SCB_031998

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

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

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 DomesticProductCFebruaryândPersonal Income and Outlays (March 2),


March 1998 SURVEY OF CURRENT BUSINESS

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 •


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.



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



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]


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


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.


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


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


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


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.


March SURVEY OF CURRENT BUSINESS

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



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


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


Level

1997

IV

996.4757.0

53.0707.4244.5

1,154.9988.4

68.6920.1168.0

-158.5


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


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.



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


Level

1997

IV

1,274.7

456.4

311.3274.2

37.1

144.8126.6

17.9

818.3

672.5145.8


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


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.


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.


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.



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



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


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


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


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


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



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


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.


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


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.


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


Administration budget:ReceiptsOutlays

Surplus or deficit (-)

NIPA's:ReceiptsOutlays

Surplus or deficit (-) '

Administration budget lessNIPA's:ReceiptsOutlays

Surplus or deficit (-)


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.


-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


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


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


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


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


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.



($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|



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


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


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



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.



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.



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.


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


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.


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.



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.



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


Construction .Compensation of employeesIndirect business tax and


ManufacturingCompensation of employeesIndirect business tax and


Durable goodsCompensation of

employeesIndirect business tax and


Nondurable goodsCompensation of

employeesIndirect business tax and


Transportation and public utilitiesCompensation of employeesIndirect business tax and


Wholesale tradeCompensation of employeesIndirect business tax and


Retail tradeCompensation of employeesIndirect business tax and


Finance, insurance, and realestateCompensation of employeesIndirect business tax and


ServicesCompensation of employeesIndirect business tax and


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



Table 4.—Chain-Type Price Indexes for Gross Output, Intermediate Inputs, and Gross Product by Industry Group, 1977-96[1992=100]


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.



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


MiningCompensation of employeesIndirect business tax and


ConstructionCompensation of employeesIndirect business tax and


ManufacturingCompensation of employees ...Indirect business tax and

nontax liabilityProperty- type income

Durable goodsCompensation of employeesIndirect business tax and


Nondurable goodsCompensation of employeesIndirect business tax and


Transportation and public utilitiesCompensation of employees ...Indirect business tax and


Wholesale trade . . ..Compensation of employees ...Indirect business tax and


Retail tradeCompensation of employeesIndirect business tax and


Finance, insurance, and realestateCompensation of employees ...Indirect business tax and


ServicesCompensation of employees ...Indirect business tax and


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.


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."


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>.


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)


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


State and local


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.



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.



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.



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,



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-


SURVEY OF CURRENT BUSINESS March 1998 * 33

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.



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



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.



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.



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



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.



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.



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.


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



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.



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.



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").



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).



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").



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."



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.



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.



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.



See footnotes at end of table.



Table 1.—Principal Source Data and Estimating Methods Used in Preparing Estimates of Current-Dollar GDP—Continued






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)


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.



Table 1—Principal Source Data and Estimating Methods Used in Preparing Estimates of Current-Dollar GDP—Continued



Annual estimates: Source data and methods used to deter-mine level for benchmark and other final or used to prepare



extrapolator



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.


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.









extrapolator



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)


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.


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.









extrapolator


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.


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.










extrapolator


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)


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.


Judgmental trend.

Same as annual.

Same as annual.


For electric utilities, same as annualfor most recent year; for all others,judgmental trend.

Judgmental projections by BEA andthe Department of Agriculture.









extrapolator


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)


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.


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.









extrapolator


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.











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)


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.









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)


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.


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.


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.



SURVEY OF CURRENT BUSINESS March 1998 59







extrapolator


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.


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.)










extrapolator


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.



SURVEY OF CURRENT BUSINESS March 1998 6i







extrapolator


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)




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.



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.




Table 2.—Methodology Used in Preparing Estimates of Real GDP—Continued

Component


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




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.


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





Component


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—-



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.


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





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.



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.


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.




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




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.


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.





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.




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.


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.


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.





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.




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


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.


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


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]


Personal consumptionexpenditures

Durable goodsNondurable goodsServices

Gross private domesticinvestment


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 private domesticinvestment


StructuresProducers' durable

equipmentResidential


Net exports of goods andservices

Exports .GoodsServices

Imports . . .GoodsServices


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


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.


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


inventoriesNondurable goods


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


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


Gross domestic productFinal sales of domestic

productChange in business

inventoriesResidual .

GoodsFinal sales . ...Change in business

inventoriesDurable goods


inventories :Nondurable goods


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


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


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


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 ...


General government2


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.



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


Table 1.10.—Relation of Real Gross Domestic Product, Real GrossNational Product, and Real Net National 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


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!()


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


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.


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


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 .


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


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


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


Net interest

Gross domestic productof financial corporatebusiness

Gross domestic productof nonfinancialcorporate business ....


Net domestic productIndirect business tax and

nontax liability plusbusiness transfer paymentsless subsidies .


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


Net interest . . . .

Gross domestic productof nonfinancialcorporate business ' ...

Consumption of fixed capital2 ....Net domestic product3

1996 1997


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


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.



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


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 ôtor 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.




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


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



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



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


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



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


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



Table 3.7.—Government Consumption Expenditures and GrossInvestment by Type


Table 3.8.—Real Government Consumption Expenditures and Real GrossInvestment by Type


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




StructuresEquipment

State and localConsumption expenditures

Durable goods 2


Compensation of generalgovernmentemployees, exceptforce-accountconstruction 3

Consumption of generalgovernment fixedcapital4


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


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


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.



Table 3.10.—National Defense Consumption Expenditures and GrossInvestment


Table 3.11.—Real National Defense Consumption Expenditures and RealGross Investment


National defenseconsumptionexpenditures andgross investment '


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


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


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.



March 1998 SURVEY OF CURRENT BUSINESS National Data D-ll

4. Foreign Transactions.

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


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


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


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


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.


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.


D-12 • National Data SURVEY OF CURRENT BUSINESS March

Table 4.3—Exports and Imports of Goods and Services by Type ofProduct


Table 4.4.—Real Exports and Imports of Goods and Services by Type ofProduct


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




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


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 . .


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


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.


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.



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


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


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




Producers' durableequipmentInformation processing and


peripheral equipment !Other


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


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.



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]


FarmNonfarm

Change in book valueInventory valuation

adjustmentManufacturing


Wholesale tradeDurable goodsNondurable goods

Merchant wholesalers ....Durable goodsNondurable goods

NonmerchantwholesalersDurable goodsNondurable goods

Retail tradeDurable goods

Motor vehicle dealers ....Other

Nondurable goodsOther


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


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


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.



Table 5.12.—Inventories and Domestic Final Sales of Business byIndustry


Table 5.13.—Real Inventories and Real Domestic Final Sales of Businessby Industry


Inventories l

FarmNonfarm




Merchant wholesalersDurable goodsNondurable goods

Nonmerchant wholesalersDurable goodsNondurable goods


Motor vehicle dealersOther


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




Merchant wholesalersDurable goodsNondurable goods

Nonmerchant wholesalersDurable goodsNondurable goods


Motor vehicle dealersOther



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.



6. Income and Employment by Industry.

Table 6.1C.—National Income Without Capital Consumption Adjustmentby Industry


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

National income withoutcapital consumptionadjustment

Domestic industriesPrivate industries

Agriculture, forestry, andfishing

MiningConstruction .


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


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


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.


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).



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


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


Table 7.3.—Quantity and Price Indexes for Gross National Product andCommand-Basis Gross National Product


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


Chain-type quantity indexes


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


Chain-type price indexes


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


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.



Table 7.6.—Chain-Type Quantity and Price Indexes for Private FixedInvestment by Type[Index numbers, 1992=100]

Chain-type quantity indexesPrivate fixed

investmentNonresidential


including farmUtilities .Mining exploration, shafts,






equipmentOther

ResidentialStructures

Single familyMultifamilyOther structures ....


Chain-type price indexesPrivate fixed

investmentNonresidential



and wellsOther structures ..





eau fomentOther

ResidentialStructures

Single familyMultifamilyOther structures


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


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.




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


materials .. ..Durable goods .. ..Nondurable goods


and partsComputers, peripherals, and

partsOther


Consumer goods, exceptautomotive -.. . .Durable goodsNondurable goods


Exports of services l


TravelPassenger fares . .Other transportationRoyalties and license feesOther private servicesOther


Imports of goods 1






partsOther




Imports of services 'Direct defense expenditures ...TravelPassenger fares . . ..Other transportationRoyalties and license feesOther private servicesOtherAddenda:

Exports of agriculturalgoods -


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 !


materialsDurable goodsNondurable goods



partsOther


Consumer goods, exceptautomotiveDurable goods . . .Nondurable goods


Exports of services !


TravelPassenger faresOther transportationRoyalties and license feesOther private servicesOther


Imports of goods 'Foods, feeds, and beveragesIndustrial supplies and





partsOther




Imports of services 'Direct defense expenditures ...TravelPassenger faresOther transportation

I Royalties and license feesOther private servicesOther ..Addenda:

Exports of agriculturalgoods2


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.



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


Compensation ofgeneral governmentemployees, exceptforce-accountconstruction3



StructuresEquipment


Durable goods 2

Nondurable goodsCommodity Credit

Corporationinventory change


Compensation ofgeneral governmentemployees, exceptforce-accountconstruction3



StructuresEquipment


Durable goods2 . .Nondurable goodsServices

Compensation of generalgovernmentemployees, exceptforce-accountconstruction3

Consumption of generalgovernment fixedcapital 4


StructuresEquipment


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


Government consumptionexpenditures and grossinvestment1

FederalNational defense

Consumption expendituresDurable goods2





StructuresEquipment


Durable goods ~Nondurable goods . .

Commodity CreditCorporationinventory change ..





StructuresEquipment


Durable goods 2


Compensation of generalgovernmentemployees, exceptforce-accountconstruction3

Consumption of generalgovernment fixedcapital4


StructuresEquipment


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.



Table 7.14.—Chain-Type Quantity and Price indexes for Gross DomesticProduct by Sector


Table 7.16.—Implicit Price Deflators for Inventories of Business byIndustry


Chain-type quantity indexes

Gross domesticproduct

Business '

Nonfarm !

Nonfarm less housingHousing

Farm

Households and institutions ...

Private householdsNonprofit institutions ..

General government2




Business ^

Nonfarm1

Nonfarm less housing

Households and institutions ...


General government2 ..


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


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 *


Net domestic product

Indirect business tax andnontax liability plusbusiness transfer paymentsless subsidies


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.



Table 7.17.—Chain-Type Quantity Indexes for Gross Domestic Productby Major Type of Product


Table 7.18.—Chain-Type Quantity Indexes for Auto Output[Index numbers, 1992=100]


Final sales of domesticproduct


Goods


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.



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


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


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.



Table 8.2.—Contributions to Percent Change in Real Gross DomesticProduct

Percent change at annual rate:


Percentage points at annual rates:



Gross private domestic investment ...


StructuresProducers' durable equipment

ResidentialChange in business inventories

Net exports of goods and services ...

ExportsGoods . .Services

ImportsGoodsServices


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


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 nationalproduct

Personal incomeDisposable personal

incomePersonal

consumptionexpendituresDurable goods ....Nondurable

goodsServices

Chained (1992)dollars:



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


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



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


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


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


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


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


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.



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.



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


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


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.



Table B.4.—Personal Consumption Expenditures by Type of Expenditure


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


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


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.



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


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


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


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.



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


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.



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


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«


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


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




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).



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


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


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 . .


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 ....




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).



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


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


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


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.


CCAdj Capital consumption adjustmentIVA Inventory valuation adjustment



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.



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



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


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


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


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



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



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


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


Chain-type price index


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


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



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


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



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



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


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



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


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



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




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


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



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


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



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



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


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


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


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


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



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


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



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


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




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


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



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


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



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.



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



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.



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


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.



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



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




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


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-


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




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%




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




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



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




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


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.


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


Income receipts on U S assets abroadDirect investment receipts . . .Other private receiptsU S Government receipts

Imports of goods, services, and income


Services3 ..Direct defense expenditures

TravelPassenger fares . ....Other transportation




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.


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


Exports of goods, services and income


Services3 ..Transfers under U.S. military agency sales contracts4

Travel ';.Passenger faresOther transportation


Other private services 5


Income receipts on U S assets abroadDirect investment receiptsOther private receiptsU S Government receipts

Imports of goods, services and income


Services 3

Direct defense expenditures .

Travel ..Passenger faresOther transportation



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 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



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.




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


Exports of goods, services, and income

Goods, adjusted, excluding military2

Services3

Transfers under U S military agency sales contracts4


Royalties and license fees5



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


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


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


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



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).




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


Exports of goods services and income


Services 3

Transfers under U S military agency sales contracts4



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


Services3 .Direct defense expenditures

TravelPassenger fares . . . . . .Other transportation



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. 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


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


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.



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'



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.



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.



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)


By countryCanada

EuropeOf which:

FranceGermanyItalyNetherlandsSwitzerlandUnited Kingdom


BrazilMexico

Africa

Middle East


AustraliaJapan

International


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.



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]


By countryCanada

EuropeOf which:

FranceGermanyNetherlandsUnited Kingdom


Brazil . .Mexico

Africa

Middle East


AustraliaJapan


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.



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


Brazil . . .Mexico

Africa

Middle East


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.



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


CanadaFranceGermanyItaly, yJapan . .MexicoUnited Kingdom


1996 19971997

Nov. Dec.

1998


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




Table H.1.-international Perspectives—Continued

CanadaFranceGermanyItalyJapanMexicoUnited Kingdom


Canada . . . .FranceGermanyItaly ...JapanMexicoUnited Kingdom


Canada ... .FranceGermanyItalyJapanMexicoUnited Kingdom


1996 19971997

Nov. Dec.

1998


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.



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



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.


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 .


Southeast .. .AlabamaArkansasFloridaGeorgiaKentucky .LouisianaMississippiNorth CarolinaSouth CarolinaTennesseeVirginiaWest Virginia

Southwest . ... . . . .ArizonaNew MexicoOklahomaTexas


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- û^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.



Table J.3.—Per Capita Personal Income and Per Capita Disposable Personal Income for States and Regions, 1994-96

Area name

United States



Great LakesIllinoisIndianaMichiganOhioWisconsin



SouthwestArizonaNew MexicoOklahomaTexas


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.



Table J.4.—Gross State Product for States and Regions by Industry, 1994[Millions of dollars]

State and region

United States



Great Lakes .IllinoisIndianaMichigan .OhioWisconsin



SouthwestArizonaNew MexicoOklahomaTexas


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



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




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


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


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.


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



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»«j22ôu 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 '- ^^rôK, ' - - 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 -•



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.


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


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)


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


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).


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>.


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


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.


Need to understand the latest GDP figures?Get details on international trade?

Find top States in personal income growth?

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:

• National Income and Product Accounts

• Industry-level GDP

• International Investment Position

• Federal Budget Estimates

• Gross State Product

• Balance of Payments

• Industry Input-Output Tables

• Local Area Personal Income

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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

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"BEA Current and Historical Data"— a statistical section highlighting BEA's national, regional, andinternational estimates — includes tables and charts ideally suited for use by economic analysts andforecasters.To keep up with the rapidly changing U.S. economy, subscribe to the SURVEY OF CURRENT BUSINESS today.

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BEA INFORMATION

The economic information prepared by the Bureau of Economic Analysis (BEA) isavailable in news releases, in publications, on computer diskettes, on CD-ROM'S, and onthe Internet. For a description of these products in the free User's Guide to BEAInformation* write to the Public Information Office, BE-53, Bureau of EconomicAnalysis, U.S. Department of Commerce* Washington* DC 20230, or call (202) 606-9900. The User's Guide and other information are also available on BEA'S home page athttf>://www,bea,docgov»

In addition, the following publications are available from the Superintendent ofDocuments of the Government Printing Office (GPO). To order, write to Super-intendent of Documents, P.O. Box 371954, Pittsburgh, PA 15250-7954, call (202) 512-1800or fax (202) 512-2250. Pay by check to the Superintendent of Documents or charge to aGPO deposit account, to VISA, or to MasterCard.

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
