:- .-- - .$25,404 ^ / ^^~ ̂ •- \ ^ -'--.-> ^
/ ^ .oflo United States $24,426/ ^^ X5 *'4,39o . • .
/ .f f-n^ ~ ' " ~~ States with highest levels .
/ '--^ j'jf '?$fo States with lowest levels/ //'P **
^ All other States""*
PERSONAL INCOME GROWTH: AVERAGE QUARTERLY PERCENT CHANGE, 1996:111-1997:111
Mr^^--—A f • — —-—___ NH 1.4
WilM \ •- - -. - ,. \ .
/*—> I -- -'•' •-.i/:̂ -̂, -1-2 ,\-v/ -OBW x , __ -. .- -•,,-•;/- / i f ' . . / MA1.5
S-^.''"1*"" "~"" SD1'2 ' l W " " f ^ C-'NY,/i,.V
/ /^^^^^^^T—- WY 1.1 __. ; •• MI0.7., / _- - , -̂.̂ ' RI1.3
' / - /-yL NElT^ U 1 J D N " V - — C |̂ M1, f..'̂ ^CT1.7
( Mf» /.. - • - - — - - NE1'4 '• ' OH 1.0'' ^•/t.-HJl.l
^ \ ' ' /.*•• , : V "V 1 ^ .™ ... r4,;V-r--1 DE1,
\CA>^ »" «o,3 x,.:^;^-^^ -;:;^ V '- ^^r^oK, ' - - f -3;;x -^ o
/ ,-«?,*f f. . NM14 ; - , AR 1.1 /- " ,SC1.3
~X ' " • . ; ' / I ' "' ^~V^~- — -x- / U5 , '"\ ./\^ : - I - - ; :. - -« * AL1 .1 , GA1.5 /
'C -„ ^-^rJ^:^t*r \ /..I ,--A^..HHl0-8 O/^^, \><"-' y-4:f" "^x:.\
/ c^> \ \ X^ ^1.4--./ ^ AK1.2 * > / '., United States 1.4%
^ 4-" S s- • - :/7 , ^ -̂J^_^K_|, ^^-^ States with largest percent change^"
/ ^M- ^%i States with smallest percent change
/ ^ All other Statesf*'
> a -•
U.S. Department of Commerce, Bureau of Economic Analysis
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March 1998 SURVEY OF CURRENT BUSINESS Appendixes • D-73
Appendix A
Additional Information About BEA'S NIPA Estimates
Statistical Conventions
Changes in current-dollar GDP measure changes inthe market value of goods and services produced inthe economy in a particular period. For many pur-poses, it is necessary to decompose these changes intoquantity and price components. To compute thequantity indexes, changes in the quantities of individ-ual goods and services are weighted by their prices.(Quantity changes for GDP are often referred to aschanges in "real GDP") For the price indexes, changesin the prices for individual goods and services areweighted by quantities produced. (In practice, thecurrent-dollar value and price indexes for most GDPcomponents are determined largely using data fromFederal Government surveys, and the real values ofthese components are calculated by deflation at themost detailed level for which all the required data areavailable.)
Except for the most recent period, the annual andquarterly changes in real GDP and prices are "chain-type" measures that are both based on the "FisherIdeal" formula that incorporates weights from two ad-jacent years. For example, the 1992-93 percent changein real GDP uses prices for 1992 and 1993 as weights,and the 1992-93 percent change in price uses quanti-ties for 1992 and 1993 as weights. Because the quantityand price index numbers calculated in this way aresymmetric, the product of the index of real GDP andthe index of prices equals the index of current-dollarGDP.
In the most recent period, a variant of the formulais used because only i year's information is availablefor computing the index number weights. Accord-ingly, BEA uses the prices and quantities from the twoadjacent quarters as weights to calculate Fisher chain-type measures for those estimates. For example, the1996:11-1996:111 percent change in real GDP uses pricesfor 1996:11 and 1996:111 as weights, and the 1996:11-1996:111 percent change in the GDP price index usesquantities for 1996:11 and 1996:111 as weights.
BEA also presents another measure, known as the"implicit price deflator," in the NIPA tables. The im-plicit price deflator is calculated as the ratio of current-dollar value to the corresponding chained-dollar valuemultiplied by 100.
In addition, BEA prepares measures of real GDPand its components in a dollar-denominated form,designated "chained (1992) dollar estimates" These es-timates are computed by multiplying the 1992 current-dollar value of GDP, or of a GDP component, by thecorresponding quantity index number. For example,if a current-dollar GDP component equaled $100 in
1992 and if real output for this component increasedby 10 percent in 1993, then the "chained (1992) dollar"value of this component in 1993 would be $110 ($100X 1.10). Note that percentage changes in the chained(1992) dollar estimates and the percentage changes cal-culated from the quantity indexes are identical, exceptfor small differences due to rounding.
Because of the formula used for calculating real GDP,the chained (1992) dollar estimates for detailed GDPcomponents do not add to the chained-dollar valueof GDP or to any intermediate aggregates. A "resid-ual" line is shown as the difference between GDP andthe sum of the most detailed components shown ineach table. The residual generally is small close to thebase period but tends to become larger as one movesfurther from it. In cases where the residual is large,the table of contributions of the major componentsto the change in real GDP provides a better basis fordetermining the composition of GDP growth than thechained-dollar estimates.
For quarters and months, the estimates are presen-ted at annual rates, which show the value that wouldbe registered if the rate of activity measured for aquarter or a month were maintained for a full year.Annual rates are used so that time periods of differ-ent lengths — for example, quarters and years — may becompared easily. These annual rates are determinedsimply by multiplying the estimated rate of activity by4 (for quarterly data) or 12 (for monthly data).
Percent changes in the estimates are also expressedat annual rates. Calculating these changes requires avariant of the compound interest formula:
where r is the percent change at an annual rate;Xt is the level of activity in the later period;X0 is the level of activity in the earlier period;m is the yearly periodicity of the data (for
example, i for annual data, 4 for quarterly,or 12 for monthly); and
n is the number of periods between theearlier and later periods (that is, t - o).
Quarterly and monthly NIPA estimates are seasonallyadjusted, if necessary. Seasonal adjustment removesfrom the time series the average impact of varia-tions that normally occur at about the same time andin about the same magnitude each year — for exam-ple, weather, holidays, and tax payment dates. Afterseasonal adjustment, cyclical and other short-termchanges in the economy stand out more clearly.
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D-74 • Appendixes SURVEY OF CURRENT BUSINESS March 1998
Reconciliation Tables
Table 1.—Reconciliation of Changes in BEA-Derived Compensation Per Hour with BLS Average Hourly Earnings[Percent change from preceding period]
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 nonprofitinstitutions
Less: Contribution of wages and salaries per hour of persons in government enterprises,unpaid family workers and self-employed
Equals: BEA-derived wages and salaries per hour of all employees in the privatenonfarm sector
Less: Contribution of wages and salaries per hour of nonproduction workers inmanufacturing
Less1 Other differences1
Equals: BLS average hourly earnings of production or nonsupervisory workers onprivate nonfarm payrolls
Addendum:BLS estimates of compensation per hour in the nonfarm business sector 2
1995
2.5
-.6
0
.2
2.8
.1
-.1
2.9
2.5
1996
3.8
-.6
-.1
.1
4.3
-.2
1.2
3.3
3.8
1997^
3.8
-.4
-.1
.1
4.1
-.2
.5
3.8
3.8
Seasonally adjusted at annual rates
1996
IV
3.4
-.7
0
.1
4.0
-.8
.9
3.9
3.4
1997
I
4.3
-.6
-.4
-.2
4.6
-.1
.6
4.2
4.3
II
3.2
-.1
.3
.3
3.3
-.3
.5
3.0
3.2
III
3.8
-.1
-.2
.3
3.5
-.1
-.2
3.8
3.8
NP
5.2
-.4
-.2
5.4
-.1
.5
5.0
5.1
p Preliminary. 2. These estimates differ from the BEA-derived estimates (first line) because the BLS estimates1. Includes BEA use of non-BLS data and differences in detailed weighting. Annual estimates include compensation and hours of tenant-occupied housing.
also include differences in BEA and BLS benchmark procedures; quarterly estimates also include NoiE.-The table incorporates BLS revisions to reflect the 1996 Hours at Work Survey.differences in seasonal adjustment procedures. BLS Bureau of Labor Statistics ^
Table 2.—Relation of Net Exports of Goods and Services and Net Receipts of Factor Income in the National Income andProduct Accounts (NIPA's) to Balance on Goods, Services, and Income in the Balance of Payments Accounts (BPA's)
[Billions of dollars]
Exports of goods, services, and income, BPA's
Less1 Gold BPA'sStatistical differences l
Other items
Plus' Adjustment for grossing of parent/affiliate interest paymentsAdjustment for U S territories and Puerto RicoServices furnished without payment by financial intermediaries except life insurance
carriers and private noninsured pension plans
Equals'. Exports of goods and services and receipts of factor income, NIPA's
Imports of goods, services, and income, BPA's
Less: Gold, BPA'sStatistical differences l
Other items
Plus' Gold NIPA'sAdjustment for grossing of parent/affiliate interest paymentsAdjustment for U.S. territories and Puerto RicoImputed interest paid to rest of world
Equals: Imports of goods and services and payments of factor income, NIPA's
Balance on goods, services, and income, BPA's (1-9)
Less: Gold (2-1 0+ 13)Statistical differences (3-1 1) l
Other items (4-12)
Plus' Adjustment for U S territories and Puerto Rico (6-15)
Equals: Net exports of goods and services and net receipts of factor income, NIPA's(8-17)
Line
1
234
56
7
8
9
101112
13141516
17
18
192021
22
23
1995
991.5
5.10.9
8.033.3
14.5
1,041.2
1,086.5
5.300
^3.68.0
21.914.5
1,122.0
-95.0
^3.80.9
11.4
-80.8
1996
1,055.2
6.901.1
8.734.0
15.3
1,105.1
1,163.4
7.700
-3.88.7
22.415.3
1,198.3
-108.2
-4.601.1
11.6
-93.2
Seasonally adjusted at annual rates
1996
II
1,049.3
12.501.0
7.334.1
14.8
1,092.0
1,156.9
14.600
-3.67.3
22.314.8
1,183.0
-107.6
-5.701.0
11.8
-91.0
III
1,047.9
5.201.5
8.433.6
15.9
1,099.0
1,183.5
6.200
-4.08.4
22.415.9
1,219.9
-135.6
-5.001.5
11.2
-120.9
IV
1,098.2
3.701.1
8.934.9
16.3
1,153.4
1,198.0
3.400
-4.28.9
23.416.3
1,238.8
-99.8
^3.901.1
11.5
-85.4
1997
I
1,118.1
6.7.6.8
8.635.4
16.5
1,170.4
1,243.2
8.7-3.4
0
-3.68.6
24.1
16.5
1,283.5
-125.1
-5.64.0.8
11.3
-113.1
II
1,175.5
9.35.6.7
8.436.5
17.0
1,221.9
1,291.0
11.0^3.6
0
-3.98.4
26.117.0
1,331.3
-115.5
-5.69.2.7
10.4
-109.4
III
1,182.4
3.46.1.6
9.936.0
17.1
1,235.2
1,314.2
3.0-4.7
0
-3.69.9
27.917.1
1,367.2
-131.8
-3.210.8
.6
8.1
-132.0
1. Consists of statistical revisions in the NIPA's that have not yet been incorporated into theBPA's (1997:111) and statistical revisions in the BPA's that have not yet been incorporated in theNIPA's (1997:M997:III).
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March 1998 SURVEY OF CURRENT BUSINESS Appendixes • D-75
Appendix B
Suggested Reading
Mid-Decade Strategic Plan
BEA has published the following articles in the SUR-VEY OF CURRENT BUSINESS on the development andimplementation of its strategic plan for improvingthe accuracy, reliability, and relevance of the national,regional, and international accounts.
"Mid-Decade Strategic Review of BEA'S EconomicAccounts: Maintaining and Improving TheirPerformance" (February 1995)*"Mid-Decade Strategic Review of BEA'S EconomicAccounts: An Update" (April 1995)*"BEA'S Mid-Decade Strategic Plan: A ProgressReport" (June 1996)*
Mid-Decade Strategic Review of BEA'S EconomicAccounts: Background Papers (1995) presents sevenbackground papers that evaluate the state of the U.S.economic accounts and that identify the problems andthe prospects for improving the accounts.
Methodology
BEA has published a wealth of information about themethodology used to prepare its national, regional,and international estimates.
National
National income and product accounts (NIPA'S)
NIPA Methodology Papers: This series documentsthe conceptual framework of the NIPA'S and themethodology used to prepare the estimates.
An Introduction to National Economic Accounting(NIPA Methodology Paper No. i, 1985) [Alsoappeared in the March 1985 issue of the SURVEY]Corporate Profits: Profits Before Tax, Profits TaxLiability, and Dividends (NIPA Methodology PaperNo. 2,1985)Foreign Transactions (NIPA Methodology PaperNo. 3,1987)GNP: An Overview of Source Data and Estimat-ing Methods (NIPA Methodology Paper No. 4,1987) [Also appeared in the July 1987 issue of theSURVEY]Government Transactions (NIPA MethodologyPaper No. 5,1988)*Personal Consumption Expenditures (NIPA Method-ology Paper No. 6, 1990)
The methodologies described in these papers aresubject to periodic improvements that are typicallyintroduced as part of the annual and comprehen-sive revisions of the NIPA'S; these improvements aredescribed in the SURVEY articles that cover theserevisions.
"Annual Revision of the U.S. National Income andProduct Accounts": This series of SURVEY articles,the latest of which was published in the August 1997issue,* describes the annual NIPA revisions and theimprovements in methodology.
The most recent comprehensive revision of theNIPA'S is described in the following series of SURVEYarticles.
"Preview of the Comprehensive Revision of theNational Income and Product Accounts: BEA'SNew Featured Measures of Output and Prices"(July 1995)*"Preview of the Comprehensive Revision of theNational Income and Product Accounts: Recog-nition of Government Investment and Incorpo-ration of a New Methodology for CalculatingDepreciation" (September 1995)*"Preview of the Comprehensive Revision of theNational Income and Product Accounts: New andRedesigned Tables" (October 1995)*"Improved Estimates of the National Incomeand Product Accounts for 1959-95: Results ofthe Comprehensive Revision" (January/February1996)*"Completion of the Comprehensive Revision ofthe National Income and Product Accounts,1929-96" (May 1997)*
"Updated Summary NIPA Methodologies" (Septem-ber 1997 SURVEY)* identifies the principal source dataand estimating methods that are used to prepare theestimates of gross domestic product (GDP).
* Items with an asterisk can be found on BEA'S Internet site at<http://www.bea.doc.gov>.
Availability
For the availability of some of these publications,see the inside back cover of this issue. See also theUser's Guide to BEA Information: To request a copy,write to the Public Information Office, BE-53, Bureauof Economic Analysis, U.S. Department of Commerce,Washington DC 20230, call 202-606-9900, or visit BEA'SInternet site at <http://www.bea.doc.gov>.
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D-76 • Appendixes SURVEY OF CURRENT BUSINESS March 1998
Information on the sources and methods used toprepare the national estimates of personal income,which provide the basis for the State estimates of per-sonal income, can be found in State Personal Income,1929-93 (1995).*
"Gross Domestic Product as a Measure of U.S. Pro-duction" (August 1991 SURVEY)* briefly explains thedifference between GDP and gross national product.
The conceptual basis for the chain-type measures ofreal output and prices used in the NIPA'S is describedin the following SURVEY articles.
"Alternative Measures of Change in Real Outputand Prices" (April 1992)*"Economic Theory and BEA'S Alternative Quantityand Price Indexes" (April 1992)*"Alternative Measures of Change in Real Out-put and Prices, Quarterly Estimates for 1959-92"(March 1993)*"Preview of the Comprehensive Revision of theNational Income and Product Accounts: BEA'SNew Featured Measures of Output and Prices"(July 1995)*"BEA'S Chain Indexes, Time Series, and Measuresof Long-Term Economic Growth" (May 1997)*
"Reliability and Accuracy of the Quarterly Estimatesof GDP" (October 1993 SURVEY)* evaluates GDP es-timates by examining the record of revisions in thequarterly estimates.
"A Look at How BEA Presents the NIPA'S" (May1996 SURVEY)* explains how to locate the NIPA es-timates and some of the conventions used in theirpresentation.
Wealth and related estimates
"Improved Estimates of Fixed Reproducible TangibleWealth, 1929-95" (May 1997 SURVEY)* describes themost recent comprehensive revision of the estimatesof fixed reproducible tangible wealth.
Gross product by industry
"Improved Estimates of Gross Product by Industry,1959-94" (August 1996 SURVEY)* describes the mostrecent comprehensive revision of the estimates of grossproduct by industry.
"Gross Product by Industry, 1947-96" (November1997 SURVEY)* presents the most recent revision tothe estimates of gross product by industry and brieflydescribes changes in methodology.
Input-output accounts
"Benchmark Input-Output Accounts for the U.S.Economy, 1992" (November 1997 SURVEY)* describesthe preparation of the 1992 input-output accountsand the concepts and methods underlying the U.S.input-output accounts.
International
Balance of payments accounts (BPA'S)
The Balance of Payments of the United States: Concepts,Data Sources, and Estimating Procedures (1990)* de-scribes the methodologies used in preparing the esti-mates in the BPA'S and of the international investmentposition of the United States. These methodologiesare subject to periodic improvements that are typ-ically introduced as part of the annual revisions ofthe BPA'S.
"U.S. International Transactions, Revised Esti-mates": This series of SURVEY articles, the latest ofwhich was published in the July 1997 issue,* describesthe annual BPA revisions and the improvements inmethodology.
Direct investment
The coverage, concepts, definitions, and classifica-tions used in the benchmark surveys of U.S. directinvestment abroad and of foreign direct investmentin the United States are presented in the publica-tions of the final results of the following benchmarksurveys.
U.S. Direct Investment Abroad: 1989 BenchmarkSurvey, Final Results (1992)*Foreign Direct Investment in the United States: 1992Benchmark Survey, Final Results (1995)*
The types of data on direct investment that are col-lected and published by BEA and the clarifications ofthe differences between the data sets are presented inthe following SURVEY articles.
"A Guide to BEA Statistics on U.S. MultinationalCompanies" (March 1995)*"A Guide to BEA Statistics on Foreign DirectInvestment in the United States" (February 1990)*
Regional
Personal income
State Personal Income, 1929-93 (1995)* includes a de-scription of the methodology used to prepare theestimates of State personal income. [Also available onthe CD-ROM "State Personal Income, 1958-96"]
Local Area Personal Income, 1969-92 (1994)* in-cludes a description of the methodology used toprepare the estimates of local area personal income.[Also available on the CD-ROM "Regional EconomicInformation System, 1969-95"]
Gross state product
"Comprehensive Revision of Gross State Product byIndustry, 1977-94" (June 1997 SURVEY)* summarizesthe sources and methods for BEA'S estimates of grossstate product. 0
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ACCESSING BEA INFORMATIONBEA's ECONOMIC INFORMATION ON THE INTERNET
BEA web site (http://www.bea.doc.gov), access to summary estimates and other information coveringall aspects of BEA's work.
• Latest figures on GDP, personal income, balance of payments,and other national, regional, and international estimates
• Special articles from BEA's monthly SURVEY OF CURRENTBUSINESS, featuring:
presentations of new and improved data setsdescriptions of source data and estimating proceduresdiscussions of statistical research and analysis
• Updates on new developments and an e-mail link to BEA
STAT-USA web site (http://www.stat-usa.gov), a subscriptionservice that offers detailed data files for BEA's national, regional, andinternational accounts, a complete electronic version of BEA's monthly SURVEY OF CURRENTBUSINESS, timely access to BEA news releases, as well as a host of economic statistics from otherFederal agencies.
BEA ESTIMATES ON CD-ROM, ON DISKETTE, AND IN PUBLICATIONS
CD-ROM products• SURVEY OF CURRENT BUSINESS CD-ROMs—All the issues of the SURVEY for 1994, 1995,
1996 and selected articles back to 1987
• Regional Economic Information System (REIS) CD-ROM— Income and employmentestimates for 1969-95 for over 3,100 U.S. counties, 330 metropolitan areas, and 172
BEA economic areas; gross state product estimates for 1977-92 and regionalprojections to 2045
State Personal Income (SPI) CD-ROM—Income and employmentestimates for 1969-95 for all States
Diskette productsDetailed estimates that underlie the national, regional, and
international accounts.
PublicationsIn addition to the SURVEY OF CURRENT BUSINESS, BEA
publishes comprehensive statistical volumes that also includedescriptions of methodology.
For more information on BEA programs and products,contact the Public Information Office of the Bureau of Economic Analysis at (202) 606-9900.
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The SURVEY OF CURRENT BUSINESS provides the broad scopeand the statistical detail to keep you informed, each month,about U.S. economic conditions. The SURVEY is the journal ofrecord for many of the headline-making economic statistics usedby decision-makers worldwide in business and government.Other highlights include:
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• Industry-level GDP
• International Investment Position
• Federal Budget Estimates
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• Industry Input-Output Tables
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BEA't Chain Indexes, Time Series,and Measures of Long-Tcrm Economic Growth
Improved Estirwto of Fixed ReproducibleTangible Wealth, 1929-95
titcR **• acoNOMici «*& st«ri«nc« AMowstiuunaHIAU or ECONOMIC ANAixu*
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Benchmark Input-Output Accounts of the United States, 1987, (1994)Presents summary and detailed make and use tables for industries andcommodities; tables showing commodity- and industry~output-re-quire-ments per dollar of commodity demanded; and tables showingthe input-output (r-o) commodity composition of personal consump-tion expenditures and producers' durable equipment expenditures inthe national income and product accounts. Presents concepts andmethods used in the 1987 benchmark accounts; concordance beween i-oand 1987 Standard Industrial Classification codes; description of thecomponents of the measures of output, intermediate inputs, and valueadded; and mathematical derivation of total requirements tables. (468pages) $29*00, stock no. 003-010-00251-4.
Regional Multipliers: A User Handbook for the Regional Input- Out-put Modeling System (SIMS n), Third Edition, (1997) This handbookdescribes the five types of RIMS n multipliers that are available for nearly500 industries and for any county or for any group of counties. It detailsthe information that the users need in order to effectively use the RIMS nmultipliers to analyze the economic and industrial impact of public andprivate projects and programs on State and local areas. The handbookalso includes case studies that illustrate the uses of the RIMS n multipliersand a description of the methodology that the Bureau of EconomicAnalysis uses to estimate the multipliers. (63 pages) $6.00, stock no, 003-010-00264—6.
State Personal Income, 1929-93. (1995) Presents detailed annual esti-mates for States and regions of personal income for 1929-93, includingestimates of per capita personal income, personal income by majorsource, and earnings by industry. Also presents annual estimates of dis-posable personal income and per capita disposable personal income for1948—93 and quarterly estimates of personal income for 1969—93. Pro-vides information about the sources and methods used to prepare theestimates for 1987-93 and samples of all the detailed tables of personalincome and employment that are available for regions, States, counties,and metropolitan areas, (444 pages) $27.00, stock no. 003-010—00257-3,
Foreign Direct Investment in the United States: 1992 Benchmark Sur-vey, Final Results, (1995) Presents detailed data on the financial struc-ture and operations of U.S. affiliates of foreign direct investors, on theforeign direct investment position in the United States, and on the bal-ance-of-payments transactions between U.S. affiliates and their foreignparent companies in 1992. Includes data for items, such as employmentcovered by collective bargaining agreements and merchandise trade byproduct and country of destination and origin, that are only collected inbenchmark surveys. Benchmark surveys are conducted every 5 yearsand are BEA'S most comprehensive surveys in terms of both the numberof companies covered and the amount of information gathered. Thedata are classified by industry of affiliate and by country of ultimatebeneficial owner, and selected data are classified by State. Provides in-formation about the coverage, the concepts and definitions, and the
classifications used in the survey. (312 pages) $20,00, stock no, 003-010-00259-0,
Foreign Direct Investment in the United States: Operations of U.S,Affiliates of Foreign Companies. (1997) Two publications: One presentsthe revised estimates for 1994, and the other, the preliminary estimatesfor 1995 from BEA'S annual surveys of the financial structure and opera-tions of nonbank U.S. affiliates of foreign direct investors. The esti-mates are presented by industry of the U.S* affiliate and by country ofthe ultimate beneficial owner (UBO) and for selected estimates, by in-dustry of UBO and by State* Preliminary 1995 Estimates (108 pages)$8.50, stock no. 003-010-00268-9; Revised 1994 Estimates (108 pages)$8.50, stock no. 003-010-00267-1.
Foreign Direct Investment m the United States; Establishment Datafor 1992, (1997) This publication, which presents the results of a projectby BEA and the Bureau of the Census, provides the most recently availabledata on the number, employment, payroll, and shipments or sales offoreign-owned U.S, establishments in more than 800 industries at theStandard Industrial Classification four-digit level and by State and bycountry of owner. Presents additional information—such as data onvalue added, employee benefits, hourly wage rates of production work-ers, and expenditures for plant and equipment—for manufacturingestablishments. (364 pages) $28,00, stock no. 003-010-00265-4.
Foreign Direct Investment in the United States: Establishment Datafor Manufacturing, 1991. (1994) A joint effort by BEA and the Bureau ofthe Census. Presents the most recently available data for foreign-ownedU.S. manufacturing establishments (plants) by detailed industry (up to459 industries), by State, and by country of investor. Includes data onthe number of plants, value added, shipments, employment, total em-ployee compensation, employee benefits, the hourly wage rates of pro-duction workers, the cost of materials and energy used, inventories bystage of fabrication, and expenditures for new plant and equipment(220 pages) $14.00, stock no. 003-010-00250—6.
U.S. Direct Investment Abroad: 1994 Benchmark Survey, PreliminaryResults. (1997) Presents preliminary results from the latest benchmarksurvey of the worldwide operations of U.S. multinational companies,Contains detailed 1994 data on the operations of U.S* parent companiesand their foreign affiliates in 103 tables organized by country and byindustry, (140 pages) $14.00, stock no. 003-010-00263-8.
U.S. Direct Investment Abroad: Operations of US, Parent Companiesand Their Foreign Affiliates, Preliminary 1995 Estimates* (1997) Pro-vides revised results for 1995 from BEA'S annual survey of the worldwideoperations of U.S, multinational companies. Contains information onthe financial structure and operations of U.S. parent companies andtheir foreign affiliates. Data are classified by country and industry ofaffiliate and by industry of U,S. parent, (116 pages) $9.00, stock no. 003-010-00270-1.
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Schedule of Upcoming BEA News Releases
SubjectReleaseDate
U.S. International Transactions, 4th quarter 1997 Mar. 12U.S. International Trade in Goods and Services, January 1998 * Mar. 19Gross Domestic Product, 4th quarter 1997 (final) and Corporate Profits, 4th quarter 1997 Mar. 26Personal Income and Outlays, February 1998 Mar. 27
... Apr. 17
... Apr. 27Apr. 30
U.S. International Trade in Goods and Services, February 1998State Personal Income, 4th quarter 1997 and Per Capita Personal Income, 1997 (preliminary).Gross Domestic Product, ist quarter 1998 (advance)
Personal Income and Outlays, March 1998Metropolitan Area Personal Income, 1996U.S. International Trade in Goods and Services, March 1998Gross Domestic Product, ist quarter 1998 (preliminary) and Corporate Profits, ist quarter 1998
(preliminary).Personal Income and Outlays, April 1998
Gross State Product, 1993-96Foreign Investors' Spending to Acquire or Establish U.S. Businesses, 1997U.S. International Trade in Goods and Services, April 1998U.S. International Transactions, ist quarter 1998Gross Domestic Product, ist quarter 1998 (final) and Corporate Profits, ist quarter 1998 (revised).Personal Income and Outlays, May 1998
* 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.
May iMay 4May 20May 28
May 29
June 2June 10June 18June 18June 25June 26
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