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Page 1: SCB_031985

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Page 2: SCB_031985

MARCH 1985 / VOLUME 65 NUMBER

OF

CONTENTS

The Business Situation 1

National Income and Product Accounts Tables 6

Reconciliation and Other Special Tables 17

Pollution Abatement and Control Expenditures, 1980-83 18

Capital Expenditures by Majority-OwnedForeign Affiliates of U,S. Companies, 1985 23

U*S. International Transactions,Fourth Quarter and Year 1984 29

An Introduction to National Economic Accounting 59

Constant-Dollar Inventories, Sales, and Inventory-SalesRatios for Manufacturing and Trade 75

CURRENT BUSINESS STATISTICSGeneral SI

Industry S19Footnotes S33

Subject Index (Inside Back Cover)

; of CommerceMalcolm Baldrige / SecretarySidney L. Jone^ / Urider Secretary

for Economic Affairs

'Bureau of Economic Analysis

Allan H. Young / Acting Director

Carol S, Carson / Editor-in-Chief,Survey of Current BusinessManuscript Editor: Dannelet A. GrosvenorManaging Editor: Leland L. Scott

Staff Contributors to This Issue: Lorna M, Aldrich,Christopher L, Bach, Leo M, Bernstein, David T. Dobbs,Environmental Economics Division, Thomas M. HoLloway,Ralph Kozlow, John Mon, Kenneth A, Petriek, Helen StoneTice, Allan H. Young

SURVEY OF CURRENT BUSINESS, Published monthly by the Bureauof Economic Analysis of the U.S. Department of Commerce, Editori-al correspondence should be addressed to the Editor-in-Chief,Survey of Current Business, Bureau of Economic Analysis, U.S.Department of Commerce, Washington, DC 20230,

Annual subscription: second-class mail—$30,00 domestic; $37.50foreign. Single copy: $4.75 domestic; $5.95 foreign.

First-class mail rates and foreign air mail rates available uponrequest.

Mail subscription orders and address changes to the Superintendentof Documents, U.S. Government Printing Office, Washington, DC20402. Make checks payable to Superintendent of Documents.

Second-class postage paid at Washington, DC and at additionalmailing offices. (USPS 337-790).

The Secretary of Commerce has determined that the publication of this periodical is necessary in the transaction of the public business required by law of this Department. Use of funds for printingthis periodical has been approved by the Director of the Office of Management and Budget through April 1,1985.

U.S. DEPARTMENT OF COMMEAtE'DISTRICT OFFICES

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Af^ littk Hock320 W. Cafwio! Aw, 370*5794

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€ A, Savannah 3141212549 Bull Si, 944-4204

ttl, H«nobi« 96850300 Ala Moana Blvd/ 546-B694

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€A,> JU* AngelesU777 San Vkem? Blvd. $24*759!

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: kV; Louisville • '40202;U,S; P.O. & Courthouse BWg,

: ' tA,,N«i«' Orleans 70130432 International Trade Mart

. :i«A;;Bosi<wi 02116"" - ..C441,' Stuart St. 223*2312

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„ 231',W. ,

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J^Y, Buffalo 14202111 W. Huron St. 846-4191

aJ Pfaasa 264-0634

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ITF, Salt Lake City 841013SOS. Main Si, S24-5116

VA, Kichmonii 23240400 K 8th Si, 771-2246

WA, Seoul* 981091700 W«K : 706 442^16

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Page 3: SCB_031985

the BUSINESS SITUATION

ACCORDING to the "flash" esti-mates, real GNP increased at anannual rate of 2 percent in the firstquarter of 1985, compared with 4x/2percent in the fourth quarter of 1984.The GNP fixed-weighted price indexincreased at an annual rate of 4 per-cent, up from 3l/2 percent in thefourth quarter (table I).1

The "flash" estimate of real GNPincludes another large change in netexports—a decline, following an in-crease of $13V2 billion in the fourthquarter. Based on merchandise tradedata for only 1 month of the quarter,imports swung to a large increase,and exports again declined slightly.2Accordingly, gross domestic pur-chases, which includes imports but ex-cludes exports, increased more in the

1. Quarterly estimates in the national income andproduct accounts are expressed at seasonally adjustedannual rates, and quarterly changes in them are dif-ferences between these rates. Quarter-to-quarter per-cent changes are compounded to annual rates. Real,or constant-dollar, estimates are expressed in 1972 dol-lars.

The procedures used to prepare the "flash" esti-mates—that is, estimates prepared 15 days before theend of the quarter—are the same as those used to pre-pare the estimates released after the end of the quar-ter. However, the source data that are available arelimited to only 1 or 2 months of the quarter and, inmost cases, are preliminary. The major source datathat are available are: For personal consumption ex-penditures (PCE), January and February retail sales,unit sales of new autos through the first 10 days ofMarch, and sales of new trucks for January and Feb-ruary; for nonresidential fixed investment, the samedata for autos and trucks as for PCE, January con-struction put in place, and January manufacturers'shipments of equipment; for residential investment,January construction put in place, and January hous-ing starts; for change in business inventories, Januarybook values for manufacturing and trade, and unitauto inventories for January and February; for net ex-ports of goods and services, January merchandisetrade; for government purchases of goods and services,Federal unified budget outlays for January, State andlocal construction put in place for January, and Stateand local employment for January and February; andfor GNP prices, the Consumer Price Index for Janu-ary, and the Producer Price Index for January andFebruary.

2. See the "Business Situation" in the January 1985SURVEY OF CURRENT BUSINESS for a discussion of howimports are treated in estimating GNP and, according-ly, why care must be taken in relating changes in im-ports to changes in GNP.

first quarter than did GNP. As ex-plained in table 2, gross domestic pur-chases is a measure of U.S. demandfor goods and services—wherever pro-duced—by persons, investors, and gov-ernment, and GNP is a measure ofU.S. production. Except in the fourthquarter, U.S. demand recently has in-creased more than has U.S. produc-tion. Over the year from the firstquarter of 1984, U.S. demand in-creased about 4V2 percent and U.S.production increased 31/2 percent. Thecorresponding final sales measuresalso show a difference of 1 percentagepoint. Final sales to domestic purchas-ers increased about 5l/z percent overthe last year, and final sales of GNPincreased about 4% percent.

The first-quarter increase in U.S.demand was largely accounted for bypersonal consumption expenditures(PCE). Changes in fixed investment,government purchases, and inventoryinvestment were small to moderate,and partly offsetting. U.S. demandhad increased much less—only 1 per-cent—in the fourth quarter, as a

Table 1.—GNP and GNP Prices

[Levels at seasonally adjusted annual rates; percent changes atannual rates]

Current-dollar GNP (bil-lions of dollars):LevelPercent change from pre-

ceding quarterReal GNP (billions of 1972

dollars):LevelPercent change from pre-

ceding quarterGNP fixed-weighted price

index (index, 1972 = 100):LevelPercent change from pre-

ceding quarterGNP implicit price deflator

(index, 1972=100):LevelPercent change from pre-

ceding quarter

II

36447

10.7

1,638.8

7.1

232.8

43

22240

33

1984

III

36946

5.6

1,645.2

1.6

235.1

40

22457

39

IV

37587

7.1

1,662.4

4.3

237.2

36

226 10

28

1985

I*

38282

7.6

1,671.2

2.1

239.6

4 1

22907

54

r Re vised.* Flash.

sharp decline in inventory investmentalmost offset increases in the othercomponents.

First-quarter developments in thecomponents of real GNP, in GNPprices, and in personal income aresketched below on the basis of dataavailable as of mid-March.

Looking Ahead ...• NIPA Methodology. A series of special papers documenting the con-

cepts, sources, and methods of the national income and product accountsis being prepared. As these papers are completed, they will be madeavailable. The first of these, "An Introduction to National Economic Ac-counting/' appears as an article in this issue of the SURVEY. The second,on corporate profits, will be ready in May. For information about how toobtain a copy of this paper, contact the Public Information Office, Bureauof Economic Analysis, U.S. Department of Commerce, Washington, DC20230 (202-523-0777); order information will also appear in the AprilSURVEY.

• Capital Stocks by Industry. Estimates of fixed private capital stocksby detailed industry for 1947-81 will be available soon. The estimates andmethodology will be presented in an upcoming issue of the SURVEY.

• NIPA Revisions. A comprehensive revision of the NIPA's is scheduledfor completion in December 1985. The revision of the estimates for 1982-84 that would customarily be published this July will be combined withthe December revision. For more information, see page 5.

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Page 4: SCB_031985

SURVEY OF CURRENT BUSINESS March 1985

Table 2.—Real Measures of Production and Final Sales: Change From Preceding Quarter

Item

Gross national product

Less: Change in business inventories

Equals: Final sales of GNP .

Less: Exports .

Equals: Domestic sales of domestically produced goods andservices.

Plus: Imports

Equals: Final sales to domestic purchasersPersonal consumption expendituresGross private domestic fixed investmentGovernment purchases

Plus: Change in business inventories

Equals: Gross domestic purchases

Explanation

U.S. production *

Worldwide final sales of U.S. production

Foreign sales of U.S. production

Final sales in the United States of U S production

Sales in the United States of foreign production

Final sales in the United States of worldwide production

Final sales and inventory investment in the United Statesof worldwide production.

Billions of 1972 dollars atseasonally adjusted annual rates

1984

I

38.2

24.4

13.9

3.9

100

14.1

24.211.711.7

.7

24 4

48.5

II

27.9

113

39.2

2

394

3.0

42.320.19.8

12.6

11 3

31.0

III

6.4

10.3

3 9

2.7

66

18.2

11.71.75.94.0

10 3

22.0

IV

17.2

138

31.0

-.3

313

13 9

17.49.53.54.4

13 8

3.6

1985

I*

8.8

Percent change at annual rate

1984

I

10.1

3.6

11.4

2.8

47.1

6.34.6

20.81.0

12.9

II

7.1

10.3

5

11.4

8.0

11.17.9

16.218.6

7.9

III

1.6

-1.0

7.5

-1.8

55.5

2.9.7

9.35.4

5.4

IV

4.3

7.9

-.7

8.8

-28.3

4.33.65.35.9

.9

1985

I*

2.1

* Flash.1. Goods and services produced by labor and property supplied by U.S. residents.NOTE.—Percent changes in major aggregates are found in the National Income and Product Accounts Tables, table 8.1. Dollar levels are found in tables 1.2 and 1.4.

• PCE increased more than the 3l/zpercent registered in the fourth quar-ter. Although durable goods increasedless than in the fourth quarter, non-durable goods swung from a small de-cline to a sizable increase, and serv-ices increased slightly more than inthe fourth quarter. In durables, motorvehicles—largely due to trucks—wereup more than in the fourth quarter,but furniture and equipment were upsubstantially less than in that quar-ter. In nondurables, the swing waslargely due to an increase in food fol-lowing a decline in the fourth quar-ter; swings in energy—gasoline aswell as fuel oil and coal—also contrib-uted. In services, electricity and gasincreased after a slight decline in thefourth quarter, reflecting the effectsof unseasonable weather on heatingexpenditures. In the fourth quarter,the weather was mild in the Easternpart of the country; in the early partof the first quarter, severe cold waswidespread.

• Nonresidential fixed investmentwas flat after an SVk-percent increasein the fourth quarter. Structures in-creased, although slightly less thanthe 17-percent increase in the fourthquarter. This pattern largely reflectedthat of commercial structures; othertypes of structures have registeredsmaller, and partly offsetting,changes in recent quarters. A declinein producers' durable equipment wasmore than accounted for by equip-ment other than motor vehicles. A de-cline in equipment other than motorvehicles—the first in over 2 years-

was largely due to a sharp drop incomputers.

• Residential investment was un-changed following two consecutivequarters of decline. Construction ofmultifamily housing, which had heldup earlier, slipped in the first quarter.Single-family housing stabilized, re-flecting the lagged effect of the de-cline in mortgage rates since lastJuly. The "other'' component (largelyadditions and alterations, mobilehomes, and commissions on housesales) again changed little.

• Business inventories appear tohave accumulated at a moderatelyfaster rate than in the fourth quarter.Motor vehicle inventories—the onlypart of inventories based on morethan 1 month of source data for thefirst quarter—registered another sub-stantial increase, as automakers con-tinued to build inventories from a lowlevel at the beginning of the 1985model year. Only fragmentary infor-mation is available about farm inven-tories; it appears that accumulationcontinued in the first quarter. Non-farm inventories other than motor ve-hicles appear to have increased some-what more than the $5V2 billion regis-tered in the fourth quarter. It islikely that the ratio of total businessinventories to total final sales movedup in the first quarter, but remainedin the 3.01-3.09 range within which ithas fluctuated for the past 2 years.

• Net exports, as mentioned earli-er, appear to have declined substan-tially. Imports registered a large in-crease, and exports registered another

slight decline. In merchandise im-ports, which more than accounted forthe increase, most nonpetroleum end-use commodity categories increasedafter declining in the fourth quarter;petroleum imports declined. Invest-ment income payments appear tohave declined again, partly reflectinglower interest rates on portfolio in-vestment. In exports, a decline in in-vestment income receipts more thanoffset in increase in merchandisetrade.

• Government purchases increasedless than the 6 percent registered inthe fourth quarter. The slowing wasin Federal purchases, both defenseand nondefense. Defense purchases,which tend to be erratic, had in-creased 17V2 percent in the fourthquarter; a much smaller increase inthe first reflected smaller increases inpurchases of durable goods and serv-ices. Nondefense purchases showedlittle change across the several cate-gories of purchases, including those ofthe Commodity Credit Corporation.State and local purchases increasedslightly, reflecting slight increases inthe several categories, except struc-tures. In the fourth quarter, a declinein structures had offset slight in-creases in the other categories.

• The GNP fixed-weighted priceindex increased 4 percent, up from3V2 percent in the fourth quarter,, Thefirst-quarter increase was boosted 0.5percentage point by a Federal payraise in January, which is reflected inthe prices of employee services pur-chased by the Federal Government.

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Page 5: SCB_031985

March 1985

Thus, other GNP prices in total in-creased about as much as in thefourth quarter. Among them, prices offixed investment—especially residen-tial—accelerated slightly; PCEprices—largely due to energy prices,which declined—decelerated slightly.

• Personal income increased about$47% billion, only slightly less thanthe $49 billion registered in thefourth quarter. A number of specialfactors contributed to substantiallydifferent movements in several com-ponents in the two quarters. Withoutthese special factors, personal incomewould have increased $40 Vk billion,compared with $52 billion in thefourth quarter.

Wages and salaries in governmentand government enterprises in thefirst quarter included the Federal payraise, which added $3 billion, and aretroactive payment and pay raise forPostal Service employees, whichadded $1% billion. Farm proprietors'income included a small decline insubsidies after a $5 billion increase inthe fourth quarter. Among transferpayments, military retirement pay in-cluded a $5V2 billion increase, follow-ing a decline in the fourth quarter ofthe same amount, because the DeficitReduction Act of 1984 shifted the pay-ment of benefits scheduled for Decem-ber 31, 1984 to January 1, 1985. Theimpact on transfer payments of thisshift was partly offset by a decline inretroactive Social Security benefitpayments of $2 ¥2 billion, following anincrease of the same amount in thefourth quarter. These payments resultlargely from the recalculation of theearnings base underlying benefits forretirees whose post-retirement workraises the base. Finally, cost-of-livingadjustments added a total of $8V2 bil-lion to benefit payments under SocialSecurity and several other retirementand income-support programs. Achange in the Social Security wagebase and tax rate added $8l/2 billionto the increase in contributions forsocial insurance, which are deductedin deriving personal income.

With the exception of personal in-terest income, other components ofpersonal income increased roughly asmuch as they had in the fourth quar-ter. Personal interest income againdecelerated, reflecting the widespreaddecline in interest rates. The first-quarter increase was less than the$6V2 billion increase in the fourth

SURVEY OF CURRENT BUSINESS

quarter, which, in turn, was downfrom increases that had exceeded $20billion in the second and third quar-ters.

Beginning in the first quarter, per-sonal taxes reflected the indexing ofFederal income taxes under the Eco-nomic Recovery Tax Act of 1981. In-dexing lowered personal taxes $7 bil-lion, so—despite a slightly larger in-crease in the tax base than in thefourth quarter—they increased lessthan in the fourth quarter. Thus, theincrease in disposable personalincome was about the same in bothquarters. In real terms, however, theincrease was less than the 3V2 percentregistered in the fourth quarter, be-cause prices—as measured by the im-plicit price deflator for PCE—in-creased more. The first-quarter in-crease in personal outlays—in whichPCE predominates—was large. Ac-cordingly, after a small decline in thefourth quarter, personal savingdropped sharply in the first. The

saving rate, which had been 6.2 per-cent in the fourth quarter, fell severaltenths of a percentage point.

The Fourth Quarter: CorporateProfits and the Government

SectorPreliminary estimates of corporate

profits for the fourth quarter of 1984have been completed. Their compila-tion makes it possible to estimate cor-porate profits tax accruals for thefourth quarter, rounding out the esti-mates of receipts and expenditures ofthe government sector.

The 75-day revisions of the nationalincome and product accounts for thefourth quarter are shown in table 3.

Corporate profits

Profits from current production—profits with inventory valuation ad-justment (IVA) and capital consump-tion adjustment (CCAdj)—increased

Table 3.—Revisions in Selected Component Series of the NIPA's, Fourth Quarter of 1984

GNP

Personal consumption expendituresNonresidential fixed investmentResidential investmentChange in business inventories

Government purchases .. ..

National income

Corporate profits with inventory valuation and capital consumptionadjustments

Other

GNP

Personal consumption expendituresNonresidential fixed investmentResidential investmentChange in business inventories

Government purchases . . .

GNP implicit price deflatorGNP fixed-weighted price index .. ..GNP chain price index

Seasonally adjusted at annualrates

45-dayestimate

75-dayestimate Revision

Billions of current dollars

3,764.2

2,397.2445.9153.1

35.3.-49.2

781.7

2,227.5

519.5

3,098.9

3,758.7

2,396.5447.7153.5

36.6-56.0780.5

3,038.3

2,228.1

293.5516.6

3,096.2

-5.5

-.91.8

.41.3

-6.8-1.2

.6

-2.9

-2.7

Billions of constant (1972)dollars

1,664.8

1,075.4212.7

59.316.8102

310.8

1,662.4

1,075.4213.8

59.216.8134

310.5

-2.4

01.1-.1032-.3

Index numbers, 1972 = 100!

226.10237.1

226.10237.2

0.1

Percent change frompreceding quarter at

annual rates

45-dayestimate

75-dayestimate

7.8

6.29.8

-5.7

11.3

6.7

7.5

7.0

4.9

3.66.3

-5.3

6.3

7.1

6.111.5

-4.7

10.7

7.3

6.8

16.05.1

6.6

4.3

3.68.5

-5.5

5.9

2.83.43.4

2.83.63.6

1. Not at annual rates.NOTE.—For the fourth quarter of 1984, the following revised or additional major source data became available: For personal

consumption expenditures, revised retail sales for December, consumer share of new car purchases for December, and consumptionof electricity for December; for nonresidential fixed investment, revised manufacturers' shipments of equipment for December,revised construction put in place for December, and business share of new car purchases for December; for residential investment,revised construction put in place for December; for change in business inventories, revised book values for manufacturing andtrade for December; for net exports of goods and services, revised merchandise trade and revised service receipts for the quarter;for government purchases of goods and services, revised construction put in place for December; for wages and salaries, revisedemployment, average hourly earnings, and average weekly hours for December; for net interest, financial assests held byhouseholds for the quarter, and revised net interest received from abroad for the quarter; for corporate profits, preliminarydomestic book profits for the quarter, and revised profits from the rest of the world for the quarter; and for GNP prices, revisedresidential housing prices for the quarter.

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SURVEY OF CURRENT BUSINESS March 1985

$10% billion, to $293 V* billion, in thefourth quarter, following an $8 billiondecline in the third. Domestic profitsof financial corporations were un-changed in the fourth quarter; thoseof nonfinancial corporations were up$14 billion; and those from the rest ofthe world were down $3% billion.

Real gross product of domestic non-financial corporations had remainedunchanged in the third quarter andincreased 5 % percent in the fourth.The larger product and increasedprofits per unit of product togetherboosted total profits of nonfinancialcorporations in the fourth quarter.Unit prices received by corporationsand unit costs paid by them both in-creased, but prices increased more.Labor and nonlabor costs increased atabout the same rate.

Adjustment and disposition of prof-its before tax.—Profits before tax—profits without IVA and CCAdj—in-creased $6 billion, to $230 Ma billion,following a $21% billion decline. TheIVA and CCAdj convert inventoriesand depreciation reported by businessfor tax purposes to those used in thenational income and product accounts(NIPA's). The CCAdj was up $6 bil-lion, to $64% billion, in the fourthquarter, matching the third-quarterincrease and somewhat above the in-creases in the first two quarters. Thesteady increases reflect mainly theeffect of shorter service lives for de-preciation of capital permitted by theEconomic Recovery Tax Act of 1981(ERTA). The effects of ERTA havebecome more pronounced as propor-tionately more investments havebecome eligible for shorter servicelives. The CCAdj accounted for about20 percent of profits from current pro-duction in the third and fourth quar-ters.

In the fourth quarter, the IVA de-clined $1% billion. In the third quar-ter, it had increased $7 billion. Thefourth-quarter IVA reflects relativestability of inventory prices duringthe quarter.

Corporate profits tax liability in-creased $5 billion in the fourth quar-ter, to $88% billion, following a $12%billion decline. The fluctuation in taxliability reflects that in profits beforetax. Dividends increased $2 billion, to$83 billion, matching the previous in-crease. Undistributed profits declined$1 billion, to $59 billion, following a$10 billion decline.

Profits by industry.—Profits withIVA but without CCAdj—the variantof profits available by industry—in-creased $4% billion in the fourthquarter, to $229 billion, following a$14 billion decline.

Domestic profits of financial corpo-rations were unchanged, at $26% bil-lion, following a $2% billion decline.Domestic profits of nonfinancial cor-porations increased $8 billion, to$181% billion, following a $15 billiondecline. Manufacturing and trade ac-counted for most of the increase.Widespread increases in durablegoods manufacturing more than offseta decline in nondurable goods manu-facturing—largely in petroleum andfood. Both wholesale and retail tradeprofits were up.

Government sector

The fiscal position of the govern-ment sector in the national incomeand product accounts deteriorated inthe fourth quarter; the combined defi-cit of the Federal Government and ofthe State and local governments in-creased $8% billion to $141% billion.A $16% billion increase in the Feder-al deficit was partly offset by an $8billion increase in the State and localgovernment surplus. However, for theyear 1984, the fiscal position of thegovernment sector improved; the com-bined deficit, at $122% billion, was$12 billion lower than in 1983. Thisimprovement was largely accountedfor by an increase in the State andlocal government surplus.

The Federal sector.—The FederalGovernment deficit increased $16%billion in the fourth quarter to $197%billion, as expenditures increasedmore than receipts. For the year 1984,the deficit was $175% billion, down $3billion from 1983.

Receipts increased $16 billion, com-pared with $2 billion in the thirdquarter; the acceleration was account-ed for by corporate profits tax accru-als, which increased $4% billion fol-lowing a $10% billion decline in thethird quarter. Personal tax andnontax receipts increased $8% billion,contributions for social insurance in-creased $4 billion, and indirect busi-ness tax and nontax accruals wereunchanged.

Expenditures increased $33 billion,compared with $19 billion in the third

quarter; the acceleration was largelyaccounted for by national defense pur-chases of goods and services, whichincreased $11% billion following a $%billion decline in the third quarter.The acceleration in defense purchaseswas attributable to a strong reboundin the delivery of military equipment,which declined sharply in the thirdquarter. Third-quarter deliveries weredepressed by several factors; a majorone was the postponement of deliv-eries while quality control problemswere resolved. The fourth-quarter re-bound also reflected the delivery ofthe first Bl bomber (over $2 billion atan annual rate). Transfer payments toforeigners increased $5% billion asthe result of a large payment toIsrael. Grants-in-aid to State and localgovernments increased $5 billion andincluded increases in medicaid, high-ways, and education. Net interestpaid and subsidies less the currentsurplus of government enterprises in-creased $4% billion each; the latterwas largely for subsidies to farmers.All other expenditures increased $2%billion.

Cyclically adjusted Federalbudget.—When measured using cycli-cal adjustments based on middle-ex-pansion trend GNP, the Federal fiscalposition moved from a deficit of $180billion in the third quarter to a deficitof $202 billion in the fourth (see table3 on page 17). The cyclically adjusteddeficit as a percentage of middle-ex-pansion trend GNP increased from4.9 percent in the third quarter to 5.4percent in the fourth—a move towarda more expansionary fiscal position.

The State and local sector.—TheState and local government surplusincreased $8 billion, to $56 billion, asreceipts increased more than expendi-tures. Most of the increase—$6% bil-lion—was in the surplus of "other"funds, that is, other than social insur-ance, funds. For the year 1984, thesurplus was $53 billion, up $9 billionfrom 1983. Of that increase, $5 billionwas in the social insurance fund sur-plus and $4 billion was in the otherfunds surplus.

Receipts increased $15 billion, com-pared with $4 billion in the thirdquarter. The acceleration was largelyaccounted for by Federal grants-in-aidand by corporate profits tax accruals.Federal grants, as mentioned, in-creased $5 billion; corporate profitstaxes increased $1 billion, following a

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March 1985 SURVEY OF CURRENT BUSINESS

$2l/2 billion decline in the third quar-ter. Indirect business tax and nontaxaccruals increased $6 billion, of which$3 billion was in sales taxes. Personaltax and nontax receipts increased$2V2 billion, and contributions forsocial insurance increased $1 billion.

Expenditures increased $7 billion,compared with $11 billion in the thirdquarter; this deceleration was ac-counted for by a substantial slowdownin purchases of goods and services.Purchases increased $6 billion in thefourth quarter, compard with $11 Vk

billion in the third quarter. This dece-laration was largely attributable tothe purchase of structures, which de-clined $1V2 billion, following a $3 bil-lion increase; highways accounted forthe shift. All other expenditures in-creased $1 billion in the fourth quarter.

Comprehensive Revision ofthe National Income

and Product Accounts

A comprehensive revision of the na-tional income and product accounts isunderway. It will incorporate benchmarkdata, such as the 1977 economic censuses;improved adjustments for misreportingof tax return information; and informa-tion from a variety of other sources. Allseries in the accounts will be revisedback to 1973, and some will be revisedfor earlier years. Preliminary estimatesfor 1977 appeared in the May 1984SURVEY OF CURRENT BUSINESS and theimproved adjustments for misreportingof tax return information were describedin the June 1984 SURVEY. The currentschedule calls for completing the revisionin December 1985.

The revision of the estimates for 1982-84 that would customarily be publishedthis July will be combined with the De-cember revision. However, selected na-tional income and product account tableswith detailed annual estimates for 1984(on an unrevised basis) will appear in theJuly 1985 SURVEY.

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SURVEY OF CURRENT BUSINESS

National Income and Product Accounts Tables

March 1985

New estimates in this issue: Fourth quarter and annual 1984, revised.The abbreviations used in the tables are: CCAdj

IVANIPA's

Capital consumption adjustmentInventory valuation adjustmentNational income and product accountsPreliminaryRevised

The NIPA estimates for 1929-76 are in The National Income and Product Accounts of the United States, 1929-76: Statistical Tables (StockNo. 003-010-00101-1, price $10.00). Estimates for 1977-79 and corrections for earlier years are in the July 1982 SURVEY; estimates for 1980 andcorrections for earlier years are in the July 1983 SURVEY; estimates for 1981-83 and corrections for earlier years are in the July 1984 SURVEY.Summary NIPA Series, 1952-83, are in the August 1984 SURVEY. These publications are available from the Superintendent of Documents andCommerce Department District Offices; see addresses inside front cover.

Table 1.1-1.2.—Gross National Product in Current and Constant Dollars

Gross national product

Personal consumption expenditures

Durable goods

Services

Gross private domestic investment

Fixed investment

StructuresProducers' durable equipment

ResidentialNonfarm structuresFarm structuresProducers' durable equipment

Change in business inventories

Farm

Exports

Government purchases of goods and services

FederalNational defenseNondefense

State and local

Billions of dollars

1983

3,304.8

2,155.9

• 279.8801.7

1,074.4

471.6

485.1325.9129.7223.2132.2127.6

1.03.6

-13.5-3.1

-10.4

-8.3

336.2344.4

685.5

269.7200.5

69.3415.8

1984 r

3,662.8

2,341.8

318.8856.9

1,166.1

637.8

579.6425.7150.4275.3153.9148.8

1.14.0

58.249.68.6

-64.2

364.3428.5

747.4

295.4221.5

73.9452.0

Seasonally adjusted at annual rates

1983

III

3,346.6

2,181.4

284.1811.7

1,085.7

491.9

496.2353.9126.2227.8142.3137.7

.93.7

-4.311.6

-15.9

-16.4

342.0358.4

689.8

269.2200.968.3

420.6

IV

3,431.7

2,230.2

299.8823.0

1,107.5

540.0

527.3383.9136.6247.3143.4138.7

.93.8

12.714.1

-1.4

-29.8

346.1375.9

691.4

266.3207.2

59.1425.1

1984

I

3,553.3

2,276.5

310.9841.3

1,124.4

623.8

550.0389.8142.2256.7151.2146.4

.93.9

73.860.613.2

-51.5

358.9410.4

704.4

267.6213.4

54.2436.8

II

3,644.7

2,332.7

320.7858.3

1,153.7

627.0

576.4402.8150.0270.7155.6150.5

1.04.1

50.647.03.5

-58.7

362.4421.1

743.7

296.4220.8

75.6447.4

III

3,694.6

2,361.4

317.2861.4

1,182.8

662.8

591.0435.7151.4284.2155.3150.1

1.24.0

71.863.78.1

-90.6

368.6459.3

761.0

302.0220.3

81.7458.9

IV r

3,758.7

2,396.5

326.3866.5

1,203.8

637.8

601.1447.7157.9289.7153.5148.3

1.04.1

36.627.29.4

560

367.2423.2

780.5

315.7231.684.1

464.8

Billions of 1972 dollars

1983

1,534.7

1,009.2

157.5376.3475.4

221.0

224.6171.049.2

121.853.751.2

.42.13.6

.64.2

12.6

139.5126.9

291.9

116.284.731.5

175.7

1984 r

1,639.3

1,062.4

178.0393.5490.8

289.9

265.1204.9

56.9148.0

60.257.5

.42.3

24.820.94.0

150

146.0161.1

302.1

122.589.632.9

179.6

Seasonally adjusted at annual rates

1983

III

1,550.2

1,015.6

159.6378.5477.6

230.6

229.8172.648.3

124.357.254.7

.42.1

.97.4

-6.6

11.9

141.6129.7

292.0

115.684.431.2

176.4

IV

1,572.7

1,032.4

167.2383.2482.0

249.5

242.2184.5

51.4133.1

57.855.2

.42.27.27.0

.2

2.0

141.0139.1

288.8

113.086.326.7

175.8

1984

I

1,610.9

1,044.1

173.7387.1483.4

285.5

253.9193.354.1

139.260.658.0

.42.2

31.626.25.4

-8.3

144.9153.2

289.5

112.287.125.2

177.3

II

1,638.8

1,064.2

178.6396.6488.9

283.9

263.7202.9

56.8146.0

60.858.1

.42.3

20.318.71.6

11 4

144.7156.2

302.1

123.289.633.6

178.9

III

1,645.2

1,065.9

177.0395.5493.5

300.2

269.6209.557.1

152.460.157.3

.52.3

30.626.54.1

27 o

147.4174.4

306.1

125.089.136.0

181.1

IV '

1,662.4

1,075.4

182.9395.0497.5

289.9

273.1213.8

59.4154.4

59.256.5

.42.4

16.812.04.8

-13.4

147.1160.5

310.5

129.692.736.8

180.9

Table 1.3-1.4.—Gross National Product by Major Type of Product in Current and Constant Dollars

Gross national product

Final salesChange in business inventories

Goods

Final salesChange in business inventories

Durable goodsFinal salesChange in business inventories

Nondurable goodsFinal sales

ServicesStructures

Addenda:Gross domestic purchases 1

Final sales to domestic purchasers 1

Billions of dollars

1983

3,304.8

3,318.3-13.5

1,355.7

1,369.2-13.5

555.3557.5

21800.4811.7

-11.3

1,639.3309.8

3,313.13,326.5

1984 r

3,662.8

3,604.658.2

1,543.0

1,484.858.2

655.7625.3

30.4887.3859.5

27.8

1,763.3356.5

3,727.03,668.8

Seasonally adjusted at annual rates

1983

III

3,346.6

3,350.9-4.3

1,373.2

1,377.5-4.3

576.9564.512.5

796.2813.0168

1,654.5319.0

3,363.03,367.4

IV

3,431.7

3,419.012.7

1,423.9

1,411.212.7

607.4592.9

14.5816.5818.3-1.7

1,681.3326.5

3,461.53,448.8

1984

I

3,553.3

3,479.573.8

1,498.0

1,424.273.8

632.3597.5

34.9865.7826.8

38.9

1,713.7341.6

3,604.83,531.0

II

3,644.7

3,594.150.6

1,544.8

1,494.250.6

647.9629.7

18.2896.9864.6

32.4

1,742.6357.2

3,703.43,652.8

III

3,694.6

3,622.871.8

1,549.2

1,477.471.8

654.7613.1

41.7894.4864.3

30.1

1,783.3362.1

3,785.23,713.4

IV r

3,758.7

3,722.136.6

1,579.8

1,543.236.6

687.7661.0

26.7892.1882.2

9.9

1,813.7365.2

3,814.83,778.1

Billions of 1972 dollars

1983

1,534.7

1,538.336

688.6

692.2-3.6

295.6296.1-.5

392.9396.1-3.2

723.2122.9

1,522.11,525.7

1984 r

1,639.3

1,614.524.8

764.5

739.624.8

341.6328.4

13.2422.9411.2

11.7

736.7138.1

1,654.41,629.5

Seasonally adjusted at annual rates

1983

III

1,550.2

1,549.3.9

698.1

697.2.9

305.2299.6

5.6392.9397.7-4.8

725.4126.6

1,538.31,537.4

IV

1,572.7

1,565.47.2

715.5

708.27.2

318.6311.9

6.6396.9396.3

.6

728.7128.5

1,570.71,563.4

1984

I

1,610.9

1,579.331.6

744.9

713.331.6

331.1316.4

14.7413.8396.9

16.9

731.4134.6

1,619.21,587.6

II

1,638.8

1,618.520.3

767.4

747.120.3

339.5331.4

8.1427.9415.7

12.2

732.9138.5

1,650.21,629.9

III

1,645.2

1,614.6.30.6

766.8

736.130.6

340.2322.4

17.8426.5413.7

12.8

739.0139.4

1,672.21,641.6

IV r

1,662.4

1,645.616.8

778.8

762.016.8

355.4343.4

12.0423.5418.6

4.8

743.6140.0

1,675.81,659.0

1. Gross domestic purchases equals GNP less exports plus imports; final sales to domestic purchasers equals final sales less exports plus imports.

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March 1985 SURVEY OF CURRENT BUSINESS

Table 1.5-1.6.—Gross National Product by Sector in Current and Constant Dollars

Gross national product . . . . . .

Gross domestic product .Business

NonfarmNonfarm less housingHousing

FarmStatistical discrepancy

Households and institutionsPrivate householdsNonprofit institutions

GovernmentFederalState and local

Rest of the worldAddendum:

Gross domestic business product less housing

Billions of dollars

1983

3,304.8

3,256.52,790.82,728.92,434.7

294.261.5

.5116.5

7.8108.7349.2107.8241.448.3

2,487.7

1984 r

3,662.8

3,619.23,120.53,049.52,726.2

323.278.9

-7.9123.5

8.1115.4375.3114.6260.743.6

Seasonally adjusted at annual rates

1983

III

3,346.6

3,295.22,826.22,769.32,471.9

297.461.7

-4.8117.3

7.8109.6351.6108.1243.651.5

IV

3,431.7

3,384.12,906.82,854.32,550.2

304.157.3

-4.8119.6

7.9111.8357.7109.5248.247.7

1984

I

3,553.3

3,505.73,017.22,943.42,632.8

310.671.6

2.2121.0

7.9113.1367.4113.8253.647.6

II

3,644.7

3,602.63,106.83,037.52,718.8

318.778.3

-9.0123.1

8.0115.1372.7114.4258.342.1

III

3,694.6

3,650.13,148.53,078.02,750.3

327.783.5

-13.0123.8

8.1115.7377.7114.7263.044.5

IV r

3,758.7

3,718.63,209.43,138.92,803.0

335.982.3118

126.08.3

117.8383.2115.3267.840.2

Billions of 1972 dollars

1983

1,534.7

1,512.11,307.81,273.81,130.6

143.233.8

.247.33.3

44.0157.051.3

105.722.5

1,163.5

1984 r

1,639.3

1,619.71,413.91,377.81,229.0

148.839.736

47.83.4

44.4158.051.9

106.119.6

Seasonally adjusted at annual rates

1983

III

1,550.2

1,526.21,321.91,289.31,145.6

143.834.8

-2.347.33.3

44.0157.051.4

105.624.0

IV

1,572.7

1,550.71,345.71,316.31,171.2

145.131.6

-2.247.53.3

44.2157.551.7

105.821.9

1984

I

1,610.9

1,589.21,384.01,347.51,200.9

146.535.6

1.047.63.4

44.2157.751.8

105.821.6

II

1,638.8

1,619.81,414.11,380.11,232.1

148.038.1

-4.147.93.4

44.5157.851.9

105.919.0

III

1,645.2

1,625.31,419.51,383.51,233.9

149.641.859

47J3.4

44.3158.152.0

106.219.9

IV r

1,662.4

1,644.61,438.11,400.11,249.0

151.143.3

-5.348.23.5

44.8158.352.0

106.317.8

Table 1.7.—Relation of Gross National Product, Net National Product,National Income, and Personal Income Table 1.11.—National Income by Type of Income

Gross national product

Less:Capital consumption al-

lowances with CCAdj...Capital consumption al-

lowancesLess- CCAdj . .

Equals: Net national prod-uct

Less:Indirect business tax and

nontax liabilityBusiness transfer pay-

mentsStatistical discrepancy

Plus: Subsidies less currentsurplus of governmententerprises

Equals: National income

Less:Corporate profits with

IVA and CCAdjNet interestContributions for social

insuranceWage accruals less dis-

bursementsPlus:

Government transfer pay-ments to persons

Personal interest income....Personal dividend income..Business transfer pay-

ments

Equals: Personal income

Billions of dollars

1983

3,304.8

377.1

367.2-9.9

2,927.7

280.4

15.6.5

15.6

2,646.7

225.2256.6

272.7

-.4

389.3376.370.3

15.6

2,744.2

1984 r

3,662.8

403.3

417.314.1

3,259.6

304.0

17.3-7.9

14.2

2,960.4

286.2.284.1

306.0

.1

399.4433.777.7

17.3

3,012.1

Seasonally adjusted at annual rates

1983

III

3,346.6

382.8

375.7-7.1

2,963.9

284.7

15.8-4.8

16.2

2,684.4

245.0259.2

274.3

4

388.1382.370.7

15.8

2,763.3

IV

3,431.7

386.4

387.81.4

3,045.4

290.1

16.2-4.8

22.6

2,766.5

260.0258.9

281.0

0

392.5388.272.8

16.2

2,836.5

1984

I

3,553.3

391.8

398.66.8

3,161.5

295.5

16.72.2

26.4

2,873.5

277.4266.8

298.9

.2

394.7403.975.0

16.7

2,920.5

II

3,644.7

400.0

410.310.3

3,244.7

301.3

17.1-9.0

9.6

2,944.8

291.1282.8

304.2

.2

398.1425.677.2

17.1

2,984.6

III

3,694.6

406.9

423.116.3

3,287.7

306.6

17.5-13.0

8.4

2,984.9

282.8293.5

308.1

-.4

401.0449.378.5

17.5

3,047.3

IV r

3,758.7

414.4

437.222.9

3,344.4

312.5

18.0-11.8

12.6

3,038.3

293.5293.4

312.7

.5

403.8456.180.2

18.0

3,096.2

Table 1.8.—Relation of Gross National Product, Net National Product,and National Income in Constant Dollars

[Billions of dollars]

Gross national productLess: Capital consumption

allowances withEquals: Net national prod-

uctLess:

Indirect business tax andnontax liability busi-ness transfer paymentsless subsidies plus cur-rent surplus of govern-ment enterprises

Statistical discrepancyEquals: National income

1,534.7

168 1

1,366.6

151.8.2

1,214.5

1,639.3

1752

1 464 1

1590-3.6

1,308.7

1,550.2

1701

1 308 1

1525-2.3

1,229.8

1,572.7

1706

1 402 0

1559-2.2

1,248.4

1,610.9

1722

1 438 7

15791.0

1,279.8

1,638.8

174 1

1 464 7

1589-4.1

1,309.9

1,645.2

1760

1 469 2

1591-5.9

1,3316.0

1,662.4

1785

1 484 0

1600-5.3

1,329.3

National income

Compensation of employ-ees

Wages and salariesGovernment and gov-

ernment enterprises ....Other

Supplements to wagesand salaries

Employer contribu-tions for social in-surance

Other labor income

Proprietors' income withIVA and CCAdj

FarmProprietors' income

with IVACCAdj

NonfarmProprietors' incomeIVACCAdj

Rental income of personswith CCAdj

Rental income of per-sons

CCAdj

Corporate profits with IVAand CCAdj

Corporate profits withIVAProfits before tax

Profits tax liability ..Profits after tax

DividendsUndistributed

profitsIVACCAdj

Net interest

Addenda:Corporate profits after

tax with IVA andCCAdj

DividendsUndistributed profits

with IVA and CCAdj

Billions of dollars

1983

2,646.7

1,984.91,658.8

327.71,331.1

326.2

153.1173.1

121.713.8

22.1-8.4107.9100.4-.88.3

58.3

96.6-38.3

225.2

192.0203.275.8

127.472.9

54.511233.2

256.6

149.472.9

76.5

1984 r

2,960.4

2,173.21,804.1

349.91,454.2

369.0

173.5195.5

154.428.2

36.4-8.2126.2114.5-.412.2

62.5

103.0-40.5

286.2

230.5236.290.0

146.280.5

65.7-5.755.7

284.1

196.280.5

115.7

Seasonally adjusted at annual rates

1983

III

2,684.4

2,000.71,670.8

330.61,340.3

329.9

153.9175.9

123.311.2

19.6-8.4112.1103.8

139.5

56.2

96.6-40.3

245.0

208.1227.484.7

142.673.3

69.3-19.3

36.9

259.2

160.273.3

86.9

IV

2,766.5

2,055.41,715.4

335.01,380.4

340.0

157.9182.1

131.917.3

25.7-8.3114.6105.5-.79.7

60.4

99.1-38.7

260.0

216.3225.584.5

141.175.4

65.6-9.243.6

258.9

175.575.4

100.0

1984

I

2,873.5

2,113.41,755.9

342.91,413.0

357.4

169.4188.1

154.932.5

40.7-8.3122.5112.4-1.211.2

61.0

99.9-38.8

277.4

229.8243.392.7

150.677.7

72.9-13.5

47.6

266.8

184.777.7

107.0

II

2,944.8

2,159.21,793.3

347.51,445.8

365.9

172.4193.5

149.823.4

31.7-8.3126.3115.0-.411.8

62.0

102.5406

291.1

238.7246.095.8

150.279.9

70.2-7.352.3

282.8

195.279.9

115.3

III

2,984.9

2,191.91,819.1

352.01,467.1

372.8

174.7198.1

153.727.3

35.58.2

126.4113.8

.112.5

63.0

104.2412

282.8

224.5224.883.1

141.781.3

60.3-.258.3

293.5

199.881.3

118.4

IV r

3,038.3

2,228.11,848.2

357.21,490.9

380.0

177.5202.5

159.129.4

37.6-8.2129.7116.7-.213.2

64.1

105.5414

293.5

229.0230.688.3

142.383.1

59.2-1.664.5

293.4

205.283.1

122.1

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

Page 10: SCB_031985

8 SURVEY OF CURRENT BUSINESS March 1985

Table 1.13.—Gross Domestic Product of Corporate Business in Current Dollars and Gross Domestic Product of Nonfinancial Corporate Businessin Current and Constant Dollars

Gross domesticproduct of cor-porate business

Capital consumption allow-ances with CCAdj

Net domestic productIndirect business tax and

nontax liability plusbusiness transfer pay-ments less subsidies

Domestic incomeCompensation of em-

ployeesWages and salariesSupplements to

wages and salaries...Corporate profits with

IVA and CCAdj

Profits before taxProfits tax liability ..Profits after tax

DividendsUndistributed

profitsIVACCAdj

Net interestGross domestic

product of finan-cial corporatebusiness

Gross domesticproduct of nonfi-nancial corpo-rate business

Capital consumption allow-ances with CCAdj

Billions of dollars

1983

2,037.0

231.2

1,805.8

206.2

1,599.6

1,357.11,121.2

236.0

200.4

178.475.8

102.663.0

39.6-11.2

33.242.1

119.3

1,917.7

218.0

1984 r

2,277.6

246.2

2,031.4

224.8

1,806.6

1,494.81,225.8

269.1

263.2

213.290.0

123.271.6

51.6-5.755.748.6

124.3

2,153.4

231.2

Seasonally adjusted at annual rates

1983

III

2,076.6

233.4

1,843.2

210.0

1,633.3

1,372.81,129.0

243.8

217.5

199.984.7

115.263.3

51.9-19.3

36.943.0

120.0

1,956.6

220.0

IV

2,135.0

236.4

1,898.6

213.4

1,685.2

1,407.21,163.5

243.7

234.4

200.084.5

115.564.2

51.3-9.243.643.6

120.8

2,014.2

222.5

1984

I

2,207.4

239.9

1,967.5

217.2

1,750.3

1,453.21,192.0

261.2

251.7

217.692.7

124.966.3

58.6-13.5

47.645.4

123.3

2,084.2

225.6

II

2,271.3

244.1

2,027.2

223.5

1,803.7

1,485.61,219.0

266.6

269.8

224.895.8

128.970.9

58.17.3

52.348.3

124.3

2,146.9

229.3

III

2,292.4

248.1

2,044.3

227.2

1,817.1

1,508.31,236.5

271.7

258.5

200.483.1

117.371.6

45.7-.258.350.4

123.5

2,168.9

232.9

IV r

2,339.5

252.8

2,086.6

231.2

1,855.4

1,532.11,255.5

276.7

272.8

210.088.3

121.677.6

44.01.6

64.550.5

125.9

2,213.6

237.1

Net domestic productIndirect business tax and

nontax liability plusbusiness transfer pay-ments less subsidies

Domestic incomeCompensation of em-

ployeesWages and salariesSupplements to

wages and salaries ...Corporate profits with

IVA and CCAdj

Profits before taxProfits tax liability ..Profits after tax

DividendsUndistributed

IVACCAdj

Net interest

Gross domestic prod-uct of nonfmancialcorporate business...

Capital consumption allow-ances with CCAdj

Net domestic productIndirect business tax and

nontax liability plusbusiness transfer pay-ments less subsidies

Domestic income

Billions of dollars

1983

1,699.7

196.71,503.0

1,263.11,044.3

218.8

171.0

148.858.090.862.8

28.0-11.2

33.469.0

1984 r

1,922.2

214.61,707.6

1,392.81,143.0

249.7

235.3

185.571.4

114.171.0

43.1-5.755.479.5

Seasonally adjusted at annual rates

1983

III

1,736.6

200.41,536.2

1,277.81,051,5

226.4

188.0

170.467.0

103.463.2

40.219336.970.4

IV

1,791.8

203.71,588.0

1,310.81,084.8

226.0

205.8

171.566.7

104.863.9

40.9-9.243.671.3

1984

I

1,858.6

207.31,651.2

1,354.01,111.3

242.7

223.0

188.974.5

114.565.9

48.513547.574.2

II

1,917.6

213.41,704.2

1,384.51,137.1

247.4

240.8

195.977.2

118.670.3

48.3-7.352.278.9

III

1,936.0

216.91,719.1

1,405.21,153.0

252.1

231.6

173.864.4

109.570.9

38.5-.258.082.4

IV r

1,976.4

220.71,755.7

1,427.41,170.7

256.7

245.7

183.369.5

113.876.7

37.216

64.182.5

Billions of 1972 dollars

896.4

100.0

796.4

97.8698.6

977.5

104.0

873.5

101.3772.1

912.4

100.7

811.7

98.5713.2

931.1

101.5

829.6

100.0729.6

956.9

102.4

854.6

100.7753.9

979.5

103.4

876.1

101.2774.9

980.0

104.5

875.5

101.1774.4

993.5

105.8

887.7

102.3785.4

Table 1.14-1.15.—Auto Output in Current and Constant Dollars

Auto output

Final salesPersonal consumption expenditures

New autosNet purchases of used autos

Producers' durable equipmentNew autosNet purchases of used autos

Net exportsExportsImports

Government purchasesChange in business inventories

NewUsed

Addenda:Domestic output of new autos 1

Sales of imported new autos 2

1983

88.7

87.588.365.223.017.331.0

-13.7-19.2

4.123.21.21.2

.7

.4

70.133.1

1984'

106.4

103.5102.375.926.424.940.3

-15.42475.0

29.6.9

2.92.6

.4

86.737.8

Billions of dollars

Seasonally adjusted at annual rates

1983

III

96.6

92.190.266.423.819.032.9

-13.91834.1

22.41.24.44.2

.2

76.032.5

IV

99.6

95.396.371.924.519.834.9

-15.1-22.1

4.426.51.14.43.6

.8

78.937.3

1984

I

114.8

104.0101.976.225.724.339.6

-15.3-23.5

5.428.81.2

10.810.0

.9

95.734.4

II

98.7

105.8104.677.826.824.940.8

-15.9-24.5

4.629.1

.9-7.1-8.2

1.1

79.338.2

III

99.0

100.6100.973.627.326.241.8

-15.627 45.0

32.4.8

-1.61 3-.3

82.437.1

IV r

113.2

103.6101.876.025.824.339.1

-14.823 44.9

28.3.8

9.79.8-.1

89.541.4

Billions of 1972 dollars

1983

49.9

49.143.435.87.6

12.417.0

-4.6-7.4

2.29.6.7.8.7.1

38.418.1

1984 r

58.1

56.748.540.67.9

16.921.5

-4.69 32.6

11.9.7

1.41.3.1

46.220.2

Seasonally adjusted at annual rates

1983

III

53.9

51.544.236.57.7

13.518.1

-4.6-7.0

2.29.2

.72.42.3.1

41.717.9

IV

55.1

52.846.538.87.7

14.018.8

-4.8-8.5

2.410.9

.72.32.1.3

42.620.1

1984

I

62.5

57.248.841.07.8

16.521.2

-4.7-8.9

2.811.7

.85.25.0.3

51.218.5

II

54.4

58.349.741.8

7.917.121.8

-4.7Q 9

2.411.7

.7

-4.2.3

42.520.6

III

54.4

55.447.439.48.0

17.622.2

-4.6-10.3

2.612.9

.6-1.0

43.919.9

IV

61.3

55.947.940.27.7

16.220.6

-4.4

2.611.4

.65.45.40

47.321.9

Table 1.16-1.17.—Truck Output in Current and Constant Dollars

Truck output *

Final salesPersonal consumption expendituresProducers' durable equipmentNet exports

ExportsImports

Government purchases

Change in business inventories

Billions of dollars

1983

36.3

36.115.320.8

-3.92.05.93.9

.2

1984 r

54.2

51.519.332.5

-5.42.57.95.0

2.7

Seasonally adjusted at annual rates

1983

III

37.7

37.515.720.93.22.15.34.1

.1

IV

44.4

43.118.225.9

-5.02.27.24.0

1.3

1984

I

49.6

45.817.927.3

-4.72.47.15.3

3.8

II

51.1

50.519.332.7

-6.62.28.85.1

.6

III

56.8

52.619.633.7

-5.32.67.94.6

4.2

IV

59.4

57.020.636.4

-5.02.87.85.1

2.4

Billions of 1972 dollars

1983

16.7

16.68.48.6

-1.9.8

2.71.6

.1

1984'

23.7

22.510.312.8261.03.62.0

1.1

Seasonally adjusted at annual rates

1983

III

17.3

17.38.68.6

-1.6.9

2.51.7

0

IV

20.3

19.89.8

10.7-2.4

.93.31.7

.6

1984

I

22.1

20.59.6

11.02 21.03.22.1

1.6

II

22.5

22.210.312.93 1

.94.02.0

.3

III

24.5

22.810.513.2

-2.61.03.61.8

1.7

IV r

25.7

24.710.814.3

-2.41.13.52.0

1.0

Table l.U-1.15:1. Consists of final sales and change in business inventories of new autos produced in the

United States.2. Consists of personal consumption expenditures, producers' durable equipment, and govern-

ment purchases.

Table 1.16-1.17:1. Includes new trucks only.

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

Page 11: SCB_031985

March 1985 SURVEY OF CURRENT BUSINESS

Table 2.1.—Personal Income and Its Disposition Table 2.2-2.3.—Personal Consumption Expenditures by Major Type of

Wage and salary disburse-mentsCommodity-producing

ManufacturingDistributive industriesService industriesGovernment and govern-

Proprietors' income with IVAand CCAdj

FarmNonfarm ...

Rental income of personswith CCAdj

Personal dividend income

Personal interest income

Old-age, survivors, disabil-ity, and health insurancebenefits

Government unemploymentinsurance benefits

Veterans benefitsGovernment employees re-

tirement benefitsOther transfer paymentsAid to families with de-

pendent childrenOther

Less: Personal contribu-tions for social insurance .

Less: Personal tax andnontax payments

Equals: Disposable personalincome

Less: Personal outlaysPersonal consumption ex-

pendituresInterest paid by consumers

to businessPersonal transfer payments

to foreigners (net)

Equals: Personal saving

Addenda:Disposable personal

income:Total, billions of 1972 dol-

larsPer capita:

Current dollars1972 dollars

Population (millions)

Personal saving as percent-age of disposable person-al income

Billions of dollars

1983

2,744.2

1,659.2

519.3395.2398.6413.1

328.2

173.1

121.713.8

107.9

58.3

70.3

376.3

405.0

221.6

26.116.6

59.581.0

14.266.8

119.6

404.2

2,340.1

2,222.0

2,155.9

65.1

1.0

118.1

1,095.4

9,9774,670234.5

5.0

1984 r

3,012.1

1,804.0

569.3433.9432.0452.9

349.8

195.5

154.428.2

126.2

62.5

77.7

433.7

416.7

237.3

15.916.5

62.284.9

14.770.1

132.5

435.3

2,576.8

2,420.7

2,341.8

77.8

1.2

156.1

1,169.0

10,8874,939236.7

6.1

Seasonally adjusted at annual rates

1983

III

2,763.3

1,671.3

523.5399.1399.7417.0

331.0

175.9

123.311.2

112.1

56.2

70.7

382.3

403.9

222.4

22.816.6

60.481.7

14.367.4

120.4

395.8

2,367.4

2,248.4

2,181.4

65.9

1.1

119.0

1,102.2

10,0824,694234.8

5.0

IV

2,836.5

1,715.4

539.0411.9413.2428.2

335.0

182.1

131.917.3

114.6

60.4

72.8

388.2

408.8

227.7

20.216.5

61.383.1

14.368.8

123.2

407.9

2,428.6

2,300.0

2,230.2

68.7

1.2

128.7

1,124.3

10,3184,776235.4

5.3

1984

I

2,920.5

1,755.7

555.9424.6419.2437.9

342.8

188.1

154.932.5

122.5

61.0

75.0

403.9

411.3

232.1

16.716.4

62.483.7

14.968.8

129.6

418.3

2,502.2

2,349.6

2,276.5

71.9

1.2

152.5

1,147 6

10,6084,865235.9

6.1

II

2,984.6

1,793.1

567.0432.2429.5449.3

OAI7 O

193.5

149.823.4

126.3

62.0

77.2

425.6

415.2

235.2

15.816.6

63.184.5

14.969.6

131.8

430.3

2,554.3

2,409.5

2,332.7

75.7

1.0

144.8

1,165.3

10,8064,930236.4

5.7

III

3,047.3

1,819.5

573.3436.4436.4457.3

352.4

198.1

153.727.3

126.4

63.0

78.5

449.3

418.6

238.2

15.216.7

63.984.6

14.670.0

133.4

440.9

2,606.4

2,442.3

2,361.4

79.8

1.1

164.1

1,176.5

11,0004,965237.0

6.3

IV r

Personal consump-1,847.6 tion expenditures....

5309 Durable goods442.4443.1 Motor vehicles and parts ..466^9 Furniture and household

equipmentocc 7 Other

2025 Nondurable goods

Food159 1 Clothing and shoes294 Gasoline and oil

129!7 Other nondurable goods....Fuel oil and coalOther

64.1Services

80.2 „ .Housing

4<56 i Household operationElectricity and gas

421 8 OtherTransportationOther

243.5

16.016.4

Personal consump-59.2 tion expenditures86.7

Durable goods14.672.1 Motor vehicles and parts ...

Furniture and householdequipment

135.2 Other

Nondurable goods451.7

FoodClothing and shoes

2 644 5 Gasoline and oilOther nondurable goods

2 481 5 Fuel oil and coalOther

2,396.5Services

83.6Housing

1 . 5 Household operationElectricity and gas

163 0 OtherTransportationOther

Billions of dollars

1983

2,155.9

279.8

129.3

104.146.4

801.7

416.5127.090.0

168.221.0

147.2

1,074.4

363.3153.881.372.572.5

484.8

1984 r

2,341.8

318.8

149.8

117.051.9

856.9

443.6140.291.4

181.721.2

160.5

1,166.1

397.9164.085.778.378.3

525.9

Seasonally adjusted at annual rates

1983

III

2,181.4

284.1

132.0

105.246.9

811.7

420.5126.892.1

172.222.4

149.8

1,085.7

366.8155.783.672.173.9

489.3

IV

2,230.2

299.8

141.7

109.848.2

823.0

425.1132.591.7

173.622.1

151.5

1,107.5

374.7157.584.073.574.8

500.5

1984

I

2,276.5

310.9

147.7

113.050.3

841.3

433.9136.192.0

179.322.5

156.7

1,124.4

382.4158.882.676.276.1

507.1

II

2,332.7

320.7

152.3

116.651.7

858.3

442.1142.292.8

181.221.6

159.7

1,153.7

392.4163.386.177.277.6

520.4

III

2,361.4

317.2

148.6

116.851.9

861.4

448.6139.390.0

183.621.1

162.5

1,182.8

403.3167.688.479.278.5

533.4

IV r

2,396.5

326.3

150.7

121.853.8

866.5

449.8143.290.8

182.719.7

163.1

1,203.8

413.4166.485.980.581.2

542.8

Billions of 1972 dollars

1,009.2

157.5

66.6

65.925.0

376.3

188.988.526.172.94.0

68.9

475.4

171.364.124.939.131.7

208.3

1,062.4

178.0

75.8

74.827.5

393.5

193.496.526.976.73.9

72.8

490.8

177.764.825.139.732.7

215.6

1,015.6

159.6

68.0

66.525.0

378.5

190.987.626.173.9

4.269.7

477.6

171.964.625.738.931.7

209.4

1,032.4

167.2

72.2

69.325.8

383.2

191.291.426.374.3

4.270.2

482.0

173.464.625.339.332.2

211.8

1,044.1

173.7

75.2

71.726.7

387.1

189.794.227.076.14.1

72.0

483.4

175.164.024.839.232.4

211.9

1,064.2

178.6

77.2

74.127.4

396.6

193.699.127.176.93.9

73.0

488.9

176.865.125.639.532.7

214.3

1,065.9

177.0

74.8

74.827.4

395.5

195.695.926.977.13.9

73.1

493.5

178.565.125.239.932.6

217.2

1,075.4

182.9

75.9

78.528.5

395.0

194.796.926.776.73.7

73.1

497.5

180.365.225.040.233.1

218.9

Table 3.14.— State and Local Government Social Insurance Funds' ' Receipts and Expenditures

11 I^IS4 '995 [Billions of dollars]?37 FT

Receipts

Contributions for social in-6 2 surance

64.6

39.0

73.0

42.6

65.4

39.4

67.5

40.3

69.8

41.3

72.0

42.1

74.1

43.0

76.2

43.8

Receipts

Contributions for social in-surance

Personal contributionEmployer contributions

Government and gov-ernment enterprises ....

Other

Interest and dividends re-ceived

Expenditures

Administrative expenses(purchases of goods andservices)

Transfer payments to per-sons .

Surplus or deficit(-)

64.6

390

10.428.6

26.125

256

27 1

10

261

37.5

73.0

426

11.431.2

28.527

30.5

30.4

1 1

293

42.6

65.4

394

10.528.9

26.32.5

26.0

27.4

1 0

265

38.0

67.5

40.3

10.729.6

27.02.6

27.2

28.4

10

27.4

39.1

69.8

413

11.030.3

27.62.7

28.5

29.3

1 1

283

40.5

72.0

421

11.230.9

28.22.7

29.8

30.0

1 1

290

41.9

74.1

430

11.531.5

28.82.7

31.1

30.8

1.1

29.6

43.3

76.2

438

11.732.1

29.32.7

32.4

31.7

1.2

30.5

44.5

Table 3.14:NOTE.—In this table, interest and dividends received are included in receipts; in tables 3.2 and

3.3, interest received and dividends received are netted against expenditures.

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

Page 12: SCB_031985

10 SURVEY OF CURRENT BUSINESS March 1985

Table 3.2.—Federal Government Receipts and Expenditures Table 3.3.—State and Local Government Receipts and Expenditures

Receipts.

Personal tax and nontaxreceipts

Income taxesEstate and gift taxesNontaxes

Corporate profits tax accru-als

Indirect business tax andnontax accruals

Excise taxesCustoms dutiesNontaxes

Contributions for socialinsurance

Expenditures

Purchases of goods andservices ....

National defenseNondefense.

Transfer paymentsTo persons .To foreigners

Grants-in-aid to State andlocal governments

Net interest paidInterest paid

To persons and busi-ness

To foreignersLess: Interest received

Subsidies less current sur-plus of governmententerprises

SubsidiesLess: Current surplus of

government enterprises-

Less: Wage accruals lessdisbursements

Surplus or deficit( ) NIPA's

Social insurance funds . .. .Other

Billions of dollars

1983

641.1

295.2288.8

5.9.5

59.8

52.436.19.17.1

233.7

819.7

269.7200.569.3

345.6338.7

7.0

86.394.2

119.5

101.817.725.3

23.421.7

-1.7

-.4

-178.6

-28.4-150.2

1984 r

704.8

315.0308.4

5.9.7

70.9

55.535.811.97.8

263.4

880.5

295.4221.573.9

353.0344.5

8.4

93.2116.7143.6

124.019.626.9

22.321.6

-.7

.1

-175.7

-8.5-167.2

Seasonally adjusted at annual rates

1983

III

640.2

284.6277.8

6.3.5

66.7

54.037.09.77.3

234.9

821.1

269.2200.968.3

343.4337.1

6.4

86.797.3

123.1

105.417.725.8

24.119.7

-4.4

-.4

-180.9

-25.6-155.3

IV

655.0

293.3287.2

5.5.6

66.5

54.537.010.07.5

240.7

835.5

266.3207.259.1

350.1340.010.1

86.5102.0127.5

109.518.125.6

30.630.0

-.5

0

1805

-22.8-157.7

1984

I

686.4

301.6294.5

6.4.6

73.0

54.136.010.97.1

257.6

847.6

267.6213.454.2

347.7341.1

6.6

90.6107.6133.6

115.218.426.0

34.433.7

-.7

.2

-161.3

-8.7-152.5

II

704.3

310.7303.8

6.2.6

75.6

55.936.112.17.7

262.0

868.0

296.4220.875.6

350.1343.7

6.4

93.2110.9138.0

119.218.927.2

17.716.4

-1.3

.2

1637

-7.7-156.0

III

706.2

319.7314.0

5.0.7

65.3

56.135.612.48.2

265.2

886.8

302.0220.381.7

353.8346.2

7.7

92.1122.0149.0

128.920.027.0

16.515.8

-.7

-.4

-180.6

-7.3-173.3

IV f

722.5

327.9321.2

6.0.7

69.7

55.935.512.18.4

269.0

919.7

315.7231.684.1

360.4347.213.1

97.0126.4153.9

132.921.027.4

20.720.5

-.3

.5

-197.3

-10.2-187.1

Receipts

Personal tax and nontaxreceipts

Income taxesNontaxes..Other

Corporate profits tax accru-als

Indirect business tax andnontaxaccruals

Sales taxesProperty taxesOther

Contributions for social in-surance

Federal grants-in-aid

Expenditures

Purchases of goods andservices

Compensation of employ-ees

OtherTransfer payments to per-

sons .Net interest paid

Interest paid

Less: Interest received

Less: Dividends receivedSubsidies less current sur-

plus of governmententerprises

Subsidies

Less: Current surplus ofgovernment enterprises-

Less: Wage accruals lessdisbursements

Surplus or deficit(-), NIPA's

Social insurance fundsOther

Billions of dollars

1983

478.2

109.058.740.89.5

16.0

228.0107.491.329.3

39.0

86.3

434.1

415.8

241.4174.4

50.721932.4

54.3

2.6

78.5

8.3

0

44.1

37.56.6

1984 r

523.6

120.364.545.810.0

19.1

248.4119.498.330.7

42.6

93.2

470.7

452.0

260.7191.3

54.8-25.3

38.2

63.5

2.8

-8.1.6

8.7

0

53.0

42.610.4

Seasonally adjusted at annual rates

1983

III

486.1

111.360.441.49.5

18.0

230.7109.292.129.4

39.4

86.7

438.7

420.6

243.6177.0

51.0-22.4

32.9

55.3

2.6

-7.9.5

8.4

0

47.4

38.09.5

IV

495.0

114.662.242.79.6

18.0

235.6112.293.629.7

40.3

86.5

443.8

425.1

248.2176.9

52.5^23.2

34.4

57.6

2.6

-7.9.5

8.5

0

51.2

39.112.0

1984

I

509.6

116.763.043.99.8

19.7

241.4116.295.230.0

41.3

90.6

455.7

436.8

253.6183.2

53.6-24.0

35.9

59.9

2.7

80.6

8.6

0

53.9

40.513.4

II

520.6

119.664.545.29.9

20.2

245.4118.396.930.2

42.1

93.2

466.1

447.4

258.3189.1

54.4-24.9

37.5

62.4

2.7

-8.0.6

8.6

0

54.5

41.912.6

III

524.6

121.264.646.510.2

17.8

250.5120.299.430.9

43.0

92.1

477.0

458.9

263.0195.9

54.8-25.9

39.0

64.9

2.8

-8.1.6

8.7

0

47.6

43.34.3

IV

539.8

123.865.747.810.3

18.7

256.6123.0101.931.7

43.8

97.0

434.0

464.8

267.8197.0

56.6-26.4

40.6

66.9

2.9

-8.2.6

8.8

0

55.8

44.511.2

Table 3.7B-3.8B.—Government Purchases of Goods and Services by Type in Current and Constant Dollars

Government purchases of goods and services

FederalNational defense

Durable goodsNondurable goods

Compensation of employeesMilitaryCivilian . . ..

Other servicesStructures . • ....

NondefenseDurable goodsNondurable goods

Commodity Credit Corporation: Inventory changeOther nondurables . ••

Services ..Compensation of employeesOther services

Structures

State and localDurable goods .Nondurable goodsServices .

Compensation of employeesOther services .

Structures

Billions of dollars

1983

685.5

269.7200.559.112.4

124.473.143.629.551.34.6

69.33.5-.2

-5.95.7

59.334.724.6

6.6

415.813.433.1

329.0241.487.640.3

1984 r

747.4

295.4221.569.311.6

135.777.946.731.257.74.9

73.93.7

.6-4.9

5.562.836.626.26.8

452.014.236.6

356.7260.796.044.6

Seasonally adjusted at annual rates

1983

III

689.8

269.2200.957.912.6

125.673.343.829.552.34.8

68.33.3

-1.3-7.8

6.559.234.724.47.1

420.613.433.5

331.4243.687.842.3

IV

691.4

266.3207.262.911.7

127.674.444.629.853.24.9

59.13.8

12.1-17.0

4.961.135.126.06.3

425.113.634.2

338.2248.290.039.0

1984

I

704.4

267.6213.466.511.6

130.977.546.531.053.44.4

54.23.5

18.0-22.9

4.962.436.426.06.3

436.813.935.5

346.1253.692.541.4

II

743.7

296.4220.870.711.9

133.777.846.731.155.94.5

75.63.63.7

-1.95.5

61.436.524.87.0

447.414.036.3

352.9258.394.644.2

III

761.0

302.0220.366.311.8

136.878.146.831.258.75.4

81.73.78.33.05.3

62.936.626.36.8

458.914.336.9

360.6263.097.647.2

IV

780.5

315.7231.673.711.3

141.478.447.031.563.05.2

84.14.08.52.06.5

64.536.927.67.0

464.814.537.5

367.2267.899.345.7

Billions of 1972 dollars

1983

291.9

116.284.724.22.9

55.534.620.214.321.02.0

31.51.6

-.6-2.4

1.827.616.810.82.8

175.76.1

12.6139.7105.734.017.3

1984 r

302.1

122.589.626.92.8

57.835.020.614.522.82.1

32.91.7.4

-1.51.9

28.016.911.12.8

179.66.3

13.6141.2106.135.218.5

Seasonally adjusted at annual rates

1983

III

292.0

115.684.423.43.0

55.934.620.314.321.32.1

31.21.5-.8

-2.71.9

27.416.810.63.0

176.46.1

12.7139.5105.633.918.1

IV

288.8

113.086.325.02.9

56.334.820.414.421.52.2

26.71.7

-5.9-7.5

1.628.116.911.32.7

175.86.2

12.9140.0105.834.316.7

1984

I

289.5

112.287.126.12.7

56.335.020.514.421.31.9

25.21.6

-7.1-9.0

1.928.016.911.22.7

177.36.2

13.2140.4105.834.617.5

II

302.1

123.289.627.72.8

57.135.020.614.522.11.9

33.61.61.6

-.21.7

27.516.910.62.9

178.96.3

13.4140.8105.934.918.4

III

306.1

125.089.125.82.9

58.235.020.614.523.12.3

36.01.73.51.71.8

28.016.911.12.8

181.16.3

13.7141.5106.235.419.5

IV T

310.5

129.692.728.02.8

59.835.120.614.524.82.2

36.81.83.61.42.2

28.516.911.62.9

180.96.4

13.9142,0106.335.718.6

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

Page 13: SCB_031985

March 1985 SURVEY OF CURRENT BUSINESS 11

Table 4.1-4.2.—Foreign Transactions in the National Income and Product Accounts in Current and Constant Dollars

Recei ts from forei ners

Exports of goods and services

Durable goodsNondurable goods

ServicesFactor income * ...Other

Capital grants received by the United States (net)

Payments to foreigners

Imports of goods and servicesMerchandise

Durable goodsNondurable goods

ServicesFactor income *Other

From persons (net)From government (net)

Interest paid by government to foreigners

gn

Billions of dollars

1983

336.2

336.2198.6114.084.6

137.684.153.5

0

336.2

344.4258.9139.1119.9

85.535.849.7

8.01.07.0

17.7

339

1984 r

364.3

364.3219.2126.992.4

145.091.753.3

0

364.3

428.5325.5186.9138.6

103.048.154.9

9.61.28.4

19.6

934

Seasonally adjusted at annual rates

1983

III

342.0

342.0200.4114.785.7

141.589.152.5

0

342.0

358.4269.5140.4129.1

88.937.651.2

7.51.16.4

17.7

415

IV

346.1

346.1206.1117.688.5

140.088.151.9

0

346.1

375.9282.9155.8127.0

93.140.552.6

11.31.2

10.1

18.1

59.1

1984

I

358.9

358.9215.2123.891.4

143.790.453.3

0

358.9

410.4316.6181.6135.0

93.842.851.0

7.71.26.6

18.4

77.7

II

362.4

362.4217.7125.692.1

144.791.353.4

0

362.4

421.1317.4179.7137.7

103.749.254.5

7.41.06.4

18.9:

85.0

III

368.6

368.6219.8128.191.8

148.896.152.7

0

368.6

459.3350.7204.8145.9

108.651.657.0

8.81.17.7

20.0

1194

IV r

367.2

367.2224.2130.094.2

143.089.153.8

0

367.2

423.2317.1181.3135.8

106.148.957.1

14.61.5

13.1

21.0

916

Billions of 1972 dollars

1983

139.576.741.735.0

62.839.323.5

126.989.158.930.2

37.816.721.1

1984''

146.082.145.436.7

64.041.222.8

161.1116.080.235.8

45.121.623.5

Seasonally adjusted at annual rates

1983

III

141.677.142.035.2

64.441.523.0

129.790.359.530.8

39.417.521.9

IV

141.077.942.735.2

63.240.622.6

139.198.166.132.0

41.018.622.4

1984

I

144.980.744.536.2

64.241.123.1

153.2112.277.135.1

41.019.521.5

II

144.780.644.935.7

64.141.222.9

156.2110.676.134.5

45.622.223.4

III

147.482.145.636.5

65.342.922.4

174.4126.988.638.3

47.523.024.5

IV r

147.185.046.438.6

62.239.622.6

160.5114.178.835.2

46.421.724.7

Tables 4-1-4.2:1. Equals rest-of-the-world production as shown in tables 1.5-1.6.

Table 4.3-4.4.—Merchandise Exports and Imports by Type of Product and by End-Use Category in Current and Constant Dollars

Merchandise exports

Foods feeds and beverages

Durable goodsNondurable goods

Capital goods except autos

Autos

Durable goodsNondurable goods

OtherDurable goods

Merchandise imports

Foods feeds and beverages

Industrial supplies and materials, excluding petroleumDurable goods

Petroleum and products

Capital goods except autos

Autos

Consumer goodsDurable goodsNondurable goods

OtherDurable goodsNondurable goods

Addenda:Exports:

Agricultural productsNonagricultural products

Imports of nonpetroleum products

Billions of dollars

1983

198.6

31.1

56.316.140.2

68.3

18.3

13.95.98.0

10.65.35.3

258.9

18.2

51.226.424.8

53.8

41.0

42.0

45.325.919.4

7.43.73.7

36.6161.9205.1

1984 r

219.2

31.5

60.616.943.8

73.1

22.4

13.75.68.1

17.98.98.9

325.5

21.2

63.033.329.7

57.3

60.3

55.5

59.733.526.2

8.34.24.2

38.1181.1268.1

Seasonally adjusted at annual rates

1983

III

200.4

31.1

57.416.740.8

67.4

18.8

14.26.18.1

11.45.75.7

269.5

18.4

52.328.324.0

63.7

41.8

41.2

44.425.319.2

7.63.83.8

37.2163.2205.8

IV

206.1

32.9

57.716.641.1

68.7

20.2

14.15.88.3

12.46.26.2

282.9

18.4

54.027.826.2

57.1

45.9

49.0

49.928.921.0

8.54.34.3

39.2166.9225.7

1984

I

215.2

34.5

58.416.741.7

71.3

22.5

13.96.07.9

14.77.47.4

316.6

20.9

63.034.428.6

55.4

57.5

53.3

58.732.526.2

7.73.93.9

41.1174.1261.2

II

217.7

30.5

60.116.643.5

72.5

21.1

13.55.58.0

20.010.010.0

317.4

20.3

61.432.528.9

59.6

56.3

55.2

57.031.925.0

7.63.83.8

37.0180.7257.8

HI

219.8

29.5

62.817.245.6

73.5

23.4

13.95.68.3

16.78.38.3

350.7

22.9

67.235.232.0

57.9

69.3

59.2

64.636.328.3

9.54.74.7

36.0183.8292.8

IV r

224.2

31.5

61.317.044.4

75.1

22.6

13.65.48.2

20.110.010.0

317.1

20.7

60.531.329.2

56.4

58.2

54.4

58.533.125.3

8.44.24.2

38.5185.7260.7

Billions of 1972 dollars

1983

76.7

13.7

20.45.8

14.6

25.9

5.6

7.02.44.6

4.12.02.0

89.1

7.6

18.99.79.2

4.9

20.4

13.7

20.513.66.9

3.01.51.5

16.160.584.2

1984 r

82.1

13.5

21.35.9

15.4

27.2

6.6

6.82.34.5

6.73.33.3

116.0

8.7

23.612.511.1

5.3

30.7

17.6

26.617.78.9

3.41.71.7

16.166.0

110.6

Seasonally adjusted at annual rates

1983

III

77.1

13.5

20.96.1

14.8

25.5

5.7

7.12.54.6

4.42.22.2

90.3

7.7

19.210.48.8

5.9

20.9

13.5

20.013.26.9

3.11.61.6

16.261.084.4

IV

77.9

13.5

20.65.9

14.7

25.9

6.1

7.12.44.7

4.72.32.3

98.1

7.7

20.310.59.9

5.3

22.9

15.6

22.715.37.4

3.51.71.7

16.261.792.8

1984

I

80.7

14.2

20.75.9

14.7

26.7

6.7

6.92.44.5

5.52.82.8

112.2

8.7

23.412.710.6

5.1

28.7

17.0

26.217.09.1

3.21.61.6

16.963.8

107.1

II

80.6

12.5

20.85.7

15.1

27.0

6.2

6.72.24.5

7.43.73.7

110.6

8.2

22.612.010.7

5.5

28.3

17.5

25.316.88.6

3.11.61.6

15.065.6

105.1

III

82.1

12.8

22.06.0

16.0

27.3

6.9

6.92.34.6

6.23.13.1

126.9

9.3

25.213.212.0

5.4

35.4

18.7

28.919.39.6

3.92.02.0

15.266.8

121.5

IV

85.0

14.4

21.86.0

15.7

27.7

6.6

6.82.34.6

7.63.83.8

114.1

8.6

23.011.911.1

5.3

30.2

17.2

26.117.78.4

3.51.81.8

17.367.7

108.8

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

Page 14: SCB_031985

12 SURVEY OF CURRENT BUSINESS March 1985

Table 5.1.—Gross Saving and Investment

Gross saving

Gross private savingPersonal savingUndistributed corporate

profits with IVA andCCAdj

Undistributed profitsIVACCAdj

Capital consumption al-lowances with CCAdj:

CorporateNoncorporate

Wage accruals less dis-bursements

Government surplus ordeficit (-), NIPA's

FederalState and local

Capital grants received bythe United States (net)

Gross investment

Gross private domestic in-vestment

Net foreign investment

Statistical discrepan-cy . ..

Billions of dollars

1983

437.2

571.7118.1

76.554.511233.2

231.2145.9

0

-134.5-178.6

44.1

0

437.7

471.6-33.9

.5

1984 r

552.3

675.1156.1

115.765.7

-5.755.7

246.2157.0

0

-122.8-175.7

53.0

0

544.4

637.8-93.4

79

Seasonally adjusted at annual rates

1983

III

455.2

588.6119.0

86.969.319336.9

233.4149.4

0

-133.5-180.9

47.4

0

450.3

491.9-41.5

-4.8

IV

485.7

615.0128.7

100.065.6

-9.243.6

236.4150.0

0

-129.3-180.5

51.2

0

480.9

540.0-59.1

-4.8

1984

I

543.9

651.3152.5

107.072.9

-13.547.6

239.9151.8

0

-107.4161353.9

0

546.1

623.8-77.7

2.2

II

551.0

660.2144.8

115.370.2

-7.352.3

244.1156.0

0

-109.2163754.5

0

542.0

627.0-85.0

-9.0

III

556.4

689.4164.1

118.460.3-.258.3

248.1158.8

0

-133.0180 647.6

0

543.4

662.8-119.4

-13.0

IV r

557.9

699.4163.0

122.159.21 6

64.5

252.8161.5

0

-141.5-197.3

55.8

0

546.1

637.8-91.6

-11.8

Table 5.10-5.11.—Inventories and Final Sales of Business in Current;and Constant Dollars

Table 5.8-5.9.—Change in Business Inventories by Industry in Currentand Constant Dollars

Change in business invento-ries

FarmNonfarm

Change in book valueIVA1...

ManufacturingDurable goodsNondurable goods

Wholesale tradeDurable goodsNondurable goods

Merchant wholesalersDurable goodsNondurable goods . . . .

Nonmerchant wholesalersDurable goodsNondurable goods

Retail trade .. ..Durable goodsNondurable goods

OtherDurable goodsNondurable goods

Change in business invento-ries

FarmNonfarm

Manufacturing .Durable goodsNondurable goods

Wholesale tradeDurable goodsNondurable goods

Merchant wholesalersDurable goodsNondurable goods

Nonmerchant wholesalers ..Durable goodsNondurable goods

Retail tradeDurable goodsNondurable goods

OtherDurable goodsNondurable goods

Billions of dollars

1983

-13.5

-10.4319.2

123

94-7.3

22-2.4

213

-1.2-1.8

.712

-.3-.97.64.72.91.12.5

-1.4

1984 r

58.2

8.649.656.2

-6.5

22.217.15.1

14.09.44.5

11.58.23.32.41.21.2

12.96.26.7

.6-2.3

2.9

Seasonally adjusted at annual rates

1983

III

43

15911.633.0

-21.4

o o-6.1

2.86.05.2.8

5.35.5-.2

.73

1.05.63.72.03.29.7

-6.5

IV

12.7

-1.414.124.4

-10.4

-1.51.8

-3.37.96.61.39.16.13.0

-1.2.5

-1.612.710.42.3

-5.1-4.3

7

1984

I

73.8

13.260.675.7

-15.1

22.614.18.5

10.48.12.37.57.0

.52.81.11.7

25.112.712.42.502.5

II

50.6

3.547.055.5

-8.4

35.523.312.114.27.07.2

10.75.65.23.41.42.02.53 86.3

-5.1-8.2

3.1

III

71.8

8.163.764.1-.3

32.424.48.1

21.216.44.8

20.014.75.31.21.7-.55.81.34.64.3

44.6

IV r

36.6

9.427.229.423

1 76.5

-8.310.26.33.97.85.62.22.3.6

1.718.214.73.5.5

-.81.3

Billions of 1972 dollars

-3.6

-4.2.6

35-2.9

6-.5

8.3

_ 2-.'7

.4-.3-.1-.23.42.11.31.21.1.1

24.8

4.020.9

9.07.21.75.94.11.75.13.61.4

.8

.5

.35.92.83.2.1

-1.01.1

.9

-6.67.4

1 1-2.5

1.43.12.3.8

3.02.4

.6

.1-.1

.22.71.61.02.84.1

-1.3

7.2

.27.0

.11.1

-1.03.42.8.6

3.42.6

.8-.1

.2-.35.44.6.8

18-1.8

0

31.6

5.426.2

9.15.83.34.83.51.23.93.1.8.9.5.4

11.45.46.1

.90.9

20.3

1.618.7

13.89.74.25.33.12.24.12.51.71.2.6.6

1.71 33.0

-2.1-3.4

1.3

30.6

4.126.5

13.010.32.79.57.22.38.86.52.3

.7

.702.5.5

2.01.5

I1.7

16.8

4.812.0

-.13.1323.92.81.13.52.51.0.4.3.1

8.16.51.6.1

-.3.5

Inventories 1

NonfarmDurable goods

ManufacturingDurable goods • •

Wholesale tradeDurable goodsNondurable goods

Durable goods

Nonmerchant wholesalersDurable goodsNondurable goods

Retail trade

Nondurable goodsOther

Final sales2

Final sales of goods and structures

Ratio* Inventories to final sales

Nonfarm inventories to final sales of goodsand structures

Inventories 1

FarmNonfarm •

Durable goodsNondurable goods

ManufacturingDurable goodsNondurable goods • • •

Wholesale tradeDurable goodsNondurable goods

Merchant wholesalersDurable goodsNondurable goods

Nonmerchant wholesalersDurable goodsNondurable goods

Retail tradeDurable goodsNondurable goods

Other

Final sales2

Final sales of goods and structures

Ratio* Inventories to final salesNonfarm inventories to final salesNonfarm inventories to final sales of goods

and structures

Billions of dollars

Seasonally adjusted quarterly totals

1983

III

809.376.5

732.8413.1319.7

339.3217.1122.2

161.5100.960.6

133.185.847.328.415.013.4

147.265.981.384.8

235.9141.4

3.433.11

5.18

IV

818.480.6

737.8418.1319.7

339.5218.1121.4

163.6102.960.8

135.687.748.028.015.212.8

151.068.882.383.6

241.2144.8

3.393.06

5.09

1984

I

845.285.3

759.9430.4329.5

348.3223.1125.2

167.6105.761.9

138.790.148.628.915.613.3

159.273.086.384.8

245.3147.2

3.453.10

5.16

II

856.485.0

771.4435.1336.3

356.6228.9127.7

171.0107.863.2

141.491.949.529.615.913.7

159.771.987.784.1

254.7154.3

3.363.03

5.00

III

870.784.2

786.5445.2341.3

364.4234.6129.8

175.6111.963.7

145.995.650.329.716.313.5

160.872.088.885.7

256.4153.3

3.403.07

5.13

IV

877.684.3

793.3453.2340.2

363.9236.7327.2

178.0113.864.2

147.897.350.530.216.513.7

166.276.190.085.3

264.4159.0

3.323.00

4.99

Billions of 1972 dollars

334.6

38.8295.8174.6121.2

135.991.244.8

64.641.722.954.435.319.110.26.43.8

66.529.537.028.8

110.168.7

3.042.69

4.31

336.5

38.9297.6176.3121.3

135.991.444.5

65.442.423.055.236.019.310.26.43.8

67.930.637.228

111.569.7

3.022.67

4.27

344.3

40.2304.1180.0124.1

138.292.945.3

66.643.323.356.236.719.510.46.53.9

70.732.038.828.6

112.770.7

3.062.70

4.30

349.4

40.6308.8182.0126.8

141.695.346.4

67.944.023.957.237.319.910.76.74.0

71.131.639.528.1

116.273.8

3.012.66

4.18

357.1

41.7315.4186.4129.0

144.997.947.0

70.345.824.559.439.020.510.96.94.0

71.831.840.028.4

115.773.0

3.092.73

4.32

361.3

42.9318.4189.4129.0

144.998.646.2

71.346.524.760.339.620.711.07.04.0

73.833.440.428.5

118.475.2

3.052.69

4.24

Table 5.10-5.11:1. Inventories are as of the end of the quarter. The quarter-to-quarter change in inventories

calculated from current-dollar inventories in this table is not the current-dollar change in busi-ness inventories (CBI) component of GNP. The former is the difference between two inventorystocks, each valued at their respective end-of-quarter prices. The latter is the change in the physi-cal volume of inventories valued at average prices of the quarter. In addition, changes calculatedfrom this table are at quarter rates, whereas CBI is stated at annual rates. Quarter-to-quarterchanges calculated from the constant-dollar inventories shown in this table are at quarterlyrates, whereas the constant-dollar change in business inventories component of GNP is stated atannual rates.

2. Quarterly totals at monthly rates. Business final sales equals final sales less gross product ofhouseholds and institutions, government, and rest-of-the-world and includes a small amount offinal sales by farms.

Table 5.8-5.9:1. The IVA shown in this table differs from that which adjusts business income. The IVA in

this table reflects the mix of methods (first-in-first-out, last-in-first-out, etc.) underlying bookvalue inventories derived primarily from Census Bureau Statistics. The mix differs from that un-derlying business income derived primarily from Internal Revenue Service statistics.

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

Page 15: SCB_031985

March 1985 SURVEY OF CURRENT BUSINESS 13

Table 6.4.—National Income Without Capital Consumption Adjustmentby Industry

Table 7.1.—Implicit Price Deflators for Gross National Product

National incomewithout CCAdj

Domestic industries

Private industries

Agriculture, forestry,and fisheries

MiningConstruction

Manufacturing .Durable goodsNondurable goods

Transportation andpublic utilities

TransportationCommunicationElectric, gas, and

sanitary services

Wholesale tradeRetail tradeFinance, insurance, and

real estateServices

Government and govern-ment enterprises

Rest of the world

Billions of dollars

1983

2,651.9

2,603.6

2,212.0

60.940.0

112.3

579.9329.5250.4

212.087.760.1

64.3

161.2225.2

394.0426.6

391.7

48.3

1984 r

2,941.3

2,897.7

2,477.3

76.245.5

126.8

656.1388.3267.9

234.799.464.7

70.6

187.4244.7

433.8472.2

420.4

43.6

Seasonally adjusted at annual rates

1983

III

2,686.7

2,635.3

2,240.4

58.239.6

114.2

594.3336.1258.2

212.990.656.6

65.8

164.1228.3

398.1430.6

394.9

51.5

IV

2,760.3

2,712.6

2,311.7

64.140.8

115.5

619.8356.7263.2

219.290.760.8

67.6

170.8233.7

404.8443.0

400.9

47.7

1984

I

2,861.8

2,814.2

2,402.7

79.942.4

122.0

646.7378.4268.3

226.395.062.8

68.5

177.3236.2

415.6456.3

411.6

47.6

II

2,929.6

2,887.5

2,470.2

70.946.2

127.2

660.4383.8276.6

234.199.165.0

70.0

184.4246.6

432.4468.0

417.3

42.1

III

2,963.6

2,919.0

2,496.1

75.646.7

128.3

653.3388.1265.1

238.0101.365.7

71.0

190.8245.1

441.5476.9

422.9

44.5

IV r

3,010.2

2,970.0

2,540.4

429.7

40.2

Table 6.20.—Corporate Profits by Industry

Corporate profitswith IVA andCCAdj

Domestic industriesFinancialNonfinancial ...

Rest of the world

Corporate profitswith IVA

Domestic industries

FinancialFederal Reserve banks...Other

NonfinancialManufacturing

Durable goodsPrimary metal in-

dustriesFabricated metal

productsMachinery, except

electricalElectric and elec-

tronic equipment..Motor vehicles and

equipmentOther

Nondurable goodsFood and kindred

productsChemicals and

allied productsPetroleum and coal

productsOther....

Transportation andpublic utilities

Wholesale and retailtrade

Other

Rest of the world

Billions of dollars

1983

225.2

200.429.4

171.024.8

192.0

167.2

29.614.814.8

137.665.211.9

-2.3

3.5

2.0

.9

7.4.4

53.4

6.6

6.8

23.516.5

22.5

33.416.4

24.8

1984 r

286.2

263.228.0

235.323.0

230.5

207.5

27.716.711.0

179.885.429.8

.4

6.0

5.3

3.0

9.95.2

55.5

6.7

8.4

21.419.1

27.8

46.520.2

23.0

Seasonally adjusted at annual rates

1983

III

245.0

217.529.5

188.027.5

208.1

180.6

29.514.914.6

151.173.814.3

23

3.7

2.0

.2

10.1.7

59.4

6.1

7.8

28.017.5

25.0

35.916.5

27.5

IV

260.0

234.428.6

205.825.6

216.3

190.8

28.515.513.1

162.382.922.7

-1.4

5.3

2.9

1.9

11.72.3

60.2

7.1

8.1

27.617.3

23.5

39.516.4

25.6

1984

I

277.4

251.728.7

223.025.7

229.8

204.1

28.716.012.7

175.489.830.3

.1

5.2

4.0

2.8

14.63.6

59.4

7.7

9.0

23.619.1

27.3

40.617.9

25.7

II

291.1

269.829.1

240.821.3

238.7

217.5

28.916.412.5

188.692.327.6

.6

6.0

6.2

1.9

7.95.2

64.7

7.8

9.5

27.919.5

28.3

47.021.0

21.3

III

282.8

258.526.9

231.624.3

224.5

200.2

26.617.19.5

173.678.326.4

.3

5.7

4.8

3.1

7.64.9

51.9

6.7

7.8

19.318.2

27.1

46.821.5

24.3

IV r

293.5

272.827.1

245.720.7

229.0

208.3

26.717.59.2

181.7

20.7

Gross national product

Personal consumptionexpenditures

Durable goodsNondurable goodsServices

Gross private domesticinvestment

Fixed investmentNonresidential

StructuresProducers' durable equipment ..

ResidentialNonfarm structuresFarm structuresProducers' durable equipment ..

Net exports of goods and

Exports

Government purchases ofgoods and services

FederalNational defenseNondefense

State and local

Index numbers, 1972=100

1983

215.34

213.6177.7213.0226.0

216.0206.4263.7183.3246.4249.4247.3172.6

241.0271.5

234.9232.1236.6220.0236.7

1984 r

223.43

220.4179.0217.7237.6

218.7207.8264.5186.0255.7259.0261.5173.2

249.4266.0

247.4241.2247.2224.7251.7

Seasonally adjusted

1983

III

215.89

214.8178.0214.5227.3

216.0205.1261.4183.2248.7251.7245.7172.7

241.5276.3

236.2232.8237.9219.1238.4

IV

218.21

216.0179.3214.8229.7

217.7208.1265.9185.8248.3251.2248.0174.7

245.4270.3

239.4235.6240.0221.4241.8

1984

I

220.58

218.0179.0217.4232.6

216.6206.3262.6184.4249.4252.3258.5174.1

247.7267.9

243.3238.5245.1215.5246.4

II

222.40

219.2179.5216.4236.0

218.6207.4264.1185.4255.9259.2261.7173.6

250.4269.6

246.2240.6246.4225.1250.0

III

224.57

221.5179.2217.8239.7

219.2208.0265.2186.5258.6262.1261.1172.3

250.1263.3

248.6241.5247.4227.1253.5

IV r

226.10

222.8178.4219.4242.0

220.1209.4265.9187.6259.1262.7266.5172.9

249.6263.7

251.4243.7249.8228.2256.9

Table 7.2.—Fixed-Weighted Price Indexes for Gross National Product,1972 Weights

Gross national product

Personal consumptionexpenditures

Durable goodsNondurable goodsServices

Gross private domesticinvestment ... .

Fixed investmentNonresidential

StructuresProducers' durable equipment ..

ResidentialChange in business inventories

Net exports of goods andservices

ExportsImports

Government purchases ofgoods and services

FederalNational defenseNondefense

State and local . ..

Addenda:Gross domestic purchases1

Final salesFinal sales to domestic purchas-

ers1

Personal consumption expendi-tures food

Personal consumption expendi-tures energy

Other personal consumption ex-penditures

Gross domestic productBusiness

Nonfarm

Index numbers, 1972=100

1983

223.8

222.4185.0223.2234.3

234.5230.4249.8219.3242.3

248.0299.9

236.5236.7242.3222.3236.4

227.2223.8

227.3

221.8

365.0

209.4

224.3223.5224.6

1984 r

233.2

231.1188.9229.7246.9

240.6234.8255.4223.1251.5

250.5299.3

249.2246.5252.6 -230.8251.0

236.3233.2

236.4

230.9

368.2

218.5

233.7232.0

Seasonally adjusted

1983

III

225.5

223.6185.5224.3236.1

237.1231.0250.0220.0248.7

249.0299.4

237.8237.2242.5223.7238.2

228.7225.5

228.8

221.5

370.3

210.7

225.7225.0

IV

227.6

225.5187.4225.6238.5

237.5231.7250.8220.7248.4

252.7298.7

240.7239.9246.1224.0241.2

230.6227.7

230.7

223.9

368.6

212.8

227.8226.9

1984

I

230.4

228.2187.7228.8241.5

238.6232.9252.3221.8249.4

254.4300.3

245.0244.1250.2228.5245.5

233.4230.5

233.5

230.5

366.7

214.8

230.6229.3

II

232.8

230.0188.8228.8245.2

242.2234.7255.3222.8256.4

257.2302.1

248.2246.4252.9230.0249.4

235.7232.9

235.8

229.5

369.1

217.3

233.0231.6

III

235.1

232.2189.1229.6249.4

244.0236.1256.2224.5259.0

256.3299.3

250.6247.3253.4231.6252.8

237.9235.2

238.0

230.9

367.9

220.1

235.3233.9

IV r

237.2

234.5189.8231.7252.3

244.9237.1257.6225.4259.7

255.3297.0

252.9247.9253.8232.7256.2

239.9237.3

240.1

232.7

369.4

222.5

237.4236.0

Table 7.1-7.2:1. Gross domestic purchases equals GNP less exports plus imports; final sales to domestic pur-

chasers equals final sales less exports plus imports.

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

Page 16: SCB_031985

14 SURVEY OF CURRENT BUSINESS March 1985

Table 7.3.—Implicit Price Deflators for Gross National Product byMajor Type of Product

Table 7.7.—Current-Dollar Cost and Profit Per Unit of Constant-DollarGross Domestic Product of Nonfinancial Corporate Business

Gross national product

Final salesChange in business inventories

Goods

Final salesChange in business inventories

Durable goodsFinal salesChange in business inventories

Nondurable goodsFinal salesChange in business inventories

Services . .

Structures

Addenda:Gross domestic purchases l

Final sales to domestic purchas-ers l

Index numbers, 1972=100

1983

215.34

215.7

196.9

197.8

187.8188.3

203.7204.9

226.7

252.0

217.7

218.0

1984 r

223.43

223.3

201.8

200.7

192.0190.4

209.8209.0

239.3

258.1

225.3

225.1

Seasonally adjusted

1983

III

215.89

216.3

196.7

197.6

189.1188.4

202.6204.4

228.1

251.9

218.6

219.0

IV

218.21

218.4

199.0

199.3

190.7190.1

205.7206.5

230.7

254.1

220.4

220.6

1984

I

220.58

220.3

201.1

199.7

191.0188.8

209.2208.3

234.3

253.8

222.6

222.4

II

222.40

222.1

201.3

200.0

190.9190.0

209.6208.0

237.8

257.9

224.4

224.1

III

224.57

224.4

202.0

200.7

192.4190.1

209.7208.9

241.3

259.7

226.4

226.2

IV r

226.10

226.2

202.8

202.5

193.5192.5

210.7210.7

243.9

260.9

227.6

227.7

Table 7.4.—Implicit Price Deflators for Gross National Product bySector

Gross national product

Gross domestic productBusiness

NonfarmNonfarm less housingHousing

FarmStatistical discrepancy

Households and institu-tions

Private householdsNonprofit institutions . .

GovernmentFederalState and local

Rest of the world

Addendum:Gross domestic business product

less housing

215.34

215.42134214 22153205418202134

246423392473

22242099228.5

214.2

22343

22342207221 32218217 219892207

258 123652598

237 522062458

222.6

215 89

21592138214 g21582068177 32138

248 0234 22490

224021022307

2148

21821

218 2216 02168217 7209 6181 32160

251 7234 72530

227 1211 82346

217 2

220 58

220 6218021842192212 0201 52180

254 52360255 9

233 1219 62396

2197

222 40

222 42197220 12207215 3205 62197

257 3236 1258 9

236 122032439

221 5

224 57

224 6221 g222 5222 9219 1199 6221 8

2594236 5261 2

238 92207247 8

223 8

226 10

226 1223 200/1 9224 4ooo q190 1223 2

261 2237 1263 1

242 1221 82520

225 4

Table 7.5.—Implicit Price Deflators for the Relation of Gross NationalProduct, Net National Product, and National Income

Gross national product

Less: Capital consumption allow-ances with CCAdj

Equals: Net national product.

Less:Indirect business tax and nontax

liability plus business transferpayments less subsidies pluscurrent surplus of governmententerprises

Statistical discrepancy

Equals: National income

21534

2244

214.2

1847

213.4

217.9

223 43

2302

222.6

1932

220.7

226.2

215 89

2250

2148

1864

213.8

218.3

218 21

2264

2172

1819

216.0

221.6

22058

2275

2197

1810

218.0

224.5

22240

2298

221 5

1943

219.7

224.8

22457

231 1

223 8

1985

2218

2268

226 10

2322

2254

1987

2232

228.6

Table 7.3:1. Gross domestic purchases equals GNP less exports plus imports; final sales to domestic pur-

chasers equals final sales less exports plus imports.

* Table 7.7:1. Equals the deflator for gross domestic product of nonfinancial corporate business with the

decimal point shifted two places to the left.

Table 7.8:1. Consists of final sales and change in business inventories of new autos produced in the

United States.2. Consists of personal consumption expenditures, producers' durable equipment, and govern-

ment purchases.

Table 7.9:1. Includes new trucks only.

Current-dollar cost and profit perunit of constant-dollar gross do-mestic product 1 . ..

Capital consumption allowances with CCAdj ...Net domestic product

Indirect business tax and nontax liabilityplus business transfer payments lesssubsidies

Compensation of employeesCorporate profits with

IV A and CCAdjProfits tax liabilityProfits after tax with IVA and CCAdj ...

Net interest

Dollars

1983

2.139

.2431.896

.2191.6771.409

.191

.065

.126

.077

1984 r

2.203

.2371.966

.2201.7471.425

.241

.073

.168

.081

Seasonally adjusted

1983

III

2.144

.2411.903

.2201.6841.400

.206

.073

.133

.077

IV

2.163

.2391.924

.2191.7061.408

.221

.072

.149

.077

1984

I

2.178

.2361.942

.2171.7261.415

.233

.078

.155

.078

II

2.192

.2341.958

.2181.7401.414

.246

.079

.167

.081

III

2.213

.2381.976

.2211.7541.434

.236

.066

.171

.084

IV r

2.228

.2391.989

.2221.7671.437

.247

.070

.177

.083

Table 7.8.—Implicit Price Deflators for Auto Output

Auto output

Final salesPersonal consumption expenditures

New autosNet purchases of used autos

Producers' durable equipmentNew autosNet purchases of used autos

Net exportsExportsImports

Government purchasesChange in business inventories

Addenda:Domestic output of new autos 1

Sales of imported new autos 2

Index numbers, 1972=100

1983

177.8

178.4203.6182.4

139.6182.7

183.4241.8157.1

182.6182.5

1984 r

183.0

182.5211.1187.0

147.7187.7

190.8248.9135.3

187.6186.7

Seasonally adjusted

1983

III

179.2

178.9204.1181.9

141.0182.2

185.2244.3158.4

182.3182.0

IV

180.8

180.5207.1185.2

141.3185.4

186.4243.5160.3

185.3185.3

1984

I

183.7

181.7208.8185.9

147.3186.7

192.1246.6148.0

186.9185.5

II

181.5

181.5210.5186.0

145.1186.8

190.0249.8126.2

186.6185.7

III

181.9

181.7212.9186.8

148.8187.9

190.9250.8131.6

187.7186.6

IV r

184.7

185.2212.6189.2

149.9189.6

189.8248.3133.0

189.3188.8

Table 7.9.—Implicit Price Deflators for Truck Output

Truck output1

Final salesPersonal consumption expenditures . ...Producers' durable equipmentNet exports

ExportsImports

Government purchasesChange in business inventories

217.1

217.1182.6242.9

2431215.62430

229.0

228.31877253.2

2530220.9252.7

217.8

216.9182.0243.0

2434213.4243.0

218.5

218.3185.3242.2

2423216.5242.2

224.7

223.31865248.0

2480221.4248.0

227.4

227.61867252.8

2528221.8252.8

232.1

230.7187.4256.1

2560217.7256.1

2131.1

230.9189.9254.8

2548228.8254.8

Table 7.11.—Implicit Price Deflators for Personal ConsumptionExpenditures by Major Type of Product

Personal consumption expenditures

Durable goodsMotor vehicles and partsFurniture and household equipmentOther

Nondurable goods . . . . .Food .Clothing and shoesGasoline and oilOther nondurable goods

Fuel oil and coalOther

ServicesHousing . .Household operation

Electricity and gasOther

TransportationOther

213.6

177.7194.11581185.8

213.0220.51436344.92308531.2213.6

226.0212.1240.03262185.22289232.7

220.4

179.0197.71565188.9

217.7229.4145.3339.42368543.3220.4

237.6223.9253.0341.2197.12393244.0

214.8

178.0194.0158 1187.3

214.5220.2144.8353.32331531.5215.1

227.3213.4241.0325.0185.42329233.7

216.0

179.3196.31585187.2

214.8222.4145.0349.02337531.6216.0

229.7216.0243.83316187.12321236.3

218.0

179.0196.3157.6188.0

217.4228.8144.4340.62354550.0217.5

232.6218.4248.1333.0194.4234.6239.3

219.2

179.5197.41574189.0

216.4228.4143.6342.52356549.6218.8

236.0221.9251.1336.7195.6237.2242.8

221.5

179.2198.51561189.7

217.8°,°,93145.2334.62382538.1?,?,?,?,

239.7225.9°,573350.9198.2240.6245.6

222.8

178.4198.51550189.0

219.4231.0147.8340.02381535.0223.1

242.0229.3255.3344.0200.3244.9248.0

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

Page 17: SCB_031985

March 1985 SURVEY OF CURRENT BUSINESS 15

Table 7.14B.—Implicit Price Deflators for Government Purchases ofGoods and Services by Type

Table 7.17.—Implicit Price Deflators for Merchandise Exports andImports by Type of Product and by End-Use Category

Government purchases ofgoods and services

Federal

National defenseDurable goodsNondurable goodsServices

Compensation ofemployees

MilitaryCivilian

Other servicesStructures

Nondefense . . .Durable goodsNondurable goods

Commodity Credit Corpo-ration inventory change

Other nondurablesServices

Compensation ofemployees

Other servicesStructures

State and local ....Durable goodsNondurable goodsServices

Compensation of employees...Other services

Structures

Index numbers, 1972=100

1983

234.9

232.1

236.6243.7426.7224.0

211.5215.4205.9244.7224.7

220.0215.8

309.1215.1

206.7228.1233.4

236.7219.1262.8235.5228.5257.5233.0

1984 r

247.4

241.2

247.2257.7417.5234.6

222.5227.3215.8253.0235.0

224.7223.0

292.3224.2

216.6235.8239.2

251.7225.3269.5252.6245.8273.0241.1

Seasonally adjusted

1983

III

236.2

232.8

237.9247.1421.9224.7

211.8215.8206.1245.6225.9

219.1215.5

342.1215.7

207.0229.4233.5

238.4219.8264.3237.6230.7259.0233.3

IV

239.4

235.6

240.0251.8404.8226.8

213.7218.2207.2248.0227.0

221.4218.1

300.5217.1

208.0230.7234.6

241.8221.2265.0241.5234.6262.8234.0

1984

I

243.3

238.5

245.1254.5421.9232.6

221.6226.5214.6250.7229.6

215.5218.9

263.1222.6

215.6233.3236.6

246.4223.2269.2246.5239.6267.4236.8

II

246.2

240.6

246.4255.0425.3234.0

222.2227.0215.4252.6234.2

225.1222.5

318.7223.4

216.3234.7238.7

250.0224.4270.1250.6243.9270.8239.9

III

248.6

241.5

247.4257.5411.9235.2

222.7227.6215.8254.2236.5

227.1224.2

297.3224.6

216.7236.8239.5

253.5226.1269.2254.8247.8275.7242.0

IV T

251.4

243.7

249.8263.6410.9236.3

223.7228.2217.2254.3238.8

228.2226.1

292.4226.2

218.0238.1241.8

256.9227.2269.4258.5252.0278.1245.2

Table 7.16.—Implicit Price Deflators for Exports and Imports of Goodsand Services

Exports of goods and services

MerchandiseDurable goodsNondurable goods

ServicesFactor incomeOther

Imports of goods and services

MerchandiseDurable goodsNondurable goods

ServicesFactor incomeOther

Index numbers, 1972=100

1983

241.0

258.9273.2242.0

219.2214.3227.3

271.5

290.6235.9397.5

226.3214.4235.7

1984 r

249.4

267.1279.8251.4

226.8222.6234.4

266.0

280.7233.1387.4

228.4222.7233.6

Seasonally adjusted

1983

III

241.5

259.8273.5243.5

219.6214.8228.4

276.3

298.5236.0419.3

225.6214.8234.2

IV

245.4

264.7275.8251.2

221.6217.2229.6

270.3

288.4235.8397.0

227.0217.2235.1

1984

I

247.7

266.7278.1252.6

223.7219.7230.9

267.9

282.1235.6384.4

228.9219.8237.1

II

250.4

270.0279.8257.8

225.7221.5233.1

269.6

287.0236.1399.2

227.6221.5233.3

III

250.1

267.9280.8251.7

227.9223.8235.7

263.3

276.3231.0381.3

228.6223.8233.1

IV r

249.6

263.9280.3244.2

230.0225.4238.0

263.7

278.0230.0385.4

228.5225.4231.3

Merchandise exports

Foods, feeds, and beveragesIndustrial supplies and

materialsDurable goodsNondurable goods

Capital goods, except autosAutosConsumer goods

Durable goods ....Nondurable goods

OtherDurable goods .. .Nondurable goods

Merchandise imports

Foods, feeds, and beveragesIndustrial supplies and

materials, excludingpetroleum .. .

Durable goodsNondurable goods

Petroleum and productsCapital goods except autosAutosConsumer goods

Durable goodsNondurable goods

OtherDurable goodsNondurable goods

Addenda:Exports:

Agricultural productsNonagricultural products

Imports of nonpetroleumproducts

Index numbers, 1972=100

1983

258.9

226.7

276.1276.2276.1

263.9328.1198.8250.0172.5259.0259.0259.0

290.6

237.8

270.9271.0270.8

1,093.6200.9306.5221.4191.3280.4243.7243.7243.7

227.0267.5

243.7

1984 r

267.1

233.9

284.7284.6284.7

269.0338.9200.8242.8179.3267.1267.1267.1

280.7

244.2

267.5267.5267.4

1,072.3196.7315.5224.1189.0293.7242.2242.2242.2

236.9274.4

242.4

Seasonally adjusted

1983

III

259.8

229.7

274.9274.9274.9

264.3329.2200.8248.8175.3259.8259.8259.8

298.5

239.8

273.0273.3272.6

1,081.7200.5304.2221.9191.8279.7243.8243.8243.8

230.1267.7

243.9

IV

264.7

244.0

280.0280.0280.0

265.0334.0198.9245.4175.4264.7264.7264.7

288.4

240.0

265.4265.4265.5

1,081.3200.1313.5219.8189.0283.3243.3243.3243.3

242.5270.5

243.3

1984

I

266.7

242.5

282.6282.7282.6

266.7336.4201.2245.5177.1266.8266.8266.8

282.1

241.6

269.8270.1269.3

1,078.0200.4313.3224.3190.6287.3243.8243.8243.8

243.1272.9

243.9

II

270.0

244.8

288.9289.0288.9

268.4338.9201.3245.3179.3270.1270.1270.1

287.0

247.8

271.2271.0271.4

1,083.9198.7315.9224.7190.5291.5245.1245.1245.1

246.9275.3

245.3

III

267.9

231.3

285.3285.2285.3

269.7340.2200.9241.4180.6267.8267.8267.8

276.3

247.8

266.2266.1266.4

1,068.2195.7316.1223.8188.3295.2240.9240.9240.9

236.2275.1

241.0

IV r

263.9

218.3

281.9281.9281.9

271.2340.2199.6238.9180.3263.8263.9263.8

278.0

239.4

262.8262.7262.9

1,059.2192.5316.6223.7186.9301.1239.7239.9239.6

222.8274.4

239.7

Table 7.21.—Implicit Price Deflators for Inventories and Final Sales ofBusiness

Inventories 1

FarmNonfarm

Durable goodsNondurable goods

ManufacturingDurable goodsNondurable goods

Wholesale tradeDurable goodsNondurable goods

Merchant wholesalersDurable goodsNondurable goods

Nonmerchant wholesalersDurable goodsNondurable goods

Retail tradeDurable goodsNondurable goods

Other

Final sales2

Final sales of goods and struc-tures

Index numbers, 1972 = 100

1983 1984

Seasonally adjusted

1983

III

241.8

196.9247.7236.6263.8

249.6238.2273.0

250.0241.9264.8244.8243.1247.9278.0235.4349.1

221.4223.6219.6294.4

214.3

205.9

IV

243.3

207.3248.0237.2263.6

249.8238.6272.9

250.1242.6263.8245.6243.8248.9274.4236.1340.1

222.6224.6220.8295.0

216.2

207.7

1984

I

245.5

211.9249.9239.2265.4

252.0240.2276.2

251.6244.2265.2246.7245.3249.4277.8238.2344.9

225.2228.4222.5296.8

217.6

208.3

II

245.1

209.1249.8239.1265.2

251.7240.2275.4

251.7244.7264.7247.0246.0248.9276.6236.9343.2

224.4227.4222.1299.9

219.3

209.1

III

243.8

202.0249.4238.8264.6

251.5239.8275.9

249.8244.1260.5245.5245.5245.5273.4236.3337.3

224.1226.6222.0301.2

221.5

210.1

IV

242.9

196.6249.2239.2263.7

251.2240.0275.1

249.7244.4259.5245.0245.7243.7275.2237.3340.7

225.2228.0222.8299.7

223.2

211.6

Table 7.21:1. Inventories are as of the end of the quarter.2. Business final sales equals final sales less gross product of households and institutions, gov-

ernment, and rest of the world.

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

Page 18: SCB_031985

16 SURVEY OF CURRENT BUSINESS March 1985

Table 8.1.—Percent Change From Preceding Period in Gross National Product in Current and Constant Dollars, Implicit Price Deflators, andPrice Indexes

Gross national product:Current dollars1972 dollarsImplicit price deflatorChain price index .Fixed- weigh ted price index

Personal consumption expendi-tures:Current dollars1972 dollarsImplicit price deflatorChain price indexFixed-weighted price index

Durable goods:Current dollars1972 dollarsImplicit price deflatorsChain price indexFixed-weighted price index

Nondurable goods:Current dollars1972 dollarsImplicit price deflatorChain price indexFixed-weighted price index

Services:Current dollars1972 dollarsImplicit price deflator

Fixed-weighted price index

Gross private domesticinvestment:

Current dollars1972 dollarsImplicit price deflatorChain price indexFixed- weighted price index

Fixed investment:Current dollars1972 dollarsImplicit price deflator

Fixed-weighted price index

Nonresidential:Current dollars1972 dollarsImplicit price deflator ..Chain price indexFixed-weighted price

indexStructures:

Current dollars1972 dollarsImplicit price defla-

torChain price indexFixed-weighted price

Producers' durableequipment:

Current dollars1972 dollarsImplicit price defla-

torChain price indexFixed-weighted price

index

Residential:Current dollars1972 dollarsImplicit price defla-

Chain price indexFixed-weighted price

index

Exports:

1972 dollarsImplicit price deflatorChain price indexFixed- weighted price index

Imports:Current dollars1972 dollarsImplicit price deflatorChain price indexFixed- weighted price index

Percent

1983

7.73.73.84.34.2

8.64.83.74.14.0

14.112.11.82.22.5

5.83.72.12.22.0

943.45.86 16.2

13.713.7

10.09.7

.11.4

92.5

-1.51.1

20

-8.7-7.8

-1.0-.6

1.2

7.67.3

.32.2

2.6

44.741.7

2.1-1.4

.2

3 5-5.5

2.12.01.7

4.67.6

-2.8-2.0-2.9

1984

10.86.83.84.04.2

8.65.33.23.93.9

13.913..

lie2.1

6.94.62.22.92.9

853.25.15 35.3

35.231.2

19.518.(

U2.6

20619.8

1.2

19

16.015.6

.31.3

2.2

23.421.5

1.51.1

1.7

16.412.2

3.83.7

3.8

8.44.73.51.11.0

24.426.9

-2.0.4

-.2

Percent at annual rates

Seasonally adjusted

1983

III

10.6.3.4.44.7

7.63.83.73.73.9

12.09.02.82.73.3

7.63.93.62.72.8

6.62.14.44 85.1

43.238.4

25.221.82.83 <4.6

18518.7

oLO

1.7

1.61.4

1.6

3.1

29.326.4

2.3.6

.8

44.431.6

9.79.6

9.9

18.114.03.53.73.5

31.721.88.1.2

0

IV

10.5.4.4.3.

9.6.82.33.63.4

24.020.5

2.93.94.

5.7

2.1

8.33.84.34.44.2

35.337.0

27.523.53.2.6.6

28430.66.0

t

1.3

37.528.5

70

1.3

38.931.4

5.71.2

1.2

3.34.0

-.7-.1

-.6

5.01 56.66.26.1

21.132.3

-8.5.3

-.9.

1984

I

14.10.4.4.5.

8.4.63.84.74.9

15.816.3

9.24.4.95.75.8

6.21.25.05.35.2

78.071.6

18.420.8

-2.01.32.0

16.520.6

-3.41.1

2.1

17.223.2

49.6

2.3

16.119.6

-3.01.4

2.0

23.621.3

1.91.7

1.7

15.611.43.72.92.7

42.047.1

-3.52.12.3

II

10.77.13.34.14.3

10.27.92.23.33.1

13.112.01.11.82.4

8.410.3

-1.7.2

-.1

10.94.66.06.16.2

2.022

20.616.23.84.56.1

23.921.32.22.2

3.0

24.121.3

2.34.8

5.0

23.821.2

2.1.7

1.8

12.11.2

10.911.0

11.6

4.05

4.54.44.5

10.98.02.62.02.3

III

5.61.63.93.94.0

5.0.7

4.33.94.0

-4.23.6-.6

.1

.7

1.51.22.71.91.5

10.53.86.46.57.0

24.924.9

10.69.31.22.63.1

14.913.71.12.1

2.4

3.82.0

1.81.2

1.4

21.518.6

2.52.6

3.1

-.6-4.6

4.24.2

4.2

7.17.5

4-.8

-1.4

41.555.5

-9.02 7

-3.7

IV r

7.14.32.83.63.6

6.13.62.43.83.9

11.914.1

-1.91.21.5

2.4-.52.83.93.7

7.33.33.94.54.7

14 3-13.1

7.05.31.71.61.5

11.58.52.71.7

1.8

18.317.2

1.02.1

2.2

8.05.4

2.41.5

1.6

-4.7r r

.81.2

1.0

1 fi-.7

9-1.2-1.6

-27.928 3

.5-2.3-3.0

Government purchases of goodsand services:

1972 dollarsImplicit price deflatorChain price deflatorFixed-weighted price index

Federal:

1972 dollars

Chain price indexFixed-weighted price index.....

National Defense:

1972 dollars

Chain price indexFixed- weighted price index

Nondefense:

1972 dollarsImplicit price deflatorChain price indexFixed-weighted price index-

State and local:

1972 dollarsImplicit price deflatorChain price indexFixed-weighted price index .

Addenda:

Gross domestic purchases:Current dollars1Q79 rlnlljir«

Implicit price deflatorChain price indexFixed-weighted price index

Final sales:Current dollars1972 dollarsImplicit price deflatorChain price indexFixed-weighted price index

Final sales to domestic purchas-ers:Current dollars1972 dollarsImplicit price deflatorChain price indexFixed-weighted price index

Gross domestic product:Current dollars1972 dollarsImplicit price deflatorChain price indexFixed-weighted price index

Business:Current dollars1972 dollarsImplicit price deflatorChain price indexFixed-weighted price index .

Nonfarm:Current dollars1972 dollarsImplicit price deflator ...Chain price indexFixed-weighted price

index

Disposable personalincome:

Current dollars1972 dollars

Percent

1983

5.4-.35.75.44.8

4.2-.64.84.23.5

11.77.14.24.33.5

-12.8-16.9

4.94.13.4

6.2.0

6.26.25.7

8.65.03.53.93.7

7.23.23.94.34.2

8.14.43.53.93.7

7.83.83.84.34.2

7.84.33.33.93.7

8.54.93.54.1

4.3

7.33.5

1984 r

9.03.55.45.55.4

9.55.43.94.34.1

10.55.84.54.54.3

6.74.52.13.83.8

8.72.26.46.36.2

12.58.73.54.04.0

8.65.03.54.04.2

10.36.83.34.04.0

11.17.13.84.04.2

11.88.13.43.73.8

11.78.23.3

10.16.7

Percent at annual rates

Seasonally adjusted

1983

III

4.55

5.15.35.3

-2.0533.53.84.2

3.3-1.9

5.34.14.0

15 5-13.6-2.2

3.14.9

9.02.76.16.26.1

11.47.43.84.04.3

8.14.93.14.44.7

9.45.43.84.04.3

9.76.43.14.44.7

10.37.42.74.24.5

11.58.23.0

11.77.7

IV

.9-4.3

5.55.24.9

-4.3-8.7

4.84.64.6

13.29.23.65.66.1

-44.14634.21.8.5

4.4-1.4

5.85.65.1

12.28.73.33.53.3

8.44.24.04.13.9

10.06.92.93.43.3

11.26.64.44.13.8

11.97.44.23.83.5

12.88.63.9

10.78.2

1984

I

7.81.06.77.87.3

2.0-2.8

5.08.07.3

12.53.48.86.96.9

-29.121 1

-10.211.78.3

11.53.57.87.67.3

17.612.94.14.84.9

7.33.63.54.95.0

9.96.33.34.84.9

15.210.34.44.95.0

16.111.93.84.24.2

13.19.83.0

12.78.6

II

24.318.64.85.25.4

50.545.23.73.73.8

14.712.22.24.64.3

277.9217.5

19.0.6

2.6

10.03.76.06.16.4

11.47.93.33.84.1

13.810.33.24.14.3

14.511.13.13.94.1

11.57.93.34.14.3

12.49.03.23.94.1

13.410.03.1

8.66.3

III

9.65.44.04.13.9

7.86.21.51.61.4

8-2.3

1.51.4.9

36.531.73.62.32.8

10.74.85.65.75.6

9.15.43.53.63.8

3.2-1.0

4.24.14.1

6.82.93.83.73.8

5.41.43.93.94.0

5.51.53.93.94.0

5.41.04.4

8.43.9

IV

10.75.94.53.53.7

19.415.23.6

.7

.9

22.117.54.0

.2

.6

12.19.92.02.11.9

5.2-.25.55.45.5

3.2.9

2.33.33.4

11.47.93.33.73.7

7.24.32.73.43.5

7.74.82.83.63.6

8.05.32.53.43.5

8.24.93.1

6.03.5

NOTE.—The implicit price deflator for GNP is a weighted average of the detailed price indexesused in the deflation of GNP. In each period, the weights are based on the composition ofconstant-dollar output in that period. In other words, the price index for each item (1972=100)is weighted by the ratio of the quantity of the item valued in 1972 prices to the total output in1972 prices. Changes in the implicit price deflator reflect both changes in prices and changes in

the composition of output. The chain price index uses as weights the composition of output inthe prior period, and therefore reflects only the change in prices between the two periods.However, comparisons of percent changes in the chain index also reflect changes in thecomposition of output. The fixed-weighted price index uses as weights the composition of outputin 1972. Accordingly, comparisons over any time span reflect only changes in prices.

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

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March 1985 SURVEY OF CURRENT BUSINESS

Reconciliation and Other Special Tables

17

Table 1.—Relation of Net Exports of Goods and Services in the NationalIncome and Products Accounts (NIPA's) to Balance on Goods andServices in the Balance of Payments Accounts (BPA's)

[Billions of dollars]

Line

123

456

78

910

11121314

151617

181920

21

Exports of goods and services BPA'sLess- Gold BPA's

Capital gains net of losses in direct invest-ment income receipts.

Statistical differences 1 .. ..Other items

Equals: Exports of goods and services, NIPA's

Imports of goods and services BPA'sLess: Payments of income on U.S. Government

liabilities.Gold BPA'sCaptial gains net of losses in direct invest-

ment income payments.Statistical differences *

Plus- Gold NIPA'sEquals: Imports of goods and services, NIPA's

Less- Gold (2-9 -f 13)Capital gains net of losses in direct invest-

ment income (3-10).Statistical differences (4-11)Other items (5-12)

Plus: Payments of income on U.S. Governmentliabilities (8).

Equals: Net exports of goods and services(NIPA's (6-14).

1984

362.42.2

-7.3

2.01.2

364.3

452.819.8

3.4.7

.4

0428.5

-90.413

-8.0

1.61.2

19.8

-64.2

Seasonally adjusted at annualrates

1984

I

362.61.51.3

.2

.8358.9

432.718.7

2.81.1

0

.2410.4

-70.1-1.2

.2

.2

.818.7

-51.5

II

355.51.6

-12.0

2.51.0

362.4

445.619.1

3.9-.2

1.6

I421.1

902-2.4

-11.8

.81.0

19.1

-58.7

III

364.23.2

-13.1

3.12.3

368.6

487.220.3

3.52.0

2.0

.1459.3

1229-.4

-15.1

1.12.3

20.3

-90.6

IV

367.12.4

-5.4

2.1.8

367.2

445.721.2

3.4-.2

-2.0

.1423.2

786-1.1-5.2

4.1.8

21.2

-56.0

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

NOTE.—Lines from the balance of payments accounts are revised and are as shown later inthe SURVEY.

Table 2.—Real Gross National Product and National Income, CommandOver Goods and Services, and Related Series

[Billions of 1972 dollars]

GNPGross domestic purchasesNet exports of goods and services

National income . . . . . .

Command, GNP basisGross domestic purchasesNet exports of goods and services 1

Command, national income basis

GNPCommand, GNP basisNational incomeCommand, national income basis

Addendum:Terms of trade 2

1984

1,639.31,654.4-15.0

1,308.7

1,630.21,654.4-24.1

1,300.6

Seasonally adjusted at annual rates

1983

IV

1,572.71,570.7

2.01,248.4

1,559.71,570.7-11.0

1,236.7

1984

I

1,610.91,619.2

-8.31,279.8

1,599.91,619.2-19.2

1,270.1

II

1,638.81,650.2-11.4

1,309.9

1,628.51,650.2-21.8

1,300.6

III

1,645.21,672.2-27.0

1,316.0

1,637.81,672.2-34.4

1,309.4

IV

1,662.41,675.8-13.4

1,329.3

1,654.51,675.8-21.2

1,322.3

Percent change from preceding period

6.87.37.88.3

93.8

5.97.36.27.7

90.8

10.110.710.511.2

92.4

7.17.39.7

10.0

92.9

1.62.31.92.7

95.0

4.34.14.14.0

94.6

1. Equals current-dollar net exports of goods and services deflated by the implicit pricedeflator for imports of goods and services.

2. Equals the ratio of the implicit price deflator for exports of goods and services to theimplicit price deflator for imports of goods and services.

Table 3.—Cyclically Adjusted Federal Receipts, Expenditures, Surplus or Deficit (-), and Debt[Billions of dollars; quarters at seasonally adjusted annual rates]

Based on middle-expansion trend GNP:

Receipts:Level

Percentage of trend GNPChange from preceding period .

Due to automatic inflation effectsDue to discretionary policy and other fac-

tors.. .Expenditures:

LevelPercentage of trend GNP

Change from preceding periodDue to automatic inflation effects ..Due to discretionary policy and other fac-

torsSurplus or deficit (-):

Level:Percentage of trend GNP

Change from preceding periodDue to automatic inflation effectsDue to discretionary policy and other fac-

torsDebt:

At par value, end of period:Level . .

Percentage of trend GNPAt market value, end of period:

LevelPercentage of trend GNP

Based on 6-percent unemployment rate trendGNP:

Receipts:Level

Percentage of trend GNPExpenditures:

LevelPercentage of trend GNP .

Surplus or deficit (— ):Level. . .

Percentage of trend GNP

6319212872640

232

6892232859370

490

5731 91 2

27 1

259

846.8285

793.5267

6557214

6838223

281g

665020.633136.6

35

7575234683295

388

92529

35271

423

9509294

971.7300

694.9207

7532225

5841 7

6856199206213

7

8148236573140

433

129237

36772

440

1,086 4315

1,059.0307

722.1201

8130227

9082 5

7104194248268

21

8845241697165

532

174 147

449103

55 1

1,282.5349

1,282.5349

7557197

8852230

12963 4

I

6130214315191

124

662023 121.146

165

49017

104145

4 1

799.5279

6345216

6557223

212'7

19

II

625421412498

26

67192309.93.6

63

465162562

37

8151279

648.3215

6670222

187g

81

III

6423213169166

3

701823329.918.2

117

59520

13 016

11 4

829.0275

667.4215

6966224

2939

IV

646820945

142

97

720923319.19.3

98

74124

14 649

19 5

846.8273

6726210

7159224

4321 4

I

659720.912963

66

72502304.122

19

652218941

4 8

864.6274

687.821 1

7202221

3241 0

1

II

671 120911481

33

73172286.732

35

605194 749

2

8827275

700821 1

7271219

263g

982

III

6625203864.0

126

765423533.7139

198

102932

42499

325

9209282

6926205

7612225

68620

IV

66672014234

g

807924442.540

385

141 243

38 36

37 7

9509287

6982203

804 3234

10613 1

I

680320213681

55

7965236

-11.46

120

116234

25075

17 5

9834291

714 1204

7935226

79423

19

II

697920417634

142

810223713.724

113

1123333 910

29

10444305

7343206

8083227

7392 1

33

III

678219619743

24 0

81732367.1

9

62

139140

26833

30 1

1076631 1

7150198

8159226

100928

IV

686019.57876

2

835323718.016

164

149342

10260

162

10864308

7251197

8341227

109030

I

700919.51498.7

62

850.323715.011.8

32

149442

132

3 1

1,126 5314

7430198

849622.7

106628

19

II

707.319.46.45.8

.6

872.424022.11.1

210

165145

15748

205

1,190.3327

751.9197

873022.9

-121.132

84

III

710.619.23.37.9

-4.6

890.424.118.02.1

159

-179849

14758

205

1,238.2335

756.919.5

891.723.0

-134.835

IV

722.619.312.04.5

7.5

924.724.634.32.2

321

-202.054

2222.3

245

1,282.5342

770.919.6

926.623.6

155.7-4.0

471-438 0 - 8 5 - 2 : QL

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Page 20: SCB_031985

By THE ENVIRONMENTAL ECONOMICS DIVISION

Pollution Abatement and Control Expenditures, 1980-83

Us.. RESIDENTS spent $62.7 billionon pollution abatement and control(PAC) in 1983, a 6.4-percent increaseover the $58.9 billion spent in 1982(tables 1 and 2). After adjustment forprice change, the increase was 3.6percent. The real increase was mainlyin spending on motor vehicle emissionabatement devices.

The spending discussed in this arti-cle is for goods and services that U.S.residents use to produce cleaner airand water and to dispose of solidwaste. This spending is for regulationand monitoring, pollution abatement,and research and development. Regu-lation and monitoring is a govern-ment activity that stimulates andguides action to reduce pollutantemissions. Pollution abatement direct-ly reduces pollutant emissions by pre-venting the generation of pollutants,recycling them, or treating themprior to discharge. Research and de-velopment not only supports abate-ment, but also helps increase the effi-ciency of regulation and monitoring.Highlights of the recently completedset of PAC estimates for 1983 are:

• In real terms, personal spendingfor pollution abatement increased17.7 percent, business spendingincreased 3.4 percent, and govern-ment spending declined 3.2 per-cent from 1982.

• In real terms, spending for regu-lation and monitoring (all by gov-

NOTE.—This article was prepared under thedirection of Gary L. Rutledge, Chief of the En-vironmental Economics Division. Kit D. Farbercoordinated the data processing and wroteparts of the article. Frederick J. Dreilingguided critical aspects of the work and wrotepart of the article. The estimates were per-pared by: Frederick J. Dreiling, Kit D. Farber,Frederick G. Kappler, William J. Russo, Jr.,Nick A. Stergioulas, Susan Lease-Trevathan,Howard J. White, and Thomas J. Zoretich.Tracy K. Leigh and Brenda G. Davis providedstatistical assistance and typing support, re-spectively.

Table 1.—Constant-Dollar PAC Spending:Change From 1982 to 1983

Pollution abatement and control

Personal consumption .Motor vehicle emission abatement

devicesOperation of devices

BusinessCapital . . .

Motor vehicle emission abatementdevices

Plant and equipmentOther

Current accountOperation of motor vehicle emis-

sion abatement devicesOperation of plant and equipment...Operation of public sewer systems-Other

GovernmentPublic sewer system constructionOther

Regulation and monitoringResearch and development

Billionsof 1972dollars

0.88

66

.5709

.49- 18

.34- 62

10.66

.02

.50

.1203

-.16-.27

.12- 11-.01

Percent

3.6

177

21189

3.429

2141731227.8

1.611.15.934

-32-9.5

6.1160

-1.3

NOTE.—Based on table 2.

ernment) declined 16.0 percentand spending for research and de-velopment (by business and gov-ernment) changed little from1982.

• Prices of PAC goods and services,as measured by the fixed-weight-ed price index for PAC, increased3.1 percent in 1983, comparedwith 5.0 percent in 1982 (table 3).Prices for most PAC categoriesincreased less in 1983 than in1982.

• Real PAC spending was 1.6 per-cent of GNP, and business capitalspending for pollution abatementwas 2.6 percent of gross privatedomestic investment.

• In current dollars, business PACcosts—the costs of conforming toPAC rules and regulations—were$62.0 billion in 1983, up 16.6 per-cent from 1982.

Although information for 1984 is in-complete, what is available indicatesanother increase in real PAC spend-ing. Spending for motor vehicles with

emission abatement devices continuedto be strong. According to the BEAplant and equipment survey taken inNovember-December 1983, businessplanned to increase their capitalspending for pollution abatement in1984, and according to preliminaryCensus Bureau estimates, govern-ments increased their spending onsewer systems. Spending in othercomponents declined, but at a slowerrate than in 1983.

The section that follows discussesreal PAC spending and the composi-tion of that spending in 1983. Thenext section discusses business PACcosts, which reflect PAC spending inprevious years as well as in the cur-rent year. Technical notes on defini-tions relating to PAC and sourcesused in preparing the estimatesfollow.

Real PAC spendingChanges in real spending.—Real

total PAC spending increased $0.9 bil-lion in 1983, following declines of $1.2billion in 1982 and $0.8 billion in1981. The increase was due to the re-covery in general economic activity.

Personal spending for pollutionabatement increased 17.7 percent in1983 to $4.4 billion, following a 0.3-percent decline in 1982. The increasereflects the recovery in purchases ofmotor vehicles, which are required tohave emission abatement devices.

Business spending for PAC, exclud-ing research and development, in-creased 3.4 percent in 1983 to $14.9billion, following a 4.8-percent declinein 1982. The recovery in general eco-nomic activity in 1983 led to higherutilization of production facilities andincreased motor vehicle purchases bybusiness. Spending for purchase andoperation of motor vehicle emissionabatement devices increased 13.4 per-cent, following a 1.7-percent declinein 1982. Spending to operate plant

18

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March 1985 SURVEY OF CURRENT BUSINESS 19

and equipment for pollution abate-ment increased 11.1 percent, followinga 10.6-percent decline in 1982. Spend-ing for new plant and equipment forpollution abatement declined 17.3 per-cent, compared with a 10.0-percent de-cline in 1982.

Government PAC spending, exclud-ing research and development andregulation and monitoring, declined3.2 percent in 1983 to $4.6 billion,compared with a 5.6-percent declinein 1982. A 9.5-percent decline inpublic sewer system construction out-weighed an increase in other govern-ment pollution abatement spending.

Research and development spend-ing for PAC by business and govern-ment remained at about $0.7 billionin 1983, following a 19.2-percent de-cline in 1982. Although governmentspending increased 6.1 percent, busi-ness spending declined 6.9 percent.

Regulation and monitoring spend-ing for PAC by government declined16.0 percent in 1983 to $0.6 billion,compared with a 5.7-percent declinein 1982. Federal spending declined21.6 percent, and State and localspending declined 7.1 percent.

Composition of real spending.—Table 4 is a reorganization of items in

table 2 designed to highlight subjectsemphasized by PAC legislation. Mostof PAC spending in 1983 was for pol-lution abatement (95 percent). Regula-tion and monitoring by governmentaccounted for 2 percent of PAC spend-ing, while research and developmentby business and government account-ed for 3 percent. Almost one-half ofthe PAC program in 1983 was for pur-chase and operation of motor vehicle(mobile sources) emission abatementdevices and public sewer systems.

Chart 1 compares PAC spending in1983 and 1972, the first year forwhich estimates are available. In

Table 2.—Expenditures for Pollution Abatement and Control in Current and Constant Dollars and Selected Implicit Price Deflators

Line

123456789

10111213141516171819202122

23242526272829303132333435363738394041424344

454647484950515253

5455

Pollution abatement and control lPollution abatement 3

Personal consumptionDurable goodsNondurable goods and services

BusinessOn capital accountOn current account

PrivateGovernment enterpriseCosts recovered

Government . . . .FederalState and localGovernment enterprise fixed capital

Regulation and monitoringFederalState and local

Research and developmentPrivateFederalState and local

Pollution abatement and control 1

Pollution abatement 3

Personal consumptionDurable goods. .. ... '. .Nondurable goods and services

BusinessOn capital accountOn current account

PrivateGovernment enterprise ;

GovernmentFederalState and localGovernment enterprise fixed capital

Regulation and monitoringFederalState and local

Research and developmentPrivateFederalState and local

Pollution abatement and control 1Pollution abatement

Personal consumptionBusiness

On capital accountOn current account

GovernmentRegulation and monitoring . . . .Research and development

Value at replacement cost in current dollarsValue at replacement cost in constant (1972) dollars

1980

Total Air Water Solidwaste

Other andunallocat-

ed2

1981 r

Total Air Water Solidwaste

Other andunallocat-

ed2

Millions of current dollars

55,36852,3506,8083,5573,251

33,94612,98720,95918,4904,0791,610

11,596494

2,7788,3241,296

793502

1,7221,067

59164

24,89023,5826,8083,5573,251

16,3027,0749,2279,079

148

47395(*)

378329122207979845130

5

22,43621,685

13,1655,0768,0894,1593,930

8,520274299

7,9465253261992261099523

8,7968,614

6,089836

5,2525,252

(*)

2,52555

2,470

12966635318323

-754-1,531

-1,609

-1,609

11,610

79709

31328034

46496

33533

58,96555,8328,3614,7163,645

36,88613,38623,50020,5864,7011,788

10,584506

3,0537,0261,378

818560

1,7561,083

64628

28,09126,7638,3614,7163,645

17,9117,810

10,1019,966

135

49185(*)

406334108226995863131(*)

21,81221,059

13,9334,6659,2684,7024,565

7,126220286

6,62051629622023810811911

9,9169,635

6,829911

5,9185,918

(*)

2,80653

2,752

218143756416444

-854-1,625

-1,787

1,787

1-1,788

16214814

31127239

46095

35213

Millions of constant (1972) dollars

26,35324,6983,2112,1991012

15,4096,7348,6757,5261,827

6786,078

2411,4304,408

72845926992756432735

10,91710,2163,2112,1991,0126,7823,7743,0082,968

39

22439(*)

18518071

109521447723

11,01410,596

6,1162,5633,5531,7661,787

4,480139118

4,223295189107123575313

4,6274,526

3,190398

2,7922,792

(*)

1,33628

1,308

7238342910182

-205-640

-678

-678

(*)67838344

18116219

25451

18518

25,53623,9833,7282,747

98115,1886,4538,7347,5331,893

6915,067

2211,4193,428

701431270853516323

14

11,46310,8223,7282,747

9816,8783,9062,9722,938

33

21631(*)

18516557

10847741166(*)

9,6559,276

5,8152,1523,6641,8051,859

3,461101117

3,24326215610711751596

4,6494,505

3,185396

2,7902,790

(*)

1,32025

1,295

1127537318

222

-231-621

-691

691

(*)-691

70646

16214319

22845

1767

Selected implicit price deflators 4

210.1212.0212.1220.3192.8241.6190.8178.0185.8

228.0230.8212.1240.4187.5306.8210.8182.9187.9

203.7204.7

215.3198.1227.7190.2177.8184.6

190.1190.3

190.9210.4188.1189.1178.0183.0

214.1235.6

273.3

273.3204.7173.5182.4

230.9232.8224.3242.9207.4269.1208.9196.5205.9

245.1247.3224.3260.4199.9339.9227.0202.6208.6

225.9227.0

239.6216.8252.9205.9196.5204.1

213.3213.9

214.4230.3212.1212.6194.5202.2

Addendum: Business capital consumption allowance (millions of dollars)

8,3034,394

97154,700

236.4256.3

258.7

258.7232.3191.8201.8

5

See footnotes at end of table, p. 20.

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Page 22: SCB_031985

20 SURVEY OF CURRENT BUSINESS March 1985

1983, about 30 percent of PAC spend-ing was by persons and business formotor vehicle emission abatement,about twice the percentage in 1972.Spending to abate pollution from in-dustrial facilities was 32 percent ofPAC spending in 1983, down from 38percent in 1972, and spending forpublic sewer systems was about 20percent, down from 24 percent in1972.

Business PAC costsBusiness PAC costs are the costs of

conforming to PAC rules and regula-tions. 1 They result from both current-and previous-year business spendingfor PAC. Most current-year spending,except for capital, is in business PAC

1. Alternatively, business PAC costs are the amountby which business costs exceed what they would havebeen in the absence of PAC rules and regulations.

costs. Current-year capital spending isnot directly charged to business PACcosts; instead, the capital consump-tion allowance and net imputedreturn on use of capital for PAC overtime are included. The former reflectsthe depreciation of existing pollutionabatement facilities. The latter, whichis measured as the return that is fore-gone by business when capital is usedfor PAC, reflects the actual cost of

Table 2.—Expenditures for Pollution Abatement and Control in Current and Constant Dollars and Selected Implicit Price Deflators—Continued

Line

123456789

10111213141516171819202122

23242526272829303132333435363738394041424344

454647484950515253

5455

P b t t d ntr 1 1

P 1 1 t" h t t 3

P 1 co sumntionT\ hi oorlN Hi hip ffoods and services

RO anital accountO t t

Private •

Costs recovered

FederalState and local

Regulation and monitoring •FederalState and local

P ' tFederalState and local

P I I t h t t 3

P 1 t' n.rerso ai ^^ p

N H hi PooHs and services_ . *»

On capital accountOn current account •

PrivateGovernment enterprise

Government •FederalState and localGovernment enterprise fixed capital

Regulation and monitoringFederalState and local

PrivateFederalState and local

Pollution abatement and control * •Pollution abatement

R •O can'tal account

Government

Research and development

Value at replacement cost in current dollarsValue at replacement cost in constant (1972) dollars

1982 r

Total Air Water Solidwaste

Other andunallocat-

ed2

1983*

Total Air Water Solidwaste

Other andunallocat-

ed a

Millions of current dollars

58,88955,9678,5214,8183,703

36,95413,09523,85920,0045,318

-1,46310,492

5523,2776,6631,397

820577

1,52589360428

27,45126,2878,5214,8183,703

17,2387,5509,6889,547

141

52887(*)

44132493

230841713126

2

22,09821,373

14,6324,7099,9234,7455,177

6,741240279

6,22249727222522988

13110

9,8719,564

6,547836

5,7115,711

(*)

3,01757

2,960

24219052641348

4

-5301,256

1,463

1463

(*)-1,463

20616838

33526570

39179

30013

62,65859,8369,9515,9803,971

39,24012,95226,28821,9175,786

-1,41510,645

8083,5166,3211,255

669586

1,56886866832

29,18928,0329,9515,9803,971

17,5827,222

10,36010,217

143

499131(*)

36932586

239831691136

5

23,58522,841

16,1655,001

11,1645,5225,643

6,676399324

5,95349826623224687

1509

10,38610,118

6,907729

6,1796,178

(*)

3,21189

3,122

189106827913615

- 501- 1,156

-1,415

-1,415

(*)-1,415

25919069

24321133

41277

32114

Millions of constant (1972) dollars

24,30422,9553,7172,7021,014

14,4575,9878,4707,0361,995

5624,781

2291,4643,088

66140725468939428114

10,83610,3153,7172,7021,0146,3783,5982,7812,746

35

22031(*)

18914746

101374315581

9,2098,871

5,7392,0463,6931,7321,961

3,132106127

2,89923413510010539615

4,3954,248

2,902344

2,5582,558

(*)

1,34625

1,321

1189423306

222

136-478

-562

-562

(*)562846816

16213131

18035

1396

25,18223,9474,3763,2711,104

14,9455,8119,1347,5622,112

5394,626

3371,5072,782

555319236680367299

14

11,49911,0044,3763,2711,1046,4283,4662,9612,927

34

20145(*)

1561404199

355292612

9,3509,026

6,0902,0574,0331,9562,077

2,936175134

2,62721612790

10837674

4,4694,349

2,966287

2,6792,679

(*)

1,38338

1,344

855135356

272

-136433

539

-539

(*)-539

1077828

11410014

18333

1446

Selected implicit price deflators 4

242.3243.8229.3255.6218.7281.7219.4211.4221.5

253.3254.8229.3270.3209.9348.4240.3220.3224.7

240.0240.9

255.0230.2268.7215.2212.1219.1

224.6225.2

225.6243.2223.3224.1206.0216.5

242.5258.7

260.4

260.4247.2206.2217.1

248.8249.9227.4262.6222.9287.8230.1226.1230.5

253.8254.7227.4273.5208.3349.8248.3233.0234.2

252.2253.1

265.4243.1276.8227.4230.3228.1

232.4232.7

232.9253.6230.6232.3221.0225.6

247.2259.3

262.4

262.4243.4213.5225.6

Addendum: Business capital consumption allowance (millions of dollars) 5

10,8364,986

11,6385,233

r Revised.p Preliminary.* Less than $500,000.1. Includes expenditures for air and water pollution abatement and control. Includes expendi-

tures for solid waste collection and disposal by means acceptable to Federal, State, and local au-thorities. Excludes agricultural production except feedlot operations.

2. "Other" includes expenditures for abatement and control of noise, radiation, and pesticidepollution; "unallocated" includes business expenditures not assigned to media.

3. Expenditures are attributed to the sector that performs the air or water pollution abatementor solid waste collection and disposal.

4. Current-dollar estimates divided by constant-dollar estimates.5. To facilitate conversion of expenditures to a cost basis.

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March 1985 SURVEY OF CURRENT BUSINESS 21

••••••••••••••• CHART 1

The United States Program forPAC in 1972 and 1983

Billion 1972 $30

10

1972 1983

U.S. Department of Commerce, Bureau of Economic Analysis 85-3-1

Table 3.—Pollution Abatement and ControlExpenditures in Current and Constant Dol-lars, Implicit Price Deflators, and Price In-dexes: Percent Change From Preceding Year

Total:Current dollars1972 dollarsImplicit price

deflatorChain price indexFixed-weighted

price index

Air:Current dollars1972 dollarsImplicit price

deflatorChain price indexFixed-weighted

price index

Water:Current dollars1972 dollarsImplicit price

deflatorChain price index . .Fixed-weighted

price index

Solid waste:Current dollars1972 dollarsImplicit price

deflatorChain price index . ..Fixed-weighted

price index

1972-80averageannualrate1

14.746

97

9.9

18.367

109

11.7

12.530

9.3

9.2

12.43.7

8.4

8.4

1980

10.9-22

13413.7

13.7

18.316

16.5177

18.6

2.969

10.610.4

10.2

14.81.9

12.612.6

12.6

1981 r

6.531

9.910.2

10.5

12.950

7.5100

11.2

-2.8123

10.99.6

9.2

12.7.5

12.212.3

12.3

1982 T

-0.1-48

4.94.8

5.0

-2.355

3.33.5

3.8

1.346

6.25.9

5.7

-.5-5.5

5.35.4

5.4

1983 f

6.43.6

2.72.6

3.1

6.361

.21.1

1.1

6.71.5

5.14.0

4.6

5.21.7

3.53.6

3.6

capital ownership irrespective of theextent of its use.

Business PAC costs amounted to$62.0 billion in current dollars in1983, up substantially—16.6 percent—from 1982 (table 5).2 Since 1972, thesecosts have increased at an averageannual rate of 15.1 percent, and de-clined in only 1 year, 1982.

Costs of PAC-induced modificationsin final products amounted to $13.3billion. These costs are likely to bepassed on from producers to purchas-ers in final product prices, althoughthe extent and the timing of the pass-ons depend on the markets for thefinal products. Costs of business PACfor its own wastes amounted to $48.7billion, of which $38.0 billion were in-curred by nonfarm nonresidentialbusiness.

Technical Notes

DefinitionsPollutants are substances and other

emissions that are potentially harm-ful and degrade the quality of air orwater shared by all. Activities result-ing from rules and regulations re-stricting the release of pollutants intocommon-property media (the air andwater used by all) are defined as PACactivities.3 This definition of PAC ac-tivities excludes other environmentalactivities, such as natural resourceconservation and protection of endan-gered species.

The PAC expenditure series in thisarticle covers most, but not all, PACactivities; excluded are (1) PAC activi-ties that do not use productive re-sources (for example, plant closings

2. A reconciliation of spending (table 2) with costs(table 5) is available on request from the Environmen-tal Economics Division (BE-62), Bureau of EconomicAnalysis, U.S. Department of Commerce, Washington,DC 20230.

3. Regulations refer to legal requirements; rules—written and unwritten—refer to additional expressionsof community and business concern.

Table 4.—Constant-Dollar Spending for the Pollution Abatement and Control Program

[Millions of constant (1972) dollars]

Pollution abatement and control

Regulation and monitoringAir ^WaterSolidOther 1

Research, and developmentAirWaterSolidOther 1

Pollution abatementAir 2 . . .

Mobile sources 3

DevicesOperation of devices

Stationary sourcesFacilities

Industrial 4

Other 5

Operation of facilitiesIndustrialOther 6

Water 7

Point sourcesFacilities

Industrial 4Public sewer systemsOther8

Operation of facilitiesIndustrial • •Public sewer systemsOther 6 . .

SolidIndustrialOther 9

Other 1 . . . .

1980

26,353

72818029572

181

92752112329

254

24,69810,2165,5453,4322,1134,6722,7262,541

1851,9461,867

7910,5969,9406,4851,6984,178

6093,4551,5301,782

143656

4,5261,8592,667-640

1981 r

25,536

701165262112162

85347711731

228

23,98310,8226,4524,3982,0544,3702,4402,255

1851,9301,865

649,2768,6895,1671,4253,211

5313,5221,5641,853

105587

4,5051,8832,622-621

1982 r

24,304

661147234118162

68937410530

180

22,95510,3156,3934,3002,0933,9222,1892,000

1891,7331,668

658,8718,2824,7461,3292,866

5513,5361,4721,955

109589

4,2481,5932,655-478

1983"

25,182

55514021685

114

68035510835

183

23,94711,0047,4115,2112,2003,5931,6821,527

1561,9111,831

809,0268,4494,5111,2392,595

6773,9381,6872,071

180577

4,3491,6582,691

433

""Revised. "Preliminary.1. Compounded annually; not calculated for chain price

index because it is defined for adjacent years only.

r Revised.p Preliminary.1. Consists of "other and unallocated" spending from table 2.2. The Clean Air Act classifies sources of pollutants as either mobile, such as passenger cars, or stationary, such as factories.3. Excludes spending to reduce emissions from mobile sources other than cars and trucks; such spending was insignificant

during 1972-83.4. Consists of new plant and equipment expenditures for pollution abatement according to results from the plant and

equipment expenditures survey by BEA.5. Consists of spending for fixed capital of government enterprises such as the Tennessee Valley Authority.6. Consists of spending to operate government enterprises and all spending by government; separate data on spending to

acquire and operate government pollution abatement facilities are not available.7. The Federal Water Pollution Control Act defines point sources as facilities that discharge to a body of water through a pipe

or ditch.8. Consists of spending for private connectors to public sewer systems, capital spending by owners of feedlots, and spending for

fixed capital of government enterprises such as the Tennessee Valley Authority.9. Consists of spending by Federal, State, and local governments for the collection and disposal of solid waste and spending by

households for collection and disposal of solid waste by business.NOTE.—Table 4 is a reorganization of table 2 designed to highlight subjects emphasized by PAC legislation.

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Page 24: SCB_031985

22 SURVEY OF CURRENT BUSINESS March 1985

due to PAC, delays in plant construc-tion, or curtailments in the use ofchemicals in manufacture and agri-culture) and (2) PAC activities that,although resource-using, are non-market activities (for example, volun-teer litter removal). The series coverspollution abatement, regulation andmonitoring, and research and develop-ment—as described at the beginningof the article.

The PAC expenditure series in-cludes all spending for the collectionand disposal of solid waste by meansacceptable to Federal, State, and localauthorities. Some of this spending,such as that for the avoidance of theslowing of production or consumptionactivity due to the accumulation ofsolid waste, is not for PAC. The sepa-ration of the PAC part was lastshown in the February 1984 SURVEYOF CURRENT BUSINESS; for further dis-cussion of solid waste collection anddisposal, see the March 1981 SURVEY.

Sources

Estimates of PAC expenditures arebased directly or indirectly on sur-veys. Approximately three-fifths ofthe 1983 estimate of PAC expendi-tures is based directly on surveys ofPAC spending. The remainder isbased on more general survey infor-mation and assumptions necessary toutilize this information. BEA collectsdata on capital spending for pollutionabatement by companies and on Fed-eral agency funding for PAC. Allother data are from surveys by othergovernment agencies—including theBureau of the Census and Depart-ment of Energy—and private organi-zations. Table 6 shows the percentageof PAC spending by type of estimate.

Table 5.—Business Pollution Abatement and Control (PAC) Costs[Millions of dollars]

Business PAC costs

Costs of PAC-induced modifications in final productsResidential systems l

Motor vehicles 2

Adjustment to a market price valuation 3

Costs of business PAC of its own wastes 4

Residential businessCurrent costsCapital costs 5

Capital consumption allowanceNet imputed return 6

Adjustment to a market price valuation 3 ;Nonfarm nonresidential business

Current costsMotor vehiclesAir and water pollution abatement except motor vehiclesSolid waste pollution abatement .Costs recovered

Capital costs 5

Capital consumption allowanceMotor vehiclesAir and water pollution abatement except motor vehiclesSolid waste pollution abatement

Net imputed return 6

Motor vehiclesAir and water pollution abatement, except motor vehicles .Solid waste pollution abatement

Research and development for pollution abatementAdjustment to a market price valuation 3

Addendum:Net imputed return adjustment 7

Residential business .Nonfarm nonresidential business

1980

46,283

8,2061,7906280

136

38,0778,066

3607,2561,3084,960

44930,01215,2523540

10,6832,639

— 161013,4115,835

7514847

2375,860

3595,321

179336

1,013

2,3362760

1981 r

53,918

10,3531,6228,552

179

43,5649,159

3838,2211,4415,733

55534,40517,0343854

11,9303,038

-1,78815,7246,966

9645705

2986,923

4736,219

231398

1,250

2,2132672

1982 r

53,166

10,7531,7328,850

171

42,4148,521

4367,6151,5604,962

47033,89216,7543,759

11,7872,671

-1,46315,6387,8411,1816305

3565,913

4495,253

211327

1,174

3,6294325

1983"

61.980

13,2692,103

10,959207

48,71110,677

4669,6251,7136,757

58638,03418,504

3,75413,444

2,721-1,41517,8948,3911,3956,590

4067,623

6316,710

282318

1,318

2,5082,829

r Re vised.p Preliminary.1. Consists of the construction of private septic systems and sewer connections linking household plumbing to street sewers.2. Consists of motor vehicle emission abatement systems and the added consumer expense of purchasing unleaded rather than

leaded fuel.3. Consists of sales-associated charges: part of indirect business taxes (those contingent upon sale), business transfer payments

(made out of sales revenue), and the statistical discrepancy. These charges are measured as what they would have been ifresources used for pollution abatement had been used to produce final product. Business PAC costs are adjusted to market pricesto make them comparable to other values at market prices.

4. Consists of the costs of a business' abatement of its own waste (self service), one business' abatement of another business'waste, and related research and development.

5. Includes items not shown separately, insurance and taxes on pollution abatement capital.6. Consists of the pollution abatement net capital stock multiplied by the ratio of nonlabor earnings to assets for nonfarm

nonresidential corporate business; measures what businesses would have earned if capital used for pollution abatement had beenused to produce final product.

7. The net imputed returns included in the capital costs for residential and nonfarm nonresidential business are calculatedusing annual—that is, untrended—earnings-to-assets ratios. The amount shown may be added to the net imputed return when atrended rather than an untrended earnings-to-assets ratio is required.

NOTE.—Derived from table 2, detail underlying that table, related national income and product account data, and capitalstocks for pollution abatement. Information on sources and methods used in these estimates will be provided upon request.

Table 6.—Pollution Abatement and Control (PAC) Expenditures, by Type of Estimate

Surv<urveys of PAC spendingPollution Abatement Costs and Expenditures (MA-200), BOCGovernmental Finances, BOC ,"Plant and Equipment Expenditures by Business for Pollution Abatement," SURVEY OF CURRENT BUSINESS, BEAValue of New Construction Put in Place, BOCFederal Funding for Pollution Control (data not published separately), BEAElectric Power Quarterly, DOESteam-Electric Plant Air and Water Quality Control Data, DOE *"Funds for Industrial Pollution Abatement R&D," National Patterns of Science and Technology Resources,

National Science Foundation *

OtherMotor vehicle emission abatementNonmanufacturing operation and maintenance for pollution abatement..Business residential and commercial solid waste disposalResidential systems—investment and operation and maintenanceAll other

Percent ofPAC

expendi-tures

561414119422

44268541

1. Estimates for 1983 are extrapolations from earlier years.NOTES— BOC—Bureau of Census.

BEA—Bureau of Economic Analysis.DOE—Department of Energy.

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Page 25: SCB_031985

By RALPH KOZLOW

Capital Expenditures by Majority-OwnedForeign Affiliates of U.S. Companies, 1985

1VLLAJORITY-OWNED foreign affili-ates of U.S. companies plan to in-crease capital expenditures 13 percentin 1985, to $42.5 billion, following aplanned 4-percent increase in 1984(table 1 and chart 2).l

Spending grew at an annual com-pound rate of 21 percent in 1977-80,leveled off in 1981-82, and declinedsharply in 1983. The leveling-off ofspending in 1981-82 resulted fromsluggish economic conditions abroadand high interest rates. The declinein 1983—the sharpest since at least1957, when this expenditure seriesbegan—reflected the same factorsthat depressed spending in 1981-82,as well as the cumulative effects ofappreciation of the U.S. dollar. If theincreases now planned for 1984 and1985 are realized, 1985 spendingwould be about equal to 1980 spend-ing.

The latest estimate of spending for1984, based on a survey taken last De-cember, is significantly lower thanthe estimate based on the surveytaken 6 months earlier, which indicat-ed expenditures would increase 12

NoTE.-Ellen M. Herr assisted in preparingthe estimates. Smith W. Allnutt III designedthe computer programs for data retrieval andanalysis.

1. Capital expenditure estimates are for majority-owned nonbank foreign affiliates of nonbank U.S. par-ents. (An affiliate is majority owned when the com-bined ownership of all U.S. parents exceeds 50 per-cent.) For affiliates other than those engaged in natu-ral resource exploration and development, capital ex-penditures include all expenditures that are chargedto capital accounts and made to acquire, add to, or im-prove property, plant, and equipment. For affiliatesengaged in natural resource exploration and develop-ment, capital expenditures include the full amount ofexploration and development expenditures, whethercapitalized or expensed. Capital expenditures are on agross basis; sales and other dispositions of fixed assetsare not netted against them. They are reported toBEA in current dollars; they are not adjusted for pricechanges in host countries or for changes in the valueof foreign currencies, because the necessary data areunavailable.

percent (table 2). The latest estimate ward revision for 1984 was propor-for 1985 is also lower than the earlier tionally larger than for 1985. In eachone; however, the 1985 percentage in- year, petroleum affiliates account forcrease is larger, because the down- most of the revision.

Capital Expenditures by Majority-Owned ForeignAffiliates of U.S. Companies

Billion $ (Ratio scale)60

50

40

30

20

CHART 2

Billion $

Petroleum

Trade

u~. >

! Finance (Except Banking), Insurance and Real Estate

1977• Planned

79 81 83 85 1977 79 81 83 85

50

40

30

20

NOTE.— Estimates are for nonbank foreign affiliates of nonbank U.S. parents.U.S. Department of Commerce, Bureau of Economic Analysis

23

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Page 26: SCB_031985

24 SURVEY OF CURRENT BUSINESS March 1985

Table 1.—Capital Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies, 1977-8S

Total

By industry

Mining .. ..Petroleum . .

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

TradeFinance (except banking), insurance, and real estateOther industries

By area

Canada ..Europe

European Communities (9) 3

FranceGermanyUnited KingdomOther

OtherJapan . •• ••Australia New Zealand and South Africa

Developing countriesLatin America . . .Other AfricaMiddle East ..Other Asia and Pacific

Addenda* European Communities (10) 4

OPEC 5

Percent change from preceding year

Actual expenditures

1978

9

-147

1417-8

7222318169

-10-6

101

13131

3420-7

93220

161714

-1056

-38

10

1979

25

5116292538113126543

374922

252030282628273142157

202712

-2752

51

—2

1980

30

89342728143718244929257

28

2929272723173328264240

384244

-1047

22

13

1981

3

272

-7(*)-9-9

-1018

-1213125

-22

-4-9

-13-15-6-830

-1122

2324252433

-8

6

1982

(*)

4725

-13-5-6

8-4-6

-33-8114

-13

-4-9-3-4(*)-9-5-2

317-2

13-8544023

-5

-446

1983

-18

-34-21-18-10-16

3-23

3-25-23-7

5-4

-1612

-15-11

4-4

-20-430

-33-28

-20-36-23

3(*)

-45

-11-10

Latestplans l

1984

4

41466

1020-9243

19(*)

-18-3

811756

-1141

1719-2

-218

-1410

-12

-37

522

1985

13

337

2221163

191847191212(*)

12167

1115203

-6153435

1722186

14

22

1014

Earlierplans 2

1984

12

-81514171837-8291035761

14161414-7

7221713209

10171474

-29

142

1985

9

1018

1096

-2219

1142

102

96

101020989

102110

719-5

-117

5

107

Billions of dollars

Actual expenditures

1977

24.1

.58.9

10.5.8

2.0.5

3.0.7

1.61.82.1

.21.9

18.05.4

11.29.61.42.03.92.41.5.4

1.0

4.82.2.7

1.2.7

1.3

1.7

1978

26.1

.49.5

12.0.9

1.9.6

3.6.9

1.92.12.2

.21.8

19.85.4

12.610.91.42.64.72.21.7.6

1.2

5.52.5.8

1.11.1

.8

1.9

1979

32.6

.711.015.41.22.6

.64.71.12.92.23.1.3

2.1

24.86.5

16.414.01.83.46.02.92.4

.61.3

6.63.2.9.8

1.7

1.2

1.9

1980

42.4

1.314.819.51.53.0

.95.61.44.42.83.8.3

2.7

31.98.3

20.817.82.23.98.03.73.0

.91.8

9.04.61.3

.72.5

1.5

2.1

1981

43.7

1.315.819.21.43.0.8

5.11.25.22.54.3

2.9

31.38.1

20.116.21.93.47.53.43.9

.82.2

11.15.71.6.5

3.3

1.4

16.22.2

1982

43.8

.719.716.81.32.8.9

4.91.13.42.33.8

2.5

30.07.4

19.515.41.93.17.13.34.0

.92.2

12.55.22.5

.74.1

1.3

15.53.5

1983

36.0

.515.513.71.22.3

.93.81.22.61.83.5

2.4

25.36.5

16.513.71.93.05.73.22.8

.61.6

10.13.31.9.8

4.1

.7

13.73.1

Latestplans 1

1984

37.5

.616.214.51.32.51.13.41.52.72.13.5

2.3

27.27.2

17.714.41.72.96.53.33.3

.71.6

9.83.91.6.7

3.6

.4

14.42.4

1985

42.5

.817.317.71.53.01.04.11.73.92.53.9

2.3

30.58.4

19.015.92.03.56.73.73.11.02.1

11.54.81.9.6

4.1

.5

15.92.8

Earlierplans 2

1984

40.4

.417.815.61.42.71.23.51.52.82.43.8

2.4

28.97.5

18.815.61.73.27.03.83.2

.81.7

11.13.92.2.8

4.2

.5

15.73.2

1985

44.0

.819.217.11.52.91.24.21.63.12.53.8.5

2.5

31.58.0

20.717.22.13.57.54.13.5

.91.9

11.94.62.1

.74.5

.5

17.23.4

"Less than 0.5 percent (±).1. Based on the BEA survey taken in December 1984.2. Based on the BEA survey taken in June 1984.3. European Communities (9) consists of Belgium, Denmark, France, Germany, Ireland, Italy,

Luxembourg, Netherlands, and the United Kingdom.

4. European Communities (10) consists of European Communities (9) and Greece.5. OPEC consists of Algeria, Ecuador, Gabon, Indonesia, Iran, Kuwait, Libya, Nigeria, Qatar,

Saudi Arabia, Venezuela, and the United Arab Emirates.NOTE.—Estimates are for majority-owned nonbank foreign affiliates of nonbank U.S. parents.

Estimates of 1984 and 1985 spend-ing levels have been revised down-ward in each successive semiannualsurvey of spending intentions. The re-visions suggest that the business re-covery abroad may be more gradualthan previously expected.

By area, affiliates in developedcountries plan a 12-percent spendingincrease in 1985, to $30.5 billion, fol-lowing an 8-percent increase in 1984(tables 3-5). In developing countries, a17-percent increase, to $11.5 billion, isplanned, following a 2-percent decline.Affiliates in "international"—thosethat have operations spanning morethan one country and that are en-gaged in petroleum shipping, otherwater transportation, or operating oiland gas drilling equipment that ismoved from country to countryduring the year—plan to increasespending 22 percent, to $0.5 billion,following a 37-percent decline.

PetroleumPetroleum affiliates plan to in-

crease spending 7 percent, to $17.3billion, following a 4-percent increase

Table 2.—Revisions to Capital ExpendituresEstimates, 1984-85

[Millions of dollars]

Date of BEA survey: x

June 1983December 1983June 1984December 1984

Addendum:Total percent change from

first to most recent esti-mate

Expenditureestimates

for:

1984

45,71642,44340,44837,512

-17.9

1985

n.a.n.a.

43,95842,537

-3.2

Percentchange,1983-84

+6.9+ 12.5+ 12.2+4.1

Percentchange,1984-85

n.a.n.a.

+ 8.7+ 13.4

n.a. Not applicable.1. Results of the June 1983, December 1983, and June 1984

surveys were published in the September 1983, March 1984,and September 1984 issues, respectively, of the SURVEY OFCURRENT BUSINESS. Results of the December 1984 survey arepresented in this article.

in 1984. Spending had declined 21percent in 1983.

The recovery of spending in 1984and 1985 may be restrained by the re-duction in worldwide demand for oil.Despite the availability of relativelylow-cost crude oil, some refining andmarketing affiliates are sustaininglosses. These losses, which have led tothe closing or sale of some affiliates,are largely due to low rates of capac-

ity utilization—a condition exacerbat-ed by heightened competition fromnewly established downstream oper-ations of some oil-producing countries.

The small increases in petroleumspending now planned for 1984 and1985 would result in spending remain-ing below the 1982 level. In developedcountries, spending is expected to in-crease 2 percent, to $10.9 billion, aftera 20-percent increase in 1984. Spend-ing had declined 21 percent in 1983.The 1985 increase is concentrated inCanada and the Netherlands. In theformer, the new administration isseen as being more receptive to in-vestment by foreign-owned compa-nies; in the latter, the increasedspending is largely for refinery expan-sion. Partly offsetting these increasesis a decline in Norway, where an affil-iate is planning sizable expendituresin 1984, but not in 1985, for pipelinesand gas compression facilities.

In developing countries, affiliatesplan a 16-percent spending increase,to $6.0 billion, following a 16-percent

Text continues on page 28.

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March 1985 SURVEY OF CURRENT BUSINESS 25

Table 3.—Capital Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies in 1983 l

[Millions of dollars]

All countri€s ,

Developed countries

Canada

Europe

European Communities (10)Belgium <DenmarkFrance •• •GermanyGreeceIrelandItalyLuxembourgNetherlands • •••'United Kingdom

Other EuropeAustriaNorwayPortugalSpain 'SwedenSwitzerlandTurkeyOther

Japan

Australia New Zealand and South AfricaAustraliaNew ZealandSouth Africa

Developing countries

Latin America

South AmericaArgentinaBrazilChileColombiaEcuadorPeruVenezuelaOther

Central AmericaMexicoPanamaOther .. ..

Other Western HemisphereBahamas . ,BermudaNetherlands AntillesTrinidad and TobagoOther

Other AfricaSaharan

Etrvotr1 °yvLLibyaOther

Sub-SaharanLiberiaNigeriaOther

Middle EastIsraelOPECOther

Other Asia and Pacific

India

Malaysia •

SingaporeSouth KoreaTaiwanThailandOther

Memorandum — OPEC 2

Allindus-tries

36,045

25,273

6,514

16,538

13,741499337

1,8542,953

4418985141

1,2885,685

2,797174

1,30779

541187403

1888

629

1,5921,166

56370

10,070

3,329

2,580338

1,27984

34143

24420843

4893872577

260338

(D)73(D)

1,923666449101116

1,25814

261983

76310258874

4,05549527

1,948493171224

84109410104

701

3,155

Min-ing

454

323

106

14

10(D)00

(D)(*)(*)

00014030000

(*)0

0

203201

(*)2

130

85

5824

4110801

5(*)04

231010

21

122200

10(D)(*)(D)

1010

3300

25(D)0000

(*)(D)

26

Petro-leum

15,522

8,907

2,680

5,618

4,28728(D)(D)

4711737801

5302,824

1,331(D)

1,2255

5195

(D)5

(D)

(D)460

16(D)

6,114

832

685727811

25423

2102016

1643

10

13112(*)(D)65(D)

1,827652440101111

1,175(*)

240935

590(*)

52862

2,866(D)2

1,875(D)6367(D)(*)(D)75

500

2,792

Manufacturing

Total

13,724

11,394

2,590

7,824

7,26129630

1,2412,180

16124639

40583

2,113

563651831

2961024424

463

517323

20174

2,330

1,744

1,418221971

1256115

11922

306276

328

1922

(*)3

12

4563

(*)3

4017

32

28189

(*)

5132725167981

12342832710

163

Foodand

kindredproducts

1,192

937

260

539

49510196077

47

330

84200

45304

26(D)(D)(*)0

10

12860

464

254

193

13927651

1821

223

473719

710

(*)16

12(*)

00

(*)1211

10

431

(*)

45101

(*)2325572

27

Chemi-cals and

alliedproducts

2,319

1,903

425

1,285

1,212114

1122188(D)4079(D)

181460

73423

5257

(*)(*)

78

115795

31

417

303

24934

1282

2541

551

494513

510

(*)

2

933016051

65

(*)(*)

995832

15412

1247

67

Primaryand

fabricat-ed metal

895

516

230

262

24991

14111(*)

2260

1669

134024120

(*)

3

2110(*)10

379

361

3487

(D)131

(*)1

(D)

131201

(*)00

(*)0

(')

121001

110

(*)110000

540

(*)(*)(*)10000

2

Machin-ery,

exceptelectri-

cal

3,778

3,491

413

2,844

2,75425(*)

798723

(*)20

3502

235600

904

(*)16

(D)(D)

0(*)

(D)

(D)12(D)14

286

227

22073

1430

(*)0

(*)3

(*)

7700

000000

1(*)0

(*)01001

1027

(*)

48(D)3

(*)6

(*)24(D)

200

11

Electricand

electron-ic

equip-ment

1,174

810

135

517

426377

52145(D)

638(D)14

118

91(D)(D)(D)287

1111

135

242113

364

98

464

35121

(*)3

(*)

4740(*)8

5020

(*)3

(D)(D)(*)

0(D)

0(*)

6

(D)(D)00

2511199

6130482047141

13

Transpor-tationequip-ment

2,590

2,250

680

1,446

1,247(D)1

68711(*)

92402

(D)

198(D)

7(D)3

(*)00

4

12189(D)(D)

339

321

24252

173(D)10

(*)(D)(')

80790

(*)

000000

(*)(*)(*)

00

(*)00

(*)0000

18000

(D)1605

(D)0

(D)

Othermanufac-

turing

1,777

1,486

447

932

879(D)1

126225

53989(D)52(D)

535

(D)(D)(D)5

1612

(D)

(D)525

(D)

291

239

17425(D)(D)

742

(D)(D)

635517

20

(*)012

(D)(D)00

(D)2012

(D)(D)10

47(D)53

(D)121

(D)13(D)1

(D)

Trade

3,531

2,840

337

2,164

1,4681621223692291122

101(*)93

359

696785339

18173

1859

79

58

28113015

136

691

441

32231

17115205

18583

1089288

1211145

1952

(*)2

15285

6449105

16737(*)8

(D)(D)15(D)26(D)(*)

89

Finance(exceptbank-ing),

insur-ance

and realestate

410

339

79

217

(D)(*)(D)1413

(*)(*)

257

(D)(*)

602

(*)(D)0

(*)

9

3433(*)(*)

71

55

36(*)27(*)

4311

(*)

624

(*)

13243

(*)4

4000042

(*)1

76

(*)(*)

530

(*)(*)(*)3

(*)0

(*)0

5

Otherindus-tries

2,405

1,470

722

701

(D)(D)(D)(D)(D)(*)3

31(*)80

332

(D)(D)

4123

(D)(D)(*)

(D)

(D)194

(D)

734

173

6313284412

10(*)

47139

26

6316111

43

16220

(*)14(D)5

(D)

7428406

470(D)(*)243

(D)16(*)(*)

2(D)

201

81

* Less than $500,000.D Suppressed to avoid disclosure of data of individual companies.1. Based on the BEA survey taken in December 1984.2. See footnote 5, table 1.NOTE.—Estimates are for majority-owned nonbank foreign affiliates of nonbank U.S. parents.

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

Page 28: SCB_031985

26 SURVEY OF CURRENT BUSINESS March 1985

Table 4.—Capital Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies in 1984 l

[Millions of dollars]

All countries

Developed countries

Canada

Europe

European Communities (10)Belgium ..DenmarkFrance .GermanyGreeceIrelandItalyLuxembourgNetherlandsUnited Kingdom

Other EuropeAustriaNorwayPortugalSpainSwedenSwitzerlandTurkeyOther

Jaoan

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

Developing countries

Latin America

South AmericaArgentinaBrazilChileColombiaEcuadorPeruVenezuela ..Other

Central AmericaMexicoPanama .Other

Other Western HemisphereBahamasBermudaNetherlands AntillesTrinidad and TobagoOther

Other AfricaSaharan

EcvptDbVaOther

Sub-Saharan . . .LiberiaNigeriaOther

Middle EastIsrael . .OPECOther . . .

Other Asia and PacificHong KongIndiaIndonesiaMalaysiaPhilippinesSingapore ,South KoreaTaiwanThailandOther

International

Memorandum — OPEC 2

Allindus-tries

37,512

27,225

7,213

17,704

14,437506239

1,7332,927

41215773

441,4616,497

3,267103

1,93255

502208368

2475

747

1,5611,208

75278

9,842

3,944

2,843268

1,45211361549

17813930

81755098

169

28427121998

127

1,64575851015198

8879

234644

68571

493122

3,56846933

1,38047013920091

137413236

445

2,451

Min-ing

639

187

72

3

2(*)

001

(*)

000

(*)1010000

(*)0

0

112111(*)1

452

385

(D)13

56(D)0

1002

5(*)

04

(D)(*)

0(D)0

23

19(D)(D)00

(D)1

(*)(D)

(*)0

(*)0

4800

21(D)0000

(*)(D)

22

Petro-leum

16,153

10,690

3,168

6,967

4,91639

129(D)

340(D)53951

5923,450

2,052(D)

1,8658

104168

(D)24

72

482412

(D)(D)

5,153

795

63052

11315

26027

141174

312

1118

134(D)1

(D)(D)22

1,54973849515093

811(*)

223588

572(*)

462110

2,238(D)

21,300

(D)243821

349199

310

2,186

Manufacturing

Total

14,521

11,819

2,753

7,931

7,42333828

1,1122,209

1712354043

7092,305

508452225

2451115623

556

57940028

151

2,703

1,961

1,484192

1,1146

54114

8320

455417

534

2223

(*)3

14

4585

(*)3

3614

31

27198

(*)

671393223

14498

1235397529

128

Foodand

kindredproducts

1,267

1,018

281

599

537151371875

11500

85200

6230

(D)46

2(D)(*)

0

11

12772

451

249

192

14034561

1941

233

41273

11

1010

(*)8

14(*)00

(*)1411

12

422

(*)

402011

1835432

30

Chemi-cals and

alliedproducts

2,542

2,081

412

1,439

1,374100(D)

155232

533

100(D)

280450

64611

40125

(*)(*)

103

128927

29

460

347

25835

1801

183

(*)201

858014

410

(*)

2

10550

(*)5023

66

(*)(*)

973935

291525

215

28

Primaryand

fabricat-ed

metals

1,070

768

465

282

2658

(D)19

115(*)(D)180

2775

1850152401

(D)

(D)7

(D)8

301

278

263(D)

237(*)

41

(*)1

(D)

141401

100

(*)01

121001

1100

110000

1120

(D)(*)(*)(D)0000

(D)

Machin-ery,

exceptelectri-

cal

3,423

3,057

358

2,412

2,31929(D)

608555

(*)25

202(D)

255635

932

(*)26

8020

(*)

(D)

(D)23(*)(D)

366

289

26750

2130

(*)0

(*)3

(*)

232300

000000

1(*)0

(*)01001725

(*)

6815527

(*)2414200

11

Electricand

electron-ic

equip-ment

1,456

933

138

622

530428

50174(D)1847(D)17

162

9217(D)(D)295

1911

146

262114

523

125

575

4712

(*)(*)1

(*)

6354(*)

9

6030

(*)3

3(*)(*)

0(*)30

(*)3

9900

3861592

1224072287325(*)

4

Transpor-tationequip-ment

2,658

2,197

505

1,538

1,41875(*)71

766(*)(D)4202

(D)

120(D)(D)5

1053

(*)00

4

150118(D)(D)

461

440

260(D)

216(*)

20

(*)(D)(*)

179179

0(*)

000000

(*)(*)(*)00

(*)00

(*)

0000

210005

(*)(D)0

(D)(*)0

(D)

Othermanufac-

turing

2,106

1,764

595

1,038

979681

138280

(D)2880(D)44(D)

59(D)75

147

(D)11

30

10167(D)(D)

342

290

23831

1652

1132

(D)(D)

514119

1(*)(*)011

52

(*)023012

1(*)

0

4729

(D)5

1114

(D)31

34

Trade

3,521

2,841

403

2,022

1,48111278

335275

833

102(*)93

445

541443820

13977

1677

48

108

308214

2767

680

433

29119

17830(D)

42223(D)

133110(D)(D)

8(D)(*)

(D)3

1953

(*)2

13266

412875

18751(*)10(°)(D)17(")3811(*)

51

Finance(exceptbank-ing),

insur-ance

and realestate

337

280

67

169

(D)(*)(*)(*)(D)(D)

2(*)(*)3

47

(D)(*)501

(*)(D)0

(*)

8

3636(*)(*)

57

45

29(*)19(*)

2(D)(*)(*)(D)

413

(*)

13251

(*)5

3000032

(*)1

43

(*)(*)

520

(*)(*)(*)3

(*)0

(')0

(D)

Otherindus-tries

2,340

1,407

750

612

(D)174

(D)(D)(*)3

36(*)63

250

(D)(D)12

134

(D)(D)(*)

3

4335(D)(D)

798

325

(D)4

245

(D)(D)(*)16(*)

18919(D)(D)

(D)(D)31

(D)60

11(D)(°)0

(*)(D)

4(*)(°)

4120156

420(D)(*)253

(D)19(D)21

(D)

135

(D)

•Less than $500,000.0 Suppressed to avoid disclosure of data of individual companies.1. Based on the BEA survey taken in December 1984.2. See footnote 5, table 1.NOTE.—Estimates are for majority-owned nonbank foreign affiliates of nonbank U.S. parents.

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

Page 29: SCB_031985

March 1985 SURVEY OF CURRENT BUSINESS 27

Table 5.—Capital Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies in 1985 ]

[Millions of dollars]

All countries

Developed countries .. ..

Canada

EuropeEuropean Communities (10)

Belgium

FranceGermanyGreece

ItalyLuxembourg

United Kingdom

Other EuropeAustriaNorway . . . .PortugalSpain . ^ •• .-SwedenSwitzerlandTurkeyOther

Japan

Australia, New Zealand, and South AfricaAustraliaNew ZealandSouth Africa

Developing countries . .

Latin America

South AmericaArgentinaBrazilChileColombiaEcuador ••PeruVenezuelaOther

Central AmericaMexicoPanamaOther

Other Western HemisphereBahamas .BermudaNetherlands Antilles .... . .. .,Trinidad and TobagoOther . .

Other AfricaSaharan •

EffVDt ...^&ypL

Libya <Other

Sub-Saharan

NigeriaOther

Middle East

OPECOther

Other Asia and PacificHong Kong • •••

Indonesia

PhilippinesSingaporeSouth KoreaTaiwanThailandOther

International

Memorandum — OPEC 2

Allindus-tries

42,537

30,525

8,387

19,02715,946

529241

1,9863,498

3727987245

1,7446,716

3,081112

1,57251

570235441

1586

1,001

2,1091,726

79304

11,467

4,831

3,361419

1,60194

82847

16418126

1,10889028

190

363201020(D)(D)

1,93992770417252

1,01210

237764

64472

395176

4,05349437

1,768496156206122189318269

545

2,805

Min-ing

847

436

(D)

542001

(')(*)

00011010000

(*)0

0

(D)(D)(*)1

411

360

(D)23

34(D)0

1301

7(*)

07

(D)1010

(D)24(D)(D)00

(D)1(*)(D)1010

2700

2410000

(*)2

25

Petro-leum

17,316

10,935

3,367

6,8905,189

(D)129(D)

3218

36129

1847

3,403

1,701(D)

1,4808

1391512(D)28

79

600526

(D)(D)

5,991

1,078

84596

11413

47122

11882

2326

15

21132

15(D)(D)

1,82589868017147

927(*)

222704

527(*)

363165

2,561(D)(*)

1,675(D)2326(D)(*)(D)

245

390

2,466

Manufacturing

Total

17,730

14,268

3,600

9,1298,527

36025

1,2452,748

20151603

44753

2,578

602472524

3051365833

795

74555133

160

3,462

2,535

1,733291

1,2191052125

12221

778729

345

2424

(*)4

14

54139

(*)3

4218

33

31247

(*)

842523630

18811014165

1544918

179

Foodand

kindredproducts

1,538

1,194

293

736654211279835

16520

105280

82(D)

03

613

(D)(*)

0

14

152115

432

343

263

18150753

1622

312

71511

20

1010

(*)18

(D)(*)00

(*)(D)1

(D)13

(D)(D)(*)(*)

623031

245

16732

(D)

Chemi-cals and

alliedproducts

2,953

2,420

560

1,5971,515

1263

173345

(D)33

129(D)

289396

82321

551271

(*)

110

153102

744

533

402

29676

1662

2051

251

1019514

610

(*)22

14880

(*)6032

88

(*)(*)

1085

1367

2917(D)6

17(D)

39

Primaryand

fabricat-ed

metals

1,033

715

366

314287131

23115(*)(D)160

27(D)

27501

11270

(*)

(D)

(D)17(D)10

319

285

2619

2282

(D)1

(*)1

(D)

23230

(*)

100

(*)01

111001

1100

110000

2330

(D)(*)(*)(D)

0000

(D)

Machin-ery,

exceptelectri-

cal

4,077

3,653

540

2,6722,557

23(*)

693642

(*)35

2236

260675

1153

(*)36

9930

(*)

407

3422(*)11

424

344

31979

2360

(*)0

<*)5

(*)

252500

000000

1(*)

0(*)01001816

(*)

7114815

(*)3012200

12

Electricand

electron-ic

equip-ment

1,719

1,078

172

713619457

63194

3(D)61(D)19

200

9410(D)9

337

192

(D)

160

322714

641

137

778

6012213

(*)

5447(*)8

6040

(*)2

(D)110

(*)(D)

0(D)3

(D)(D)

00

4862392

165488026

10527(*)

(D)

Transpor-tationequip-ment

3,912

3,106

934

1,9431,801

741

641,043

(*)(D)3702

(D)

142(D)(*)

4124

5(D)

00

(D)

(D)184(D)29

806

767

33630

279(*)(D)

0(*)(D)(*)

430430

0(*)

000000

(*)(*)(*)

00

(*)00

(*)0000

390005

(*)(D)

0(D)(*)

0

(D)

Othermanufac-

turing

2,498

2,102

735

1,1531,094

592

150325

(D)3784(D)51

367

5910(D)

2159

14(*)(D)

88

125841031

397

337

26238

1752922

(D)(D)

73591

13

2(*)(*)

011

72

(*)025022

(*)(*)(*)

0

5246

(°)591

(D)(D)2

(D)

41

Trade

3,933

3,151

480

2,2101,649

9782

364325

787

104(*)98

487

561536017

11178

1862

54

118

3432342682

782

527

35923

21535(D)8

2533(D)

162140

616

61

(*)

22

22119

(*)

11264

382495

19660(*)10(D)(D)25(D)35(D)(*)

65

Finance(exceptbank-ing),

insur-ance

and realestate

376

320

65

225(D)(*)(*)(*)(D)12

(*)(*)

937

(D)(*)

40

(*)(*)(D)0

(')

7

2323(*)(*)

55

44

25(*)15(*)3

(D)1

(*)(D)

5(*)

41

13221

(*)8

4000042

(*)2

33

(*)(*)

420

(*)(*)(*)3

(*)0

(*)0

(D)

Otherindus-tries

2,335

1,415

(D)

569(D)(D)5

(D)(D)(*)

437(*)37

210

(D)(D)

22

156

(D)(D)(*)

3

(D)(D)(D)(D)

765

288

(D)

343

(D)(D)1

16(*)

133189

107

(D)1111

(D)73

10(D)(D)0

(*)(D)

4(*)(D)

4420176

423(D)(*)283

(D)123

(*)

4

155

(D)

*Less than $500,000.D Suppressed to avoid disclosure of data of individual companies.1. Based on the BE A survey taken in December 1984.2. See footnote 5, table 1.NOTE.—Estimates are for majority-owned nonbank foreign affiliates of nonbank U.S. parents.

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

Page 30: SCB_031985

28 SURVEY OF CURRENT BUSINESS March 1985

decline in 1984. Much of the increaseis in Indonesia, largely for crude oilextraction and for development of al-ternative energy sources, such as coaland geothermal energy.

Affiliates in "international" plan a26-percent increase in spending in1985, following a 38-percent decline in1984. In both years, the changes areconcentrated in spending on mobileoffshore drilling rigs.

Manufacturing

Manufacturing affiliates plan to in-crease spending 22 percent, to $17.7billion, in 1985, following a 6-percentincrease. In 1985, the largest increaseis in transportation equipment, al-though affiliates in every industrywithin manufacturing, except pri-mary and fabricated metals, also planincreases.

In developed countries, a 21-percentincrease, to $14.3 billion, is planned,after a 4-percent increase. Canadianaffiliates plan a 31-percent increase,

to $3.6 billion, after a 6-percent in-crease. About one-half of the 1985 in-crease is in transportation equipment,mostly for production of a new auto-mobile model; increases are also ex-pected in most other manufacturingindustries.

In Europe, German affiliates plan a24-percent increase, to $2.7 billion,after a 1-percent increase. The 1985increase is centered in transportationequipment, for production of a newautomobile model, and in chemicals,for plant modernization.

In developing countries, affiliatesplan a 28-percent increase, to $3.5 bil-lion, after a 16-percent increase in1984. In each year, the largest in-crease is in Mexico. Spending byMexican affiliates had fallen sharplyin 1982 and 1983 because of adverseeconomic conditions, including ex-change controls and devaluation ofthe peso. If the increases now plannedfor 1984 and 1985 are realized, spend-ing in 1985 will still be below the 1981level.

Other industries

Affiliates in all other industriescombined plan to increase spending10 percent, to $7.5 billion, afteralmost no change in 1984. Affiliatesin trade account for much of the in-crease; their expenditures are to in-crease 12 percent, to $3.9 billion, afterno change. The increase is spreadacross many areas, and reflects expec-tations that the economic recoverywill continue.

Mining affiliates plan a 33-percentspending increase, to $0.8 billion,from a relatively low base. The in-crease is centered in Australia, wherea bauxite-mining affiliate is planningto resume smelter construction. In fi-nance (except banking), insurance,and real estate, affiliates plan to in-crease spending 12 percent, to $0.4billion, after an 18-percent reduction.Affiliates in "other industries"—agri-culture, construction, public utilities,and other services—plan small reduc-tions in spending in both years.

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By CHRISTOPHER L. BACH

Fourth Quarter1984

1 HE U.S. current-account deficit de-creased to $23.7 billion in the fourthquarter from $33.6 billion in thethird. The decrease was accounted forby a narrowing of the merchandisetrade deficit to $22.9 billion from$32.9 billion. An increase in the serv-ices surplus to $3.2 billion from $2.2billion was offset by an increase inunilateral transfers to $4.0 billionfrom $2.9 billion.

Merchandise imports decreased $9.4billion, or 11 percent, to $79.1 billion.Volume decreased 12 percent; pricesincreased 1 percent. Most of the de-crease—$9.0 billion, all in volume-was in nonpetroleum imports. Im-ports of all major commodity catego-ries decreased from very high third-quarter levels. (Despite these de-creases, import levels for all majorcategories were substantially higherin the second half of the year than inthe first half.) The largest fourth-

ILS, International Transactions,Fourth Quarter and Year 1984

quarter decreases were in capitalgoods, down $3.0 billion, partly re-flecting a decrease in office and busi-ness machines and equipment (includ-ing computers); in nonfuel industrialsupplies, particularly iron and steelproducts and metals, down $2.0 bil-lion; in consumer goods, down $1.8billion; and in automotive products,down $1.4 billion. Petroleum importsdecreased $0.4 billion, or 2 percent, to$14.1 billion. The average number ofbarrels imported daily decreased to5.59 million from 5.66 million. The av-erage price per barrel decreased to$27.59 from $27.91. Price declines ac-celerated after October 15, whenNorway reduced the prices of itscrude oils.

Merchandise exports increased $0.6billion, or 1 percent, to $56.3 billion;volume increased 2 percent. Agricul-tural exports increased $0.6 billion, or7 percent, to $9.7 billion; volume in-creased 13 percent. The volume ofU.S. grain shipments to the U.S.S.R.doubled in the fourth quarter. The in-crease in the value of exports oc-

curred despite of a large drop in theirprices, which was a consequence ofrecord harvests in many parts of theworld. Average prices of corn and soy-beans decreased about 15 percenteach. Average prices of wheat in-creased 1 percent. Nonagricultural ex-ports were unchanged at $46.6 billion;volume was also unchanged. Substan-tial decreases in industrial suppliesand automotive products were partlyoffset by a $0.3 billion increase in cap-ital goods, largely electronic comput-ers and parts, civilian aircraft andparts, and construction machinery.

Net service receipts increased to$3.2 billion from $2.2 billion. Amongmajor components, receipts of incomeon U.S. direct investment abroadwere $6.0 billion compared with $4.6billion; capital losses (largely ex-change-rate related) continued tolimit the rise in income. Decreases inreceipts and payments of other pri-vate income were offsetting. U.S. Gov-ernment interest payments rose to$5.3 billion from $5.1 billion. Nettravel and passenger fare payments

Table A.—Summary of U.S. International Transactions[Millions of dollars, seasonally adjusted]

Line

123

45g

7

g

9

1011

12

13

1415

1617

Lines in tables 1, 2, and 10 in which transactions areincluded are indicated in ( )

Exports of goods and services (1)Merchandise excluding military (2)Other goods and services (3—13) . . ..

Imports of goods and services (15)

Other goods and services (17—27)

U.S. Government grants (excluding military grants ofgoods and services) (30).

U.S. assets abroad, net (increase/capital outflow ( — ))(33).U S official reserve assets net (34)U.S. Government assets, other than official reserve

assets, net (39).US private assets, net (43)

Foreign assets in the United States, net (increase/capital inflow ( + )) (48).

Other foreign assets net (56)

Allocations of special drawing rights (62)Statistical discrepancy (63)

332,201200,257131,944

-365,113261 312103 801

-6,060

2590

-49,490

-1,196-5,013

-43,281

81,722

533976383

9,331

362,353220,343142,010

-452,802327 778125 024

-8,253

2946

-21,166

-3,131-5,460

- 12,575

92,798

299889,801

30,015

Change:1983-84

30,15220,08610,066

-87,688-66466

21 222

-2,193

356

28,324

- 1,935-447

30,706

11,077

234113,418

20,684

I

81,11149,24631,865

-82,481-58,523

23958

-974

599

-24,364

787-1,130

-22,447

15,888

25216,139

ii,420

19

II

81,35548,74532,610

-89,0676361525452

-1,210

638

-1,060

16-1,251

175

12,452

173910,714

1,833

83

III

84,82650,43734,389

-94,5296793826591

-1,478

665

-9,223

529-1,204

-8,548

19,578

270322,281

1,491

IV

84,91051,82933,081

-99,0377123627801

-2,398

688

-14,843

-953-1,429

-12,461

33,804

655527,249

- 1,748

lr

90,65353,92036,733

108,1757973328442

-1,430

717

-1,952

-657-2,037

742

15,660

278418444

5961

19

II r

88,86354,54834315

111,4108035031 060

-1,431

726

-19,000

-566-1,235

-17,200

40,405

34540750

3299

84

IIIr

91 0545561635438

-121,79188 55733 234

-2,169

693

17,006

799-1,440

19245

2,832

8303662

13761

IV"

91,7835625935524

-111,42879 13832290

-3,223

811

-17,219

1 110-748

- 15 362

33,902

695626945

6 997

Change:1984 III-

IV

72964386

103639419

944

-1,054

118

-34,225

311692

34607

31,070

7 78623 284

6764

r Revised.p Preliminary.

29

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30 SURVEY OF CURRENT BUSINESS March 1985

Table B.—Selected Transactions With Official Agencies[Millions of dollars]

1234

5

66a6b

Changes in foreign official assets in the U.S., net(decrease -) (line 49, table 1).

Industrial countries 1

Members of OPEC 2

Other countries

Changes in U.S. official reserve assets (increase — )(line 34, table 1).

Activity under U.S. official reciprocal currency ar-rangements with foreign monetary authorities: 3

Foreign drawings, or repayments (— ), netDrawingsRepayments

1983

5,339

1017286393806

-1,196

-2,083600

-2,683

1984 p

2,998

18141987015

-3,131

49054555

Change:1983-84

-2,341

99914 4413209

-1,935

2,573-55

2,628

I

-252

1391 4661*075

-787

-1,168590

-1,758

19

II

1,739

3 5503 4821 671

16

160

160

83

III

-2,703

4612 05i1 113

529

-765

765

IV

6,555

6 0221 RAO2 173

-953

1010

I

-2,784

ocn9 447

513

-657

10

10

19

II

-345

QQQ

9 1 7n887

-566

84

IIIr

-830

9 filfi

9 9Hrt

-799

IV P

6,956

-1,110

500545

AF.

Change:1984 III-

IV

7,786

-311

500c^c

AC

r Revised.p Preliminary.1. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.2. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting countries.3. Consists of transactions of the Federal Reserve System and the U.S. Treasury Department's Exchange Stabilization Fund.

were virtually unchanged. The deficiton military transactions increased to$0.5 billion from $0.3 billion.

Net unilateral transfers were $4.0billion. The $1.1 billion increase oc-curred as Israel was paid the fullamount of grant funds from fiscalyear 1985 economic support appro-priations.

U.S. assets abroad increased $17.2billion, in contrast to a $17.0 billiondecrease in the third quarter. U.S. of-ficial reserve assets increased $1.1 bil-lion compared with $0.8 billion. Muchof the $0.8 billion increase in foreigncurrency holdings was special creditextended to Argentina until proceedsof an International Monetary Fund(IMF) loan became available. A smallamount of credit was provided to theCentral Bank of the Philippines andwas repaid before the quarter's end.Limited intervention purchases ofGerman marks occurred in October.

Claims on foreigners reported byU.S. banks increased $5.6 billion com-pared with a decrease of $16.9 billion.

The low level of outflows reflected thecontinuation of trends that have beenevident over the past 2l/2 years—re-duced external financing require-ments in industrial and in some de-veloping countries, more cautious bor-rowing policies in some developingcountries, and a reluctance by U.S.banks to increase their exposure in anumber of debtor countries. An in-crease in claims on public borrow-ers—mainly in October, as part ofIMF-sponsored adjustment pro-grams—accounted for most of the cap-ital outflows. Volatile monthly inter-bank transactions resulted in substan-tial yearend outflows to own foreignoffices that more than offset large re-ductions in claims on these offices inOctober.

Net U.S. purchases of foreign secu-rities were $3.3 billion compared with$1.3 billion. Bonds newly issued in theUnited States increased to $1.5 billionfrom $0.9 billion, but remained at alow level because interest ratesabroad remained considerably lower

than in the United States. U.S. resi-dents were net sellers of outstandingbonds in almost all countries, exceptthe United Kingdom, where they pur-chased $2.5 billion following $1.2 bil-lion in third-quarter purchases. U.S.residents were net purchasers of $0.7billion of foreign stocks in the fourthquarter—the same amount as in thethird quarter—as markets in manyforeign countries continued to rise.

Net capital outflows for U.S. directinvestment abroad were $6.5 billioncompared with inflows of $1.9 billion,as the issue of bonds through financeaffiliates in the Netherlands Antillesceased and outstanding debt to theseaffiliates continued to be repaid. Re-moval of U.S. withholding taxes on in-terest payments to foreigners made itpossible for U.S. companies to issueEurobonds directly at the same costas through these finance affiliates;consequently, U.S. corporations' bor-rowings shifted to Europe and to theportfolio capital accounts (net foreignpurchases of U.S. securities) from the

Table C.—Indexes of Foreign Currency Price of the U.S. Dollar[1977 = 100]

Trade-weighted average against 22OECD currencies l

Trade-weighted average against 10 cur-rencies 2

Selected currencies: 3

CanadaUnited KingdomEuropean Monetary System curren-

cies:BelgiumFrance ..GermanyItalyNetherlands

Switzerland ,Japan

1983

IV

133.8

1258

1166118.7

151.81660115.21835122.389.9872

I

137.2

1272

1182121.5

153.9168.6116.11876123.991.586.0

19

II

142.6

1283

1217124.9

154.1169.5116.6189.3124.493.585.5

84

III

150.1

137.0

123.8134.5

164.5182.3125.7203.1134.2101.790.7

IV

155.9

142.3

124.2143.5

171.8190.6131.5213.3140.4104.891.6

1983

Dec.

135.8

128.4

117.4121.6

156.0170.4118.3188.4125.691.587.2

Jan.

139.4

130.5

117.6123.8

159.8174.8120.9192.9128.793.287.0

Feb.

135.8

127.3

117.5120.8

154.1168.9116.1188.1124.091.887.0

Mar.

136.4

123.8

119.6119.7

148.1162.7111.7182.3119.489.584.0

Apr.

139.9

125.7

120.5122.7

150.7165.6113.9185.0121.691.283.8

May

142.2

129.5

121.9125.5

155.9171.7118.2191.6125i994.485.8

19

June

145.7

129.8

122.8126.6

155.6171.2117.9191.2125.795.087.0

84

July

149.1

134.6

124.7132.1

160.8177.7122.6197.6130.9100.490.5

Aug.

148.3

135.5

122.8132.7

162.4180.1124.2200.8132.5100.590.2

Sept.

153.0

140.8

123.8138.7

170.4189.1130.4210.9139.2104.391.4

Oct.

153.6

142.6

124.2142.9

172.9191.3132.0214.1140.9105.191.8

Nov.

155.9

140.1

124.0140.7

168.5187.1129.0210.1137.7102.890.7

Dec.

158.3

144.2

124.3147.0

173.9193.3133.6215.7142.6106.692.3

1. Australia, Austria, Belgium-Luxembourg, Canada, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Japan, Netherlands, New Zealand, Norway, Portugal, Spain, Sweden,Switzerland, Turkey, United Kingdom. Data: U.S. Department of the Treasury. End-of-month rates. Index rebased by BEA.

2. Belgium, Canada, France, Germany, Italy, Japan, Netherlands, Sweden, Switzerland, United Kingdom. Data: Federal Reserve Board. Monthly average rates. Index rebased by BEA.3. Data: Federal Reserve Board. Monthly average rates. Indexes rebased by BEA.

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March 1985 SURVEY OF CURRENT BUSINESS 31

direct investment intercompany ac-counts, where Netherlands Antillesborrowings were included.

Foreign assets in the United Statesincreased $33.9 billion compared witha $2.8 billion increase. Foreign officialassets in the United States increased$7.0 billion compared with a $0.8 bil-lion decrease (table B). In the thirdquarter, substantial dollar outflows toindustrial countries occurred as thedollar appreciated. These outflowswere reversed during the fourth quar-ter, when the dollar temporarily de-preciated; assets of industrial coun-tries increased $2.7 billion. Assets ofOPEC members increased $0.9 billion,as continued outflows to Middle Eastand Asian members were more thanoffset by inflows from Latin Americanmembers. Assets of other countries in-creased $3.3 billion, largely from sev-eral newly industrialized countries inthe Far East.

Liabilities to private foreigners andinternational financial institutions re-ported by U.S. banks, excluding U.S.Treasury securities, increased $3.4 bil-lion compared with a $5.4 billion de-crease. Large inflows from own for-eign offices and unaffiliated banks inNovember and December more thanoffset outflows in October, resultingin only a small net inflow of funds forthe quarter. Low demand for funds byU.S. banks and rapidly declining U.S.interest rates were major contributingfactors. Some capital inflows shiftedto purchases of U.S. Treasury securi-ties, which were $9.5 billion comparedwith $5.1 billion; Treasury bonds, at11.75 percent, were nearly 3 percent-age points above yields on bills andnearly 2.5 percentage points aboverates on 90-day bank certificates ofdeposit (CD's). Also, new Treasuryissues were marketed solely to for-eigners. The World Bank purchasedlarge amounts of U.S. bonds.

Net foreign purchases of U.S. secu-rities other than U.S. Treasury secu-rities were $9.3 billion compared with$1.6 billion. Most purchases were at-tributable to $8.6 billion in Eurobondsnewly issued abroad by U.S. corpora-tions. Removal of U.S. withholdingtaxes on interest paid to foreigners oninvestments in the United States andclarification of registration and certi-fication requirements on new issuesabroad in the third quarter paved theway for the surge in new issues. Bor-rowing in the Eurobond market wassignificantly cheaper than in the U.S.

market, as Eurobond rates declinedsharply. Foreigners were net sellers ofU.S. stocks in the fourth quarter, $0.8billion compared with $1.0 billion, asthe U.S. stock market continued lack-luster. Purchases of outstandingbonds by foreigners were $1.5 billioncompared with $0.7 billion. Highyields and dollar appreciation madethese holdings attractive comparedwith bonds in most foreign markets.

Net inflows on foreign direct invest-ment in the United States were $4.7billion compared with $5.3 billion.Equity inflows dropped to $1.6 billionfrom $2.5 billion, and intercompanyaccount debt inflows increased to $1.6billion from $1.4 billion.

The dollar's appreciation was tem-porarily interrupted from early Octo-ber to mid-November, when it de-clined 2 percent against EuropeanMonetary System (EMS) currenciesand sterling, partly reflecting heavyintervention in exchange markets byforeign monetary authorities (tableC). However, the decline was morethan reversed by yearend, and thedollar rose 2.4 percent from the end

of September to the end of Decemberagainst the trade-weighted average of10 major currencies (chart 3, table C).(The dollar rose further to new highsin the first 2 months of 1985.)

The Year 1984

U.S. dollar in exchange marketsFrom December 1983 to December

1984, the dollar appreciated 12 per-cent on a trade-weighted averagebasis against 10 major currencies. Rel-atively high U.S. interest rates formost of the year, the strength of theU.S. expansion and success in main-taining low inflation, and U.S. eco-nomic and political stability all con-tributed to the appreciation. Econom-ic and political uncertainties abroadalso played a part.

The dollar's appreciation was tem-porarily interrupted by an 8-percentdecline against most EMS currenciesand sterling from mid-Januarythrough mid-March, when concernarose about the strength of the U.S.economic expansion and about the

BBHHBHBBBBI BiiMBBHBBBBHBB HMi CHARTS

Indexes of Foreign Currency Price of the U.S. Dollar (1977 = 100) /

150

140

130

120

110

100

90

80

TRADE-WEIGHTED AVERAGES

22 OECD currencies'

10 currencies2

I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I1981 1982 1983

I I I I I I I I I I I1984

1. Australia, Austria, Belgium-Luxembourg, Canada, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Japan, Netherlands, NewZealand, Norway, Portugal, Spain, Sweden, Switzerland, Turkey, and United Kingdom.Data: U.S. Department of the Treasury. End-of-month rates, index rebased by BEA.2. Belgium, Canada, France, Germany, Italy, Japan, Netherlands, Sweden, Switzerland, and United Kingdom.Data: Federal Reserve Board._Monthly average rates, index rebased by BEA.

U.S. Department of Commerce, Bureau of Economic Analysis. 35.

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32 SURVEY OF CURRENT BUSINESS March 1985

Table D.—Selected Balances on U.S. International Transactions[Billions of dollars; seasonally adjusted]

Merchandise trade balance

Investment income, netDirect netOther private netTJ S Government net

Other services net

Unilateral transfers net

Current account balance

-36.5

27.718123.6140

75

81

92

-61.1

23.514.022.3

-12.8

4.6

-8.7

-41.6

-107.4

18.112420.4

-147

-1 1

-11.2

-1016

I r

-25.8

7.8595.4

-3.5

.5

-2.1

-19.7

19

II r

-25.8

3.4194.9

-3.4

-.2

-2.2

-24.7

84

lllr

-32.9

2.8165.038

7

29

336

IV"

-229

40305040

g

40

237

r Revised.p Preliminary.

future course of nominal and real in-terest rates. Simultaneously, the in-vestment climate abroad appeared toimprove as industrial activitystrengthened, especially in Germany.Capital flowed out of dollars, mainlyinto marks, both from other EMScountries and the United States.

When the U.S. expansion continuedand was accompanied by large privateand public demands on the creditmarkets, U.S. interest rates rosestrongly while foreign interest re-mained virtually unchanged. By theend of June, the interest differentialin favor of dollar-denominated assetswas the largest since 1982. Capital in-flows helped finance U.S. banks' do-mestic loan expansion, large-scalemergers and acquisitions, and thetrade and Federal budget deficits.Foreign investors also participated inthe brief stock market rally in lateJuly and August and in the bondmarket rally that began about amonth earlier and continued for theremainder of the year.

The dollar's appreciation was againtemporarily interrupted when it de-

clined 2 percent against most EMScurrencies and sterling from early Oc-tober to mid-November. There wassubstantial intervention in exchangemarkets by German and, to lesserextent, other foreign monetary au-thorities, from mid-Septemberthrough early October, combined withlimited U.S. intervention. Despite fur-ther declines in U.S. interest ratesthat virtually elimiated the favorabledifferential against a weighted aver-age of key foreign rates, the dollar'sdecline was reversed, and by yearend,it reached all-time highs against mostEuropean currencies.

The dollar appreciated 21 percentagainst the British pound in 1984. Inthe first half of the year, large inter-est differentials favored capital flowsto the United States. During thesecond half, petroleum prices weak-ened rapidly, and the long coal strikeheld down the rise in industrial pro-duction.

The dollar appreciated less againstthe Japanese yen—6 percent—as an-ticipated output and inflation per-formance in Japan was better than in

many other countries. Relatively highinterest rates on U.S. short- and long-term investments and the U.S. Treas-ury's foreign-targeted issues attracteda large part of record capital outflowsfrom Japan. In addition, large-scalediversification of asset holdings byJapanese insurance companies aridother institutions followed recenteasing of restrictions on capital out-flows and deregulations of capitalmarkets.

The dollar appreciated 6 percentagainst the Canadian dollar. Increasesin Canadian interest rates in linewith U.S. rates failed to stop the espe-cially rapid decline of the Canadiandollar from March through mid-July.Canadian monetary authorities bor-rowed heavily from Canadian aridU.S. banks, from other foreign banks,and in the Eurobond market to pre-vent further decreases in Canada'sinternational reserves. The Canadiandollar stabilized from August throughDecember, and, with the pickup incapital inflows toward yearend, theCanadian authorities repaid borrow-ings from banks on its standby creditfacilities. Also at yearend, the newCanadian Government was consider-ing removal of some restrictions oninflows of foreign capital to financedirect investment.

Merchandise tradeThe U.S. merchandise trade deficit

increased to $107.4 billion in 1984from $61.1 billion in 1983 (tables D,E). Imports increased $66.5 billion, or25 percent, to $327.8 billion; volumeincreased 26 percent. Nonpetroleumimports accounted for most of the in-

Table E.—U.S. Merchandise Trade, Current and Constant (1972) Dollars[Balance of payments basis, seasonally adjusted, millions of dollars]

Exports

Nonagricultural

Foods feeds and beveragesIndustrial supplies and materialsCapital goods except automotiveAutomotive vehicles parts and enginesConsumer goods (nonfood) except automotive

ImportsPetroleum and productsNonpetroleum products

Foods feeds and beveragesIndustrial supplies and materialsCapital goods except automotiveAutomotive vehicles, parts and enginesConsumer goods (nonfood) except automotive

Current dollars

1982

211,19837,230

173,968

31,62063,62073,67517,39314,723

247,66761,270

186,397

17,108111,31138,33834,08339,660

1983

200,25736,638

163,619

31,13458,02368,27918,32713,934

261,31253,804

207,508

18,186107,39241,01342,02845,313

1984"

220,34338,415

181,928

31,66263,29773,25422,32613,830

327,77857,310

270,468

21,029123,52260,24755,10759,596

1984 "

I r

53,92010,34143,579

8,65515,05917,8985,6163,483

79,73313,85165,882

5,20230,25014,36213,28314,706

II'

54,5489,312

45,236

7,66615,53018,1675,2643,400

80,35014,90265,448

5,03931,24914,13513,75114,280

IIIr

55,6159,074

46,541

7,42116,63118,4625,8903,510

88,55714,46174,096

5,70332,14417,39114,75916,202

IV P

56,2589,687

46,571

7,92016,07818,7275,5553,436

79,13814,09665,042

5,08429,88014,35913,31414,408

Constant (1972) dollars

1982

76,97217,16559,807

14,62021,72826,5975,6127,164

76,4615,045

71,416

7,13720,46219,47110,92816,261

1983

72,52016,26256,258

13,83720,18224,0595,7496,820

86,4274,891

81,536

7,63821,34621,58612,80219,616

1984 "

78,56016,31262,248

13,57721,37025,8216,6766,763

108,5045,311

103,193

8,61524,92929,91415,62025,479

1984

lr

19,2014,275

14,926

3,5845,1126,2781,7261,711

26,6751,277

25,398

2,1526,0677,1103,8486,478

II r

19,1633,790

15,373

3,1465,1596,4311,5921,667

26,3001,367

24,933

2,0336,2267,0183,8986,220

IIIr

19,8513,861

15,990

3,2225,6196,5281,7531,716

29,4761,345

28,131

2,3016,5128,6874,1246,802

IV P

20,3184,369

15,949

3,6435,4876.,5871,6071,669

26,0531,322

24,731

2,1236,1197,0983,7415,996

r Revised.p Preliminary.

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Comparative Cost Indexesof Manufactured Goods

CHART 4

1980 = 100

200

180

160

140

120

100

'5^3^^

1981 1982 1983 1984

1. Manufactured goods export unit-value index multiplied bytrade-weighted exchange rate index of 22 OECD currencies.2. Weighted by gross domestic product originating inmanufacturing at 1980 exchange rates.3. Manufactured goods import unit-value index.Data: U.S. Department of the Treasury, trade-weighted exchange rateindex of 22 OECD currencies. Bureau of the Census, export and importunit-value indexes. OECD, producer prices.

U.S. Department of Commerce, Bureau of Economic Analysis 85-3-4

crease. Exports increased $20.1 bil-lion, or 10 percent, to $220.3 billion;volume increased 8 percent. Nonagri-cultural exports accounted for most ofthe increase.

Cumulative dollar appreciationsince late 1980 was a major factor in-creasing the deficit in 1984. Apprecia-tion substantially decreased the com-petitiveness of U.S. goods in exportmarkets, especially for the large cap-ital goods and industrial supply cate-gories, as the foreign currency cost ofU.S. manufactured goods exports rosemuch faster than producer prices inmajor industrial countries abroad. Incontrast, the relative costs of importsand U.S.-produced goods changedlittle, as the dollar cost of U.S. manu-factured goods imports rose onlyslightly faster than U.S. producerprices (chart X).

Relative growth rates also had animportant influence on trade patternsin 1984. Since 1981, real growth in theUnited States had exceeded that of itsindustrialized trading partners byabout two-thirds of a percentage pointon average. In 1984, the gap in

growth rates was more than fourtimes as large. As the U.S. expansionsubstantially outpaced the recoveryabroad, U.S. imports increased byrecord amounts from industrial coun-tries (especially Japan and Canada)and from non-OPEC developing coun-tries. Export growth was mostly re-stricted to selected industrial coun-tries—Canada, where there was arecord increase, and Japan and somecountries in Western Europe, wherethere were limited increases. Exportsto Mexico were also up strongly.

Financing constraints in most debt-burdened developing countries—andcurrency devaluations in some—con-tinued to limit U.S. export expansion,particularly to Latin America (whichhas been an important market forU.S. machinery and capital goods).Some developing countries in LatinAmerica experienced strong realoutput expansion and export growthto the United States. Exports to theUnited States from the newly indus-trialized countries in the Far East(Hong Kong, Korea, Singapore,Taiwan) increased by record amounts.

Reflecting the strength of U.S.import demand and limited export ex-pansion, the trade balance with West-ern Europe shifted to a deficit of $13.9billion from a surplus of $1.0 billionin 1983, and the deficit with Japan in-creased to $34.0 billion from $19.6 bil-lion. The deficit with Canada in-creased much less, to $15.5 billionfrom $10.5 billion, because a record$9.3 billion increase in exports offsetmuch of the record $14.3 billion in-crease in imports. Among the develop-ing countries, the surge in importsfrom the newly industrialized coun-tries in the Far East increased thedeficit to $19.1 billion from $11,4 bil-lion. In contrast, the rise in importsfrom Latin America, including severalmajor debtor countries, increased thedeficit only to $16.0 billion from $13.4billion. The exception within thisgroup was Mexico, where the deficitdecreased to $6.0 billion with $7.7 bil-lion (table F).

Nonpetroleum imports increased$63.0 billion, or 30 percent, to $270.5billion; volume increased 27 percent.Imports of all major nonpetroleumcommodity categories increased bysubstantial amounts; many exceededrecord annual increases that occurredin 1976-80, the last period of strongimport growth. The largest increasewas in capital goods, which increased

Table F.—U.S. Merchandise Trade Balances byArea

[Balance of payments basis, millions of dollars]

Total

Canada

Western EuropeUnited Kingdom....GermanyOther

Japan

Australia, NewZealand, andSouth Africa

BrazilMexicoVenezuelaOther

Other WesternHemisphere

OPEC (non-Latin

Asia (non-OPEC)Hong Kong,

Korea,Singapore,Taiwan

Other

Eastern Europe.

1981

-28,001

2242

12,235-263-887

13,385

15802

3,388

7 481691

4,440-1223854

-3,776

28 546

-4,096

-6,0951,999

2,887

1982

-34,469

9323

6,793-2,352-2,68911,834

16991

2,623

3 3991362

-3,820431

1 352

-2,008

10 977

-5,293

-7,3172,024

2,682

1983

— 61,055

10546

981-2,008-4,284

7,273

19630

1,267

13 3552403

-7,693-2,237

1022

-2,931

6 962

-11,460

-11,438-22

1,547

1984"

-107,435

15534

-13,943-2,297-7,945— 3701

34024

2,281

16 0364851

-6,002-3,148

2 035

-2,162

8 623

-20,959

-19,051-1,908

2,132

p Preliminary.

$19.2 billion, or 47 percent. As in1983, growth was paced by electricalmachinery, business and office ma-chines (including computers), and sci-entific, professional, and service in-dustry equipment. Consumer goods in-creased $14.9 billion, or 32 percent;both manufactured durable and non-durable goods—including textiles,radio and TV equipment and compo-nents—increased. Nonfuel industrialsupplies and materials increased $12.7billion, or 27 percent, in spite of sev-eral voluntary agreements withBrazil, Western European countries,and Japan to limit shipments of cer-tain types of steel products. Automo-tive products from areas other thanCanada (mainly Japan) increased $7.0billion, or 28 percent. Much of the in-crease in passenger cars was due tohigher average prices, which in-creased 10 percent following an 8-per-cent increase in 1983; the number ofunits imported increased 8 percent.The share of Japanese autos in U.S.sales slipped to 19 percent from 21percent. Automotive products fromCanada increased $6.1 billion, or 36percent, reflecting a substantial in-crease in the number of domestic(U.S.) units sold.

Petroleum imports increased $3.5billion, or 6 percent, to $57.3 billion.The average price per barrel de-creased to $27.95 from $28.37 in 1983.

471-438 0 - 8 5 - 3 : QL 3

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Table G.—U.S. International Service Transactions[Millions of dollars]

Service transactions net . ....

Receipts .Payments

Military transactions, net 1

Travel and passenger fares net

Fees and royalties netInvestment income net

Direct netOther private net

Other private and U.S. Government, netContractor operations netReinsurance netCommunications net

Other net

1978

23,625

77,940— 54315

621— 2585

9885215

20565212476 1496831

7981348-532

— 65925972

1979

32,241

102,323-70082

-1,778— 2000

9355352

31 218318268 1738781

3831054-617— 1431 198l'287

1980

34,487

118,216—83729

-2,237—825

1726360

3044328,48811 9059950

9171 591-624—31713321,599

1981

41,129

138,636-97 507

-1,1155886

65603405225,49621629130731,4882027-606—46613661,900

1982

35,327

138,250-102,923

195— 1599

5916,938

2780318,14023641139781,4012398-590—7581 7052,057

1983

28,143

131,944-103,801

515— 5064

4807,402

2350814,02322310128251,3021790-506-7241 5632,306

1984 P

16,986

142,010-125024

-1,6357830

9767577

1811512,3512042514 661

1,7342109-553-7211 5282427

Change:1983-84

-11 157

10066-21 223

-2,15027661 456

1755393

-167218851 836

432319473

35121

p Preliminary.1. Consists of goods and services transferred under military sales contracts less imports of goods and services by U.S. defense

agencies.

The average number of barrels im-ported daily increased to 5.60 millionfrom 5.20 million, reflecting a 4-per-cent increase in consumption in 1984.Imports from OPEC members in-creased 5 percent to $23.5 billion;combined imports from Canada, West-ern Europe, and Mexico increased 9percent to $21.7 billion. Throughoutthe year, but particularly in the lasthalf, spot prices of crude were wellbelow prices posted by OPEC mem-bers.

Nonagricultural exports increased$18.3 billion, or 11 percent, all involume, to $181.9 billion. Among thelargest advances, automotive exportsto Canada increased $3.3 billion, or 27percent; electronic computers andparts, $3.4 billion, or 25 percent;chemicals, $2.4 billion, or 14 percent;electrical machinery, $1.7 billion, or13 percent, and broadcasting and com-munications equipment, $1.0 billion,or 15 percent. Most increases were re-lated to trade with Canada andMexico, which together accounted fortwo-thirds of the increase in nonagri-cultural exports. Exports to Canadaincreased $9.1 billion, or 22 percent,and exports to Mexico increased $2.9billion, or 40 percent.

Agricultural exports increased $1.8billion, or 5 percent, to $38.4 billion;volume was unchanged. The volumeof soybean shipments declined arecord amount—more than 23 per-cent. However, the tight supplies inthe wake of the 1983 drought led tosharply higher prices for soybeansthrough mid-1984, limiting the declinein value to slightly more than 8 per-cent. Prices dropped sharply in thelast half of the year. In contrast, the

volume of wheat exports rose substan-tially in both value and volume, de-spite somewhat lower prices. Thevolume of corn exports was virtuallyunchanged from the previous year'slow level, despite a 10-percent pricedecline in the last half of the year.

Service transactionsNet service receipts were $17.0 bil-

lion compared with $28.1 billion (tableG). Declines in net income receipts,direct and portfolio, were $1.7 billionand $3.7 billion, respectively. Otherservices shifted to a deficit of $1.1 bil-lion from a $4.6 billion surplus,mostly due to an increase in the defi-cit on travel and passenger fare trans-actions and a shift to a deficit on mili-tary transactions.

Receipts of income on U.S. directinvestment abroad were $23.6 billion,up from $20.8 billion. The pickup re-flected moderate expansion abroad,although, as in 1983, the rise in earn-ings was centered in nonpetroleum af-filiates in a few European countriesand Japan. Continued strength inearnings of automotive affiliates inCanada was associated with thesecond consecutive year of strong U.S.auto sales. Two factors limited the in-crease in earnings. First, capitallosses, mostly reflecting dollar appre-ciation against both European andLatin American currencies, remainedlarge—about $7.3 billion—for thesecond Consecutive year. Second, netinteresiTpayments increased, althoughnot by as much as in 1983. Distribut-ed earnings increased to $15.2 billionfrom $14.9 billion. Reinvested earn-ings were $12.8 billion compared with$9.1 billion.

Payments of income on foreigndirect investment in the UnitedStates were $11.2 billion, up from $6.7billion. Earnings of nonpetroleum af-filiates accounted for most of the in-crease. Reinvested earnings were $4.5billion compared with $1.4 billion.Distributed earnings were $3.6 billioncompared with $3.0 billion. Net inter-est payments were $3.1 billion com-pared with $2.3 billion; the increasewas largely due to stepped-up borrow-ing to finance the acquisition of alarge U.S. company.

Receipts of income on other privateinvestment were $58.9 billion, upfrom $51.4 billion, reflecting a smallincrease in bank-reported claims andhigher average interest rates. Re-duced external financing require-ments and U.S. banks' concern abouttheir exposure abroad limited the in-crease in claims. Receipts of incomeon U.S. Government assets abroadwere $5.2 billion, up from $4.8 billion.Payments of income on other privateinvestment were $38.4 billion com-pared with $29.1 billion. Higher aver-age interest rates more than offset asmaller increase in bank-reported li-abilities. Payments of income on U.S.Government liabilities increased to$19.8 billion from $17.7 billion.

Net international travel and pas-senger fare payments increased to$7.8 billion from $5.1 billion. As in1983, the large increase in paymentsrelative to receipts was attributableto substantial dollar appreciation andexpansion of the U.S. economy in1984. Travel payments to overseasareas were $9.8 billion, up 18 percent,following a 16-percent increase in1983. The 1984 increase was largelydue to an increase in the number ofU.S. travelers, particularly to West-ern Europe; departures were up 14percent. Travel receipts from overseasareas were $6.4 billion, up 2 percent,as dollar appreciation contributed toa 5-percent drop in the number ofvisitors. Most of the drop was in visi-tors from Latin America, the Caribbe-an, and the United Kingdom, partlyoffset by an increase from the FarEast. Receipts from Mexico fell 4 per-cent to $1.9 billion; payments toMexico increased 3 percent. Travel re-ceipts from Canada fell 2 percent to$3.1 billion; expenditures in Canadaincreased 9 percent to $2.4 billion, asaverage expenditures of travelers toCanada increased strongly.

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U.S. military transactions with for-eigners resulted in net payments of$1.6 billion, a shift from net receiptsof $0.5 billion. Transfers under U.S.military agency sales contracts de-creased $2.5 billion to $10.2 billion,mainly due to large delivery reduc-tions to Saudi Arabia and Egypt. Re-duced construction activity and theabsence of aircraft deliveries led to a$2.2 billion reduction in transfers toSaudi Arabia. No aircraft deliveriesand lower armored vehicle deliverieswere reflected in a $0.5 billion reduc-tion in transfers to Egypt. U.S. directdefense expenditures abroad were$11.9 billion, down $0.4 billion—thefirst decrease since 1975. Pay to U.S.military personnel abroad increased$0.9 billion, mostly in Germany. Pe-troleum purchases declined $0.6 bil-lion to $1.1 billion, the lowest levelsince 1978. Construction in SaudiArabia by the U.S. Army Corps of En-gineers under military sales contractsdeclined $0.5 billion to $1.4 billion, ascurrent projects neared completionand projects in the planning stagewere postponed.

Other net transportation paymentswere $1.0 billion, a shift from net re-ceipts of $0.5 billion in 1983. Receiptswere $13.7 billion, an increase of 7percent. Payments were $14.7 billion,an increase of 19 percent. Both in-creases reflected the strength of U.S.imports—on the receipts side in oceanport service receipts from foreign flagvessels in U.S. ports, and on the pay-ments side from import charges forcargoes carried on foreign flag vessels.

Net unilateral transfers were $11.2billion, up from $8.7 billion. Some ofthe rise reflected revisions in U.S.Government procedures under whichappropriated grant funds remainingfrom earlier fiscal years (1982 and1983) were made available to foreignmilitary sales customers. Thus, grantsfinancing military purchases morethan doubled, and other grants in-creased strongly.

U.S. assets abroad

U.S. assets abroad increased $21.2billion in 1984 compared with a $49.5billion increase in 1983.

U.S. official reserve assets increased$3.1 billion compared with $1.2 bil-lion. U.S. authorities acquired smallamounts of German marks in inter-vention operations in the first, third,and fourth quarters. In the fourth

quarter, a small amount of short-termfinancing was provided to the CentralBank of the Philippines until IMF fi-nancing could be arranged; it wasrepaid in the same quarter. Aboutone-half of the increase in U.S. hold-ings of foreign currencies was specialcredit to Argentina, created by pur-chases of $0.5 billion equivalent inpesos, until proceeds of an IMF loan,approved in September, became avail-able. IMF disbursement was contin-gent upon commercial banks in theUnited States and abroad providingnew credits. Agreement with commer-cial banks was reached at the end ofDecember. (Argentina's borrowingfrom the United States was repaid inmid-January.)

Claims on foreigners reported byU.S. banks increased $7.3 billion com-pared with $25.4 billion (tables H, I).

Despite moderate expansion in indus-trial countries abroad, internationaldemand for U.S. bank credit wasweak, because credit demands werelargely met from other sources—espe-cially the Eurobond markets whereinterests rates declined sharply in thesecond half of the year. In addition,improved external payments posi-tions, as well as more cautious bor-rowing policies, in some developingcountries somewhat lessened creditneeds. On the supply side, U.S. bankswere generally hesitant to increasetheir foreign exposure in the face ofcontinuing financial difficulties in anumber of developing countries. Also,U.S. supervisory authorities contin-ued to pressure banks, especially inthe second half of the year, to im-prove the quality of their loan portfo-lios, to tighten accounting standards

Table H.—Private Capital Flows, Net[Billions of dollars]

Claims (increase/capital outflow ( — )); .liabilities (increase/capitalinflow ( + ))

Private capital flows, net

Bank-reported capital net *TJ S claimsU S liabilities

Net U S purchases of foreign securities .Net foreign purchases of U S securities

US Treasury securitiesOther than U S Treasury securities . . .

Direct investment netU S direct investment abroadForeign direct investment in the United States

Nonbank-reported capital net ....US claimsU S liabilities

-15.9

452111 165.9

54-8.11357.164

19.748

14.9

4.26.6

-2.4

33.1

23725449.1

96-7.71738.786

6.4-4911.3

-6.6-5.3-1.3

77.2

202-7327.6

308-4.835522.5130

15160

212

n.a.n.a.n a.

I

18.0

108208.8

35.6

291.41 5

-234724

611.74.4

19

II

23.1

220.620.8

63-.87.16.5

.6

10.5168.8

6.22.14.1

84

IIIr

23.1

11 5169

-5.4

54-1.3

675.11 6

7.42153

-1.11.8

-2.9

IV

13.0

2 i563.4

156-3.31889.593

- 55147

n.an.a.n a

n.a. Not available.r Revised.''Preliminary.1. Excludes from liabilities U.S. Treasury securities.

Table I.—U.S. Bank-Reported Claims and Liabilities by Type[Billions of dollars]

Claims on foreigners reported by U.S. banks (increase/capitaloutflow( — )) .

Of which' IBF claims

Banks' claims for own accounts, in dollars:Own foreign offices . . . . .Unaffiliated banksPublic borrowers and other foreigners

Banks' claims for domestic customers' accounts and all foreigncurrency claims

Liabilities to foreigners reported by U.S. banks (including U.S.Treasury securities) (increase/capital inflow ( + ))1

Of which- IBF liabilities . . . .

Banks' liabilities for own accounts, in dollars:Own foreign officesUnaffiliated banks . .Other private foreigners and international financial institutions-

Banks' custody liabilities and all foreign currency liabilitiesU S Treasury securities

Ill 1

785

306467

-270

-6.8

730

736

21723418.6227.1

254

27 6

16714

137

6.4

578

329

25699

13.42

8.7

73

15 1

938

12

(*)

50 1

146

211447.93 1

22.5

I

2 0

52

153820

— 2 3

10 1

93

1 54 22.5

514

19

II

20 6

11 9

968625

(*)

27 3

76

10 8513.11865

84

IIIr

16 9

3 8

626 9

6

32

3

34

10 8302.3

151

IV p

5 6

1 9

441 31 1

9

12 9

1 1

g22(*)6

95

" Preliminary.r Revised.'Less than $500,000 (±).1. Excludes liabilities to foreign official agencies.

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CHART 5

U.S. and Foreign Interest RatesPercent

14

13

12

11

LONG-TERM

U.S. Corporate Aaa Bonds

[ H I I I I i ' I f I I I i . . I I I I I M I M I I

Jan Feb Nov Dec

1. Interest rates for 3-month interbank loans or short-term paper for otherGroup of 10 countries and Switzerland weighted by average total tradeshares in 1972-76.Data: Federal Reserve Board; Morgan Guaranty Trust Company.

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

applied to substandard loans, and toincrease capital-asset ratios.

Much of the second-quarter in-crease in claims was related to the fi-nancing of mergers in the UnitedStates. U.S. companies borrowed largeamounts from foreign banks, who inturn satisfied some of the demand forfunds through interbank borrowingfrom U.S. banks. Much of the merger-related borrowing began to be repaidby the end of the quarter, as borrow-ers substituted funds from the U.S.commercial paper and the Eurobondmarkets for relatively costly bankfunds.

Also in the second quarter, largewithdrawals from banks abroad—par-ticularly from foreign offices of U.S.banks—temporarily reflected con-cerns over actual and potential lossesfrom substandard loans at a few largebanks in the United States. To offsetthese withdrawals, unaffiliated for-eign banks borrowed heavily fromU.S. banks, and U.S. parent banks de-posited funds in their foreign offices.In the third quarter, as those con-cerns abated, the process was re-versed. In addition, large credits toforeign banks dropped sharply, asmerger-related corporate borrowingsubsided.

Banks' own claims on their own for-eign offices increased $9.3 billion,compared with $16.7 billion; in par-ticular, branches in the Caribbean,United Kingdom, and the Far East re-quired less funding as their loandemand dropped sharply. Claims onforeign public borrowers increased$3.5 billion compared with $11.8 bil-lion; the increase mainly reflectedcredits established by agreements be-tween private banks, the IMF, andseveral debtor countries in LatinAmerica to refinance portions of over-due public debt principal and interest.

Banks' claims for domestic custom-ers' accounts decreased $3.4 billion,compared with a $6.0 billion decrease.Money market mutual funds sold offa smaller amount of Eurodollar CD'sthan in the preceding year.

Although funds supplied by U.S.banks to foreigners decreased sharplyin 1984, funds raised by U.S. banksfrom abroad decreased by about thesame amount. Thus, the net funds (in-flows) raised from abroad were $20.2

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billion, down only slightly from the$23.7 billion raised in 1983 (chart 6).

Net U.S. purchases of foreign secu-rities were $4.8 billion compared with$7.7 billion. The decrease was mainlyattributable to purchases of foreignstocks, which declined to $1.1 billionfrom $4.0 billion. Major foreign stockmarkets rose little in the first half of1984 (in contrast to their strong risethroughout 1983), and U.S. residentswere net sellers on balance. However,when stock prices resumed their risein the second half—especially in mar-kets in the Netherlands, Germany,and Hong Kong—net purchases weremoderately strong. (The U.S. market,by comparison, was only slightlyhigher in the second half than in thefirst half of the year.) Despite thestrong rise in the Japanese marketthroughout the year, U.S. residentswere net sellers of Japanese stocks, asthey were of Canadian stocks, whichdeclined in price.

Foreign new bond issues in theUnited States were $5.4 billion, com-pared with $5.1 billion. Of the 1984amount, $1.5 billion was in long-termfloating rate issues by the SwedishGovernment to refinance its bank bor-rowings. High U.S. interest rates rela-tive to Eurobond rates and limiteddemand by Canadiain borrowers re-strained new issues. Canadian newissues dipped from $2.3 billion in 1983to $1.1 billion in 1984. In both years,Canadians relied heavily on borrow-ings from the Eurobond market,partly because U.S. rates were notmuch lower than Canadian rates andpartly because the Canadian dollardeclined against the U.S. dollar.

Trading in outstanding bonds, upsharply to $1.3 billion, was marked bya substantial increase in purchasesfrom the United Kingdom to $4.7 bil-lion. Purchases of British Treasurygilt securities, guaranteed against for-eign exchange risk by U.S. invest-ment and brokerage houses, and pur-chases of outstanding (seasoned) Euro-bonds, probably accounted for muchof the increase. Net sales were regis-tered against nearly all other areas.Redemptions increased to $3.0 billionfrom $2.1 billion.

Net outflows of capital for U.S.direct investment abroad were $6.0billion compared with $4.9 billion. An

CHART 6

Private Bank-Reported Capital FlowsBillion $

-20 -

-10 -

Claims on Foreigners1

Liabilities to Foreigners2

— Net Capital Flows3

+ 10 -

+20 -

+30I II III IV I II III IV I

1978 1979 1980II III IV1984

1. Increase/outflow (-); decrease/inflow ( + ).2. Increase/inflow (+); decrease/outflow (-). Excludes U.S. Treasury securities and liabilities to foreign official agencies.3. Sum of flow in claims and flow in liabilities.

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

increase in reinvested earnings, whichresulted from the pickup in economicactivity abroad, was partly offset by adecrease in equity investments abroadand a small decrease in intercompanydebt inflows.

Several large-scale mergers and ac-quisitions dominated intercompanyaccount debt and related equity cap-ital transactions, especially in thesecond quarter. There were large bor-rowings through Netherlands Antillesfinance affiliates, with over one-halfof the $3.5 billion total associatedwith a single large merger-relatedtransaction. In another large transac-tion, a U.S. company borrowed to pur-chase a petroleum company's Europe-an mining and marketing operations.A third transaction resulted in anequity inflow from a U.S. company'ssale of most of its interests in Austra-lian mining properties to an Austra-lian company and a partly offsetting

outflow from the U.S. company's sub-sequent purchase of a share in theAustralian company. (Related trans-actions appear in the capital accountfor foreign direct investment in theUnited States.)

Another factor affecting intercom-pany debt flows in the fourth quarterwas the cessation of inflows throughfinance affiliates in the NetherlandsAntilles. The cessation occurred be-cause removal of U.S. withholdingtaxes on interest payments to foreign-ers made it possible for U.S. compa-nies to borrow directly from foreignsources at the same cost as throughthese finance affiliates. In the firstthree quarters, intercompany debt in-flows from these finance affiliates hadbeen substantial, averaging over $2.0billion per quarter (table J). (U.S. cor-porations' direct borrowing is record-ed in the portfolio capital accounts.)

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Table J.—Selected Direct Investment Transactions With Netherlands Antilles Finance Affiliates[Millions of dollars]

CHART 7

CapitalEquity capitalReinvested earningsIntercompany debt

IncomeOf which interest

9,0194052

83813908

— 1,9862991

3,920122710416188

-2,9184246

n.a.997n a

4,953

n.a.5201

I

966-222

1631,351

-603-867

19

II

1,453-225

2651,943

-660-986

83

III

625-209

3101,144

-731-1,081

IV

877-572

3021,751

-924-1312

I

699-281

2781,258

-733— 1 109

19

II

2,318-885-2753,477

870- 1,300

84

IIIr

873-180

2941,347

-920-1,365

IV P

n.a.349n a

-1,129

n.a.-1427

n.a. Not available."Preliminary.r Revised.NOTE.—Table shows only transactions with affiliates established primarily to borrow funds abroad and relend them to their

U.S. parents.

For the year, equity outflows, at$1.1 billion, were about one-quarter ofthe annual outflows in 1983. Inter-company account debt inflowsdropped to $7.9 billion from $9.0 bil-lion. Reinvested earnings were $12.8billion compared with $9.1 billion.

Foreign assets in the United StatesForeign assets in the United States

increased $92.8 billion in 1984 com-pared with an $81.7 billion increase in1983.

Foreign official assets in the UnitedStates increased $3.0 billion, followingan increase of $5.3 billion. Dollarassets of industrial countries in-creased only $0.2 billion comparedwith $10.2 billion. Small reductions inassets (outflows) of most Wesern Eu-ropean countries in the first quarterwere reversed early in the second,when the dollar's appreciation re-sumed. Outflows in the third quarterwere more than offset by inflows inthe fourth, reflecting substantial ex-change market intervention by for-eign monetary authorities. There wasa net decrease in dollar assets ofother leading countries.

Dollar assets of OPEC members de-creased $4.2 billion compared with$8.6 billion, although there was virtu-ally no net decrease in the last half ofthe year.

Dollar assets of other countries in-creased $7.0 billion compared with$3.8 billion. The increase was mainlyconcentrated in the assets of severalnewly industrialized countries in theFar East. The dollar assets of a fewcountries in Latin America increasedmuch less, mainly reflecting depositsof proceeds of IMF- and commercialbank-sponsored financial packages inthe United States.

Liabilities to foreigners and inter-national financial institutions report-ed by U.S. banks, excluding U.S.Treasury securities, increased $27.6billion, compared with $49.1 billion.In the first half of the year, strongdemand for funds from abroad was re-lated to the U.S economic expansionand U.S. Treasury financing needs,and resulted in a sharp rise in inter-est rates and further dollar apprecia-tion. A substantial part of these in-flows represented proceeds of earliercommercial paper borrowing by U.S.bank holding companies that were de-posited abroad and subsequentlydrawn upon by the U.S. parent bank.Another factor contributing to thestrong rise in liabilities was the previ-ously mentioned large-scale merger fi-nancing.

With the flattening of domesticloan demand at midyear, a large de-cline in U.S. interest rates, and rapid-ly diminishing financing needs formergers, dollar inflows dropped rapid-ly in the second half of the year. Also,asset preferences of foreign investorsshifted when attractive investmentopportunities in U.S. Treasury securi-ties became available as a result ofU.S. tax law changes and as long-term rates on Treasury securities fellless rapidly than short-term rates onbank CD's.

Reflecting the flattening U.S. loandemand after midyear, banks' own li-abilities to their own foreign officesincreased $2.0 billion in 1984, com-pared with a $25.6 billion increase in1983. Partly offsetting was a pickupin liabilities to unaffiliated foreignbanks (mainly foreign-owned banks)to an increase of $14.4 billion, com-pared with an increase of $9.9 billion.These inflows remained relatively

New Bond Issues Sold Abroadby U.S. Corporations and TheirNetherlands Antilles Finance Affiliates

Billion $9

By Netherlands AnllesFmance Affiliates1

-11981 1982 1983 1984

1. Net proceeds of bond issues repatriated by Netherlands Antilles financeaffiliates to U.S. parent corporations.

U.S. Department of Commerce, Bureau of Economic Analysis 135-3-7

strong, even toward yearend, despitethe decline in U.S. interest rates.

Purchases of U.S. Treasury securi-ties by private foreigners and interna-tional financial institutions were arecord $22.5 billion in 1984, nearlytriple 1983 purchases. With interestrates on bonds averaging more than2.5 to 3.0 percentage points aboveyields on bills and bank CD's, pur-chases of bonds rose substantially inthe first three quarters. In the fourthquarter, purchases increased more,following the previously mentionedchanges in the U.S. tax law and theclarification of registration and certi-fication requirements. Some U.S. in-

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March 1985 SURVEY OF CURRENT BUSINESS 39

Table K.—Selected U.S. Transactions With OPEC Members1

[Millions of dollars]

(Credits +; debits -)

Exports of goods and services:Merchandise adjusted excluding militaryTransfers under U S military agency sales contractsFees and royalties from affiliated foreignersFees and royalties from unaffiliated foreigners

U S Government miscellaneous services

Receipts of income on U.S. assets abroad:Direct investment . . .

U S Government receipts

Imports of goods and services:

Direct defense expendituresFees and royalties to affiliated foreignersFees and royalties to unaffiliated foreignersPrivate payments for other services

Payments of income on foreign assets in the United States:Direct investment .

U S Government payments .

U S Government pensions and other transfers .

™'<5 ? , ,1 i' * ascpts 'U.o. loans ana &

U.S. foreign currency holdings and U.S. short-term assets, net

U g private assets net

Foreign securitiesU.S. claims on unaffiliated foreigners reported by U.S. nonbank-

ing concernsU.S. claims reorted by U.S. banks, not included elsewhere

Foreign assets in the United States, net (increase/capital inflow ( + ))...

U S Treasury securities •• •Other U S securitiesOther U S Government liabilitiesU S liabilities reported by U S banks not included elsewhereDirect investment in the United StatesU.S. liabilities to unaffiliated foreigners reported by U.S. nonbank-

All other transactions with OPEC and transfers of funds between

Memorandum:Balance on merchandise trade

1972

2551448125

9139

5

2,7518576

2974-105

(*)(*)

-1634

(*)52

-19

44-2

996

214408194(*)

-782-294

8

-111-385

56536218426

-141574-18

-8

-2,512

-423

1973

341465714111

1467

3,92816687

5097-75

(*)(*)

-2034

(*)-103-38

35_2

702

391594205_2

1,0931,667

9

-158-425

1,02672050

_2281550

2

145

-4,881

-1,683

1974

62191,258

18114

2537

6,106330105

17234-240

(*)(*)

-2034

5-451

276

46-3

5912

211436229-4

6,1237,121

5

-467-536

11,49910,4555,4731,191

1334098

111

493

- 13,575

-11,015

1975

9,9571,765

18420

3728

3,717332118

-18,897141(*)(*)

-2240

11-574-650

-41-3

4225

44256212

(*)

-4,1813,022

32

-548-643

7,9246,9372,4263,199

94463132

756

207

-8,940

1976

11,5612,865

20929

59022

3,498405117

-27 409-441

(*)(*)

-3160

-5-655

816

26-4

1 821

261467212-6

1560-305

35

41-1,331

10,83790843,20630052,4801 638

-6

514

1,135

- 15,848

1977

128774,318

20125

79918

3,360489134

-35778-790

(*)(*)

-5761

6-7881,093

31_4

1332

39317269

9

1,2932

18

371-942

7,32463693,4772938

390409-10

120

10383

-22,901

1978

148464,734

28431

94832

3,142841135

33286-1,455

4(*)

-7970

-271096

-1,271

25-4

4 527

107412316-11

-4,420925

-164

141-3,472

3381 074

-26021620

139934111

136

16505

-18440

1979 r

145563,077

25636

60637

4,5141206

155

45039-1,580

2(*)9271

-491 646

-1,382

3315

1 672

179465277

9

- 1,4931783

258

-209241

7,04754982179108910335088

20

-296

20087

30483

1980 r

173682,962

(D)47

80334

2,5911517

147

55602-1,489

(D)

(D)11373

-402415

-2,408

43' 17

290

251353112-10

5412106

321

-202-1,684

14,9681268095664688

5431 161

240

1,092

21033

38234

1981 r

210973,664

24353

92628

4 1332187

167

49934-1862

(D)

(D)

10485

453 120

-3901

487

3 149

188432251-7

2961523130

266-2,302

14,75513 067103394 621

40820722685

-1 226

14643

28837

1982 T

206514934

18282

102129

35882563

174

31 5171796

(D)

(D)

16198

1583 3105821

467

6 359

41195238-2

6 4001 073

218

589-5,698

9,7847 2917303

387497

4 660719

3008

5873

10866

1983 T

15 1495366

21847

99144

1 5662431

274

25 1851 973

(D)

(D)

252106

72 6835176

49g

3 381

82coc

58621

3 46338177

98-3,103

-9,0708 6396*6441 947

94682

10

1 077

21 375

10 036

1984 "

13 7793071

15146

89847

29782 616

197

26 5941 433

(0)

(D)

215114

42943

4 463

607

202

9941 Q

3164

103942324

144371

-2,0724 i9g3 4523 0851 0323 547

*738

852

13 753

12815

D Suppressed to avoid disclosure of data of individual companies.r Revised.p Preliminary.* Less than $500,000 (±).1. OPEC members are Algeria, Ecuador, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, Venezuela, and associate member Gabon. Individual country

information is not available for all accounts; therefore, some accounts are estimated from regional data.

vestment firms repackaged Federalagency and U.S. Treasury securitiesin the form of stripped interest cou-pons, which were sold separately aszero-coupon securities in bearer formto foreigners. The U.S Treasury di-rectly sold $2.0 billion of foreign-tar-geted securities to foreigners. Thesesecurities were priced 30 basis pointsless than comparable U.S. Treasurysecurities (thus lowering the Treas-ury's cost of borrowing), were market-ed only abroad in special registeredform, and were not eligible for resaleto U.S. residents for 90 days.

Due to large U.S. corporate bondissues overseas, net foreign purchasesof U.S. securities other than U.S.

Treasury securities increased to arecord $13.0 billion, compared with$8.6 billion in 1983. Foreigners pur-chased $13.6 billion in bonds, up from$2.2 billion, and sold $0.6 billion inU.S. stocks, a shift from record stockpurchases of $6.4 billion. The strongdemand for funds by U.S. corpora-tions, as well as by businesses world-wide, resulted in record issues ofEurodollar and other bonds estimatedat $108 billion, up from $77 billion, ininternational markets. In contrast,worldwide international bank creditsdropped to an estimated $52 billionfrom $60 billion.

An unprecedented volume of fundswas raised by U.S. corporations in

overseas markets. In addition to $10.7billion issued directly in theEurobond markets from the UnitedStates, U.S. corporations also tappedthe Eurobond market for $9.9 billionthrough their finance affiliates in theNetherlands Antilles. The combinedamount was triple the 1983 total.

In the first half of the year, muchof the borrowing was to finance large-scale mergers and acquisitions eitherdirectly, or indirectly, by replacingthe short-terrn bank debt that had ini-tially been used. In the second half ofthe year, rapidly declining long-termrates and dollar appreciation favoredforeign placement and spurred inves-tor demand.

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40 SURVEY OF CURRENT BUSINESS March 1985

After being net purchasers of stocksin the first quarter, foreigners becamenet sellers by midsummer. In thesecond half of the year, when thestock market was essentially flat—incontrast to its record breaking ad-vance from mid-1982 to mid-1983—for-eigners sold $1.8 billion in stocks.Western Europeans, who had beennet purchasers of $4.0 billion in 1983,were net sellers of $2.8 billion in 1984.Canadians continued as net purchas-ers of stocks; including record pur-chases in the first quarter, the totalfor the year was $1.7 billion, up from$1.2 billion.

Net foreign purchases of outstand-ing bonds were $2.9 billion, comparedwith $1.9 billion; most purchases wereconcentrated in the last half of the

year. Yields on U.S. bonds exceededthose available in national markets inGermany, Japan, and United King-dom by considerable amounts. In ad-dition, the dollar appreciated againstall three currencies.

Net inflows of capital for foreigndirect investment in the UnitedStates increased to $21.2 billion from$11.3 billion. Equity and intercom-pany account debt inflows were sub-stantially higher than a year ago.Record quarterly inflows occurred inthe second quarter when intercom-pany account debt inflows increased$3.6 billion to $4.4 billion. That quar-ter's increase largely reflected a loanfrom a British affiliate to a U.S. sub-sidiary to purchase by a tender offerthe remaining shares of a petroleum

company. Also, equity capital inflowsincreased $2.6 billion to $3.3 billion,largely because a foreign company es-tablished a new U.S. holding companyto acquire the U.S. and foreign prop-erties of a U.S. company (referred toin the section on U.S. direct invest-ment capital flows). For the year, in-tercompany account debt inflows were$8.4 billion compared with $4.0 bil-lion, and equity inflows were $8.2 bil-lion compared with $5.9 billion. Rein-vested earnings increased to $4.5 bil-lion from $1.4 billion.

The statistical discrepancy (errorsand omissions in reported transac-tions) increased to an unrecorded netinflow of $30.0 billion from $9.3 bil-lion.

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March 1985 SURVEY OF CURRENT BUSINESS 41

Table 1-2.—U.S. International Transactions[Millions of dollars]

Line

123456789

10

11121314

15161718192021222324

2526272829

30

31323334353637383940414243444546

4748495051525354555657585960

616263

63a

64656667

6869

(Credits +; debits -) *

Exports of goods and services 2

Merchandise, adjusted, excluding military 3

Transfers under U.S. military agency sales contractsTravelPassenger faresOther transportationFees and royalties from affiliated foreignersFees and royalties from unaffiliated foreignersOther private servicesU.S. Government miscellaneous services ....Receipts of income on U.S. assets abroad:

Direct investmentOther private receipts ....U.S. Government receipts

Transfers of goods and services under U.S. military grant programs,net.

Imports of goods and services. .Merchandise adjusted excluding military 3

Direct defense expendituresTravelPassenger faresOther transportationFees and royalties to affiliated foreignersFees and royalties to unaffiliated foreignersPrivate payments for other servicesU.S Government payments for miscellaneous servicesPayments of income on foreign assets in the United States:

Direct investment.Other private paymentsU.S. Government payments.

U.S. military grants of goods and services netUnilateral transfers (excluding military grants of goods and serv-

ices), net.U.S. Government grants (excluding military grants of goods and

services).U S Government pensions and other transfersPrivate remittances and other transfers

U.S. assets abroad, net (increase/capital outflow ( ))U.S. official reserve assets, net4

Gold :..,Special drawing rightsReserve position in the International Monetary FundForeign currencies

U.S Government assets other than official reserve assets netU.S. loans and other long-term assets.Repayments on U.S. loans 5

U.S. foreign currency holdings and U.S. short-term assets, netU.S. private assets, net

Direct investmentForeign securitiesU.S. claims on unaffiliated foreigners reported by U.S. nonbank-

ing concerns.U.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 net

U.S. Government securitiesU.S. Treasury securities 6

Other7

Other U S. Government liabilities 8

U S. liabilities reported by U S banks not included elsewhereOther foreign official assets 9

Other foreign assets in the United States, netDirect investmentU.S. Treasury securitiesU.S. securities other than U.S. Treasury securitiesU.S. liabilities to unaffiliated foreigners reported by U.S. non-

banking concerns.U.S. liabilities reported by U.S. banks, not included elsewhere

Allocations of special drawing rightsStatistical discrepancy (sum of above items with sign reversed)

Of which seasonal adjustment discrepancyMemoranda:Balance on merchandise trade (lines 2 and 16)Balance on goods and services (lines 1 and 15) 10 . . . .Balance on goods services and remittances (lines 65 31 and 32)Balance on current account (lines 65 and 29) 10

Transactions in U.S. official reserve assets and in foreign officialassets in the United States:Increase ( — ) in U.S. official reserve assets, net (line 34)Increase (+) in foreign official assets in the United States (line 49

less line 53).

1983

332,201200,257

12,73711,4083,037

12,8026,2751,5796,474

630

20,75751,4144,832

205

-365,113-261,312

12222-13,977

5532-12,322

-170-282

-3,6092193

-6,73429 104

-17,657-205

-8,651

-6,060

1 579-1,012

-49,490-1,196

66-4,434

3,304-5,013-9,931

4,96952

-43,2814881

-7,676-5,333

-25,39181,7225,3396,5026,989-487

199433

-1,79576,38311,299

"8,7318,612

-1,318

49,059

9,331

-61,055-32,912-35,503

41,563

-1,1965,140

1984

362,353220,343

10,23211,4263,109

13,7396,4221,6507,199

612

23,59758,8665,157

187

452,802-327,778-11,867-15,805-6,56014715-203-292

-3,937-2,140

-11,246-38,441

19818-187

-11,199

-8,253

1 592-1,354

-21,1663 131

979-995

-1,1565460

-9,4914,434

403-12,575

6043-4,761

n.a.

-7,33792,7982,9984,6564,644

12333676

266789,80121,17722,48713,036 :

n.a.

27,571

30,015

-107,435-90,449-93,395

-101,647

-3,1312,665

Not seasonally adjusted

1984

I

90,31953,8562,5442,777

6863,2231,534

4041,733

120

8,43113,7901,222

41

-106,814-79,378

2914-2,806-1,293

340267

-72-1,034

-430

-2,459-8,428

4665-41

-2,121

-1,430

392-299

-3,200-657

226-200

231-2,138-2,765

884-257-4054656

6371,659

1,95515,660

-2,784-296

288-8242

2 131-599

18,4442,3911,3581,5164,404

8,775

6,156

-25,522-16,495-17,186-18,616

-657-3,026

II

90,77056,2762,5552,968

9073,3521,524

4091,772

185

4,74114,7721,309

44

-112,985-81,186

2959-4,302-2,157-3,597

2372

-955-418

-2,766-9,823-4,774

-44-2,166

-1,431

412-323

-19,464-566

288-321

44-1,234-2,585

1,351(*)

-17,6641,647-8202,120

-20,61240,405-345-163-310

147448349

-97940,7508,8426,477

5874,055

20,789

3,439

-24,910-22,215

22 94924380

-566-793

IIIr

88,71653,6092,6233,240

8663,6551,655

4151,847

172

3,53915,7531,342

45

-122,068-87,437

2943-5,326-1,822-4,061

-173-73

-960492

-3,047-10,662-5,073

-45-2,837

-2,169

382-287

17,187-799

271-331

1971 464

-2,285951

-13019,4502,114

-1,3221,787

16,8712,832-830-492-577

85-153

302-4873,6625,2725,1211,609

-2,930

-5,410

16,171

-33,828-33,352-34,020-36,190

-799-677

IV *

92,54856,6022,5102,441

6503,5091,710

4221,848

135

6,88614,5511,284

58

-110,935-79,777

3052-3,371-1,288-3,656

-119-75

-988-801

-2,974-9,528-5,307

-58-4,075

-3,223

406-446

-15,6891 110

194-143-772

624-1,856

1,24816

-13,955-5,147

3257n.a.

-5,55133,9026,9565,6075,819-212-2052,156-602

26,9454,6729,5319,325

n.a.

3,417

4,249

-23,175-18,387-19,239

22462

-1,1107,161

Seasonally adjusted

1984

lr

90,65353,9202,5442,881

8173,2901,625

4041,733

143

8,35913,7901,147

41

-108,175-79,733

2914-3,491-1,421-3,511

6772

-1,034-514

-2,459-8,428-4,665

-41-2,147

-1,430

-392325

-1,952-657

-226-200-231

-2,037-2,765

985-257

742-3,509

6371,659

1,95515,660

-2,784-296

2888

242-2,131

59918,4442,3911,3581,5164,404

8,775

5,961-195

-25,813-17,522-18,239-19,669

-657-3,026

II r

88,86354,5482,5552,871

8673,3331,523

4091,772

167

4,63214,7721,414

44

111,410-80,350-2,959

4010-1,750

346223

-72955

-512

2766-9,823-4,774

-44-2,157

-1,431

-412-314

19,000-566

-288-321

44-1,235-2,585

1,350

-17,2002,112-8202,120

-20,61240,405-345

163-310

147448349

-97940,7508,8426,477

5874,055

20,789

3,299140

25802-22,547-23,273-24,704

-566-793

IIIr

91,05455,6162,6232,797

6633,5881,704

4151,847

143

4,60615,7531,299

45

-121,791-88,557-2,943

4037-1,722-3,989

173-73

-960-555

-3,047-10,662-5,073

45-2,862

-2,169

382-311

17,006-799

271-331-197

-1,440-2,285

975-130

19,2451,909

-1,3221,787

16,8712,832-830-492

57785

-153302

-4873,6625,2725,1211,609

-2,930

-5,410

13,761-2,410

3294130,73731430

-33,599

-799-677

IV '

\ 91,7831 56,259

2,5102,877

7623,5281,570

4221,848

159

6,00014,5511,297

58

-111,42879138

-3,052-4,267-1,667-3,753

119-75

-988-560

-2,974-9,528-5,307

58-4,034

-3,223

-406-405

-17,2191,110

-194-143-772-748

-1,8561,124

16-15,362-6,554

3,257n.a.

-5,55133,9026,9565,6075,819-212-2052,156

60226,9454,6729,5319,325

n.a.

3,417

6,9972,748

-22,879-19,645-20,456

23,679

-1,1107,161

See footnotes on page 58.

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42 SURVEY OF CURRENT BUSINESS March 1985

Table 3.—U.S. Merchandise Trade[Millions of dollars]

Line

A

1

2

3

45

6

78

9

10

11121314

15

1617

18

B

1

23456789

1011

121314

15

16

17181920

2122232425262728

2930

31

323334

Balance of payment adjustments to Censustrade data:

EXPORTSMerchandise exports, Census basis1 includ-

ing reexports and excluding militarygrant shipments.

Adjustments:

Private gift parcel remittances

Gold exports, nonmonetary

Inland U.S. freight to Canada .U.S-Canadian reconcilation adjustments,

n.e.c., net.2Merchandise exports transferred under

U.S. military agency sales contractsidentified in Census documents.3

Other adjustments, net 4

Of which quarterly seasonal adjustmentdiscrepancy.5

Equals: Merchandise exports, adjusted tobalance of payments basis, excluding"military" (table 1, line 2).

IMPORTSMerchandise imports, Census basis1 (gener-

al imports).

Adjustments:

Electric energyGold imports, nonmonetaryInland freight in CanadaU.S.-Canadian reconciliation adjustments,

n.e.c., net.2Merchandise imports of U.S. military

agencies identified in Census docu-ments.3

Other adjustments, net 6..Of which quarterly seasonal adjustment

discrepancy.5

Equals: Merchandise imports, adjusted tobalance of payments basis, excluding"military" (table 1, line 16).

Merchandise trade, by area and country,adjusted to balance of payments basis,excluding military: 7

EXPORTSTotal, all countries

Western EuropeEuropean Communities (10)

Belgium and LuxembourgFranceGermany, Federal Republic ofItalyNetherlandsUnited KingdomOther

Western Europe, excluding EC (10)

Canada 2

JapanAustralia, New Zealand, and South Africa ..

Eastern Europe

Latin America and Other Western Hemi-sphere.BrazilMexicoVenezuelaOther

Other countries in Asia and Africa ,Asia

Members of OPECChinaHong KongKorea, Republic ofSingaporeTaiwan

AfricaMembers of OPEC

International organizations and unallocat-ed.

Memoranda:

Industrial countries 7

Members of OPEC 7

Other countries 7

1983

200,486

220

350

1,0274,449

-6,546

271

200,257

258,048

999290

1,35738

-451

1,031

261,312

200,257

54,87843,3334,9735,9728,3583,9027,635

10,3852,216

11,545

43,81221,6776,584

2,918

25,582

2,5509,0812,700

11,251

44,74238,35410,1432,1732,5615,6703,7024,260

5,8201,713

66

126,95115,14958,092

1984"

217,865

223

330

1,5414,961

-5,719

1,142

220,343

325,726

1,074474

1,504

-796

-204

327,778

220,343

57,07846,5955,2686,0758,9774,3227,525

12,0982,330

10,483

53,13523,2477,877

4,283

29,818

2,74912,0373,395

11,637

44,87239,0458,4143,0103,1125,9053,6934,775

5,5341,320

33

141,33713,77965,194

Not seasonally adjusted

1983

II

50,491

52

99

2601,355

-1,805

-115

50,337

63,504

22689

34238

-119

78

64,158

50,337

13,67410,8721,2161,5102,1081,0231,8342,656

5412,802

11,6705,2081,844

618

6,155

6732,309

5192,653

11,1359,6912,586

365683

1,4241,1861,044

1,453424

33

32,3963,681

14,227

III

48,377

36

2591,213

-1,899

326

48,312

66,379

26040

313

-129

115

66,978

48,312

12,3489,9061,1501,2481,992

7941,7512,407

5542,442

10,5265,5971,653

396

6,767

6712,419

5893,089

11,0259,2952,517

398621

1,398714

1,167

1,441389

30,1233,672

14,518

IV

51,558

75

27

2721,162

-1,141

330

52,283

70,112

28544

368

-134

963

71,638

52,283

13,90811,0061,3631,4072,186

9501,8262,651

5492,902

11,7356,1441,656

1,098

6,461

6352,268

7392,819

11,2519,7632,380

741686

1,471869

1,227

1,287433

33

33,4403,700

15,110

1984

I

53,782

60

45

3691,283

-1,344

339

53,856

79,346

27270

414

-149

-575

79,378

53,856

14,85311,9201,3161,5612,3271,1582,0682,929

5612,933

12,9235,5821,944

968

6,876

5082,816

8412,711

10,7109,3502,220

570656

1,387824

1,102

1,309357

35,3023,615

14,939

II

54,895

52

38

4121,353

-1,276

802

56,276

80,731

242148363

-204

-94

81,186

56,276

14,06311,5921,3031,5402,2071,1461,8922,921

5832,471

14,5556,0152,068

941

7,298

6712,904

8092,914

11,3039,8542,110

578835

1,602941

1,165

1,381308

33

36,7013,373

16,169

III r

53,270

38

57

3821,512

-1,535

-115832

53,609

86,461

301142361

-240

412163

87,437

53,609

13,27911,0271,2931,4422,083

9481,5863,084

5912,252

12,9785,6831,928

919

7,598

7813,046

8292,942

11,2249,5952,052

824772

1,460859

1,164

1,551278

33,8683,305

16,436

IV P

55,918

73

190

378813

-1,564

794

56,602

79,188

259114366

-203

53

79,777

56,602

14,88312,0561,3561,5322,3601,0701,9793,164

5952,827

12,6795,9671,937

1,455

8,046

7893,271

9163,070

11,63510,2462,0321,038

8491,4561,0691,344

1,293377

35,4663,486

17,650

Seasonally adjusted

1983

II

48,709

52

99

2491,355

-1,805

86201

48,745

62,276

22789

34238

-119

762684

63,615

48,745

13,24010,5181,1751,4562,040

9941,7932,554

5222,722

11,2855,0661,775

631

5,957

6532,240

5032,561

10,7589,3572,471

360660

1,3881,1431,013

1,413414

33

31,3663,534

13,812

III

50,325

36

2651,213

-1,899

497171

50,437

66,993

28940

313

-129

432312

67,938

50,437

12,91510,3411,2021,2932,080

8301,8532,495

5802,574

10,8335,8921,709

437

7,069

6992,527

6203,223

11,5849,7442,633

415646

1,476740

1,230

1,537411

31,3493,849

15,241

IV

51,394

75

27

2711,162

-1,141

41-289

51,829

70,423

29544

368

-134

240-723

71,236

51,829

13,79110,9281,3521,4032,166

9451,8012,643

5452,863

11,7286,0431,650

1,074

6,383

6302,244

7262,783

11,1279,6722,367

738682

1,446872

1,207

1,260424

33

33,2123,664

14,920

1984

lr

53,002

60

45

3811,283

-1,344

493832

53,920

79,572

23870

414

-149

-412163

79,733

53,920

14,87411,9591,3201,5732,3361,1572,0532,957

5632,915

13,0665,5451,957

932

6,873

5092,813

8382,713

10,6739,3382,227

564656

1,375831

1,095

1,284354

35,4423,613

14,865

II r

53,204

52

38

3941,353

-1,276

783-19

54,548

79,362

245148363

-204

436530

80,350

54,548

13,61311,2081,2571,4872,1301,1131,8562,803

5622,405

14,0515,8761,997

952

7,067

6482,814

7882,817

10,9599,5422,039

559807

1,564904

1,132

1,351302

33

35,5373,271

15,707

IIIr

55,487

38

57

3861,512

-1,535

-329-214

55,616

86,610

355142361

-240

1,329917

88,557

55,616

13,77511,4151,3411,4872,154

9851,6563,179

6132,360

13,3295,9351,988

992

7,887

8103,156

8633,058

11,7109,9932,132

857800

1,525887

1,219

1,635293

35,0273,442

17,147

IV"

55,948

73

190

380813

-1,564

419375

56,259

80,047

236114366

-203

-1,422-1,475

79,138

56,259

14,81612,0131,3501,5282,3571,0671,9603,159

5922,803

12,6895,8911,935

1,407

7,991

7823,254

9063,049

11,53010,1722,0161,030

8491,4411,0711,329

1,264371

35,3313,453

17,475

See footnotes on page 58.

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

Page 45: SCB_031985

March 1985 SURVEY OF CURRENT BUSINESS 43

Table 3.—U.S. Merchandise Trade—Continued[Millions of dollars]

Line

B

35

36373839404142434445

464748

49

50

51525354

5556575859606162

6364

65

666768

69

70717273747576777879

808182

83

84

85868788

8990919293949596

9798

99

100101102

Merchandise trade, by area and country,adjusted to balance of payments basis,excluding military — Continued 7

IMPORTS

Total, all countries

Western EuropeEuropean Communities (10)

Belgium and LuxembourgFranceGermany Federal Republic ofItalyNetherlandsUnited KingdomOther

Western Europe, excluding EC (10)

Canada2

JapanAustralia, New Zealand, and South Africa ..

Eastern Europe

Latin America and Other Western Hemi-sphere.BrazilMexicoVenezuelaOther

Other countries in Asia and AfricaAsia

Members of OPECChinaHong KongKorea, Republic ofSingaporeTaiwan

AfricaMembers of OPEC

International organizations and unallocat-ed.

Memoranda:

Industrial countries 7 .Members of OPEC 7

Other countries 7

BALANCE (EXCESS OF EXPORTS +)

Total, all countries.

Western EuropeEuropean Communities (10)

Belgium and LuxembourgFranceGermany, Federal Republic ofItalyNetherlandsUnited Kingdom ... . . \Other ...

Western Europe, excluding EC (10)

Canada 2

JapanAustralia, New Zealand, and South Africa ..

Eastern Europe

Latin America and Other Western Hemi-sphere.BrazilMexicoVenezuelaOther

Other countries in Asia and AfricaAsia

Members of OPECChinaHong KongKorea Republic ofSingaporeTaiwan

AfricaMembers of OPEC

International organizations and unallocat-ed.

Memoranda:

Industrial countries 7

Members of OPEC 7

Other countries 7

1983

261,312

53,89643,7402,4026,011

12,6425,4442,960

12,3921,862

10,157

54,36041,3075,317

1,371

41,866

4,95316,7744,937

15,204

63,19550,54410,8732,2486,3747,1922,864

11,204

12,3987,945

154,88025,18581,247

-61,055

982-4072,571-39

-4,284-1,542

4,675-2,007

3541,388

- 10,548-19,630

1,268

1,547

-16,284

-2,403-7,693-2,237-3,953

-18,453-12,190

-730-75

-3,813-1,522

838-6,944

-6,578-6,232

66

-27,929-10,036-23,157

1984"

327,778

71,02157,0283,1158,000

16,9227,9164,047

14,3952,633

13,993

68,66957,2715,596

2,151

48,016

7,60018,0396,543

15,834

75,05463,10811,5183,0628,2289,6103,923

14,775

11,8486,839

202,55726,59498,627

-107,435

-13,943-10,433

2,153-1,925-7,945-3,594

3,478-2,297

-303-3,510

-15,534-34,024

2,281

2,132

-18,198

-4,851-6,002-3,148-4,197

-30,182-24,063-3,104

-52-5,116-3,705

-230-10,000

-6,314-5,519

33

-61,220-12,815-33,433

Not seasonally adjusted

1983

II

64,158

13,76711,046

6671,5013,1581,330

7583,160

4822,721

13,9999,8221,328

308

10,771

1,1654,4051,2433,959

14,16511,2471,934

5381,4181,709

7202,573

2,9091,886

38,9165,432

19,812

-13,821

-93-174

5499

-1,050-3071,076-504

5981

-2,329-4,614

516

310

-4,616

-492-2,096

-724-1,306

-3,030-1,556

652-173-735-285

466-1,529

-1,456-1,462

33

-6,518-1,751-5,585

III

66,978

13,75811,369

5991,4843,0421,475

7813,534

4192,389

12,80710,1721,286

412

10,538

1,2794,1711,2433,846

18,00513,9623,118

6101,7232,114

7353,024

3,9962,806

38,0237,621

21,335

-18,666

-1,410-1,463

551-236

-1,050-681

970-1,127

13553

-2,281-4,575

365

-16

-3,771

-608-1,752

-654-757

-6,978-4,667

-601-212

-1,102-716-21

-1,857

-2,555-2,417

-7,900-3,949-6,817

IV

71,638

13,78411,254

5581,4523,5101,343

8173,030

5322,530

15,04112,0191,568

359

11,096

1,4114,3941,2664,025

17,77014,6793,709

5661,7941,921

8633,217

2,9481,813

42,4127,137

22,088

-19,355

124-248

805-45

-1,324-3931,009-379

17372

-3,306-5,875

88

739

-4,635

-776-2,126

-527-1,206

-6,519-4,916-1,329

175-1,108

-4506

-1,990

-1,661-1,380

33

-8,970-3,437-6,980

1984

I

79,378

17,67314,232

8291,9854,3831,8771,0653,493

6003,441

16,67712,9991,258

480

12,402

1,6574,5921,5304,623

17,88914,8282,516

7381,9292,154

9683,380

3,0431,706

48,6076,217

24,554

-25,522

-2,820-2,312

487-424

-2,056-7191,003-564-39

-508

-3,754-7,417

686

488

-5,526

-1,149-1,776

-689-1,912

-7,179-5,478

-296-168

-1,273-767-144

-2,278

-1,734-1,349

-13,305-2,602-9,615

II

81,186

17,09213,666

7571,7924,1511,7691,1063,448

6433,426

17,70614,063

1,428

430

11,886

1,7424,4971,7693,878

18,58115,4123,078

7531,7422,418

9293,636

3,1451,976

50,2897,222

23,675

-24,910

-3,029-2,074

546-252

-1,944-623

786-527-60

-955

-3,151-8,048

640

511

-4,588

-1,071-1,593

-960-964

-7,278-5,558

-968-175-907-816

12-2,471

-1,764-1,668

33

-13,588-3,849-7,506

III r

87,437

19,13315,307

8322,3774,2962,371

9633,775

6933,826

16,54516,3931,490

643

12,096

2,1444,4381,6573,857

21,13718,0643,285

8812,4352,9091,0774,388

3,0511,698

53,5617,073

26,803

-33,828

-5,854-4,280

461-935

-2,213-1,423

623-691-102

-1,574

-3,567-10,710

438

276

-4,498

-1,363-1,392

-828-915

-9,913-8,469-1,233

-57-1,663-1,449

-218-3,224

-1,500-1,420

-19,693-3,768

-10,367

IV p

79,777

17,12313,823

6971,8464,0921,899

9133,679

6973,300

17,74113,816

1,420

598

11,632

2,0574,5121,5873,476

17,44714,8042,639

6902,1222,129

9493,371

2,6091,459

50,1006,082

23,595

-23,175

-2,240-1,767

659-314

-1,732-829

-1,066-515-102-472

-5,062-7,849

517

857

-3,586

-1,268-1,241

-671-406

-5,812-4,558

-607348

-1,273-673

120-2,027

-1,316-1,459

-14,634-2,596-5,945

Seasonally adjusted

1983

II

63,615

13,61510,924

6591,4773,1111,310

7533,148

4752,691

13,8409,6721,306

305

10,787

1,1524,4141,2643,958

14,09211,1441,963

5341,3961,682

7112,533

2,9381,911

38,4325,508

19,676

-14,870

-375-406

516-21

-1,071-3161,040-594

4731

-2,555-4,606

469

326

-4,830

-499-2,174

-761-1,397

-3,334-1,787

508-174-736-294

432-1,520

-1,525-1,497

33

-7,066-1,974-5,864

III

67,938

13,95011,528

6081,5053,0871,496

7923,580

4252,422

13,02010,3211,305

418

10,681

1,2974,2271,2593,898

18,24214,1553,158

6191,7472,144

7463,067

4,0412,834

38,5967,710

21,632

-17,501

-1,035-1,187

594-212

-1,007-6661,061

-1,085155152

-2,187-4,429

404

19

-3,612

-598-1,700

-639-675

-6,660-4,411

-525-204

-1,101-668

-6-1,837

-2,504-2,423

-7,247-3,861-6,391

IV

71,236

13,69511,181

5551,4423,4881,334

8123,011

5282,515

14,97011,9421,562

356

11,042

1,4024,3731,2624,006

17,66814,5943,697

5621,7811,908

8573,195

2,9321,801

42,1697,107

21,960

-19,407

96-253

797-39

-1,322-389

989-368

17348

-3,242-5,899

88

718

-4,659

-772-2,129

-536-1,223

-6,541-4,922-1,330

176-1,099

-46215

-1,988

-1,672-1,377

33

-8,957-3,443-7,040

1984

lr

79,733

17,80714,335

8362,0094,4431,8941,0613,486

6063,472

16,80613,1771,277.

479

12,311

1,6744,5601,4854,592

17,87614,8942,442

7431,9542,180

9783,425

2,9641,649

49,0676,031

24,635

-25,813

-2,933-2,376

484-436

-2,107-737

992-529-43

-557

-3,740-7,632

680

453

-5,438

-1,165-1,747

-647-1,879

-7,203-5,556

-215-179

-1,298-805-147

-2,330

-1,680-1,295

-13,625-2,418-9,770

II r

80,350

16,87013,490

7461,7624,0801,7421,1003,426

6343,380

17,48213,8231,406

428

11,873

1,7204,4921,7973,864

18,46815,2583,116

7461,7122,375

9153,572

3,1872,011

49,5817,326

23,443

-25,802

-3,257-2,282

511-275

-1,950-629

756-623-72

-975

-3,431-7,947

591

524

-4,806

-1,072-1,678-1,009-1,047

-7,509-5,716-1,077

-187-905-811-11

-2,440

-1,836-1,709

33

-14.044-4,055-7,736

III r

88,557

19,36415,494

8422,4024,3472,399

9773,825

7023,870

16,80116,5851,506

649

12,260

2,1694,4981,6793,914

21,39218,2753,329

8902,4622,9491,0904,438

3,0941,722

54,2567,170

27,131

-32,941

-5,589-4,079

499-915

-2,193-1,414

679-646-89

-1,510

-3,472-10,650

482

343

-4,373

-1,359-1,342

-816-856

-9,682-8,282-1,197

-33-1,662-1,424

-203-3,219

-1,459-1,429

-19,229-3,728-9,984

IV

79,138

16,98013,709

6911,8274,0521,881

9093,658

6913,271

17,58013,6861,407

595

11,572

2,0374,4891,5823,464

17,31814,6812,631

6832,1002,106

9403,340

2,6031,457

49,6536,067

23,418

-22,879

-2,164-1,696

659-299

-1,695-8141,051-499-99

-468

-4,891-7,795

528

812

-3,581

-1,255-1,235

-676-415

-5,788-4,509

-615347

-1,251-665

131-2,011

-1,339-1,086

-14,322-2,614-5,943

See footnotes on page 58 .

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

Page 46: SCB_031985

44 SURVEY OF CURRENT BUSINESS March 1985

Table 3.—U.S. Merchandise Trade—Continued[Millions of dollars]

Line

C

123

45678

9

1011121314151617

1819202122

232425

26

27

28

2930

31

3233343536

37383940

4142434445

46

47

Merchandise trade, by principal end usecategory, adjusted to balance of paymentsbasis, excluding military.2

EXPORTS

Total (A-9)Agricultural productsNonagricultural products

Foods, feeds, and beveragesFoods, feeds, and beverages-agricultural...

GrainsSoybeansOther agricultural foods, feeds, and

beverages.Nonagricultural foods, feeds, and bever-

ages.

Industrial supplies and materialsAgriculturalNonagricultural

Energy productsFuels and lubricants

Petroleum and productsOther nonagricultural

Nonmonetary gold

Capital goods, except automotiveMachinery, except consumer-typeCivilian aircraft complete-all typesParts and engines for civilian aircraftOther transportation equipment

Automotives vehicles, parts and enginesTo Canada8

To all other areas

Consumer goods (nonfood), except automo-tive.

All other, including balance of paymentsadjustments not included in lines C 4-26.

IMPORTS

Total (A-18) ...

Petroleum and productsNonpetroleum products

Foods, feeds, and beverages

Industrial supplies and materialsEnergy products

Fuels and lubricantsNonenergy products

Nonmonetary gold

Capital goods, except automotiveMachinery, except consumer-typeCivilian aircraft, engines and partsOther transportation equipment

Automotive vehicles, parts and enginesFrom Canada

Passenger cars, new and usedFrom all other areas. ...

Passengers cars, new and used

Consumer goods (nonfood) except automo-tive.

All other, including balance of paymentsadjustments not included in lines C 31-46.

1983

200,25736,639

163,618

31,13430,09017,8385,9326,320

1,044

58,0236,169

51,8549,8609,8574,997

41,9941,704

68,27955,6185,7975,1051,758

18,32713,5784,748

13,934

10,561

261,312

53,804207,508

18,186

107,39259,93958,94047,4532,411

41,01337,738

2,956319

42,02816,9377,278

25,09116,291

45,313

7,380

1984"

220,34338,415

181,928

31,66230,69718,1555,4487,093

966

63,2977,271

56,0269,6689,6574,675

46,3582,170

73,25461,5384,2265,7811,708

22,32616,9625,364

13,830

15,972

327,778

57,310270,468

21,029

123,52263,32962,25560,1943,411

60,24755,4603,927

859

55,10723,03410,11032,07319,486

59,596

8,276

Not seasonally adjusted

1983

II

50,3378,572

41,765

7,2357,0304,0781,2971,655

204

14,8121,443

13,3702,6742,6731,298

10,696404

17,41913,8671,8301,319

403

4,9763,8141,162

3,556

2,338

64,158

12,59251,566

4,640

26,23514,03913,81312,196

725

9,9269,154

652120

10,8744,6622,1546,2124,096

10,635

1,849

III

48,3128,282

40,031

7,3116,8414,0111,2321,598

470

14,2781,358

12,9212,3242,3231,059

10,597331

16,37713,918

8601,177

422

4,1212,9341,188

3,458

2,766

66,978

15,73551,242

4,353

29,09516,88016,62012,215

585

10,3889,676

66942

9,3103,4811,2485,8293,650

11,922

1,911

IV

52,28310,32941,954

8,5768,3724,9831,7501,640

204

14,6731,865

12,808' 2,276

2,2751,058

10,532302

17,34114,4021,2381,302

399

5,0203,7931,227

3,482

3,192

71,638

14,33557,303

4,771

28,18515,79215,50712,394

516

11,61010,759

722129

12,3375,0682,1377,2694,574

12,644

2,090

1984

I

53,85610,88342,973

8,8028,6424,8611,9041,877

160

15,0962,125

12,9701,9521,943

98611,018

363

17,66414,934

8541,486

390

5,6754,3941,281

3,466

3,151

79,378

14,34965,029

5,168

30,90816,03015,75814,884

700

13,96412,8791,068

52

13,5935,6632,4817,9305,034

13,869

1,887

II

56,2769,091

47,185

7,4447,2704,1561,3891,725

174

16,0511,698

14,3532,6832,6831,201

11,670405

18,67815,6431,2471,418

370

5,9964,6761,320

3,548

4,556

81,186

14,61466,572

5,184

31,18615,96915,72815,216

979

14,42,413,407

771245

14,7006,3402,8758,3605,159

13,701

1,994

IIIr

53,6098,320

45,289

7,2256,7924,516

7081,568

433

16,2171,441

14,7762,5212,5201,049

12,255799

17,98215,352

8211,405

404

5,1643,8401,324

3,423

3,600

87,437

14,24673,191

5,389

31,61915,59115,29016,028

878

17,30615,8061,144

355

13,3285,2642,2038,0644,695

17,427

2,368

IV »

56,60210,12146,481

8,1917,9924,6211,4471,924

199

15,9332,006

13,9272,5122,5111,439

11,415603

18,93015,6101,3041,472

544

5,4914,0521,440

3,392

4,665

79,777

14,10165,676

5,288

29,81015,73915,47914,071

854

14,55413,402

945207

13,4865,7672,5517,7194,599

14,600

2,038

Seasonally adjusted

1983

II

48,7458,706

40,039

7,4077,1354,1841,3311,620

272

14,3001,473

12,8272,5372,5361,291

10,290404

16,91613,5661,6661,288

395

4,3993,2371,162

3,410

2,312

63,615

12,82750,789

4,524

26,32014,39214,16511,927

725

9,7488,976

652120

10,2074,2701,8455,9373,836

11,050

1,768

III

50,4379,306

41,131

7,7807,5084,0001,7801,728

272

14,6881,713

12,9752,3462,3461,164

10,629331

16,85714,1121,1251,197

423

4,7123,4941,218

3,550

2,851

67,938

15,92252,016

4,604

29,56517,24216,95312,323

585

10,4519,739

66942

10,3034,0391,6276,2644,067

11,107

1,907

IV

51,8299,804

42,026

8,2348,0065,1251,4141,467

228

14,7381,706

13,0322,2212,2201,095

10,811302

17,18214,3171,1621,298

405

5,0573,8571,200

3,524

3,093

71,236

14,28456,951

4,596

28,30715,75915,46412,548

516

11,47410,623

722129

12,2484,8802,0817,3684,662

12,483

2,127

1984

Ir

53,92010,34143,579

8,6558,3954,6681,6802,048

260

15,0591,831

13,2282,0962,087

88911,132

363

17,89815,174

8321,502

390

5,6164,3361,281

3,483

3,208

79,733

13,85165,882

5,202

30,25015,29115,05314,959

700

14,36213,2421,068

52

13,2835,6702,4297,6134,738

14,706

1,929

II r

54,5489,312

45,236

7,6667,4354,2831,4811,671

231

15,5301,756

13,7732,5352,5351,172

11,238405

18,16715,3031,1171,386

361

5,2643,9421,322

3,400

4,522

80,350

14,90265,448

5,039

31,24916,35016,10514,899

979

14,13513,119

771245

13,7515,7302,4028,0214,838

14,280

1,897

IIIr

55,6169,075

46,541

7,4217,1704,4271,0611,682

251

16,6311,814

14,8162,5572,5561,151

12,259799

18,46215,5571,0741,427

404

5,8904,5491,341

3,510

3,700

88,557

14,46174,096

5,703

32,14415,98415,62916,160

878

17,39115,8921,144

355

14,7596,1322,8308,6275,231

16,202

2,357

W

56,2599,687

46,572

7,9207,6964,7771,2261,693

224

16,0781,870

14,2082,4792,4791,464

11,729603

18,72715,5041,2031,466

554

5,5554,1351,420

3,436

4,542

79,138

14,09665,042

5,084

29,88015,70315,46714,176

854

14,35913,207

945207

13,3145,5032,4487,8124,679

14,408

2,092

See footnotes on page 58.

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

Page 47: SCB_031985

March 1985 SURVEY OF CURRENT BUSINESS 45

Table 3.—U.S. Merchandise Trade—Continued[Millions of dollars]

Line

D

1

234

5

6789

10

11

12

13141516

17181920

21222324

252627

28

2930

31

32

33

34

35

36

37

3839

40

4142

434445

46

4748

495051

52

535455

5657

5859

Merchandise trade, by end-use category,Census basis,1 including military grantshipments:

Merchandise exports, Census basis, includ-ing military grant shipments.

Agricultural productsNonagricultural products .

Excluding military grant shipments

Foods, feeds, and beverages

AgriculturalGrains and preparations

WheatSoybeansOther agricultural goods, feeds and

beverages.

Nonagricultural (fish, distilled bever-ages, etc.).

Industrial supplies and materials

AgriculturalRaw cotton, including lintersTobacco, unmanufacturedOther agricultural industrial supplies

(hides, tallows, etc.).

Nonagricultural .. ..Fuels and lubricants 9.

Coal and related fuelsPetroleum and products

Paper amd paper base stocks .Textile supplies and materialsChemicals, excluding medicinalsOther nonmetals (minerals, wood,

rubber, tires, etc.).

Steel making materialsIron and steel productsOther metalsj primary and advanced,

including advanced steel.Precious metals (gold, silver, plati-

num).

Capital goods, except automotiveMachinery, except consumer-type

Electrical and electronic, includingparts and attachments.Generators, transformers and acces-

sories.Broadcasting and communications

equipment.Telephonic and other electrical ap-

paratus.

Nonelectrical, including parts and at-tachments.Construction machinery and non-

farm tractors.Textile and other specialized indus-

try machinery.Other industrial machinery, n.e.cAgricultural machinery and farm

tractors.Business and office machines, com-

puters, etc.Electronic computers and parts

Scientific, professional, and serviceindustry equipment.

Civilian aircraft, engines, parts .. ..Civilian aircraft, complete, all types

Other transportation equipment

Automotive vehicles, parts and engines

To Canada 8

To all other areas

Passenger cars new and usedTrucks, buses, and special vehiclesBodies, engines, parts and accessories,

n.e.c.

Consumer goods (nonfood), except automo-tive.

Consumer durables, manufacturedConsumer nondurables, manufacturedUnmanufactured consumer goods (gem

stones).

Special category (military-type goods)Exports, n.e.c., and reexports

Domestic (low-value, miscellaneous)Foreign (reexports) . .

1983

200,538

36,457164,081164,029

30,940

29,90817,7766,5575,9146,218

1,032

56,461

6,1691,8331,4622,874

50,2929,8574,1234,997

4,2562,335

16,4048,153

8341,8286,625

2,060

67,24854,809

13,178

1,657

6,625

4,896

41,631

6,451

3,104

13,1501,468

12,538

11,0294,921

10,6955,6911,744

17,044

12,2954,748

4,2511,980

10,813

13,444

5.3047,672

467

5,8419,561

4,9924,568

1984"

217,888

38,230179,658179,633

31,519

30,56818,1736,7375,4196,976

952

61,465

7,2152,4561,5113,248

54,2499,6574,2254,675

4,5562,493

18,7638,523

1,1831,7617,313

2,333

71,98260,566

14,835

1,679

7,636

5,520

45,731

6,414

3,763

13,1751,604

15,773

14,1435,001

9,7604,1461,656

20,852

15,4885,364

4,9182,450

13,484

13,330

5,0287,855

445

4,96513,775

7,9445,831

Not seasonally adjusted

1983

II

50,504

8,54041,96441,951

7,200

6,9984,0681,5251,3061,624

201

14,336

1,443520297626

12,8932,6731,0731,298

1,104609

4,0192,098

237470

1,683

523

17,08413,612

3,251

449

1,618

1,184

10,362

1,601

787

3,260417

3,083

2,7231,214

3,0771,791

394

4,594

3,4321,162

1,259522

2,814

3,407

1,3791,906

122

1,5082,375

1,2871,088

III

48,380

8,25940,12140,118

7,286

6,8194,0261,4781,2231,569

467

13,939

1,358400276682

12,5822,3231,1441,059

1,062557

4,2302,093

228444

1,646

477

16,11013,718

3,379

400

1,728

1,250

10,339

1,656

721

3,255403

3,104

2,7361,200

1,970824422

3,779

2,5921,188

878512

2,390

3,324

1,3101,906

108

1,6452,296

1,2151,081

IV

51,578

10,23841,34041,320

8,480

8,2814,9261,5921,7411,614

200

14,350

1,865482587796

12,4852,2751,0571,058

1,097577

4,1912,060

237456

1,592

423

17,07314,165

3,487

405

1,784

1,298

10,678

1,523

798

3,311345

3,472

3,0281,229

2,5091,228

399

4,664

3,4371,227

1,154509

3,001

3,354

1,2801,957

117

1,0822,575

1,3201,254

1984

I

53,788

10,83942,94942,942

8,775

8,6184,8731,5731,8971,848

157

14,655

2,105832369904

12,5491,943

791986

1,096609

4,4672,123

205454

1,654

451

17,31514,645

3,682

429

1,864

1,389

10,963

1,562

846

3,363363

3,556

3,1471,272

2,293852377

5,278

3,9971,281

1,309589

3,380

3,335

1,3051,913

116

1,1023,327

1,9061,420

II

54,902

9,05045,85245,842

7,417

7,2464,1661,4411,3861,694

171

15,627

1,682664260758

13,9452,6831,2341,201

1,193631

4,7002,225

307466

1,739

481

18,34215,420

3,835

453

1,991

1,392

11,584

1,679

943

3,292508

3,893

3,4821,269

2,5681,198

354

5,589

4,2691,320

1,433648

3,508

3,420

1,3181,986

115

1,1293,376

1,9861,390

III

53,276

8,27245,00444,999

7,183

6,7554,5372,176

6901,529

428

15,678

1,429428216786

14,2492,5201,3051.049

1,173621

4,9572,093

359428

2,098

861

17,60915,052

3,695

374

1,968

1,354

11,357

1,539

976

3,187419

4,014

3,6181,222

2,168812389

4,739

3,4151,324

947601

3,191

3,266

1,2021,960

104

1,4023,401

1,9631,438

IV*

55,922

10,06945,85345,850

8,144

7,9484,5961,5471,4461,906

196

15,503

1,998533665800

13,5062,511

8941,439

1,093632

4,6392,082

313414

1,822

540

18,71615,450

3,623

423

1,814

1,386

11,827

1,634

999

3,334313

4,310

3,8961,238

2,7311,285

535

5,246

3,8071,440

1,230612

3,405

3,309

1,2031,996

110

1,3323,671

2,0881,583

Seasonally adjusted

1983

II

48,923

8,67440,24940,236

7,373

7,1044,1751,6681,3401,589

269

13,823

1,473478330666

12,3502,536

9431,291

1,026592

3,9141,980

205453

1,644

523

16,58113,312

3,147

419

1,590

1,138

10,165

1,550

772

3,217358

3,079

2,7221,189

2,8831,628

386

4,017

2,8551,162

998451

2,567

3,261

1,2861,859

116

1,5082,361

1,2571,104

III

50,499

9,28441,21541,212

7,755

7,4864,0151,3121,7721,699

269

14,350

1,713519397797

12,6372,3461,0621,164

1,065568

4,1782,133

232451

1,665

477

16,59013,912

3,399

414

1,717

1,268

10,513

1,628

752

3,307427

3,172

2,7891,228

2,2551,089

423

4,370

3,1521,218

1,153537

2,680

3,416

1,3561,939

120

1,6452,374

1,2261,149

IV

51,125

9,71241,41241,393

8,139

7,9155,0681,6931,4061,441

224

14,416

1,706539410758

12,7092,220

9651,095

1,136571

4,3542,123

255449

1,601

423

16,91414,081

3,472

400

1,768

1,304

10,608

1,535

755

3,291384

3,413

2,9831,230

2,4281,152

405

4,701

3,5011,200

1,128554

3,019

3,396

1,2961,983

118

1,0822,477

1,3131,164

1984

V

53,840

10,29743,54343,536

8,628

8,3714,6801,5161,6732,019

257

14,618

1,811615411785

12,8072,0871,032

889

1,135622

4,4622,148

219471

1,664

451

17,54914,885

3,803

453

1,934

1,416

11,082

1,646

876

3,777365

3,551

3,1381,268

2,288829377

5,219

3,9391,281

1,331593

3,296

3,351

1,3371,904

110

1,1023,372

1,9441,428

II r

53,192

9,27243,92043,913

7,639

7,4114,2931,5921,4781,640

228

15,105

1,740643300798

13,3652,5351,1161,172

1,111614

4,5902,104

261450

1,700

481

17,83115,080

3,719

422

1,956

1,341

11,361

1,614

928

3,250440

3,884

3,4761,245

2,4061,068

345

4,857

3,5351,322

1,133537

3,187

3,271

1,2291,932

109

1,1293,360

1,9461,414

HI r

55,279

9,02646,25246,246

7,380

7,1344,4481,9621,0431,643

246

16,091

1,802577324901

14,2892,5561,2401,151

1,176629

4,8862,126

365434

2,117

861

18,08915,257

3,703

385

1,948

1,370

11,554

1,510

1,018

3,231447

4,100

3,6891,249

2,4431,065

389

5,466

4,1241,341

1,241646

3,578

3,353

1,2431,995

115

1,4023,496

1,9771,520

IV"

55,577

9,63545,94145,938

7,873

7,6524,7521,6671,2251,675

221

15,649

1,862621476764

13,7872,479

8381,464

1,133628

4,8252,145

339407

1,831

540

18,51315,344

3,610

418

1,798

1,394

11,734

1,644

942

3,317353

4,239

3,8401,239

2,6241,184

545

5,310

3,8901,420

1,213674

3,423

3,353

1,2192,024

111

1,3323,547

2,0781,469

See footnotes on page 58.

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

Page 48: SCB_031985

46 SURVEY OF CURRENT BUSINESS March 1985

Table 3.—U.S. Merchandise Trade—Continued[Millions of dollars]

Line

60

61

62636465666768

69

70

7172

7374

75767778

7980

818283

84

85

86

8788

89

90

9192

93

94

95

9697

98

99100

101102

103

104

105106

107108109

110

Merchandise imports, Census basis

Foods, feeds, and beverages

Coffee, cocoa, and sugarGreen coffeeCane sugar

Other foods, feeds, and beveragesMeat products and poultryFish and shellfishVegetables, fruits, nuts and prepara-

tions.Whiskey and other alcoholic beverages...

Industrial supplies and materials

Fuels and lubricants 9 ..Petroleum and products

Paper and paper base stocksMaterials associated with nondurable

goods and farm output, n.e.s.Textile supplies and materialsTobacco, unmanufacturedChemicals, excluding medicinalOther (hides, copra, materials for

making photos, drugs, dyes).

Building materials, except metalsMaterials associated with durable goods

output, n.e.s..Steelmaking materialsIron and steel productsOther metals, primary and advanced,

including advanced steel.Precious metals (gold, silver, plati-

num).Nonmetals (oils, gums, resins, minerals,

rubber, tires, etc.).

Capital goods, except automotive

Machinery, except consumer-typeElectrical and electronic, and parts and

attachments.Nonelectrical, and parts and attach-

ments.Construction, textile and other spe-

cialized industry machinery andnonfarm tractors.

Other industrial machinery, n.e.sAgricultural machinery and farm

tractors.Business and office machines, com-

puters, etc.Scientific, professional and service in-

dustry equipment.

Transportation equipment, except auto-motive.Civilian aircraft, engines, parts

Civilian aircraft, complete, all types ....

Automotive vehicles, parts, and engines

From CanadaFrom all other areas .

Passenger cars, new and usedTrucks, buses, and special vehicles

Bodies, engines, parts and accessories,n.e.s.

Consumer goods (nonfood), except automo-tive.

Consumer durables, manufactured ..Electric household appliances, radio,

television.Consumer nondurables, manufactured

Textile products, except rugs .Unmanufactured consumer goods (gems,

nursery stock).

Imports, n.e.s. (low value, U.S. goods re-turned, military aircraft, movies, exhib-its).

1983

258,048

18,186

3,9862,5901,047

14,1992,0843,5862,560

2,626

105,765

58,72853,591

5,58012,868

2,603637

6,7282,901

4,58624,002

1,2486,752

12,337

4,951

3,666

40,854

37,70012,915

24,785

3,694

6,8251,426

8,906

3,934

3,154

2,942928

42,033

16,93725,096

23,5745,916

12,543

44,934

22,6906,769

19,1159,8603,130

6,275

1984"

325,726

21,029

4,7333,0641,258

16,2962,0843,6552,970

2,853

122,077

62,23257,286

7,27316,040

3,533629

8,3003,568

5,15431,388

1,68010,14314,877

5,262

4,688

59,792

55,45718,740

36,717

6,015

9,6511,882

13,835

5,338

4,332

3,9411,537

55,107

23,03432,073

29,5967,909

17,602

59,975

30,1259,761

25,84213,6774,008

7,746

Not seasonally adjusted

1983

II

63,504

4,640

956586266

3,684565864786

630

25,842

13,73612,515

1,3993,256

651176

1,692737

1,1636,289

3131,5453,525

1,523

906

9,855

9,1163,054

6,062

868

1,650380

2,194

971

739

652154

10,874

4,6626,212

6,2501,539

3,085

10,635

5,2651,520

4,4502,318

919

1,658

III

66,379

4,353

936636257

3,417551954514

626

28,734

16,55915,674

1,3823,082

676109

1,607689

1,3076,404

3451,7713,405

1,523

882

10,402

9,6763,254

6,422

937

1,906349

2,275

956

726

684230

9,310

3,4815,829

4,8981,323

3,088

11,922

5,7791,794

5,3442,829

799

1,659

IV

70,112

4,771

1,074702333

3,697435985562

790

27,687

15,46414,291

1,5723,332

699112

1,757765

1,1596,160

4012,0302,717

736

1,012

11,523

10,7593,912

6,847

1,037

1,662392

2,673

1,082

764

708220

12,337

5,0687,269

6,7111,804

3,822

12,266

6,6102,204

4,9712,494

684

1,528

1984

I

79,346

5,168

1,234744364

3,934485876863

612

30,593

15,66014,251

1,6564,106

907187

2,029981

1,2057,968

3662,4353,950

1,431

1,217

13,978

12,8424,288

8,554

1,315

2,261447

3,297

1,237

1,134

1,082492

13,593

5,6637,930

7,5151,778

4,300

14,247

7,0002,024

6,1393,2921,107

1,767

II

80,732

5,184

1,250796323

3,934479889851

665

30,870

15,80214,688

1,8014,096

896198

2,172827

1,3107,864

4362,3023,963

1,406

1,163

14,266

13,4074,556

8,851

1,450

2,330523

3,284

1,265

859

771263

14,700

6,3408,360

8,0342,200

4,466

13,701

6,9542,292

5,8953,114

853

2,011

III

86,460

5,389

1,235857298

4,154589952650

753

31,182

15,29414,251

1,9624,238

961174

2,184920

1,4208,269

4702,8613,707

1,262

1,230

17,078

15,8065,304

10,502

1,758

2,879507

3,849

1,509

1,272

1,144499

13,328

5,2648,064

6,8971,984

4,447

17,427

8,4852,929

7,9264,2061,016

2,056

IV"

79,188

5,288

1,014666273

4,274531938606

824

29,432

15,47514,096

1,8543,601

76971

1,915843

1,2187,287

4082,5463,256

1,164

1,077

14,470

13,4024,593

8,810

1,492

2,181405

3,405

1,327

1,067

945283

13,486

5,7677,719

7,1501,947

4,390

14,600

7,6862,516

5,8823,0641,032

1,912

Seasonally adjusted

1983

II

62,961

4,524

1,003626277

3,521565854636

640

25,926

14,08812,750

1,3533,166

626141

1,665734

1,0906,229

2931,6063,429

1,523

901

9,677

8,9383,051

5,888

866

1,607332

2,132

951

739

652154

10,207

4,2705,937

5,6811,539

2,987

11,050

5,4761,582

4,6522,402

922

1,576

III

67,309

4,604

1,012687270

3,592551923639

640

29,175

16,89215,860

1,4623,162

674129

1,639720

1,2406,419

3211,7523,461

1,523

884

10,465

9,7393,225

6,514

937

1,891386

2,331

969

726

684230

10,303

4,0396,264

5,6931,323

3,286

11,107

5,5781,679

4,7282,430

802

1,655

IV

69,700

4,596

991654274

3,604435949681

680

27,799

15,42114,241

1,5433,470

734180

1,780774

1,2476,119

3931,9222,788

736

1,016

11,387

10,6233,787

6,836

1,038

1,691414

2,601

1,092

764

708220

12,248

4,8807,368

6,7441,804

3,701

12,105

6,2522,103

5,1802,664

674

1,565

1984

lr

79,735

5,202

1,202692415

4,000485958743

703

29,969

14,95513,753

1,6563,978

899146

1,997934

1,2748,109

4512,5383,905

1,431

1,215

14,376

13,2404,522

8,719

1,316

2,307432

3,434

1,231

1,134

1,082492

13,283

5,6707,613

7,1681,778

4,338

15,084

7,4902,258

6,4783,5331,115

1,820

II r

79,892

5,039

1,288844327

3,751479877680

674

30,930

16,18014,976

1,7393,992

869159

2,137827

1,2317,791

4002,3853,847

1,406

1,158

13,977

13,1184,537

8,581

1,448

2,268460

3,171

1,234

859

771263

13,751

5,7308,021

7,2402,200

4,310

14,280

7,2342,377

6,1913,241

855

1,915

III r

87,527

5,703

1,310916303

4,393589918816

767

31,653

15,63414,466

2,0644,344

957208

2,224955

1,3408,272

4342,8263,779

1,262

1,234

17,164

15,8925,253

10,639

1,758

2,857562

3,929

1,533

1,272

1,144499

14,759

6,1328,627

8,0611,984

4,714

16,202

8,1592,728

7,0243,6181,019

2,046

IV "

78,,572

5,084

933611213

4,152531902731

708

29,525

15,46314,091

1,8143,726

808116

1,943856

1,3107,216

3952,3943,346

1,164

1,081

14,274

13,2074,429

8,779

1,493

2,219427

3,301

1,339

1,067

945283

13,314

5,5037,812

7,1271,947

4,240

14,409

7,2422,398

6,1493,2851,018

1,965

See footnotes on page 58.

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

Page 49: SCB_031985

March 1985 SURVEY OF CURRENT BUSINESS 47

Table 4.—Selected U.S. Government Transactions[Millions of dollars]

Al

?,34

56789

101112

13141516

171819202122

23?A252627282930

31323334353637383940

41

42

43

B1

23456

7

Cl

23

45

6789

10

11

12131415

U.S. Government grants (excluding military) and transactions increasing Government assets, total

By category

Grants, net (table 1, line 30, with sign reversed)Financing military purchases l

Other grants .

Loans and other long-term assets (table 1, line 40, with sign reversed)Capital subscriptions and contributions to international financial institutions excluding IMFCredits repayable in U.S. dollarsCredits repayable in other than U S dollarsOther long-term assets

Foreign currency holdings and short-term assets, net (table 1 line 42, with sign reversed)Foreign currency holdings (excluding administrative cash holdings) net

Receipts from —Sales of agricultural commoditiesInterestRepayments of principalReverse grantsOther sources

Less disbursements for —Grants and credits in the recipient's currencyOther grants and credits...Other U.S. Government expenditures

Other assets held under Commodity Credit Corporation Charter Act netAssets financing military sales contracts, net 2 . .. . 'Other short-term assets (including changes in administrative cash holdings) net

By program

Capital subscriptions and contributions to international financial institutions excluding IMFUnder farm product disposal programs . . . .Under Foreign Assistance Act and related programsUnder Export-Import Bank ActOther assistance programsOther foreign currency assets acquired (lines A13 A14 and A16)Less foreign currencies used by U.S. Government other than for grants or credits (line A19)Other (including changes in administrative cash holdings), net

By disposition 3

Estimated transactions involving no direct dollar outflow from the United StatesExpenditures on U.S. merchandise ..Expenditures on U.S. services 4 .. ..Financing of military sales contracts by U.S. Government 5 (line C6)

By long-term credits . .By short-term credits 1

By grants l

U.S. Government grants and credits to repay prior U.S. Government credits l 4

U.S. Government long- and short-term credits to repay prior U S private credits 6

Increase in liabilities associated with U.S. Government grants and transactions increasingGovernment assets (including changes in retained accounts)7 (line Cll).

Less receipts on short-term U.S. Government assets (a) financing military sales contracts 1 and (b)financing repayments of private credits.

Less foreign currencies used by U.S. Government other than for grants or credits (line A19)

Estimated dollar payments to foreign countries and international financial institutions

Repayments on U.S. Government long-term assets, total (table 1, line 41)

Receipts of principal on U.S. Government creditsUnder farm product disposal programsUnder Foreign Assistance Act and related programsUnder Export-Import Bank ActOther assistance programs

Receipts on other long-term assets

U.S. Government liabilities other than securities, total, net increase ( - f ) (table 1, line 53) .

Associated with military sales contracts 2

U.S. Government cash receipts from foreign governments (including principal repayments oncredits financing military sales contracts), net of refunds. 1

Less U.S. Government receipts from principal repaymentsLess U.S. Treasury securities issued in connection with prepayments for military purchases in the

United States.Plus financing of military sales contracts by U.S Government 5 (line A34)

By long-term creditsBy short-term credits 'By grants !

Less transfers of goods and services (including transfers financed by grants for military purchases,and by credits) l 2 (table 1, line 3).

Associated with U.S. Government grants and transactions increasing Government assets (includingchanges in retained accounts) 7 (line A40).

Associated with other liabilities .Sales of nuclear materials by Department of EnergyOther sales and miscellaneous operationsGerman Government 10-year loan to U S Government

16,043

6060934

5126

9,9311,3697,999

142422

5276

356

111

21

254

240-42

170

1 3691,41994692,541

726189240571

10,397533817472,7852119

666272557

4

65

240

5645

4969

4565322

1,28419251,034

404

199

45610,169

770-1,009

27852119

66612,737

4

-261271

10

18,147

82532,0226230

9,4911,4277,542

129393

40378

(*)41

102

42

U

2525

485

14271,578

110162413

924185252857

12865604322182,8881829

1059703

1313-5

41

252

5282

4434

4004396

1,3232052

233

430

333

5058,571

64180

28881829

1,05910,232

-5

-167360194

I

3,429

97471

903

2,378415

1,82415

124

7724

31518

7

18(*)509

110

415286

18375471314150

223

2,1991 102

431474431

4351

2125

8 26

50

1,230

1,224

1,12735

300447344

98

-533

4391,986

136-1,034

474431

433,798

5

-9983

-16

19

II

3,668

1 210113

1097

2,422225

2,06628

102

3720

(*)1426

2

1

6015

'ii

225376

21735432084160

162

2,4571247

390689617

7212090-1

8 18

60

1,211

1,210

1,10765

358407277

103

434

4532,693

158-313

689617

723,084

-1

-195031

83

III

4,194

1478375

1 103

2,756349

2,23968

100

-4025

(*)8

20

8

23

56-16

2

349557

21328672053556

105

3,0021 597

494758478

28031

196(*)

8 18

56

1,192

1,487

1,38559

302712312

102

137

2693,463

294629

758478

2803,028

(*)

-132114-18

IV

4,752

2398375

2024

2,376380

1,8703195

-227

(*)2048

5

41

74-3

-13

380200

3328584181727480

2,7391,392

432864593

2717159(*)s 4

74

2,012

1,049

947164323360101

102

161

1732,026

182-291

864593

2712,827

(*)

-122513

I

4,453

1,430350

1080

2,765325

2,3103993

25724

(*)1316

18

4

68_1

283

325261

26126382674868

370

3,6341643

577885712

17495

5082

8

68

819

884

77938

318408

15

105

242

2582,156

136104

885712

1742,544

2

-17-33

17

19

II

4,016

1,431354

1,077

2,585311

2,1443298

(*)27

(*)1129

6

1

72-1

29

311532

2095762220

4672

122

3,1811,370

653631420

211446151

4

3

72

835

1,351

1,23810637972132

113

448

5601,620

186-1,050

631420

2112,555

4

-116-113

-3

84

III r

4,584

2,169807

1,363

2,285376

1,78122

105

130-16

(*)9

18

15

(*)

57_2

148

376506

2,728541203

4257

246

3,5851,669

548894358

53695

463-7

20

57

999

951

84886

292408

62

103

-153

-1642,428

135728

894358

5362,623

-7

18-131

149

IV

5,094

3,223512

2,711

1,856415

1,3083697

16-10

(*)9

39

3

6

55(*)

26

415279

3,5824722335055

118

2,4651,361

439477339

13867

190-4

11

55

2,630

1,248

1,139166334516123

109

-205

1492,367

183299

477339

1382,510

-4

-52-84

32

See footnotes on page 58-

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

Page 50: SCB_031985

48 SURVEY OF CURRENT BUSINESS March 1985

Table 5.—Direct Investment: Income, Capital, and Fees and Royalties[Millions of dollars]

L:

1

234567

89

101112131415

16

1718192021222324

252627282930313233343536

373839404142434445

4647484950515253

545556

5758596061626364

656667686970717273747576

(Credits +; debits — )

U.S. direct investment abroad:

Income (table 1, line ID...Income before capital gains/lossesCapital gains/ losses (gains +• losses ) l

Earnings (net of withholding taxes)Distributed earningsReinvested earnings

Interest (net of withholding taxes)

Capital (table 1, line 44)... . . ..Equity capital

Increases in equity capital 2

Decreases in equity capital 3Reinvested earningsIntercompany debt

U.S. parents' receivablesU.S. parents' payables

Fees and royalties (table 1, line 7)

By industry of affiliate: 4

Income (line 1) . .PetroleumManufacturingOther

Income before capital gains/losses (line 2)PetroleumManufacturingOther

Capital:Equity capital (line 9) .

PetroleumManufacturingOther

Reinvested earnings (line 12 or line 6 with sign reversed)PetroleumManufacturingOther

Intercompany debt (line 13)PetroleumManufacturingOther

Foreign direct investment in the United States:

Income (table 1, line 25)Income before capital gains/lossesCapital gains/losses (gains — • losses +)5

Earnings (net of withholding taxes)Distributed earningsReinvested earnings .

Interest (net of withholding taxes)U.S. affiliates' paymentsU.S. affiliates' receipts

Capital (table 1, line 57)Equity capital

Increases in equity capital 2

Decreases in equity capital 3Reinvested earningsIntercompany debt

U.S. affiliates' payablesU.S. affiliates' receivables

Fees and royalties (table 1, line 21)U.S. affiliates' paymentsU.S. affiliates' receipts

By industry of affiliate: 4

Income (line 37)PetroluemManufacturingOther

Income before capital gains/losses (line 38)PetroleumManufacturingOther

Capital:Equity capital (line 47)

PetroleumManufacturingOther

Reinvested earnings (line 50, or line 42 with sign reversed)PetroleumManufacturingOther

Intercompany debt (line 51)Petroleum .ManufacturingOther

1983

20757272996542

2399814,9089090

-3241

4881476098585,09890908,969

9018,068

6,275

20757917257895797

2729910,40295157382

4760-1,798

2152746909021551 67052658969123414626 272

67346091

*64344053048135723292829

500

112995 94570971 1511 357399649971 000

17014621292

6 7341 9771 1653 592609119001 2742917

5945321

1 53140931357

920170607

399681

20101906

1984 p

2359730,8867289

2796215,167127954,366

60431 140

n an a.

127957,893

n an a.

6,422

23,5971043972625896

3088611,284116447,958

1 140298415

10221279549332222564078933470

6875112

1124610580

66681853639454630613694

633

21 177822392331 0104 546840997551 346

20321661963

11 246263429175694

10580255929075 113

822333

1750643945461344121919828,4094781

2933921

I

4 1665937177147792,6672112-613

296790

24691,67921122,606

192,588

1462

4 1662239

617131059372,34019131684

790-263

163691

21121243

2761 1452606

808113

1686

1231941290666770104564696132

230518461995

150104563

1 153590

44335290

1 23132080

830941307107528

184616

5021328-104

24211131563233

-119914

198

II

534465121 16860803,2102870

736

587607

1590983

28702,890

4973,387

1 605

53442097185313936512235425061652

607(*)

227380

2870482

1 06713212890

593468

1829

17001321

3791,131

858273569697128

33271 6112?116

504273

1 4431216

227

28389361

1 700367281

1 0521321

357275689

1 611242285

108427315067

1901443

1181 084

241

53

III

54146,739132562202,8153405-806

3713820

18481,0283405

511714

1,225

1462

5414236016091 4446739245524441840

8207726

-87134051 233

7191453

511462194

1 168

-1,7531791

38-1,146

648499607725118

33221 1521 569

417499

16711782

111

37— 355

318

1 753617231905

1791614319858

1 15245

339769499350122272

1 671152718802

IV

58348,111227869196,216

703- 1,086

-2852543

-39501,408

7032,9612093

868

1,745

5,8342475271016488 1113,25326532205

2543-1,613

125-805

703803159

13472,961

29510761590

-2,0502037-13

- 1,462-772

689-589

711122

2,34513371,417

81689319846527

62-384

322

2 050673572805

2037622574842

133719

405912689444230

15319

44327

52

I

8,4318,113

3189,3142,9256389-883

-4,656611

-1493881

—63892,34410473,391

1,534

843131503 19920828 11330043 1111998

—61146

-101-5566389

-21542046

— 219023441709-243

879

-2,4592192-2671,845-889— 956-614— 744

130

2,391708999

— 291956727289438

67-484

551

2459494717

1 248— 2192

496688

1008

7086

337377956165314478727699358

1783

19*

II

4,7417,742

-30015,7793,3502,429

-1,038

1,647987

-3,1112,124

-2,4295,0631 1026,165

1,524

4,74121241705

91277422,48032921969

987-349

41-6792429

-1,112331

-9865,0631508

1153441

-2,7662816

49-2,029

-8281201-737

897160

8,84232793,626

347120143625,8671 505

23-421

444

2766724947

1 0952816

696936

1 184

3279-73228

3 1241,201

465563173

4,3624806

84360

4

IIIr

3,5396,806

-3,2674,7353,3241,4111,197

2,11422

- 1,7441,766

-1,4113,5021,3582,144

1,655

3,5392440

230869

6,8062,6632,4481,695

22293

-227-43

-1,411-1,282

1,067-1,195

3,5021,419-63

2,147

3,047-2,547

500-2,213

-891-1,322

833- 1,006

172

5,2722,5402,706-166132214101,180

230

173603430

3047-605

6611780

-2547550666

1331

254084

107213841,322

356255712

1,410283832

1 960

IV"

6,8868,225

-1,3398,1345,5682,566

-1,248

-5,147436n.a.n.a.

-2,566-3,017

n.a.n.a.

1,710

6,8862,7252,12820338,2253,1372,7932,296

436308

-128256

-2,566385

-912- 1,269

3,017-1,166

496- 1,355

-2,9743,026

51-2,098-1,031-1,067-877

-1,048172

4,6721,6961,902-20610671,9102,419-509

-119659539

- 2974-811

5931571

-3,026817618

1,591

1 69628

1131,5541,067

35989

6191,910

392980538

See footnotes on page 58.

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

Page 51: SCB_031985

March 1985 SURVEY OF CURRENT BUSINESS 49

Table 6.—Securities Transactions[Millions of dollars]

Al

2

345

6789

1011

1?.

18

14151617

18192021?.?,23

24?,526?728

?,93031323334

Bl

?

3456789

10

111213

1415161718192021

123456

Foreign securities, net U.S. purchases (-) (table 1, line 45 or lines 2 + 12 below)

Stocks, net U.S. purchases

New issues in the United StatesOf which Canada

Japan

Transactions in outstanding stocks, netWestern Europe

Of which United KingdomCanada .JapanOther

Bonds, net U.S. purchases

New issues in the United StatesBy issuer:

Central governments and their agencies and corporationsOther governments and their agencies and corporations l

Private corporationsInternational financial institutions 2

By area:Western EuropeCanadaJapanLatin AmericaOther countriesInternational financial institutions 2

Redemptions of U S -held foreign bonds 3

Western EuropeCanadaOther countriesInternational financial institutions 2

Other transactions in outstanding bonds, net ?Western Europe. .. .

Of which United KingdomCanadaJapanOther

U.S. securities, excluding Treasury securities and transactions of foreign official agencies,net foreign purchases ( + ), (table 1, line 59 or lines 2 + 10 below).

Stocks, net foreign purchases

By area:Western Europe

Of which GermanySwitzerlandUnited Kingdom

CanadaJapanOther

Corporate and other bonds, net foreign purchases

By type:New issues sold abroad by U S corporations 4

U.S. federally-sponsored agency bonds, netOther outstanding bonds net

By area:Western Europe

Of which GermanySwitzerlandUnited Kingdom

CanadaJapanOther countriesInternational financial institutions 2

Memoranda:Other foreign transactions in marketable, long-term U.S. securities included elsewhere in

international transactions accounts:

Foreign official assets in the United States (lines in table 9):U.S. Treasury marketable bonds (line A4) . . . . . . . .Other U S Government securities (line A6)U S corporate and other bonds (part of line A 14)U S stocks (part of line A14)

Other foreign transactions in U S Treasury bonds and notes net (table 9 line B4)New issues of bonds sold abroad by U.S. corporations' finance affiliates in the Netherlands

Antilles (included in table 5, line 8).4

1983

-7,676

3982

-1,458633

-2,52418691068

170-940

115

-3,694

-5,127

-1,617-1,779

-5191 212

668-2,315

96-835

-1,212

2095510885555145

-6622648

-2,509311326

1349

8,612

6415

39661 046132517911 151

2741024

2 197

320446

1432

1 161287632419123682222

9

806487810985

46485,752

1984 p

-4,761

1 106

-45590

-651592287278358

-695

-3,656

-5,352

-3,144-992-418

798

2581— 1,114

39818

-443-798

2960425

1 595590350

-1,2645744

-4689250

1 0813649

13,036

588

276448

1 489514

1 674103605

13625

106831 2171 725

11,0527701

6398,296

281463

854284

46012

5712096

209529,942

I

-1,866

1 016

-263177

-753581211

97-324

55

-850

- 1,387

-259-678-50400

138-728

-121-400

4201451956020

117562

-48417273

434

3,003

2 908

2479483541

1 192300186315

95

-60155

—951

134-199

421085111

2553371194188

1 4201,660

19

II

-3,257

1 855

-699202

-1,156636379U

-55344

-1,401

-1,824

-694-450-180

500

415-828

-81-500

50040

190270

-77537

-211127

333

2,614

1 739

1 13227873634931386

380

875

320177378

682121425202

517461

-37

784170341485

22631,480

33

III

-1,571

847

-387215

-46026718440

-21057

-725

- 1,235

-492-476— 155

112

65-509

96-452-112

60022525010025

-90718

-848117196315

1,861

1 349

787228371311231211120

512

100413

1575827

17040

17018

127

-1,86736390

37368

1,204

IV

-983

264

-109-39

-155385294124147

-41

-718

-681

-172-175-134

200

50-250

-181-200

575100250125100

-612— 831-966

10557

267

1,134

419

-43257

-323-61307335209

715

229486

417109100246

4623092

-70

-66441718561

1 0331,408

I

637

364

-26-13

3906137

143220-34

273

-680

-163-492-25

-25-475

10018

-62

820150420125125

133-840-611

24182

650

1,516

1,178

306362188

-13870739

126

338

-32370

4748

-136164

-322307518

1,023-827

626-3003,840

19

II

-820

_7

-223-40

216827657

230-153

-813

-2,287

-1,738-250-199

100

-1,672-299

150

-66-100

76515037516575

709-751-364-122

2391,343

587

5

-388-81

-250-122

170

223

582

18018

384

13429721

-208-4231310275

606147

-501478

4,2482,827

34

III'

-1,322

-732

-16637

-566-223

— 750

-386

-590

-864

-350-250-114-150

-350-260-48

-56-150

82575

450150150

-551-1,425-1,202

177555496

1,609

-1,018

-1,709-227

-1,014-127

466-37262

2,627

1,881432314

1,80845766

1,15022

38038730

-4278535

5224,8023,044

IV"

-3,257

-731

-40

-691-512-326

85-142-122

-2,526

-1,521

-893

-80-548

-534-80

-100

-259-548

55050

350150

-1,555-2,728-2,512

-192205

1,160

9,325

753

-973-102-413-157

331-105

-6

10,078

8,622799657

9,063929688

7,19024

540290161

470212

-132470

12,202231

See footnotes on page 58.

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

Page 52: SCB_031985

Table 7.—Claims on and Liabilities to Unaffiliated Foreigners Reported by U.S. Nonbanking Concerns[Millions of dollars]

Line

Al?,34

56

789

1011121314

1516

171819

Bl234

56789

1011

1213

141516

(Credits +; increase in U.S. liabilities or decrease in U.S. assets. Debits — ;decrease in U.S. liabilities or increase in U.S. assets.)

Claims, total (table 1 line 46)Financial claims . ..

Denominated in U.S. dollarsDenominated in foreign currencies

By type: DepositsOther claims 1

By area: Industrial countries 2

Of which United KingdomCanada

Caribbean banking centers 3

OtherCommercial claims

Denominated in U S dollarsDenominated in foreign currencies

By type: Trade receivables .Advance payments and other claims

By area: Industrial countries 2 . .Members of OPEC 4

Other

Liabilities, total (table 1, line 60)Financial liabilities

Denominated in US dollarsDenominated in foreign currencies .

By area: Industrial countries 2

Of which United KingdomCaribbean banking centers 3

OtherCommercial liabilities

Denominated in US. dollars . .Denominated in foreign currencies

By type: Trade payablesAdvance receipts and other liabilities

By area: Industrial countries 2

Members of OPEC 4

Other .

1983

53335,266

-4,774492

4821-445

-32121786

-14721897

157-67

26-41

290357

-268

-133

1 318-117

79-196

96227338317

1201-1385

184

-1,19110

4381 184

421

I

3 199-3 187-3,132

55

3072-115

-1,8361433-3261 175

176-12

23-35

179191

1485

-165

2337331370

-39

2072050

1742668

—259177

-2,060608

7401872

56

19

II

230-592-689

97

406-186

-936626

-268594250362385-23

524162

2519021

643528

7

27812

2518

99-16

83

399498

25344290

33

III

233-19227246

11-8

569494-77769181

-214226

12

-28470

-82-14118

1,311-86

14-72

-27912614053

13971365

32

1,030367

4631828

32

IV

1 671-1468-1,180

288

1 332-136

-1,009221

-80154788

-203208

5

-12974

-319-13129

228-397

305-92

-30210917782

169-143

312

-560729

512-698

355

I

1 6591,3991,236

163

1417-18

9514

2581 238

66260324

-64

155105

-23484

410

4,4043,6253391

234

1,401951

2,2186

77980728

143636

342-77514

19

II

2,1201,6911,740-49

1,723-32

39870

3911404-111

429457-28

4356

18919

221

4,0553,6913731-40

-7350

3,72836

364420

56

1363

-2391,013-410

34

III r

1,7871,6201,470

150

1,219401

1,517735754

711016712740

23871

-25

164

2,930-2,473-2228

-245

-368542

-2,20297

-457316

-141

-923466

9231,762

OQO

IV

n.a.n.a.n.a.n.a.

n.a.n.a.

n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

n.a.n a

n.a.n.a.n.a.

n.a.n.a.n a.n.a.

n.a.n a.n.a.n.a.n.a.n.a.n.a.

n.a.n.a.

n.a.n.a.n.a.

Amounts

standingSept. 30,

1984

29,69519,25417,1382,116

14,5434,711

10,1764,7034,3447,4031,675

10,4419,782

659

3,8671,574

6,0741,2353,132

32,77715,85314,069

1,784

8,6123,4716,0211,220

16,92415,9091,015

7,2429,682

9,0103,4854,429

See footnotes on page 58. Table 8.—Claims on Foreigners Reported by U.S. Banks[Millions of dollars]

Line

1

23

4567

89

10

11121314151617181920

21222324252627282930313233

1

2345

678

(Credits +; decrease in U.S. assets. Debits -; increase in U.S. assets.)

Total (table 1, line 47)By type:

Banks' own claimsPayable in dollars

By borrower:Claims on:

own foreign officesunaffiliated foreign banksforeign public borrowers *other private foreigners .

By bank ownership: 2

U.S.-owned banks' claims on:own foreign officesunaffiliated foreign banksother foreigners . .

Foreign-owned banks' claims on:own foreign officesunaffiliated foreign banksother foreigners

Payable in foreign currenciesBanks' domestic customers' claims

Payable in dollarsDepositsNegotiable and readily transferable instrumentsOutstanding collections and other

Payable in foreign currenciesBy area:

Industrial countries 3

Western EuropeOf which United Kingdom

CanadaJapan .Other

Caribbean banking centers 4

Other areas .Of which Members of OPEC, included below 5 . . .

Latin AmericaAsiaAfricaOther6

Memoranda:International banking facilities' (IBF's) own claims, payable in dollars (lines 1-13

above).By borrower:

Claims on:own foreign officesunaffiliated foreign banksforeign public borrowersall other foreigners

By bank ownership: 2

U.S.-owned IBF'sForeign-owned IBF's....

Banks' dollar acceptances payable by foreigners

1983

-25,391

-31,376-31,826

-16,7241402

11 8321868

-6,5883,512

-10,203

-10,1364914

-3,497450

5,9856,367-4795,6611,185-382

6889-6563,516

-2,9651 9361332

-4,804-13,698

3103-8,952-4,202

57026

-27,638

-8,841-7,378-8,732-2,687

-13,93613 702

830

1984

-7,337

10779-7,317

9308834

34814,638

62487,735

616

-3,06069011,773

-3,4623,4422,952-4102,2151,147

490

-5,054-3,834

6047-53

-358809565

-2,848371

-1,551-1,254

277-320

-15,090

-7,496-5,111

4 4912,008

-2,73012360

840

1983

I

-18,175

-20,257-19,854

1668313872 167

383

-7,7052,792

-1,219

-8,9784 179-565-4032,0822,043

3641,503

17639

6144-1,914

2061-3,349

-329552

-8,762-3,269

949-1,988

-93637

-382

-10,960

-5,094-3,482

1 540-844

-3,784-7,176

2,931

II

3,894

1,3781,130

3,7421,3412 7391 214

5451,5183,627

3,197111

-326248

2,5162,563-5052,323

745-47

4,9174,9354,6791 129

887224

2,628-3,651

921-1,548-1,821

124-158

-3,466

-9641053

-1,065-384

-2,774-692

322

III

-2,871

-2,445-2,323

2,62410324 050

135

3,8665

1327

-1,2421037

-2,588-122

426-393-23

-612242-33

-5,358-4,187

3037226

-950447

6,767-4,280

122-3,250

-956-240

166

-8,911

-1,8772990

-3,651-393

-2,7586 153

282

IV

-8,239

-10,052-10,779

6407-32428761 172

3294-803

-4,030

-3,113479-18727

1,8132,154-3152,447

22.-341

-304510

3,9351,2871 544

557-5,437-2,498-1,355-2,166

-489-243

400

-4,301

906147

-2,4761 066

-4,620319

-2,705

1984

I

1,955

2,5394,300

-1,5033,848

2312,186

-3,9645,1712,434

2,461-1,323

479-1,761

-5841281-690

72-663

697

-1,035-1,041

1,329-578

775-1912,262

72811

-6961,444

89109

-5,155

3,044-528-901-682

738-4,417

798

II

20612

-21,24420656

-9,558-8,618-1,550

930

-4,129-3,280-2,596

-5,429-5,338

116-588

632497201125171135

-12,19610330

-6,420-868

611-387

-4,0934,323-403

-1,282-3,500

208251

-11,865

-5,980-5,143-1,815

1,073

3 649-8,216-5,673

III r

16,871

14,30813,690

6,1896,937-229

793

6,8485,248-136

-6591,689

700618

2,5632,617

-1,1172,4271,307-54

6,8856,4622,2461,118-271-4246,6123,3741,323

1012,964

143166

3,845

3,047883323238

2,6671,1783,805

IV

5,551

-6,382-4,651

-4,4361,333

-1,4712,589

-5,003596

-318

567-1,929

1,4361731

8311,1191,196-409

332288

1,2921,075-544

275-251

1934216

-2,627-560

326-2,162

-163628

-1,915

-1,519323

-1,4521,379

-1,010-9051,910

Amountsout-

standingDecem-ber 31,

1984

442,823

409,347398,611

156,466123,81561,08857,242

88,63064,84066,513

67,83658,97551,81710,73633,47632,9073,379

23,8055,723

569

182,798122,40275,60921,53132,7756,090

108,445151,58021,166

104,15639,9104,2263,288

183,615

42,62168,63643,59828,760

73,698109,91736,677

See footnotes on page 58.

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

Page 53: SCB_031985

March 1985 SURVEY OF CURRENT BUSINESS 51

Table 9.—Foreign Official Assets and Other Foreign Assets in the United States Reported by U.S. Banks[Millions of dollars]

Line

Al

2345678

91011121314

Rl

2

345

678

91011

12

131415

16171819

?,02122

?3?A25

?6

?,1?8

2930313233343536373839

1

2345

67

8

(Credits + ; increase in foreign assets. Debits — ; decrease in foreign assets.)

Foreign official assets in the United States (table 1, line 49)

By type:U.S. Treasury securities (table 1 line 51)

Bills and certificatesBonds and notes marketableBonds and notes, nonmarketable

Other U.S. Government securities (table 1, line 52)Other U.S. Government liabilities (table 1 line 53)U.S. liabilities reported by U.S. banks, not included elsewhere (table 1, line

54).Banks' liabilities for own account payable in dollars *

Demand depositsTime deposits l

Other liabilities 2

Banks' custody liabilities payable in dollars 13

Other foreign offical assets (table 1 line 55)

By area: (see text table B).

Other foreign assets in the United States (table 1, lines 58 and 61)

By type:U.S. Treasury securities (line 58)

By security:Bills and certificatesMarketable bonds and notesNonmarketable bonds and notes 4

By holder:Foreign banksOther private foreignersInternational financial institutions 5

U.S liabilities reported by U S banks (line 61)Banks' own liabilities l ...

Payable in dollars

By account:Liabilities to own foreign officesLiabilities to unaffiliated foreigners

demand depositstime deposits 1

other liabilities 2

By holder:Liabilities to

own foreign officesunaffiliated foreign banks. ...other private foreignersinternational financial institutions 5

By bank ownership: 6

U.S.-owned banks' liabilities toown foreign officesunaffiliated foreign banksother private foreigners and international financial institutions 5

Foreign-owned banks' liabilities toown foreign offices .unaffiliated foreign banksother private foreigners and international financial institutions 5

Payable in foreign currencies

Banks' custody liabilities, payable in dollars l i3

Of which negotiable and readily transferable instruments

By area:Industrial countries 7

Western EuropeCanadaOther

Caribbean banking centers 8

Other areasOf which Members of OPEC, included below9

Latin AmericaAsiaAfrica .Other 10

Memoranda:International banking facilities' (IBF's) own liabilities, payable in dollars (in lines

A9, and Bll above).

By holder:Liabilities to

own foreign officesunaffiliated foreign banksforeign official agenciesother private foreigners and international financial institutions 5

By bank ownership: 6U.S.-owned IBF's .Foreign-owned IBF's

Negotiable certificates of deposit held for foreigners ! (in lines A13 and B27above).

1983

5,339

69897683

806-1,500

-487199433

267661

1766971

22431795

57,790

8731

5,3574,6481274

43684,983-620

490594924048879

25631

1766202981 184

256319864

10,6602724

15812410

5,868

981910,2747,516

361

-181868

263471922740013119

2071710726

47350204096

841 694

32,867

145129,7271 2507,378

13 11219755

-3,899

1984 P

2,998

46445634

460-1,450

12333676

348101

1958240710242667

50,058

22487

1,53520,952

74916,3185,420

275712623424501

2 109

199617 5692827

2 1091444310,9362987

1023912,911

2 11912,0525,038

1733

1,337329

320742173432387 1023566

144182,11766224306

3583 132

14,611

7511,4841 2141,838

1 22215,833

93

I

-252

30121 2592553-800-371

533-1,978

165282

-170277

1813382

13,168

2924

1,8831,420

379

1 312701911

102441041210 168

6292

1983004

674

6292'l75

3526525

628-1328

781

56641 1533,270

244

-16856

3843876

2150817

64842841-534

5711 125

511 196

5,571

4243-199

3281,855

28622709

-2,985

19

II

1,739

1 9851 201

784

-Tib'434316

46120700626362826

4,837

3 139

1,3662,263

490

12811252

606

16982 1171325

4250

9284123

524

4 25022152,515

845

2056-4621,654

21942,6771,706

792

-419527

443320711822

54026293033

241,634

385226

1 240

5,435

892 196

5582,592

3595,076

148

83

III

-2,703

6111 2561867

1363"137

-1,403

281174170277

1 122463

15,787

995

1468-68405

1 038313

-356

147921400013904

8125

6765763

692

81253*6562,377

254

4931-363

575

3 1944,0191,548

96

792175

75076682

77748

44393841

32326321 556

276623

13,157

7 1634026

7261,242

39489209

-1,124

IV

6,555

26033967

664-700

417161

3,498

3 16849

1,0662151

330124

23,998

1673

6401,033

7372,717

-1,781

2232522,71123482

15464

13167408

706

154644,1682,2421,608

123091,7432,858

3 1552,425

992

-771

-386110

105649598

481 014

124231011

660183

103083

119

8,704

30173704

2941,689

59432761

62

I

-2,784

288661

1023-650

-8242

-2,131

2?91'l!8622

1787160599

10,133

1 358

1,658-300

582142918

877582688240

1 521

2547 107

134

15214 1733,131-585

4570- 1,373

87

30495,5462,459

28

507379

8,675568414181573

657801

-741,3711 218

190458

9,307

44474356

443947

25376770

-719

19

II

-345

310296606

147448349

50440

8211285

853979

27,266

6477

2,2294,248

20113541

925

207891970118972

10810

2547244

664

108105,0674,221

-1,126

72802,5321,561

35302,5351,534

729

1,088662

16,103135171 980

6065,99251712,0541,9192867

281104

7,550

1 1264641

5861,197

28254725

1,298

84

III r

-830

577650427

-80085

153302

34171

329741643487

-289

5121

3194,802

5375,347

311

5410-5,991

5490

- 10,805

-4906331-526

108053,0121,918

385

-9,755685

1,761

-1,0502,327

542

-501

581638

-688-3,324

3562280

-3,6824,081-4362,3581,180

180723

-3,389

79263537

2311,231

56572268

102

IV P

6,956

58195,349

470

212"205

2,156

278848

1,4301406-632

602

12,948

9,531

-2,67112,202

-13077,5723,266

34174,2562779

583

2,48631132,823

5832,1911,666

-1,661

-2,105547

-498

2,6881,644

503

1,477

-839-1,350

7,9845,857-5162643

5994,365

573974

1,47767

1 847

1,143

2428-1,050

1302-1,537

9272,070

-588

Amounts

standingDecem-ber 31,

1984

196,910

134,33059,97668,5545,8007,259

13,98426,194

190621,9219,3077,8347,132

15,143

367,145

56,428

15,86240,566

10,92734,60310,898

310,717293,614286,236

149,128

17,715100,91118,482

149,12874,83060,634

1,644

75,85219,40436,635

73,27655,42625,643

7,378

17,10311,737

178,827139,00118,53021,296

106,49181,82715,14441,85323,309

1,96114704

169,165

7501059,1317618

27,406

66,535102,630

10,461

See footnotes on page 58-

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

Page 54: SCB_031985

52 SURVEY OF CURRENT BUSINESS March 1985

Table 10.—U.S. International[Millions

Line

1

23

456

789

10

111213

14

15

1617

181920

21222324

252627

28

29

303132

33

3435363738

39404142

4344454647

48

49505152535455

565758596061

62

63

64656667

(Credits +; debits — r

Exports of goods and services 2.

Merchandise, adjusted, excluding military3 .Transfers under U.S. military agency sales contracts

TravelPassenger faresOther transportation ,

Fees and royalties from affiliated foreignersFees and royalties from unaffiliated foreignersOther private services ,U.S. Government miscellaneous services

Receipts of income on U.S. assets abroad:Direct investmentOther private receiptsU.S. Government receipts

Transfers of goods and services under U.S. military grant programs, net

Imports of goods and services ...

Merchandise, adjusted, excluding military3

Direct defense expenditures

TravelPassenger faresOther transportation

Fees and royalties to affiliated foreignersFees and royalties to unaffiliated foreignersPrivate payments for other servicesU.S Government payments for miscellaneous services

Payments of income on foreign assets in the United States:Direct investmentOther private paymentsU.S. Government payments

U.S. military grants of goods and services, net

Unilateral transfers (excluding military grants of goods and services), net

U.S. Government grants (excluding military grants of goods and services) '.U.S. Government pensions and other transfersPrivate remittances and other transfers

U.S. assets abroad, net (increase/capital outflow ( ))

U.S. official reserve assets, net 4

GoldSpecial drawing rightsReserve position in the International Monetary FundForeign currencies

U.S. Government assets, other than official reserve assets netU.S. loans and other long-term assets . ...Repayments on U.S. loans 5.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, net ..U.S. Government securities ...

U.S. Treasury securities 6

Other 7...Other U.S. Government liabilities 8

U.S. liabilities reported by U.S. banks, not included elsewhereOther foreign offical assets 9

Other foreign assets in the United States, netDirect investmentU.S. Treasury securitiesU.S. securities other than U S Treasury securitiesU.S. liabilities to unaffiliated foreigners reported by U.S. nonbankiiig concerns ...U.S. liabilities reported by U.S. banks, not included elsewhere

Allocations of special drawing rights

Statistical discrepancy, and transfers of funds between foreign areas, net (sum ofabove items with sign reversed).

Memoranda:Balance on merchandise trade (lines 2 and 16)Balance on goods and services (lines 1 and 15) 10

Balance on goods, services, and remittances (lines 65, 31, and 32)Balance on current account (lines 65 and 29) 10

Western Europe

1983

92,524

54,8773,004

2,1571,1393,875

3,315616

1,270158

7,92913,1401,045

60

-98,634

-53,896-7,012

-3,9914,096

-3,857

-276-212-886-513

5,069-11,361-7,466

-60

-280

-288-672

680

9 414

1,123

1,123

104-1,170

1,03135

-10,433-3,224-5,059-1,483

667

38,277

6,509

t (14)

} %31,7688,719

(14)

5,127-1,345

(14)

-22,472

981-6,111-6,103-6,391

98,722

57,0782,913

2,3371,1954,210

3,390638

1,390147

8,83415,673

917

113

-126,150

-71,021-7,296

-4,839-4,900-4,860

-343217

-961-535

7534-14,646

9000

113

-476

-415-677

616

13868

533

533

13-1,051

98877

-13,349-1,461-8,825

n.a.3943

46,359

2,331

(14)

-193(14)

44,02812,781

(14)

8,288n.a.(14)

-4,587

-13,943-27,428-27,490-27,904

1984

I

26,252

14,853758

463258996

773157326

24

3,9073,545

193

23

29,588

17673-1,740

-440957

-1,134

-71-53

-290-127

1798-3,235-2,070

-23

-49

-31-178

159

4 goo

208

-208

188-376

209-22

-4,2042492-666

-5-1,041

9,104

168

(14)

104(14)

8,9361,266

(14)

3541,587

(14)

-1,120

-2,820-3,335

3354-3,385

II

23,846

14,063654

648338

1,052

80715834523

1,6253,928

205

27

-31,933

-17,092-1,801

-1,5611686

-1,224

-6654

-219-109

-2,131-3,802

2,189

27

-75

-64-170

159

-12,779

77

77

129-111

19445

-12,985-324

-2,36845

10337

21,567

2,342

(14)

-109(14)

19,2256,323

(14)

-255-238

(14)

-626

-3,029-8,087

8098-8,162

IIIr

22,582

13,279759

752374

1,109

86716035452

3684,271

238

38

-34,220

-19,133-1,851

-1,996-1,304-1,314

-114-54

-224138

-1,718-4,001-2,373

-38

-160

-161-160

161

7,643

-163

-163

7117723810

7,7352,466

-2,041840

6,470

-2,710

2,070

(14)

-45(14)

-6402,646

(14)

99-65(14)

6,864

-5,854-11,638

11636-11,797

IV P

26,041

14,883744

474225

1,054

94416336448

2,9343,929

281

26

-30,410

-17,1231904

842-9531,187

-91-55228

-161

-1,887-3,609-2,369

-26

-192

-159-169

136

4133

-239

-239

2-388

34743

-3,8951 1103750

n.a.965

18,398

1,891

(14)

-143(14)

16,5072,546

(14)

8,090n.a.(14)

-9,704

-2,240-4,368-4,401-4,561

European Communities(10) »

1983

73,135

43,3321,989

1,666927

3,050

2,936532

1,023135

5,89511,086

564

13

-79,080

-43,7396396

-3,133-3,013-2,851

171-178-703-349

-4,589-8,331-5,626

-13

246

-17-517

779

7724

675

675

252-239

45139

-8,65014595518

-1,72450

30,819

1 O5)

30

I (15)

7,733(15)

3,094-992

15 20,955

-17,397

-407-5,945-5,682-5,699

1984 P

78,5185

46,5951,696

1,814969

3,113

2,979543

1,090105

6,21313,015

453

2

-100,473

-57,028-6,732

-3,674-3,643-3,475

232-187

734-361

-6,740-11,250-6,418

-2

185

-25-527

737

-11,343

527

-527

313-152

41055

11,128-277

-7,029n.a.

4,637

43,771

(15)

- 104

(15)

11,654(15)

8,987n.a.

15 22,067

-10,725

-10,433-21,888-21,678-21,703

See footnotes on page 58.

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

Page 55: SCB_031985

March 1985 SURVEY OF CURRENT BUSINESS 53

Transactions, by Areaof dollars]

European Communities (10) 1 1

1984

I

20,924

11,920458

357214743

68213425717

3,0822,956104

1

-23,510

-14,232-1,611

-315-684-812

-50-46-178-90

-1,530-2,467-1,496

1

39

-6-139184

-3,921

205

-205

-9-6381

-28

-3,706-1,838-990

37-916

10,634

) 0,

! 3°i| (is)/

1,486(15)

2531,447

15 7,419

-4,166

-2,312-2,586-2,542-2,547

II

19,025

11,592412

499282758

70213527018

9903,273

97

1

-25,349

-13,666-1,683

-1,159-1,220-864

-41-46-182-72

-1,933-2,935-1,548

-1

49

-8-133189

-8,664

78

78

72-176128

-8,814495

-624-134

-8,551

15,202

(15)

-115

(15)

5,558(15)

-15924

15 9,894

-263

-2,074-6,324-6,268-6,275

III'

18,097

11,027531

600296823

76713627738

-823,585100_j

-27,087

-15,307-1,691

-1,504-946-944

-92-47-186-104

-1,547-3,088-1,630

1

61

-7-125192

5,149

-160

-160

91-148817

5,2181,711

-1,992912

4,586

-922

(15)

-97

(15)

2,304(15)

1,058-304

15 -3,883

4,702

-4,280-8,990-8,923-8,929

IV P

20,539

12,056295

358177789

82913828733

2,2243,201152

1

-24,527

-13,823-1,746

-696-793-855

-49-48-189-95

-1,730-2,760-1,744

1

36

-6-130172

-3,906

240

-240

159-5917939

-3,825-645

-3,424n.a.244

18,856

(15)

78

(15)

2,307(15)

7,835n.a.

15 8,636

-10,998

-1,767-3,988-3,946-3,951

United Kingdom

1983

24,027

10,384532

466431701

76812441751

2,6287,435

90

(*)

-26,266

-12,392-904

-1,061-1,072-735

-36-90-313-68

-2,456-5,904-1,235

<*)

246

-73320

-2,630

125- 842036

-2,754-797

-3,676-1,7973,516

19,950

(15)

-36

(15)

3,988(15)

2,211-654

15 14,441

-15,327

-2,008-2,239-1,993-1,993

1984 "

27,256

12,098455

442408761

81812645851

2,9258,627

87

(*)

-31,712

-14,395-924

-1,208-1,353-822

-157-94-346-47

-2,683-8,031-1,652

(*)

220

-78298

-11,218

13628164(*)

-11,354-772

-5,249n.a.

-6,047

27,257

(15)

20

(15)

5,823(15)

7,754n.a.

15 12,700

-11,803

-2,297-4,456-4,236-4,236

1984

I

6,757

2,929132

9789177

205311057

1,0501,928

8

-7,191

-3,493-255

-107-253-214

-33-23-80-10

-559-1,805-359

63

-2082

-2,936

15-2818-4

-2,922-942-660

9-1,329

5,964

(15)

-6

(15)

216(15)

261,154

15 4,574

-2,656

-564-434-372-372

II

6,567

2,921110

126134167

1773110914

6162,154

8

-8,117

-3,448-252

-349-468-168

-24-23-85-15

-847-2,082-356

58

-2078

-7,074

13

14-2

-7,087-263-447

44-6,420

10,199

(15)

-4

(15)

4,925(15)

-32914

15 5,593

-1,633

-527-1,551-1,492-1,492

III'

6,844

3,084145

128112200

2153211813

3842,405

9

-8,612

-3,775-202

-457-354-215

-63-24-89-12

-757-2,232-432

65

-1984

1,810

25

214

1,785182

-1,304660

2,246

-404

(15)

-18

(15)

437(15)

1,024-208

15 -1,639

297

-691-1,769-1,703-1,703

IV P

7,089

3,16467

9173219

2223212618

8752,140

63

(*)

-7,791

-3,679-216

-295-278-225

-37-24-91-11

-520-1,911-505

(*)

34

-1953

-3,017

113

1111

-3,130252

-2,838n.a.

-544

11,497

(15)

47

(15)

246(15)

7,033n.a.

15 4,172

-7,811

-515-702-669-669

European Communities (6) 12

1983

44,389

30,7321,151

1,106437

1,797

1,98038253976

2,3973,391401

-1

-48,770

-29,486-4,901

-1,690-1,664-1,529

-148-86-342-237

-2,102-2,349-4,236

1

176

-17-339532

-3,354

675

675

96-2210414

-4,12571

-1,561160

-2,795

9,786

(15)

62

(15)

3,636(15)

834-347

15 5,602

-2,227

1,246-4,382-4,189-4,205

1984 p

46,372

32,1671,096

1,268497

1,770

1,97539056549

2,3153,993288

_l

-64,036

-40,000-5,512

-2,098-1,989-1,907

-83-91-342-269

-4,010-3,122-4,614

1

150

-25-345520

-70

-527

-527

1383312250

3191,117

-1,992n.a.1,179

16,371

(15)

-126

(15)

5,714(15)

1,210n.a.

15 9,401

1,213

-7,833-17,664-17,488-17,514

1984

I

12,968

8,430288

237114412

428971368

1,80693677

(*)

-15,273

-10,139-1,270

-188-356-424

-17-22-86-71

-968-640

-1,093

(*)

23

-6-93121

-687

—205

-205

-5

17-21

-477-770-354

14633

4,760

(15)

15

(15)

1,219(15)

236257

15 3,034

-1,791

-1,709-2,305-2,276-2,282

II

11,214

8,088260

343133447

477971444

1331,017

71

-16,028

-9,575-1,335

-699-688-502

-20-23-85-48

-1,072-829

-1,152

39

-8-86132

-1,349

78

78

60

3030

-1,487865

-235-221

-1,896

4,990

(15).

-104

(15)

635(15)

16316

15 4,281

1,133

-1,487-4,813-4,767-4,775

III'

10,039

7,352353

448172462

5049814223

-6591,072

73

1

-17,146

-10,839-1,436

-873-510-507

-31-23-85-78

-775-828

-1,160

1

42

-7-81129

3,393

-160

-160

38

2910

3,5151,703-706222

2,296

-602

(15)

-78

(15)

1,823(15)

18-101

15 -2,263

4,274

-3,487-7,107-7,059-7,066

IV

12,151

8,297195

24078448

5669914313

1,03596968

-15,590

-9,447-1,471

-338-435-474

-15-23-86-J2

-1,195-826

-1,208

47

-6-85138

-1,427

240

240

45-334731

-1,232-680-698n.a.146

7,222

(15)

41

(15)

2,038(15)

795n.a.

15 4,349

-2,403

-1,150-3,439-3,386-3,391

Line

1

23

456

78910

111213

14

15

1617

181920

21222324

252627

28

29

303132

33

3435363738

39404142

4344454647

48

/49I 50I5115253

(5455

565758596061

62

63

64656667

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

Page 56: SCB_031985

54 SURVEY OF CURRENT BUSINESS March 1985

Table 10.—U.S. International[Millions

Line

1

23

456

789

10

111213

14

15

1617

181920

21222324

252627

28

29

303132

33

3435363738

39404142

4344454647

48

49505152535455

565758596061

62

63

64656667

(Credits +; debits -)1

Exports of goods and services 2

Merchandise, adjusted, excluding military3 ..Transfers under U.S. military agency sales contracts

Travel . .Passenger faresOther transportation

Fees and royalties from affiliated foreignersFees and royalties from unaffiliated foreignersOther private servicesU.S. Government miscellanous services

Receipts of income on U.S. assets abroad:Direct investmentOther private receipts ...U.S. Government receipts

Transfers of goods and services under U S. military grant programs net

Imports of goods and services

Merchandise, adjusted excluding military 3

Direct defense expenditures

TravelPassenger faresOther transportation

Fees and royalties to affiliated foreignersFees and royalties to unaffiliated foreigners . .Private payments for other servicesU.S. Government payments for miscellaneous services

Payments of income on foreign assets in the United States:Direct investmentOther private payments . .U.S. Government payments

U.S. military grants of goods and services, net

Unilateral transfers (excluding military grants of goods and services), net

U S Government grants (excluding military grants of goods and services)U.S. Government pensions and other transfersPrivate remittances and other transfers

U.S. assets abroad, net (increase/capital outflow ( ))

U.S. official reserve assets, net 4

Gold.Special drawing rightsReserve position in the International Monetary FundForeign currencies

U.S. Government assets, other than official reserve assets, netU.S. loans and other long-term assetsRepayments on U S loans 5

U.S. foreign currency holdings and U.S. short-term assets net

U.S. private assets, netDirect investmentForeign securitiesU.S. claims on unaffiliated foreigners reported by U.S. nonbanking concernsU.S. claims reported by U.S. banks, not included elsewhere

Foreign assets in the United States, net (increase/capital inflow ( + ))

Foreign official assets in the United States, netU.S. Government securities

U.S. Treasury securities 6

Other7

Other U.S. Government liabilities 8

U.S. liabilities reported by U.S. banks, not included elsewhere ,Other foreign official assets 9

Other foreign assets in the United States netDirect investmentU S Treasury securitiesU.S. securities other than U.S Treasury securities...U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns ...U.S. liabilities reported by U.S. banks, not included elsewhere

Allocations of special drawing rights...

Statistical discrepancy, and transfers of funds between foreign areas, net (sum ofabove items with sign reversed).

Memoranda:Balance on merchandies trade (lines 2 and 16)Balance on goods and services (lines 1 and 15) 10

Balance on goods, services, and remittances (lines 65, 31 and 32)Balance on current account (lines 65 and 29) 10

Eastern Europe

1983

3,561

2,918

243

18907

24441

-1,661

-1,3711

73

136

(*)-15-42

-22(*)

-144

-3624

-84

130

-2424564

261

373

140

332

51

J (15)

' (')

(15)

(15)

(*)20

15 31

-1,938

1,5471,9011,7931,757

4,868

4,283

204

19807

23739

-2,492

-2,1512

72

177

(*)-17-40

-33

-145

-3523

-87

179

-12132

105193

300

(*)n.a.316

-13

(15)

(*)

(15)

(15)

-15n.a.

15 -33

-2,397

2,1322,3762,2662,231

1984

I

1,108

968

51

5212

583

-547

-480(*)

-5

-40

(*)-4

-10

-7

-32

-76

-19

-51

-154

10-163

103

(*)1093

6

(15)

1

(15)

(15)

-1

13is_7

-485

488561536529

II

1,095

941

53

5203

6013

-519

-430-1

-20

-43

(*)

-13

-8

-40

-13-6

-21

-76

-11-32

43-22

-65

(*)-8

-57

23

(15)

-1

(15)

(15)

17

15 16

-483

511576549536

III'

1,064

919

50

5201

637

751

-643(*)

39

46

(*)-4

9

-10

40

4-12r6

-\22

194

19

22-4

175

-18193

146

(15)

(*)

(15)

(15)

1415 131

-613

276313285274

IV P

1,601

1,455

49

5201

5615

675

598(*)

-8

-47

(*)5

-9

-9

-34

-3-6

-25

112

26

29-4

86

1n.a.

87

-188

(15)

1

(15)

(15)

-16n.a.

15 -173

-816

857927896892

Canada

1983

61,376

43,813142

3,168

843

99155

64450

5,1576,471

41

60,672

-54,359-237

-2,160

-667

358-10352

-117

-296-1,751

-366

-153

24593

-7,686

-76-164

6721

-7,611-1,413

1,582-1,651-2,965

6,147

351

1 (14)

16

1 (14)

5,796118(14)

1,274403(14)

988

-10,546704551551

1984 P

71,596

53,135119

3,116

940

1,10658

65322

5,4436,956

49

-76,498

-68,669-226

-2,355

-654

-530-11

-397-78

-850-2,337

-391

-168

-25486

-1,729

-101-158

60-3

-1,628-3,219

420ri.a.-53

6,062

-926

(14)

-15(14)

6,9882,174

(14)

1,646n.a.(14)

737

-15,5344902

-5,071-5,071

See footnotes on page 58.

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

Page 57: SCB_031985

March 1985 SURVEY OF CURRENT BUSINESS 55

Transactions, by Area—Continuedof dollars]

Canada

1984

I

17,681

12,92325

957

183

289141642

1,4341,678

13

- 18,083

-16,677-43

-269

-118

-139-3

-118-7

-86-527-96

-42

-6220

-1,587

3914-3

-1,590-1,364

31637

-578

1,858

-497

(14)

-2(14)

2,356530(14)

675-268

(14)

172

-3,754-402-443-443

II

19,025

14,55555

843

209

276141633

1,1461,750

11

-19,431

r- 17,706-55

-588

-155

-71-3-95-11

-91-577-79

-48

-6819

-693

-769620(*)

-617-242-28521

-868

1,208

-985

(14)

-35(14)

2,19281(14)

1274

(14)

-60

-3,151-406-455-455

mr

17,759

12,97828

760

264

279151635

1,4351,817

15

-19,387

-16,545-82

-1,140

-191

-137-3-91-13

-426-666-93

-39

-6122

1,013

9

10-1

1,004-750-31666

1,118

2,108

75

(14)

(*)

(14)

2,034995(14)

488194(14)

-1,454

-3,567-1,628-1,667-1,667

IV P

17,132

12,67911

556

283

2631516312

1,4281,711

10

-19,598

-17,741-46

-358

-191

-183-3-92-48

-246-567-123

-40

6424

-461

-36-5418(*)

-425-863163n.a.275

888

481

(14)

22(14)

406568(14)

355n.a.(14)

2,079

-5,062-2,466-2,506-2,506

Latin American Republics and Other Western Hemisphere

1983

57,196

25,581251

3,726594

1,631

514100

1,17279

69022,228

632

55

-63,852

-41,867-314

-5,517-469

-1,774

61-10

-1,690-333

-285-11,393-261

-55

-1,507

652-297-558

-10,373

2,083

2,083

-234-2,0701,811

25

-12,2223,066658

-2,207-13,740

27,058

82

378(15)

674102

15 25,821

-8,522

-16,286-6,656-7,510-8,163

1984 P

64,141

29,818209

3,289456

1,764

503105

1,32985

1,18525,017

381

18

-75,277

-48,016-406

-6,002-557

-1,847

36-10

-1,785-331

-300-15,677-382

-18

-2,289

-1,283-303-703

3,769

490

-490

-1,524-2,2311,054-347

5,7831,0582,187n.a.

-984

18,462

(15)

304

(15)

144(15)

866n.a.

15 12,707

-8,806

-18,198-11,136-12,142-13,425

1984

I

15,217

6,87657

696124406

1052632518

5875,922

77

4

-18,714

-12,402-130

-1,550-128-439

10-3

-438-74

-96-3,391-73

4

-408

198-76-134

3,496

10

10

-411-504203

-110

3,897418336

1,5761,567

5,019

(15)

-38

(15)

-84(15)

2242,670

15 2,247

-4,610

-5,526-3,497-3,707-3,905

II

15,217

7,29845

795122400

1082633024

-2996,275

93

1

-18,607

-11,886-126

-1,393163

-446

17-3

-446-90

14-4,000-85

I

-451

196-77-178

310

-282629391-44

5922,8741,2221,870

-5,374

12,278

(15)

90

(15)

-109(15)

1713626

15 8,500

-8,747

-4,588-3,390-3,644-3,841

III'

16,825

7,59860

868130510

1472633026

3606,655115

2

-19,661

-12,096-72

-1,604180

-515

-3-442-94

-137-4,413-105

2

-783

524-74-184

6,243

-609-702221

-127

6,851-19325476

6,714

-2,539

(15)

203

(15)

116(15)

287-1,855

15 -1,290

-85

-4,498-2,837-3,095-3,619

IV"

16,883

8,04647

93080448

1442734517

5386,165

96

11

-18,295

-11,632-78

-1,45586

-447

10-3

-458-73

-81-3,874-118

-649

365-76-208

-6,279

-500

-500

-222395239-66

-5,558-2,041

374n.a.

-3,891

3,704

(15)

49

(15)

221(15)

184n.a.

15 3,250

4,636

-3,586-1,412-1,696-2,061

Japan

1983

31,427

21,677421

1,128700

1,876

38750024619

1,1933,087192

-1

-49,710

-41,307-1,312

-302237

-2,101

154-38-114-48

-1,065-1,096-2,243

1

-48

1-49

-3,547

98

98

1676911

-3,662-1,050-539-137

-1,936

7,225

(15)

-148

(15)

1,706(15)

956347

15 4,364

14,654

-19,630-18,283-18,332-18,332

1984 »

33,667

23,247531

1,305111

2,058

40452522614

8023,599179

-1

-68,773

-57,271-1,366

-414269

-2,521

62-45-133-27

-2,562-1,535-2,692

-70

(*)-69

834

134

-134

96

98-2

87150

1,317n.a.

-358

-13,695

(15)

-447

(15)

3,777(15)

1,360n.a.

15 8,728

20,647

-34,024-35,106-35,176-35,176

1984

I

8,199

5,58279

351188486

88129585

33384951

-15,490

-12,999-334

-6854

-621

30-11-31-9

-480-310-605

-3

13-16

617

-33

33

31

33-1

619-283327

-200775

2,758

(15)

-99

(15)

763(15)

26993

15 1,732

3,919

-7,417-7,291-7,294-7,294

II

8,547

6,015108

305255479

110130562

14690139

-16,853

-14,063-350

-143-101-566

26-11-33-7

-565-401-640

-23

8-16

-128

-34

-34

17

171

-1128937041

-611

2,017

(15)

71

(15)

832(15)

313-40

15 841

6,441

-8,048-8,307-8,330-8,330

III'

8,299

5,683149

383143561

100132565

5398351

1

-19,543

-16,393-345

-98-75-734

-10-12-34-8

-724-420-691

1

-18

-18

901

-34

-34

31

31-1

90549765722

-271

4,178

(15)

-174

(15)

1,202(15)

342225

15 2,583

6,183

-10,71011,244-11,262-11,262

IV P

8,622

5,967196

266191531

105134572

26986639

-16,886

-13,816-338

-105-39-601

17-12-35-4

-793-404-757

-26

-6-20

-556

-33

-33

17

18-1

-540-253-37n.a.

-251

4,742

(15)

-245

(15)

979(15)

436n.a.

15 3,572

4,104

-7,849-8,264-8,290-8,290

Line

1

23

456

78910

111213

14

15

1617

181920

21222324

252627

28

29

303132

33

3435363738

39404142

4344454647

48

{ 49505152535455

565758596061

62

63

64656667

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

Page 58: SCB_031985

56 SURVEY OF CURRENT BUSINESS March 1985

Table 10.—U.S. International[Millions

Line

1

23

456

789

10

111213

14

15

1617

181920

21222324

252627

28

29

303132

33

3435363738

39404142

4344454647

48

49505152535455

565758596061

62

63

64656667

(Credits +; debits -)1

Exports of goods and services 2

Merchandise, adjusted, excluding military 3

Transfers under U.S. military agency sales contracts

Travel - . .Passenger faresOther transportation

Fees and royalties from affiliated foreigners .. ..Fees and royalties from unaffiliated foreignersOther private servicesU.S. Government miscellaneous services

Receipts of income on U.S. assets abroad:Direct investmentOther private receiptsU.S. Government receipts ,

Transfers of goods and services under U.S. military grant programs, net

Imports of goods and services ,

Merchandise, adjusted, excluding military 3 ,Direct defense expenditures. . ..

TravelPassenger faresOther transportation

Fees and royalties to affiliated foreignersFees and royalties to unaffiliated foreignersPrivate payments for other servicesU.S. Government payments for miscellaneous services

Payments of income on foreign assets in the United States:Direct investmentOther private paymentsU.S. Government payments

U.S. military grants of goods and services net

Unilateral transfers (excluding military grants of goods and services), net

U.S. Government grants (excluding military grants of goods and services)U.S. Government pensions and other transfersPrivate remittances and other transfers

U.S. assets abroad, net (increase/capital outflow ( — ))

U.S. official reserve assets, net 4

GoldSpecial drawing rightsReserve position in the International Monetary FundForeign currencies

U.S. Government assets, other than official reserve assets, netU.S. loans and other long-term assets..Repayments on U.S. loans5

U.S. foreign currency holdings and U.S. short-term assets net

U.S. private assets, netDirect investmentForeign securitiesU.S. claims on unaffiliated foreigners reported by U.S. nonbanking concernsU.S. claims reported by U.S. banks, not included elsewhere

Foreign assets in the United States, net (increase/capital inflow ( + ))

Foreign official assets in the United States, netU.S. Government securities .

U.S. Treasury securities 6 . . . . ...Other7

Other U.S. Government liabilities 8 ..U.S. liabilities reported by U.S. banks, not included elsewhereOther foreign official assets 9 . . . . .

Other foreign assets in the United States, netDirect investment . . . . .U.S. Treasury securities .U.S. securities other than U.S. Treasury securities..U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concernsU.S. liabilities reported by U.S. banks, not included elsewhere.. . . . .

Allocations of special drawing rights . . . . . . .

Statistical discrepancy, and transfers of funds between foreign areas, net (sum of above items with signreversed).

Memoranda:Balance on merchandise trade (lines 2 and 16)Balance on goods and services (lines 1 and 15) loBalance on goods, services, and remittances (lines 65 31 and 32)Balance on current account (lines 65 and 29) 10

Australia, New Zealand, and South Africa

1983

9,977

6,584388

388231416

37970

2338

56568431

-7,295

-5,317-44

-518292

-398

-3-6

-4450

-42-105

476

-58

(*)17

-41

-1,573

-141206047

1 560-175-111

58-1,332

2,508

| (15)

145

J (15)

185(15)

4661

15 2,070

-3,558

1,2672,6822,6242,624

11,975

7,877537

439258387

41174

2626

69599931

-7,711

-5,596-44

-559315

-422

-33

-4730

22-125-588

75

-1-18-56

-261

184058C)

-279725

-201n.a.809

-712

(15)

166

(15)

1,324(15)

148n.a.

15 2,569

-3,216

2,2814,2654,1914,190

1984

* I

3,044

1,94459

7844

101

9618631

414222

5

-1,771

-1,258-11

-13259

-100

-1-1

-11-7

3-32

-163

19

(*)-514

-468

1-2

3(*)

-469270-36

28-191

-554

(15)

93

(15)

-73(15)

-21120

15 -673

-233

6861,2731,2541,254

II

3,105

2,06864

1447290

9118662

234251

5

-1,875

-1,428-11

-67-76

95

-4-1

-12-10

10-32

-151

-21

(*)-5

-16

78

10-616(*)

685043811

-387

746

(15)

171

(15)

1,440(15)

823

15 -896

-2,032

6401,2291,2091,208

IIIr

2,910

1,928329

14671

100

11619672

-14727011

-2,098

-1,4908

151-110-118

(*)-112-8

25-32144

-18

(*)5

-13

-185

-193213(*)

-166355-86-11

-424

615

(15)

-178

(15)

(*)(15)

6175

15 -573

6

438812794794

IV"

2,917

1,93785

717197

10919671

195256

10

-1,966

-1,420-13

-209-70

-109

1-1

-12-6

34-30

-131

17

(*)-4

-12

314

2(5

25(*)

28813(5

-41n.a.193

-290

(15)

80

(15)

-44(15)

101n.a.

15 427

-958

517951934934

See footnotes on page 58.

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

Page 59: SCB_031985

March 1985 SURVEY OF CURRENT BUSINESS 57

Transactions, by Area—Continuedof dollars]

Other countries in Asia and Africa

1983

72,278

44,7428,532

841373

3,280

764220

1,767243

4,4754,7512,291

91

-80,546

-63,1953,302

1,416-373

-2,389

2525

-420-589

24-3,045-6,086

-91

-5,820

-4,454-324

-1,042

-10,121

-3,328-5,2501,841

81

-6,792-1,556-378

47-4,905

-1,301

) ,,-19

I (15)

193(15)

430-1,05915 -846

25,509

18,453-8,268-9,634-14,088

1984"

72,766

44,8725,923

940423

3,321

706231

1,939271

6,0665,4662,608

57

-92,904

75,054-2,528

-1,564-454

-3,108

576-5

-499-610

22-3,715-5,921

-57

-7,344

-5,897-316

-1,132

-6,644

-2,932-5,0592,062

65

-3,712-3,142

393n.a.

-1,027

5,721

(15)

496

(15)

979(15)

338n.a.

15 4,658

28,405

-30,182-20,138-21,585-27,482

1984

I

17,703

10,7101,566

23272845

1955745467

1,5651,286656

14

-22,010

-17,889-656

-342-76-698

2391

-118-139

-3-841

-1,485

-14

-1,413

-1,039-79295

-58

-1,199-1,650

41041

1,141-724242213

1,410

-2,901

(15)

163

(15)

-13(15)

54194

15 -3,300

8,679

-7,179-4,307-4,681-5,720

II

18,652

11,3031,630

233120819

1705747971

1,7161,381674

16

-23,117

18581-616

-530-120-757

121-1

-122-162

3-909

-1,437

-16

-1,339

-997-79-263

-5,235

-804-1,489

66520

-4,431-1,119

174-358

-3,127

2,257

(15)

281

(15)

275(15)

131661

15 909

8,781

7278-4,464-4,806-5,803

IIIr

18,094

11,2241,299

331148841

1705849780

1,3371,470639

6

-25,723

21 137-585

-298-136-852

88-1

-127-178

16-1,028-1,453

-6

-1,609

-1,30075

-233

-2,157

-753-1,161

415-8

2,910-232-170209

3,103

1,608

(15)

27

(15)

313(15)

76-1,60415 2,796

5,473

9913-7,629-7,937-9,238

IV *

18,317

11,6351,428

14483817

1725951053

1,4481,330639

21

-22,055

-17,447-672

-394-122-801

128-1

-132-131

(*)-936

-1,546

-21

-2,983

-2,560-82-341

-3,508

-176-75957212

-3,332-1,067-147n.a.

-2,413

4,758

,,(25

(15)|

403(15)

77n.a.

15 4,253

5,471

5812-3,738-4,161-6,721

International organizations and unallocated 13

1983

3,863

65(*).

638

-76

1,05266

749809560

-2,744

-65-1,000

-88-502

-330-759

-641

-630

11

-6,905

-4,500

-66-4,434

-1,031-1,036

5

-1,374-530-666

(*)-178

1,757

47

47

1,711

(15)

106153

15 1,452

4,670

651,1191,108478

1984"

4,618

33(*)

856

-98

1,31962

572921954

-2,998

-65-1,127

-98-489

-372-846

-631

-622

9

-3,445

-1,974

-979995

-911-919

8

-560-54-50n.a.

-479

3,224

21

21

3,203

(15)

405n.a.2,705

-768

331,6211,612989

1984

I

1,115

(*)

156

-11

3232

192231223

-612

-i'9-252

-24-58

-86-174

-156

-156

-550

-426

-226-200

-221-225

4

9759118

-80

370

21

21

349

(15)

-38-5

15 392

-168

503503348

II

1,284

33

249

-37

31357

173227269

-649

-11-312

-23-16

-94-194

-169

-161

9

-941

609

288-321

-217-222

5

-115-134-150

20149

310

-20

-20

329

(»).

9012

15 227

166

33635626465

IIIr

1,184

220

-23

3612

132225268

-686

-17-291

-26-45

-93-214

-172

-172

-778

-602

-271-331

-212-212

37-29953

-32

654

14

14

640

(15)

25486300

-203

498498326

IV p

1,035

231

-26

3222

75238194

-1,050

-18-278

-26-370

-99-264

-134

-134

-1,177

-337

-194143

-261-261

-57950

-113n.a.

-516

1,890

5

5

1,885

(15)

99n.a.1,786

-563

-15-15-150

Line

1

23

456

78910

111213

14

15

1617

181920

21222324

252627

28

29

303132

33

3435363738

39404142

4344454647

48

49505152535455

565758596061

62

63

64656667

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Footnotes to U.S. International Transactions Tables 1-10General notes for all tables:

r Revised. * Less than $500,000 ( ±).p Preliminary. n.a. Not available.

Table 1-2:1. Credits, +: exports of goods and services; unilateral transfers to United States; capital in-

flows (increase in foreign assets (U.S. liabilities) or decrease in U.S. assets); decrease in U.S. offi-cial reserve assets.

Debits, — : imports of goods and services; unilateral transfers to foreigners; capital outflows (de-crease in foreign assets (U.S. liabilities) or increase in U.S. assets); increase in U.S. official re-serve assets.

2. Excludes transfers of goods and services under U.S. military grant programs (see line 14).3. Excludes exports of goods under U.S. military agency sales contracts identified in Census

export documents, excludes imports of goods under direct defense expenditures identified inCensus import documents, and reflects various other adjustments (for valuation, coverage, andtiming) of Census statistics to balance of payments basis; see table 3.

4. For all areas, amounts outstanding December 31, 1984, were as follows in millions of dollars:line 34, 34,933; line 35, 11,096; line 36, 5,641; line 37, 11,541; line 38, 6,656.

5. Includes sales of foreign obligations to foreigners.6. Consists of bills, certificates, marketable bonds and notes, and nonmarketable convertible

and nonconvertible bonds and notes.7. Consists of U.S. Treasury and Export-Import Bank obligations, not included elsewhere, and

of debt securities of U.S. Government corporations and agencies.8. Includes, primarily, U.S. Government liabilites associated with military sales contracts and

other transactions arranged with or through foreign official agencies; see table 4.9. Consists of investments in U.S. corporate stocks and in debt securities of private corporations

and State and local governments.10. Conceptually, the sum of lines 67 and 62 is equal to "net foreign investment" in the nation-

al income and product accounts (NIPA's). However, the foreign transactions account in theNIPA's (a) includes adjustments to the international transactions accounts for the treatment ofgold, (b) excludes capital gains and losses of foreign affiliates of U.S. parent companies from theNIPA's measure of income receipts from direct investment abroad, and from the correspondingincome payments and (c) beginning with 1973-IV, excludes shipments and financing of militaryorders placed by Israel under Public Law 93-199 and subsequent similar legislation. Line 65 dif-fers from "net exports of goods and services" in the NIPA's for the same reasons with the excep-tion of the military financing, which is excluded, and the additional exclusion of U.S. Govern-ment interest payments to foreigners. The latter payments, for NIPA's purposes, are excludedfrom "net exports of goods and services" but included with transfers in "net foreign investment."A partial reconciliation table of the international accounts and the NIPA's foreign transactionsaccount appears in the "Reconciliation and other Special Tables" section in this issue of theSURVEY OF CURRENT BUSINESS.

11. Includes foreign currency denominated notes sold to private residents abroad. See table 9,line B5, footnote 4.

Table 3:1. Exports, Census basis,represent transaction values, f.a.s. U.S. port of exportation; imports,

Census basis, represent Customs values. (See Technical Notes, June 1982 SURVEY.) The unadjust-ed figures for exports and imports shown in lines Al, AlO, Dl, and D60, are as published by theCensus Bureau, as are the seasonally adjusted figures in lines Al and AlO. The seasonally adjust-ed figures in line Dl and D60 are prepared by BE A and represent the summation of seasonallyadjusted 4-digit end-use categories (see Technical Notes in the June 1980 SURVEY) .

2. Adjustments in lines A5 and A14, B12, B46, and B80 reflect the Census Bureau's reconcilia-tion of discrepancies in the merchandise trade statistics published by the United States and thecounterpart statistics published in Canada. These adjustments also have been distributed to theaffected end-use categories in section C.

3. Exports of military equipment under U.S. military agency sales contracts with foreign gov-ernments (line A6), and direct imports by the Department of Defense and the Coast Guard (lineA15), to the extent such trade is identifiable from Customs declarations. These exports are includ-ed in tables 1, 2, and 10, line 3 (transfers under U.S. military agency sales contracts); and theimports are included in tables 1, 2, and 10, line 17 (direct defense expenditures).

4. Addition of electrical energy; deduction of exposed motion picture film for rental rather thansale; net change in stock of U.S.-owned grains in storage in Canada; net timing adjustments forgoods recorded in Census data in one period but found to have been shipped in another; and cov-erage adjustments for special situations in which shipments were omitted from Census data.

5. Correction for discrepancy between sum of four quarters, seasonally adjusted, and the unad-justed annual totals, plus the difference between Census published seasonally adjusted totals andthe summation of seasonally adjusted 4-digit end-use categories.

6. Deduction of foreign charges for repair of U.S. vessels abroad, which are included in tables 1,2, and 10, line 20 (other transportation); net timing adjustments for goods recorded in Censusdata in one period but found to have been shipped in another; and coverage adjustments for spe-cial situations in which shipments were omitted from Census data.

7. Annual and unadjusted quarterly data shown in this table correspond to country and areadata in table 10, lines 2 and 16. Trade with international organizations includes purchases of non-monetary gold from the IMF, transfers of tin to the International Tin Council (ITC), and sales ofsatellites to Intelsat. The memoranda are defined as follows: Industrial countries: WesternEurope, Canada, Japan, and Australia, New Zealand, and South Africa; Members of OPEC: Ven-ezuela, Ecuador, Iraq, Iran, Kuwait, Saudi Arabia, Qatar, United Arab Emirates, Indonesia, Alge-ria, Libya, Nigeria, Gabon; Other countries: Eastern Europe, Latin American Republics, otherWestern Hemisphere and other countries in Asia and Africa, less OPEC. Before 1984, completegeographic area detail was not available for some balance of payments adjustments, e.g., timing.Therefore, the new detail shown does not always sum to the values shown for the traditional areaaggregates, e.g., EC(IO). For all years, "Asia" and "Africa" exclude certain Pacific Islands andunidentified countries included in "Other countries in Asia and Africa."

8. The statistical identification of automotive products exports to Canada (line D47) is not ascomplete and comprehensive as the identification of imports under the U.S.-Canada AutomotiveProducts Trade Act. However, the underestimation of automotive shipments to Canada due tounidentified auto parts and unreported exports, amounting to about $2,484 million in 1983, and$2,975 million in 1984, has been largely corrected in line C24.

9. Includes nuclear fuel materials and fuels.

Table 4:1. Expenditures to release foreign governments from their contractual liabilities to pay for de-

fense articles and services purchased through military sales contracts—first authorized (forIsrael) under Public Law 93-199, section 4, and subsequently authorized (for many recipients)under similar legislation—are included in line A3. Deliveries against these military sales con-tracts are included in line CIO; see footnote 2. Of the line A3 items, part of these military expend-itures is applied in lines A38 and A41 to reduce short-term assets previously recorded in linesA36 and C8; this application of funds is excluded from lines C3 and C4. A second part of line A3expenditures finances future deliveries under military sales contracts for the recipient countriesand is applied directly to lines A37 and C9. A third part of line A3, disbursed directly to financepurchases by recipient countries from commercial suppliers in the United States, is included inline A32. A fourth part of line A3, representing dollars paid to the recipient countries to financepurchases from countries other than the United States, is included in line A43.

2. Transactions under military sales contracts are those in which the Department of Defensesells and transfers military goods and services to a foreign purchaser, on a cash or credit basis.Purchases by foreigners directly from commercial suppliers are not included as transactionsunder military sales contracts. The entries for the several categories of transactions related tomilitary sales contracts in this and other tables are partly estimated from incomplete data.

3. The identification of transactions involving direct dollar outflows from the United States ismade in reports by each operating agency. Data for the fourth quarter 1984 are extrapolated esti-mates by BEA, because of incomplete reports from one operating agency.

4. Line A33 includes foreign currency collected as interest and line A38 includes foreign cur-rency collected as principal, as recorded in lines A13 and A14, respectively.

5. Includes (a) advance payments to the Department of Defense (on military sales contracts)financed by loans extended to foreigners by U.S. Government agencies and (b) the contraentry forthe part of line CIO which was delivered without prepayment by the foreign purchaser. Also in-cludes expenditures of appropriations available to release foreign purchasers from liability tomake repayment.

6. Includes purchases of loans from U.S. banks and exporters and payments by the U.S. Gov-ernment under commercial export credit and investment guarantee programs.

7. Excludes liabilities associated with military sales contracts financed by U.S. Governmentgrants and credits and included in line C2.

8. Includes receipts on short-term Commodity Credit Corporation assets financing U.S. mer-chandise exports.

Table 5:1. Also included in line 4.2. Acquisition of equity holdings in existing and newly established companies, capital contribu-

tions, capitalization of intercompany accounts, and other equity contributions.3. Sales, liquidations, and other dispositions of equity holdings, total and partial.4. Petroleum includes the exploration, development and production of crude oil and gas and the

transportation, refining and marketing of petroleum products exclusive of petrochemicals. Manu-facturing excludes petroleum refining. "Other" industries includes mining; trade; banking; fi-nance (except banking), insurance, and real estate; agriculture, forestry, and fishing; construc-tion, transportation, communications, and public utilities; and services.

5. Also included in line 40.

Table 6:1. Primarily provincial, regional, and municipal.2. Largely transactions by International Bank for Reconstruction and Development (IBRD),

International Development Association (IDA), International Finance Corporation (IFC), Asian De-velopment Bank (ADB), and Inter-American Development Bank (IDB).

3. Estimate for scheduled redemptions and identifiable early retirements. Includes estimatesbased on Canadian statistics for redemptions of Canadian issues held in the United States. Un-identified and nonscheduled retirements appear in line 29.

4. Issues through finance affiliates established primarily to borrow capital from abroad. Issues

parenents—the comrr i practice—they are

Table 7:1. Primarily mortgages, loans, and bills and notes drawn on foreigners.2. Consists of Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.3. Bahamas, British West Indies (Cayman Islands), Netherlands Antilles, and Panama.4. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting

countries.

Table 8:1. Includes central governments and their agencies and corporations; state, provincial, and

local governments and their agencies and corporations; and international and regional organiza-tions.

2. U.S.-owned banks are mainly U.S.-chartered banks and Edge Act subsidiaries. U.S. brokers'and dealers' accounts may be commingled in some categories. Foreign-owned banks include U.S.branches and agencies of foreign banks and majority-owned bank subsidiaries in the UnitedStates.

3. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.4. Bahamas, British West Indies (Cayman Islands), Netherlands Antilles, and Panama.5. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting

countries.6. Includes Eastern Europe and international and regional organizations.

Table 9:1. Negotiable certificates of deposit issued by banks in the United States are included in banks'

custody liabilities and are separately identified in memorandum line 8. Nonnegotiable certificatesof deposit are included in time deposits.

2. Includes borrowing under Federal funds or repurchase arrangements, deferred credits, andliabilities other than deposits.

3. Mainly negotiable and readily transferable instruments, excluding U.S. Treasury securities.4. U.S. Treasury notes denominated in foreign currencies and subject to restricted transferabil-

ity that were sold through foreign central banks to domestic residents in country of placement.None of these notes were outstanding after July 1983.

5. Mainly International Bank for Reconstruction and Development (IBRD), International Devel-opment Association (IDA), International Finance Corporation (IFC), Asian Development Bank(ADB), Inter-American Development Bank (IDB), and the Trust Fund of the International Mone-tary Fund.

6. U.S.-owned banks are mainly U.S.-chartered banks and Edge Act subsidiaries. U.S. brokers'and dealers' liabilities may be commingled in some categories. Foreign-owned banks are U.S.branches and agencies of foreign banks and majority-owned bank subsidiaries in the UnitedStates.

7. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.8. Bahamas, British West Indies (Cayman Islands), Netherlands Antilles, and Panama.9. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting

countries.10. Includes Eastern Europe and international and regional organizations.

Table 10:For footnotes 1-10, see table 1.11. The "European Communities (10)" includes the "European Communities (6)," United King-

dom, Denmark, Ireland, and Greece.12. The "European Communities (6)" includes Belgium, France, Germany, Italy, Luxembourg,

the Netherlands, the European Atomic Energy Community, the European Coal and Steel Com-munity, and the European Investment Bank.

13. Includes, as part of international and unallocated, the estimated direct investment in for-eign affiliates engaged in international shipping, in operating oil and gas drilling equipment thatis moved from country to country during the year, and in petroleum trading.

14. Details not shown separately; see totals in lines 49 and 56.15. Details not shown separately are included in line 61.

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By ALLAN H. YOUNG and HELEN STONE TICE

An Introduction to National Economic Accounting

Editor's Note.—With this article, BEA introduces a major project that has been under-

way at the Bureau for the past several years. The project involves a docu-mentation of the concepts, sources, and methods of the national incomeand product accounts. The results of this project will be released througha series of special papers describing the estimates of each national incomeand product component. The first of the component descriptions will beavailable in May (see page 1). What follows is one of the papers that sup-plements the component descriptions.

This introductory paper places national income and product accountingwithin the larger framework of national economic accounting, and itshows the step-by-step derivation of the national economic accountingsystem from the conventional accounting statements used by businessesand governments and from similar statements that may be assumed toexist for other transactors. This approach highlights the conceptual rela-tionships between the national economic accounts and business accounts;

an understanding of these relationships is valuable because many econom-ic decisions involve the simultaneous use of macroeconomic and microeco-nomic information. Also, this approach suggests the key role of businessaccounting in the statistical implementation of the U.S. national econom-ic accounts. Although accounting statements themselves—even whenavailable—are neither sufficiently timely nor sufficiently consistent to bethe primary statistical source, the Government surveys and tabulations ofadministrative records that are used are shaped by the conventions andrequirements of business accounting.

In this introduction, the presentation of the national income and prod-uct accounts is simplified. The full detail will be presented in a futurepaper. In the meantime, readers interested in further information on thestructure and definitions of the national income and product accountsshould consult the "Suggestions for Further Reading," especially theSURVEY article by Carol S. Carson and George Jaszi.

ContentsPage

Economic Accounts of a Business Firm 60Business accounting statements 60

Balance sheet 60Income and retained earnings 61Change in financial position 61

Derivation of the three basic economicaccounts 61Production account 62Appropriation account 63Saving-investment account 63

Sector and National Economic Accounts... 65Business sector 66Household sector 66Government sector.. 67Foreign sector 67Summary national accounts 68

Branches of National Economic Ac-counting . 69National income and product account-

ing 69Capital finance accounting 70Input-output accounting 73

Suggestions for Further Reading 74

THE

NOTE.—In the preparation of this arti-cle, Martin L. Marimont and Stephen P.Taylor provided helpful comments. Dan-nelet A. Teske provided assistance inpresentation and design.

purpose of this introduction istwofold. First, it presents the concep-tual basis and framework of the U.S.national income and product accounts(NIPA's). Second, using this frame-work, it relates the NIPA's to theother branches of national economicaccounting.

National income and product ac-counting, capital finance and balancesheet accounting, and input-output ac-counting are the major branches ofnational economic accounting in theUnited States today. Each illuminatessome aspects of the structure, work-ings, and performance of the econo-my. The NIPA's—the most widelyused of the three—display the valueand composition of national outputand the distribution of incomes gener-ated in its production. The capital fi-nance accounts, better known in theUnited States as flow of funds ac-counts, show the role of financial in-stitutions and instruments in trans-forming saving into investment andthe changes in assets and liabilitiesthat result from this transformation;associated balance sheet accounts

present assets and liabilities at par-ticular points in time. Input-outputaccounts trace the flow of goods andservices among industries in the pro-duction process and show the valueadded by each industry and the de-tailed commodity composition of na-tional ouput.

Closely related to these national ac-counts are international economic ac-counts—the balance of payments, forexample—and regional economic ac-counts. The international accountsportray the transactions of the resi-dents of the Nation with the residentsof the rest of the world, highlightinginternational trade flows and theinternational payments mechanism.Regional accounts disaggregate thenational economy by geographic sub-division and serve for the various sub-divisions the purposes that the na-tional economic accounts serve for theNation as a whole.

The fundamental aim of nationaleconomic accounting is to provide acoherent and comprehensive pictureof the Nation's economy. More specifi-cally, national economic accountants

59

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want to answer two questions. First,what is the output of the economy-its size, its composition, and its use?Second, what is the economic processor mechanism by which this output isproduced and distributed?

The national output about whichthese questions are raised is defined,with a few exceptions, to be the pro-duction that is reflected in the salesand purchases of the market econo-my. Although, for some purposes, abroader definition that includes thenonmarket activities associated withhousehold production is useful, it isdifficult to take account of many ofthe activities that take place outsidethe market in any systematic andnonarbitrary way.

National output can be measuredeither by the sum of goods and serv-ices sold to final users, or by the sumof income payments and other costs;in both cases, business purchases oncurrent account from other businessesare subtracted so that national outputis an unduplicated total. National eco-nomic accountants take these twoequivalent measures of output andconstruct from them a set of accountsshowing production and distribution,consumption and saving.

The national economic accounts areaggregations of the accounts belong-ing to the individual transactors inthe economy, whether or not formalacounting statements exist explicitlyfor all of them. The basic approach isto distinguish groups of economictransactors; to set up uniform types ofaccounts for them; and to show inthese accounts the broad categories ofeconomic transactions in which theyengage. Transactors are aggregatedinto homogeneous groups, or sectors,the members of which are engaged inthe same types of transactions andare affected by, and respond to, eco-nomic developments in a similarmanner. Four sectors are commonlydistinguished: (1) Business, (2) house-hold, (3) government, and (4) foreign;for special purposes, these sectors canbe disaggregated or supplementedwith other groupings.

Business enterprises give rise to thebulk of national output; therefore,this introduction first derives econom-ic accounts for a business firm fromits financial statements and then es-tablishes similar accounts for thebusiness sector and the other sectors.The first section recasts the financialstatements of a firm into a production

account, an appropriation account,and a saving-investment account, thebuilding blocks for national economicaccounts. (This section assumes somefamiliarity with business accountingas it is presented in accounting text-books.) The following section, usingthese three accounts, sets up nationaleconomic accounts for the businesssector as a whole, for the other majorsectors, and for the Nation, the last asa summary of the accounts for thesectors. The final section considersthe branches of U.S. national econom-ic accounting—national income andproduct accounting, capital financeaccounting, and input-output account-ing—and the relationships amongthem. The presentation introducesthe underlying concepts and structureof the U.S. national economic ac-counts; it omits some entries and sim-plifies definitions.

Economic Accounts of aBusiness Firm

The economic accounts of a busi-ness firm—the building blocks for thenational economic accounts—can bederived from the three accountingstatements in common use for busi-ness financial reporting. The first ofthese is the balance sheet, which pro-vides a picture of the condition of thefirm at some particular time, usuallythe last day of its fiscal year. Thesecond is the statement of income andretained earnings, which shows thefirm's operating results—that is, theamount and disposition of the incomearising from its activities—over theaccounting period between balancesheets. The third is the statement ofchange in financial position, whichshows the contribution of the firm'soperating results to the change in itsworking capital.

Three simplifying assumptions aremade in this introduction: (1) All busi-ness firms are corporations. (2) Firmsvalue goods withdrawn from invento-ry in prices of the current accountingperiod. (3) Plant and equipment pricesare stable over time, so that firms'charges for the use of these assets (de-preciation) also are valued in prices ofthe current accounting period. In ad-dition, the presentation in this intro-duction follows the NIPA conventionthat only business firms make nonfi-nancial investments and own fixedassets.

Table 1.—Balance Sheet of a Business FinnDecember 31, 19_

Assets

Current assetsFinancial assets

Cash and equivalentAccounts receivable

Inventories

Securities

Fixed assetsPlant and equipmentLess: Accumulated deprecia-

tionLandLess: Accumulated depletion

Total assets

Liabilities and stockholders'equity

Current liabilitiesLoansAccounts payable

Bonds

Stockholders' equityCapital stockRetained earnings

Total liabilities and stockhold-ers' equity

Business accounting statementsBalance sheet—The basic identity

underlying the balance sheet is: Thevalue of the firm's assets is equal tothe value of the liabilities and equityclaims against these assets; that is,

Assets=liabilities -I- stockholders' equity.

Assets generally are carried at fixedvalues equivalent to their costs of ac-quisition; liabilities consist of prom-ises to pay specified amounts ofmoney to creditors. If total assets risewithout an offsetting increase in totalliabilities, stockholders' equity—theowners' claim on the assets—rises; ifliabilities rise without a correspond-ing increase in assets, stockholders'equity falls.

On the left side of the balance sheetshown in table 1, current assets areresources that can be converted tocash or consumed within the account-ing period: Currency, bank deposits,and short-term interest-bearing assetsthat can be easily converted to cash;short-term credit extended to custom-ers who have received, but not yetpaid for, products shipped to them;and inventories, which are stocks ofraw materials, partly fabricated items(work in process), and finished goods.Securities are financial assets withmaturity dates beyond the accountingperiod. Fixed assets consist of plantand equipment and of land. Plant andequipment are net of accumulated de-preciation, a charge for the using upof these assets over time. Land in-cludes mineral rights; it is shown netof accumulated depletion, a charge forusing up exhaustible resources overtime.

On the right side of the balancesheet, current liabilities are others'claims on the business firm—loans

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Table 2.—Statement of Income and RetainedEarnings of a Business Firm

For Year Ended December 31, 19_

Sales, net of discounts

Less: Cost of goods and services soldPurchased materialsPurchased servicesWages and salariesDepreciationDepletionIndirect business taxesBeginning inventoryLess: Ending inventory

Equals: Operating income

Plus: Interest and dividends receivedLess: Interest paidPlus: Gains (net of losses) on sales of fixed assets and

securities

Equals: Net income before tax

Less: Corporate income tax

Equals: Net income after tax

Less: Dividends paid

Equals: Additions to retained earnings

and payables to suppliers—that aredue within the accounting period.Bonds are long-term debts that do notmature until after the accountingperiod. Stockholders' equity, the resid-ual, consists of two parts: First, thecapital contributed by owners in ex-change for stock, and second, the cu-mulative sum of earnings retained inthe business rather than paid toowners.

The balance sheet does not conveymuch information about the scale ofthe operations, the incomes generat-ed, or indeed whether or not theowners received any payment—otherthan the enhanced value of theirequity as represented by retainedearnings—for the use of their capital.Such information can be obtainedfrom the statement of income and re-tained earnings.

Income and retained earnings.—Thebasic identity underlying the state-ment of income and retained earningsis: The value of the firm's net incomeis equal to its revenues less its costs;that is,

Net income = revenues—costs.

In the statement of income and re-tained earnings shown in table 2, rev-enues come from sales, from invest-ment income earned on interest- anddividend-paying securities, and fromgains (net of losses) on sales of fixedassets and securities; costs includeboth costs of goods and services soldand the interest paid on borrowedmoney. Hence, net income is largelyoperating income, but also includesincome from other sources.

The depreciation and depletioncharges included in the cost of goodsand services sold represent the peri-od's addition to the cumulative depre-ciation and depletion appearing in thebalance sheet. Indirect business taxesinclude sales taxes, excise taxes, andproperty taxes; they do not includetaxes levied directly on the netincome of the firm, which are shownin table 2 as corporate income tax. Fi-nally, net income less corporateincome tax and dividend payments isretained in the business and added tothe retained earnings in the balancesheet.

The first six items, listed under costof goods and services sold (purchasedmaterials, purchased services, wagesand salaries, depreciation, depletion,and indirect business taxes) are costsincurred during the current period.To convert this sum of costs incurredto the cost of the goods and servicessold during the period, it is necessary(1) to add the costs incurred in previ-ous periods in producing the goodssold and (2) to remove the costs in-curred in obtaining or producinggoods retained in inventory at the endof the accounting period. These ad-justments are accomplished by includ-ing in cost of goods and services sold,along with current-period costs, thedifference between the value of thebeginning and ending inventories. Ineffect, cost of goods and services soldincludes the value of goods withdrawnfrom the beginning inventory duringthe period, and excludes the value ofgoods obtained or produced during theperiod, but retained in ending inven-tory.

The statement of income and re-tained earnings explains the changein retained earnings between succes-sive balance sheets; it does not dealwith changes in the other entries inthe balance sheet. Such informationcan be obtained from the statement ofchange in financial position.

Change in financial position.—Thepurpose of the statement of change infinancial position is to link certainincome statement and balance sheettransactions so as to show the effectof the firm's operations on its liquidi-ty. The basic identity underlying thestatement is: The change in the firm'sworking capital is equal to the changein its current assets less the changein its current liabilities; that is,

Table 3.—Statement of Change in FinancialPosition of a Business FirmFor Year Ended December 31, 19_

Change in working capitalChange in current assets

Cash and equivalentAccounts receivableInventories

Less: Change in current liabilitiesLoansAccounts payable

Equals: Additions to working capitalProvided by operations

Net income after taxDepreciationDepletion

Less: Gains (net of losses) on sales of fixed assets andsecurities

Other sourcesSales of fixed assetsSales of securitiesIssues of bondsIssues of capital stock

Less: Reductions in working capitalDividends paidPurchases of fixed assetsPurchases of securitiesRetirements of bondsRetirements of capital stock

Change in working capital=change in currentassets.

— change incurrent liabilities.

In the statement of change in finan-cial position shown in table 3, thechange in current assets is the sum ofthe changes in cash and equivalent,accounts receivable, and inventories;the change in current liabilities is thesum of the changes in loans and ac-counts payable.

Table 3 accounts for the change inworking capital in terms of the addi-tions provided by operations, of salesand purchases of fixed assets and se-curities, of payment of dividends, andof changes in bonds and capital stockoutstanding. The main component ofadditions provided by operations isnet income after tax; the depreciationand depletion charges deducted in de-riving it are added, because they areinternal to the firm's books and arenot cash outlays affecting its financialposition. The gains included in netincome after tax are subtracted; theyare included in the proceeds from thesales of fixed assets and securities en-tered under other sources elsewherein the statement.

Derivation of the three basic economicaccounts

Rearranged and modified, these ac-counting statements for the businessfirm provide the economic accounts—the production account, the appro-priation account, and the saving-in-vestment account—that are the start-ing point for deriving the national

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Table 4.—Derivation of the ProductionAccount of a Business Firm

Income Statement

Uses

Purchased materialsPurchased servicesWages and salariesDepreciationDepletionInterest paidIndirect business taxesBeginning inventoryLess: Ending inventoryNet income before tax

Charges against revenue

Sources

Interest and dividends re-ceived

Gains (net of losses) on salesof fixed assets and securi-ties

Total revenue

Production Account

Uses

Wages and salariesDepreciationInterest paidLess: Interest receivedIndirect business taxesProfits

Net income before taxLess: Dividends receivedLess: Gains (net of losses)

on sales of fixed assetsand securities

Plus: Depletion

Charges against output

Sources

Gross outputSalesChange in work-in-processand finished goods

inventoriesLess: Consumption

Purchased materialsPurchased servicesLess: Change in raw materi-als inventories

Output

economic accounts. The production ac-count is based on the statement ofincome and retained earnings, and itrecords the production attributable tothe firm in terms of both goods andservices produced and the incomepayments and other costs arising inproduction. The appropriation accountis also based on the statement ofincome and retained earnings; itrecords the firm's income, paymentsof that income to the stockholders orto the government, and the incomeretained within the firm. The saving-investment account is based on thestatement of change in financial posi-tion rearranged as the change in thebalance sheet; it records the firm'ssaving, borrowing, and acquisitions ofnonfinancial and financial assets. Thederivation of each of these economicaccounts is described in two steps: (1)The rearrangement of the businessaccounting statements into the T-ac-count form and (2) the modification ofthe T-accounts to obtain economic ac-counts.

Each T-account contains the firm'ssources of funds on the right side anduses of funds on the left side. In gen-eral, sources of funds are receipts orborrowings, and uses of funds are cur-rent outlays or acquisitions of assets.There are differences in perspectiveamong the accounts, however. For ex-ample, net income is a use in the pro-duction account because it is a chargeagainst production, but it is a sourceof the income to be distributed or

saved in the appropriation account.Similarly, additions to retained earn-ings are a use of income in the appro-priation account, but a source offunds to finance the acquisition ofassets in the saving-investment ac-count. In each account, total sourcesequal total uses, preserving the ac-counting identities of tables 1, 2, and3.

Production account.—The firstpanel of table 4 shows the items fromthe income statement in table 2 rear-ranged in T-account form. The itemsfrom the income statement are thosethat establish net income before tax.The revenue items—sales, interestand dividends received, and gains (netof losses) on sales of fixed assets andsecurities—are entered as sources offunds on the right side; the costitems, including interest paid and netincome before tax, are entered as usesof funds on the left side. The total ofthe sources is total revenue; the totalof the uses is total charges againstrevenue.

To derive the firm's production ac-count, which is shown in the secondpanel, the income statement T-ac-count shown in the first panel ismodified by (1) ordering the entries toestablish the value of the firm's pro-duction during the accounting period,and (2) adjusting net income beforetax to yield a new entry termed "prof-its," which is defined to be earningsarising from current production.

The first modification is necessarybecause total revenue, shown in thefirst panel, is not equal to the valueof the firm's production, for the fol-lowing reasons. (1) Revenues are notequivalent to sales, because the firmmay have nonoperating income. (2)Sales are not equivalent to grossoutput, because the firm may eithermake sales from inventories of fin-ished goods produced in previous peri-ods or place current production inwork-in-process or finished goods in-ventories. (3) Gross output is notequivalent to the value of the firm'sproduction, because the firm may in-corporate in its output (consume) ma-terials or services purchased fromother firms. Such materials may havebeen purchased either in the currentaccounting period or in a previousperiod.

The ordering of the entries in theincome statement T-account to estab-lish the value of the firm's productioninvolves four steps. (1) Interest and

Table 5.—Derivation of the AppropriationAccount of a Business Firm

Retained Earnings Statement

Uses

Corporate income taxDividends paidAdditions to retained earnings

Distribution of net incomebefore tax and saving

Sources

Net income before tax

Net income before tax

Appropriation Account

Uses

Corporate income taxDividends paidLess: Dividends receivedUndistributed profits

Additions to retained earn-ings

Less: Gains on sales of fixedassets and securities

Plus: Depletion

Distribution of profits andsaving

Sources

ProfitsNet income before taxLess: Dividends receivedLess: Gains (net of losses)

on sales of fixed iissetsand securities

Plus: Depletion

Profits

dividends received and gains (net oflosses) on sales of fixed assets andsecurities are subtracted from bothsides of the income statement T-ac-count; as shown in the production ac-count, this subtraction converts theright side to sales, and enters the re-ceipts of interest and of dividends andthe gains on sales of fixed assets andsecurities on the left side as negativevalues. (2) The inventory entries inthe income statement T-account—be-ginning inventory less ending inven-tory—are combined to yield the equiv-alent expression.

Less: Change in inventories.

This expression is decomposed into

Less: Change in raw materials inventories+ change in work-in-process and finishedgoods inventories.

(3) The change in work-in-process andfinished goods inventories is added toboth sides of the income statement T-account. This addition converts theright side to gross output—the sum ofsales and change in work-in-processand finished goods inventories—andcancels the work-in-process and fin-ished goods component of the invento-ry entries on the left side. (4) On theleft side of the income statement T-ac-count, the sum

Purchased materials plus purchasedservices less the change in raw materialsinventories

equals the consumption of materialsand services by the firm during theaccounting period. The consumptionof materials and services is subtracted

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Table 6.—Derivation of the Saving-InvestmentAccount of a Business Firm

Change in Balance Sheet

Uses •

Change in current assetsFinancial assets

Cash and equivalentAccounts receivable

InventoriesChange in securities

Purchases of securitiesLess: Sales of securitiesPlus: Gains (net of losses)

on securities

Change in fixed assetsChange in plant and equip-

mentPurchases of plant and

equipmentLess: Sales of plant and

equipmentPlus: Gains (net of losses)

on sales of plant andequipment

Less: DepreciationChange in land

Purchases of landLess: Sales of landPlus: Gains (net of losses)

on sales of landLess: Depletion

Change in total assets

Sources

Change in current liabilitiesLoansAccounts payable

Change in bondsIssues of bondsLess: Retirement of bonds

Change in stockholders'equity

Change in capital stockIssues of capital stockLess: Retirement of capi-tal stock

Additions to retained earn-ings

Net income after taxLess: Dividends paid

Change in total liabilities andin stockholders' equity

Saving-Investment Account

Uses

Purchases of plant and equip-ment

Less: Sales of plant andequipment

Purchases of landLess: Sales of landChange in inventories

Net acquisitions of financialassets

Change in current financial

Plus: Purchases of securitiesLess: Sales of securities

Less: Net increase in liabil-ities

Change in current liabilitiesPlus: Issues of bonds and

capital stockLess: Retirement of bonds

and capital stock

Gross investment

Sources

Undistributed profitsAdditions to retained earn-

ingsLess: Gains (net of losses)

on sales of fixed assets andsecurities

Plus: DepletionDepreciation

Gross saving

from both sides of the income state-ment T-account. As shown in the pro-duction account, this subtraction con-verts the right side to the value addedby the firm and cancels the compo-nents of consumption on the left side.

The second modification to theincome statement T-account is neces-sary because net income before tax isnot equal to profits, that is, earningsarising from current production. Prof-its exclude dividends received andgains (net of losses) on the sale offixed assets and securities. Moreover,they differ from the operating incomeshown in the income statement be-cause of the treatment of natural re-sources in the national economic ac-counts. Natural resource discoveriesare not considered to be capital for-mation in the national economic ac-counts; consequently, a charge for the

using up of these discoveries is not anappropriate charge against produc-tion. Therefore, profits include the de-pletion charges that are deducted inmeasuring net income before tax.Profits equal net income before taxplus depletion, less dividends re-ceived, and less gains (net of losses)on sales of fixed assets and securities.

The resulting production accountshows, on the right side, the value ofthe firm's production in terms ofgoods and services produced and, onthe left, the value added by the firmin terms of income payments andother costs.

For most purposes, it is useful tosimplify the presentation of the pro-duction account by rearranging termsand dropping some detail, as shown inthe first panel of table 7. On the rightside, the term "consumption" has dis-appeared and the change in raw ma-terials inventories has been combinedwith the change in work-in-processand finished goods inventories. On theleft side, the detail under profits hasbeen dropped, and depreciation hasbeen renamed "capital consumptionallowances" to introduce the standardterminology of the national economicaccounts. (In this introduction, depre-ciation and capital consumptionalowances can be considered equiva-lent.) The production account of thefirm, as shown in table 7, serves asthe basis for the production accountfor the business sector and for theNation as a whole.

Appropriation account.—The firstpanel of table 5 shows the items fromthe statement of retained earnings intable 2 rearranged in T-account form.The item "net income before tax" isentered in the retained earnings T-ac-count of table 5 as a source of funds;the items "corporate income tax,""dividends paid," and "additions toretained earnings" are entered asuses of funds.

To derive the firm's appropriationaccount, the retained earnings T-ac-count is modified by adjusting netincome before tax and its componentsto conform to profits as defined in theproduction account. Dividends re-ceived and gains (net of losses) onsales of fixed assets and securities aresubtracted from both sides of the ac-count, and depletion is added to bothsides. The adjustments define a newresidual entry "undistributed profits,"which includes additions to retainedearnings and depletion charges and

Table 7.—Economic Accounts of a BusinessFirm

Production Account

Uses

Wages and salariesCapital consumption allow-

ancesInterest paidLess: Interest receivedIndirect taxesProfits

Charges against output

Sources

SalesChange in inventories

Less: Purchased materialsand services

Output

Appropriation Account

Uses

Profits taxesDividends paidLess: Dividends receivedUndistributed profits

Distribution of profits andsaving

Sources

Profits

Profits

Saving-Investment Account

Plant and equipment pur-chases

Purchases of land

Less: Sales of plant and equip-ment

Less: Sales of landChange in business invento-

riesNet acquisitions of financial

Less: Net increase in liabil-ities

Gross investment

Sources

Undistributed profits

Capital consumption allow-ances

Gross saving

excludes gains (net of losses) on thesales of fixed assets and securities.

Table 7 shows, in the second panel,a simplified presentation of the appro-priation account. On the left side, thedetail under undistributed profits hasbeen dropped, and corporate incometax has been renamed "profits taxes"to move toward the terminology ofthe national economic accounts.

Saving-investment account. —Thefirst panel of table 6 shows the itemsfrom the statement of change in fi-nancial position (in table 3)rearranged in T-account form to dis-play the change in each entry in thebalance sheet (in table 1) over the ac-counting period. The entries forchanges in current assets and in cur-rent liabilities are those in the state-ment of change in financial position.The change in holdings of securitiesconsists of purchases, less sales, andplus gains (net of losses) on sales ofsecurities; similary, the change inbonds outstanding consists of issuesless retirements. The change in fixedassets consists of purchases, less sales,less depreciation and depletioncharges, and plus gains (net of losses)on sales of fixed assets. Finally, thechange in retained earnings consistsof net income after tax less dividends.

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To derive the firm's saving-invest-ment account, the change in balancesheet T-account is modified so that itshows on the right side the part ofthe profits that the firm saves, and onthe left side, the disposition of thatsaving in terms of investment. Bothsaving and investment are defined tobe gross of depreciation: Saving in-cludes depreciation as well as undis-tributed profits; and purchases offixed assets include replacement ofplant and equipment as well as addi-tions.

The modifications necessary toobtain saving from profits and the dis-position of that saving are listedbelow. (1) Depletion is added to bothsides of the change in balance sheetT-account and gains (net of losses) on

sales of fixed assets and securities aresubtracted from both sides; as shownin the saving-investment account,these changes introduce undistributedprofits, as defined in the appropria-tion account, on the right side andcancel the entries on the left side. (2)Depreciation is added to both sides ofthe change in balance sheet T-ac-count; as shown in the saving-invest-ment account, this addition intro-duces gross saving on the right sideand cancels the entry on the left side.(3) Entries for change in current fi-nancial assets and purchases andsales of securities on the left side ofthe change in balance sheet T-accountare regrouped to show, on the leftside of the saving-investment account,a new entry "net acquisitions of fi-

nancial assets/' consisting of thechange in current financial assets,plus purchases of securities, less salesof securities. (4) On the right side ofthe change in balance sheet T-ac-count, regrouping yields a new entry"net increase in liabilities/' consistingof the change in current liabilities,plus issues of bonds and capital stock,less retirements of bonds and capitalstock; subtracting this entry fromboth sides cancels it on the right sideand enters it on the left side of thesaving-investment account as a nega-tive value.

The simplified saving-investmentaccount is shown in the third panel oftable 7. Detail is suppressed under netacquisitions of financial assets andnet increase in liabilities on the left

Table 8.—Sector Accounts[Billions

BUSINESS

Production Account

Uses

Wages and salaries 110Capital consumption allow- 10

ances.Net interest

Interest paidTo households 6To government 2To foreigners 5

Less: Interest receivedFrom foreigners ... . 3From households 4From government 1

Indirect taxes 10Profits 55

Charges against gross business 190product.

Sources

SalesTo consumers

To governmentTo business of plant and

equipmentTo foreigners of goods and

nonfactor servicesLess: Purchases from

foreigners of goods andnonfactor services

Change in inventories

Gross business product

125

25

25

20

105

190

Appropriation Account

Uses

Profits tax 20Dividends paid

To households 10To foreigners 5

Less: Dividends received fromforeigners 5

Undistributed profits 25

Distribution of profits and 55saving.

Sources

Profits

Profits

55

55

Saving-Investment Account

Uses

Plant and equipment pur- 25chases.

Change in inventories 5Net acquisitions of financial 105

assets.Less: Net increase in liabilities .. 100

Gross investment 35

Sources

Undistributed profitsCapital consumption allow-

ances.

Gross saving

2510

35

HOUSEHOLD

Production Account

Uses

Wages and salaries 5

Charges against gross house- 5hold product.

Sources

Sales to consumers

Gross household product

5

5

Appropriation Account

Uses

Personal taxesPurchases

From businessFrom households

Interest paidTo businessTo government

To foreignersSaving

20

1255

415

15

Personal taxes, outlays, and 175saving.

Sources

Wages and salaries receivedFrom businessFrom householdsFrom government

Interest receivedFrom businessFrom governmentFrom foreigners

Dividends receivedFrom business

Transfer payments

Personal income . . ...

1105

20

645

105

10

. 175

Saving-Investment Account

Uses

Net acquisitions of financial 39assets.

Less: Net increase in liabilities .. 24

Gross investment 15

Sources

Saving

Gross saving

15

15

GOVERN

Production

Uses

Wages and salaries

Charges against grossment product.

20

govern- 20

Appropriation

Uses

PurchasesFrom businessFrom government

Transfer paymentsTo personsTo foreigners

Interest paidTo businessTo householdsTo foreigners

Surplus or deficit ( )

2520

102

143

-10

Government expenditures and 55surplus or deficit (— ).

Saving-

Uses

Net acquisitions of financial 5assets.

Less: Net increase in liabilities.. 15

Gross investment -10

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side and under undistributed profitson the right side.

Sector and National EconomicAccounts

The three accounts for a businessfirm shown in table 7—production,appropriation, and saving-invest-ment—form the basis of the nationaleconomic accounts. Accounts mustnow be designed for the major eco-nomic groups that are distinguishedin a national economic accountingsystem; these sectors are business,household, government, and foreign.

First, accounts for the businesssector will be derived from the corre-sponding accounts of the single busi-

and National Summaryof dollars]

ness firm. Then, accounts for theother types of economic transactorswill be established; the pattern forthese accounts will follow closely thethree accounts for the business sector.The production account records theproduction attributable to a sector, interms of both goods and services andthe income payments and other costsarising from production. The appro-priation account records the sourcesof the sector's income, its current out-lays, and its saving. The saving-in-vestment account records the sector'sgross saving and gross investment,the latter defined as net acquisitionsof assets less the net increase in li-abilities. Taken together, these sectoraccounts constitute a double-entrysystem in which a use recorded in one

account for one sector is also recordedas a source in another of the sector'saccounts or as a source in an accountfor another sector.

In constructing national economicaccounts, it is necessary to add to-gether corresponding accounts belong-ing to two or more transactors and,occasionally, to add together two ormore accounts belonging to the sametransactor. In the aggregate account,an entry may occur twice, either onceon each side of the account, ortwice—with opposite signs—on thesame side. If such entries are nettedout, the aggregate account is a con-solidated account; if these cancella-tions are not made, the aggregate ac-count is a combined account.

MENT

Account

Sources

Sales to government 20

Gross government product 20

Account

Sources

Indirect business taxes 10Profits tax.. 20Personal taxes 20Interest received

From business 2From households 1From foreigners 2

Government receipts 55

Investment Account

Sources

Surplus or deficit ( ) 10

Gross saving 10

FOREIGN

Production Account

Uses

Dividends paid by foreigners

To households 5Interest paid by foreigners

To business 3To households 5To government 2

Less: Dividends received by 5foreigners from business.

Less: Interest received by for-eigners

From business 5From households 5

Charges against gross foreign 5product.

Sources

Sales to foreigners of factor 20services.

Less: Purchases from foreign- 15ers of factor services.

Gross foreign product 5

Appropriation Account

Uses

Purchases from business ofgoods and nonfactor services. 20

Purchases from residents offactor services. 20

Saving 10

Foreign expenditures and 30saving.

Sources

Sales to business of goods and 10nonfactor services.

Sales to residents of factor 15services.

Transfer payments from gov- 2ernment.

Interest received from govern- 3ment.

Foreign receipts 30

Saving-Investment Account

Uses

Net acquisitions of financial 3assets.

Less: Net increase in liabilities.. 13

Gross investment 10

Sources

Saving 10

Gross saving 10

NATION

Production Account

Uses

Wages and salaries 135Capital consumption allow- 10

ances.Net interest 5

Interest paid by businessTo households 6To governments 2

Interest paid by foreignersTo households 5To government 2

Less: Interest received bybusinessFrom households 4From government 1

Less: Interest received by for- 5eigners from households

Indirect business taxes 10Profits 60

Business profits 55Dividends paid by foreigners .. 10Less: Dividends received by 5

foreigners from business.

Charges against gross national 220product.

Sources

Sales toConsumersGovernmentBusiness of plant and equip-

ment.Foreigners of goods and serv-

ices.Less; Purchases from for-

eigners of goods and serv-ices

Change in business inventories-

Gross national product

1304525

40

25

r

220

Appropriation Account

Uses

Purchases

By government 45By foreigners 40

Less: Purchases from foreign- 25ers.

Undistributed profits 25Personal saving ...:... 15Government surplus or deficit —10

Foreign saving . . — 10

Consumption and net saving 210

Sources

Wages and salariesNet interestIndirect business taxesProfits

Net national product

1335

1060

210

Saving-Investment Account

Uses

Plant and equipment pur- 25chases.

Change in business inventories.. 5Net acquisitions of financial 152

assets.Less: Net increase in liabilities.. 152

Gross investment 30

Sources

Undistributed profitsPersonal savingGovernment surplus or deficit

Foreign savingCapital consumption allow-

ances.

Gross saving

2515

-10

-1010

30

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Business sector

Accounts for the business sector areobtained by adding together for allbusiness firms each type of accountshown for the individual firm in table7. The accounts are prepared on aconsolidated basis. The entries for atransaction between two businessfirms cancel, leaving only transac-tions between the business sector andother sectors. The business sector ac-counts, with hypothetical numbers,are shown in the business column oftable 8.

Business production account.—Onthe left side of the production accountfor the business sector, there are nointrasector transactions for wages andsalaries, for capital consumption al-lowances, and for indirect taxes.Therefore, each entry is the sum ofthe entries in the individual firms'production accounts.

For interest and profits, there areintrasector payments and receiptsthat cancel. The interest paid by onefirm to another is canceled by the re-ceipt of that payment by the otherfirm, leaving as a consolidated entry"net interest"—the business sector'sinterest payments to, less its interestreceipts from, the other sectors. Simi-larly, the consolidated entry for prof-its represents profits available eitherto be distributed to other sectors or tobe saved by the business sector; thecomponent of profits representingdividends paid by one firm to anotheris canceled by the corresponding divi-dend receipt.

On the right side, there are no in-trasector transactions for the changein business inventories; the entry isthe sum of the entries for the individ-ual firms. For purchased materialsand services and for sales, intrasectorpayments and receipts cancel; thepurchase of materials and services byone firm on current account is can-celed by the corresponding sale by an-other firm. The only purchases of ma-terials and services that do not cancelare those from foreigners (imports).The consolidated entry for sales con-sists of sales to households as consum-ers, to government, to business (ofplant and equipment), and to foreign-ers (exports).

The totals of the sources and of theuses in the business sector productionaccount are designated "gross busi-ness product" and "charges againstgross business product," respectively.

They are equal to the sum of thevalues added by the individual busi-ness firms.

Business appropriation account.—On the left side of the business appro-priation account, dividends paid byone firm to another cancel; the entrythus consists of dividends paid by thebusiness sector to other sectors. Divi-dends received from foreigners do notcancel, however, and are shown as anegative item. For the remaining en-tries, there is no cancellation.

On the right side, the profits entryis net of dividends received from for-eigners and from other businessfirms, as it was in the production ac-count.

Business saving-investment ac-count.—Because of the conventionthat all nonfinancial investment ismade by the business sector, all trans-actions in existing fixed assets are in-trasector transactions. Consequently,on the left side of the saving-invest-ment account, purchases of land andof existing plant and equipment byone firm are canceled by the sales ofthose assets by other firms. The plantand equipment purchases that remainare those of newly produced goods,equal to the sales to business of plantand equipment recorded in the busi-ness sector's production account.

Purchases of financial assets by onefirm from another cancel; the entryfor net acquisition of financial assetsrepresents the business sector's netacquisitions of newly issued assetsand assets acquired from other sec-tors. The business sector's entry fornet increase in liabilities representsthe difference between new issues andretirements of current liabilities,bonds, and capital stock, summedover all firms. In some presentationsof saving-investment accounts, the dif-ference between net acquisitions of fi-nancial assets and net increase in li-abilities is shown instead of separateentries. Separate entries are shown intable 8, however, to facilitate thepresentation of capital finance ac-counting later.

Household sector

Sector accounts closely resemblingthose for business can be constructedfor the household sector, which con-sists of households and the nonprofitinstitutions serving them. Most of thetransactions of the household sectorappear in the appropriation and

saving-investment accounts. The fol-lowing discussion of these accountsdeals immediately with the sector ac-counts, which are consolidated fromaccounts that can, in principle, be es-tablished for individual households.

Household production account.—The household production account,shown in the household column oftable 8, is used to record as produc-tion the services rendered by paidhousehold workers and the servicesrendered by nonprofit institutionsserving households. Interest paid onconsumer debt is not recorded herebecause it is not regarded as a pay-ment for a productive service in theU.S. national economic accounts. Theillustration in table 8 is limited to therecording of services rendered by paidhousehold workers.

In accounting for the productiveservices rendered by paid householdworkers, the wages and salaries paidby employers are entered as a use offunds on the left side of the account,as was done in the business produc-tion account. On the right side, thesale of the services by paid householdworkers to their employers is enteredas a source of funds; it represents thevalue of the services produced, on theassumption that the only costs of pro-duction are the wages paid to obtainthe services. This entry is analogousto the entry of sales as a source offunds in the business production ac-count, although the procedure ap-pears somewhat artificial becausehousehold production lacks the cleardistinction between the sales andwage transactions characteristic ofbusiness production.

Household appropriation account.—The household appropriation accountresembles the corresponding businessaccount in that both show the incomeof the sector, detail the outlays, andderive the balance that is saved. Thetwo accounts differ substantially,however, in the sources of income andthe nature of the outlays. Althoughbusiness income is derived from theoperations of the business system,household income is derived primarilyfrom payments by business and othersectors. The main category of expendi-tures in the household account is con-sumer purchases; this item has nocounterpart in the business account,in which taxes and dividends are themain categories of expenditures. Thehousehold appropriation account also

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records the sector's payment and re-ceipt of interest, items recorded in thebusiness sector's production accountrather than .its appropriation account.

Income received by the householdsector is entered on the right side ofthe household appropriation account.The wages and salaries of paid house-hold workers are entered as a compo-nent of household receipts of wagesand salaries, an entry that continuesthe accounting for household produc-tion begun in the production account.Income received from the businesssector—wages and salaries, interest,and dividends—has already been dis-cussed. The income from other sectorsconsists of wages and salaries re-ceived from government, interest re-ceived from government and from for-eigners, dividends received from for-eigners, and government transfer pay-ments. The last category consists ofitems such as retirement income and^unemployment benefits that do notinvolve, as quid pro quo, the render-ing of productive services by the re-cipient during the accounting period.The total of the sources—incomes re-ceived—is designated "personalincome/'

On the left side of the householdappropriation account, personaltaxes—primarily income taxes—arethe first category of outlay. Most ofhousehold purchases, the next catego-ry, are sales by business, which alsoappear as a source of funds in thebusiness production account; the serv-ices rendered by paid household work-ers are entered as a purchase fromhouseholds, an entry that completesthe accounting for household produc-tion. The remaining outlay is house-hold interest payments to business, togovernment, and to foreigners.

The final entry is saving, which isderived as the difference between per-sonal income and the sum of personaltaxes, consumer purchases, and inter-est payments.

Household saving-investment ac-count.—In the household saving-in-vestment account, net acquisitions offinancial assets represent the house-hold sector's net acquisitions of finan-cial assets from other sectors; pur-chases of assets by one householdfrom another cancel in the consolida-tion. Net increase in liabilities repre-sents new borrowing less repaymentof debt, summed over all households.

Consistent with the convention thatbusiness makes all nonfinancial in-

vestment, all saving in the householdsector is defined to be in financialform; it does not include any invest-ment in nonfinancial assets. Althoughseveral types of assets might be con-sidered to be household sector invest-ment, they are defined to be eitherconsumption by the household sectoror investment by the business sector.For example, household expenditureson durables—automobiles, refrigera-tors, and the like—are defined to beconsumption; homeowners' invest-ment in residential property is de-fined to be business investment.

Government sector

Sector accounts for government canbe constructed by consolidating thebudget statements of the various gov-ernmental units in the Nation. As inthe household sector, most of thetransactions appear in the appropria-tion and saving-investment accounts;government production is confined tothe services rendered by governmentemployees.

Government production account.—The government production account,shown in the government column oftable 8, is used to record as produc-tion the services rendered by govern-ment employees, using an approachsimilar to that used in the householdsector to record the output of paidhousehold workers. On the left side ofthe government production account,wages and salaries paid by the gov-ernment to its employees are enteredas a use of funds. On the right side,the sale of the services of governmentemployees to the government is en-tered as a source of funds. These salesto government appear in the govern-ment appropriation account, underthe heading "purchases from govern-ment." The wages have already ap-peared in the household appropriationaccount under wages and salaries re-ceived.

Government interest payments arenot considered to be payments for aproductive service; they are, there-fore, not recorded in the governmentproduction account.

Government appropriation ac-count.—The government appropria-tion account is used to record the re-ceipts and expenditures of the govern-ment. On the right side, the catego-ries of income consist of taxes collect-ed from the business and householdsectors and of interest received from

business, households, and foreigners.The total of these items is termed"government receipts."

On the left side, the categories ofexpenditures consist of purchasesfrom business and from government,the latter equal to the wages and sal-aries paid to government employees;of transfer payments to persons andto foreigners; and of interest paid tobusiness, to households, and to for-eigners. The final entry is govern-ment surplus (or deficit), which is de-rived as the difference between gov-ernment receipts and government ex-penditures.

Government saving-investment ac-count.—In the government saving-in-vestment account, the entry for netacquisitions of financial assets repre-sents the government sector's net pur-chases of assets from other sectors;purchases by one unit of governmentfrom another cancel. The net increasein liabilities is new issues of debt lessretirement of debt, summed over allunits of government.

Consistent with the convention thatbusiness makes all nonfinancial in-vestment, all government saving isdefined to be in financial form. Gov-ernment acquisitions of nonfinancialassets—plant and equipment pur-chases and change in inventories—aredefined to be consumption and includ-ed in government purchases.

Foreign sector

Foreign production account.—Theoutput considered so far is producedwithin the territory of the Nation. Itis usually called the domestic, or geo-graphic, product. However, anothermeasure is featured in the nationaleconomic accounts of the UnitedStates. It is the national product, ameasure of the output on which resi-dents of the Nation have a claim. Itincludes output produced in the for-eign sector as well as in the domesticsectors.

To obtain the national product, theoutput produced abroad by the Na-tion's residents must be added tooutput produced domestically, and theoutput produced domestically by for-eigners must be subtracted. The valueof the output produced abroad ismeasured by the Nation's receipts offactor income from abroad—in this in-troduction, interest and dividendsfrom abroad. Similarly, the value ofthe part of domestic output produced

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Table 9.—Foreign Production Account Derived From Two Production Accounts[Billions of Dollars]

Production account for output produced abroad byresidents

Uses

Dividends paid by foreign- 10ers.

Interest paid by foreigners . 10

Charges against gross 20product.

SourcesIA

Sales to foreigners of 20factor services.

Gross product 20

Production account for output produced domestically by^ foreigners

Uses

Dividends received by for- 5eigners.

Interest received by for- 10eigners.

Charges against gross 15product.

SourcesEquals

Purchases from foreigners 15of factor services.

Gross product 15

Foreign production account

Uses

Dividends paid by foreign- 10ers.

Interest paid by foreigners . 10Less: Dividends received 5

by foreigners.Less: Interest received by 10

foreigners.

Charges against gross for- 5eign product.

Sources

Sales to foreigners of 20factor services.

Less: Purchases from for- 10eigners of factor serv-ices.

Gross foreign product 5

by foreigners is measured by the Na-tion's payments of factor income tothem. In the terminology of nationaleconomic accounting, national prod-uct equals domestic product plus theproduct originating in the foreignsector. The latter, usually called prod-uct originating in the rest of theworld, is measured by the Nation's re-ceipts of factor income from abroadless its payments of factor income toforeigners.

In table 9, the foreign production ac-count is shown as the difference be-tween two production accounts, one ofwhich records output produced abroadby the Nation's residents, and theother the output produced domestical-ly by foreigners. In the production ac-count for output produced abroad byresidents, dividends and interest paidby foreigners are entered, as a use offunds, on the left side; and the sale toforeigners of factor services—that is,the services for which factor incomeis paid—is entered, as a source offunds, on the right side. In the pro-duction account for output produceddomestically by foreigners, dividendsand interest received by foreignersare entered, as a use of funds, on theleft side; and the purchase from for-eigners of factor services is entered,as a source of funds, on the right side.

The difference between these twoaccounts is the foreign production ac-count, shown in the foreign column oftable 8; it records the net productoriginating in the foreign sector. Theinterest and dividend receipts andpayments in the foreign productionaccount have already appeared in thebusiness production and appropria-tion accounts and in the householdand government appropriation ac-counts; the sales and purchases offactor services are entered in the for-eign appropriation account.

Foreign appropriation and saving-investment accounts.—The foreign ap-propriation account records the

receipts and expenditures of foreign-ers in their dealing with residents ofthe Nation.

On the right side, receipts consist ofsales by foreigners of goods and offactor and nonfactor services to theNation (imports), of transfer pay-ments, and of interest received fromgovernment.

On the left side, expenditures con-sist of foreigners' purchases of goodsand nonfactor services from businessand of factor services from residents(exports). Saving, the final entry onthe left, is derived, as usual, as thedifference between receipts and ex-penditures.

The design of the foreign saving-in-vestment account follows previouslyestablished procedures, with allsaving by foreigners defined to be infinancial form.

Summary national accounts

The national economic accountingsystem as presented so far does notprovide a summary for the Nation asa whole. One such summary set of ac-counts, described in this section, is ob-tained by consolidating, for the foursectors, each of the three accounts.Other configurations that provide na-tional summaries are taken up in thenext section.

National production account.—Thenational production account shown intable 8 is obtained by consolidatingthe sector production accounts; onlytwo cancellations are involved, bothin interest.

On the right side, sales to consum-ers consist of sales by the businessand household sectors; sales to gov-ernment consist of sales by the busi-ness and government sectors; andsales to foreigners consist of sales bythe business sector of goods and non-factor services and sales by residentsof factor services. Sales to business of

plant and equipment and change inbusiness inventories are carried overdirectly from the business productionaccount to the national account. Fi-nally, purchases from foreigners con-sist of purchases by the businesssector of goods and nonfactor servicesand purchases by residents of factorservices.

On the left side, wages and salariesconsist of those paid by the business,the household, and the governmentsectors. Capital consumption allow-ances and indirect business taxes arecarried over directly from the busi-ness production account. Net interestis defined as interest paid less inter-est received; it consists of payments ofinterest to households and govern-ment by both business and foreignersless the interest received by businessand foreigners from households andgovernment (other than governmentinterest payments to foreigners). Inthe consolidation, interest paid bybusiness to foreigners is canceled bythe negative entry for interest re-ceived by foreigners from business;and interest paid by foreigners tobusiness is canceled by the negativeentry for interest received by businessfrom foreigners. Profits are the sumof business profits and payments ofdividends by foreigners, less the divi-dends received by foreigners.

The totals of the sources and of theuses are the gross national product(GNP) and the charges against grossnational product, respectively. GNPmeasures the Nation's output interms of goods and services. Thecharges against GNP measure theNation's output in terms of incomepayments and other costs.

National appropriation account.—The consolidation of the sector appro-priation accounts involves severalcancellations. Payments of profitstaxes in the business sector cancel thereceipts in the government sector.

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Likewise, personal taxes paid and re-ceived cancel in the household andgovernment sectors, and transfer pay-ments paid and received also cancelin the government, household, andforeign sectors.

On the right side of the national ap-propriation account, the derivation ofthe entries for wages and salaries andindirect business taxes has alreadybeen described. In aggregating theprofits transactions, dividends paid bybusiness to households cancel whenthe accounts for these two sectors areconsolidated. After this cancellation,the profits entries that would remainon the left side of the national appro-priation account are dividends paidby business to foreigners less divi-dends paid by foreigners to business;those that would remain on the rightside are business profits and divi-dends paid by foreigners to house-holds. Subtracting the entries on theleft from both sides of the nationalappropriation account leaves, on theright side of table 8, the profits totalshown in the national production ac-count. In aggregating the interesttransactions, those between thehousehold and government sectorscancel, as do government interestpayments to foreigners, leaving in thenational account interest paymentsby the business and foreign sectors tohouseholds and government less inter-est payments by the household andgovernment sectors to business andby the household sector to foreign-ers—net interest as defined in the na-tional production account. Sources offunds, therefore, consist of wages andsalaries, net interest, indirect busi-ness taxes, and profits.

On the left side, the entries consistof purchases—consumer purchases,government purchases, and foreignpurchases—less purchases from for-eigners, and the various types ofsaving—undistributed business prof-its, personal saving, government sur-plus or deficit, and foreign saving; allof these items are carried over direct-ly from the sector accounts.

The total of the sources is the netnational product, which representsthe Nation's output after allowing forthe using up of plant and equipmentin the business sector; the total of theuses is consumption and net saving.

National saving-investment ac-count.—In the consolidation of thesector saving-investment accounts,

the total of net acquisitions of finan-cial assets for the Nation as a wholemust equal the total net increase inliabilities; the entries, equal in size,cancel in summing the uses. The totalof the uses is gross investment, whichconsists of business purchases of plantand equipment and change in busi-ness inventories. The total of thesources is gross saving, which consistsof the saving of each sector.

Branches of NationalEconomic Accounting

In the United States, the majorbranches of national economic ac-counting are national income andproduct accounting, capital financeaccounting, and input-output account-ing. Each of these is a specialized con-figuration of the sector accounts intable 8.

National income and productaccounting

Of the three, the national incomeand product accounting system has

gained the widest prominence becauseit has the greatest general usefulness.Table 10 presents a simplified versionof the U.S. national income and prod-uct accounts (NIPA's).

The first account in the NIPAsystem is the national income andproduct (NIP) account; it is a consoli-dation of the sector production ac-counts and the business appropriationaccount. On the left side, the inclu-sion of the business appropriation ac-count in the consolidation replacesbusiness profits in the national pro-duction account by its components-profits tax, dividends (net of dividendsreceived), and undistributed profits;the total of the uses is not disturbed,and continues to equal chargesagainst GNP. In the NIP account,sales to foreigners are termed "ex-ports" and purchases from foreignersare termed "imports"; imports aresubtracted from exports, and theresult is entered as net exports. Againthe total of the sources measuresGNP.

The second account, the personalincome and outlay account, is the

Table 10.—National Income and Product Accounts[Billions of dollars]

I. National Income and Product Account

W d 1 'Profits

Profits taxDividends paid (net)Undistributed profits

Net interest

Capital consumption allowances

Charges against gross national product

135

2015255

1010

220

Personal consumption expendituresGross private domestic investment

Fixed investmentChange in business inventories

Net exports of goods and servicesExportsLess' Imports

Government purchases of goods and services

Gross national product . ....

13030255

15402545

220

II. Personal Income and Outlay Account

Personal tax paymentsPersonal consumption expendituresInterest paid

8

Personal taxes, outlays, and saving

. 2 01301015

175

Wages and salariesDividendsPersonal interest incomeTransfer payments

Personal income

135151510

175

III. Government Receipts and Expenditures Account

Purchases of goods and servicesTransfer payments

To personsTo foreigners .

Net interest paidSurplus or deficit( — )

Government expenditures and surplus

45

1023

-10

50

Personal tax paymentsIndirect business taxesProfits tax

Government receipts

201020

50

IV. Foreign Transactions Account

Exports of goods anc

Receipts from foreigi

services

tiers.....

40

40

Imports of goods and servicesTransfer paymentsInterest received from governmentNet foreign investment

Payments to foreigners

2523

10

40

V. Gross Saving and Investment Account

Gross private domestic investmentNet foreign investment

Gross investment . ....

3010

40

Undistributed profitsPersonal saving.Government surplusCapital consumption allowances

Gross saving

25151010

40

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Table 11.—Modified Saving-Investment Accounts of the Business Sector[Billions of dollars]

Business

Uses

Plant and equipment purchasesChange in business inventories.Net acquisitions of financial assets

DepositsLoansSecuritiesTrade credit .. .

Gross investment and funds supplied

255

1051554279

135

Sources

Gross savingUndistributed profitsCapital consumption allowances

Net increase in liabilitiesDepositsLoansSecurities . . . . .Trade credit

Gross saving and funds raised

352510

1005522149

135

Nonfinancial Business

Uses

Plant and equipment purchasesChange in business inventoriesNet acquisitions of financial assets

DepositsLoansSecuritiesTrade credit

Gross investment and funds supplied

255

3015159

60

Sources

Gross savingUndistributed profitsCapital consumption allowances

Net increase in liabilitiesLoansSecuritiesTrade credit

Gross saving and funds raised

251510352069

60

Financial Institutions

Uses

Plant and equipment purchasesChange in business inventoriesNet acquisitions of financial assets..

DepositsLoansSecuritiesTrade credit

Gross investment and funds supplied 75

Sources

Gross savingUndistributed profitsCapital consumption allowances..

Net increase in liabilitiesDepositsLoansSecurities ,Trade credit

10100

65552

Gross saving and funds raised 75

household appropriation account; it iscarried over directly from table 8. Thethird account, the government re-ceipts and expenditures account, isthe government appropriation ac-count. In this account, interest re-ceipts are subtracted from both sidesso that the interest entry on the leftside is net interest paid; therefore,total receipts, as well as total expend-itures and surplus, are less than thetable 8 totals.

The fourth account—the foreigntransactions account—is a consolida-tion of the foreign appropriation andsaving-investment accounts. Some en-tries are carried over directly fromtable 8—receipts from foreigners (ex-ports) on the left side and paymentsto foreigners (imports, transfer pay-ments, and interest paid by govern-ment) on the right side; the entriesfor foreign saving cancel when theforeign appropriation and saving-in-vestment accounts are consolidated.However, the perspective on saving isreversed from that in the foreignsaving-investment account in table 8,which highlighted foreigners' acquisi-tion of claims against the UnitedStates (net of U.S. claims on foreign-ers). In the NIPA foreign transactionsaccount, foreigners' net acquisitions of

financial assets and the net increasein foreign liabilities are subtractedfrom both sides; the resulting entryon the right side, termed "net foreigninvestment/' is equal to the net in-crease in liabilities of foreigners tothe United States less foreigners' netacquisition of financial assets that areU.S. liabilities.

The fifth account, the gross savingand investment account, is a consoli-dation of the saving-investment ac-counts of the three domestic sectors.On the left side, the entries for undis-tributed profits, personal saving, gov-ernment surplus, and capital con-sumption allowances are carried overdirectly from the sector accounts. Onthe right side, gross private domesticinvestment is the sum of businessplant and equipment purchases andthe change in business inventories. Inthe process of consolidation of the fi-nancial entries, financial assets thatrepresent claims on other domesticsectors cancel liabilities that repre-sent obligations to other domestic sec-tors, but claims on foreigners and li-abilities to them do not. Therefore,the last item on the left side of thegross saving and investment accountis net foreign investment—the Na-tion's net acquisitions of claims on

foreigners less the net increase in itsliabilities to them; it is the entry inthe foreign transactions account.

This overview of the NIPA systemtakes numerous shortcuts to simplifythe presentation. Most importantly, ithas assumed away both the treatmentof noncorporate business and the ad-justments necessary to convert thehistorical prices used in business ac-counting for inventories and deprecia-tion to the desired current-price valu-ation. It has also omitted the treat-ment of homeownership, nonprofit in-stitutions, government enterprises, fi-nancial institutions, secondhandgoods, and the several types of non-market transactions that are includedin the NIPA's. These topics will betaken up in a future paper.

The origin of the NIPA system'sconfiguration of accounts is pragmat-ic. The information presented was se-lected because of its importance foreconomic analysis. The NIP accountpreserves the detail of the businessappropriation account, but suppressesdetail on sector production accountsbecause production outside the busi-ness sector is limited. The householdappropriation account and the govern-ment appropriation account areshown separately because the behav-ior of these sectors is important ineconomic analysis. The first accountpresents information on the income,expenditures, and saving of consum-ers; and the second provides a govern-ment budget integrated with the restof the national economic accounts, Be-cause of the interest that attaches toforeign transactions, a separate for-eign account is presented, but no im-portant information is lost by the con-solidation of the foreign appropriationand saving-investment accounts.

In order to present a simple andeasily understood system centered onan unduplicated measure of produc-tion, the NIPA's do not show some in-formation that is useful in more spe-cialized analyses. This informationcan be found in other sets of accountsthat complement the NIPA's: Thecapital finance accounts and theinput-output accounts.

Capital finance accounting

The need for more information onsaving and investment than that pre-sented in the NIPA system is filled bycapital fihance accounting.

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Capital finance accounts presentthe information in the sector saving-investment accounts in such a way asto illuminate the process by which fi-nancial institutions and financialmarkets transform the economy's sav-ings into investment. By presentingconsiderably greater detail on bothsectors and types of financial assetsand liabilities than that shown in thesaving-investment accounts in table 8,these accounts show the funds avail-able to each sector from saving or bor-rowing, the transfer of funds amongsectors by lending and borrowing, andthe use of these funds for investment.

Table 11 illustrates the modifica-tions that are made to the saving-in-vestment accounts shown in table 8 insetting up capital finance accounts;these modifications reintroduce thekinds of detail suppressed in derivingthe saving-investment account of thebusiness firm in tables 6 and 7. The il-lustration is based on the businesssector account; similar modificationsare made in the accounts of other sec-tors. (1) The change in liabilities isadded to each side of the saving-in-vestment account to convert the leftside to investment and funds suppliedand the right side to saving and fundsraised. (2) The entries for net acquisi-tion of financial assets and net in-crease in liabilities are disaggregatedto show four types of financial instru-ments corresponding to the financialassets and liabilities shown in tables 1and 3: Deposits, the major constituentof cash positions; loans; securities, in-cluding both stocks and bonds, as wellas any short-term interest-bearingassets included in business cash posi-tions; and trade credit—accounts re-ceivable and payable. (3) The sector isdeconsolidated to show separate ac-

Table 12.—Accounts for Financial Instruments[Billions of dollars]

Deposits

Uses

Nonfinancial businessHouseholdGovernmentForeign

Funds supplied :

153532

55

Sources

Financial institutions 55

Funds raised . 55

Loans

Uses

Nonfinancial businessHouseholdGovernmentForeignFinancial institutions

Funds supplied

. . . . 1010

53

55

Sources

Nonfinancial businessHouseholdGovernmentForeignFinancial institutions

Funds raised

.. . 2024o92

55

Securities

Uses

Nonfinancial businessHouseholdGovernmentForeignFinancial institutions

Funds supplied

541

. 122

33

Sources

Nonfinancial businessHouseholdGovernmentForeign •Financial institutions

Funds raised . ;

60

154g

33

Trade Credit

Nonfinancial business..

Funds supplied..

Sources

Nonfinancial business..

Funds raised

counts for nonfinancial business andfor financial institutions.

In table 12, data from the modifiedsaving-investment accounts for allsectors are arranged to show theirtransactions in each type of financialinstrument. The left side of the ac-count for an instrument records thefunds supplied by the lending sectors;the right side records the funds raisedin this form by the borrowing sectors.The totals of the funds supplied andraised are equal.

Table 12 shows the nonfinancialsectors acquiring deposit balances—a

Table 13.—Capital Finance Matrix[Billions of dollars]

use of funds for lenders—and finan-cial institutions incurring deposit li-abilities—a source of funds for bor-rowers. For loans and securities, eachsector is shown as both lender andborrower, acquiring claims on othersectors by supplying funds—a use—and issuing liabilities to other sectorsby raising funds—a source. Tradecredit, in this illustration, is confinedto the nonfinancial business sector.

The role of financial intermediationis pictured completely only when theaccounts in tables 11 and 12 arebrought together in a matrix such as

^~~~ — — - _______^^ Sector

Transaction category - — — -____^^

Nonfinancial' Gross saving and gross investment

Plant and equipment purchasesChange in business inventories

Net fihancial investment:

Net acquisition of financial assets less net increase in

Financial: Net acquisition of financial assets and net in-crease in liabilitiesDepositsLoansSecuritiesTrade credit

Total uses and sources of funds

Nonfinancialbusiness

Uses

30

255

5

5

3015159

60

Sources

2525

35

2069

60

Household

Uses

15

15

3935040

39

Sources

1515

24

2400

39

Government

Uses

10

10

53110

5

Sources

1010

15

0150

5

Foreign

Uses

10

10

32010

3

Sources

1010

13

940

3

Financialinstitutions

Uses

10

10

75

53320

75

Sources

1010

6555280

75

All sectors

Uses

30

255

0

0

1525555339

182

Sources

3030

1525555339

182

Domestic sectors

Uses

30

255

10

10

1495355329

179

Sources

4040

1395546299

.^ ' 179

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that in table 13. This presentation isfashioned after the matrix summaryof the flow of funds accounts (FFA's)of the United States, prepared by theBoard of Governors of the Federal Re-serve System. In table 13, the sectorsaving-investment accounts are placedside by side. Each of the first fivepairs of columns of the matrix consti-tutes one of the sector saving-invest-ment accounts shown in tables 8 and11. (The foreign account reflects theperspective of foreigners, as in table8.) The last pair of columns in table13 shows the totals of saving and in-vestment for the domestic sectors. Itdiffers from the saving-investment ac-count in the NIPA's in that net acqui-sitions of financial assets and net in-crease in liabilities are entered sepa-rately on opposite sides of the ac-count.

The rows in the top portion of thematrix record nonfinancial transac-tions—gross saving, by sector, and thebusiness sector's plant and equipmentpurchases and change in inventories.The rows in the bottom portion recordfinancial transactions, by sector; eachof these rows constitutes an accountfor one of the financial instrumentsshown in table 12.

The middle rows of the matrix arein italics to indicate that the entriesin them are not included in the totalsof the columns. The rows show twoways of measuring net financial in-vestment. One is calculated from thenonfinancial transactions as grosssaving less gross nonfinancial invest-ment; that is,

Net financial investment=gross saving—gross nonfinancial

investment.

The other is calculated from the fi-nancial transactions as net acquisi-tion of financial assets less net in-crease in liabilities; that is,

Net financial in vestment=net acquisition offinancial assets

—net increase inliabilities.

Net financial investment measures asector's excess of lending to other sec-tors over its borrowing from them.

In this illustration, the householdsector is a net lender of $15 billion,with a preference for holding assetsin liquid form. The nonfinancial busi-ness sector is a net borrower of $5 bil-lion, with a preference for loans as a

source of funds. Financial institutionsintermediate between them, providingthe household sector the assets that itprefers—a deposit liability of finan-cial institutions—and providing thenonfinancial business sector with thetype of credit it desires.

Balance sheet accounting is an ex-tension of capital finance accounting.Balance sheet accounts, which areanalogous to the balance sheet of thebusiness firm introduced earlier, showthe total stocks of assets and liabil-ities for the sectors and for the

Nation. Revaluation accounts areneeded to record the capital gains(and losses) in order to reconcile thesaving-investment accounts with totalchanges in the balance sheet accountsover the accounting period, becausethe saving-investment accounts showonly part of the changes in the sec-tors' assets and liabilities.

The capital finance accounts de-scribed in this introduction differ inseveral respects from the FAA's ofthe Federal Reserve Board. Some ofthese differences relate to the precise

Table 14.—Gross Production Accounts for Three Industriesand for the Nonbusiness Sectors

[Billions of dollars]

Industry A

Uses

ConsumptionPurchased materials and services

Commodity ACommodity BCommodity CNoncomparable imports

Less: Change in raw materials inventoriesCommodity ACommodity BCommodity CNoncomparable imports

Value added

Charges against gross output

2396

10

. . . 1201

77

127

Sources

Sales of commodity ATo producers

Industry AIndustry B . . .Industry C .

To final users

Change in work-in-process and finished goodsinventories (commodity A)

Less' Imports of commodity A

Gross output

23. . . 35

1749

30

127

Industry B

Uses

ConsumptionPurchased materials and services

Commodity ACommodity BCommodity CNoncomparable imports . . . .

Less: Change in raw materials inventoriesCommodity A . . . .Commodity BCommodity CNoncomparable imports

Value added

Charges against gross output

354712o31o0

30

126

Sources

Sales of commodity BTo producers

Industry AIndustry B . .Industry C

To final users

Change in work-in-procinventories (commodi

Less: Imports of commc

Gross output

ess and finished goodsty B)dity B

9472642

20

126

Industry C

Uses

ConsumptionPurchased materials and services

Commodity ACommodity BCommodity CNoncomparable imports ,

Less: Change in raw materials inventoriesCommodity ACommodity BCommodity CNoncomparable imports

Value added

Charges against gross output

1726400

13oo

83

162

Sources

Sales of commodity CTo producers

Industry AIndustry BIndustry C

To final users

Change in work-in-procinventories (commod]

Less: Imports of commc

Gross output

ess and finished goodsty C))dity C

61240

104

oo

. . 162

Nonbusiness Sectors

Uses

ConsumptionPurchased materials and servicesLess: Change in raw materials inventories

Value added

Charges against gross output

oo

30

30

Sources

SalesTo producersTo final users

Change in inventoriesLess' Imports

Gross output .

045

015

30

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Table 15.—Input-Output Table[Billions of dollars]

— — _^_^^ Distribution of output

Composition of inputs ' — ~— _^____^^

Commodity A

Commodity B. .. . . . . .

Commodity C

Noncomparable imports ...

Nonbusiness product

Total intermediate inputs

Value added

G ' d t t t

Producers

Industry A

22

11

6

11

0

50

77

127

Industry B

38

46

12

0

0

96

30

126

Industry C

16

23

40

0

0

79

83

162

Nonbusi-ness

sectors

0

0

0

0

0

0

30

30

Totalintermedi-

ate use

76

80

58

11

0

Final demand

Sales tofinal users

49

42

104

0

45

240

Change ininvento-

ries

2

4

0

-1

0

5

Imports

0

0

0

-10

-15

25

Total finaldemand

51

46

104

-11

30

220

Grosscommodity

output

127

126

162

0

30

220

manner of sectoring, classification oftransactions, and the netting andgrossing of transactions; further, theFAA's do not follow the conventionthat all nonfinancial investment ismade by the business sector. Othertopics involved in the construction ofthe FAA's are combination versusconsolidation of accounts, valuation,and timing. These and other topicsare covered in the descriptions of theFAA's listed in the "Suggestions forFurther Reading."

Input-output accounting

Information on the flows of goodsand services that make up the produc-tion relationships among industries ismissing from the NIPA system, but isprovided by input-output (I-O) ac-counting. I-O accounting can beviewed as a deconsolidation, along de-tailed industry lines, of the nationalproduction account of table 8, with aseparate production account present-ed for each industry. Both the NIPA'sand the I-O accounts present GNP interms of final product flows (finaldemand, in I-O terminology) and interms of charges against GNP (valueadded, in I-O terminology). The dis-tinctive feature of the I-O accounts isthe presentation of detailed informa-tion for each industry on the con-sumption of purchased materials andservices that canceled in arriving atan unduplicated measure of produc-tion for the business sector in table 8and in the NIPA's. This detailed in-formation is presented in a matrix—an I-O table.

In the I-O table, each columnrecords the gross output of an indus-try and the inputs used by that indus-try in production; that is,

Gross industry output = consumption ofpurchasedmaterials andservices

+value added.

Each row records the gross outputof a good or service (commodity, in I-O terminology), the consumption ofthe commodity by producing indus-tries, and the final demand for thecommodity, where final demand con-sists of sales of the commodity to finalusers, the change in inventories of thecommodity held by both the produc-ing and consuming industries, less im-ports of the commodity; that is,

Gross commodity output = consumption byproducing industries

+sales to final users+change in

inventories—imports.

To illustrate the derivation of theI-O account, table 14 presents produc-tion accounts for the three hypotheti-cal industries—designated A, B, andC—that make up the business sector.Unlike the production accounts de-rived in table 4, these accounts intable 14 record production on a grossbasis; that is, consumption has notbeen subtracted from both sides. Forthe three nonbusiness sectors, table14 presents a single consolidated pro-duction account. In this account, salesto final users consist of sales of factorservices to consumers, to government,and to foreigners, and imports consistof purchases from foreigners of factorservices; charges against gross outputconsist entirely of value added. Inpractice, each nonbusiness sector isshown separately in the I-O table.

Several features of the illustrationin table 14 should be noted. (1) Each

industry produces a single commodityand that commodity is not producedby any other industry; thus, industryA produces commodity A, industry B,commodity B, and so on. (The morecomplex case of secondary products,where industries produce commoditiesthat are also produced by other indus-tries, is taken up later.) (2) The com-modities produced by industries Aand B are goods, which are inventor-iable; the commodity produced by in-dustry C is a service, which is not in-ventoried. (3) Firms in each industrypurchase inputs from other firms inthe same industry. (4) Industry A con-sumes an imported commodity in ad-dition to domestically produced com-modities. The import is designated asnoncomparable, signifying that no do-mestic counterpart exists. The treat-ment of comparable imports is takenup later.

Table 15 illustrates the constructionof the I-O table from the informationcontained in table 14. The first fourcolumns on the left side of the matrixrecord the consumption of purchasedmaterials and services, as well asvalue added, by the producing indus-tries. For each industry, consumptionis derived from the left side of the in-dustry's production account in table14 as the purchase of the commodityless the change in raw material in-ventory. Value added is also takenfrom the left side of the industry pro-duction account. The nonbusiness sec-tors have value added as their onlyinput.

Three columns, further to the right,record the components of finaldemand. Sales to final users are ob-tained from the right side of the pro-duction accounts in table 14. Toobtain the inventory entries, it is nec-essary to rearrange the information

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74 SURVEY OF CURRENT BUSINESS March 1985

Table 16.—Change in Inventories Wherever Held Derived From Industry Gross ProductionAccounts

[Billions of dollars]

^^"^^^^^ Industry

Commodity ^--^^^

Commodity A

Commodity B . . . .

Noncomparable imports

Total

Industry A

Rawmaterals

1

-2

1

-2

Work inprocess

andfinished

goods

3

0

0

3

Industry B

Rawmateri-

als

-3

1

0

2

Work inprocess

andfinished

goods

0

2

0

2

Industry C

Rawmateri-

als

1

3

0

4

Work inprocess

andfinished

goods

0

0

0

0

Total

2

4

-1

5

Table 17.—Derivation of GNP Originating byIndustry

[Billions of dollars]

Industry AIndustry BIndustry CNonbusiness sectors

Total

Grossoutput

(1)

12712616230

445

Con-sumption

ofmateri-als andservices

(2)

509679

0

225

GNPoriginat-

ing(l)-(2)

(3)

77308330

220

on inventory change shown in table14 to show the change in the invento-ries of each commodity whereverheld; this rearrangement is shown intable 16. The entries for the noncom-parable import are taken from theproduction account of industry A; thesum of the entries for consumptionand inventory change is offset by theentry in the import column so thatthe row total—gross commodityoutput—is zero, appropriately reflect-ing the fact that the commodity is notpart of domestic output. The output ofthe nonbusiness sectors consists ofsales to final users less imports.

The matrix presented in table 15 iscalled a use table and shows the con-sumption of each commodity and thecomposition of the inputs to each in-dustry. If a commodity were producedby two industries, the row totals ofgross commodity output and thecolumn totals of gross industry outputwould no longer correspond. For ex-ample, if $5 billion of commodity Awere produced by industry B insteadof industry A, the gross industryoutput of industry A would be $122billion instead of $127 billion and thatfor B would be $131 billion instead of$126 billion. In this case, a secondtable, called a make table, is com-piled, in which each row shows thecommodity composition of an indus-try's output and each column, the in-dustrial origin of the supply of a com-modity.

The treatment of a comparableimport in terms of the example is asfollows. If, instead of being a noncom-parable import, the import used by in-dustry A was comparable to commodi-ty B, industry A's entries in table 14for the consumption and inventorychange of commodity B would includethe import, and the entries for non-comparable imports would be zero.Likewise, in table 15, the disposition

of the import would be included inthe row for commodity B. In effect,the second and fourth rows would beadded together.

The U.S. I-O tables are in produc-er's prices. Trade margins and trans-portation costs incurred in the distri-bution of goods are not included inthe row entries for these commodities,but are shown as separate inputs toeach using industry and as separatesales to final users. The treatment oftransportation and trade can be illus-trated in table 15 by designating in-dustry C as trade and transportationservices. With this designation, therow entries for commodity C repre-sent the trade and transportationcosts associated with moving goodsfrom the producer to the purchaser,and the row entries for commoditiesA, B, and noncomparable imports arevalued at producer's prices.

A third way of measuring GNPmay be derived from the I-O table. Itis termed "GNP originating," or valueadded, by industry. In this derivation,which is illustrated in table 17, theGNP originating in each industry isestablished by subtracting consump-tion of materials and services fromgross output and then summing overall industries to obtain total GNP.GNP originating in each industry alsomay be established by the equivalentprocedure of summing income pay-ments and other costs.

This discussion of the I-O accountshas omitted a number of topics in-volved in the construction of themake and use tables and the deriva-tive I-O tables in which the flows aretransformed into the direct require-ments and total requirements thateach industry places on each other in-dustry in order to produce a unit ofoutput. These topics are covered inthe references listed in "Suggestionsfor Further Reading."

Suggestions for FurtherReading

The U.S. national income and prod-uct accounts are described in the fol-lowing: (1) Carol S. Carson andGeorge Jaszi, "The National Incomeand Product Accounts of the UnitedStates: An Overview," SURVEY OFCURRENT BUSINESS 61 (February1981): 22-34; (2) U.S. Department ofCommerce, Office of Business Eco-nomics, National Income, 1954 Edi-tion: a Supplement to the SURVEY OFCURRENT BUSINESS (Washington, DC:U.S. GPO, 1954), reprinted, along withlater supplements and revisions, inU.S. Department of Commerce,Bureau of Economic Analysis, Read-ings in Concepts and Methods of Na-tional Income Statistics (Springfield,VA: NTIS, 1976), NTIS Accession No.PB-248-690; (3) Studies in Income andWealth, vol. 22, A Critique of theUnited States Income and Product Ac-counts (Princeton, NJ: Princeton Uni-versity Press for the National Bureauof Economic Research, 1958); (4) JohnW. Kendrick (Assisted by Carol S.Carson), Economic Accounts andTheir Uses (New York: McGraw Hill,1972); (5) Carol S. Carson, "The Histo-ry of the United States NationalIncome and Product Accounts: Devel-opment of an Analytical Tool,"Review of Income and Wealth 21(June 1975): 153-181; and (6) Studiesin Income and Wealth, vol. 47, TheU.S. National Income and Product Ac-counts: Selected Topics (Chicago: Uni-versity of Chicago Press for the Na-tional Bureau of Economic Research,1983).

(Continued on p.76)

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Constant-Dollar Inventories, Sales, and Inventory-Sales Ratios for Manufacturing andTrade

Tables 1, 2, and 3 present constant-dollar inventories, sales, and inven- sents monthly inventories for manufacturing by stage of fabrication,tory-sales ratios, respectively, quarterly and monthly. Table 4 presents Quarterly estimates for 1981:1 to 1984:11, and monthly estimates for 1984quarterly constant-dollar fixed-weighted inventory-sales ratios, i.e., ratios were published in the September 1984 SURVEY OF CURRENT BUSINESS.obtained by weighting detailed industry ratios by 1972 sales. Table 5 pre-

Table 1.—Manufacturing and Trade Inventories in Constant Dollars,Seasonally Adjusted, End of Period

[Billions of 1972 dollars]

Manufacturing and trade

Manufacturing

Durable goodsPrimary metalsFabricated metalsMachinery, except electricalElectrical machineryTransportation equipment

Motor vehiclesOther ...

Other durable goods1

Nondurable goodsFood and kindred productsNonfood

Paper and allied productsChemicals and allied prod-

uctsPetroleum and coal prod-

uctsRubber and plastic products-Other nondurable goods2

Merchant wholesalers

Durable goodsNondurable goods

Groceries and farm productsOther nondurable goods

Retail trade

Durable goodsAuto dealersOther durable goods

Nondurable goodsFood storesOther nondurable goods

HI

276.1

1449

97912 110422.517.419.447

147159

47011.33584.4

9.4

3.23.2

15.5

59.4

39020.58.1

12.3

71.8

31.814517.34007.7

32:3

IV

279.0

1449

98611810822.817.719.64.9

148160

46211.13524.5

9.2

3.23.1

15.3

60.3

39620.78.2

12.6

73.8

33.415717.74047.8

32.6

Aug.

274.3

144 0

97212 110322.517.219.247

145159

46811.43544.4

92

323.2

15.4

58.8

38420.48.2

12.3

71.5

31.514217.34007.7

32.3

1984

Sept.

276.1

144 9

97912110422.517.419.447

147159

47011.3358

4.4

9.4

3.23.2

15.5

59.4

39020.58.1

12.3

71.8

31.814517.34007.7

32.3

Oct/

277.6

1453

98512010622.817.719.648

148160

46711.03574.5

9.4

3.23.1

15.5

59.6

39020.68.2

12.4

72.7

32.415017.4403

7.732.6

Nov.

278.3

145 i

98711910722.917.719.64.8

14815.9

46411.035.44.5

9.2

3.23.1

15.4

60.3

39.420.9

8.412.5

72.8

32.715417.44017.8

32.3

Dec.

279.0

144.9

98611810822.817.719.64.9

14816.0

46.211.135.24.5

9.2

3.23.1

15.3

60.3

39.620.78.2

12.6

73.8

33.415.717.74047.8

32.6

1985

Jan."

280.2

145.1

99111.510723.118.019.74.8

14916.1

46.011.135.04.5

9.0

3.13.0

15.2

60.5

39.820.78.1

12.6

74.7

34.216.218.04047.9

32.6

See footnotes to table 4.

Table 3.—Constant-Dollar Inventory-Sales Ratios for Manufacturingand Trade, Seasonally Adjusted

[Ratio, based on 1972 dollars]

Manufacturing and trade

Manufacturing

Durable goodsPrimary metalsFabricated metalsMachinery, except electricalElectrical machineryTransportation equipment

Motor vehiclesOther

Other durable goods l

Nondurable goodsFood and kindred products ...Nonfood

Paper and allied productsChemicals and allied prod-

uctsPetroleum and coal prod-

uctsRubber and plastic products-Other nondurable goods 2

Merchant wholesalers

Durable goodsNondurable goods

Groceries and farm productsOther nondurable goods

Retail trade

Durable goodsAuto dealersOther durable goods...

Nondurable goodsFood storesOther nondurable goods

Ill

1.55

1 79

2142792272.422011.98

68521177

1 33.98

1491.45

141

1071.701.67

1.36

1.9088.66

1.14

1 34

1591321911.19

741.39

IV

1.55

1 77

2 112772162.392021.94

68502176

131.97

1481.45

138

1091.641.66

1.37

1.9388.65

1.15

1 36

1621401891.20

761.39

Aug.

1.53

1 76

2092692222.441991.84

62513174

1331.011481.44

137

1 091.731.64

1.34

1.8888.65

1.14

1 34

1581301911.20

771.39

1984

Sept.

1.55

1 80

2 152952 282.321982.06

72510178

134.99

1 511.47

144

1 051.721.67

1.37

1.9089.66

1.16

1 33

1581331891.18

731.37

Oct/

1.56

1 80

2 152752 212.432091.99

70508175

1 34.96

1 521.46

141

1 111.771.69

1.37

1.8890.69

1.13

136

1.611361901.21

741.42

Nov.

1.55

1 78

2112742 122.352081.93

65523176

133.97

1.501.46

141

1.121.591.69

1.37

1.9289.66

1.16

1 35

1.601381861.19

771.38

Dec.

1.53

1 74

2072902112.391901.87

66479176

129.95

1.461.43

1.36

1.071.631.62

1.36

1.9786.62

1.14

1 34

1581 361851.19

761.37

1985

Jan."

1.55

1 78

2102712032.662.091.73

57507180

133.97

1.511.49

136

1.181.671.70

1.36

1.9187.64

1.14

1 36

1.641391941.19

761.38

Table 2.—Manufacturing and Trade Sales in Constant Dollars,Seasonally Adjusted Total at Monthly Rate

[Billions of 1972 dollars]

Manufacturing and trade

Manufacturing

Durable goodsPrimary metalsFabricated metalsMachinery, except electricalElectrical machineryTransportation equipment

Motor vehiclesOtherOther durable goods *

Nondurable goodsFood and kindred productsNonfood

Paper and allied productsChemicals and allied prod-

uctsPetroleum and coal prod-

uctsRubber and plastic products..Other nondurable goods 2

Merchant wholesalers

Durable goodsNondurable

Groceries and farm productsOther nondurable goods

Retail trade

Durable goodsAuto dealersOther durable goods

Nondurable goods ,Food storesOther nondurable goods

Ill

178.6

81.1

45.74.44.69.3879.8702.89.0

35.411.423.93.1

67

301.99.3

43.8

20523212.410.8

53.7

20011.090

33.710323.3

IV

180.2

82.0

46.84.35.09.58.8

10.1722.99.1

35.211.523.73.1

6.6

2.91.99.2

44.0

20523.512.610.9

54.3

20611.294

33.710323.4

Aug.

178.9

81.9

46.64.54.69.28.7

10.47.62.89.1

35.311.324.03.1

6.7

3.01.89.4

43.8

20.523.312.610.7

53.2

20.010.99.0

33.310.123.2

1984

Sept.

178.3

80.7

45.64.14.69.78.89.46.52.99.0

35.111.423.83.0

6.5

3.11.89.3

43.5

20.523.012.310.7

54.1

20.110.99.2

34.010.423.6

Oct/

178.1

80.9

45.94.44.89.48.59.86.92.99.1

35.011.423.63.1

6.6

2.91.89.2

43.7

20.822.911.911.0

53.5

20.211.09.2

33.410.423.0

Nov.

179.7

81.7

46.84.45.19.78.5

10.17.32.89.0

34.911.323.53.1

6.5

2.91.99.1

44.0

20.523.512.810.7

54.1

20.511.19.3

33.610.223.5

Dec.

182.7

83.3

47.64.15.19.59.4

10.57.43.19.1

35.711.624.23.1

6.7

3.01.99.4

44.3

20.124.213.211.0

55.1

21.111.69.5

34.010.323.7

1985

Jan."

181.1

81.7

47.14.25.38.78.6

11.48.52.98.9

34.511.423.13.0

6.7

2.71.89.0

44.5

20.823.712.711.0

54.9

20.911.69.3

34.010.423.5

See footnotes to table 4.

Table 4.—Fixed-Weight Constant-Dollar Inventory-Sales Ratios forManufacturing and Trade, Seasonally Adjusted

[Ratio, based on 1972 dollars]

Manufacturing and trade

Manufacturing

Durable goodsNondurable goods

Merchant wholesalers

Durable goodsNondurable goods

Retail trade

Durable goodsNondurable goods . . .

I

1.53

1.77

2161.32

1.33

1.9186

1.27

1.611.11

19

II

1.52

1.79

2.171.34

1.30

1.8485

1.24

1.531.10

84

III

1.55

1.82

2.201.38

1.35

1.9289

1.27

1.561.12

IV

1.55

1.79

2.161.36

1.37

1.9689

1.28

1.601.13

r Revised." Preliminary.1. Includes lumber and wood products; furniture and fixtures; stone, clay, and glass products;

instruments and related products; and miscellaneous manufacturing industries.2. Includes tobacco manufacturers; textile mill products; apparel products; printing and

publishing; and leather and leather products.NOTE.—Manufacturing inventories are classified by the type of product produced by the

establishment holding the inventory. Trade inventories are classified by the type of product soldby the establishment holding the inventory.

Table 4: The I-S ratios shown in this table were obtained by weighting detailed industry I-Sratios by 1972 sales. For manufacturing, 21 industries were used; for merchant wholesalers, 20kinds of business; and for retail trade, 8 kinds of business.

See footnotes to table 4.

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76 SURVEY OF CURRENT BUSINESS March 1985

Table 5.—Manufacturing Inventories by Stage of Fabrication in Constant Dollars, Seasonally Adjusted End of Period[Billions of 1972 dollars]

1984

III IV Aug. Sept. Oct/ Nov. Dec.

1985

Jan."

Materials and supplies

Manufacturing 49.6 49.1

Durable goods 30.7 30.5Primary metals 4.4 4.2Fabricated metals 4.4 4.5Machinery, except electrical 6.8 6.7Electrical machinery 4.8 4.8Motor vehicles 2.4 2.5Other transportation equipment 2.3 2.3Other durable goods1 5.5 5.4

Nondurable goods 19.0 18.5Food and kindred products 4.0 4.0Paper and allied products 2.4 2.3Chemicals and allied products 3.4 3.4Petroleum and coal products .9 .9Rubber and plastic products 1.2 1.1Other nondurable goods2 , 7.1 6.8

Work-in-process

Manufacturing 50.4 50.7

Durable goods 43.2 43.6Primary metals..... 4.4 4.3Fabricated metals 3.5 3.6Machinery, except electrical 9.3 9.3Electrical machinery 9.2 9.3Motor vehicles 1.5 1.6Other transportation equipment 11:0 11.1Other durable goods1 4.4 4.4

Nondurable goods 7.2 7.1Food and kindred products 1.0 .9Paper and allied products .5 .5Chemicals and allied products 1.5 1.4Petroleum and coal products .6 .6Rubber and plastic products .5 .5Other nondurable goods2 3.0 3.1

Finished goods

Manufacturing 44.9 45.1

Durable goods 23.9 24.5Primary metals 3.3 3.3Fabricated metals 2.5 2.6Machinery, except electrical 6.4 6.7Electrical machinery 3.5 3.6Motor vehicles .8 .8Other transportation equipment 1.4 1.4Other durable goods1 6.1 6.1

Nondurable goods 20.9 20.6Food and kindred products 6.3 6.2Paper and allied products 1.6 1.6Chemicals and allied products 4.5 4.4Petroleum and coal products 1.7 1.7Rubber and plastic products 1.4 1.4Other nondurable goods2 5.5 5.4

49.4

30.54.44.46.74.82.32.35.5

18.94.02.33.4

.91.27.0

50.1

42.94.43.49.39.01.6

10.84.4

7.21.0.5

1.5.7.5

3.1

44.5

23.83.32.46.43.5.8

1.46.0

20.76.31.64.31.71.55.3

49.6

30.74.44.46.84.82.42.35.5

19.04.02.43.4

.91.27.1

50.4

43.24.43.59.39.21.5

11.04.4

7.21.0.5

1.5.6.5

3.0

44.9

23.93.32.56.43.5

.81.46.1

20.96.31.64.51.71.45.5

49.5

30.74.4"4.56.64.82.52.45.5

18.84.02.33.5

.91.17.0

50.7

43.64.33.69.49.31.6

11.04.4

7.1.9.5

1.4.7.6

3.0

45.0

24.33.32.56.73.6

.81.46.1

20.86.11.64.41.71.55.5

49.1

30.44.44.56.64.82.52.35.4

18.73.92.43.5

.91.16.9

4.33.79.59.31.5

11.14.5

7.1.9.5

1.4.7.5

3.1

45.1

24.43.22.56.93.5

.81.56.0

20.66.21.64.41.71.45.4

49.1

30.54.24.56.74.82.52.35.4

18.54.02.33.4

.91.16.8

50.7

43.64.33.69.39.31.6

11.14.4

7.1.9.5

1.4.6.5

3.1

45.1

24.53.32.66.73.6

.81.46.1

20.66.21.64.41.71.45.4

49.1

30.44.14.46.74.82.52.35.5

18.74.02.43.4

.91.16.9

50.9

43.94.13.69.59.51.6

11.14.5

7.0.9.5

1.5.6.5

3.0

45.1

24.83.32.66.93.7

.81.46.1

20.36.21.74.21.61.45.3

See footnotes to table 4.

The U.S. flow of funds accounts arediscussed in Board of Governors ofthe Federal Reserve System, Introduc-tion to Flow of Funds (Washington,DC: Board of Governors of the Feder-al Reserve System, June 1980) andthe references therein.

The U.S. input-output accounts aredescribed in the following: (1) U.S. De-partment of Commerce, Bureau ofEconomic Analysis, Definitions andConventions of the 1972 Input-OutputStudy, BEA Staff Paper SP80-034 byPhilip M. Ritz, (July 1980); (2) Interin-

dustry Economics Division, "TheInput-Output Structure of the U.S.Economy, 1977," SURVEY OF CURRENTBUSINESS 64 (May 1984): 42-84, andthe references therein.

Recent descriptions of alternativesets of national economic accounts arethe following: (1) Richard Ruggles andNancy D. Ruggles, 'Integrated Eco-nomic Accounts for the United States,1947-80," SURVEY OF CURRENT BUSI-NESS 62 (May 1982): 1-53, and "Inte-grated Economic Accounts: Reply,"SURVEY OF CURRENT BUSINESS 62 (No-

vember 1982): 36-53; and (2) RobertEisner, "The Total Incomes System ofAccounts," SURVEY OF CURRENT BUSI-NESS 65 (January 1985): 24-48.

The United Nations System of Na-tional Accounts is an internationalstandard for national economic ac-counting systems. It is specified in De-partment of Economic and Social Af-fairs, Statistical Office of the UnitedNations, Studies in Methods, Series FNo. 2, Rev. 3, A System of NationalAccounts, (New York: United Nations,1968).

U.S. GOVERNMENT PRINTING OFFICE: 1985 0 - 471-438 : OL 3

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Page 79: SCB_031985

CURRENT BUSINESS STATISTICS

The statistics here update series published in BUSINESS STATISTICS: 1982, a statistical supplement to the SURVEY OF CURRENT BUSINESS. That volume(available from the Superintendent of Documents for $8.00, stock no. 003-010-00124-1) provides a description of each series, references to sources of earlierfigures, and historical data as follows: For all series, monthly or quarterly, 1979 through 1982, annually, 1961-82; for selected series, monthly or quarterly,1961-82 (where available).

The sources of the series are given in BUSINESS STATISTICS: 1982; they appear in the main methodological note for each series, and are also listedalphabetically on pages 135-136. Series originating in Government agencies are not copyrighted and may be reprinted freely. Series from private sourcesare provided through the courtesy of the compilers, and are subject to their copyrights.

Unless otherwise stated in footnotesbelow, data through 1982 and ,T ..

methodological notes are as shown in ts

BUSINESS STATISTICS:, 1982

Annual

1983 1984

1984

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

1985

Jan. Feb.

GENERAL BUSINESS INDICATORS

PERSONAL INCOME BY SOURCE fSeasonally adjusted, at annual rates:

Total personal income ......... : ......... . ............... bil. $ .Wage and salary disbursements,

total ........................................... ............... do ...Commodity-producing industries,

total ...................................................... do ...Manufacturing ....................................... do...

Distributive industries ............................. do...Service industries .................... . ................. do...Govt. and govt. enterprises ...................... do...

Other labor income ....................................... do...Proprietors' income: $

Farm ............................................................ do ....Nonfarm....: ................................................. do....

Rental income of persons with capitalconsumption adjustment ....................... bil. $ ..

Dividends ........................................................ do ....Personal interest income ............................. do...,Transfer payments ............ . ........................... do ....Less: Personal contributions for

social insurance ......................................... do....Total nonfarm income ........... . .......................... do...,DISPOSITION OF PERSONAL INCOME t

Seasonally adjusted, at annual rates:Total personal income ................ . .................. bil. $..Less: Personal tax and nontax

payments ......................................................... do....Equals: Disposable personal income ................ do ....Less: Personal outlays .......................... : .......... do....

Personal consumption expenditures ......... do....Durable goods ......................................... do...,Nondurable goods ..... . ............................ do....Services .............................................. ...... do....

Interest paid by consumers tobusiness ................................................ do ....

Personal transfer payments toforeigners (net) ................................... do....

Equals: personal saving .............. . .................... do....Personal saving as percentage of disposable

personal income § .................................. percent..Disposable personal income in constant (1972)

dollars ....................................................... bil. $ ..Personal consumption expenditures in

(1972) dollconstant (1972) dollars .............................. do....Durable goods ................................................ do....Nondurable goods ............................ . ............. do ....Services ........................................................... do ....

Implicit price deflator for personal consumptionexpenditures .............................. index, 1972=100..

INDUSTRIAL PRODUCTIONFederal Reserve Board Index of Quantity Output

Not Seasonally AdjustedTotal index ................................................. 1967 = 100..By industry groupings:

Mining and utilities ........... .. ............................. do....Manufacturing ................................................... do....

Nondurable manufactures ................... . ....... do....Durable manufactures ................................. do....

Seasonally AdjustedTotal index .............. . .............................................. do ....By market groupings:

Products, total ................................................... do....Final products ................. i .............................. do...,

Consumer goods-. ........................................ do...,

2,744.2

1,659.2

519.3395.2398.6413.1328.2173.1

13.8107.9

70.3376.3405.0

119.62,701.1

2,744.2

404.22,340.12,222.02,155.9

279.8801.7

1,074.4

65.1

1.0118.1

5.0

1,095.4

1,009.2157.5376.3475.4

213.6

147.6

142.9148.2168.1134.5

147.6

149.2147.1151.7

3,012.1

1,804.0

569.3433.9432.0452.9349.8195.5

28.2126.2

62.577.7

433.7416.7

132.52,954.3

3,012.1

435.32,576.82,420.72,341.8

318.8856.9

1,166.2

77.8

1.2156.1

6.1

1,169.0

1,062.4178.1393.6490.8

220.4

163.3

152.0164.8179.4154.7

163.3

164.7162.7161.7

2,897.4

1,747.6

552.3421.1418.2436.1341.0186.3

30.1120.7

61.174.0

396.6410.2

129.12,838.3

2,897.4

415.22,482.22,360.62,288.8

317.6850.6

1,120.6

70.6

1.2121.6

5.6

1,141.8

1,052.8177.5391.3484.0

217.4

154.3

158.4153.9166.8145.0

158.5

159.7157.5159.5

2,923.5

1,755.1

557.4425.2417.7437.1342.9188.1

36.5122.9

60.875.0

403.8410.9

129.52,857.9

2,923.5

419.02,504.52,340.92,267.6

308.8837.6

1,121.2

72.2

1.2163.6

6.1

1,149.2

1,040.4!172.3386.0482.1

217.9

160.2

152.7161.2175.4151.3

160.0

160.41158.0'159.4

2,940.6

1,764.6

558.2427.5421.6440.4344.4189.9

30.9123.8

61.276.0

411.4412.8

130.12,880.5

2,940.6

420.82,519.72,347.32,273.2

306.4835.6

1,131.3

73.0

1.2172.4

6.5

1,151.8

1,039.1171.2383.8484.2

218.8

161.5

149.1163.2177.1153.6

160.8

161.1158.6160.2

2,968.5

1,785.3

565.1431.8426.9447.4345.9191.7

25.4125.7

61.676.9

418.4414.9

131.32,913.8

2,968.5

425.02,543.52,385.12,310.1

309.7855.3

1,145.1

74.0

1.0158.4

6.1

1,160.4

1,053.9172.9393.7487.2

219.2

161.2

145.6163.3177.6153.4

162.1

162.5160.2161.4

2,978.8

1,789.8

566.3431.7428.4447.8347.3193.5

21.4126.2

62.077.1

425.6414.8

131.52,928.1

2,978.8

429.62,549.22,417.12,340.1

325.4860.0

1,154.8

75.9

1.0132.1

5.7

1,163.1

1,067.7180.9397.3489.4

219.2,

161.8

145.5164.0178.7153.8

162.8

163.31161.1161.7

3,006.5

1,804.3

569.6433.3433.2452.7348.8195.3

23.5127.1

62.477.6

432.9415.9

132.52,953.5

3,006.5

436.32,570.22,426.32,347.9

326.9859.7

1,161.2

77.3

1.0143.9

5.6

1,172.4

1,071.0182.0399.0490.0

219.2

167.5

152.5169.5185.9158.2

164.4

165.31163.1 i163.0

3,027.7

1,812.4

571.2435.0435.9454.8350.5196.7

26.5126.0

62.678.0

441.4417.1

133.02,971.6

3,027.7

2,589.02,430.22,350.5

320.2859.2

1,171.1

78.6

1-1158.7

6.1

1,174.3

1,066.1178.4396.1491.5

220.5

162.6

156.8163.5179.7152.3

165.9

167.4165.2163.8

3,045.8

1,816.9

574.1437.5434.3455.8352.6198.1

27.4126.1

62.978.2

449.5419.9

133.32,988.5

3,045.8

440.42,605.42,431.12,350.1

313.2853.5

1,183.4

79.9

1.1174.3

6.3

1,174.7

1,059.5174.8391.1493.6

221.8

168.0

158.8169.0186.9156.6

166.0

167.2165.1162.5

1,829.1

574.8436.8439.0461.3354.1199.5

28.0127.1

63.379.4

457.1418.7

134.13,010.2

3,068.3

443.42,624.92,465.62,383.7

318.2871.6

1,193.8

80.9

1.1159.2

'6.4

1,180.7

1,072.2177.8399.1495.3

170.1

155.1172.0189.1160.1

165.0

166.4164.6161.6

'3,079.3

1,830.9

575.2438.1438.7461.8355.1201.0

29.1r 129.3

r63.779.8

r456.8422.8

134.2'3,019.9

'3,079.3

'446.0'2,633.3'2,461.6'2,378.1

318.1862.6

1,197.4

82.1

P1.5171.6

6.3

1,181.5

1,067.0178.3392.4

'496.3

222.9

168.0

146.2170.6185.7160.1

164.4

166.9165.2161.6

'3,097.5

1,847.2

580.8442.5443.5466.2356.7202.5

28.0129.6

'64.180.2

r456.0425.1

135.2'3,039.0

'3,097.5r451.8

'2,645.7'2,480.9'2,395.9

324.3864.6

1,206.9

83.5

1.5164.9

r6.2

1,186.3

1,074.3181.7394.4

'498.2

'223.0

164.6

149.2166.2179.1157.3

164.8

167.7166.2162.6

1,864.9

'586.7'446.8'447.0'472.9'358.4203.9

'31.0130.2

'64.580.5

'455.5'417.6

136.3'3,050.1

'3,111.8

'457.2'2,654.52,502.1

'2,415.5'336.4'872.2

1,206.9

'85.1

1.5

152.5

'5.9

1,192.3

1,085.0188.8'398.3'497.9

'222.6

160.1

153.7160.8170.3154.3

165.0

168.3167.0162.5

'3,130.9

1,873.0

'589.6448.2

'446.4'473.8'363.2205.1

'26.1133.2

'64.681.0

'456.8437.0

145.8'3,074.2

'3,130.9

'457.5'2,673.3'2,521.0'2,433.7

'334.0'875.7

1,223.9

'86.1

1.2152.3

5.6

1,192.9

1,085.9186.9397.6501.4

224.1

"161.2

"160.6"161.3"171.1"154.5

"165.5

"168.5"167.2"162.9

3,141.2

1,881.5

589.0447.1449.4477.6365.5206.3

22.5134.1

64.781.4

458.2

146.43,088.3

3,141.2

460.82,680.42,540.12,451.9

334.7886.7

1,230.5

87.0

1.2140.3

164.7

156.2166.0177.3158.3

164.7

167.9166.7161.9

See footnotes at end of tables.

S-l

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

Page 80: SCB_031985

S-2 SURVEY OF CURRENT BUSINESS March 1985

Unless otherwise stated in footnotesbelow, data through 1982 and .. ..

methodological notes are as shown in umis>BUSINESS STATISTICS: 1982

Annual

1983 1984

1984

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

1885

Jan. Feb.

GENERAL BUSINESS INDICATORS—Continued

INDUSTRIAL PRODUCTION— ContinuedSeasonally Adjusted— Continued

By market groupings — ContinuedFinal products — Continued

Durable consumer goods 1967 = 100...Automotive products do ....

Autos and utility vehicles do....Autos do

Home goods do. .Nondurable consumer goods do....

Consumer staples do....Consumer foods and

Nonfood staples doEquipment . do

Business equipment . . . d oIndustrial equipment # do ....

Building and miningequip do

Manufacturing equip-ment do

Commercial, transit, farmequipment # do....

Commercial equipment do . . . .Transit equipment do....

Defense and space equipment do....Intermediate products do .

Construction supplies do....

Materials doDurable goods materials . doNondurable goods materials do....Energy materials do

By industry groupings:Mining and utilities .do

Mining doMetal mining doCoal doOil and gas extraction # do ....

Crude oil do

Stone and earth minerals do ....Utilities do

Electric doManufacturing do

Nondurable manufactures do ....Foods doTobacco products doTextile mill products do ....Apparel products doPaper and products do....Printing and publishing do ....Chemicals and products doPetroleum products do

Leather and products doDurable manufactures do

Ordnance, pvt. and govt do ....Lumber and products . do

Clay glass and stone products doPrimary metals do

Iron and steel doNonferrous metals do

Fabricated metal products doNonelectrical machinery doElectrical machinery do....Transportation equipment do ....

Motor vehicles and parts do...Instruments . . . do

BUSINESS SALESMfs and trade sales (unadi ) total @ mil $Mfg. and trade sales (seas, adj.),

total @ doManufacturing total "("(" do

Durable goods industries doNondurable goods industries do

Retail trade total f doDurable goods stores do ..Nondurable goods stores do

Merchant wholesalers total "I" doDurable goods establishments doNondurable goods establishments do ..

Mfg. and trade sales in constant (1972)dollars (seas adj ) total § bil $

Manufacturing .. . doRetail trade doMerchant wholesalers do

147.5158.2134.011741414153.4

163.7

153 5175414081533120.4

1593

107 1

191.3273.2

95.2119.9156.6142.5170 714521386174.51248

142.91166809

1363116.6951947

122.8172419601482168.11564112 1140.8

164.3152.521501203291 961 9

1345954

1372170 5143485471 5

110 11202150 6185.5117.8137.11587

4 405 156

1 4 405 1561 2 047 4001 021 5141 025 886

1 1 173 966385,141788 825

1 1 183 790504 810678,980

162.0181.3158.11353151.1161.6

171.6

16071842164 11810140.6

1876

1274

227.7325.2115.4135.7172.3158.818571612161 6184.31314

152.01257917

1558121.7957

145.0181.420551648179.416321152138.5

174.4169.622821244331 8

59 9154710351488190 21596952798

122 31376181 6217.5137.6165.71742

4 910 966

1 4 910 9661 2 273 3011 183 6721 089 629

1 1 293 997451,363842 634

1 1 343 geg599 871743,797

163.4184.5163.31407151 51579

166.5

156 5178215491707133.7

1851

1197

213.3303.2110.1128.3167.8

1 155.5180 115661546181.2131 3

151.41248894

1515123.1964996

134.8181020681595175.215941164143.9

1723163.4221511880-17 o

61 41486997

1460183 81578932807

117413171695206.2134.9166.31678

367 603

401 133184 4069528389 123

106 60237,12769 475

110 1254785562,270

175379453.2428

162.5182.1162.21404151.5158.2

166.9

156817871561171.9134.6

1820

1209

215.1305.9110.1129.5169.0156.618131594158.6184.11310

148.9124 1974

1632119.6946992

1.33.0176.520001614177.21600110 9142.3

176.6164.822481276318 563 9

1505996

1456185 61604984860

121313281709209.9135.2164.41686

383 524

398 815185 00596 29788708

105 48236,90968 573

108 3284730861,020

17479452.841 9

163.1184.1164.1142.4151.3159.1

168.0

157 618011564172.1134.8

175.2

1242

215.3306.9109.2130.1170.2159.11813160.4159.5185.9131.3

150.41238100.0164.0118.2935

1007135.8180.020461621177.61612111 8143.5

173.8165.222501270323 8

63 91514100.61493184 61602975844

122513491719212.0135.8165.81697

417 312

401,905188 4799699091 489

103 87335,30668567

109 5534845461,099

174480.351.9422

162.2180.9158.4134.5151.7161.1

170.2

16041816158.5173.5135.9

173.6

1262

217.0309.6108.9133.2171.0

. 159.61823161.5161.3185.7132.1

151.3123.3

98.5151.4118.8

97.01009140.4182.7207.71634179.1163 1113 3140.0

172.4166.322831268328 063 5

1526101.41512186 61600993840

122913551749214.6134.5161.91710

401 673

405,880187 3329569791 635

107 50537,43670069

111 0434936661,677

175979.753.4428

161.4179.8155.9132.9151.1161.8

171.6

161 0183.9160.3176.5138.5

182.9

127.4

220.5315.5109.7133.1171.6159.51835162.0161.6187.4131.9

152.11250

98.0153.9120.4957

1002144.0182.320681642179.91642112 8140.5

1741167.522791279334 161 4

1533100.81463190 51606982835

121 413651788214.5135.0163.01718

423 493

412,725189 3769794491432

108 23737,91270325

11511251 18863,924

179580854.3444

163.6184.3158.7136.2152.0162.7

173.2

161 9186.3163.3181.1140.4

185.8

128.6

228.1326.3115.1133.5173.5160.91861162.9163.0186.7133.2

154.1127.0

96.8161.5121.695.5

1005147.9184.3209.6165.7181.3165 1118 3140.7

174.6169.02310127 5341 0600

154.9101.7148.5191 91597

97.9835

1221138.71820216.0137.2165.31745

429 613

414,124190 4019904291 359

109 32238,68770635

1144015221262,189

180381.254.7444

163.7185.0161.1138.7151.8163.9

174.5

162 9188.0167.0185.5143.1

190.0

130.1

234.5333.4120.4135.9175.8161.91895163.5164.2186.5133.7

154.4129.9

96.4176.5122.8

96.5978

151.9181.8205.9167.3181.8164.9115 1139.8

176.7172.623201247341 460 6

157.2102.7146.0192 61609

94.576.5

1317140.61869221.5140.6169.0176.7

392 505

411,410190 6589839092268

107 44237,45269990

1133105087562,435

178680.853.744' 0

162.6181.8159.2

V134.3151.9162.4

172.7

161 8185.4168.7187.6143.3

191.6

129.7

238.9339.2124.5136.8175.1160.91891164.0165.3186.7133.0

153.0128.3

83.4171.7122.595.8974

153.5180.6204.0167.6181.7164.71138140.3

176.7173.12316124.3341 5591

157.8105.5148.819531600

94.477.7

1243140.0189 1221.5141.0169.6177.4

414 413

411,176192,006101 03590971

106 60636,78169825

1125645060561,959

178981.953.2438

159.6173.0145.6121.1152.0162.4

173.1

1621185.9168.9186.4143.5

190.7

129.8

235.9336.5121.4139.5173.0158.2187.6162.8164.3184.0132.7

153.3128.7

84.5173.7122.4

96.8969

154.6180.9204.4166.6180.3164.3113 1135.4

177.5170.5230.8122.6338 4579

157.1107.1149.219431580

94.177.5

124.3139.5187.9222.8137.6162.4178.5

410 746

410,505190,1519894391208

108,24037,04671 194

112 1145049861,616

178380.754.435

158.7171.9145.0123.6151.4162.7

173.8

162.4187.0170.1187.3145.3

194.6

131.0

235.8338.5117.8141.1173.4158.6188.0160.4162.9182.1127.6

150.5123.691.2

127.8122.695.098.6

147,8180.6203.8166.2179.4164.01195133.3

173.5172.3228.0122.9338 6

55.0157.1107.7152.6194 7160.1

92.774.6

124.8140.7187.7222.3137.2161.7176.5

424 164

410,621190,521100 42790,094

108,73338,41370320

111 3675058860,779

178.180.953.543.7

161.5i84:i161.5138.9

148.9163.0

173.9

161.2188.6171.2188.4

145.6

197.2

129.9

'237.9'342.1118.2

142.2173.1156.9189.2160.4162.3

181.9129.4

153.1124.8'87.5134.4

123.8r96.199.6

147.5184.7209.1

166.6179.6162.91174

132.0

173.0174.0

'230.2124.0

'332255.9

157.6108.6152.2

192 1159.0'91.573.9

121.8139.0188.9'222.5141.3170.8177.5

418 001

414,523191,978101 77890,200

110,39739,15871,239

112,14850,35161,797

179.7'81.754.44.0

161.3185.6164.7142.5

147.7163.0

173.7

162.6186.6173.1189.9147.0

199.8

130.9

'239.4r344.7119.6144.8173.1157.0189.1159.9161.3180.7130.7

152.0124.4'76.6142.1123.5r96.1

146.0182.7'205.7166.9179.7164.0121.5

131.0

173.4173.4'229.2120.3

'56.4158.0108.3150.8191 6157.5'88.1'72.1

116.6141.0189.3'225.4143.2171.7

180.3

'430 608

'418,513195,487103,681'91,806

110,042'39,074'70,968

112,984'49,870'63,114

182.7'83.355.1

'44.3

"161.2"192.8"174.1"151.3"143.6"163.5

"174.0

"186.2"173.2"189.5"144.0

"192.1

"129.4

"242.0"349.9"119.6"145.9"173.4"156.7"190.0"160.9"162.5"180.8"132.7

"153.8"125.3"82.3

"144.5"123,9"97.2

"145.0"185.5"209.4"167.0"179.7

"131.5

"172.1"173.6"228.5"119.0"3345"53.9

"158.2"107.7"152.0"191.6"158.3"90.8"73.(

"124.8"141.0"189.0"221.5"145.9"175.9"179.2

385 252

415,520192,078103,78688,292

110,58839,62070,968

112,85451,37661,478

181.181.754.944.5

159.9189.3169.9144.6143.5162.7

173.7

185.4173.2188.8141.3

184.2

128.0

'243.6'351.1122.6147.0172.2155.3

159.9161.2179.0133.0

152.3122.4

146.0120.5

185.6'209.4166.3179.2

171.8173.0

119.5

157.5108.0

'92.7

140.3187.0"220.0146.1172.6177.5

See footnotes at end of tables.

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

Page 81: SCB_031985

March 1985 SURVEY OF CURRENT BUSINESS S-3Unless otherwise stated in footnotes

below, data through 1982 and IT ..methodological notes are as shown in Lnits

BUSINESS STATISTICS: 1982

Annual

1983 1984

1984

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

1985

Jan. Feb.

GENERAL BUSINESS INDICATORS—Continued

BUSINESS INVENTORIESMfg. and trade inventories, book value, end of

period (unadj ), total @ mil $Mfg. and trade inventories, book value, end of

period (seas, adj.), total @ mil. $..Manufacturing, total tt do

Durable goods industries doNondurable goods industries do

Retail trade, total | doDurable goods stores doNondurable goods stores do

Merchant wholesalers total f doDurable goods establishments doNondurable goods establishments do ....

Mfg. and trade inventories in constant (,1972)dollars, end of period(seas. adj ),total § bil $Manufacturing doRetail trade doMerchant wholesalers doBUSINESS INVENTORY-SALES RATIOS

Manufacturing and trade, total @ ratioManufacturing total tt do

Durable goods industries doMaterials and supplies do....Work in process . . . doFinished goods do

Nondurable goods industries doMaterials and supplies doWork in process. doFinished goods do

Retail trade total $ doDurable goods stores doNondurable goods stores do

Merchant wholesalers, total t do ..Durable goods establishments doNondurable goods establishments do ....

Manufacturing and trade in constant (1972)dollars, total § do

Manufacturing doRetail trade doMerchant wholesalers ... do

MANUFACTURERS' SALES, INVENTORIES,AND ORDERS tt

Shipments (not seas, adj ), total . mil $Durable goods industries, total do .

Stone, clay and glass products doPrimary metals do

Blast furnaces, steel mills doFabricated metal products doMachinery, except electrical do....Electrical machinery doTransportation equipment do....

Motor vehicles and parts doInstruments and related products do

Nondurable goods industries, total do ....Food and kindred products doTobacco products doTextile mill products '. do....Paper and allied products . doChemical and allied products doPetroleum and coal products do....Rubber and plastics products do

Shipments (seas adj ) total doBy industry group:

Durable goods industries, total # do....Stone, clay, and glass products doPrimary metals . do

Blast furnaces, steel mills doFabricated metal products doMachinery except electrical doElectrical machinery do..Transportation equipment do

Motor vehicles and parts do..Instruments and related

products do ....Nondurable goods industries, total # do

Food and kindred products doTobacco products doTextile mill products doPaper and allied products do .Chemicals and allied products doPetroleum and coal products do..Rubber and plastics products do....

509 324

514,336260 426171 57188,855

135 84363*44772396

118 0677581142,256

1371 52201

.609051

1 03411746

1 331851.071.17176.72

2 047 4001 021 514

49058117 90448 189

120 570178,267156 016240,496151 87050016

1,025,886286 6051546252,21985135

190 230191,55150 320

559 974

566,271285 414190 82394,591

151 6227072980893

129 2358451244,723

1331 461 85.558445

1 03411646

1 351791 111 11161.72

2 273 3011 183 672

55 014133 56356 166

137 684209,151181 630288,412192 09656422

1,089,629295 08616919

, 55,28695900

211 306197,89552 161

513 621

518,062260 884171 54989335

137 9776374974228

119 2017640842,793

2602135968 8555

1291 411 80.548145

1 00411643

1 291721071081 60.69

1481711 29130

169 717858153 758

10*52®4*3009 891

14,42913 12921*,819153724 041

83,902227011 0354*.2027459

16'48515,5823 985

184 406

952834 462

107834*335

10 90416*32714 32724 22316*761

4,49089 123245421 13747707743

1708815 6994,264

525 177

527,216264 074173 20390,871

142 73166*51376218

120 41176*91043,501

26321369703560

1321 43180.548144

102421744

1 351891 111 11163.72

1511721 33134

186 655969484 328

11 4574789

11 12116,71714 43524,529168654 333

89,70724 3001 2414,7718 024

17 48615,8254 340

185 005

962974 634

109734 565

11 08316 48114 21624 25716 540

4,42688708239981,34947877,797

17 159157514,320

534 333

532,766267 379175 75191,628

143 91066*94676964

121 47778*18843,289

265 11382707562

133142181.558244

100401644

1391 901 121 11161.71

1 521721 36133

197 619103 730

4 511124045211

11 58918,5061579125,649176364 851

93,88925 4541 5005,1868 149

18 70316,8424 494

188 479

969904 458

11*5714*751

10 97717 02915 12723 21515 890

45909148924 750161447107,778

1726217,3144,438

542 347

541,060270 392177 99392,399

146 88369'01077873

123 7857843845,347

26801389718573

1331 44186.5585

• 45101

401644

1371841 111 111 59.74

1521741 34134

188 667979674 578

117725012

11 18116,68514 63724,167163634 634

90,70024 3391 2864,6947917

1830816,5794 475

187 332

956974486

11 1914*719

10 93016 76814*6062284515 175

47349163525 143

1,32147377,784

1764317,1684,330

545 727

545 912274 593180 57894015

146 95168*27778674

124 3687881745,551

2700140571 8577

1321 45184.558445

103411645

1361801121081 54.71

1 501741 32130

191 41699968

4 71911*7565*097

11 42617,64414 97024,465167174710

91,44824 545

1*4204,7628076

1849316,5344 411

189 376

979444 612

11 3425032

11 21917 70415 00623 19615 558

48099143224944141446878026

1755916,5074,400

544 853

546 834277 481182 45295029

145 35966*89678463

123 9947969644,298

270 0141 671 157 2

1321 46184.558545

1 04411746

1331731111.08153.71

1 501751 30129

201 941106 969

4 923122155264

1201719,52916 51025,824170585122

94,97225408

1*6414,9958546

19 04517,0444 682

190 401

990424 495

11 4884 906

11 14517 821154352362715324

477491 35924 4091 5664 5958*189

17 90116 5414,352

547 096

551 366280 019184 55995460

145 12066*14178979

126 22781 19145^036

272 1142671 3582

1341 471 88.568645

1 03411646

1 351111131 11160.72

1 52177133132

175 60788455

4 526103214436

10 53115,58813 66820,09112 8554386

87,15223 7001 2913*8567706

16 48716,4714 194

190 658

983904 575

11*3644913

11 45917 2921522323 57615*722

48839226825 202

1*2954 5208201

18 17216 5374,407

552 617

556,519283 525187 14296,383

146 31866*60279716

126 6768197144,705

2743144071 5588

1351 48185.568545

1 06411748

1371811 141 13162.72

1 531 76134134

188 646968644981

11 1834663

11 61216,24914 97522,401149274668

91,78224 4181 4944J308167

17 3591M694 445

192 006

101 0354719

11*6084848

11 55517 307154222549617358

47469097124 255

1*44445887995

18048163624,304

559 828

560,430285 18518891596,270

147 0406745879582

128 2058324344,962

276 11449718594

1371 50191.578846

1 06411648

1 361821 121 141 65.73

155180133137

199 222103 634

493110 7934510

11 95919,2041668123,91515,2425170

95,58825 9631 5714*,9368170

18 20717,3284 561

190 151

989434525

10 5764532

11 438184181573123 33914*970

483891 20824 3291 47046237955

17 446172274,403

571 892

563,810286 426190,47695,950

148 6616833080,331

128 7238374744,976

r27761453

727r596

1371 50190.568746

106421748

1371781 141 16166.74

156180136137

196 351104 269

499811 1574,659

12539'17,948'1560325/78517,4984809

92;08225 1011379^6598 149

16 91616,4124 427

190 521

100,4274 666

11 1464783

11 93417 94115 11424 317;15851

4,6609009424 287133544758034

17 70416,313,4,171

576 036

565,022285,833190,42895,405

149 1936894680,247

129 9968402745,969

r27831451r728r603

1.36149187.5587.46

106411648

1 351761131.16167.74

1 55i ' 178! 135

137

190,524i ' 101,101

4639j 10 :477! 4^315• i2j222

17,8501 15340

25,695;17,266

1 4:78889,42324 29313434,2747860

16 49116,3404 320

191 978

101,7784703

11 1054576

1248418 1711525625 11616710

4,6889020024040166242878,159

17 58416,3324,524

r559 974

r566,271r285,414190,823

r94,591151 622

r70,72980,893

129 235r84 512/44,723

2790144.9

r738r603

135146184'.54r.85.45

103401647

1381811.141.14

169.71

1531.741341.36

189,028i r99,929

r4 101• ! » r§447

• I r3,93611735

i 19,38016 540

1 : r24,488• ! 14,356

ri 940r89,099r24 7661717%157r7,721

17 51616,318

r3861195 487

103,681r4,669

10 363r4,223

12 68817 94816 817r2604116,985

r4,819r91 806r24 942

1,563r4458r8,329

18 17415,996'4,304

562;442

568,429284,888191,29093,598

153,49572,99280,503

130 04685,08244,964

280.2145.1747605

1.371481.84.54

;.85.45

10642.1748

1 391841.131.15166.73

1551.781 361.36

176;54893;4033;975

10,4814,565

lli,75614,70514 16925,45318,0424,358

83,1452260612083,7107,770

1720014,3493935

192 078

103,7864,719

107294,602

1306516635154662825419,659

4,83888,29224466

1,32842148,067

17,81514,450

4,214

See footnotes at end of tables.

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

Page 82: SCB_031985

S-4 SURVEY OF CURRENT BUSINESS March 1985

Unless otherwise stated in footnotesbelow, data through 1982 and ,, ..

methodological notes are as shown inBUSINESS STATISTICS: 1982

Annual

1983 1984

1984

Jan. Feb. Mar. Apr. May June July AUK. Sept. Oct. Nov. Dec.

1985

Jan. Feb.

GENERAL BUSINESS INDICATORS—Continued

MANUFACTURERS' SALES, INVENTORIES,AND ORDERS t— Continued

Shipments (seas, adj.)— ContinuedBy market category:

Home goods and apparel mil. $..Consumer staples doEquipment and defense products,

except auto doAutomotive equipment doConstruction materials, supplies, and

intermediate products doOther materials, supplies, and

intermediate products doSupplementary series:

Household durables doCapital goods industries do ....

Nondefense doDefense do

Inventories, end of year or month:Book value (unadjusted), total do ....

Durable goods industries, total do . . . .Nondurable goods industries, total do....

Book value (seasonally adjusted), total do....By industry group:

Durable goods industries,total # doStone, clay, and glass

products do .Primary metals do

Fabricated metal products do ....Machinery, except electrical do . . . .Electrical machinery do ....Transportation equipment do . . . .

Motor vehicles andparts . . do

Instruments and relatedproducts do

By stage of fabrication:Materials and supplies do....

Finished goods do....Nondurable goods industries,

total # doFood and kindred products doTobacco products doTextile mill products doPaper and allied products doChemicals and allied

products doPetroleum and coal

products doRubber and plastics

products doBy stage of fabrication:

Materials and supplies do ....Work in process . . . . doFinished goods do....

By market category:Home goods and apparel do ....Consumer staples doEquip, and defense prod.,

exc auto doAutomotive equipment do ....Construction materials, supplies, and

intermediate products do ....Other materials, supplies, and

intermediate products do ....Supplementary series:

Household durables doCapital goods industries do

Nondefense doDefense do

New orders, net (not seas, adj.),total ... . . doDurable goods industries, total do ..Nondurable goods industries, total. . . do ..

New orders, net (seas, adj.), total . do ..By industry group:

Durable goods industries, total do . . .Primary metals do

Blast furnaces, steel mills do...Nonferrous and other pri-

mary metals doFabricated metal products do...Machinery, except electrical do . .Electrical machinery do .Transportation equipment do..

Aircraft, missiles and parts doNondurable goods industries, total do..

Industries with unfilledorders "j." . do

Industries without unfilledorders f) > do

By market category:Home goods and apparel do..Consumer staples do..Equip, and defense prod., exc. auto do..Automotive equipment do..Construction materials, supplies, and

intermediate products do ..Other materials, supplies, and

intermediate products do..Supplementary series:

Household durables doCapital goods industries do..

Nondefense doDefense . do

1 145,1851 383,308

1 297,0161 174,193

1 157,168

1 890,530

'64,7771 337,4971 272,339'65,158

257,601169,02388,578

260,426

171,571

5,67719,228

9,12217,81936,71128,15440,528

9,460

9,014

51,64077,37242,559

88,85520,7973,9316,8998,729

19,582

8,232

5,673

36,06614,48538,304

20,94632,143

73,25711,626

19,134

103,320

10,09383,19165,43217,759

2,081,2001,053,6711,027,529

1 2,081,200

' 1,053,671' 123,394'51,282

'59,618' 119,455' 180,874'165,573'254,004'81,899

'1,027,529

'222,706

'804,823

'145,89'383,242'310,882' 176,620

'156,572

'907,993

'65,384'354,71'273,16'81,55

'155,749'403,646

'338,134'216,089

' 176,987

'982,696

'74,881'385,013'312,585'72,428

281,960187,88894,072

285,414

190,823

5,87820,4199,291

19,40040,62332,52447,350

11,289

9,469

56,40687,84146,576

94,59123,7863,5557,0009,701

21,940

8,469

5,979

36,60114,81143,179

23,01234,258

83,05013,760

19,570

111,764

11,59494,39572,10822,287

2,299,1821,210,1841,088,998

'2,299,182

'1,210,184'131,912'54,974

'61,456'139,116'212,165' 190,885'301,554'92,408

' 1,088,998

'244,494

'844,504

' 155,528'403,623'361,332'214,990

' 177,689

'986,020

'74,830'412,01'322,25'89,76

13,28932,856

25,97118,818

13,959

79,513

5,98929,81024,0925,718

260,807170,75090,057

260,884

171,549

5,60019,0098,893

17,76536,92228,12740,716

9,617

8,828

51,91077,05842,581

89,33520,9963,8706,9518,829

19,509

8,165

5,684

36,48614,65638,193

21,28332,497

73,44511,720

19,047

102,892

10,14483,27865,46617,812

178 28494,00584,279

188,671

99,43911,6224,848

5,36110,98617,15915,65824,931

6,42389,232

20,035

69,197

13,59132,83927,55819,042

13,937

81,704

6,29931,7025,0936,608

13,07032,477

26,40918,594

14,643

79,812

5,93030,01024,1585,852

265,548174,28891,260

264,074

173,203

5,59619,4349,139

17,89237,08928,47141,206

9,751

9,020

52,22878,17342,802

90,87121,3543,8316,9608,898

19,840

8,739

5,797

37,06314,73939,069

21,36532,865

74,02511,945

19,199

104,675

10,16183,83965,62218,217

194 643104',61190,032

191,336

102,34511,4424,773

5,31611 41117,21516,14326,7027,487

88,991

20,141

68,850

13,44032,50030,33518,791

14,773

81,497

6,24934,30727,0187,289

13,12433,699

27,19317,996

14,177

82,290

6,04330,96725,2365,731

268,783176,91091,873

267,379

175,751

5,68719,8869,329

18,03437,44428,90942,082

9,934

9,087

52,86679,92642,959

91,62821,6293,7717,0668,914

20,357

8,319

5,900

36,95614,75939,913

21,69533,173

74,84912,167

19,298

106,197

10,39185,20766,67018,537

207,903114,09193,812

196,477

105,18311,6574,988

5,30910,93118,3031689228,44411,26391,294

19,658

71,636

12,80233,63733,46917,87

14,283

84,082

5,70738,3926,86011,53

12,68033,741

26,80917,192

14,283

82,627

5,93430,78424,7995,985

272,650179,64493,006

270,392

177,993

5,73020,3139,444

18,16737,87329,20142,756

9,974

9,146

53,07281,46543,456

92,39921,5113,6837,0979,036

20,585

8,947

5,786

36,93114,86240,606

99 09^33,257

76,02012,163

19,539

107,390

10,62386,34267,41718,925

190,60199,92190,680

189,715

98,31711,8774,782

5,77010,88916,87314,71624,5238,001

91,398

19,899

71,499

12,59033,73127,31917,400

14,267

84,408

5,83232,13325,885

6,248

13,20433,786

27,83017,673

14,331

82,552

6,29931,64825,8945,749

276,642182,31994,323

274,593

180,578

5,78220,9349,778

18,23138,15529,73243,757

10,178

9,294

53,96782,65843,953

94,01522,2033,6457,2039,123

20,810

9,050

5,992

37,64215,02241,351

22,26133,773

77,06112,479

19,579

109,440

10,66887,74668,25419,492

193,010101,65991,351

193,680

102,25610,6534,357

5,04611,57318,79717,53523,7766,393

91,424

20,547

70,877

13,44033,80631,04417,561

14,429

83,400

6,54434,63728,9585,679

13,20233,798

28,82917,404

14,444

82,724

6,50632,86926,8925,977

277,528183,01494,514

277,481

182,452

5,86021,1509,902

18,54738,51930,17444,219

10,281

9,358

54,42083,86344,169

95,02922,0713,5667,3019,203

21,617

8,892

6,185

37,49515,16042,374

22,40533,839

77,86312,621

19,663

111,090

10,80188,77868,78919,989

199,212104,41194,801

190,620

99,17110,1553,877

4,91311,08418,51215,98824,055

7,04491,449

20,798

70,651

13,05733,78530,61217,282

14,435

81,449

6,39435,01928,0296,990

13,11634,295

27,84117,719

14,542

83,145

6,42431,85225,8595,993

279,512184,54794,965

280,019

184,559

5,87821,1589,957

18,39439,06030,82445,093

10,565

9,483

55,33984,76544,455

95,46022,0393,5017,3679,353

21,758

8,858

6,251

37,61815,03842,804

22,65534,089

79,22412,889

19,717

111,445

10,97190,36969,59320,776

177,48090,21187,269

194,037

101,70411,1834,576

5,20311,02418,14916,26725,2678,259

92,333

20,873

71,460

13,15934,27129,85717,694

14,384

84,672

6,45234,86327,648

7,215

12,87733,658

28,24419,267

14,887

83,073

6,26432,17726,0486,129

282,950187,32095,630

283,525

187,142

5,92321,30210,02418,32640,07031,39745,895

10,523

9,526

56,08986,03445,019

96,38322,2853,4707,4009,425

22,118

8,889

6,329

37,64315,23943,501

22,73834,506

81,11712,936

19,657

112,571

11,08492,35871,09521,263

187,24795,89291,355

192,578

102,01511,245

4,714

5,19712,03417,54916,40325,0966,962

90,563

20,362

70,201

12,89633,69130,37518,945

15,144

81,527

6,31034,08326,4997,584

12,73633,483

29,79516,885

14,858

82,394

6,21433,87527,7396,136

283,371187,72695,645

285,372

188,915

5,95921,39710,05118,78539,92631,85246,731

10,684

9,466

56,57886,91645,421

96,45721,5823,5737,3499,599

22,695

8,819

6,186

37,73314,97443,750

22,92734,448

81,77813,088

19,755

113,376

11,27593,18770,98122,206

197,613102,18295,431

189,817

98,67610,2814,074

4,93711,87818,04916,79222,1136,720

91,141

20,531

70,610

12,74133,47930,05016,422

14,858

82,267

6,25034,4227,8356,586

12,88233,609

28,82417,722

15,303

82,181

6,61832,89126,5416,350

285,459189,45996,000

286,426

190,476

5,91620,9779,766

19,89240,52032,47947,236

10,924

9,568

56,65287,84945,975

95,95023,9953,6007,3809,638

22,350

8,967

6,141

37,43514,96243,553

23,12834,070

83,27613,378

19,824

112,750

11,44794,54671,91922,627

193,225101,50791,718

185,856

96,06710,5974,613

4,8081205416,96214,63121,9125,252

89,789

20,491

69,298

12,68133,64727,58917,295

15,433

79,211

6,48030,29425,378

4,916

12,66433,521

29,69018,661

15,709

81,733

6,28233,56227,2876,275

284,814189,17295,642

285,833

190,428

5,91520,7159,652

19,34540,66432,62346,722

10,785

9,537

56,00988,10246,317

95,40523,9583,5487,1329,746

22,100

8,818

6,043

37,25014,83443,321

23,01334,278

83,19613,241

19,974

112,131

11,39194,18871,88022,308

190,615101,48389,132

194,168

104,03710,8484,652

5,04112,42618,08214,49728,61910,17990,131

20,370

69,761

12,21533,51433,79418,347

15,682

80,616

5,86037,46927,12610,343

12,946'34,726

'30,847'18,890

'16,119

'81,959

'6,236'35,305'28,681'6,624

'281,960'187,888'94,072

'285,414

'190,823

'5,878'20,419'9,291

'19,400'40,623'32,524'47,350

'11,289

'9,469

'56,406'87,841'46,576

'94,591'23,786'3,555'7,000'9,701

'21,940

'8,469

'5,979

'36,601'14,811'43,179

'23,012'34,258

'83,050'13,760

'19,570

'111,764

'11,594'94,395'72,108'22,287

'190,556'101,304'89,252

'193,914

'101,988'10,067'4,585

'4,415'13,003'16,389'15,399'26,899'8,683

'91,926

'20,987

'70,939

'12,958'34,734'29,176'18,903

'16,399

'81,744

'6,263'35,170'26,624'8,546

12,60334,158

28,08921,665

16,340

79,223

6,20432,28725,6986,589

284,483190,29894,185

284,888

191,290

5,71519,3768,852

19,12441,47533,01047,611

11,042

9,508

56,00788,11147,172

93,59824,0433;5796,9269,948

21,263

8,222

5,824

36,81014,77742,011

23,07534,133

84,36313,527

19,484

110,306

11,79795,88872,92922,959

181,10097,63283,468

192,180

103,86111,3294,969

4,98412,90614,94717,49027,4486,636

88,319

20,336

67,983

12,88434,15128,29521,533

16,182

79,135

6,4532,65723,112

9,54"•-

See footnotes at end of tables.

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

Page 83: SCB_031985

March 1985 SURVEY OF CURRENT BUSINESS S-5Unless otherwise stated in footnotes

below, data through 1982 and, .. .methodological notes are as shown in ^nus

BUSINESS STATISTICS: 1982

Annual

1983 1984

1984

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

1985

Jan. Feb.

GENERAL BUSINESS INDICATORS—Continued

MANUFACTURERS' SALES, INVENTORIES,AND ORDERS ft— Continued

Unfilled orders, end of period (unadjusted),total mil $

Durable goods industries, total do....Nondurable goods industries with

unfilled orders $ . . . . doUnfilled orders, end of period (seasonally

adjusted) total mil $By industry group:

Durable goods industries, total # do....Primary metals do

Blast furnaces steel mills doNonferrous and other pri-

mary metals doFabricated metal products doMachinery, except electrical... do....Electrical machinery doTransportation equipment do

Aircraft, missiles, andparts . do

Nondurable goods industries withunfilled orders $ do

By market category:Home goods and apparel * doConsumer staples * doEquip, and defense prod., excl.

auto * doAutomotive equipment * doConstruction materials, supplies, and

intermediate products ' doOther materials, supplies, and

intermediate products doSupplementary series:

Household durables doCapital goods industries do....

Nondefense do .Defense doBUSINESS INCORPORATIONS @

New incorporations (50 States and Dist. Col.):Unadjusted numberSeasonally adjusted do

INDUSTRIAL AND COMMERCIALFAILURES @

Failures, total numberCommercial service do ....Construction... . doManufacturing and mining doRetail trade do ....Wholesale trade do

Liabilities (current), total thous. $..Commercial service . doConstruction doManufacturing and mining do....Retail trade do .Wholesale trade do

Failure annual rate (seasonally adjusted)No. per 10,000 concerns ..

327 947317,423

10524

330 122

319,3032081710094

8 19520 53458,36369996

134 467

103 890

10819

4234728

196 6567618

12276

108 610

3715236,703123 942112 761

600 400

313348,62752474433

11,4293598(2)

3 038 7901 548 5546,371,9322 329,1342 784 450

352 952343,060

9892

355 184

344,989189398753

72212200661,19378 642

147 554

119916

10195

4019713

219 5416349

13042

111 520

3619263,448133 671129 777

336 515325,614

10901

334 385

323,4572165610607

83922061659,19571 325

135 174

104 419

10928

4537711

198 2407842

12 254

110 801

4 026238,591124 941113 650

5288553044

344 503333,278

11225

340 725

329,5122212710816

85332094259,93073 254

137 621

105 846

11213

4909735

202 1688039

12385

112 489

4346242,889127 802115087

5150153591

354 789343,641

11 148

348 717

337,7022221311 053

82752089661,20575020

142 845

111 450

11015

4589672

208 4447913

12489

114 277

4 012250,319129 425120 894

5700353424

356 717345,592

11 125

351 099

340,3202289911 116

8,7652085461,30975 129

144 527

113 463

10779

4499663

208 9518121

12471

116 394

3911251,670130 512121 158

5425753933

358 317347,289

11028

355 398

344,6312221010 442

870621 20862,40077 662

145 107

113 849

10767

4733682

212,1648010

12570

117 239

4 154254,663133,575121 088

5433851 166

355 590344,731

10859

355 625

344,765208779413

826921 14663,09578 214

145 534

114 309

10860

4590670

213,9507888

12561

115 966

4 043256,817134 717122 100

5587854729

357 473346,493

10980

358 990

348,065206969076

82982070963,94979 254

147*224

116329

10925

4631646

215 9607863

12403

117487

4069259,820136501123 319

5204052092

356071345,519

10552

359 564

349,048203338942

812021 18764,19180239

146 824

116810

10516

4650679

218 0937540

12660

115942

4 115261,729136 955124 774

5332651723

354 460344,063

10397

359 232

348,782200388484

827021 62963,82181 300

145 599

116774

10450

4656675

218 3467077

12661

115 817

4 152262,274137,051125 223

47 17051892

351 330341,300

10,030

354 566

344,422194908314

798521 74962,84280818

143 195

115 156

10144

4455713

217 1106650

12790

112848

4013259,679135 889123 790

351 429341,688

9,741

356,756

346,678192328390

7,74421 69162,75580059

146 696

118 532

10078

4005706

221,2156336

12762

111 732

3590263,586135,729127 857

r352 952''343,060

r9,892

r355,184

r344,989r 18,939

r8753r7,221

r22 006'61,193r78 642

147 554

rl!9,916

10,195

r4019r713

r219,541r6349

13 042

111 520r3619

'263,448133,671129 777

357 510347,293

10,217

355,278

345,05519,5399 120

7,3212184559,50580663

146 747

119,515

10,223

4,298705

219,7466217

12 882

111 430

3863263,817131,084132 733

COMMODITY PRICES

PRICES RECEIVED AND PAID BYFARMERS t

Prices received, all farm products 1910-14 = 100..Crops $ do

Commercial vegetables doCotton doFeed grains and hay doFood grains doFruit do.Tobacco do

Livestock and products # . doDairy products doMeat animals . doPoultry and eggs do.

Prices paid:Production items doAll commodities and services, interest, taxes,

and wage rates (parity index) 1910-14 = 100..Parity ratio § do

CONSUMER PRICES(U.S. Department of Labor Indexes)

Not Seasonally AdjustedALL ITEMS, WAGE EARNERS AND

CLERICAL WORKERS, REVISED(CPI-W) 0 1967 = 100 ..

ALL ITEMS, ALL URBAN CONSUMERS(CPI-U) 0 1967-100Special group indexes:

All items less shelter do....All items less food 0— do....All items less medical care Q do

613550652531452407454

1 429679830831269

883

1,10456

297.4

2984

283.5298.32951

649^599

667553460394736

1513701821854308

899

1,13057

307.6

311 1

295.1311.33073

661600807529475399503

1469724832853373

900

1,12359

302.7

3052

289.8304.83016

659593834549471391506

1457726820869364

903

1,12758

303.3

3066

291.4305.93029

663601768592482399488

1 448727807890339

910

1,13359

303.3

3073

291.9306.83036

665605677567496412518

1 444725801881353

912

1,13659

304.1

3088

293.2308.63051

663628607614505414658

1 444699795863303

909

1,13558

305.4

3097

294.0310.03060

657625586574498393745

1 444689783860286

907

1,13458

306.2

3107

294.9311.03069

661623599556482375867

1 444699789872294

901

1,13158

307.5

3117

295.6312.03079

654621700569461391912

1 521687801855273

897

1,13058

310.3

3130

296.7313.23092

634588637545434390907

1635680832826280

892

1,12856

312.1

3145

298.1315.23107

632597687545409390

10701 605

667856799267

885

1,12556

312.2

3153

298.7316.1311 4

625563528522399393912

1,635690875823289

887

1,12755

311.9

3153

298.6316.23113

618542571471403385743

1,609697856852277

885

1,12555

312.2

3155

298.6316.23115

r619r546r639r440r410r385r729

1,574r696r856r856266

r892

1,130r55

3 312.6

3161

298.9316.33119

617535634404409OQQ

7161,430

702844879258

892

1,13155

313.9

317.4

300.0317.4313.1

See footnotes at end of tables.

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

Page 84: SCB_031985

S-6 SURVEY OF CURRENT BUSINESS March 1985Unless otherwise stated in footnotes

below, data through 1982 and ,, .,methodological notes are as shown in u l

BUSINESS STATISTICS: 1982

Annual

1983 1984

1984

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

1985

Jan. Feb.

COMMODITY PRICES—Continued

CONSUMER PRICES— Continued(U.S. Department of Labor Indexes) — Continued

Not Seasonally AdjustedAll items (CPI-U)— Continued

Commodities 0 1967 — 100Nondurables do

Nondurables less food ... doDurables Q . do

Commodities less food 0 do....Services () do

Food # doFood at home do

Housing 0 doShelter #<>. • do

Rent, residential doHomeowners' cost * Dec 1982 — 100

Fuel and utilities # 1967 = 100..Fuel oil, coal, and bottled

gas doGas (piped) and electricity do....

Household furnishings and op-eration () do

Apparel and upkeep doTransportation do

Private doNew cars . doUsed cars do

Public doMedical care . do

Seasonally Adjusted $All items, percent change from

previous month 0Commodities 0 1967 = 100 ..Commodities less food () doFood do

Food at home doApparel and upkeep doTransportation do

Private do ....New cars do

Services Q doPRODUCER PRICES §

(U.S. Department of Labor Indexes)Not Seasonally Adjusted

All commodities 1967 — 100By stage of processing:

Crude materials for furtherprocessing do

Intermediate materials, sup-plies, etc do

Finished goods # doFinished consumer goods doCapital equipment do

By durability of product:Durable goods . doNondurable goods doTotal manufactures do

Durable manufactures doNondurable manufactures do

Farm products, processed foods andfeeds do

Farm products doFoods and feeds, processed do

Industrial commodities doChemicals and allied products doFuels and related prod., and

power doFurniture and household durables do....Hides, skins, and leather products do....Lumber and wood products /.....do....Machinery and equipment doMetals and metal products do....Nonmetallic mineral products do...Pulp, paper, and allied products do....Rubber and plastics products doTextile products and apparel do...Transportation equip # Dec 1968 — 100

Motor vehicles and equip 1967 = 100 .Seasonally Adjusted t

Finished goods, percent change from previousmonth

By stage of processing:Crude materials for further proc-

essing 1967-100 .Intermediate materials, supplies, etc doFinished goods # do.

Finished consumer goods do...Foods doFinished goods, exc. foods do

Durable do...Nondurable do

Capital equipment do .PURCHASING POWER OF THE DOLLAR

As measured by:Producer prices 1967 — $! 00Consumer prices <^ do

271 5279026632530259.0344929172822323 1344823691025370.3

6280428.7

23851965298429392026329736263573

303 1

3236

3123285228462872

286731572957287 33044

2539248 2255931572930

664 7214^0271 1307.12864307.23252298.1243 2205.12567256.8

351335

2807286627082665267.0363030292926336536172493107 3387.3

6418445.2

24252002311 730662085375738523795

310 3

3310

3200291 22904294 1

2935323 33029293 93123

2626255726533226300 9

657 0218.62865307.5293 1316.03373318.3247 2209.9262 6261.3

343321

276 8283226742614263.03539299429023292353 224291049376.0

6428427.3

24041964306 030092072357 337823695

6'277.5r2642r2999r29071989r307 1r3021r2058r3544

308 0

3335

316 32895288 92916

2910321 23000291 3309 1

264 4263 4263 8319 1298 1

652 1216.8279 1309.12897312.9330 1309.1244 8208.2261 5261.1

7

3362317 12892288.827242922234533572905

345328

278 3285326912609263.8355 330212936331035402436105 1383.0

6886429.0

24041962305 8300 82072357 237743732

4'278.5r2646r3020r29311986r3070r3021r2066r3559

308 9

3326

3176290 6290 12923

2922321 9301229243104

263 4261 6263 432062965

656 0217.22833315.72902314.83322312.0246 2209.6262 2261.2

3

330231792900289527302930235233682917

344326

2787' 2855

26932622264.4356530222931331 535552448105 6380.1

6600429.5

2412198830693019207236223774374.5

'3279.1

r2656r3019r2926198 8r3098r3050r2075r357 1

311 0

3388

319 7291 4291 1292 3

293 2324 g3028293 33127

267 9267 4267 13219300 1

6587217.42867316.8291 0316.83334314.02464209.92624261.5

c

33713196291 5291227572942237133742925

343325

280 1286 327072652266.5358130232928333235782464106 2380.9

6507432.3

24231992309 630482074370 037803757

r 4r280.0r267 1r3016r291 91987r3118r307 12076

r3589

311 3

3394

320 3291 2290 3294 5

294 23247303 2294 3312 5

267 32654267 232263020

654 7218.22868315.12922317.93358316.3247 3209.92627261.9

o

33543201291 62909272729522369339 12943

343324

280 4286 1271 12670267.4359 9301429073346358 92472106 5385.5

6492441.4

24241989312 230742076378 038073768

2'279.9'26713r301 0r29011988r3124r307 6r207 1''360 4

311 5

3380

320 9291 1290 3293 9

293 83253303 8293 9314 1

26582608267 532323027

660 6219.12885308.5292 6317.43376317.7247 5210.5262 5261.5

1

332532092912290527042958236834032938

344323

280 6286027052678267.43619302029143362360 22484106 8390.0

6460450.6

24231974313 130812077382038523780

2r280.0r267 1r301 5'29041984r3125r3074r2074r361 8

311 3

3330

321 6290 9290 1293 9

293 83249303 92940314 2

2628257 1264 832383022

6659219.1290 1307.1293 1317.33383318.4247 6210.22622261.1

o

3304321 5291229032704295523693399294 1

344322

280 6286026952678266.8364530322925338136272497107 6393.9

6374459.1

241 9196631293075208 1383238933803

3'280.0r2667r3026r29151989r3118r3065r2082r3643

311 9

334 1

321 7292 3291 6294 6

293 83260304 3294 2314 8

26492587267 33239302 6

665 0219.22889304.4294 0316.13398319.8247 5210.5262 5261.4

33133209291 82910274 52945237 1337 82947

342321

281 4287 127002678267.136653048294433953646251 1108 1395.5

6255463.9

2422200131293075208 1383839083819

r 4r280.7r2669r30422934

r2005r3118r3063r20913662

310 7

3289

321 1291 32904294 6

293932373033294 53126

2614253 3264 83233301 1

657 9219.22887304.7294 1316.23408321.3247 7210.1262 3261.1

2

3274320 3291 22901273 82935237233592953

343319

2823288027232687268.8368930422934341 4366525241087397.0

6221466.4

24412042313730842082384238953831

4281.5

r2679r3044r2933r201 5r31283074

r2102'3679

309 3

3262

3203289 5288 7292 5

2927322 33022293 23117

259 4249 8263 63222300 9

652 3219.02887qnq ooUo.o294 3315.63405322.0248 3210.7257 8255.2

o

32763200291 22899273 4293 42382334 9295 8

345318

283 1288827362693269.83697304429343412367825381091392.4

6268456.0

244320573155310220963846391 13855

'3r282.2r2684r3054r294 4r2030r3139r3085r2108r369 1

309 4

r3196

r320 1r291 5290 3

'2959r2944r3209r3032'295 1'3116

r2553r240 2r262 6r3234r3013r654 4'219.2r2877r300.3r294 8'316.0r3400'323.1r246 6r210.4r265 0'263.8

r I

r3245r320 4r291 02899

r273 0r293 5r2366'336 5295 1

343317

283028852733270.0269.936993041292.4340.9368925481094

. 387.5

6269444.7

24422052316 1310821143836391 83875

2'282.5'2687'3059'2947'2027r3145r309.1'2106'3702

3104

3237

3205292 3291 22963

294832233039295 53125

25842455264432383016

6553219.62832301.12957316.23395323.8247 7210.0265 2263.6

3

3296320929202909274 8294 22370337 42957

342317

28282883272.2269.8269.2370.6305.1293.2341.23701256.11098386.0

6259442.2

2442203.231583104212.038273928388.5

r.3'283.12689

r307.2r29582024

'3150'309.6'2109'3714

3099

323 1

3198292 429132964

2948321 5303529553118

25922457265 532303010

6489219.72829303.3295 6315i33399323.2247 5209.82654263.9

2

32933206292529152764294 3237 1337 52958

342317

2827288.0269.7270.2267.8372.1307.3296.1342.0371.2257.1110.0387.2

621.6444.1

244.2199.83147309.1213.13828394.5391.1

.2283.6269.0307.729662024315.8310.421163723

3098

319.4

31962927291 12981

29573205303929643116

258024322651323.23017

637 6220.32843304.3296 7314.83423326.62484210.4267 9266.6

o

322232042924291 1274 829452391336 3297 0

342316

284.0289.2270.2271.4268.6373.5309.5298.6343.6373.3258.4110.7386.5

623.4443.3

246.2201.83143308.7213.93846394.4393.8

.3284.4269.4309.329832043315.6310.221333738

3092

3183

3186292 52907299 1

29633189303229693096

257824462639322.53022

6259220.7284.8303.3297 4315.63427326.92467210.6268 1266.7

I

3161318 929212903274 4293 5240 1333 5998 4

342315

See footnotes at end of tables.

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

Page 85: SCB_031985

March 1985 SURVEY OF CURRENT BUSINESS S-7Unless otherwise stated in footnotes

below, data through 1982 and ,, .,methodological notes are as shown in units

BUSINESS STATISTICS: 1982

Annual

1983 1984

1984

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

1985

Jan. Feb.

CONSTRUCTION AND REAL ESTATE

CONSTRUCTION PUT IN PLACENew construction (unadjusted) total mil $

Private, total # . doResidential do

New housing units doNonresidential buildings, except farm and

public utilities total $ mil $Industrial do ....Commercial do

Public utilities:Telephone and telegraph do....

Public, total #. doBuildings (excl. military) # do....

Housing and redevelopment do....Industrial . . . . . . . d o

Military facilities ... doHighways and streets do

New construction (seasonally adjusted atannual rates), total bil $

Private, total # doResidential do

New housing units doNonresidential buildings, except farm and

public utilities total # bil $Industrial . . . . doCommercial do.

Public utilities:Telephone and telegraph do

Public total # doBuildings (excl. military) # .. .. do

Housing and redevelopment doIndustrial do

Military facilities doHighways and streets do

CONSTRUCTION CONTRACTSConstruction contracts in 50 States (F.W. Dodge

Division, McGraw-Hill):Valuation total mil $

Index (mo. data seas, adj.) 1977 = 100..Public ownership mil $Private ownership do..By type of building:

Nonresidential doResidential . do

Non-building construction do....New construction planning

(Engineering News-Record) § do....HOUSING STARTS AND PERMITS

New housing units started:Unadjusted:

Total (private and public) thous..Privately owned... do

One-family structures doSeasonally adjusted at annual rates: t

Total privately owned do.One-family structures do

New private housing units authorized by buildingpermits (17,000 permit-issuing places): tMonthly data are seas. adj. at annual rates:

Total ". thousOne-family structures do

Manufacturers' shipments of mobile homes @Unadjusted thousSeasonally adjusted at annual

rates doCONSTRUCTION COST INDEXES

Dept. of Commerce composite 1977 = 100 ..American Appraisal Co., The:

Average 30 cities 1913—100Atlanta doNew York doSan Francisco doSt Louis do

Boeckh indexes:Average, 20 cities:

Apartments, hotels, officebuildings 1977 — 100

Commercial and factory buildings do....Residences : do. .

Engineering News-Record:Building 1967-100Construction . . . . . do

Federal Highway Adm. — Highway construction:Composite (avg for year or otr ) 1977 100

262,168211,370111,72986,102

60,30912,86135,793

6,47150,79817,276

1,7001,8092,544

14,225

193,603"137

45,338148,264

62,28493,56737,752

162,576

1,712.41,703.01,067.6

3 1,6053 902

295.7

157.1

159.6159.9156.2

352.9378.6

146.5

311,880256,110135,220102,831

76,42514,42749,272

7,00755,77017,783

1,6281,8282,786

16,883

209,861'149

49,116160,744

73,226100,76335,872

193,603

1,755.81,749.51,084.2

1,678925

295.2

163.0

166.8166.2165.1

357.9386.2

155.0

19,41916,2778,4356,735

4,957961

3,010

3913,1421,255

109121196578

280.9230.0121.9

96.9

66.712.941.1

5.950.917.11.41.52.6

14.2

14,023150

'2,75611,266

'5,295'6,8091,918

12,685

109.2109.1

67.7

1,9331,256

1,8711,050

20.0

'311

159.3

164.9164.1162.7

355.5382.5

20,23717,0688,8606,696

5,1301,0103,141

4643,1691,236

121136178602

300.4248.1137.4102.3

69.014.042.1

6.452.317.01.61.82.5

15.0

14,442149

'3,76610,676

'4,357'6,989'3,096

17,259

130.4130.081.0

2,2081,440

1,9691,149

22.2

'296

159.6

356.2382.9

22,92519,33810,4377,725

5,6611,1323,476

5313,5871,312

128138253718

309.7255.0141.1102.4

72.814.445.3

6.354.817.01.51.62.9

16.2

17,577145

3,86013,716

5,8498,8062,921

16,851

138.1137.5

87.8

1,7001,076

1,7651,004

25.5

'290

160.8

165.1164.6162.8

357.1383.4

149.3

24,33220,36211,0358,068

5,9471,0773,804

5303,9701,346

111155219994

308.6254.1136.6102.7

74.313.647.4

6.854.517.11.41.82.8

16.8

17,425147

3,71613,710

5,4059,3302,690

13,619

173.0172.7106.4

1,9491,163

1,802983

25.8

287

163.4

358.5384.7

26,96222,34812,0528,965

6,5541,2244,179

5934,6141,476

134155227

1,429

316.4261.2138.4106.4

78.715.249.7

6.855.217.71.71.82.6

16.9

22,326163

5,60816,719

7,21210,7994,315

14,955

182.1180.7115.2

1,7871,118

1,774943

28.9

295

163.6

166.4166.1163.3

358.1385.6

28,20422,95112,400

9,413

6,6641,2674,263

6375,2531,640

153176217

1,745

315.3257.8136.4105.0

76.314.148.9

7.257.519.01.82.02.7

16.8

20,005144

4,82815,177

6,7469,8593,400

12,211

184.4184.0111.0

1,8371,077

1,819941

27.7

'298

162.7

357.8387.3

152.1

28,41022,92712,5719,668

6,4941,1814,240

6165,4831,564

127154211

2,018

314.2258.2137.8104.6

75.013.848.4

7.356.0

17.61.61.82.3

1,7.1

19,523150

4,78414,738

6,8969,0933,534

13,515

163.1162.1

97.9

1,730996

1,590849

24.5

301

163.3

167.8167.3166.4

357.9387.9

29,57723,61112,7799,852

6,7941,3214,406

6955,9671,674

158167249

2,174

318.0261.2138.9105.0

76.214.649.5

7.556.918.11.72.02.9

17.3

19,580148

4,48315,097

6,7669,3643,449

15,079

147.8147.491.9

1,590;962

1,508835

30.0

'302

163.8

359.3388.1

29,44723,36112,5049,586

6,8541,2994,504

6126,0871,697

161192346

2,058

318.7260.9137.1103.2

77.914.950.9

7.257.818.11.81.83.5

17.2

16,755146

4,12212,633

5,7508,0902,914

12,739

149.5148.5

90.5

1,6691,009

1,481865

24.3

'282

164.4

168.1167.5167.5

359.7388.7

1544

29,28623,71912,2799,418

7,2711,3704,810

6865,5681,579

142139220

2,029

317.9261.2135.2103.4

80.614.953.5

7.256.718.21.61.82.9

16.8

18,388145

4,61813,771

7,4028,3402,646

16,168

152.7152.3

91.9

1,564979

1,436817

27.7

'302

163.7

358.7387.4

'27,829'22,85411,687'8,971

7,1851,3104,819

6474,9751,573

149144245

1,581

'316.4'260.3132.6102.5

82.015.354.6

7.2'56.218.2

1.71.92.7

17.5

16,930151

, 3,89513,035

6,4007,6142i915

26,851

126.4126.2

80.0

1,6001,043

1,613838

21.8

291

164.0

168.3167.6167.8

358.3387.1

'25,251'21,29410,183'7,736

'6,9131,274'4,620

606'3,9571,430

134151226

'955

'318.4'262.2131.5101.7

'84.515.4'56:8

7;6

'56.218.01.52.02.8

17.7

13,950150

3,48810,463

5,5835,7742,59,4

21,670

'99.0'98.9'62.8

1,6301,112

1,627852

16.6

282

164.9

357.9388.3

166.0

22,50818,964

9,1747,109

6,5221,1584,418

3,5441,414

114164235758

324.9267.9133.6103.0

87.315.559.6

57.018.61.52.03.1

18.2

: 14,810153

3,75511,055

5,5286,3542,928

17,612

105.3105.3'59.6

1,8411,065

1,676'924

18.6

273

165.8

168.5167.8168.3

'358.3388.4

13,343145

3,4539,890

4,7745,8812,689

16,730

95.395.062.4

1,6381,121

1,598943

2 359.02 388.8

See footnotes at end of tables.

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

Page 86: SCB_031985

S-8 SURVEY OF CURRENT BUSINESS March 1985Unless otherwise stated in footnotes

below, data through 1982 and ., ..methodological notes are as shown in u

BUSINESS STATISTICS: 1982

Annual

1983 1984

1984

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

1985

Jan. Feb.

CONSTRUCTION AND REAL ESTATE—Continued

REAL ESTATE 0Mortgage applications for new home construction:

FHA net applications..... thous. units..Seasonally adjusted annual rates do

Requests for VA appraisals doSeasonally adjusted annual rates do

Home mortgages insured or guaranteed by:Fed. Hous. Adm.: Face amount mil $Vet. Adm.: Face amount § do

Federal Home Loan Banks, outstanding advancesto member institutions, end of

period mil $New mortgage loans of all savings and loan

associations, estimated total . mil $ .By purpose of loan:

Home construction doHome purchase do..All other purposes do....

2 176.1(2)

2628

26,571.8217,896.60

58953

135,290

2609653,98255,212

115.6

1987

14,524 9312,728 42

74 621

157 021

255426542766,052

9.7136150201

1 169 611 543 78

57 397

10 276

179339634,520

10.3134

212260

1 516 841 449 02

57 171

10394

190937114,774

12.9139

243263

2 431 431,201.61

57608

13630

237450186,238

11.4128178193

1 184 701,113.53

59424

13697

233355475,817

11.1116195214

1 229 581,080.92

61627

15896

275969336,204

8.294

148167

1 401 641 059 60

65859

17576

273475867,256

8.094

126143

1 116601 13131

66900

14706

213268825,692

7.884

152164

1 220 1499760

70523

14363

233967575,267

7.492

138188

9975677549

73005

11 428

189248194,717

9.7115167185

8243886128

73201

11,214

1 8334,9254,456

9.8134145193

5952266757

73509

11,035

16194,6334,783

9.213713.3213

83722846.71

74621

12 806

1825r4,653r6,328

11.114517.1

1,497.47723.44

73361

9,453

1 5243,6684,261

11.5156

16.4

753.79866.69

74,489

DOMESTIC TRADE

ADVERTISINGMagazine advertising (Leading National

Advertisers):Cost, total mil $

Apparel and accessories doAutomotive, incl. accessories do....Building materials doDrugs and toiletries . doFoods, soft drinks, confection-

ery doBeer, wine, liquors. doHoushold equip., supplies, fur-

nishings doIndustrial materials doSoaps, cleansers, etc doSmoking materials doAll other do

Newspaper advertising expenditures (NewspaperAdvertising Bureau, Inc.):

Total * mil $Classified do....National doRetail do

WHOLESALE TRADE tMerchant wholesalers sales (unadj.),

total mil $Durable goods establishments do....Nondurable goods establishments do....

Merchant wholesalers inventories, book value,end of period (unadj.), total mil $

Durable goods establishments do....Nondurable goods establishments do

RETAIL TRADE tAll retail stores:

Estimated sales (unadj.), total . .. . mil $Durable goods stores # do

Building materials, hardware, gardensupply, and mobile home dealers mil. $..

Automotive dealers . . doFurniture, home furnishings,

and equipment . doNondurable goods stores do

General merch. group stores do ....Food stores . doGasoline service stations doApparel and accessory stores do ..Eating and drinking places . doDrug and proprietary stores do ...Liquor stores do

Estimated sales (seas, adj.), total do ..Durable goods stores # . do

Bldg. materials, hardware, garden sup-ply, and mobile home dealers # mil $.Building materials and

supply stores do...Hardware store* do

Automotive dealers do .Motor vehicle and miscellaneous

auto dealers doAuto and home supply

stores.... doFurniture, home furnishings,

and equipment # do...Furniture, home furnish-

ings stores do...Household appliance, radio, and

TV stores do. .

r4 005 73 206 2

r3 4 10.4r3535

r33857

3 292 3r32302

r3 171 1r3425r325 1

r3403 4r3 1 784 7

205826,0062734

11 841

1 183 790504,810678,980

119 42175,43243989

1 173 966385 141

59,873221 687

51774788 825142,997259 441103 12154,005

11571038,76619 690

466802400473.5687

4636

33492421

191648034 6

422621485

1 343 668599,871743,797

130 68684,17446512

1 293 997451 363

68,772964 374

59 321842 634157,503274 809104 72959273

125 2544241119956

265274

33.033

277

18486

782521

3201224

1628543233852

103 87843,16560,713

119 81875,18544 633

9308931 170

4,14118792

4 27961 919

8*85321 1108 34037659 2103*2491 481

106 60237 127

5494

4042874

22033

20041

1992

4791

2829

1622

325117434.926

341

237136

803417

2531604

1 723562237924

103 18344,84858,335

121 31976,29545024

9368632931

4,32920 607

4 129607559,150

20 8457 94836309 23232311 404

105 48236 909

5630

4215830

21 983

20060

1923

4644

2707

1 592

374226141.151

357

262164

1393236

3371673

1,863619240

1 003

115 39950,63464,765

122 63778,26644 371

104 29436 667

5,07022801

4 59467 62711,17422 9858 5794413

10 2073*3831 529

103 87335 306

5523

4098814

20505

18650

1 855

4660

2723

1 593

425126649.588

406

260205

2175 129

3761859

2 102681272

1 150

108 66248,77459,888

124 00878,75245 256

104 34437277

5,73522 853

4 40767 06711,76621 93686154857

10 24834121495

107 50537436

5702

4205839

22071

20166

1 905

4873

2902

1 610

419517044.711 5449

263190

2264 126

3751932

2051660274

1 116

120 76553,13367,632

123 23579,36943 866

111 31240765

6,70424 698

4 66370 54712*.84823 3759 1214846

10 67735001616

108 23737 912

5796

4280836

22419

20501

1 918

4806

2854

1589

360510 441.850

41 6

29 1200

164381 8

3361581

1908669246993

115 69252,94362,749

122 91280,65242 260

111 98041 202

6,69524 812

4 92670 77812,80523 7679 1734 811

1096234541 721

109 32238687

5823

4227872

22976

21 Oil

1 965

4951

2918

1 665

333879

37.062

330

274174

119302 5

3831490

110 34549,90860,437

123 78681,27242 514

106 55338497

6,39122993

4 7016805611,24323 3769*1064296

11 15933661 734

107 44237 452

5808

4227861

22016

20 081

1 935

4822

2 857

1 609

303 124723.930

369

203126

952726

3321329

115 11753,03462,083

124 64282,21742425

110 65039046

6,42822 825

5 04271 60412,79023789

9*0914970

11 60534991 739

106 60636781

5793

4 191*892

21 179

19 296

1 883

4886

2877

1 674

404.535621.483

458

268148

148494 4

3301937

107 59249,48858,104

127 43983,82643 613

103 93235695

6,05120 134

4 9536823712,202227738 6354789

1063333341 602

108 24037 046

5720

4204874

21 277

19 376

1 901

5 123

2954

1 830

504.724843.365

46.0

38722.3

2485.640

4252463

118 58454,88863,696

129 64183,49646 145

109 22938880

6,17522669

5 1677034912,93222 8608 8814889

1052735011630

108 73338413

5604

4 120837

22522

20608

1 914

5 124

2961

1 814

503722256.057

396

407281

2285139

38 12410

114 20151,10663,095

131 68383,69147992

113 27638252

5,74921 349

5 5937502416,50523 16886435680

10 19136171 689

110 39739 158

5883

4325869

22991

21 168

1 823

5 192

2982

1 853

437,819847.026

37.7

31 348.8

1754.625

3791982

r!09 790r47,875r61,915

130 686'84,174r46 512

131 790r41 217

r5,32919 943

r6899r90 573'24,992r24 828

r8550r8367

10 664r4,910r2366

r 110 042r39 074

r5978r4492

r846r22 789

r20 884

1 905

r5 290r3 001

1 938

283.779

38.02.7

24.4

18.48.5

7.42.429

314139.7

11003848,19161,847

130 74483,89146853

r98 666r34 232

r4,476r20 799

r4 721r64 434

r9,284r22 738

r8250r3,902r9605r3,5861492

110,588r39 620

r5825

4294897

r23 723

r21 846

1 877

r5 112

2 §76

1 867

1 95 8061 34,147

1 4,216'21316

'4461'61,659' 9,494

'21 332'7656'3,613' 9 4901 3,446

'112,125'39963

' 5 736

'23817

' 21 897

1 5 230

See footnotes at end of tables.

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

Page 87: SCB_031985

March 1985 SURVEY OF CURRENT BUSINESS S-9Unless otherwise stated in footnotes

below, data through 1982 and ,, ..methodological notes are as shown in onus

BUSINESS STATISTICS: 1982

Annual

1983 1984

1984

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

1985

Jan. Feb.

DOMESTIC TRADE—Continued

RETAIL TRADE t— ContinuedAll retail stores— Continued

Estimated sales (seas, adj.) — ContinuedNondurable goods stores mil $

General merch. group stores do....Department stores do ..Variety stores do

Food stores doGrocery stores do

Gasoline service stations do ..Apparel and accessory stores # do....

Men's and boys' clothing andfurnishings stores do

Women's clothing, specialty stores,and furriers do

Shoe stores do ..Eating and drinking places do ..Drug and proprietary stores doLiquor stores ... do

Estimated inventories, end of period:Book value (unadjusted) total mil $

Durable goods stores 4£ doBldg. materials, hardware, garden sup-

ply and mobile home dealers doAutomotive dealers doFurniture, home furnishings,

and equipment do

General merch. groupstores do

Food stores doApparel and accessory

stores . doBook value (seas adj ) total do

Durable goods stores # doBldg. materials, hardware, garden sup-

ply and mobile home dealers doAutomotive dealers doFurniture, home furn.,

and equip doNondurable goods stores # do

General merch group stores do

Food stores doApparel and accessory

stores doFirms with 11 or more stores:

Estimated sales (unadjusted),total mil $Durable goods stores do

Auto and home supplystores do

General merchandise groupstores do

Food stores doGrocery stores do

Eating places doDrug stores and proprietary

stores doEstimated sales(sea adj ) total # do

Auto and home supply stores doDepartment stores doVariety stores doGrocery stores doApparel and accessory stores do

Women's clothing, specialty stores,and furriers do

Shoe stores doDrug stores and proprietary

stores do...

132 30262820

10 32729643

10 13269 482

2446718 29014 501

10715135 84363447

1071329350

1028672 3962706020 14314329

11 208

415 63132795

4416382 836

129 045141 353139 4242223724354

21582

147 33170095

1076034 211

11 42077 236

2899422 19315488

11839151 62670733

11 16233905

115828089332 11224 49615335

12384

450 64637700

4687412 946

142 556148 993147 01725 31126996

24348

6947512,83510,546

8362246821 18987514,704

698

1901814

10,26834341,689

132 91663 218

10 43330200

1001769 698

2460918 43714 293

10744137 97763749

1080029 695

1033774 22827 60520 62314 466

11 716

306682317

31628351

7 95211 58411 4391 4291971

178137 047

38110099

650121432050

907436

1,930

6857312,78610489

830222662095886674,747

678

1955807

10,28134051583

138 31065990

1092331969

1023072 320

2649819 88014 275

11384142 73166513

1095631 842

10 449762182901521 79814*404

12098

308712366

31128 505

8 25311 48611 3311 4402030

178536 803

38610061

651120932035

896428

1,938

6856712,37410,152

79222444210868,8354,794

702

1,950809

10,15634001,608

142 91367432

11 25032552

1028875481

2845021 53714 540

12154143 91066946

1093331 976

10381769642940522 22614482

12389

353992775

36832 624

10 12412685125321 8662263

188336 233

3789 705

612119922051

902419

1,910

7006912,83810,546

80122908214978,8634,988

748

2,026795

10,28935251,637

145 68969*110

1170133343

1054976579

294932237414604

12321146 88369*010

1132733 276

1065677 873299932262314*633

12611

351962885

38132311

1061711 83311 66220812221

192137 183

37610095

624122892056

912400

1,989

7032512,98810,661

8082283921,4459,0225,032

764

2,042808

10,2173,4901,631

145 85069*077

11 67333*058

1070476773

297222265314 630

12191146 95168277

1131132220

1076978674304252309214*763

12673

375823249

42134 333

11 64512 602124492 0232292

200137 528

39810223

640123012 106

921421

1,997

7063513,32010,955

83622984216148,7365,117

730

2127832

10,35135071,694

144 41367782

11 40431939

1107276631

294772232414 865

12024145 35966896

11 16930889

1107278 463302202294314*955

12525

374263250

42734 176

116011268412 5332 0362305

197337 571

39610498

648121212 170

964435

2,026

69,99012,78410,519

7972317721,8358,5264,891

688

1997801

10,48835211,722

143 79866094

11 16330441

1093677 704

302302288214*575

12497145 12066141

11 17430 liO

11 0697897930*65823*39714*857

12752

351323 119

41032013

1011712341121921 7762368

191637 131

38710072

60912 3532064

887423

2,004

69,82512,90610,609

7862281721,4528,5684,771

674

1,910804

10,6763,5311,697

145 02564965

11 15428947

11 11080060

3176324 03014*564

12,952146 31866602

11 17630567

1107779 716313172391014*953

12624

376803154

41634 526

11 57712692125412 1682,449

199337063

39210 158

61212,1292005

858419

2,036

71,19413,35410,972

8342344922,0648,6354,989

694

2,038827

10,5493,6241,674

149 01865956

1107729*402

1123683 062

336902555614715

13,323147 04067458

1120031346

1105979 58231*40223 97414834

12451

361053024

38633081

11037122401209320682,269

191238118

39210516

65412,4932164

953422

2,099

70,32013,04210,731

79823,15521,7608,6984,859

702

1,986785

10^4123,5981,698

156 79268909

11 15431 285

11 64387 883

363392749115370

13,936148 66168330

1133531956

11,1958033131 6342394714980

12578

373363124

42334 212

11,65612 29812 14420672,285

1,97037551

39810263

61112,4042056

894422

2,089

71,23913,49011,098

86923,34721,9138,7135,108

756

2,097816

10,6603,6501,672

159 539T70 628

10 933r32 904

11914r88911r36 559r27 91815 873

13,963149 193

r68 946

11099r32 806

11,467r80247r31 556r2388215*175

12 591

r42 1563558

420r38598

15,01412 69412 529

r2510r2,225r2,117

r38 446402

10 610667

12,492r2204

r971435

r2,134

r70,96813,63011,180

r819r22,962r21,623'8,507'5,110

r734

2,082r822

10,728r3,7061,663

14733170,095

10,76034,211

11,42077236

28,9942219315,488

11,839151,62670J33

Ii;i6233905

11;5828089332,11224 49615$35

12,384

55^0954,879

40850 216

22,96313,85413,57238472,318

3,09638,795

39210,836

64812,361

2,217

970440

2,138

'70,96813,11610,764

799r23,574r22,242

r8,603r4,769

699

1,928799

10,649r3,7241,656

i . .

1 72,16213,67611,167

1 23,672'22,273

1 8,583'4,909

10,896'3,758

LABOR FORCE, EMPLOYMENT, AND EARNINGS

LABOR FORCE AND POPULATIONNot Seasonally Adjusted

Noninstitutional population, persons 16years of age and over * thous ..

Labor force @ . doResident Armed Forces * do....

Civilian noninstitutional population * do....Civilian labor force, total do....

Employed doUnemployed do

Seasonally Adjusted 0Civilian labor force, total do

Participation rate 1" .. percentEmployed total thous

Employment-population ratio t percent ..Agriculture thous ..Nonagriculture do

Unemployed total do....Long term, 15 weeks and

over do....

175,891113 226

1,676174,215111,550100 83410717

64 0

57.93,383

97450

4,210

178,080115 241

1,697176,383113,544105 005

8,539

644

59.53,321

101 685

2,737

177,219112711

1,686175,533111,025101 270

9,755

112320640

103 29458.8

3,294100 000

9026

3201

177,363113,052

1,684175,679111,368101 961

9,407

112 724642

103 88859.1

3,364100 524

8836

3002

177,510113,514

1,686175,824111,828102,770

9,057

112,906642

104 12359.2

3,305100 818

8,783

2894

177,662113,845

1,693175,969112,152103,628

8,525

113,202643

104 40259.3

3,379101,023

8,800

2842

177,813114,941

1,690176,123113,251105 096

8,154

113,722646

105 16259.7

3,367101 795

8,560

2833

177,974117,083

1,690176,284115,393106,812

8,582

113,619645

105,39159.8

3,368102,023

8,228

2,630

178,138117 896

1,698176,440116,198107,484

8,714

113,86864.5

105,37759.7

3,333102,044

8,491

2672

178,295116,788

1,712176,583115,076106,694

8,382

113,629643

105,14859.5

3,264101,884

8,481

2,621

178,483115,563

1,720176,763113,843105,792

8,051

113,764644

105,39459.6

3,319102,075

8J370

2,605

178,661115,955

1,705176,956114,250106,262

7,989

114,016644

105,64959.7

3,169102,480

8,367

2,527

178,834115,814

1,699177,135114,115106,246

7,869

114,07464.4

105,93259.8

3,334102,598

8,142

2,428

179,004115,726

1,698177,306114,028106,049

7,978

114,46464.6

106,27359.9

3,385102,888

8,191

2,374

179,081115,172

1,697177,384113,475104,344

9,131

114,87564.8

106,39160.0

3,320103,071

\ 8,484

2,243

179,219115,295

1,703177,516113,592104,690

8,902

115,08464.8

106,68560.1

3,340103,345

8,399

2,416

See footnotes at end of tables.

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

Page 88: SCB_031985

S-10 SURVEY OF CURRENT BUSINESS March 1985Unless otherwise stated in footnotes

below, data through 1982 and .. .,methodological notes are as shown in u

BUSINESS STATISTICS: 1982

Annual

1983 1984

1984

Jan. Feb. Mar. Apr. May June July Aug. Sept. bet. Nov. Dec.

198?.i

Jan. Feb.

LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued

LABOR FORCE— ContinuedSeasonally Adjusted 0

Civilian labor force — ContinuedUnemployed— Continued

Rates(unemployed in each group as percentof civilian labor force in the group):All civilian workers

Men, 20 years and overWomen, 20 years and overBoth sexes, 16-19 yearsWhiteBlack *Hispanic origin *Married men, spouse presentMarried women, spouse presentWomen who maintain families

Industry of last job:Private nonagricultural wage and

salary workersConstructionManufacturing

Durable goodsAgricultural wage and salary

workers *Not Seasonally Adjusted

Occupation: *Managerial and professional specialtyTechnical, sales, and administrative

supportService occupationsPrecision production, craft, and repair....Operators, fabricators, and laborersFarming, forestry and fishing

EMPLOYMENT tEmployees on payrolls of nonagricultural estab.:

Total, not adjusted for seas, variation thous..Private sector (excl. government) do..

Seasonally Adjusted tTotal employees, nonagricultural

payrolls doPrivate sector (excl government) do

Nonmanufacturing industries do . . . .Goods-producing do

Mining doConstruction doManufacturing do

Durable goods doLumber and wood products do....Furniture and fixtures do....Stone, clay and glass products do....Primary metal industries do....Fabricated metal products do....Machinery, except electrical do....Electric and electronic

equip .. doTransportation equipment do....Instruments and related

products doMiscellaneous manufacturing do....

Nondurable goods do....Food and kindred products do.Tobacco manufactures doTextile mill products doApparel and other textile

products doPaper and allied products do....Printing and publishing do....Chemicals and allied products do....Petroleum and coal products do ..Rubber and plastics prod-

ucts, nee ...do.Leather and leather products do

Service-producing doTransportation and public utilities do....Wholesale trade doRetail trade doFinance, insurance, and real

estate doServices . doGovernment do

Federal . doState * doLocal * do

Production or nonsupervisory workers on privatenonagric. payrolls, not seas, adjusted thous..Manufacturing • do

Seasonally Adjusted tProduction or nonsupervisory workers on private

nonagricultural payrolls thous.Goods-producing.... do

Mining doConstruction.. . doManufacturing do

Durable goods doLumber and wood products do-Furniture and fixtures do...Stone, clay, and glass

products r. doPrimary metal industries do...Fabricated metal products doMachinery, except electrical doElectric and electronic

equip doTransportation equipment... . doInstruments and related

products doMiscellaneous manufacturing do...

968981

22484

1951376570

122

99184112121

160

3.3

6 310910.7155100

90,13874287

90 1387428755,79023394

9573940

18 49710774

658447573838

1,3742,038

2 0241,756

695371

7,7241622

69744

1 164662

1,2961,047

195

718208

66,7444,9585259

15545

54671966515851275236609439

60,02112 581

60,02116284

6783 026

125817 151

548355

436625997

1 201

1 2291 103

390268

756.668

18965

15 91074657

103

741437572

135

94,15678187

94 1567818758,59724 904

9984316

19 59011 635

710484605874

1,4762214

22341,928

723387

7,9541 643

67753

1 202682

, 1,3611,061

188

7961 202

69 2545,1705526

16261

56652066215969278337029483

63,30013 455

6330017 527

7143 357

13 4557*846

595387

464665

1 0881 347

1 3781 234

404283

80727 1

19569

17 01145060

107

7915 28280

151

3.0

5799

10.0139136

91,06575209

92 3917653357,27924383

9754154

19 25411 343

702475595871

1,4402137

2 1521,876

711384

7,9111 638

66768

1 207676

1,3281,053

191

774210

680085,0955406

15914

55732016215858276036709428

60,69913 034

6194817 155

6943 227

132347643

589380

455661

1 0561 286

1 3271 208

401280

787069

19468

16 51034959

108

781497775

141

2.7

5695

10.013711 5

91,61275,477

928467697157,59824577

9784226

19 37311 440

706480604877

1,4472151

2 1751,898

715387

7,9331637

65767

1 213'680

1,3331,054

190

784210

682695,1055438

15980

55932027815875276336829430

60,90913 163

6232717318

6963 296

133267718

592384

462666

1 0621 300

1 3461 221

403282

786.869

19867

1661144758

108

771367677

146

2.4

5 2969.1

12811 2

92,23476,030

930587718557,71924595

9784 151

1946611 513

712483606877

1,4562166

2 2021,905

718388

7,9531638

66769

1 218680

1,3391,054

190

790209

684635,1125457

16030

56132037815,873277036869 417

61,38413 280

6244317297

6983 211

133887769

599387

463666

1 0691 314

1 3641 221

404282

786969

19367

16711 54758

105

7714 47775

127

2.2

509 28.1

11986

93,22977013

93 44977 54658,01624760

9844246

19 53011 551

714482604879

1,4592189

2 2121,905

719388

7,9791 648

67766

1 226680

1,3481,057

189

790208

6868951295473

16095

56402044915903277136939439

62,30113 368

6280017446

7073 296

134437799

599387

464668

1 0741 329

1 3711 221

403283

7 56668

19065

16 01074658

100

7314 7727 1

138

2.5

47877.4

10968

94,16477913

93 78677 86458,29424 851

9954286

19 57011 598

711482605887

1,4692203

2 2281,906

722385

7,9721 643

67762

1 217681

1,3561,057

188

795206

6893551445492

16 166

566220 54915922278536999 438

63,12113 459

6306017507

7143328

134657826

596385

465676

1 0831 342

1 ^771 217

404281

726465

18163

15 2103465798

701467372

123

2.4

49847.0

10559

95,00378973

94 13578 24158,61224 9741 0024343

19 62911 652

'712485605884

1,4792226

2 2371,917

723384

7,9771 644

67759

1 209685

1,3621,062

188

797204

69 1615 1635502

16245

567620 68115894277736999 418

64,04313 610

6336317 600

7203 388

13 4927860

597387

466674

1 0911 356

1 0701 224

405281

75656 8

18463

16 610 5455898

7414 67 569

143

3.0

4 8926.7

10860

94,23979033

94 35078*42258,72625 0591 0074356

19 69611 702

708485606880

1,4902242

22521,926

727386

7,9941 655

66755

1 206687

1,3681,064

187

801205

692915*1755528

16 283

56762070115*928277936979 452

64,03413 461

6349417 654

7203 393

13 5417 899

594388

466669

1 1011 370

1 390i 2S3

406282

75647 0

18464

15 8107455 8

10 3

7414 17 469

131

3.1

509 36.0

10558

94,50079401

94 5237856658,8412509810174356

19 72511 758

706484603879

1,4912252

22671,961

726389

7,9671642

65751

1 200686

1,3711,067

187

800198

6942552025 544

16295

56792074815 95727853 7149 458

64,33913 641

6361617 671

7293 384

13 5587 945

592386

464668

1 1031 379

1 4011 265

403284

74646 6

19063

15 11064657

10 1

7313 97 469

147

2.8

5 08 96.2

10274

95,35879597

94 80778 69859,082250101 0204374

19 61611 696

703481603865

1,4852243

2 2631,939

726388

7,9201 630

69744

1 181*680

1,3751,063

186

798194

69 79752135588

16 342

568420 86116 1092 8043 7259 580

64,52413 715

6370817 581

7303 403

13 4487 876

589383

463655

1 0961 368

1 3951 941

403283

73626 9

18763

15311 04557

10 4

7213 77 369

137

2.5

4 89 15.9

1067 9

95,90279686

95 15779 05459,36825080

1*0124382

19 68611*752

710487606866

1,4952255

22691,945

729390

7,9341640

69735

1 178684

1,3801,065

185

805193

7007752255612

16468

5705209641610327933 7199 591

64,61013 655

6399617 630

7243 409

13 4977 915

595388

464658

1 1031 379

1 3981 240

405285

7 16265

17861

15 11034454

10 8

7214 27270

112

2.4

4 68 86.6

1078 4

r96,26079887

'95 4977937159,65325 12310094396

19 71811 776

713492606865

1,4982251

22741,957

731389

7,9421644

67731

1 178683

1,3861,066

185

810192

r70 37452265623

16 644

572521 030

16 126r280437249 598

64,76913 573

6428917 646

7223419

13 5057925

596395

465657

1 1081 372

1 3981 243

407284

726.364

18862

150104445496

72137727 1

122

2.2

4 6856.6

117118

r96,308r80 029

r95 681r79 618'59,817'25 2581 000r4457

19 80111 834

717495

'612'859

1,502r2253

'2 2811,993

r732'390

7,9671658

69r727

1 186684

1,3861,068

184r814191

r70 423r5,249r5641

16 626r5749

r21 09516 063

r2809r3711'9 543

'64,86413 506

r64 45117 760

r715'3 474

13 571r7969

r600r397

470'653

1 1121 376

1 3971 274

r406r284

7.46.368

1896.4

1491064657

100

731347672

155

2.6

53909.2

134134

''94,575r78 543

r95 993r79*957'60,152r25 332

r995r4532

19 80511 840

'716'497613

r8601,499r2,246r2282'2,009

r732'386

'7,9651,660

r70'728

'1 185'685

1,3891,064

184

'813187

'70 661'5,257'5669

'16 708

'5760'21 231'16 036'2794'3701'9 541

'63,399'13 367

'64 719'17 827

'708'3 544

'13 575'7966

'601399

'471'653

'1 1101 367

'1 3941 286

406'279

7.36.367

18.46.2

163974.454

110

7.31347 57 1

136

2.3

5 1898.9

131128

"94,799"78,497

"96 112"80 072"60,344'"25 196

"988"4480

p 19 728"11 785

"707"499"608"858

"1,491"2,236

"2280"1,992

"735"379

"7,943"1,655

"71"720

"1 175"686

"1,391"1,060

"183

"814"188

"70916"5,264"5686

"16 805

"5790"21 331"16 040"2805"3688P9 547

">S3,333"13 339

"64 816" 17 696

"703,»3 49o

" 13 503/97 905

"590"401

"465"652

|01 102"I 360

"1 390"1 263

"407"275

See footnotes at end of tables.

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

Page 89: SCB_031985

March 1985 SURVEY OF CURRENT BUSINESS S-llUnless otherwise stated in footnotes

below, data through 1982 and ,, .,methodological notes are as shown in

BUSINESS STATISTICS: 1982

Annual

1983 1984

1984

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

1985

Jan. Feb.

LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued

EMPLOYMENT t —ContinuedSeasonally Adjusted t

Production or nonsupervisory workers — Contin-ued

Nondurable goods.... thous..Food and kindred products do....Tobacco manufactures do....Textile mill products doApparel and other textile

products doPaper and allied products doPrinting and publishing do....Chemicals and allied products do....Petroleum and coal products do.Rubber and plastics prod-

ucts, nee doLeather and leather products do....

Service-producing . doTransportation and public utilities. do....Wholesale trade doRetail trade . . doFinance, insurance, and real

estate. . . . d oServices do

AVERAGE HOURS PER WEEK tSeasonally Adjusted

Avg. weekly hours per worker on private nonag.payrolls: <)

Not seasonally adjusted hours..Seasonally adjusted do

Mining $ '.. doConstruction t... ...doManufacturing:

Not seasonally adjusted do....Seasonally adjusted . .do

Overtime hours doDurable goods .. do

Overtime hours doLumber and wood products do..Furniture and fixtures .. . :. doStone, clay, and glass products do ....Primary metal industries '. do....Fabricated metal products do....Machinery, except electrical do....Electric and electronic

equip doTransportation equipment do....Instruments and related

products do .Miscellaneous manufacturing $ do ....

Nondurable goods. doOvertime hours do

Food and kindred products do....Tobacco manufactures $ do....Textile mill products doApparel and other textile

products doPaper and allied products do....Printing and publishing, do....Chemicals and allied products do....Petroleum and coal products.. ... doRubber and plastics prod-

ucts, nee $ * doLeather and leather products do

Transportation and public utilities do....Wholesale trade doRetail trade doFinance, insurance, and real

estate $ doServices do

AGGREGATE EMPLOYEE-HOURS tSeasonally Adjusted

Employee-hours, wage & salary workers in non-agric. establish, for 1 week in the month,seas adj. at annual rate bil. hours-

Total private sector do....Mining doConstruction do ....Manufacturing doTransportation and public utilities doWholesale trade * do....Retail trade * doFinance, insurance, and real

estate doServices do

Government . . doIndexes of employee-hours (aggregate weekly): <>

Private nonagric. payrolls, total 1977 = 100.Goods-producing do

Mining doConstruction doManufacturing do

Durable goods doNondurable goods do...

Service-producing doTransportation and public

utilities do . .Wholesale trade do...Retail trade.. doFinance, insurance, and real

estate . doServices do

5,4301,118

52641

984495710581118

556174

437374,0734,220

13951

406617428

35.0

42537.2

40.1

3040730

40.139441540.540.640.5

40542.1

40439.139430

39.537.4405

36242.637.641.6439

41236839.0385298

362327

167.91136.75

2127.62

3842101210.532409

1030335531 16

105.8914

1073101988685493.3

1137

99.4108.01060

1189126.0

5,6101,140

51651

1 017513751589110

621168

457744,2604452

14 565

4 20918288

35.3

434378

40.7

3441 436

39939742041.641.441.9

41 042.7

41 339.43963 1

39.838.9399

36443.137.941.9437

41736 839.4386300

36532 8

112.5997

1154115096095496.9

1196

105.0114.3111 3

12401325

5,5911,134

49666

1 023508732587112

604176

44 7934,1894349

14 264

4 14917 842

35.0354433363

40.640935

41 637

40640042141.941.641.8

41243.2

41338.939933

39.738.1406

36643.237.942.1448

42 037 339.538 630 1

36 5328

174.00142.28

223837

405210 4210.8624 82

10 5934 473172

110.3979

111 5110394993497.0

1172

1034111.61093

12201294

5,6081,133

49665

1 028511734588112

612176

45 0094,1984375

14317

4 16117958

35.0353429370

40.740935

41 738

40439942542.041.841.9

41243.1

41239.639 933

39.736.4408

36943.237.942.144 5

42 037 239.338 5300

36 4327

174.44142.57

220840

406910 3810.8724 82

105534 663187

110.9992

1121114195794497.5

1174

103.1112.01094

12211299

5,6191,133

50666

1 031512737588111

616175

45 1464,2074395

14 341

4 16518038

35.0353428367

40.740735

41437

40.1396419

• 41.841.341.9

41 042.9

41 139.639 833

39.836.9406

36743.037.942.044 7

41736739.238 530 1

36 3328

173.66142.32

219786

4069104010.892494

105434 803135

110.9981

1117107.795794597.4

1179

103.1112.5109.9

1222130.9

5,6441,143

50665

1 039512744589111

616175

45354- 4,228

440614 434

417518111

35.3354430375

40.941 137

41840

40439742342.241.842.3

41343.5

41 439.540 234

40.139.5412

37443.238.242.0437

42137 539.5387300

36 532 g

176.89144.56

226830

41 2010 5511.012516

106835403233

112.010011147112697095898.8

1186

104.4113.31103

123 1131.4

5,6391,142

50661

1 033512748588111

621173

455534,2364425

14493

4 19518204

35.2353432382

40.640633

41335

39639742142.141.441.9

41 042.4

40739.339 63 1

39.739.6400

36543.138.041.843 5

41 736 539.438 630 1

36 3327

176.27144.78

227843

410310 5711.042534

1067354231 50

112.0995

1155113796095097.4

1190

104.3113.5111 1

123 11317

5,6321,142

50658

1 021515752590110

623171

457634,2534430

14 558

4 21718305

35.5353437386

40.84063 3

41 235

39439 141841.741.342.0

40842.3

41 339.239 63 2

39.840.5400

36442.937.741.943 1

41 936739.638 6302

36 332 7

176.99145.56

2 29858

41 1410 6611.0625 48

10 7535 623143

112.7999

117 1116496095197.2

1197

1052113.71119

12401324

5i6421,152

50652

1 018516757591110

624172

458404,2654458

14 586

4 21718 314

35.635 2430386

40.34053 3

i 41 235

39339841941.541.341.8

40 842.2

41 338.939 43 1

39.537.5398

35 843.337.741.943 2

41 237 039.838 629 9

367327

177.06145.67

2 27853

41 20107211.1125 45

10 8235 573140

112.6999

1162115396195596.9

1197

106.1114.41110

12471325

5,6131,140

49649

1 013516757592110

622165

459454,2934466

14 592

4 23318361

35.5352435385

40.440533

41234

39439141741.041.142.0

40942.4

41 139.139 531

39.739.2394

36043.137.842.0439

41 436039.438 729 9

36 432 6

177.49145.61

2 27858

41 2610 6811.562529

107735 6031 80

112.7100 11180115696296096.5

1197

105.7114.9111 1

12421324

5,5721,131

53642

998510758590110

619161

461274,2954502

14626

4 22718477

35.5354440385

40.740633

41535

40239942041.341.542.0

41 242.8

41539.639430

39.639.6392

35943.137.941.843 1

41 536 539.838 8300

36632 8

178.87146.55

230864

41 0810 8111.2725 48

10 9336 063232

113.410001192117295896095.6

1208

106.8116.11117

1254134 1

5,5821,137

53634

996514762590110

626160

463664,3054529

14735

4 24018557

35.235 1432380

40.540433

41335

39739641841.341.341.9

40 942.4

41239.739329

39.639.9387

35943.037.841.6435

41 436 439.138 6298

36532 7

178.39146.21

224856

41 1110 6911.262549

10 8436 023219

113.2997

1158116295795995.5

1207

105.2116.21118

12511342

5,5801,140

51629

995513765588110

630159

466434,3104531

14920

4 25218630

35.1352435374

' 40.740534

41236

39539841841.541.141.7

41 o42.4

41 539.739432

39.740.1390

36043.237.941.7435

41 636 439.438 6299

364327

177.37147.05

227864

41 17107211.272588

108636 223032

114.01002117 1118 195995995.8

121 6

106.1116.31136

12541348

'5,6021,153

52r627

1 003515

'763'588109

634158

'46 691'4,330r4551

14 883

r426918 658

35.5353442376

41.240734

41 436

r400396

r41741.2

'41.4'41.8r41043.0

'41 8'39.939631

'40.1r38.8r392r36443.1

'37.7'41.9r429

42036939.238 6

r301

36732 8

179.63148.00

227r868

r41 48107211.31'26 07

1100r3646'31 64

114.610091165118.7

968r969'96.6

122 1

106.1116.8

114 1

12661354

5,6091,157

'53r628

1002517

'766'586111

'633156

r46 892'4,328'4575

'14 948

'427818 763

'34.9352

'429363

'40.340633

41 436

'39.9'404'41641.0

'41.3'41.7

409'43.4

'412'38.8'395

2939.8

'37.2'391

'36 1'43.1'37.8'42.0'438

'413'36839.4

'386'300

'365327

180.00148.04

'223'882

'4146'107711.362598

1094'3647'3196

114.8101 11127'121.1

r967'968'96.4

1223

106.6117.41142

1258135.7

" 5,598"1,155

"54"621

"994"519"768"584"113

"634"156

"47 120"4,337"4,589

"15 032

"4289"18 873

"34.7"350"426"361

"39.7"40.0"33

"406"36

"38.6"394"41 1"40.7"40.7"41.0

"402"42.2

"407"38.7"390"29

"39.5"37.2"386

"354"42.3"37.6"41.6"437

"404"368"39.5"386"298

"365"328

"179.19"147.83

"221"877

"4084"1079"11.43"2606

"1098"3676"31 36

"114.4"990

"1125"118.0"946"943"95.1

"1229

"107.0"117.7"114.1

"126.2"136.9

See footnotes at end of tables.

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

Page 90: SCB_031985

S-12 SURVEY OF CURRENT BUSINESS March 1985

Unless otherwise stated in footnotesbelow, data through 1982 and \lnits

methodological notes are as shown inBUSINESS STATISTICS: 1982

Annual

1983 1984

1984

Jan. Feb. Mar. . Apr. May June July Aug. Sept. Oct. Nov. Dec.

198'

Jan. Feb.

LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued

HOURLY AND WEEKLY EARNINGS ttAverage hourly earnings per worker: 0

Not seasonally adjusted:Private nonagric. payrolls dollars..

Mining .. > doConstruction doManufacturing do.

Excluding overtime doDurable goods . . . . do

Excluding overtime doLumber and wood products do....Furniture and fixtures doStone, clay, and glass products..... do....Primary metal industries do....Fabricated metal products do....Machinery, except electrical do....Electric and electronic

equip doTransportation equipment do....Instruments and related

products . doMiscellaneous manufactur-

ing doNondurable goods do

Excluding overtime do ....Food and kindred products doTobacco manufactures do....Textile mill products doApparel and other textile

products ... .do..Paper and allied products do....Printing and publishing doChemicals and allied products . ..do....Petroleum and coal products do ....Rubber and plastics prod-

ucts, nee doLeather and leather products do....

Transportation and public utilities do....Wholesale trade... doRetail trade doFinance, insurance, and real

estate doServices ... do

Seasonally adjusted:Private nonagricultural payrolls dollars

Mining doConstruction do.Manufacturing ' doTransportation and public utilities do....Wholesale trade * do...Retail trade * doFinance, insurance, and real

estate doServices . do

Indexes of avg. hourly earnings, seas, adj.: <>Private nonfarm economy:

Current dollars .. . 1977 — 1001977 dollars $ do

Mining . . doConstruction doManufacturing doTransportation and public utilities. ... do .Wholesale trade * doRetail trade * doFinance, insurance, and real

estate . ... doServices do

Hourly wages, not seasonally adjusted:Construction wages, 20 cities (ENR): §

Common labor $ per hrSkilled labor do...

Railroad wages (average, class I) do...Avg. weekly earnings per worker,

private nonfarm: <>Current dollars, seasonally adjusted ,1977 dollars, seasonally adjusted tCurrent dollars, not seasonally adjusted:

Private nonfarm, total dollarsMining . . doConstruction doManufacturing do

Durable goods do.Nondurable goods do

Transportation* and publicutilities do

Wholesale trade . . . . doRetail trade do...Finance, insurance, and real

estate .do..Services do

EMPLOYMENT COST INDEX @Civilian workers t 6/81 — 100

Workers, by occupational groupWhite-collar workers . doBlue-collar workers doService workers do

Workers, by industry divisionManufacturing doNonmanufacturing do

Services doPublic administration .. do

HELP- WANTED ADVERTISINGSeasonally adjusted index 1967 — 100

8.02112711 928838519389.057.796629.27

11.349.119.55

86511.66

846

6808087.79820

10.356 18

5.379.949 11

10.5913.29

7995.54

10.80854574

7297 30

80211271192883

10.80( 854

574

729730

1553948

1666145315781567158 1150 1

15871560

1522199112.83

280.7017137

2807047898443 42354083817731835

421 203287917105

2639023871

96

8.3311581203

9.178809729317.996869.56

11.439.369.96

89912.19

881

7008.378.05841

11.12646

5.5310.44939

11.1113.45

8.275.70

11.158945.89

762762

833115812039 17

11.15894589

762762

1605947

173614681626161916541538

16571627

157120.6613.33

294.0517348

294.055025745473373224024133145

4393134508176.70

278.1324994

131

8.2611 541208

9.088729649247.886769.42

11.389.319.85

88812.06

8.68

7.008.277.96841

10.77639

5.5010.23

9.2610.9113.47

8.175.68

11.088.825.89

7.55757

821(i)11979 03

11.02876584

749748

1584948

1710146316031599163 31527

16421598

155220.4213.32

290.6317393

28910499684385036865398 1332667

434 3433869173 17

275.5824678

123

8.2411491199

9.068709639.237.886759.38

11.499.319.87

8.8612.00

8.66

6.978.247.938.37

11.13640

5.4610.22

9.3010.9013.43

8.165.67

11.018.795.89

7.54755

823(i)1195906

10.99876584

747750

1585948

170714621607159816271529

16401598

155220.4313.38

290.5217365

288404929244363368743986832630

429393357817317

2744624613

129

8.2411.6011.97

9.098739.669.257.876.769.40

11.449.319.90

8.8812.12

8.71

6.978.277.958.39

11.29641

5.4810.25

9.2910.9513.44

8.205.68

11.028.795.89

7.547.54

825(i)11.97909

11.08882587

754752

159195.1

1720146.31612160916271532

1642160.8

155420.4913.21

291.23174.08

288.40496484393036996399.9232749

4297833666174.34

273.7024580

119.8

120.911771220

117912071250122.9

124

8.2911.6211.959.118.759.679.277.896.769.51

11.519.349.91

8.8912.06

8.73

6.978.297.988.43

11.43643

5.4910.29

9.2910.9713.44

8.255.68

11.078.895.90

7.627.60

831

12.039 11

11.118.88589

762760

159995.4

17291466161 5161 3164 51537

16581623

155620.4913.29

294.17175.52

292.6449966448 1337260402.2732994

4350534227175.82

278.1324852

124

8.2811.5611.99

9.118.769.669.277.926.809.54

11.499.339.90

8.8912.04

8.71

6.998.308.008.43

11.556.42

5.4810.349.31

11.0213.32

8.205.68

11.038.865.88

7.557.55

8.29(*)12.07912

11.098.85587

753756

159.694.9

1725147.01620160.916411534

1642161.4

156320.5313.18

292.64173.98

291.46499.3945802369.87399.9232868

43238342.00176.40

274.07246.13

125

8.2911.5711.94

9.148.779.699.298.046.849.58

11.469.339.93

8.9112.14

8.78

6.988.338.018.44

11.926.43

5.5010.42

9.3011.0313.33

8.235.67

11.078.905.88

7.587.53

8330)12.07915

11.168.94589

761759

160.395.2

1734147.11623162.116461538

1649162.5

157620.6013.31

294.05174.61

294.30505.614608837291402.1433153

4405934443178.75

275.1524774

120.8

122.11186122 1

119 1121 612551237

134

8.3211.5711.979.188.829.709.328.016.889.64

11.459.339.96

8.9512.13

8.83

7.028.418.098.41

11.676.43

5.5110.56

9.3611.1213.27

8.305.70

11.188.975.87

7.607.56

8.350)12.049.17

11.228.98589

7647.64

160.895.1

174.3146.6162.9162.61659154.0

1655163.4

15.7920.6213.29

293.92173.92

296.19497.5146204369.95396.7333135

44720348.04180.21

278.9225024

138

8.3011.5712.01

9.148.779.689.288.056.909.62

11.349.309.92

9.0012.13

8.85

6.978.378.048.36

10.756.46

5.5310.509.42

11.1313.32

8.285.67

11.178.955.84

7.577.53

8.34

12.05920

11.168.975.88

7577.62

160.694.1

174.0146.6163.3161.91654153.6

1646162.8

15.8420.8713.18

293.57171.98

294.65503.3046239369.26396.8833145

44345347.26178.70

275.5524849

128

8.4311.6612.15

9.238.849.779.358.156.959.64

11.399.41

10.01

9.0812.23

8.92

7.018.448.108.37

10.316.49

5.6110.559.51

11.2313.54

8.315.72

11.279.055.89

7.767.69

8.400)12.059.22

11.239.055.90

7.787.69

161.694.2

175.7146.8163.4163.0167.5154.0

168.3164.7

15.8720.8913.40

297.36173.29

299.27513.04467.78375.66405.46335.07

449.67351.14177.29

284.02252.23

122.4

124.01196124.6

120.41233128.8126.9

129

8.4011.5212.149.228.859.769.358.066.959.63

11.319.38

10.01

9.0912.29

8.89

7.028.448.128.33

10.356.49

5.5910.569.48

11.3213.52

8.31'5.72

11.238.995.88

7.677.69

8.38C1)12.029.25

11.209.005.89

7.687.67

161.393.9

174.6146.3163.8163.0166.5153.9

166.4164.0

15.8120.8413.46

294.14171.31

295.68497.66461.32373.41403.09332.54

'440.22347.91174.64

279.96250.69

135

8.4311.5712.019.308.929.829.408.016.969.66

11.449.42

10.06

9.1512.42

8.91

7.038.528.198.46

11.766.55

5.5910.679.54

11.3513.67

8.395.76

11.299.065.94

7.717.74

8.420)12.039.30

11.219.08

'5.94

7.717.72

162.0'94.4176.0146.5164.5163.1167.6155.1

167.1164.8

15.8220.8413.40

296.38172.62

295.89503.30449.17378.51406.55337.39

445.96350.62176.42

280.64252.32

137

8.4611.64

12.179.388.999.949.50

'8.04'7.01'9.67

11.44'9.55

10.16

'9.2712.59

8.99

7.12'8.55'8.238.48

10.976.57

5.6510.69'9.56

11.3713.63

'8.43'5.80

11.32'9.185.89

'7.787.82

8.470)

12.119.33

11.27'9.185.94

'7.827.79

163.194.7

176.8147.5165.1164.3

169.6155.4

168.6166.6

15.8220.84

13.50

298.99173.6;

300.33514.4S

'457.59386.46418.47

'341.15

'447.14

180.23

'285.53256.50

123.9

125.5120.9126.8

122.0124.8130.9128.6

145

'8.5011.7712.20'9.42'9.06'9.97'9.57'8.05'7.04'9.69

11.52'9.57

10.12

'9.2912.62

'8.95

'7.21'8.60'8.308.48

11.15'6.59

'5.7110.68'9.57

11.4313.90

'8.50'5.8311.33'9.15'5.97

'7.78'7.82

'8.45

12.09'9.3711.26'9.08'5.92

'7.72'7.73

162.894.4

177.1147.7165.9163.7169.0154.5

168.4164.9

15.8920.91

"13.61

'297.44172.45

'296.65'504.9S'442.86'379.63'409.77'337.12

443.00'351.36174.92

'283.97'254.15

138

"8.51"11.78"12,23

"9.42"9.06"9.97"9.57"8.07"7.04"9.73

"11.62"9.60

"10.12

"9.30"12.53

"9.06

"7.22"8.60"8.31"8.50

"11.33"6.60

"5.69"10.73

"9.59"11.40"13.86

"8.49"5.82

"11.32"9.17"5.99

"7.83"7.86

"8.49(i)

"12.19"9.42

"11.31"9.14"5.94

'7.77"7.81

"163.7"94.6

"177.3"149.1"166.6"164.6"169.4"15513

"169.6"166.2

"15.89"20.98

"297.15"171.66

"295.30"501.83"441.50"373.97"402.79"332.82

"443.74"351.21"174.91

"285.80"256.24

139

See footnotes at end of tables.

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

Page 91: SCB_031985

March 1985 SURVEY OF CURRENT BUSINESS S-13Unless otherwise stated in footnotes

below, data through 1982 and ,, .,methodological notes are as shown in u

BUSINESS STATISTICS: 1982

Annual

1983 1984

i 1984

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

1985

Jan. Feb.

LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued

WORK STOPPAGESWork stoppages involving 1,000 or more workers:

Number of stoppages:Beginning in month or year number..

Workers involved in stoppages:Beginning in month or year thous ..

Days idle during month or year do....UNEMPLOYMENT INSURANCE

Unemployment insurance programs:Insured unemployment, all programs, average

weekly #@ thousState programs (excluding extended duration

provisions):Initial claims thousInsured unemployment, avg.

weekly doPercent of covered employment: @ @

UnadjustedSeasonally adjusted

Beneficiaries, average weekly thousBenefits paid @ . mil $

Federal employees, insured unemployment,average weekly thous

Veterans' program (UCX):Initial claims doInsured unemployment, avg.

weekly doBeneficiaries, average weekly doBenefits paid .. mil $

Railroad program:Applications. thousInsured unemployment, avg.

weekly . . doBenefits paid mil. $..

81

90917,461

3775

22802

3396

39

299018 613 2

26

196

3027

1789

180

58301.6

6

29507

3374

2 356

3249

383 1

278014580

32

15

2725

146

10

5223.9

2

8365

3 174

1 528

3056

3629

276714005

31

13

2423

125

4

4723.2

2

3284

2958

1 433

2843

3329

23391 369 5

28

13

2220

118

3

4020.1

7

28651

2613

1 429

2515

2928

23081 1736

23

12

2019

103

2

2913.4

5

8581

2290

1 370

2215

2628

20231 1092

20

12

1817

106

2

2110.2

5

24755

2166

1 389

2111

2527

1 9179483

19

12

1817

9 5

11

167.0

8

681,221

2327

1 767

2270

2627

1 905974 1

20

13

181696

25

176.7

4

211,623

2184

1 459

2129

2527

189510178

19

14

1917

107

7

166.7

9

103716

2083

1 260

2023

2327

18068554

19

13

2018

99

6

186.3

4

15498

r2 149

1 674

2072

2428

1 7099397

21

15

2119

117

9

21

4

12482

"2441

pl 824

P2355

"27"29

"1920"1011 1

"23

"15

P22"19116

"27

2

41665

'

2

4'278

7

29259

FINANCE

BANKINGOpen market paper outstanding, end of period:

Bankers' acceptances mil. $..Commercial and financial company

paper, total do .Financial companies do

Dealer placed doDirectly placed do

Nonfinancial companies doAgricultural loans and discounts outstanding of

agencies supervised by the Farm Credit Adm.:Total, end of period mil $

Farm mortgage loans:Federal land banks do

Loans to cooperatives ; do....Other loans and discounts do

Federal Reserve banks, condition, end of period:Assets, total # mil $

Reserve bank credit outstand-ing, total # doTime loans doU.S. Government securities do....

Gold certificate account doLiabilities, total # do

Deposits, total doMember-bank reserve balances do....

Federal Reserve notes in circu-lation j do

All member banks of Federal Reserve System,averages of daily figures:

Reserves held, total mil $Required doExcess do

Borrowings from Federal Reservebanks do

Free reserves . doLarge commercial banks reporting to Federal Re-

serve System, Wed. nearest end of yr. or mo.:tDeposits:

Demand, total # mil $Individuals, partnerships, and

corporations $$ do....States and political subdivisions do...,U.S. Government. .. doDepository institutions in U.S. ft do...,

Transaction balances other than demanddeposits * do

Nontransaction balances, total * do....Individuals, partnerships, and

corporations '.. doLoans and leases(adjusted),total § do ....

Commercial and industrial do....For purchasing and carrying

securities doTo nonbank depository and other

financial doReal estate loans do...To States and political subdivisions 0 do...Other loans do

Investments total doU.S. Treasury and Govt. agency securities,

total 0 do...Investment account Q do

Other securities Q do ..

78,309

181,348137 970417279624343378

80541

510789,319

20143

198 571

163 694918

151,94211 121

198 5712612321,446

157 097

1 38 8941 38 333

75"61

'774; 117

195 538

149,9715,5072055

21,868

439,983

411 068553,128223,857

13638

25272142,170

174488145 803

75,4736777770,330

72,661

231 760166 77657 191

109 58564984

78003

507148760

18528

208 523

174 0523 577

160,85011096

208 5232825221,818

168 327

1 40 6961 39 843

'853

'3186i 2 220

223 924

172,72362201 160

26,234

36224456,237

422 505659,158251,930

18 030

25512158,47929,194

213 434127 898

785266470149372

73,450

187 284142 638440829855644 646

80896

510361017119690

199 457

163 081418

150,25411 120

199 4572966120,361

151711

40 12039507

613

71516

186 364

139,3785,4531 106

23,974

32956408,881

380 480577,258221,422

14910

25578144,65720,361

180 307130 201

802446837749957

74,367

193,926146 75345526

10122747 173

80821

509981017019653

188 837

158 5351 020

140,84711 116

188 8372030616,330

152 383

3636635423

943

567479

185 724

140,5015,4482446

22,623

32736411,118

382 536585,352226,817

15659

24766145,46820,670

181 012129 697

80 17569 22349522

73221

200 365151 19746556

104 64149 168

80935

510381029219 605

195 100

159 508896

150,81411 111

195 10026 63422,167

153 871

36 28035569

711

952108

176 120

134,19042501736

21,285

32899415,351

386 014587,258231,233

12678

24 312146,73321,274

174 169128 525

7896168 23149 564

78457

210 073156 32948370

107 95953 744

81 131

51 0551032119755

208 207

172 937907

162,13411 109

208 20737 11319,715

155 388

37 15636664

492

1 234603

185 972

141,3345,8541307

22,088

33340414,454

385 311602,674236,671

13868

25415148,44822,538

180 948128 260

7797866 45650282

79530

215 345161 47451 134

110 34053 871

81 176

51 1061012719944

202 369

167 5662*832

154,86911 104

202 36927 25221,686

158 727

36 52235942

*580

29882212

185 051

140,80446231076

22,562

32673426,900

395 671607,656239,798

14479

25779149,25923,053

183 531125 726

768346503748892

82067

220 594160 41350216

110 19760 181

80 852

51 1699289

20394

200 726

165 4654 760

152,85911 100

200 7262531820,252

159 915

37 52636752

774

3 3002262

177 286

134,73247022296

20,971

31967431,360

399 601612,942243,591

13 137

25314150,77724,039

182 818119 473

7217364 54447 300

80957

222 782160 54449676

110 86862238

80 779

51 1908947

20642

204 194

167 1137 238

150,70511099

204 1942585121,355

160 402

37 47136858

613

59245003

188 449

142,20661201200

23,298

33356434,075

403 152617,678244,724

12806

25 580152,39424,788

188 693119 922

7271263 59447 210

79779

220 125158 35850313

108 04561767

80545

51 2198709

20616

203 184

170 6488 276

153,18311098

203 18427 41722,733

161 551

37 26436575

689

80176982

172 507

131,70644382138

19,196

32258436,102

403 335615,716242,136

11 494

25472153,27325,807

187 131123 159

7506863 45648091

77928

226 736159 54252138

107 40467 194

80091

512168497

20378

207 150

170 4336633

155,01811097

207 1503271823,612

160 046

3804337 415

628

7 2426 295

185 925

139,05448553942

22,537

33857440,679

407 433627,324246,290

13354

24935154,98325,499

193 327121 782

7403762*88947 745

75736

230 511160 17454055

106 11970337

79718

512068699

19813

198 682

162 4175060

148,22011096

198 68224 12219J40

160 972

38 51237892

620

60175098

185 214

141,57448751388

21,064

32960443,816

410 054636,909246,913

15282

24859157,17425,630

202 006126 206

7842063 29647786

75179

238 024167 04456240

11080470980

79246

51 1769033

19 036

205 671

171 2165073

157,77011096

205 67128 10725,052

164 102

3923538542

693

46173 712

179 990

138,7814,7811041

20,985

32668446,042

412,163637,637247,454

12849

24670157,99226,574

197 584124 967

7843163 77046536

72661

23l 760166 77657 191

109 58564 984

78003

507148760

18528

208523

1740523577

160,85011 096

208 52328 25221,818

168 327

4069639843

853

3 1862220

223 924

172,72362201 160

26,234

36 224456,237

422,505659,158251,930

18030

25 512158,47929,194

213 434127 898

7852664 70149372

' 71,610:241,813171 33559'425

111,910!i70478

£00624

165,5852 139

! 154,55511,095

: 200 6242601119,858

162 125

r41 125r40 380

r745

1395r 588

184 595

139,3465,1382766

20,969

34715459,663

425,194651,896249,752

13 211

23784161,94129,508

207 492132 922

839106689049012

205 225

170,6572329

159,63211,093

205 2252919325,092

162,992

4027339,370

902

1,289316

185 248

140,3454,9022,713

22,190

35475462,489

426,480658,400253,286

13638

23782163,42829,382

206 613138 919

91,5177001747,402

See footnotes at end of tables.

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

Page 92: SCB_031985

S-14 SURVEY OF CURRENT BUSINESS March 1985Unless otherwise stated in footnotes

below, data through 1982 and ,, .methodological notes are as shown in umis

BUSINESS STATISTICS: 1982

Annual

1983 1984

1984

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

1983.

Jan. Feb.

FINANCE—Continued

BANKING-ContinuedCommercial bank credit, seas, adj.:

Total loans and securities <} bil $ .U.S. Treasury securities .. doOther securities doTotal loans and leases ^ do

Money and interest rates:Prime rate charged by banks on

short-term business loans * percent..Discount rate (New York Federal

Reserve Bank) @@ doFederal intermediate credit bank

loans doHome mortgage rates (conventional 1st

mortgages):New home purchase (U.S. avg.) percent-Existing home purchaseOJ.S. avg.) do....

Open market rates, New York City:Bankers' acceptances, 90 days do ....Commercial paper, 6-month $ do ....Finance co. paper placed di-

rectly, 6-mo doYield on U.S. Gov. securities (taxable):

3-month bills (rate on new issue)... percent..CONSUMER INSTALLMENT CREDIT t

Not seasonally adjustedTotal outstanding (end of period) # mil. $..

By major holder:Commercial banks doFinance companies . doCredit unions . doRetailers doSavings and loans do

By major credit type:Automobile doRevolving doMobile home . do

Seasonally adjusted *Total outstanding (end of period) # do ...

By major holder:Commercial banks doFinance companies do ...Credit unions do ....Retailers doSavings and loans do ..

By major credit type:Automobile doRevolving do ..Mobile home do

Total net change (during period) # doBy major holder:

Commercial banks doFinance companies doCredit unions do ....Retailers doSavings and loans do ..

By major credit type:Automobile do ..Revolving do....Mobile home do ..FEDERAL GOVERNMENT FINANCE

Budget receipts and outlays:Receipts (net) mil $Outlays (net) doBudget surplus or deficit (— ) do....

Budget financing, total... . doBorrowing from the public ..do .,Reduction in cash balances do

Gross amount of debt outstanding do ....Held by the public . . . . do

Budget receipts by source and outlays byagency:Receipts (net), total .. mil $

Individual income taxes (net) do . . . .Corporation income taxes (net) doSocial insurance taxes and contributions

(net) mil $Other do

Outlays, total # . doAgriculture Department do....Defense Department, military do . . . .Health and Human Services

Department mil $Treasury Department doNational Aeronautics and

Space Adm do ..Veterans Administration do

GOLD AND SILVER:Gold:

Monetary stock, U.S. (end ofperiod) mil $

Price at New York :j:.t dol. per troy oz.Silver:

Price at New York tt dol. per troy oz.

1,553.0'260.8169.6

1,122.7

10.79

8.50

10.60

212.112 12.29

8.908.89

8.69

8.630

r383,701

171,978r87,42953,471

'37,470r23,108

143,114'81,977r23,862

1 600,562'795,916

'-195,3541 207 ,7111 212,4241 -4,713

1 1,381,8861 1,141,771

' 600,562' 288,938

1 37 ,022

' 208,9941 65,609

7 795,9161 46,384

1 205,011

1 276,4531 116,248

1 6,6641 24,816

11,121423.828

11.441

1,714.5260.2140.2

1,314.1

12.04

8.80

11.20

211.882 12.00

10.1410.16

9.65

9.580

460,500

212,39196,74767,85840,91329,945

172,589101,55524,556

1 666,457'841,800

'-175,3421 187,3361 161,000

1 26,3361 1,576,7481 1,312,589

1 666,4571 295,955'56,893

1 241,9021 71,706

1 841,8001 37,482

1 220,8051 292,224'140,964

'7,048'25,596

11,096360.287

8.141

1,565.0260.4143.7

1,160.8

11.00

8.50

10.80

11.8011.70

9.239.18

9.02

8.930

'"382,928

171,934'87,14053,882

r35,913r22,961

144,319r79,545r23,801

r381,273

170,980'87,759r53,925r34,432'23,075

145,451r76,998'23,799'5,267

2,029'965'836'518190

'2,954'545'26

'62,538'68,053-5,515

5,76223,686

- 17,9241,441,9931,201,634

'62,53833,8811,619

'21,4605,577

68,0524,266

17,742

23,8129,481

4141,199

11,120370.888

8.182

1,584.1260.7142.2

1,181.2

11.00

8.50

10.84

11.7811.73

9.389.31

9.06

9.030

'386,796

175,941'87,22754,851

'34,744'23,074

147,143'78,501'23,657

'387,461

175,894'88,014'54,699'34,562'23,164

147,885'78,069'23,745'6,188

4,914'255'774130'89

'2,4341,071' 54

47,88668,267

-20,38120,58818,172

2,4161,462,1271,219,806

47,88622,190

9

19,9735,715

68,2673,561

17,939

24,14310,625

6312,100

11,116385.955

9.126

1,599.6261.0142.3

1,196.3

11.21

8.50

10.79

11.5611.69

9.889.86

9.38

9.440

'389,857

177,625'87,35655,892

'34,367'23,566

147,478'79,770'23,691

'393,390

179,316'88,251'55,978'34,947'23,593

148,933'81,029'23,768'5,929

'3,423r237

1,279'385'429

1,048'2,960

'23

44,46473,020

-28,55530,2827,568

22,7141,468,3031,227,376

44,46412,8957,965

17,7025,902

73,0203,032

18,950

25,63510,066

5223,294

11,111394.264

9.651

1,612.9257.6142.1

1,213.2

11.93

8.87

10.87

11.5511.61

10.2210.22

9.76

9.690

'395,688

181,022'87,83256,962

'34,440'24,148

149,816'80,756'23,825

'400,182

183,331'88,515'57,501'35,215'24,192

151,273'82,880'23,911'6,792

'4,014'264

1,523'268'599

'2,3401,851

143

80,18068,68711,493

-10,83317,038

-27,8711,490,6631,244,414

80,18039,1929,095

26,0365,858

68,6873,114

18,211

24,06011,524

604886

11,109381.658

9.220

1,629.8257.3140.5

1,232.0

12.39

9.00

10.97

11.6811.63

10.8410.87

10.03

9.900

'405,334

186,668'89,24558,517

'34,813'24,808

154,210'82,946'24,028

'409,275

189,396'89,151'58,922'35,564'24,804

154,914'85,518'24,049'9,093

6,065'636

1,421'349'612

'3,641'2,638

138

37,45971,391

-33,93235,2848,604

26,6801,501,6561,253,018

37,4594,333

280

26,4416,405

71,3912,725

19,373

24,56010,973

6032,200

11,104377.261

8.972

1,636.6253.7139.7

1,243.2

12.60

9.00

11.16

11.6111.79

11.0411.23

10.25

9.940

'414,738

191,519'91,00659,893

'35,242'25,428

158,215'85,027'24,300

'416,357

193,231'90,093'59,971'35,894'25,617

157,639'86,874'24,240'7,082

3,835'942

1,049'330'813

'2,7251,356

191

69,28271,283

-2,0003,8015,524

-1,7231,517,2211,258,542

69,28232,20011,315

19,7596,008

71,2832,050

19,123

27,86717,568

5733,148

11,100377.665

8.744

1,652.6256.4139.5

1,256.7

13.00

9.00

11.32

11.9112.03

11.3011.34

10.42

10.130

'422,008

195,265'92,53461,151

'35,058'26,057

161,834'86,003'24,639

'422,838

196,423'91,231'61,331'35,930'26,203

160,726'87,646'24,574'6,481

3,1921,1381,360

'36'586

'3,087'772'334

52,01768,432

-16,41618,12824,540

-6,4121,543,1171,283,081

52,01722,3982,063

21,3616,195

68,4322,400

18,296

23,59410,515

6151,240

11,099346.443

7.416

1,662.1257.1140.8

1,264.2

13.00

9.00

11.32

11.8912.24

11.2311.16

10.52

10.490

'430,795

199,654'94,07062,679

'35,359'26,922

165,177'88,202'24,947

'428,860

199,054'92,612'62,258'36,127'27,007

163,208'88,909'24,791'6,022

2,6311,381

'927197'804

'2,4821,263

'217

55,20988,707

-33,49834,67325,3409,333

1,565,1401,308,421

55,20925,820

801

21,9316,657

88,7072,648

19,459

39,82211,926

6263,281

11,098347.693

7.613

1,674.9258.0141.9

1,275.0

12.97

9.00

11.53

12.0312.43

11.0410.94

10.55

10.410

'437,469

202,452'95,59463,808

'35,595'27,880

137,231'90,231'25,198

'433,842

200,438'94,183'63,129'36,352'27,777

164,721'90,393'24,918'4,982

1,3841,571

'871'225'770

1,5131,484

127

68,01951,23416,785

-14,8114,167

-18,9781,576,7481,312,589

68,01931,54111,891

18,6395,948

51,2342,496

18,354

7,42810,572

502932

11,097340.913

7.263

1,682.8257.0141.5

1,284.3

12.58

9.00

11.66

12.2712.52

10.1310.16

9.87

9.970

'441,358

204,582'95,11364,716

'35,908'28,781

168,923'91,505'24,573

'439,473

203,194'94,581'64,353'36,480'28,641

167,225'91,881'24,526'5,631

2,756'398

1,224128'864

'2,5041,488'-392

52,25181,037

-28,78728,01920,7547,265

1,616,0101,333,343

52,25125,624

937

19,1076,582

81,0374,602

18,707

26,34811,834

8022,104

11,096340.109

7.317

1,700.9259.4

141.41,300.1

11.77

8.83

11.66

12.2712.38

9.009.06

8.82

8.790

'447,783

206,635'95,75366,528

'37,124'29,358

170,731'93,944'24,439

'445,553

205,677'95,359'66,084'36,758'29,187

169,774'93,495'24,435'6,080

2,483'778

1,731'278'546

'2,5491,614'-91

51,49479,956

-28,46228,90219,3539,549

1,635,5101,352,696

51,49424,792

1,122

19,5256,056

79,9564,175

20,249

25,34612,406

6293,346

11,096340.861

7.488

1,714.5260.2

140.21,314.1

11.06

8.37

11.53

12.0512.26

8.458.55

8.09

8.160

'460,500

212,391'96,74767,858

'40,913'29,945

172,589101,555'24,556

'452,372

208,705'96,555'67,420'37,147'29,763

172,461'94,940'24,552'6,819

3,0281,1961,336

'389'576

'2,6871,445

117

62,40477,583

-15,17914,56324,055

-9,4921,667,4251,376,750

62,40427,05411,531

18,1275,693

77,5835,057

19,519

25,84421,304

6092,388

11,096319.739

6.694

1,723.4259.9142.6

1,320.8

10.61

8.00

11.46

11.7712.09

8.008.15

7.82

7.760

461,530

213,95196,73268,538

. 38,97830,520

173,769100,56524,281

459,595

212,50497,45668,71037,39830,685

175,34896,89724,3937,223

3,799901

1,290251922

2,8871,957-159

70,45476,838

-6,3848,013

12,675-4,662

1,684,3641,389,426

70,45437,852

2,779

23,3946,428

76,8385,634

18,912

25,74811,941

548925

11,095301.520

6.152

1,742.1265.6141.2

1,335.2

3 10.50

8.00

11.22

11.7011.92

8.558.69

8.20

8.220

54,02174,851

-20,83021,05615,9945,062

1,702,7931,405,420

54,02123,769

1,753

23,0805,419

74,8513,959

19,216

25,65712,538

6172,214

11,093298.816

6.069

See footnotes at end of tables.

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

Page 93: SCB_031985

March 1985 SURVEY OF CURRENT BUSINESS S-15Unless otherwise stated in footnotes

below, data through 1982 and ,, .,methodological notes are as shown in units

BUSINESS STATISTICS: 1982

Annual

1983 1984

1984

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

1985

Jan. Feb.

FINANCE—Continued

MONETARY STATISTICSCurrency in circulation (end of period) bil. $..Money stock measures and components (averages

of daily figures): tMeasures (not seasonally adjusted): t

Ml bil. $M2 doM3 doL (M3 plus other liquid assets) do

Components (not seasonally adjusted):Currency doDemand deposits doOther checkable deposits U do....Overnight HP's and Eurodol-

lars A doGeneral purpose and broker/dealer

money market funds doMoney market deposit ac-

counts * doSavings deposits..... do....Small time deposits @ do....Large time deposits @ do

Measures (seasonally adjusted): $Ml ...:. .!. doM2 doM3 doL (M3 plus other liquid assets) do

Components (seasonally adjusted):Currency , '. doDemand deposits doOther checkable deposits * doSavings deposits doSmall time deposits @ :....... .. doLarge time deposits @ doPROFITS AND DIVIDENDS (QTRLY.)

Manufacturing corps. (Bureau of the Census):Net profit after taxes, all indus-

tries : mil $Food and kindred products do....Textile mill products ', ..... doPaper and allied products doChemicals and allied products do . . . .Petroleum and coal products do....Stone, clay, and glass products doPrimary nonferrous metal do .Primary iron and steel.... '. doFabricated metal products (except ordnance,

machinery, and transportionequipment) mil $

Machinery (except electrical) doElectrical machinery, equipment,

and supplies ^ doTransportation equipment (except motor

vehicles, etc.) mil $Motor vehicles and equipment... doAll other manufacturing in-

dustries do....Dividends paid (cash), all indus-

tries doSECURITIES ISSUED @@

Securities and Exchange Commission:Estimated gross proceeds, total . mil $

By type of security:Bonds and notes, corporate... doCommon stock doPreferred stock do

By type of issuer:Corporate, total # mil $

Manufacturing . doExtractive (mining) .doPublic utility doTransportation doCommunication doFinancial and real estate.. do

State and municipal issues (Bond Buyer):Long-term doShort-term do

SECURITY MARKETSStock Market Customer Financing

Margin credit at brokers, end of yearor month mil $

Free credit balances at brokers:Margin accounts doCash accounts do

BondsPrices:

Standard & Poor's Corporation:High grade corporate:

Composite § dol per $100 bondDomestic municipal (15 bonds) do....

Sales:New York Stock Exchange, exclusive of some

stopped sales, face value, total mil $

'171.9

r5098r21102r2 589 9r3 030 6

1420r2420121.2

r495

1453

r3430r317.6r752.0r3083

858349,4361 5992327

11,64419,2971002-2883746

26937680

6367

30117 168

17,644

41624

104 174r49 846r45 149

r7612

102 607r22 809

858012 591

r4 162r5529

r36 237

8334835849

23 000

66208430

41 251.4

7 572.32

183.8

545022773284923 3753

15432465139.2

570

1504'

3959298.1838.03791

87924

5850422012

4 215

84 73114442551375171 6392162

44 015

9333730 539

22 470

7 01510215

47.9

6,982 29

5368220672*7232

r3 203 9

14842500133.8

561

137 8

3840303.5795.83370

53142202227193

r3 195 6

149424431327305179033361

8026

50672456

305

7 82861582346764

2394380

49312492

23 132

6 5108230

(2)

51.8

56658

52392208927346

r3 225 1

148 32386132.4

573

142 1

3900301.1801.63434

53422216927417

r3 227 7

150224521338303879623430

10 388

76942080

515

102897641324298920

7 750

45322253

22 557

64208420

50.5

550.96

168.7

53042228 527664

r3 273 9

1499240 1135.7

566

1448

3969303.0803.93499

53732229 127654

r3,267.8

151224551356302980233497

264632,368

413629

3,7064,476

162219214

9662159

2228

9603318

4645

11 169

5915

36011764

302

5667409384533279217

3373

50693393

22 668

6 5208265

49.0

579.24

54562252227989

r3 305 1

151 62486140.6

563

1459

401 0304.5806.13547

53922241 127880

r3,293.3

1521245913613019811.23577

5 393

34721582

339

5 3931 1951 005

58212094

1827

51346 158

22 830

6 4507910

48.6

552.79

53732 251 328128

r3 321 8

15292421137.4

583

146 5

3994304.0812.93677

54252255228152

r3 328 0

152824631383301582263698

5377

1 6721 600

604

3 8779245671158416

1 526

66242*323

22 360

6 6858 115

45.9

64469

175 1

54792 272 32 840 5

r3 368 0

154 92478139.8

559

1489

397 8304.4824.4378 2

54732269328390

r3 366 7

15432489139 030088340379 5

309922539

508942

39764882

612305374

1 3593338

1 875

1 2203 446

5616

11 211

4 603

28201 608'l74

4 603167117485175161

2904

68613 775

23 450

64308305

45.2

56199

54992 2857

r2 863 7r3 403 4

156 32484139.4r563

150 5

394 2302.5839.3388 0

546922802

r2 862 1r3 402 7

155024731394299184373893

6427

5 1281 109

189

6 4278825737856897

3 347

62802 589

22 980

6 4308 125

46.1

53420

545022876

r2 875 0r3 423 6

156 52438138.9r584

1506

3889295.6855.8395 1

548922928

r2'879 0r3 429 9

155924681410296485503926

7 276

5 2361 707

333

7 2762 395'316144183122

3 005

98032507

22 810

6 8558185

48.4

59347

175.3

r548522987

r2 891 3r3 447 9

156 52461140.5r567

1521

3887292.5867.33980

5515r2 308 2r2 901 3r3 459 4

15682475142229458644

r3961

256952342

349951

35633,495

608105110

12003309

2036

8321463

5,552

10568

6 847

4 2202221'l55

6 597748320

1024288

93 480

84552022

22800

6 6908315

47.7

49572

r5482r2 316 0r2 920 93 476 2

15672458140.8

568

1556

3921r291.6878.8

r4076

r548323187

r2 925 43,480 5

157 12445

141 8r292587214057

10 140

73211466

555

9 3423577

348ll 138

151308

2685

12 0541 991

22 330

6 5808 650

46.9

651 67

r555.9r2 343 8r2 960 335093

15872489

143.4

r580

1620

r4026r288.7883.9

r4117

r553.8r2 345 7r2,959 83,508.8

1579246.8

143 9r2906877.9

r4112

r6698r41291,915

654

r6698r510701758

66400

r3610

11960342

22 350

6 7008420

47.2

62538

183.8

r570.4r2 376 3r3 002 335453

1609257.4

147.2

r57.6

1677

r4152"•286.2

886.44175

r558.5r2 371 4r2,995.23,544.0

; ! 1587248.6

1459r288:5885.1

r4168

6010

3,9391,980

91

60101259

20464171

4792840

11 634695

22 470

7 01510215

48.0

62560

r568.2r2 403.9'3,024.5

158.3254.9

150.1

62.7

r!72.2

M338'286.8r887.9r4175

r562.7r2 398 6r3,020.8

159.4249.1

148 9r288.6r881.4r4173

r5489r707

22090

67709730

50.9

81358

558.52,413 33,034.0

158.6244.9150.0

69.3

175.4

4484287.0882.4419 1

569.32,419 83,040.7

160.6251.71517289.5876.44196

6929472

50.3

689 39

See footnotes at end of tables.

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

Page 94: SCB_031985

S-16 SURVEY OF CURRENT BUSINESS March 1985Unless otherwise stated in footnotes

below, data through 1982 and ., .methodological notes are as shown in units

BUSINESS STATISTICS: 1982

Annual

1983 1984

1984

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

1985

Jan. Feb.

FINANCE—Continued

Bonds— ContinuedYields:

Domestic corporate (Moody's) percent..By rating:

Aaa doAa doA. doBaa do

By group:Industrials doPublic utilities doRailroads do

Domestic municipal:Bond Buyer (20 bonds) doStandard & Poor's Corp. (15

bonds) doU.S. Treasury bonds, taxable $ do....

StocksPrices:

Dow-Jones averages (65 stocks) ...Industrial (30 stocks)Public utility (15 stocks)Transportation (20 stocks)

Standard & Poor's Corporation: §Combined index (500 Stocks) 1941-43 = 10..

Industrial, total (400 Stocks) # do....Capital goods (105 Stocks) do ....Consumer goods (191 Stocks) do

Utilities (40 Stocks) doTransportation (20 Stocks) <>.. 1982=100...

Railroads (6 Stocks) 1941-43=10..Financial (40 Stocks) 1970=10..

New York City banks (6 Stocks)1941-43=10...

Banks outside NYC (10 Stocks) do....Property-Casualty Insur-

ance (5 Stocks) do....N.Y. Stock Exchange common stock indexes:

Composite 12/31/65-50Industrial doTransportation doUtility doFinance do

Yields (Standard & Poor's Corp.):Composite (500 stocks) percent..

Industrials (400 stocks) doUtilities (40 stocks) doTransportation (20 stocks) do....Financial (40 stocks) .. do

Preferred stocks, 10 high-grade do ....Sales:

Total on all registered exchanges (SEC):Market value mil $Shares sold millions

On New York Stock Exchange:Market value mil $Shares sold (cleared or set-

tled) millionsNew York Stock Exchange:

Exclusive of odd-lot and stopped stocksales (sales effected) millions-

Shares listed, NYSE, end of period:Market value, all listed shares bil. $ ..Number of shares listed millions..

12.78

1204124213 1013 55

122513311208

952

94810.84

472241,190.34

1299854461

160.41180.49171.62150776487

147.05108.4618.70

69.23113.16

181.16

92 63107 45893647009534

4.404049242.85479

11.02

r957 139r30 146

815 113

24253

21,590

1,584.1645,118

13.49

1271133113 7414 19

132114031307

1012

101511.99

463101 178 48

1317751385

160.46181.26171.84150876798

136.77101.40

16.99

63.8295.21

181.26

9246108018563464489 28

4.644 059 433.22535

11.62

959 11030456

822 617

25150

23,071

1,586.1049,092

12.92

1220127113 1313 65

126313401241

951

96111.29

501801 258 89

1324759308

166.39187.50179.05156396850

156.11112.9018.35

69.65114.51

182.86

96 16112 16979847439579

4.273719 252.68498

11.35

857442 619

72721

2129

2,216

1,576.8845,723

12.88

1208127013 1113 59

1260135012 28

986

96311.44

458291 164 46

1275851578

157.25177.14164.27145886625

138.50102.2917.28

69.51108.81

181.06

906010544863345678995

4.594 009 583.12531

11.16

r90 880r2 864

r79 413

2412

1,933

1,508.2346,825

13.33

12 57132213 5413 99

1300140312 54

993

99211.90

456101,161.97

1274950934

157.44177.85173.64144 556525

137.88103.4117.13

66.38103.67

189.54

906610592861044838950

4.634 029793^07532

11.39

r81 009r2 550

r69 882

2 100

1,855

1,525.5646,938

13.59

12811348137714 31

132514301281

999

99812.17

450001 152 71

1257449647

157.60178.57173.91143776434

135.43103.58

16.99

63.0298.94

195.70

906710656836143868822

4.644029 943.18540

11.66

rgg 391

2 200r58 542

1 810

1,717

1,534.7347,287

14.13

132814 1014 371474

137214951325

11 07

105512.89

446491 143 42

1264548928

156.55177.60172.27143836494

132.37100.9316.23

61.3892.76

180.67

90071059481 6244228506

4.724 119823.26544

11.72

r78 0332 4^9

r66 404

2026

1,940

1,450.4148,035

14.40

1355143314 661505

1403151613 31

1076

107113.00

436111 121 14

1239647256

153.12174.20164.52146 146400

126.5594.3615.14

55.3382.34

168.67

88 28104 04792943658075

4.864 23

10003.42578

12.04

r75 8142 414

r65 048

2001

1,804

1,463.4448,267

14.32

13 4414 1214 5715 15

140914921360

992

105512.82

432581,11327

1247946374

151.08171.70160.02145426466

122.0490.5314.66

53.7580.23

154.96

87 08102 29767244 1779 03

4.934 299963.556 15

12.13

r62 2502 124

r53 367

1758

1,662

1,439.1248,515

13:78

1287134714 1314 63

136114291382

1017

100312.23

470051,212 82

1282351786

164.42186.86175.77155476811

138.37100.8316.65

60.2386.67

172.50

94 49111 20868646498792

4.624019 533.30550

11.77

106 2653 404

r91 828

2848

2,528

1,589.0448,806

13.56

126613 27139414 35

134214041368

1015

101711.97

472111 213.51

1328351618

166.11188.10178.04157286971

138.71103.0317.43

64.6492.49

184.11

9568112 188688474791 59

4.543969313.25526

11.65

r69 035r2215

r58 945

1817

1,769

1,585.2348,828

1 13.33

'126313 1113611394

13 10'136813 44

1011

103411.66

474531,199.30

1408452336

164.82185.44174.36155927202

137.90101.3517.62

64.7993.27

184.36

950911044868249029294

4.624059033.265 15

11.62

854392718

73532

2265

2,109

1,582.5848,892

12.88

1229126613091348

126113 151302

1004

102711.25

480.591,211.30

1447552892

166.27186.57175.37158347358

137.99101.4718.10

66.7895.30

187.20

958511091873749939528

4.614078853.26498

11.36

r81 2552375

r69 759

1938

1,758

1,552.5148,915

12.74

1213125012921340

125112961269

987

100411.21

478.541,188.96

14616539.64

164.48183.62170.86157417443

139.40102.1618.27

70.4393.52

193.45

948510905880050589529

4.684 158763.24496

11.59

744942515

63 177

2048

1,781

1,586.1049,092

12.64

12.0812.4312801326

12.4112.881262

9.37

95511.15

501.531,238.16

147.89584.95

171.61191.64180.571637175.83

150.95111.65

19.49

76.0598.85

201.81

991111399948851.95

101 34

4.513998603.06469

11.13

2,674

1,705.6149,360

12.66

12.1312.4912801323

12.3213.001238

9.71

9.6611.35

522.801,283.23

1497862664

180.88202.13192.22171997814

160.52- 120.18

21.09

83.13104.71

226.67

10473120711017653.44

10958

10.88

2,194

1,721.9349,485

FOREIGN TRADE OF THE UNITED STATES

VALUE OF EXPORTSExports (mdse.), incl. reexports,

total @ mil $Excl. Dept. of Defense shipments do ....

Seasonally adjusted do....By geographic regions:

Africa doAsia doAustralia and Oceania doEurope doNorthern North America ..do....Southern North Ajnerica do ....South America do

By leading countries:Africa:

Egypt doRepublic of South Africa do ....

Asia; Australia and Oceania:Australia, including New

Guinea doJapan do

200 537 7200,485 8

8767763 813 448265

58 871 038,245.315,204810 520 0

281282,129 4

4037921 894 3

217 888 1217 865 2

8 826 664*532 65744 5

62 207 146,526.218 632 611 049 8

2704222652

4 845823 575 0

17 165 517 161 6

17 888 7

712 15083 3

473 6523233,477.913634

811 6

26452106

401 71 8535

17 014 917 013 4

17 208 0

65904 9457

427 25036 13,683.814446

810 1

19841765

36861 8133

19 607 819 606 7

17 905 7

814 05694 2

495 3597384,183.01 5438

8912

2660231 1

413 520280

17 782 617 779 1

17 520 4

68585 203 8

379 3516023,992.61 4646

845 1

181 92450

311 918725

18 737 518 735 6

17 978 1

820 15 359 5

4863508544,587.31 5024

8629

23242125

410219863

18 381 318 379 8

17 705 3

692 15 604 3

56264 84234,094.21 5835

9808

155 62069

46272031 0

18 363 418 361 1

19 153 9

794 95858 0

551 74 899 93,689.11 5799

9857

249 82154

470 02 158 2

17 311 717 309 6

18 122 9

727 65 278 1

38584 61993,712.31 6151

948 8

296 41776

320 21 906 3

17 601 117 599 4

18 209 9

88544 914 9

52375091 13,645.61 5384

944 1

310 6151 0

456 31 767 6

18 611 518 609 4

18 410 9

63075 257 4'512 5

5 409 44,020.817451

995 1

204 51518

432 51 872 3

18 175 018 174 1

18 394 7

621 053259'5540

519753,944.41 5425

9476

168 11448

47982 143 7

19 135 719,135 3

19 142 4

783 96007 4

392 5565903,495.11 70981 026 4

17591421

318 02 142 2

18 672 918,672.319 401 3

61745687 4

7026534693,779.71 6705

8505

17021473

598 82 100 0

See footnotes at end of tables.

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

Page 95: SCB_031985

March 1985 SURVEY OF CURRENT BUSINESS S-17Unless otherwise stated in footnotes

below, data through 1982 and ,, .,methodological notes are as shown in

BUSINESS STATISTICS: 1982

Annual

1983 1984

1984

Jan. Feb. Mar. Apr. y Sept. Oct. Nov. Dec.

1985

Jan. Feb.

FOREIGN TRADE OF THE UNITED STATES—Continued

VALUE OF EXPORTS— ContinuedExports (mdse.), incl. reexports — Continued

Europe:France mil $German Democratic Republic do....Federal Republic of Germany do....Italy doUnion of Soviet Socialist Re-

publics do .United Kingdom do

North and South America:Canada doLatin American republics,

total # doBrazil .. doMexico doVenezuela do

Exports of U.S. merchandise, total § do....Excluding military grant-aid do....

Agricultural products, total do....Nonagricultural products total doBy commodity groups and principal

commodities:Food and live animals # mil. $..Beverages and tobacco doCrude materials, inedible, exc.

fuels # doMineral fuels, lubricants, etc. # do....Oils and fats, animal and vege-

table doChemicals doManufactured goods # do ....Machinery and transport equipment,

total mil $Machinery total # doTransport equipment, total do . . . .

Motor vehicles and parts do....VALUE OF IMPORTS

General imports total doSeasonally adjusted . do

By geographic regions:Africa doAsia doAustralia and Oceania do....Europe do .Northern North America do....Southern North America do ....South America do

By leading countries:Africa:

Egypt . . . . doRepublic of South Africa do ....

Asia; Australia and Oceania:'Australia, including New

Guinea mil $Japan .. do

Europe:France doGerman Democratic Republic doFederal Republic of Germany ' doItaly .... doUnion of Soviet Socialist Re-

publics .. doUnited Kingdom do....

North and South America:Canada . doLatin American republics,

total # doBrazil . doMexico doVenezuela. . do

By commodity groups and principalcommodities:

Agricultural products total mil $Nonagricultural products, total do ....Food and live animals # doBeverages and tobacco doCrude materials, inedible, exc.

fuels # doMineral fuels, lubricants, etc do ....

Petroleum and products do....Oils and fats, animal and vege-

table doChemicals x doManufactured goods # do ...Machinery and transport

equipment doMachinery, total # do...Transport equipment do

Motor vehicles and parts do...

5,961.3139.0

8,736.73,907.5

2,002.910,621.2

38,244.1

22,618.42,557.19,081.62,811.3

195,969.4195,917.536,107.7

159,861.6

24,166.02,813.0

18,596.09,499.9

1,459.019,750.914,852.0

82,577.854,308.528,269.314,462.8

1 258,047.8

1 14,424.61 91,463.5' 3,043.5

' 55,243.01 55,149.61 25,731.01 15,991.9

, ' 302.71 2,027.3

1 2,247.5' 41,183.2

1 6,025.0'58.1

1 12,695.31 5,455.3

1 346.51 12,469.6

' 52,129.7

1 35,682.91 4,946.1

1 16,776.1'4,938.1

1 16,534.11 241,513.7'15,411.7'3,407.6

'9,590.1'57,952.2'52,325.2

'495.0'10,779.4'34,833.1

'86,131.1'46,974.9'39,156.2'35,034.1

6,036.7136.9

9,083.64,374.9

3,283.912,209.7

46,524.3

26,301.72,639.7

11,992.13,377.2

212,057.1212,034.237,813.9

174,243.2

24,462.62,849.4

20,248.99,310.5

1,922.222,336.315,139.9

89,972.760,317.529,655.217,547.9

325,725.7

14,354.9120,132.2

3,558.073,306.766,496.326,833.721,043.0

169.52,487.7

2,702.857,135.0

8,113.0148.9

16,995.97,934.5

554.214,491.6

66,478.1

42,340.67,621.0

18,020.06,542.8

19,765.5305,960.3

17,972.83,653.4

11,081.760,979.855,906.1

696.013,697.446,144.7

119,191.768,389.950,801.845,412.2

549.113.5

816.5379.9

189.4870.9

3,477.8

1,937.4187.5846.2230.8

16,686.616,682.73,546.5

13,140.1

2,159.0198.5

1,867.1582.4

168.91,759.71,248.0

6,806194,714.72,092.21,315.5

26,496.8'26,204.5

1,086.89,829.5

247.06,030.35,219.82,279.61,803.8

35.0202.4

197.14,613.8

787.38.4

1,629.1551.5

28.81,174.2

5,219.1

3,492.3592.1

1,368.1501.7

1,684.724,812.1

1,471.3288.0

856.65,089.24,492,0

82.91,027.33,773.3

9,881.45,373.14,508.43,912.0

506.917.6

770.4374.9

185.31,033.3

3,683.8

1,993.4161.5945.4309.8

16,589.016,587.53,360.6

13,228.4

1,938.9231.4

1,836.4502.2

170.31,708.81,203.7

6,997.64,598.12,399.51,459.3

25,117.8'26,419.5

1,454.78,397.9

279.35,465.05,387.12,425.11,708.6

5.0442.3

217.93,634.2

498.26.1

1,197.1653.2

52.1988.7

5,385.6

3,583.3494.8

1,570.1615.4

1,669.323,448.5

1,488.7284.4

966.15,006.24,483.2

45.41,047.53,796.6

8,237.34,577.23,660.13,319.2

541.416.5

830.0440.4

338.61,043.0

4,182.7

2,168.4163.6973.7298.0

19,092.319,091.23,823.3

15,269.0

2,239.2238.0

2,075.5790.1

237.61,863.81,364.3

8,042.05,407.92,634.01,682.2

27,731.3r26,948.2

1,337.99,690.7

269.96,695.15,558.52,518.51,660.6

4.5181.1

186.14,758.2

710.18.0

1,598.7675.4

52.11,280.9

5,557.8

3,569.7604.7

1,622.4414.4

1,774.625,956.7

1,606.0f259.4

919.45,323.04,832.0

57.71,215.03,876.9

10,313.85,777.24,536.64,029.5

485.13.8

801.3384.1

348.8964.8

3,992.4

2,031.8189.5960.7234.8

17,333.317,329.83,181.0

14,152.3

1,939.7211.1

1,766.5758.8

131.91,728.41,213.5

7,493.44,987.92,505.51,553.6

28,159.6'28,073.7

1,460.69,892.0

269.16,441.35,839.32,483.71,773.5

6.6274.8

190.74,638.0

607.95.0

1,570.0640.7

33.51,367.9

5,838.5

3,799.0640.6

1,707.9536.9

1,866.726,292.9

1,702.2325.7

954.25,628.65,249.7

45.01,309.43,738.1

10,202.25,644.04,558.14,083.1

512.518.0

699.1376.5

261.71,020.2

4,587.0

2,075.6183.6938.9281.5

18,251.818,249.93,193.4

15,058.4

1,981.3168.5

1,853.7901.1

182.71,860.31,393.4

7,738.95,210.22,528.71,672.6

26,607.3'26,011.9

1,178.29,850.7

254.75,700.25,712.52,087.31,823.7

11.6193.4

192.94,889.1

656.89.0

1,356.1564.6

28.01,055.7

5,712.1

3,526.3591.9

1,381.3610.7

1,690.524,916.8

1,496.8263.9

989.14,695.94,294.7

63.81,122.03,784.5

10,259.05,483.84,775.24,358.9

511.31.0

731.4381.0

91.91,025.3

4,093.9

2,299.1249.7

1,017.2279.9

17,926.317,924.82,563.0

15,363.3

1,676.8202.9

1,608.7871.6

144.42,066.11,312.1

7,815.45,232.02,583.31,464.9

25,964.4'25,276.2

1,166.59,608.8

289.35,504.25,751.72,005.81,638.0

13.7175.9

230.74,504.3

529.011.1

1,247.1572.6

28.61,131.8

5,744.4

3,326.7493.7

1,444:7619.5

1,345.124,619.3

1,263.6312.3

897.75,206.24,830.3

38.41,031.83,583.4

9,605.15,414.94,190.33,793.0

487.713.4

730.1335.5

117.3970.7

3,688.9

2,294.6237.0

1,015.3305.5

17,884.317,882.02,688.3

15,196.0

1,976.7177.9

1,473.8764.8

168.82,054.31,246.3

7,629.35,083.62,545.71,345.4

31,565.1'31,334.0

1,231.413,038.3

372.07,278.85,403.32,299.31,941.9

39.4204.9

274.86,259.6

943.915.0

1,423.8820.0

24.11,476.4

5,402.5

3,778.5747.8

1,560.7568.3

1,816.429,748.7

1,629.6372.7

998.75,434.25,123.1

48.31,270.34,601.1

11<,631.07,225.74,405.33,797.2

467.57.2

644.6324.9

260.61,021.4

3,712.2

2,284.1253.0

1,054.8239.2

16,853.916,851.8

- 2,586.714,267.2

1,985.3146.0

1,376.3877.6

111.91,887.41,259.6

6,855.14,905.91,949.21,241.6

27,042.6'26,866.3

l,200y.810,680.8

287.86,099.74,914.22,128.41,730.8

6.9184.4

214.05,084.6

712.912.9

1,270.4781.3

80.61,165.4

4,913.8

3,399.1726.8

1,410.4507.0

1,584.725,457.91,411.1

299.8

868.14,886.04,579.9

69.11,092.73,949.2

9,816.76;007.73,809.03,410.8

464.06.1

725.4326.2

361.81,038.4

3,645.5

2,172.3231.7957.5293.1

17,100.017,098.32,916.4

14,183.6

2,355.1231.1

1,211.1819.6

143.81,864.61,244.8

7,214.84,819.72,395.11,393.7

27,852.6'28,409.4

1,164.210,509.8

278.26,305.95,587.82,136.01,870.6

27.6187.9

207.64,940.1

771.515.9

1,593.7771.2

45.91,144.7

5,585.8

3,558.9682.3

1,465.3580.1

1,628.826,223.8

1,496.0306.5

1,014.44,663.44,333.3

64.81,254.84,032.6

10,302.16,141.84,160.33,665.3

536.57.0

759.0313.9

318.31,205.7

4,020.7

2,440.7265.8

1,153.7282.0

18,086.118,084.02,860.7

15,225:4

2,011.4325.0

1,396.0757.1

139.41,947.11,277.7

7,935.05,504.32,430.71,470.8

27,530.0'26,7|82.7

1,186.410,702.2

379.45,649.55,591.12,248.41,772.9

5.2135.6

299.25,075.0

546.616.8

1,316.5597.4

43.11,231.9

5,591.0

3,603.3664.8

1,580.8574.2

1,684.825,845.2

1,609.9314.3

867.05,168.04,788.3

, 66.21,081.93,832.1

10,144.66,022.44,122.33,736.8

480.612.1

831.9302.8

383.8979.9

3,944.3

2,200.4255.7

1,006.3291.7

17,637.317,636.4,3,527.614,109.7

2,100.2405.3

1,827.1712.3

155.31,758.3

. 1,191.6

7,470.64,814.32,656.31,568.8

27,295.6'27,331.3

1 1,025.5! 9,637.01 335.8

;i 6,418.3j i 6,003.5j 2,235.7

: ; l 1,639.6

12.2170.0

271.14,588.2

662.419.8

1,467.5; 678.0

64.61,320.9

6,001.5

3,429.4658.1

1,557.5470.3

1,483.825,811.81,356.8

348.4

894.75,207.24,795.0

56.31,113.03,835.0

9,882.15,700.24,181.93,828.3

494.120.8

744.2434.7

426.51,036.0

3,495.0

2,404.0261.0

1,122.5330.8

18,616.118,615.73,565.4

'15,050.7

2,099.2313.5

1,956.8972.8

167.21,837.4

; 1,185.1

7,973.85,039.02,934.91,379,5

,'24,362-6'25,933,1

\ i 861188,29414

295.55,718:5

i i 5,527:11,98519

; 1.679U

1.7134.9

220.74,150.1

686.420.9

1,325.8628.4

73.01,153.1

5,525.9

3,274.1723.4

1,350.9544.2

'1,536.1'22,826.6

1,440.7278.0

855.94,671.94,104.6

58.01,131.73,341.8

8,916.45,022.03,894.33,477.9

548.914.9

792.6393.5

348.61,032.4

3,779.6

2,241.6277.4

1,135.4244.4

18,123.618,123.03,142.3

14,981.3

1,937.2223.8

1,729.0804.3

137.51,937.1

: 1,216.0

7,986.65,191.82,794.81,543.3

28,835.828,296.9

831.411,359.2

357.97,002.05,319.82,075.81,889.7

6.7140.2

291.75,968.8

909.213.9

1,836.8759.7

39.31,141.0

5,319.1

3,485.4751.5

1,303.3481.6

1,796.527,039.3

1,647.5284.9

842.04,434.13,972.9

67.51,143.44,006.5

11,655.96,658.74,997.24,412.2

See footnotes at end of tables.

471-438 O - 85 - 52 : QL 3

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

Page 96: SCB_031985

S-18 SURVEY OF CURRENT BUSINESS March 1985Unless otherwise stated in footnotes

below, data through 1982 and .. .methodological notes are as shown in

BUSINESS STATISTICS: 1982

Annual

1983 1984

1984

Jan. Feb. Mar. Apr. May June July Aug. Sept Oct. Nov. Dec.

1985

Jan. Feb.

FOREIGN TRADE OF THE UNITED STATES—Continued

IndexesExports (U.S. mdse., excl. military grant-aid):

Unit value 1977-100Quantity. ... doValue do

General imports:Unit value . doQuantity doValue do

Shipping Weight and ValueWaterborne trade:

Exports (incl. reexports):Shipping weight thous. sh. tons..Value mil. $..

General imports:Shipping weight thous. sh. tons-Value mil. $..

154 110781662

16061103177 1

361,404100,651

1 366 4261 155,311

1562115 11798

163513672235

1574107 81698

162 613422182

291928,618

33 17415,797

1581106 8168 8

161 5128 12068

255767797

3302814,263

1570123 8194 3

163 7139 52284

317689289

3510416,416

1579111 7176 4

164 1141 32319

302068247

3768216,586

1583117 4185 8

164 6133 1219 1

332568798

3196115,729

1587114 9182 4

164 4130 12138

308648,263

3253814,971

157 1115 8182 0

164 1158 42599

321278497

3901619,183

156 0109 9171 5

164 5135 32227

31 6308099

3526816,477

1563111 3174 0

164 6139 32294

341308216

3477816,362

1565117 6184 1

164 8137 62267

297948259

3488916,179

154811591795

163 713732248

154712251895

163012241996

TRANSPORTATION AND COMMUNICATION

TRANSPORTATIONAir Carriers (Scheduled Service)

Certificated route carriers:Passenger-miles (revenue) bil.

Passenger-load factor percent..Ton-miles (revenue), total milOperating revenues (quarterly) # §. ... mil $ .

Passenger revenues doCargo revenues do....Mail revenues do

Operating expenses (quarterly) § do ..Net income after taxes (quarterly) § do....

Domestic operations:Passenger-miles (revenue) bilCargo ton-miles milMail ton-miles doOperating revenues (quarterly) § mil. $ ..Operating expenses (quarterly) § doNet income after taxes (quarterly) § do....

International operations:Passenger-miles (revenue) bilCargo ton-miles milMail ton-miles doOperating revenues (quarterly) § mil $ ..Operating, expenses (quarterly) § do....Net income after taxes (quarterly) § do

Urban Transit SystemsPassengers carried, total . mil

Motor CarriersCarriers of property, large, class I, qtrly.:

Number of reporting carriersOperating revenues, total mil. $..Net income, after extraordinary and prior

period charges and credits mil. $..Tonnage hauled (revenue), common and

contract carrier service mil. tons..Freight carried— volume indexes, class I and II

intercity truck tonnage (ATA):Common carriers of general freight,

seas, adj 1967-100Class I Railroads *

Financial operations, qtrly. (AAR), excl. Amtrak:Operating revenues, total # mil. $..

Freight do....Passenger, excl. Amtrak do

Operating expenses do ....Net railway operating income do....Ordinary income do....

Traffic:Revenue ton-miles, qtrly. (AAR).... bilPrice index for railroad freight 1969-100 ..

TravelLodging industry:

Restaurant sales index.. ..same month 1967 — 100.Hotels: Average room sale 6 dollars.

Rooms occupied % of total.Motor hotels: Average room sale <) dollars .

Rooms occupied % of total.Economy hotels:* Average room

sale 0 dollars.Rooms occupied * % of total.

Foreign travel:U.S. citizens: Arrivals (quarterly).. . thous

Departures (quarterly) do..Aliens: Arrivals (quarterly) do...

Departures (quarterly) doPassports issued do

National parks, recreation visits ## do...

r281.832 60.7

r35 7562 38 5962 32 731

2,579668

2 38 234-289

r226 91rS 3851065

2 31,008231 184

-639

r5492r2708

4157 1726,697

313

7 859

10016,382

353

164

1359

26,72625,829

10726,7261,2961,217

8283355.8

6 20264.51

6442.30

66

28.6965

1201012,2588,83174674 152

49,328

3044659.2

38615

2 243 10235531 159

2 61 362999

457

8 030

1440

91593722

469649,015

2149537

2732

1742262

90

40719634

647

1444

3707

16869.13

584327

56

28.5555

2721,225

20 14538

2619

1674271

90

34021232

661

140 1

3707

19869.69

664474

67

27.7459

3721,439

2474600

3 19699788445

586171

9,855-110

2053320101

8,2978204-105

422264

371 5741 559

22

727

1004112

42

41

143 8

7,3897214

266619

564592

231 13710

22770.64

704642

70

29.0367

298328641,8101 579

4711,776

2404594

3066

194829092

45624336

664

1460

371 1

2026987

684653

68

30.4864

5072,633

249759.8

3 163

1980305

94

51723235

692

143 8

371 1

2406882

704485

69

288365

6033,783

275464.4

3412110339,431

676169

10,274392

216029991

8,9768320

300

59423335

19811836

83

656

1004487

123

41

1427

75457289

2564711,074

809

2350371 1

2356683

704635

71

320272

3571378622561824

5286,642

2793619

3472

21 6329285

63026835

614

143 9

3724

2196530

664674

73

32 1072

4 1 5694 15454 1032

4 753442

9,379

2996654

3693

2327310

93

66926035

670

145 0

3724

2036748

684744

73

302379

4 1 6994 13894 1001

4 945394

9,044

24 41579

3 103

186928688

57225833

636

1004421

108

40

141 8

73897 167

2563521064

769

234 o3725

2156773

684581

66

299667

41 2874 1216

47914 740275

5,871

248658 1

3211

1986307

96

50028537

731

144 7

3744

2227375

-744666

68

301670

2983,938

2347573

3056

193629097

4 1227546

679

147 0

3744

2691,935

246657.4

3 159

r2024260134

44224257

653

144 7

21593748

2651,348

^144 3

46163748

4001,178

4679

See footnotes at end of tables.

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

Page 97: SCB_031985

March 1985 SURVEY OF CURRENT BUSINESS S-19Unless otherwise stated in footnotes

below, data through 1982 and ., ..methodological notes are as shown in ljmis

BUSINESS STATISTICS: 1982

Annual

1983 1984

1984

Jan. Feb. Mar. Apr. May June July Aug. S«p, Oct. Nov. Dec.

1985

Jan. Feb.

TRANSPORTATION AND COMMUNICATION—Continued

COMMUNICATIONTelephone carriers:

Operating revenues # mil $Station revenues doTolls, message do

Operating expenses (excluding taxes) do

Phones in service end of period milTelegraph carriers, domestic and overseas: @

Operating revenues mil $Operating expenses doNet operating revenues (before

taxes) do....

7809233 0902803153 09512 7971344

1 482712594

142.2

67 62528 3221035344 43512 206

2 5 47822 280

2 8972 3 580

2 963(4)

112 6r93 1

12.6

53982 284

8713 504

986

1120945

10.9

55962 3041 0283 6851 058

1182988

12.1

5604r2340

9363 5731 096

1133945

11.8

56772348

9753 6771 044

118 41006

9.0

55682*368

9193 769

937

10761002

1.6

56062 367

'9243 705

990

11651109

-.7

57622414

82537161 062

11971034

9.3

54872326

72635511 034

111897 1

8.1

56292381

71337481 024

1203101.6

11.2

6,0482543

74839981 081

114399.6

7.8

5,7722368

7903930

931

CHEMICALS AND ALLIED PRODUCTS

CHEMICALSInorganic Chemicals

Production:Aluminum sulfate, commercial (17% AkOa) $

thous. sh. tons ..Chlorine gas (100% C12) t do....Hydrochloric acid (100% HC1) $ do....Phosphorus, elemental doSodium hydroxide (100% NaOH) $ do ....Sodium silicate, anhydrous $ do....Sodium sulfate, anhydrous $ doSodium tripolyphosphate

(100% NasPaOio) t doTitanium dioxide (composite and

pure) t doSulfur, native (Frasch) and recovered:

Production .. thous met tonsStocks (producers') end of period do....

Inorganic Fertilizer MaterialsProduction:

Ammonia, synthetic anhydrous $thous. sh. tons ..

Ammonium nitrate, original so-lution t do

Ammonium sulfate ijr doNitric acid (100% HNO3) $ doNitrogen solutions (100% N) $ do....Phosphoric acid (100% P2O5) $ do....Sulfuric acid (100% H2SO4) t do....

Superphosphate and other phosphaticfertilizers (gross weight): \

Production thous sh tonsStocks end of period $ do

Potash sales (K2O) doExports, total # do

Nitrogenous materials doPhosphate materials doPotash materials ' do

Imports:Ammonium nitrate doAmmonium sulfate doPotassium chloride doSodium nitrate do

Industrial Gases $Production:

Acetylene mil cu ftHydrogen (high and low purity) doNitrogen (high and low purity) doOxygen (high and low purity) do

Organic Chemicals §Production:

Creosote oil mil galEthyl acetate (85%) mil IbFormaldehyde (37% HCHO) doGlycerin, refined, all grades .. doMethanol synthetic mil galPhthalic anhydride mil Ib

ALCOHOLEthyl alcohol and spirits:

Production mil tax galStocks end of period do

Denatured alcohol:

Consumption (withdrawals) doFor fuel use * do-

Stocks end of period do

rl,103r9,864'2,420

36610,039

'728r914

669

'760

1 8,1563,218

14,072

r6,2401,956r6,968'2,198r9,76736,583

15,774844

r6,27322,8321,982

14,837804

347285

7,87597

3,737100,253559,863342,723

'30.7'39.5

'213.0'5,464.9

265.4' 1,202.1

'838.3

'678.278.6

'353.6355.9'59.4

65

1,07910,7242,866

38411,224

750872

673

799

9,4012,434

16,204

7,0052,0638,0413,382

11,11139,683

17,3661,1576,195

24,7032,313

13,6801,044

532363

8,639122

4,855108,149599,308375,148

'30.9'86.0

'193.5'5,712.2

302.7' 1,247.0

'869.4

9884925731

8825966

53

60

7413,172

1,279

592163638217856

3,154

1,388867566

2,344186

1,43292

3460

70621

3379,440

49,37831,002

2.66.0

15.6422.1

26.286.673.3

49.373.5

29.529.77.2

11.3

9086624530

9058572

57

65

7293,141

1,326

597176683237856

3,200

1,455964510

1,55345

89979

5319

79024

3948,909

47,45031,698

2.77.2

16.3469.0

25.4119.170.1

45.957.0

34.229.03.8

18.2

9892225433

9478074

61

71

7853,139

1,443

631180718266963

3,485

1,531985414

2,096150

1,39871

6641

955

4829,084

51,45534,617

2.87.3

14.6500.0

27.0104.577.5

54.182.0

31.832.94.2

15.6

8496427729

1,0105575

55

66

7763,115

1,439

618165680244914

3,398

1,4229475.38

2,017383

1,09154

5784

89712

4029,067

48,30136,628

2.96.8

14.7518.7

26.2103.566.7

58.282.7

28.230.99.0

15.1

10694722935

9806576

58

65

7663,026

1,405

611182728417912

3,339

1,425845656

2,296157

1,27568

8725

7989

46010,86150,44232,251

2.67.8

15.1506.1

20.6105.682.4

50.997.5

36.537.713.818.5

9194124035

9816580

54

74

7582,898

1,247

565169689275876

3,264

1,326953365

2,306236

1,305161

2110

38115

4419,423

48,79931,492

2.8

14.9472.6

25.0118.279.6

49.785.3

34.937.411.211.5

9589223632

9315070

48

66

7772,782

1,169

562153660308869

3,250

1,428812297

2,342239

1,11585

1917

40913

4499,102

49,03231,459

2.86.2

16.1470.0

24.9105.160.4

48.480.5

31.427.13.8

15.1

9787824227

9196172

60

62

7792,605

1,306

508164600

,277954

3,416

1,506821836

2,425163

1,375129

4836

96611

3718,698

49,20830,003

1.96.1

14.9460.4

24.294.577.6

48.372.3

29.426.95.0

12.5

8190423732

9405775

52

72

7872,525

1,288

551177649277958

3,284

1,488840624

2,118180

1,18360

6226

876(3)

3778,300

49,41828,320

3.38.5

16.1510.0

24.1101.382.6

51.874.2

28.229.84.5

10.9

8583221331

9016270

65

63

8172,521

1,370

590189654315996

3,433

1,513914426

1,789120

1,06269

3213

74514

3478,383

52,79130,196

2.87.2

16.8491.6

26.795.365.3

60.599.8

44.838.710.116.4

78'847'210

33'888

r6076

58

73

r826'2,513

1,436

578177660

'264'979

'3,207

1,4691,243

3741,859

23586973

2218

424(3)

4017,862

'52,885'29,134

1.77.2

14.4'444.4

30.295.557.1

'7788222735

9385267

53

62

8602,434

1,496

602168681285978

3,253

1,4151,157

5981,557

220676102

3115

6924

3949,020

50,14928,348

2.1,

16.8449.8

22.292.262.9

8332,420

'6303,141

2221,418

145

4818

62212

28.8

,

See footnotes at end of tables.

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

Page 98: SCB_031985

S-20 SURVEY OF CURRENT BUSINESS March 1985Unless otherwise stated in footnotes

below, data through 1982 and IT ..methodological notes are as shown in

BUSINESS STATISTICS: 1982

Annual

1983 1984

1984

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

1985

Jan. Feb.

CHEMICALS AND ALLIED PRODUCTS—Continued

PLASTICS AND RESIN MATERIALSProduction:

Phenolic resins mil IbPolyethylene and copolyrners doPolypropylene doPolystyrene and copolymers do....Polyvinyl chloride and copolymers do ....

MISCELLANEOUS PRODUCTSExplosives (industrial), shipments, quarterly

mil. Ib..Paints, varnish, and lacquer, shipments: 0

Total shipments mil $Architectural coatings do....Product coatings (OEM) . . . . doSpecial purpose coatings do ....

1 1,459.61 14,045.3'4,456.91 6,254.01 6,256.1

2,229.3

7,843.83,321.32,907.41,615.1

1 1,470.51 14,621.9'4,960.7'5,861.4'6,957.6

2,619.7

8,603.73,301.03,465.11,837.7

123.21,194.2

388.1473.9498.8

628.7222.5278.5127.7

128.51,194.1

413.4498.4576.8

676.7256.3277.1143.3

132.71,321.5

439.4530.2663.4

6688

764.2308.7307.9147.6

132.41,240.3

378.0522.8636.1

758.2311.1290.5156.6

123.91,308.2

395.8527.0560.4

843.4359.8305.1178.5

124.81,224.2

407.8509.1525.6

622.3

844.0365.6298.9179.6

109.31,217.3

361.4474.9457.1

789.4333.8284.8170.8

118.31,164.1

501.6487.0554.6

838.1347.1304.8186.2

120.01,230.6

500.5520.2544.6

6697

672.5234.6287.3150.6

130.51,233.1

454.7501.3586.0

695.7229.9311.6154.2

115.61,231.2'397.4r447.3r596.5

'578.7175.3272.1131.3

112.31,049.2

413.2458.8636.2

6190

514.2156.4246.5111.2

ELECTRIC POWER AND GAS

ELECTRIC POWERProduction:

Electric utilities, total . mil kw -hrBy fuels doBy waterpower do

Sales to ultimate customers, total (EdisonElectric Institute) $. .. mil kw -hr

Commercial § doIndustrial §. . doRailways and railroads doResidential or domestic doStreet and highway lighting doOther public authorities doInterdepartmental do

Revenue from sales to ultimate customers(Edison Electric Institute) $ mil $

GAStTotal utility gas, quarterly

(American Gas Association):Customers, end of period, total thous

Residential doCommercial do ...Industrial doOther do

Sales to customers, total tril. Btu..Residential do....Commercial do ....Industrial do ....Other do ....

Revenue from sales to custom-ers, total ....mil $Residential do....Commercial do ....Industrial do .Other do ....

2 310 2851 978 154

332 130

2 157,598546 252780 020

4296750 850

14 052567205407

129 558

48948450353685

18147

12,85944502,2985,970

140

658372617312,65926315

690

2 416 3042 095 154

321 150

' 2,278,896' 578 526'836872

'4422'776,448' 13 926' 62 632'6071

' 142 106

r216 632186 895

r29 737

189 564161 664

r27 900

r200 107169 672

r30 435

577 912136 370205 977

1012214,948

3689146481,269

34253

49614456153771

18246

4,791220710541474

56

24 8931243457406443

276

181 084151 114

r29 970

192 217160 404

31814

r209 649180 875

r28 773

542 212137 458211 560

959171,620

3284157451,586

33200

49348453783742

18247

2,846892463

1,46329

14 413539725656316

134

r221 245193 750

r27 495

r229 296r204 159

25137

195 198174 287

r20911

614 853162 258216 833

875212,708

3277167852118

40309

48 958450443686

18247

2,181380273

1,50820

1083726511 5386558

89

190 936170 050

r20 887

190,380168 12122259

199,996174 16225834

544,971139 962205 189

1,119178,232

356015465

1,443

34,287

FOOD AND KINDRED PRODUCTS; TOBACCO

ALCOHOLIC BEVERAGESBeer:

Production mil. bbl.Taxable withdrawals do....Stocks, end of period do

Distilled spirits (total):Production mil. tax gal ..Consumption, apparent, for beverage

purposes.. .. mil wine galStocks, end of period mil. tax gal .Imports mil proof gal

Whisky:Production mil. tax galStocks, end of period do....Imports mil proof gal

Wines and distilling materials:Effervescent wines:

Production mil. wine gal..Taxable withdrawals do....Stocks, end of period do....Imports do

Still wines:Production do ....Taxable withdrawals do....Stocks, end of period do....Imports do

Distilling materials produced atwineries do....

19512177.501326

120 817-2 431 oi

551 4711635

r7359480.38

83 84

37 1332.5116.1111 11

429.39366.44686.47119 83

174.94

117 86

78 04

14 91

127 49

141512421370

1036

305457646

7 20

6 2150569

4 84

146125

16.951 36

6.662590

619.0811 29

3.30

1475126314 17

1199

307257743

9 46

8 8250706

6 84

29495

17.7080

6.052764

601.117 93

2.28

17 72153215 24

1331

34 28548 92

7 58

9 9148001

4 65

226225

17.8281

8.4533 10

574.319 02

2.83

16 65148815 55

1332

3274561 0711 12

9 7250760

7 80

2 351 64

18711 02

4.073384

5393510 80

2.46

18 59166715 87

1176

34 175754411 89

8 3050214

5 34

278429

17.761 01

6.683232

504599 49

4.83

1847172315 67

681

3642578 07

9 41

4 1550320

6 69

4 11199

19.0286

4.273334

468919 50

1.19

1864169014 86

482

31 2456878

10 03

3 0349816

6 69

2561 09

19.961 05

5.352600

4374313 04

1.75

17 59169714 44

775

330556393

8 62

4 9049366

5 86

369264

20541 05

638234 16

4882510 07

33.56

14 58136613 69

1044

32 55561 68

9 00

5 7749018

5 95

268192

20 171 29

187342978

5653411 30

55.68

1514142913 74

15 19

376856000

10 20

74748535

6 94

1 53

10 18

130612401285

41 60

1320

9 38

1 97

13 14

10 15

7 06

2 17

11 73

848

5 96

1 43

11 23

See footnotes at end of tables.

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

Page 99: SCB_031985

March 1985 SURVEY OF CURRENT BUSINESS S-21Unless otherwise stated in footnotes

below, data through 1982 and ,, -tmethodological notes are as shown in ^ s

BUSINESS STATISTICS: 1982

Annual

1983 1984

1984

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

1985

Jan. Feb.

FOOD AND KINDRED PRODUCTS; TOBACCO—Continued

DAIRY PRODUCTSButter:

Production (factory) mil IbStocks, cold storage, end of period do....Producer Price Index ** 1967-100

Cheese:Production (factory), total mil Ib

American, whole milk doStocks, cold storage, end of period ido....

American, whole milk do....Imports... doPrice, wholesale, cheddar, single daisies

(Chicago) $ per Ib..Condensed and evaporated milk:

Production, case goods ... mil IbStocks, manufacturers', case goods, end of

period doExports .. do

Fluid milk:Production on farms doUtilization in manufactured dairy

products doPrice, wholesale, U.S. average $ per 100 Ib ..

Dry milk:Productipn:

Dry whole milk .... mil IbNonfat dry milk (human food) ... do

Stocks, manufacturers', end of period:Dry whole milk doNonfat dry milk (human food) ... do

Exports, whole and nonfat(human food) do

Price, manufacturers' average selling, nonfatdry milk (human food) .. $ per Ib

GRAIN AND GRAIN PRODUCTSExports (barley, corn, oats, rye,

wheat) .. .. mil buBarley:

Production (crop estimate) doStocks (domestic), end of period, total..... do ..

On farms do....Off farms do

Exports, including malt §... .... doProducer Price Index, No. 2 feed,

Minneapolis * 1967 = 100..Corn:

Production (crop estimate, grainonly) mil. bu ..

Stocks (domestic), end of period, total do....On farms do....Off farms . .. do

Exports, including meal and flour doProducer Price Index, No. 2, Chi-

cago * 1967 = 100..Oats:

Production (crop estimate) mil. bu..Stocks (domestic), end of period,

total doOn farms doOff farms do

Exports, including oatmeal doProducer Price Index, No.2, Minneapolis *

1967 = 100..Rice:

Production (crop estimate) mil. bags # ..California mills:

Receipts, domestic, rough mil IbShipments from mills, milled

rice doStocks, rough and cleaned (cleaned basis),

end of period mil. Ib..Southern States mills (Ark., La., Tenn., Tex.):

Receipts, rough, from producers mil IbShipments from mills, milled

rice doStocks, domestic, rough and cleaned (cleaned

basis), end of period mil IbExports doProducer Price Index, medium grain,

milled ** 1967 — 100Rye:

Production (crop estimate) mil buStocks (domestic), end of period.... doProducer Price Index, No.2,

Minneapolis * 1967 — 100Wheat:

Production (crop estimate), total mil buSpring wheat doWinter wheat do...

Distribution, quarterly @ doStocks (domestic), end of period, total do

Oh farms do...Off farms do

Exports total including flour - doWheat only . do

12992499.42266

48184292761,204.61,099.7

2862

1.682

6942

46756

139 672

8260913.60

111214999

64746

3216

938

34402

2 508 93676244.91227716

180.9

24,174.74,912.93,080.0183291 876 5

248.4

*477.0

3788322456428

252.6

2 99.7

2730

1884

478

9143

6289

27035151

2020

227 1558

2107

2 2 4202 432

2 1,988r2606

232641,015.4131101 488314076

1 120129662288

4688426969

986.2884.83060

1.704

6312

41781

135 444

77 12113.39

12101 1869

5461 1

1989

912

3611 1

2 596 54378306.51313955

200.9

2 7 656.25,808.342481156021 9286

250.9

2471.9

3572299457819

266.5

2 137.0

9476

6183

28684509

2027

2324

2009

2 2 5962 535

2 2,0612790

21398933.5

1206 31 584615449

126051062188

3874231 1

1,202.21,096.8

22 1

1.689

488

4718

11375

658313.60

1041119

57660

291

912

3009

78

216.6

1726

255.9

1

282.1

296

181

482

829

498

2776299

2059

213 1

12021183

113053252192

3691221 4

1,219 81,116.4

167

1.689

446

5005

10855

641313.40

921050

54628

131

910

2776

60

216.6

1584

' 246.7

1

250.1

87

86

413

488

548

2592220

2059

2105

113 11110

111 152932202

41292476

1,217 41,117.3

192

1.689

512

5286

11723

697113.20

11 31092

58589

90

911

3133

26891694996112

223.4

3,251 21933713176

1764

268.1

27002267433

3

267.9

243

151

461

522

562

2418462

2059

214 8

r56917581

771.2986912531187

106253242202

41532503

1,182 41.08L5

24 2

1.689

573

6077

11662

694313.10

1061138

52670

129

911

2816

60

236.1

174 6

280.8

2

272.9

226

136

505

347

479

1902432

2059

223 4

1008943

105953852213

43682697

120801,103.4

254

1.689

60S

7864

12227

741313.00

1001285

63746

8

910

2865

4 189 441170'724

41

237.8

3 2,14513 12131

3 93201630

274.3

4 181 14 151 2

42981

280.7

186

179

378

233

488

1 626420

2059

219 1

4 1,398 64 591.64 807011921117

80351672273

4197257 2

1 19341,089.1

19 5

1.688

554

8974

11 720

692512.80

12 11198

86745

50

910

2266

49

229.3

111 0

276.9

3

269.3

191

152

331

142

479

1 325431

2059

2126

r6360

110 5104 8

72848962421

38772302

1 18551,078.3

31 8

1.700

541

9664

11485

649912.90

9 81117

88729

58

911

2679

21

186.0

128 1

271.2

2

271.5

144

116

293

108

440

984314

2057

197 6

137 3133 3

7064627227 1

36852066

1 14761,045.1

27 1

1.721

537

10225

(11206

622913.10

83881

79584

143

913

287 1

52

169.9

1353

254.0

(7)

250.1

166

157

244

695

517

930384

203 2

1852

1467146 0

69142632413

34941852

1,115.01,018.0

252

1.759

505

10299

10777

563413.60

102717

7 1527

542

912

3677

573640211715175

175.8

1 723 2'3479'37541064

240.0

4739397 4765

2

253.0

76

153

183

2560

610

2017566

201 0

1804

re 125927400121731 522 7

243 52424

8653743

r2430

37761966

1,078.4979.827 9

1.744

530

88710

10918

595514.00

94722

66429

288

913

3028

90

180.1

1542

217.5

2

255.8

(8)

(8)

(8)

1 934

542

2792331

1958

176 1

139 51369

81 133592433

37181909

1,044.2945.8322

1.699

483

5431 1

10529

557614.30

98697

49383

139

915

3486

99

181.8

242 1

216.3

1

274.3

964

545

2899343

1954

1847

96 4961

973r296.62217

39222101

r986.2r884.8

348

1.691

535

4178

10967

598014.00

99852

5461 1

122

916

3504

4378306.51313118

157.1

5,808.34,248.115602

2065

209.6

35722994578

1

270.0

653

475

2868307

1954

1933

60221398

933.512063

1320131 4

1184277.3217.2

390.62231968.9865.7168

1.683

44.2

422.8

11209

6494r!4.00

117^884

6655.5

55

915

321 0

72

169.9

2082

215.5

.1

258.7

535

462

2775236

1965

1993

10571053

284.5216.8

942.4842.1

1.667

10566

"13.80

174.1

214.6

261.5

1999

1968

See footnotes at end of tables.

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

Page 100: SCB_031985

S-22 SURVEY OF CURRENT BUSINESS March 1985Unless otherwise stated in footnotes

below, data through 1982 and .. ..methodological notes are as shown in ls

BUSINESS STATISTICS: 1982

Annual

1983 1984

1984

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

1985

Jan. Feb.

FOOD AND KINDRED PRODUCTS; TOBACCO—Continued

GRAIN AND GRAIN PRODUCTS— ContinuedWheat— Continued

Producer Price Indexes: *Hard, winter Ord, No.l, Kans. City

1967 = 100..Spring, No. 1, D.N. Ord, Minneapolis

1967 = 100..Wheat Hour:

Production:Flour :j: thous sacks (100 Ib )Millfeed :j: thous. sh. tons..

Grindings of wheat $ thous. bu .Stocks held by mills, end of period

thous. sacks (100 Ib.) .Exports... doProducer Price Index * 6/83 — 100

POULTRY AND EGGSPoultry:

Slaughter mil IbStocks, cold storage (frozen), end of period,

total mil IbTurkeys do

Price, in Georgia producing area,live broilers $ per Ib..

Eggs:Production on farms mil cases §Stocks, cold storage, end of period:

Shell thous. cases § ..Frozen . mil Ib

Price, wholesale, large (delivered; Chicago)$ per doz..

LIVESTOCKCattle and calves:

Slaughter (federally inspected):Calves thous. animals..Cattle do

Prices, wholesale:Beef steers (Omaha) $ per 100 IbSteers, stocker and feeder

(Kansas City) doCalves, vealers (So. St. Paul) . do

Hogs:Slaughter (federally inspected) thous. animals ..Prices:

Wholesale, average, all weights (Sioux City)$per lOOlb..

Hog-corn price ratio (bu. of corn equal invalue to 100 Ib. live hog)

Sheep and lambs:Slaughter (federally inspected) thous. animals..Price, wholesale, lambs, average (Omaha) $

$per lOOlb..MEATS

Total meats (excluding lard):Production mil IbStocks, cold storage, end of period do....Exports (meat and meat prepara-

tions) doImports (meat and meat prepara-

tions) doBeef and veal:

Production, total doStocks, cold storage, end of period do....Exports doImports doPrice, wholesale, beef, fresh, steer carcasses,

choice (600-700 Ibs.)(Central U S ) . $ per Ib

Lamb and mutton:Production, total mil IbStocks, cold storage end of period do

Pork (excluding lard):Production, total doStocks, cold storage, end of period do....Exports doImports doPrices:

Producer Price Index, Hams, smoked1967 = 100..

Fresh loins, 8-14 Ib. average,wholesale (N.Y.) $ per Ib

MISCELLANEOUS FOOD PRODUCTSCocoa (cacao) beans:

Imports (includirg shells) thous. Ig. tons .,Producer price, Accra (New

York) $ per IbCoffee:

Imports, total thous bags QFrom Brazil do

Producer price, Santos, No. 4(N Y ) $ per Ib

Fish:Stocks, cold storage, end of period mil Ib

237.2

228.3

306 0665,562

686,983

380534628

15 547

281162

.270

189 4

1312

.727

2,79834816

6252

61397297

84,762

47.73

166

6,412

54.74

38974679

1 449

2030

23487334571

1382

978

36811

15120301251555

292.6

1 159

213.7

1 082

164493418

1 400

425

228.3

220.8

299 4765,420

674 665

420717020

977

16 170

267125

.324

189 4

3113

.786

3,03035880

6533

63116398

82,478

49.03

153

6,549

61.39

38987696

1 422

2 160

23895372627

1277

1 001

3727

14720274197784

293.9

1 157

190.9

1 262

177343 866

1 430

370

229.8

230.2

24766445

55,695

830964

1 210

277161

.360

158

2811

1.123

2532951

6708

64396494

6,947

50.14

154

540

60.50

r3219693

112

180

1 95334950

118

1 057

31g

1 235295

1853

288.6

1246

15.5

1 320

1 598279

1 430

406

219.2

222.3

25482465

57 537

883958

1 168

251146

.365

148

1711

1.026

2362836

67 07

65977750

6,591

46.68

14 6

548

58.75

3092708

104

167

1 89534347

108

1 029

32g

1 165312

1652

283.0

1 152

21.3

1 340

1299149

1 430

369

229.1

231.9

25931472

58388

37802842970

1 269

260149

.365

161

3612

.883

2642954

68 60

66.307750

7,578

47.36

143

586

58.75

3 349738

134

171

1 97733667

107

1 051

35g

1 338351

1856

279.6

1072

28.7

1 335

1440267

1 430

343

236.2

236.7

24076438

54011

2802993

1 263

265142

.340

157

3513

1.018

2262728

6786

64 157750

6,953

48.69

143

592

60.50

3 079778

106

198

1 81233446

113

1 035

349

1 233390

1975

286.9

1 112

16.9

1 283

1905313

1 430

329

228.0

243.2

26630487

60 139

3213988

1 442

302181

,.310

159

4113

.743

2333 169

65 89

60827800

7,153

48.22

141

558

62.25

r3 411819

114

161

r20993214981

996

319

1 2814381874

286.3

1 141

24.7

1 350

1615315

1 430

321

230.4

243.2

24 306435

54611

37632 457100 6

1 393

352226

.315

15 3

4216

.681

2183062

64 28

59287547

6,392

50.04

145

500

61.75

r3 205776

103

128

20223113660

985

27g

1 156405

1462

283.8

1 150

15.3

1 285

1 059193

1 430

342

219.9

240.3

22 847416

51763

1 71699 5

1 394

418278

.346

160

2918

.690

r2582996

6579

621758 12

r5,806

54.25

158

511

61.50

r3 045714

128

209

1 97631059

123

1 013

28g

1 041345

1678

286.5

1342

133

1 215

1 722377

1 430

376

225.9

206.0

26 025477

59 165

28596 9

1 544

476331

.280

16 0

3117

.665

r2943260

64 36

61345250

r6,628

52.57

162

561

62.76

r3362628

119

198

r2 15629856

120

976

317

1 1752691369

294.9

1 246

108

1 170

1 735510

1 430

385

235.6

198.9

24388440

55 195

3833475969

1 324

527391

.310

15 6

2317

.672

2452903

62 68

62015250

6,439

47.86

160

528

63.58

3 111646

123

189

1 943328

57112

944

299

1 139257

1267

295.0

1 198

10.4

1 210

1 432408

1 430

416

231.9

200.5

26 289470

58739

1 131973

1 595

554415

.275

16 3

3718

.607

2823 313

60 85

62745375

7,908

45.01

165

588

63.35

r3672675

139

226

r2 22833760

149

924

33g

1 4112762168

r294.9

1 072

50

1 250

1 614453

1 430

397

229.8

202.7

25080450

56335

164976

1 338

329196

.285-

160

3516

.704

2752923

64 24

63965000

7,354

48.55

184

524

62.98

r3324681

121

175

1 9673534898

991

30g

1 326269

1769

313.1

1037

108

1 260

1 127347

1 430

403

224.3

193.8

r23 656'426

r53 087r4207

223967

1 230

267125

.270

168

3113

.622

2472784

6532

64265000

6,729

49.03

190

514

60.08

r3 119r696

119

159

1869r372

5088

1 012

307

1 220r274

1462

335.4

1 120

18.2

1 130

1 187254

1 430

370

228.2

193.4

25519447

56,917

14398 1

1322

281124

.290

165

3015

.584

• 2703 134

6435

66.005200

7,114

49.60

182

544

62.13

3420735

119

193

210838850

102

995

327

1281292

1678

296.9

1 191

42.2

1 090

1622325

1 430

r336

226.5

196.0

987

288129

.290

147

3013

.551

2362661

6280

67.0262 19

6,208

49.55

189

473

66.92

2938710

1805364

974

287

1 105284

294.1

1 164

1 430

P308

See footnotes at end of tables.

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

Page 101: SCB_031985

March 1985 SURVEY OF CURRENT BUSINESS S-23Unless otherwise stated in footnotes

below, data through 1982 and IT .,methodological notes are as shown in u

BUSINESS STATISTICS: 1982

Annual

1983 1984

1984

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

1985

Jan. Feb.

FOOD AND KINDRED PRODUCTS; TOBACCO—Cont.

MISCELLANEOUS FOOD PRODUCTS— Cont.Sugar:

Exports, raw and refined sh tonsImports raw and refined thous sh tonsProducer Price Indexes: *

Raw (cane) .... .. 1967-100Refined 12/77 = 100 ..

Tea imports thous IbTOBACCO

Leaf:Production (crop estimate) mil IbStocks, dealers' and manufacturers',

end of period doExports incl scrap and stems thous IbImports, incl. scrap and stems .... ^ do

Manufactured:Consumption (withdrawals):

Cigarettes (small):Tax-exempt millionsTaxable . do

Cigars (large) taxable doExports, cigarettes do ....

207 8712915

3159172.1

170 451

1 1 429

5357509 828316 917

69680597 464

303060,698

308 3002947

3120173.5

194 565

i\ 744

5444528 451409 102

56,517

28400269

3094174.7

15 599

41 98429786

524349948

2433,775

33940358

315 6173.4

15956

40 16543619

479044582

2264,366

30094278

3148174.6

20 235

521043 32940005

574550788

2464,893

32915299

3153174.5

18 031

3240027,690

534147415

2175,081

37 144204

3145175.4

17 546

2647626,321

5 17250315

2673,557

19892174

3155174.8

12803

49872885722,928

508057741

2844,802

12019247

3l54174.2

22 287

14 83149,558

609144541

2054,895

15985212

3108173.8

1:2023

1835136,888

573153152

2763,885

14022168

3123172.8

14 169

518639 14833,184

536246797

2615,308

27266259

r3094172.120946

6798233,937

663556,633

2825,617

21 204313

306.2171.6

12386

97 86438,837

630253,202

2305,959

35,419165

304.5170.6

12585

5,4447706426,347

4,378

26,752249

297.7168.2

16,238

3461132,310

5,454

293,6165.1

LEATHER AND PRODUCTS

LEATHERExports:

Upper and lining leather thous so ftPrice, producer:

Sole, bends light index 1967-100LEATHER MANUFACTURES

Footwear:Production total 0 thous pairs

Shoes, sandals, and play shoes,except athletic thous pairs

Slippers doAthletic doOther footwear do

Exports doProducer Price Indexes:

Men's leather upper, dress and casual12/80=100..

Women's leather upper 1967 = 100..Women's plastic upper 12/80=100..

155 808

344 265

268 99156215190595 6966 158

107.0223.4100.7

163 373

296 734

229 30255158122744 3016 240

107.7218.0102.8

13 624

26 690

2088446161 190

231

361

108.2221.7102.3

13 015

28458

2218552161057

303344

108.5222.9102.8

17 787

29 565

2280053601405

367450

108.1224.1102.7

14772

27 115

21 29447371084

320468

107.9218.0105.1

19 514

27 956

2180950701,077

295675

107.6218.1105.1

14 294

i

24 074

187034614

757327461

107.6215.2105.1

12907

20 277

167002978

599352486

108.1215.6102.0

14 046

25456

1858055791,297

473581

109.0216.2102.0

11 219

21 445

1605043841,011

435594

109.2216.3101.6

11533

24 680

185455,176

959551683

109.2216.6

101.4

10231

r21 856

16 759r4,241

856393587

104.1216.5101.4

10431

19162

14 9933,187

982254549

105.0215.2102.6

10266

453

105.3222.7102.6

110.6223.2104.2

LUMBER AND PRODUCTS

LUMBER-ALL TYPES #National Forest Products Association:

Production total mil bd ftHardwoods doSoftwoods do

Shipments total doHardwoods doSoftwoods do

Stocks (gross), mill, end ofperiod, total doHardwoods doSoftwoods . . do

Exports total sawmill products doImports total sawmill products do

SOFTWOODSDouglas fir:

Orders, new mil bd ftOrders unfilled end of period doProduction doShipments doStocks (gross) mill end of period doExports, total sawmill products do

Sawed timber do

Producer Price Index, Douglas fir, dressed t1967 = 100..

2 31 4792572125758

*31 3582 5 89625 462

58661 5914275

12 293

7 864674

79347 802

994569129439

361.5

13 614

8 152561

81138 265

*842544151393

328.1

2740454

2 2862589

4522137

60211 5974424

941

768756735686

1 043381028

322.8

2 678'434

2 1942 603

4792124

60971 6034 494

1 135

655765691646

1 088449

35

351.7

3 104487

2 6173 022

4902532

6 1781 5764 602

1 108

881820850826

1 112571344

369.7

2983*461

2 5222875

4682407

6 287l'5704*717

1 098

656701793775

1 130602239

364.3

2828'491

2 3372852

4912361

62831 5684715

1 073

620627691694

1 127501237

.335.8

2968538

2 4302993

5062487

62571 5994658

1 172

761632722756

1 093521042

322.8

2685497

2 188

2756470

2286

6 1861 6264 560

1 202

694658631668

1 05649U39

307.8

2933563

23702950

5292421

617616674?509

1 191

663594653727982401030

309.2

2776544

22322688

5202 168

626516924573

1 298

662649648607

1 023451926

312.5

3154529

26253154

4972,657

623917244515

1 185

681603654727950

401822

r301.6

1 104

63458758665088633

923

3l2.7

1 108

477561586503842357

28

325.8

967

602561606602846401624

333.0 341.3

See footnotes at end of tables.

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

Page 102: SCB_031985

S-24 SURVEY OF CURRENT BUSINESS March 1985

Unless otherwise stated in footnotesbelow, data through 1982 and ., Jt

methodological notes are as shown inBUSINESS STATISTICS: 1982

Annual

1983 1984

1984

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

1985

Jan. Feb.

LUMBER AND PRODUCTS—Continued

SOFTWOODS— ContinuedSouthern pine:

Orders, new mil. bd. ft..Orders, unfilled, end of period do....Production doShipments doStocks (gross), mill and concentration yards,

Exports, total sawmill products thous. bd. ft ..Producer Price Index, southern pine,

dressed t 1967=100..Western pine:

Orders new mil bd ftOrders, unfilled, end of period do....Production doShipments doStocks (gross), mill, end of period do....

Producer Price Index, other softwood,dressed t 1967 = 100 ..

HARDWOOD FLOORINGOak:

Orders, unfilled, end of period mil. bd. ft ..Shipments doStocks (gross), mill, end of period do....

1 6,821556

1 6,6371 6,703

1,408217,660

319.9

8,350410

8,4888,2641,279

403.2

8.698.95.5

184,793

319.8

8,994407

8,9238,9971,205

385.6

7.3109.6

5.7

513522577547

1,4389,648

334.0

731466719675

1,323

394.0

9.18.63.9

577498610601

1,44717,975

337.8

634470650630

1,343

417.2

10.49.43.7

677544661652

1,47914,273

336.1

804457866817

1,392

425.1

10.49.53.7

570514626600

1,50518,136

334.5

756422863791

1,464

416.8

9.08.54.0

662542615634

1,48619,520

320.4

740396759766

1,457

393.1

9.29.33.8

660589636613

1,50919,159

317.1

811373788834

1,411

385.4

8.98.95.0

612603605598

1,51612,378

318.8

791407716757

1,370

365.9

8.27.53.7

614590657627

1,54611,898

318.4

764378781793

1,358

368.8

7.010.74.0

543557617576

1,58614,283

308.5

764413699729

1,328

362.5

6.910.34.1

955671893859

1,60218,435

'305.4

816436788793

1,323

'360.8

7.09.9

^43

13,148

302.3

766422723780

1,266

367.8

7.49.34.0

15,940

304.7

617407571632

1,205

369.7

7.37.75.7

19,648

303.3

647408636646

1,195

377.2

7.49.55.1

294.2

379.8

METALS AND MANUFACTURES

IRON AND STEELExports:

Steel mill products thous sh tonsScrap doPig iron . . do

Imports:Steel mill products doScrap . doPig iron do

Iron and Steel ScrapProduction ' thous sh tonsReceipts net doConsumption doStocks end of period doPrices, steel scrap, No. 1 heavy melting:

Composite $ per Ig ton .Pittsburgh district. do .

OreIron ore (operations in all U.S. districts):

Shipments from mines doImports doU.S. and foreign ores and ore agglomerates:

Receipts at iron and steelplants do

Consumption at iron and steelplants do

Exports (domestic) do...

At mines doAt furnace yards doAt U S docks do

Manganese (manganese content),general imports do

Pig Iron and Iron ProductsPig iron:

Production (including production offerroalloys) thous sh tons

Consumption do

Producer Price Index, basic . 6/82—100Castings, gray and ductile iron:

Orders, unfilled, for sale, end of periodthous. sh. tons .

Shipments total . doFor sale do

Castings, malleable iron:Orders, unfilled, for sale, end of period

thous sh tonsShipments total .. . do

For sale „„„..«, . . do

1 1997 520

6

17070641900

27 14932 55761 7825807

672476.92

1 37 5621 44 59613246

57 197

61220'378132 5673 209

254943 174

483

48741n 50 070

4591001

63792475481

1829392

9809498

57

26 171577702

1 36 1281 29 5241 66 083

r5284

81699238

51 2745022017 160

64881

659904,993

32 1465 187

24 017r2742

535

1 51 9081 52 097

*4141003

106216417

360156

86626

(2)

20825349

24423 12857095647

84689800

3 1451 142'eoo

1 159

5517155

OA -I 1 Q

594421 0473 127

39

43104367

4471005

889494

30r!2

73663

2

21616055

24993 59259325789

898910300

4 3031 251

811

1556

5670113

00 Of! A

8 996168572 511

63

44974467

4141005

905510

3113

80683

22

22246145

28663 73064605892

888110050

48771 477

418

1841

639146

9fi 9881239612 2381 654

33

50835079

3971002

926527

3312

73606

(2)

22165062

2734347662565861

873410200

4 9463 6551238

5 148

6415169

9R 99ft13 697109491 574

64

50775063

3941005

918537

2811

90899

1

19984824

28593 47063935757

8668102.00

57336 2481*457

7919

6489701

27 39513 18712*3911 817

33

5,1665 182

3971001

1 004588

3012

86954

13

177640

121

27333 15758205755

823095.00

551360951*627

7,871

5,632470

29 1771260814 6101 959

68

4,5654604

4191005

931560

3215

90957

11

26564167

2510308956626016

768286.50

5 1437 2652,525

9,071

5,501932

30 90010479182182203

46

4,3294 415

4891010

817519

2813

94852

1

2,5154388

2,376273251435613

74.4682.50

405359041,545

7,950

5,222487

31 5648628

208802056

52

4,0574 143

4001002

962636

33^16

76702

1

2,1824637

2,144261548975,484

77.9687.50

388846952,215

5,926

4,554869

322117834

221812195

31

3,4733534

402100.3

851528

3316

89924

2

1,9864367

2,32328445,1505,457

79.5189.00

443050711,545

6,298

4,776386

33 3257 193

23,7032429

37

3,7393784

396100.2

1,006640

33r!6

61808

2

2,2094963

2,050r2,085r4,662r5,313

77.1981.00

32774,9851,675

6,749

4,935289

33 6685,518

25,5172633

33

3,817r3,893

r415100.3

r805r514

r2610

83826

1

2,1654425

2,2441,9814,2715,254

74.6981.50

1,9662,4321,503

3,392

4,888376

32 1465,187

24,0172,942

35

3,6943,983

41499.4

636410

2310

66683

1

2,6633862

76.4485.50

1,066

1,520

5,009275

43

3,969

100.1

77.7887.00

3,897

98.9

See footnotes at end of tables."

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

Page 103: SCB_031985

March 1985 SURVEY OF CURRENT BUSINESS S-25Unless otherwise stated in footnotes

below, data through 1982 and IT ..methodological notes are as shown in ljnils

BUSINESS STATISTICS: 1982

Annual

1983 1984

1984

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

1985

Jan. Feb.

METALS AND MANUFACTURES—Continued

Steel, Raw and SemifinishedSteel (raw):

Production thous sh tonsRate of capability utilization percent

Steel castings:Orders, unfilled, for sale, end of period

thous. sh. tons ..Shipments, total do

For sale, total doSteel Mill Products

Steel products, net shipments:Total (all grades) . thous sh tonsBy product:

Semifinished products doStructural shapes (heavy),

steel piling doPlates doRails and accessories doBars and tool steel, total i do

Bars: Hot rolled (includinglight shapes) ...<.' do

Bars: Reinforcing doBars: Cold finished do

•Pipe and tubing doWire and wire products doTin mill products doSheets and strip (including electrical),

total doSheets- Hot rolled doSheets: Cold rolled . . do

By market (quarterly):Service centers and distributors do....Construction, incl. maintenance do ....Contractors' products do...Automotive do ....Rail transportation do. .Machinery, industrial equip., tools do....Containers, packaging, ship,

materials do J..Other do....

Steel mill shapes and forms, inventories, endof period— total for the specified sectors:

mil. sh. tons ..Producing mills, inventory, end of period:

Steel in process . mil sh tonsFinished steel....: .. do

Service centers (warehouses), inventory, endof period mil sh tons

Consumers (manufacturers only):Inventory, end of period doReceipts during period do....Consumption during period do....

NONFERROUS METALS AND PRODUCTSAluminum:

Production, primary (dom. and foreign ores)thous. met. tons ..

Recovery from scrap t doImports (general):

Metal and alloys, crude . doPlates, sheets, bars, etc '.. do

Exports:Metal and alloys, crude do .Plates, sheets, bars, etc do....

Price, U.S. market, 99.7% purity * $ per lb..Aluminum products:

Shipments:Ingot and mill prod, (net ship.) mil. lb..

Mill products, total doSheet and plate do

Castings doInventories, total (ingot, mill products, and

scrap), end of period mil. lb..Copper:

Production:Mine, recoverable copper thous. met. tons..Refinery, primary do

From domestic ores doFrom foreign ores ... do ..

Secondary, recoveredas refined do

Imports (general):Refined, unrefined,

scrap (copper cont.) do...Refined do

Exports:Refined and scrap do

Refined doConsumption, refined

(by mills, etc.) thous. sh. tons.Stocks, refined, end of period do...Price, electrolytic (wirebars), dom., delivered

$ per lb .

83 379554

142727667

67 584

3 8991 3 4483832

8831 11 666

I62851 4 1381 1973 24213844308

3479211 61913781

15,7136,2762,597

12,087918

2,320

4,532'23,01 11

239

7157

57

5448146.8

3,3531773

71492097

3607166.6.6821

14,103r!0 624

1 6 345rl 1 822

4994

1,038.11 182110037

1784

714.74864

277 2875

.7926

'91 53267 6

956895

71 980

4352

396443441239

12779

6911426714374 27412274060

3681813 14513662

1 17,234'6,0522563

12,55410362,737

4,33726,500

253

7 459

60

6045344.7

40991668

r97534998

28622244.6105

15,13011 1016 4911766

10870120121 0862

1151

652.7521 3

3566939

6815

7 97069 6

7066

5980

349

343352108

1010

585299121303116322

30771 0761 155

244

7 158

58

574 13.8

342135

709333

245202

.7613

1,186928548155

5 176

914r950r838112

73.756 1

39 5175

6879

8 142760

7167

6 150

402

335378120

1027

620276125321115307

3 1471 1271217

253

7 260

60

604441

324141

94941 3

20 1215

.7334

1366930551152

5229

86.3r990r886104

46.031 8

35914 4

7075

9 05679 1

8478

7 239

463

408421122

1297

697445147366129345

36891 3161394

48501,553

6633223

311728

10496,993

254

7 360

62

593940

350145

1143497

19 9218

.7156

1 5091083

665165

5305

9431066

r949117

65.551 0

30 589

7531

8 997808

8578

5399

389

319402111

1089

616337131354109334

33641 2081 275

259

7 660

64

593737

347139

68 838 1

76159

.6821

1 199935539146

5435

8681062

r93 9123

72.9603

32 568

7739

9 17479 8

8780

6948

434

372431113

1202

655401140408110381

34971 2861294

266

7 862

66

604140

365146

1088390

234176

.6468

1366995587157

5 579

937110 1

r99 5106

52.343 5

40814 7

7223

7 94571 4

8781

6686

367

34741996

1 141

603401131407104370

34351 2701 248

47601,746

6743371

293803

12167,240

260

7760

66

573235

351134

73943 2

24 0205

.6317

1343962583151

5 618

9701063

r97 886

57.9496

24 716

6985

7 460653

7166

5820

350

32033098

1034

45136411436798

349

28751 0731 010

267

8260

6 5

603835

349141

668584

22 1184

.5607

1 144891542124

5775

870101 7

r92989

737630

34 8140

6440

691560 5

8982

6033

357

28234599

1 143

638378122392100380

29351 0501 054

1

268

8061

64

634542

344144

68047 8

37 5212

.5438

1241929550147

5794

878r890r794

r96

41.533 6

17 123

6454

6 378577

7571

5454

332

31430498

977

51035810531698

340

2675922991

36961,523

6383,020

253662

1 1396,375

261

7 760

62

62373.8

329134

89938 1

239192

.4845

1 137839453134

5881

86884575590

40.029 1

16 12 2

6341

6 703584

8683

6087

333

349342102

1 139

618396121381100304

30371 05T1 123

255

7 358

63

61373.8

338149

930490

179197

.5014

1278960

r526164

r5889

r930103394785

60.851 9

24 g1 9

6204

6422578

79r75

5317

317

30109090

913

49231510233979

278

2678907

1007

r250

7 258

60r60r333.4

325132

686323

329130

.5508

1 153r866r491146

r5920

91297891 761

33.4269

20528

6565

6013524

; 7368

4867

259

27429782

807

42629778

32069

350

2409853894

3,7501,395

5802,906

222570

9285,941

253

7 459

60

60292.9

128

574296

32315.3

.5144

1209783457126

5,843

879101893682

35.024 6

39369

6354

6984609

;

• 756I 434

43918.6

.5007

58.1467

24 420

.5129

See footnotes at end of tables.

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

Page 104: SCB_031985

S-26 SURVEY OF CURRENT BUSINESS March 1985Unless otherwise stated in footnotes

below, data through 1982 and 1T ..methodological notes are as shown in Lni

BUSINESS STATISTICS: 1982

Annual

1983 1984

1984

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

1985

Jan. Feb.

METALS AND MANUFACTURES—Continued

NONFERROUS METALS ANDPRODUCTS— Continued

Copper-base mill and foundry products,r shipments (quarterly total):Brass mill products mil IbCopper wire mill products

(copper content) doBrass and bronze foundry products. . ...do ...

Lead:Production:

Mine, recoverable lead thous met tonsRecovered from scrap (lead cont ) do

Imports (general), ore (lead content),metal do

Consumption, total doStocks, end of period:

Producers', ore, base bullion, and in process(lead content), ABMS thous. met. tons..

Refiners' (primary), refined and antimonial(lead content) thous met tons

Consumers' (lead content) A doScrap (lead-base, purchased), ail smelters

(gross weight) thous met tonsPrice, common grade delivered $ per Ib

Tin:Imports (for consumption):

Ore (tin content) metric tonsMetal, un wrought, unalloyed ...do....

Recovery from scrap, total (tin cont ) doAs metal do

Consumption total doPrimary do

Exports, incl. reexports (metal) doStocks, pig (industrial), end of

period . doPrice, Straits quality (delivered) $ per Ib

Zinc:Mine prod recoverable zinc thous met tonsImports (general):

Ores (zinc content) do....Metal (slab, blocks) do

Consumption (recoverable zinc content):Ores... doScrap, all types.... do

Slab zinc: @Production, total t thous met tonsConsumption, fabricators doExports doStocks, end of period:

Producers', at smelter (ABMS) do....Consumers' do

Price, Prime Western $ per IbMACHINERY AND EQUIPMENT

Heating, combustion, atmosphere equipment, neworders (domestic), net, qtrly # ... mil. $

Electric processing heating equipment doFuel-fired processing heating equip do...

Material handling equipment (industrial):Orders (new), index, seas, adj 1967 — 100..

Industrial supplies, machinery and equipment:New orders index, seas adjusted 1977 — 100

Industrial suppliers distribution:Sales index, seas, adjusted 1977 — 100Inflation index, not seas. adj. (tools, material

handling equip., valves, fittings, abrasives,fasteners, metal products, etc.). 1977 — 100

Fluid power products shipments indexes:Hydraulic products, seas, adj 1972—100Pneumatic products, seas adj do

Machine tools:Metal cutting type tools:

Orders, new (net), total mil. $.Domestic .. do

Shipments, total doDomestic do

Order backlog, end of period do...Metal forming type tools:

Orders, new (net), total doDomestic do

Shipments, total doDomestic do

Order backlog, end of period do...

2 116

2285422

4490504 1

5881 1485

74.5

582717

3282168

96934,048

1 12 372'1 18055800404003552

3020r6 5478

2753/62.26134

5291902

261 87 775 3

4

23.9'8904139

'2745878

'773

275.7

979

1139

1550

201208

1,151.651 069 451 371 501 199 60

823.2

544504887547355430452216

803

97.9

2555

327341241107422202

50400387003184

259262380

2252

9566325

6812514

29008222

8

43.76974860

329 110861455

120 6

133 8

1588

269270

1 915 801 699 551 606 501 483 851,132.4

1 000 00931 5067935608755422

41 844 4

1281127

77.9

627674

3502512

703,556

856157

4 6003400

278r296862374

23 2

14672

58173

232694

(2)

14.480 3

4922

321 5

119 6

127 7

1565

245260

133201225072 5565 35883.8

559053 05404035552370

42 6486

5 194 1

82.9

694721

3702407

604,661

968156

43003200

446

226862788

250

3.5714

53168

221702

1

15.8826

5061

2849

121 3

132 1

1570

259263

13305121 70103 0595 30913.8

69856600442540402626

3 735

36153 121

462476

8 1968

89.8

735727

3432503

7473,3441 127

18653004 100

141

2,84063665

269

25601

56181

216768

3

15.0829

5107

962286299

2565

113 2

131 7

157 1

263248

14650131 90122 50112 35937.8

6195567566756000257.8

20 9485

66895

85.6

78 1744

31 12643

755,3751043

16939003 100

375

264663650

218

2.2658

61230

258721

(2)

20.072 2

5190

3377

116 1

132 2

158 1

261253

1798013570101 509270

1,016.1

73306590572552302739

24 0466

3 1878

75.7

805693

3092537

7453,9071065

19045003,500

246

3,11963632

227

127510

65236

24 773 1

2

25.375 15277

3589

1227

134 9

158 4

271282

1884516750150 00142 10

1,054.6

131 10124 4060 0552303450

3726

3 543-3 129

12 2467

80964

65.9

80073 1

2892816

3543,356

902190

44003,500

303

2,79563825

199

6.1532

70222

27371 1

(2)

33.970 55245

1088282434

3706

119 1

133 1

1590

264262

1309510755150 30138751,035.2

608053 6053 2043453526

24 844 5

2 4827

65.8

829730

3423051

432,184

736182

4 1003,200

216

2,68862989

192

8.0552

55217

245628

(2)

39.47274952

3998

120 3

134 1

159 4

286285

1358512605133 25127 501,037.8

177 55173 5560 5054 504696

23 4500

3 3973

70.6

756724

30 02824

7153,5101073

20144003400

244

283762600

162

2.4326

43219

236678

(2)

40.3665

4785

4038

129 1

144 7

159 6

274294

13500118 25116 95111 051,055.8

656062 0047 4044 104878

3 647

3 5003110

18 649 0

11 4967

86.9

63373 7

27 52418

3872,8341 073

2014 1003 100

351

249561808

15 1

95369

56217

230651

(2)

44.4623

4642

517274243

3972

121 0

138 9

159 9

283267

22215194 85151 35138701,126.7

64 0560 2559 4051 154924

224517

7 21032

86.8

644679

2282233

373,271

904199

40003000

150

2,51260361

21 5

8.2614

44227

231692

(2)

36.8539

4419

118 5

136 5

1600

292300

1917517665145 15129 451,173.2

918571 5562 6057605217

19 548 1

54929

99.0

506670

2172525

332,834

r958191

33002500

189

2,32660994

214

18.8396

r57217

228r64.9(2)

32.7r5874360

123 2

1362

1603

274280

1600015475159 05147 151,174.2

520051 4552704830521 0

69

107.9

2189

82,408

847180

35002700

243

2,59259876

192

20.3382

6321 2

28359.9

(2)

43.7584

4362

72.424448.0

1227

123 3

1602r255r248

159 10142 15r200 85183 451,132.4

r9605r93 0074 8569 105422

83

97.9

2943,261

199

18.7425

280

1

43.6

4294

119 2

1336

267283

137 75124 75

r8975rgQ go

1,180.4

r7370r71 15r48 05r4595r5678

85.1

258

41.7

1375

"163.75"14805"108 30

J'98 95"1,235.9

"73 85"69 65"57 85"52 60"583 8

See footnotes at end of tables.

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

Page 105: SCB_031985

March 1985 SURVEY OF CURRENT BUSINESS S-27Unless otherwise stated in footnotes

below, data through 1982 and ...,methodological notes are as shown in

BUSINESS STATISTICS: 1982

Annual

1983 1984

1984

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

1985

Jan. Feb.

METALS AND MANUFACTURES—Continued

MACHINERY ANDEQUIPMENT— Continued

Tractors used in construction, shipments, qtrly:Tracklaying total units

mil $ "Wheel (contractors' off-highway) units

mil $Tractor shovel loaders (integral units only),

wheel and tracklaying types unitsmil. $

Tractors, wheel, farm, nonfarm (ex. garden andconstruction types) ship qtrly units

mil $ELECTRICAL EQUIPMENT

Batteries (auto.-type replacement),shipments thous

Radio sets production total market thousTelevision sets (incl. combination models),

production, total market thousHousehold major appliances (electrical), factory

shipments (domestic and export) # thous..Air conditioners (room) do....Dishwashers doDisposers (food waste) . . ..doMicrowave ovens/ranges * do....Ranges doRefrigerators doFreezers doWashers doDryers (incl. gas). do.

Vacuum cleaners (qtrly ) doGAS EQUIPMENT (RESIDENTIAL)

Furnaces warm air shipments thousRanges, total sales doWater heaters (storage), automatic,

sales j do....

7 247633 636362729

248231 1430

51 89018162

56 10536 454

19680

32,4662,0023 12135445,933275454761341461632947942

1 6621573

3,172

9 049797 6

666462424 0

5933246 420

22210

39,4463,103349140879,13230745994128150493,684

58850 2

5 3331682

64993 423

1 679

r3,229168

r295r353'684260494

109479366

146132

319

77562 3

64502208

4 2732838

1632

r2,970262

r253r359r524237

r413100427331

142133

315

66754 2665

49 1

87943588

69082503

398423 421

22133

3,38750425836861526050989

420287

2277

127154

308

81560 6

60422364

33703549

1668

3,170459258348612237484

90364250

116136

337

98578 4

63362322

3 7593468

1/659

3,661588296279719262574110436289

118134

277

1 124105 9

71763 1

89643940

6 087217 1

4 1712 3 5882 2 108

3,836648286328726265641126428274

137153

276

72562 9

3 6611289

39954 855

1372

3,243187291280662267652153417283

134121

277

655628

2 924105 6

53774 174

1761

3,14247

300331716252577133445308

170146

259

62756 978069 1

75413443

54842080

596824 653

22480

3,24940

302362888271520106435322

200173

236

696624

88193736

63345448

2102

3,45236

324361

1,00627850587

465382

224153

346

60763 8

r44191486

60853 703

1,695

3,09451

27136398625238881

389309

172146

272

785772

40931343

55173300

2 1,923

2,88611325430295322133570

341284

163151

279

1 220

1,220

3,389209295374858257437110451360

148128

319

2,94927725935359821735773

416324

PETROLEUM, COAL, AND PRODUCTS

COALAnthracite:

Production t- thous sh tonsExports doProducer Price Index 1967 - 100

Bituminous:Production t thous. sh tonsConsumption total "f do

Electric power utilities doIndustrial, total .. do

Coke plants (oven and beehive) doResidential and commercial do

Stocks, end of period, total t doElectric power utilities doIndustrial, total do

Oven-coke plants . . doExports .doProducer Price Index 1967 — 100

COKEProduction:

Beehive and oven (byproduct) thous. sh. tons ..Petroleum coke § do

Stocks, end of period:Oven-coke plants, total do

At furnace plants doAt merchant plants do

Petroleum coke doExports do

PETROLEUM AND PRODUCTSCrude petroleum:

Oil wells completed numberProducer Price Index 1967-100Gross input to crude oil distillation

units .f mil bblRefinery operating ratio $ % of capacity

All oils, supply, demand, and stocks: $New supply, total (). mil bbl

Production:Crude petroleum doNatural gas plant liquids do

Imports:Crude and unfinished oils doRefined products do

Change in stocks all oils doProduct demand total do

Exports:Crude petroleum doRefined products do

4089776

617 1

778 003733 850624 175102 586370057 090

162 070149 091129794337

768705338

2580830661

35183233

2861096

731

37 2076814

4360772

56029

3 171 05882

1 317 8'5259

23758292

5992099

4015680

6113

886 128

663 244

173 009

807935429

32021

9681 130

4l 064670 5

4473476

57878

3 205 1614 0

1 358 4610 2101 4

60121

6621969

2849

6122

6786971 69960 126106693787

904155 511142 22313 288493950535381

2713

1 12755

3 253675 6

365873

4845

268 4503

103 862023 1

5363

47131

2495

6120

736846281252 18298393588

791161 898148 30113 597554142435415

2598

126523

3 2126756

356076

4655

253 0488

93 7699339

4631

54114

2783

6112

81 58764 88854 4659 8593839

564166 282152 37813 9046 14258095431

76962797

3 1532848

3061 136

61

40926756

374775

4836

270 3507

114 8478199

5224

73186

22855

6104

71 7115864847 470103864177

792173 767158 082156857 16176335389

2728

1 13966

28216739

361875

4699

260 6498

114 4451208

4841

51144

37735

611 1

79 82659 91949 408100334097

478183 085165?61917 4668 1808 1855444

2809

98075

3 137673 9

384877

5062

271 3516

133 4500322

C5062

68169

29340

6108

7529366 4315682192323561

378185 658166 40819 2509 2017787541 1

82272734

29662666

300912110

37236733

371877

4710

262 3496

111 447~752

4964

67192

382121

6108

7391570 26560 2599*3953636

6H

184 045163 20720 8389 64481975451

2652

98196

2 6296726

379176

4920

271 8533

122 144 811 4

4985

33132

458186

6108

8972873 41063 29995343618

577190 243167 8142242910*08980485470

2487

954115

3 968671 1

389978

4808

272 2525

108 4476135

5226

59167

40291

6108

7797163 9195391092433555

766199 069175 05024 01910 53386195461

75222660

34413 146

29599187

3 9466706

376078

469 1

262 8512

108 047214 1

4794

48151

39545

6108

68608

54324

176 475

6595r5459

2622

1028191

3434r6698

376676

5057

2743528

127651 1313

5031

4 414 1

37688

610.2

65,319

54 050

173 950

4,102543.4

2,631

1000133

31316585

366.977

482.7

265451.4

1167492102

4936

6 1195

2933

614.7

60,617

56 929

173,009

6,522545.1

2,591

968117

37186526

370.076

4768

2727521

1042478

65064

57247

29815

615.0

67,799

5,801547.5

98

631.1

295

615.0

67,128

547.0

616.0

See footnotes at end of tables.

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

Page 106: SCB_031985

S-28 SURVEY OF CURRENT BUSINESS March 1985Unless otherwise stated in footnotes

methodological notes are as shown JnBUSINESS STATISTICS: 1982

Annual

1983 1984

1984

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

1985

Jan. Feb.

PETROLEUM, COAL, AND PRODUCTS—Continued

PETROLEUM AND PRODUCTS-ContinuedAll oils, supply, demand, and stocks $— Continued

Domestic product demand total # mil bblGasoline doKerosene doDistillate fuel oil doResidual fuel oil . doJet fuel doLubricants doAsphalt doLiquefied gases . . . do

Stocks, end of period, total doCrude petroleum do

Strategic petroleum reserve doUnfinished oils, natural gaso-

line, etc doRefined products do

Refined petroleum products: tGasoline (incl. aviation):

Production .. doStocks, end of period doPrices, regular grade (excl. aviation):

Producer Price Index 2/73-100 ..Retail, U.S. city average (BLS): *

Leaded $ per gal..Unleaded _.do....

Aviation gasoline:Production mil bbl .Stocks, end of period .do....

Kerosene:Production doStocks, end of period doProducer Price Index (light

distillate) 1967 - 100Distillate fuel oil:

Production mil bblImports doStocks, end of period doProducer Price Index (middle

distillate) 1967 = 100 ..Residual fuel oil:

Production mil bblImports doStocks, end of period doProducer Price Index 1967 = 100..

Jet fuel:Production mil. bblStocks, end of period do

Lubricants:Production doStocks, end of period do

Asphalt:Production doStocks, end of period do

Liquefied gases (incl. ethane and ethylene):Production, total do

At gas processing plants(L.P.G.) do

At refineries (L.R.G.) doStocks (at plants and refineries) do....

5559424265

464981 951863818534

2 136 25507

1 453 67229379 1

161 55692

232331878

551.7

1.1571.241

922.3

40079

9061

896563 5

1403

889.8

3109255248 5

1,058.9

3732386

538121

2 135 72188

5992

47961196100.6

5749024606

4241 0424

499 54282561

147 95767

155517940450 5

14006210

237582081

5155

1.1291212

912.7

419119

870.0

9830987

161 1

880.2

32672466532

1,120.1

414 1420

584127

141 417 2

622 2

48891333100.9

51851947

6 5108 2614370

4 14 2

61 81 4300

7329384 4

15995373

187 71880

5183

1.1311216

62.4

5.675

872.2

80184

1195

871.4

295329454

1,091.0

325356

43123

6421 1

49 9

40099

93.2

4463181 5

3 282 446 532 35 14 5

49 51 463 9

7275387 2

15925773

184 11993

5124

1.1251209

92.6

4493

8858

83 1133

1322

924.4

291321576

1,093.2

32739 0

4 611 7

7 023 6

490

38910 188.9

496 52023

39100950834 15262

4901 444 0

7275391 8

16475518

19822055

517.9

1.1251.210

52.7

2.578

903.5

76936

1096

952.1

275196476

1,114.0

342406

4 911 2

7 8252

52 2

40511 888.6

4645201 2

3487 9407345548 6

41714648

7445396 9

17045500

19652100

520.5

1.1451.227

.62.6

2.267

879.2

70466

978

874.9

252191474

1,106.8

319407

5511 0

10026 6

51 3

39811 593.7

f 482 52142

1 687 637 g35244

13 243 8

1 49707636404 5

17505584

207 02130

5326

1.1541.236

82.3

2576

8768

81 678

982

881.9

257172463

1,131.2

338409

, 4 8109

13 126 6

53 0

40812 2

100.5

47062139

2978 139732747

17 841 8

1 50227664413 7

16335725

199 62065

5310

1.1471.229

102.4

2979

8765

86480

1129

895.2

25 2203468

1,138.4

336429

4 911 1

15023 9

51 4

39412 1

106.2

48202133

2 878 13763694 4

19 4455

1 513677214239

15605855

20182026

520.9

1.1291.212

92.5

2.680

8743

84861

1245

893.4

246185492

1,148.2

36843 6

5311 7

16 521 4

54 2

41 7126

110.5

50002217

2 579839238747

220462

150017644429 5

15575800

20041890

504.6

1.1161.196

92.4

2.785

8630

83082

1335

859.6

250177447

1,124.8

379456

5 112 2

18 118 3

54 1

41 912 2

114.6

45941992

3 479935036 150

18 9450

1 51427564431 1

159 15987

19701969

500.3

1.1201.203

.72.4

3.790

853.2

81785

1432

837.8

258179470

1,110.1

34845 2

53125

155159

51 1

40 6105

115.3

48462092

2 686033337950

167151

1 545578124382

1597604.6

19901956

r509.8

1.1271.209

.72.5

4.111 2

r854.4

83.413 1

1524r854.4

283143508

1,114.0

361446

4712 1

12813 1

522

41 8104

111.1

468 12048

538474073464 4

10 2478

1 555778614430

1557613.9

20202010

512.5

1.1241.207

.82.6

3.9108

856.1

84692

1608

868.2

28 1176472

1,131.7

342449

48125

10914 1

51 6

41 5101

108.3

476.0204.5

4 2887369382386 1

5351 5551

79404505

1400621.0

20252081

503.3

1.1091.193

.62.7

4.7119

846.5

86.959

161 1

850.6

327194532

1,129.8

355420

43127

83172

52 1

421100

100.9

481.73 1.0603 1.148

839.9

835.0

1,127.8

459.6

1.0411.131

832.4

809.5

1,107.3

PULP, PAPER, AND PAPER PRODUCTS

PULPWOOD tReceipts thous. cords (128 cu.ft.)..Consumption doInventories, end of period do

WASTE PAPER tConsumption thous. sh. tons ..Inventories, end of period do

WOODPULP tProduction:

Total thous sh tonsDissolving pulp doPaper grades chemical pulp do....Groundwood and thermo-

mechanical doSemi-chemical do ..

Inventories, end of period:At pulp mills:

Own use woodpulp do....Market pulp do....

Market pulp at paper and boardmills do ....

Exports, all grades, total do....Dissolving and special alpha do ....All other .. . do

Imports, all grades, total doDissolving and special alpha do....All other do .

1 84 4751 85 442

5229

rl 14 696r923

1 52 5371 261

42,358

50673851

170384

r5047 3,674

6467 3 0277 4 093

1797 3 914

1 88 2491 87 646

5574

1 15 8891 025

/ 55 5791 206

44,739

5 5344 100

175581

4591 3,594

5957 2 9997 4 490

1477 4 343

7 0447 1855168

1292908

4 51398

3,601

463352

151394

56436052

208337

14QOQ

7 4347 2955 192

1 276896

4 539106

3,651

454328

142351

54631738

279420

11409

7 6197*6605 157

1384*896

4 858106

3,921

466365

154324

58837474

300341

19322

7 1007 3444 777

1353886

4 715117

3,779

472347

157341

61824953

196338

6331

7 4257*4394 782

1 397858

4 762109

3,826

476351

146329

594336

47290387

17370

7 4237 2644 682

1 331870

4 g9g100

3,767

482346

159319

596307

57249360

6354

7 1977 1924 621

1 209'934

4 53099

3,645

471316

153379

54227941

238357

15342

7 6427 3684 825

1 347955

4 791109

3,891

461330

159409

50631843

275389

8381

7 3987 2465023

1 271931

r4 56773

r3,707r455r334

160r418

508285

49236386

22364

7 9717 6255475

r!381976

r4 773103

3,846r462r361

164r502

47428448

236344

7337

7 1967 1535314

1324992

r4 508101

r3,645

436r326

159r591

47027428

246415

5411

70006 8755574

1 2081 025

4 35087

3,486

447330

175581

45931165

246416

16399

30153

247313

3309

See footnotes at end of tables.

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

Page 107: SCB_031985

March 1985 SURVEY OF CURRENT BUSINESS S-29Unless otherwise stated in footnotes

below, data through 1982 and .. ..methodological notes are as shown in unns

BUSINESS STATISTICS: 1982

Annual

1983 1984

1984

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

1985

Jan. Feb.

PULP, PAPER, AND PAPER PRODUCTS—Continued

PAPER AND PAPER PRODUCTS tPaper and board:

Production (API):Total thous sh tons

Paper doPaperboard do

Producer price indexes:Paperboard 1967 = 100 ..Building paper and board do....

Selected types of paper (API):Groundwpod paper, uncoated:

Orders new thous sh tonsOrders, unfilled, end of period do....Shipments do

Coated paper:Orders new doOrders, unfilled, end of period doShipments do

Uncoated free sheet papers:Orders, new doShipments do

Unbleached kraft packaging and industrialconverting papers:

Shipments thous sh tonsTissue paper production do

Newsprint:Canada:

Production ( . thous metric tonsShipments from mills doInventory end of period do

United States:Production doShipments from mills doInventory, end of period do....Estimated consumption, all

users Q doPublishers' stocks, end of period #

thous. metric tons ..Imports thous sh tonsPrice, rolls, contract, f.o.b. mill, freight

allowed or delivered Index, 1967 = 100..Paper products:

Shipping containers, corrugated and solidfiber shipments : mil. sq. ft. surf, area..

1 65 017r32*84032177

250.9250.0

/ I 5gi145

'1531

'5864513

5696

'9076'9095

'3666'4789

84868439

303

46884675

99

10 587

7906919

r303.0

r252,539

'686813442234 259

281.2259.1

'1 599164

'1564

'6 214573

6 227

'8879'9486

'3667'4921

90169034

285

50255065

60

11 435

8747894

324.0

268,070

568028862795

262.2251.9

143157135

496520508

739805

322407

757699361

417415103

847

785663

309.6

'21,889

56612,8512810

271.8255.1

149185129

527540512

726789

322393

622646337

410412102

880

808621

309.6

21,983

607930503029

275.6258.6

141187140

552557531

820846

352421

666674329

43445482

946

778591

316.0

23,650

577628882888

277.1265.8

/ 139194133

516568510

697786

331402

737701365

42243965

973

770573

314.8

21,960

601129993012

277.8265.2

117173133

489508546

773833

323412

811850327

436451

50

992

811654

314.8

23,001

584228882954

279.1265.1

125165131

542510524

696795

316402

786877236

42441955

916

873740

314.8

22,387

55742,7822792

279.1262.9

139150138

502495478

696752

328391

825759302

409413

52

913

955722

334.5

21,257

58752,9072967

285.1259.8

150166129

545488538

724799

304411

775752326

42641761

950

951713

331.2

23,759

56692,7862883

288.6259.4

123168123

479482496

712754

302413

746743329

41540967

969

924666

331:2

21,605

r5,908r2,997r2,912

/293.7'257.7

r!39165135

r553r570553

r797834

313434

793792329

r'426426r67

1017

903649

r332.5

24,852

r55752,820

r2,755

293.4253.5

112153126

r527r561527

r733773

289420

758770318

417422r62

1039

875664

336.9

21,103

r5,158r2,663r2,495

292.4253.6

124164113

r504r573r504

r693r718

r256420

740772285

389391r60

r993r874637

336.9

19,496

5,7622,9172,844

288.9255.2

148203122

553579556

777823

302i. 403

789739333

42541570

946

910668

336.9

23,127

287.8256.2

332.4

RUBBER AND RUBBER PRODUCTS

RUBBERNatural rubber:

Consumption thous metric tonsStocks, end of period . . doImports, incl. latex and guayule

thous. long tons ..Price, wholesale, smoked sheets

(N.Y.) $ per lb..Synthetic rubber:

Production thous metric tonsConsumption doStocks, end of period . doExports (Bu. of Census) thous Ig tons

TIRES AND TUBESPneumatic casings, automotive:

Production thousShipments, total do

Original equipment doReplacement equipment doExports do

Stocks, end of period . doExports (Bu. of Census) do

Inner tubes, automotive:Exports (Bu. of Census) do....

6762780 75

642.07

2.560

1 936 091 827 94

r277 9427501

' 186 92321886549364

164,2655236

333404656

1,829

750729642

78600

.496

2 095 051 984 35

274 1132793

' 209 375242 45458770

176 2877397

396236409

1611

73 769519

8784

.573

183 2917754

284082412

16749185094755

13118636

35450458

97

56789568

5782

.583

1730217536277 182222

1749817 9715 109

12253609

37 615427

137

830587 68

7545

.580

19026180 45276952809

1912221 4225728

14973721

38 529544

187

68 2487 76

6918

.568

193 2216672294 6429 13

1698820 8514970

15255626

38026539

85

65 1291 42

7025

.518

191 43167 1130501

29 42

1804321 1215290

15205626

37 693625

119

423588 46

4145

.470

183 6617097302262802

18 55721 0845 109

15420555

37 678500

103

73948703

7381

.460

16666147 14309 26

29 58

1554620753

4 06316204

48636365

453

120

56068475

5623

.460

178 43173 85300643024

1807820282

4 55115067

66437 199

670

90

63658622

6746

.460

17302151 45311 992995

1733320 5254493

15473559

37 685

533

149

58298734

6195

.430

17970184 12301442554

1913623 510

5*46717390

65337277

507

239

55379130

6236

.428

158 3216634285882592

16 645192644*906

13770588

37995604

155

54139642

6221

.420

147 51147 17274 112568

1568217 1554324

12 159672

39623550

131

71.64

.423 .423

See footnotes at end of tables.

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

Page 108: SCB_031985

S-30 SURVEY OF CURRENT BUSINESS March 1985Unless otherwise stated in footnotes

below, data through 1982 and .. .,methodological notes are as shown in Ljnils

BUSINESS STATISTICS: 1982

Annual

1983 1984

1984

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

198.=; '

Jan. Feb.

STONE, CLAY, AND GLASS PRODUCTS

PORTLAND CEMENTShipments, finished cement thous bbl

CLAY CONSTRUCTION PRODUCTSShipments: :j:

Brick, unglazed (common and face)mil standard brick

Structural tile except facing thous sh tonsSewer pipe and fittings vitrified doFloor and wall tile and accessories, glazed

and unglazed mi sq ftProducer Price Index, Brick (common), f.o.b.

plant or N Y dock 1967 — 100GLASS AND GLASS PRODUCTS

Flat glass, mfrs ' shipments thous $Glass containers: T

Production thous grossShipments, total do

Narrow-neck containers:Food doBeverage doBeer doLiquor and wine do

Wide-mouth containers:Food and dairy products do

Narrow-neck and wide-mouth containers:Medicinal and toilet doChemical, household and in-

dustrial doStocks, end of period do. .

GYPSUM AND PRODUCTSProduction:

Crude gypsum (exc byproduct) thous sh tonsCalcined . do

Imports, crude gypsum doSales of gypsum products:

Uncalcined doCalcined:

Industrial plasters doBuilding plasters, total

(incl Keene's cement) @ doBoard products, total mil sq ft

Lath doVeneer base doGypsum sheathing do.Regular gypsum board doType X gypsum board ... doPredecorated wallboard do5A e mobile home board do....

1 37 6 856

6 218 4508

4199

3483

337 8

954 927

294 090293,103

282706261797 10023628

60108

19,592

178843,469

n 12 884137108031

4064

1 442

25716818

36368344

108074283

119861

1 428 282

6 510 231 7

3976

3397

350 7

283 254281 715

26076612719083924 130

62807

14725

186741739

1 14 390148298904

'4544

'522

24918324

32407323

11 4741 5 083

'125'880

20 356

33231 0

23 3

24 6

345 8

21 12621 109

209239666 8871838

4 943

1 240

14344855

1 0561263

705

268

36

201494

23428

945407

1066

25638

410 31 9

222

26 7

345 6

23 17421396

2221448464831789

4923

1340

15646357

10641212

703

266

40

201524

3

3728

970398

1275

29202

466 62 4

297

298

346 8

221 218'

2514724,388

25784,63977812213

5416

1,596

16546,714

1 2921289

721

321

47

221693

4

3928

1 070456

1283

34 346

554 11 9

328

280

348 3

2465823,371

1,9955,03379252008

4954

1,342

11447,677

1 2351,331

668

324

45

201 591

23130

9924261199

41 527

618 72 2

35 5

31 1

349 5

24 89124620

23775,43186441 996

4837

1,203

13246,995

12201276

598

433

38

211 528

4

3429

937420

1293

43 059

641 14 1

39 2

29 4

350 7

235 270

2561125911

2323610089062188

4979

1,250

16546,021

1 1831,119

571

524

44

211434

3

2826

874419

1074

42 117

630 53 6

382

27 9

351 1

25 60426 128

23446,49989622012

5099

1,024

18846,370

10641,1921,266

373

42

211490

33224

9314191170

46 851

660 43 2

470

276

351 1

27 27928390

3129671682832339

6348

1,332

24346,331

1 5111,236

658

469

49

231 581

23627

9864331184

39 926

637 53 2

42 6

26 7

353 4

235 124

22 91022441

2220488068491 866

5372

1 108

14644,280

1373J 1 179

938

503

43

211425

23227

883394

977

r43 255

638 128

41 4

284

r353 6

2577124632

1 915520674322276

6374

1271

15845,601

1 2711240

756

376

49

241681

33629

1058465

1279

36452

r526633

276

r298

3550

r21 084r20,958

1,622r4,421r66731,923

r5105

1,051

163r44,949

1 0721,251

763

319

43

191470

23423

9324071161

25 681

394 123

180

298

3552

1599918,371

1,2603,89660141,682

4457

968

9441,739

1 2431,241

557

378

38

171411

23322

895403

1046

21 777

(4)

TEXTILE PRODUCTS

FABRICWoven fabric, finishing plants:

Production (finished fabric) . mil linear ydCotton doManmade fiber and silk fabrics do....

Inventories held at end of period doCotton doManmade fiber and silk fabrics do....

Backlog of finishing orders do..Cotton . doManmade fiber and silk fabrics do....

COTTON AND MANUFACTURESCotton (excluding linters):

Production:Ginnings () thous running balesCrop estimate thous. net weight bales §..

Consumption thous. running balesStocks in the United States, total, end of

period # thous running balesDomestic cotton, total . do

On farms and in transit doPublic storage and compresses doConsuming establishments do....

767627504,926

720252468

75047,7715553

10 686106851 1598924

602

7 15026634488

626278349

12545P13 292

4803

11 44211 4413 2087 551

682

556207350673285388615224332

469

9 5129 5111 2227643

646

610227383679288390631245327

448

8 34783461 2756359

712

3 7663 2883 478673291382611237313

3 548

690369031 1664997

740

582219362680290390623227335

423

5 6985697

9623960

775

600228372687293395599211326

442

4 7024701

9432993

765

37133 2603 453675279396557189304

3 503

37753774

7412212

821

403149254664267397630190346

163

354

28332832

3001757

708

571212360672263409576187388

636

416

147981479712 5921 491

714

3 6743 2513 423643263380566206360

1 179

3 494

14 0261402511 9491432

644

563212351668272396509196313

4324

415

13 28913*2889 5943' 155

539

r528194r334r659r270r389r484192r292

8979

377

124771247644327481

558

584216368626278349455192263

1108213,381

r3407

11 44211,441

r3208r7551

r682

387

1027510,27419427580

752

400

See footnotes at end of tables.

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

Page 109: SCB_031985

March 1985 SURVEY OF CURRENT BUSINESS S-31Unless otherwise stated in footnotes

below, data through 1982 and IT .methodological notes are as shown in ljmls

BUSINESS STATISTICS: 1982

Annual

1983 1984

1984

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

1985

Jan. Feb.

TEXTILE PRODUCTS—Continued

COTTON AND MANUFACTURES— Cont.Cotton (excluding linters) — Continued

Exports thous running balesImports thous. net-weight bales §Price(farm), American upland <> cents per Ib ..Price, Strict Low Middling, Grade 41, staple 34

(IVie"), average 10 markets cents per Ib..Spindle activity (cotton system spindles):

Active spindles, last workingday, total milConsuming 100 percent cotton .... do

Spindle hours operated, allfibers, total bil

Average per working day doConsuming 100 percent cotton .... do

Cotton cloth:Cotton broadwoven goods over 12" in width:

Production (qtrly.).... mil. sq. yd .Orders, unfilled, end of period, compared

with average weekly productionno. weeks' prod

Inventories, end of period, compared withavg. weekly production . no weeks' prod

Ratio of stocks to unfilled orders (at cottonmills), end of period

Exports, raw cotton equiv. thous.net-weight 480 Ib bales

Imports, raw cotton equivalent doProducer Price Index, gray cotton

broadwovens *.. 12/75=100..MANMADE FIBERS AND MANUFACTURES

Fiber production, qtrly:Acetate filament yarn mil. Ib..Rayon staple, including tow doNoncellulosic, except textile glass:

Yarn and monofilaments do....Staple, incl. tow..l do

Textile glass fiber doFiber stocks, producers', end of period:

Acetate filament yarn mil IbRayon staple, including tow do...Noncellulosic fiber, except textile glass:

Yarn and monofilaments...^ do..Staple, incl. tow do....

Textile glass fiber do....Manmade fiber and silk broadwoven fabrics:

Production(qtrly-), total # mil. sq. yd..Filament yarn (100%) fabrics #.. do....

Chiefly rayon and/or acetatefabrics do ....

Chiefly nylon fabrics do..Spun yarn (100%) fabrics # do....

Rayon and/or acetate fab-rics, blends do..

Polyester blends with cotton do....Acetate filament and spun

yarn fabrics do ....Producer Price Index, gray synthetic

broadwovens * 12/75=100..Manmade fiber textile trade:

Exports, manmade fiber equivalent mil. Ibs..Yarn, tops, thread, cloth do....

Cloth, woven doManufactured prods., apparel,

furnishings do....Imports, manmade fiber equivalent ....do....

Yarn, tops, thread, cloth do....Cloth, woven do .

Manufactured products, apparel,furnishings do..

Apparel, total do ....Knit apparel do...WOOL AND MANUFACTURES

Wool consumption, mill (clean basis):Apparel class mil IbCarpet class do

Wool imports, clean yield doDuty-free do

Wool prices, raw, shorn, clean basis, deliveredto U.S. mills:

Domestic— Graded territory, 64's, staple 23A"and up cents per Ib..

Australian 64's, Type 62 duty-paid doWool broadwoven goods, exc. felts:

Production (qtrly.) mil. sq. yd..FLOOR COVERINGS

Carpet, rugs, carpeting (woven, tufted, other),shipments, quarterly mil. sq. yds..

APPARELWomen's, misses', juniors' apparel cuttings: @

Coats thous unitsDresses doSuits (incl. pant suits, jumpsuits) do....Skirts doBlouses thous dozen

5 6498

66.0

63.1

13953

903343337

4,192

118

47

40

188 8793 1

152.1

227.63748

3,560.53970611672

125233

2749342.0124.7

11,460.74,472.9

296.1357.1

5,702.1

8694,417.4

1,094.9

147.0

460.71167.1910866

293.521,069 49

182.50123.21

8869957439241.30

1267114781287

52.12266

143.5

1,090.1

12709167 04612,988

102 83530909

6 51612

60.6

73.1

13 150

846327309

3,978

128

43

34

158.5

198.23892

3,524.439473

124285

30173527

11,874.93,867.8

524.55499

5,578.7

102 14,331.1

1,093.7

152.1

131 998

94 2309

2.282 63

158.0

1,114.2

9625151 92113,9178990427677

6631

62.7

70.6

13 852

7 437128

13 2

4 6

35

14 2992

157.3

148.8

35.081274793

22.3410034189112.50

8143513117.64

11 58

11 227

2.302 68

43913942

1,19280182754

7191

65.0

71.4

14 052

8040029

14 2

45

32

12 3965

158.6

151.2

37.0513197 96

23.8611886182711.51

100 5963 1422.39

12 18

9018

2.30276

50316662

1,34485672858

896(i)70.1

74.9

13651

9 1364

432

1092

150

39

26

1361021

158.1

5521040

897.710115

3333

132253

29803632141.2

3,054.91,227.7

1,364.01406

14809

2661,136.5

2868

152.3

40211586883

243511021193412.53

908753 161863

4 14 041 07 827

2.30279

47.8

272.5

56816693

1,46187122990

723(i)67.2

75.6

13751

6934625

147

40

28

134979

158.2

152.4

38.5012948 26

25.5611050201114.54

90 40508519.80

11 41 07 828

2.45276

60215359

1,25673652776

6071

72.7

79.4

1375 1

7 o35025

13 1

42

32

14 2791

157.5

153.5

427915709 91

27091143518281265

96 0656112383

12 11 0

10431

2.34271

97913698130990072439

422r2

68.0

75.0

13 65 1

8 232830

1028

4 12 3

39

32

169989

159.9

5601037

88991 0268

3370

13 1262

304637691226

3,070.31,264.2

14141368

14729

2841,147.9

2758

153.3

465316551079

29981224518651345

103 8059782585

4 13 14l 06722

2.302 69

444

298.7

1 05711266108780162264

365r3

65.9

67.4

13 65 1

5527620

123

52

35

13 51017

159.2

153.3

406313 139 08

2750169 4725441734

144 0388893838

8 36

9 g4 5

2.302 55

108710473

94865371 962

452r2

67.2

63.0

13 551

6532324

11 5

4 5

39

128913

159.3

153.6

44.0215599 80

284312772216415.63

106 0867932924

10 07

6429

2.302 59

1 2551082910298 1082 166

2641

64.6

61.2

13451

75301

r923

120

43

36

157801

159.0

500940

r834.695353429

153283

r300637361396

r2,894.11,217.4

14791497

1 338 2

r2561,033.7

r2799

151.9

43.9417321024

2662114 8021771352

93 0462702670

411 44 7

6 02 6

2.302 47

r297

r272.7

1 26110*213

*9267 5132*011

2921

64.6

61.2

13451

6532524

11 1

45

41

167806

158.4

152.5

44.511734978

27.179879162012.64

8260547821 63

871 0692 5

2.21249

986118681 1686 8582*075

484

61.8

60.4

13051

r58r291

22

113

50

44

14 1660

158.6

152.3

36.941461807

22.3380511338

9.56

67 1441 981524

9 i7

5 61 5

2.182 55

r51110 6711 19057281897

629

55.8

60.4

13 150

6224723

935

109

32

29

157.7

370875

902.29555

124285

3017352.7

2,855.61,258.5

9881228

12867

21 51,013.0

2512

149.7

r410 14 66 81 5

2.142 51

361

270.3

37710247

100754751 485

7932

r52.1

60.0

1294.9

572742.0

157.4

149.4

10410

2.05246

"47.9

58.6

2.2

157.2

148.9

1.952 33

See footnotes at end of tables.

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

Page 110: SCB_031985

S-32 SURVEY OF CURRENT BUSINESS March 1985Unless otherwise stated in footnotes

below, data through 1982 and ,. itmethodological notes are as shown in

BUSINESS STATISTICS: 1982

Annual

1983 1984

1984

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

198*

Jan. Feb.

TEXTILE PRODUCTS—Continued

APPAREL— ContinuedMen's apparel cuttings: @ @

Suits thous unitsCoats (separate), dress and sport doTrousers (separate), dress doSlacks (jean cut), casual doShirts, dress and sport thous doz

Hosiery, shipments thous. doz. pairs..

11 18119 113

112699187 45340861

308,079

1232420045

114992171 22240 111

309,357

1 1181605

10053129123694

24,191

1 0791 739

12*11513*7913 831

25*847

1 1981 814

1070214 1783940

28,867

9931 8609700

127323 505

24,649

1 0651904

10602152423 803

25,748

95618619308

18 1793 811

26,576

7521 4617396

153382886

31,426

1 1011715

10340156253512

24,637

1 0131 5959065

150523064

23,627

11751 7209904

140733 136

27,208

1 0751 565r887313,041r265725,460

7991 2066934

11 0592 172

^21,122

TRANSPORTATION EQUIPMENT

AEROSPACE VEHICLESOrders, new (net), qtrly, total mil $

U.S. Government doPrime contract... .-. . do

Sales (net), receipts, or billings, quarterly,total do

U.S. Government doBacklog of orders, end of period # do

U.S. Government doAircraft (complete) and parts do

J Engines (aircraft) and parts doMissiles, space vehicle systems, engines,

propulsion units, and parts. . mil $Other related operations (conversions, modi-

fications), products services mil $Aircraft (complete);

Shipments t do -Airframe weight t thous Ib

J Exports, commercial mil $MOTOR VEHICLES (NEW)

Passenger cars:Factory sales (from U.S. plants):

Total ft thousDomestic ft do

Retail sales, total, not seas, adj do....Domestics § doImports § . do

Total, seas. adj. at annual rate mil ..Domestics § doImports § do..

Retail inventories, end of period, domestics: §Not seasonally adjusted thous ..Seasonally adjusted do

Inventory-retail sales ratio, domestics §Exports (BuCensus), total do

To Canada doImports (ITC), complete units # # do

From Canada, total doRegistrations Q, total new vehicles do

Imports, including domesticallysponsored do

Trucks and buses:Factory sales (from U.S. plants):

Total @ ... . doDomestic @ do

Retail sales, not seasonally adjusted: *Light-duty $$ doMedium-duty $$ doHeavy-duty $t • • do

Retail sales, seasonally adjusted:Light-duty $$ do...Medium-duty $$ do....Heavy-duty ££ do ....

Retail inventories, end of period:Not seasonally adjusted *'. do....Seasonally adjusted .. do

Exports (BuCensus) doImports (BuCensus), including separate

chassis and bodies thousRegistrations <>, new vehicles, excluding buses

not produced on truck chassis thousTruck trailers and chassis, complete (excludes

detachables), shipments t numberVans t do

Trailer bodies (detachable), soldseparately t do

Trailer chassis (detachable), soldseparately 1" do

RAILROAD EQUIPMENTFreight cars (new), for domestic use; all

railroads and private car lines (excludesrebuilt cars and cars for export):

Shipments numberEquipment manufacturers do

New orders doEquipment manufacturers do .

Unfilled orders, end of period do...Equipment manufacturers do

Freight cars (revenue), class I railroads(AAR): :(:Number owned end of period thousCapacity (carrying), total, end of month

mil. tons.Average per car tons

929306234791 160

8277749 169

116276742464895312905

15524

14 548

9 927 5449365569

673962019,17967932386

1,3521350

24551 16523993 133 8

83688 924

!2 457

24142 260

2 5207477

141 0

583.7r598 513186

846 89

2977

120 65885067

2 698

4 406

'57721 5 570'5964'5962

3,2713271

1007

82.9682 37

(5)

(5)(5)

(5)(5)

(5)

(5)

(5)(5)

(5)

(5)

8064034 1493989

7 6217030

10,39479522 442

1,4151,410

2 161366589303 55941 072410 118

2 593

3 0752884

3 261 3609

216 2

782.88064

15338

1 077 12

4047

234 230156 600

899

25 529

1 12 3961 12 3961546015054

5,1544748

948

79.0283 34

28621 471

140

647608778583195

10.5r80r25

1,471r!431

r2140713885316 683 5747

195

246231

226737

12 1r32568

r345r313 1

649.5r3631 6

10 52

8041

282

1973115*421

88

1 638

415415

273627365,5535553

1006

82.968243

58082814

378

682632841655186

10.6r84r22

1,532r!488

2 153695064258 6943782

194

252235

256 243

14 2r254 2

r5 115 5

672.8r663 015 20

72 72

302

17 34112597

98

1 398

528528

1 52315236,5486548

1001

82.6082 52

63132578

322

772702964756208

r!0.1r79r22

1,5721 559

r2 470886857317 887 5835

199

283264

313 74 7

17 1r2629

r4 615 2

686.4r67631576

8578

329

19 23713668

47

2062

894894

121312136,9286928

996

82.2282 56

56882872

310

665601896721174

10.381

r22

1,5351 515

r2 26539633730521094

837

188

253235

289 448

18 8r281 0

r4 8164

684.6r677 114 95

111 41

336

17 78812127

15

1 742

722722672672

5,1775177

992

82.0082 64

73553065

325

699639

1,047803244

10.8r83r26

1,4601420

2 163 1960023558993886

199

288267

325 04 8

20 4r268 8r4 419 1

679.5r673 315 59

105 66

348

2020213473

47

2 614

755755

130113015,7235723

986

81.548273

89283621

469

676620958727230

rf10.6rt81rt25

1,446* 1340

«2 058315721295 21029

928

224

278260

29084 5

20 6r273 9

r4 1197

699.8r673 513 06

92 36

363

19 98213243

75

2 592

1 7711 771299427447,2677 017

979

81.068283

7393 47 1 535

*246

517474890684206

105r8123

1,2981277

1 941 754040323 1

67 0903

224

208194

27597 0

19 9

r290 1r5 2

19 4

636.7r660 810 90

95 30

347

19 47712 640

31

2 398

1 3271 327

607607

6,8216 571

975

80.8482 90

476 02 114

137

519486814604210

10 1r78r24

1,2681320

r2 031 743060271 079 1852

228

261246

231 250

17 9r244 6r4 5178

696.8r729 5

9 37

78 75

330

7 21 5257 14*425

7 163

7 2 848

1 3001 300

785785

6,3066 056

972

80.6682 96

716 13 143

389

538493744567178

10.2r7824

1,2661273

2048014689269 679 8874

231

243230

247 354

19 1r2699

r53r202

727.8r744 412 53

94 35

357

18 60011677

113

2 292

1 4651 465

775775

5,6165 366

967

80.2182 96

64922810

261

686641900690211

10.0r74r27

1,2931,293

r2 1420640262869

92 1834

208

283268

295 061

20 2r2948

59198

750.0r743 411 48

84 13

350

20 99612573

132

2 326

1 2951 2951 5781*4225,8995493

958

79.7183 18

r9125r3583

344

668622802601201

10.0r74r2.6

1,4041,396

r23526350932919960816

208

263248

269955

16 8r2941

7.3r206

788.2r782 311 52

90 13

341

18 45911*799

69

2 132

1 2251 225

525525

5,1994 793

952

79.3383 30

1 221 54543

668

553511759561199

10.9r82r2.7

1,4151,410

r21452841 56

'267881 5823

224

218203

240 150

18 9r2690

r6.019.5

782.8r80641250

86 12

361

r20 89212 957

r21

1 487

796796751751

5,1544 748

948

79.0283 34

363

2 733685835628207

10.98.4

r2.5

1,6081,556

r22532649993814825789

208

2 257244

287047

172

29985.5

17.6

813.9792 311 01

105 63

334

13 7838626

5

546

1 223887403403

4,1344 064

943

78.5083 26

(2)

'839645

19311.0

8.5P2.4

1,6041,541

22

(2)

300539

156J32123 4.7

3 17.9

821.53811 3

830830650650

3,9543 884

938

See footnotes at end of tables.

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

Page 111: SCB_031985

March 1985 SURVEY OF CURRENT BUSINESS S-33

FOOTNOTES FOR PAGES S-l THROUGH S-32General Notes for alt Pages:

r Revised,p Preliminary,e Estimated,c Corrected.

Page S-lt Revised series. See Tables 2.6-2.9 in the July 1984 SURVEY for revised estimates for

1981-84.$ Includes inventory valuation and capital consumption adjustments.§ Monthly estimates equal the centered three-month average of personal saving as a

percentage of the centered three-month moving average of disposable personal income.

Page S-21. Based on data not seasonally adjusted.# Includes data not shown separately.$ See note "$" for p. S-8.t See note "t" for p. S-8.tt See note "tt" for p. S-3.@ Revised series. For manufacturing see note "tt" for p. S-3. For retail see note "$" for

p. S-8. For wholesale see note "t" for p. S-8.§ Revised series. Data have revised back to 1981, effective with the August 1984 SUR-

VEY. Revisions are available upon request.

Page S-3# Includes data for items not shown separately,i See note "$" for p. S-8.t See note "t" for p. S-8.tt Effective May 1984 SURVEY, data have been revised for Jan. 1977-Dec. 1983. A

detailed description of this revision and data appear in the report "Manufacturers' Ship-ments, Inventories, and Orders" M3-1.13 (1977-1983), copies of this report can be pur-chased from the Superintendent of Documents, U.S. Government Printing Office, Washington,DC 20402. A computer tape of the report, including data back to 1958 can be purchasedfrom the Data User Services Division, Customer Services Branch, Bureau of the Census,Washington, DC 20233.

@ See note "@" for p. S-2.§ See note "§" for p. S-2.

PageS-41. Based on data not seasonally adjusted.# Includes data for items not shown separately.$ Includes textile mill products, leather and products, paper and allied products, and

printing and publishing industries; unfilled orders for other nondurable goods industriesare zero.

t See note "tt" for p. S-3.O For these industries (food and kindred products, tobacco, apparel and other textile

products, petroleum and coal, chemicals and allied products, and rubber and plastics prod-ucts) sales are considered equal to new orders.

Page S-51. Based on unadjusted data.2. The annual liabilities figure for 1983 is $16,072,860,000.3. See note "O" for this page.@ Compiled by Dun & Bradstreet, Inc. Monthly data are now available through 1982,

and are available upon request. The 1983 annual figure for the failure annual rate and the1983 monthly data will be available at a later date.

# Includes data for itams not shown separately.§ Ratio of prices received to prices paid (parity index).$ See note "$" for p. S-4.t Effective with the Feb. 1984 SURVEY, data (back to 1981 for some commodities) have

been revised. Effective with July 1984 SURVEY, data for 1982-83 have been revised. Effec-tive with the Feb. 1985 SURVEY, data (back to 1982, for some commodities) have beenrevised. These revisions are available upon request.

O Beginning with data for Jan. 1983 (Jan. 1985, for CPI-W), the index is affected by achange in methodology used to compute the homeownership component. For additionalinformation regarding this change, see p. S-36 of the Feb. 1983 SURVEY.

# New series.tt See note "tt" for p. S-3.

Page S-6§ For actual producer prices or price indexes of individual commodities, see respective

commodities in the Industry section beginning p. S-l9. All indexes subject to revision fourmonths after original publication.

# Includes data for items not shown separately.# New series. This index (first shown in the Feb. 1984 SURVEY) reflects costs associated

with homeowners' consumption of shelter service. This new index combines the subindexesof owners' equivalent rent and household insurance. Indexes prior to Dec. 1982 are notavailable. For additional information, see p. S-36 of the Feb. 1983 SURVEY.

$ Effective with the Feb. 1984 SURVEY, data have been revised back to 1979. Effectivewith the Mar. 1985 SURVEY, data have been revised back to 1980. These revisions areavailable upon request.

t Effective with the Feb. 1984 SURVEY, data back to 1979 have been revised. Effectivewith the Feb. 1985 SURVEY, data back to 1980 have been revised. These revisions areavailable upon request.

O See note "O" for p. S-5.

Page S-71. Computed from cumulative valuation total.2. Index as of Mar. 1, 1985: building, 359.4; construction, 389.2.3. Data are for 16,000 permit-issuing places.# Includes data for items not shown separately.§ Data for Mar., May, Aug., and Nov. 1984, and Jan. 1985 are for five weeks; other

months four weeks.t Effective Feb. 1984 SURVEY, data for seasonally adjusted housing starts have been

revised back to 1981. Effective Feb. 1985 SURVEY, data have been revised from 1982-84.These revisions are available upon request.

t Effective Feb. 1985 SURVEY, data for building permit authorizations are based on17,000 permit-issuing places beginning with Jan. 1984. These revisions are available uponrequest.

@ Effective Feb. 1984 SURVEY, data for seasonally adjusted manufacturer's shipmentsof mobile homes have been revised back to 1981. Effective Feb. 1985 SURVEY, unadjusteddata for Jan. 1982 through June 1984, and seasonally adjusted data from Jan. 1982 throughNov. 1984 have been revised. These revisions are available upon request.

Page S-81. Advance estimate.2. Direct endorsement cases are included beginning with June data.3. January and February 1983 revised monthly figures are not available from source, but

they are included in the 1983 revised annual total.O Home mortgage rates (conventional first mortgages) are under money and interest

rates on p. S-l4.§ Data include guaranteed direct loans sold.# Includes data for items not shown separately.t Effective April 1984 SURVEY, wholesale trade data have been revised for Jan. 1978-Dec.

1983. A detailed description and the revised series appear in the report "Revised MonthlyWholesale Trade" BW-13-83s, available from the Bureau of the Census, Washington, DC20233; $2.50 per copy.

t Effective April 1984 SURVEY, retail trade data have been revised for Jan. 1978-Dec.1983. Revised data and a summary of changes appear in the report "Revised Monthly RetailSales and Inventories" BR-13-83s, available from the Bureau of the Census, Washington,DC 20233; $2.75 per copy.

* New series. Annual data for earlier periods are available upon request. Monthly datafor earlier periods will be available later.

Page S-91. Advance estimate.# Includes data for items not shown separately.O Effective with the January 1985 SURVEY, the seasonally adjusted labor force series

have been revised back to January 1980. Effective with the January 1984 SURVEY, theseasonally adjusted labor force series have been revised back to January 1979. Revisedmonthly data back to 1980 appear in the January 1985 issue of Employment and Earnings.Revised monthly data for 1979 appear in the February 1984 issue of Employment andEarnings.

t The participation rate is the percent of the civilian noninstitutional population in thecivilian labor force. The employment-population ratio is civilian employment as a percentof the civilian noninstitutional population, 16 years and over.

$ See note "$" for p. S-8.* New series.@ Data include resident armed forces.

Page S-10O See note "O" for p. S-9.* New series.t Effective June 1984 SURVEY, data have been revised back to April 1982 (not season-

ally adjusted) and January 1979 (seasonally adjusted) based on the March 1983 bench-mark, an improved method for estimating the employment effect of new firms entering theeconomy, and revised seasonal factors. The June 1984 issue of "Employment and Earn-ings" contains a detailed discussion of the effects of the revisions.

Page S-l1t This series is not seasonally adjusted because the seasonal component is small relative

to the trend-cycle and/or irregular components and consequently cannot be separated withsufficient precision.

O Production and nonsupervisory workers.* New series.t See note "t" for p. S-10.

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

Page 112: SCB_031985

S-34 SURVEY OF CURRENT BUSINESS March 1985

Page S-121. This series is not seasonally adjusted because the seasonal component is small relative

to the trend-cycle and/or irregular components and consequently cannot be separated withsufficient precision. Use the corresponding unadjusted series.

O Production and nonsupervisory workers.$ Earnings in 1977 dollars reflect changes in purchasing power since 1977 by dividing by

Consumer Price Index.§ Wages as of Mar. 1, 1985: Common, $15.91; Skilled, $20.89.* New series.(5) New series. The Employment Cost Index .(ECI) is a quarterly measure of the average

change in the cost of employing labor. See p. S-36 of the August through October 1984issues of the SURVEY for a brief description of the ECI.

t Excludes farm, household, and Federal workers.tt See note " t "for p. S-10.

Page S-131. Average for Dec.2. Reported annual; monthly revisions are not available.3. Effective December 1, 1982, there was a break in the commercial paper series because

of changes in reporting panels, modifications to reporting instructions and corrections tomisreported bank data.

$ Effective January 1984, series revised due to changes in the reporting panel and in theitem contents. The new panel includes 168 banks that had domestic office assets exceeding$ 1.4 billion as of December 31,1982.

# Includes data for items not shown separately.M Reflects offsetting changes in classification of deposits of thrift institutions. Depos-

its of thrifts were formerly grouped with deposits of individuals, partnerships, and corpora-t%is, instead of with deposits of commercial banks in the United States.

* "Transaction balances other than demand deposits" consists of ATS, NOW, superNOW, and telephone transfer accounts, which formerly were classified with savings depos-its. "Nontransaction balances" reflects the combination of deposits formerly reported sep-arately as time deposits and the savings deposits remaining after deduction of the items nowreported separately under "transaction balances."

§ Excludes loans and federal funds transactions with domestic commercial banks andincludes valuation reserves (individual loan items are shown gross; i.e., before deduction ofvaluation reserves).

O Securities of Federal agencies and corporations have been shifted out of "other secu-rities" and are now combined with U.S. Treasury securities. Also, loan obligations of Statesand political subdivisions have been shifted out of "other securities" and are now shownseparately among the loan items.

@ Insured unemployment (all programs) data include claims filed under extended durationprovisions of regular State laws; amounts paid under these programs are excluded fromstale benefits paid data.

(5)@ Insured unemployment as a percent of average covered employment in a 12-monthperiod.

Page S-141. Data are for fiscal years ending Sept. 30 and include revisions not distributed to the

months.2. Weighted by number of loans.3. For an explanation of the prime rate and historical data, see p. S-36 of the June or July

1984 SURVEY.t Effective March 1985 SURVEY, the consumer installment credit series have been revised

back to July 1980 to reflect more complete benchmark data for some of the components.# Includes data for items not shown separately.O Adjusted to exclude domestic commercial interbank loans and federal funds sold to

domestic commercial banks.$ Rates on the commercial paper placed for firms whose bond rating is Aa or the equiva-

lent.$$ Courtesy of Metals Week.@@ Average effective rate* New series.

Page S-151. Beginning 1983, the reporting frequency has been changed from a monthly to a quar-

terly basis.2. This series has been discontinued.t Effective Feb. 1985 SURVEY, the money stock measures and components have been

revised and are available from the Banking Section of the Division of Research and Statis-tics at the Federal Reserve Board, Washington, D.C. 20551

$ Composition of the money stock measures is as follows:Ml.—This measure is currency plus demand deposits at commercial banks and interest-earning checkable deposits at all depository institutions—namely NOW accounts, auto-matic transfer from savings (ATS) accounts, and credit union share draft balances—as wellas a small amount of demand deposits at thrift institutions that cannot, using present datasources, be separated from interest-earning checkable deposits. ,A/2.—This measure adds to Ml overnight repurchase agreements (RP's) issued by com-mercial banks and certain overnight Eurodollars (those issued by Caribbean branches ofmember banks) held by U.S. nonbank residents, money market mutual fund shares, andsavings and small-denomination time deposits (those issued in denominations of less than$100,000) at all depository institutions. Depository institutions are commercial banks (includ-ing U.S. agencies and branches of foreign banks, Edge Act corporations, and foreign investmentcompanies), mutual savings banks, savings and loan associations, and credit unions.

M3.—This measure equals M2 plus large-denomination time deposits (those issued in denomi-nations of $100,000 or more) at all depository institutions (including negotiable CD's) plusterm RP's issued by commercial banks and savings and loan associations.L.—This broad measure of liquid assets equals M3 plus other liquid assets consisting ofother Eurodollar holdings of U.S. nonbank residents, bankers acceptances, commercialpaper, savings bonds, and marketable liquid Treasury obligations.

\\ Includes ATS and NOW balances at all depository institutions, credit union sharedraft balances, and demand deposits at thrift institutions.

O Overnight (and continuing contract) RP's are those issued by commercial banks to thenonbank public, and overnight Eurodollars are those issued by Caribbean branches of memberbanks to U.S. nonbank customers.

# New series. For "Other checkable deposits," see also note "$$" for this page.@ Small time deposits are those issued in amounts of less than $100,000. Large time

deposits are those issued in amounts of $100,000 or more and are net of the holdings ofdomestic banks, thrift institutions, the U.S. Government, money market mutual funds., andforeign banks and official institutions.

# Includes data for items not shown separately.§ Number of issues represents number currently used; the change in number does; not

affect the continuity of the series.@@ Annual data for 1978-82 and monthly data for 1982 have been revised to exclude

private placements. Monthly revisions for 1978-81 are not available.

Page S-161. The Aaa public utility average was suspended Jan. 17, 1984, because of a lack of

appropriate issues. The average corporate and the Aaa corporate do not include Aaa utili-ties from Jan. 17 to Oct. 12. The Aaa utility average was reinstated on Oct. 12; the Oct.monthly average includes only the last 14 days of the month.

§ Number of issues represents number currently used; the change in number does notaffect the continuity of the series.

$ For bonds due or callable in 10 years or more.# Includes data for items not shown separately.@ Data may not equal the sum of the geographic regions, or commodity groups and

principal commodities, because of revisions to the totals not reflected in the componentitems.

O As of Jan. 25, 1984, the base period was changed to 1982= 100.

Page S-171. Beginning with Jan. 1982 data, the Customs value is being substituted for the f.a.s.

value.# Includes data not shown separately.§ Data may not equal the sum of geographic regions, or commodity groups and principal

commodities, because of revisions to the totals not reflected in the components.

Page S-181. See note 1 for p. S-17.2. Annual total; quarterly or monthly revisions are not available.3. Before extraordinary and prior period items.4. For month shown.5. Domestic trunk operations only (averaging about 90 percent of domestic total).6. Restaurant sales index data represent hotels and motor hotels only.# Includes data for items not shown separately.§ Total revenues, expenses, and income for all groups of carriers also reflect nonsched-

uled service.\ Beginning Jan. 1977, Class I railroads are defined as those having operating revenues

of $50 million or more.O Average daily rent per room occupied, not scheduled rates.## Data represent entries to a national park for recreational use of the park, its services,

conveniences, and/or facilities.# New series.

Page S-191. Reported annual total; monthly revisions are not available.2. Data for 1984 are not comparable to 1983 because of court ordered divestiture.3. Less than 500 short tons.4. Data are unavailable after 1983.# Includes data for items not shown separately.§ Data are reported on the basis of 100 percent content of the specified material unless

otherwise indicated.\ Monthly data back to 1981 have been revised and are available upon request.# New series, first shown in the Mar. 1984 SURVEY. Annual and monthly data back to 1980

are available upon request.@ Because of deregulation, carriers are free to enter both domestic and international

markets. Previously, carriers were limited either to domestic or overseas markets. Separatedata for domestic or overseas are no longer available.

Page S-201. Reported annual total; monthly or quarterly revisions are not available.2. Annual total includes data for Hawaii; not distributed to the months.§ Data are not wholly comparable from year to year because of changes from one classi-

fication to another.t Revised quarterly data for 1981-83 are available upon request.<0> Effective 1983, data are based on a new sample of approximately 150 establishments,

which was selected using the 1981 annual survey "Paints and Allied Products" panel as auniverse frame. Comparable data for 1979-82 and revisions for 1983 are available uponrequest.

t Effective with the July 1984 SURVEY, data for 1980-82 (and 1975 for revenue fromsales to customers) have been revised. Effective with the Feb. 1985 SURVEY, data for 1982-83have been revised. These revisions are available upon request.

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March 1985 SURVEY OF CURRENT BUSINESS S-35

Page S-211. Previous year's crop; new crop not reported until Oct. (beginning of new crop year).2. Crop estimate for the year.3. Stocks as of June 1.4. Stocks as of June 1 and represents previous year's crop; new crop not reported until

June (beginning of new crop year).5. Effective with 1983, figure represents June 1 stocks (based on previous year's crop);

whereas, 1982 and earlier annuals are for stocks ending Dec. 31 of the respective calendaryear. Quarterly estimates are no longer available.

6. See note "@" for this page.7. Less than 50,000 bushels.8. Data are no longer available.§ Excludes pearl barley.* Bags of 100 Ibs.@ Data are quarterly except for June (covering Apr. and May) and Sept. (covering

June-Sept.).* New series, first shown in the Mar. 1984 SURVEY. Annual and monthly data for earlier

periods are available upon request.** New series, first shown in the Sept. 1984 SURVEY. Annual and monthly indexes for

earlier periods are available upon request.

Page S-22§ Cases of 30 dozen.O Bags of 132.276 Ibs.$ Monthly revisions for 1982 are available upon request.* New series, first shown in the Mar. 1984 SURVEY. Annual and monthly indexes cover-

ing wheat for earlier periods are available upon request.

Page S-231. Crop estimate for the year.2. Annual total; monthly revisions are not available.* Totals include data for items not shown separately.* New series, first shown in the Mar. 1984 SURVEY. Annual and monthly indexes for

earlier periods are available upon request.t New series.O Effective Dec. 1983 SURVEY, the footwear production series have been revised back

to Jan. 1981. Effective Dec. 1984 SURVEY, the footwear production series have been revisedback to Jan. 1982.

Page S-28

Page S-241. Annual data; monthly revisions not available.2. Less than 500 short tons,t New series.

Page S-251. Annual data; monthly revisions are not available.2. For month shown.t Beginning January 1982, data represent metallic (mostly aluminum) content. Data for

1981 and prior years represent aluminum content only.* New series. Estimated U.S. free market price, prompt delivery to the Midwest.

Page S-261. Annual data; monthly revisions are not available.2. Less than 50 tons.3. Quarterly data were discontinued for 1983 and reinstated beginning first quarter 1984.O Includes secondary smelters' lead stocks in refinery shapes and in copper-base scrap.@ All data (except annual production figures) reflect GSA remelted zinc and zinc pur-

chased for direct shipment.$ Source for monthly data: American Bureau of Metal Statistics. Source for annual

data: Bureau of Mines.# Includes data not shown separately.

Page S-271. Data withheld to avoid disclosing information for individual companies.2. Data are for five weeks; other months 4 weeks.# Includes data for items not shown separately.§ Includes nonmarketable catalyst coke. See also note "$" for this page.O Includes small amounts of "other hydrocarbons and alcohol new supply (field pro-

duction)," not shown separately.t Effective with the Nov. 1983 SURVEY, data for 1982 have been revised. Effective with

the June 1984 SURVEY, data for 1983 have been revised. Effective with the December 1984SURVEY, coal production data for 1983 have been revised. These revisions are availableupon request. \

* New series. Includes U.S. produced and imported microwave ovens and combinationmicrowave oven/ranges.

$ Effective with the July 1984 SURVEY, data for 1983 have been revised and are avail-able upon request.

1. Reported annual totals; revisions not allocated to the months.2. Effective with Jan. 1983, data include road oil. Total road oil data for 1982 were

(thous. bbl.): 591, domestic demand; 610, production; 47, stocks.3. Effective with the Jan. 1985 price, gasoline that contains alcohol as an additive is

included.t New series. First shown in March 1984 SURVEY. Earlier data are available upon

request.* New series, first shown in the Feb. 1984 SURVEY. Prices back to 1974 are available

upon request.# Includes data for items not shown separately.$ Except for price data, see note "$" for p. S-27.

Page S-291. See note 1 for p. S-28.2. Average for 11 months; no price available for Dec. 1983.O Source: American Paper Institute. Total U.S. estimated consumption by all newspa-

per users.t See note "t" for p. S-28.# Compiled by the American Newspaper Publishers Association.

Page S-301. Reported annual total; revisions not allocated to the months.2. Crop for the year.3. Data cover five weeks; other months, four weeks.4. Data are no longer available.# Includes data for items not shown separately.O Cumulative ginnings to the end of month indicated.§ Bales of 480 Ibs.t Monthly revisions for 1982 and 1983 are available upon request.t Monthly revisions for 1981-83 are available upon request.(a) Effective with the Mar. 1984 SURVEY, sales of regular basecoat and all other build-

ing plasters (including Keene's cement) have been combined to represent sales of totalbuilding plasters. For comparability, earlier published figures for these two series should becombined.

Page S-311. Less than 500 bales.2. Annual total includes revisions not distributed to the months.3. Average for crop year; Aug. 1-Jul. 31.4. For five weeks; other months four weeks.5. Average for 10 months; no data for Jan.-Feb.O Based on 480-lb. bales, preliminary price reflects sales as of the 15th; revised price

reflects total quantity purchased and dollars paid for the entire month (revised price 'includesdiscounts and premiums).

# Includes data not shown separately.* New series.§ Bales of 480 Ibs..@ Monthly data discontinued for the year 1982; reinstated beginning Jan. 1983.

Page S-321. Annual total includes revisions not distributed to the months.2. Production of new vehicles (thous. of units) for Jan. and Feb. 1985: passenger cars,

762 and 674; trucks and buses, 280 and 278 respectively.3. Effective with the Feb. 1984 SURVEY, data have been revised back to 1981. Effective

with the Mar. 1985 SURVEY, data have been revised back to 1982. These revisions, whichwere made to reflect updated seasonal factors, are available upon request.

4. See note "##" for this page.5. Series has been discontinued.6. Effective with the July 1984 SURVEY, data for 1983 have been revised and are avail-

able upon request.7. See note "t" for this page.# Total includes backlog for nonrelated products and services and basic research.§ Domestics comprise all cars assembled in the U.S. and cars assembled in Canada and

imported to the U.S. under the provisions of the Automotive Products Trade Act of 1965.\Imports comprise all other cars.

O Courtesy of R.L. Polk & Co.; republication prohibited. Because data for some statesare not available, month-to-month comparisons are not strictly valid.

$ Excludes railroad-owned private refrigerator cars and private line cars.t Monthly revisions for aircraft shipments and airframe weight for 1982 and 1983 are

available upon request. Monthly revisions for truck trailers, etc. for 1981-83 are availableupon request.

@ Includes passenger vans.* New series, first shown in the Mar. 1984 SURVEY. Annual and monthly data back to

1967 are available upon request.tt Includes Volkswagens produced in the U.S.$$ Sizes (gross vehicle weight) are classified as follows: Light-duty, up to 14,000 Ibs.;

medium-duty, 14,001 - 26,000 Ibs.; and heavy-duty, 26,001 Ibs. and over.## Annual and monthly data back to 1981 have been replaced with total imports of

passenger cars published by the International Trade Commission, which exclude estimatedquantities of passenger cars assembled in foreign trade zones. These new data, which arecomparable with data previously published for 1980 and earlier periods, are available uponrequest.

@(5) Monthly data discontinued for the year 1982; reinstated beginning Jan. 1983.

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5 3 S . S S * 5 S 3

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• Charts providing a 25-year perspective for about 300economic time series that cover all major aspects ofthe economy. Expansions and contractions in the U.S.economy are clearly marked so that the leading, coincident,and lagging characteristics of the series are easy toobserve.

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HANDBOOK OF CYCLICAL INDICATORS

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• Composite index methodology explaining the con-struction of the indexes in step-by-step detail.

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INDEX TO CURRENT BUSINESS STATISTICS, Pages S1-S36

SECTIONSGeneral:

Business indicators........................................... 1-5Commodity prices............................................. 5, 6Construction and real estate....—,....„**.*.««.» 7, 8Domestic trade ..—,..,.. ,.,*..***„*„*„..,..,— 8,9Labor force, "employment, and earnings*.,......,. 9-13Finance ...........................................................Foreign trade of the United States .................Transportation and communication................. 18,19

Industry:Chemicals and allied products —..,....*—.**» 19,20Electric power and gas..................................... 20Food and kindred products; tobacco —....—• 20-23Leather and products .........—...... .**** 23Lumber and products *...........*......***.,*...«.*....*.. 23, 24Metals and manufacturers .***>.,..*....„*,*.*..„.*.... 24-27Petroleum, coal, and products „.„.,„„.,„....„.«* 27, 28Pulp, paper, and paper products...................... 28, 29Rubber and robber products......—........ .* 29Stone, clay, and glass products........................ 30Textile products . .—, .... ...*. 30-32Transportation equipment ..,***,..,*..„„.„„„.....,.. 32

Footnotes .**.*.—.*,........„**„*„*„*** .... 33*35

INDIVIDUAL SERIES

Advertising .............................Aerospace vehicles.................Agricultural loans ..................Air carrier operations............Air conditioners (room).,...,....,Aircraft and parts ...................Alcohol, denatured and ethyl..,Alcoholic beverages ...**.*,.,„..»,„AluminumApparel...Asphalt.,Automobiles, etc.

8,1232131827

4,3219

8,2025

„. 2, 4-6, 8-12,31,3228

,..., 2-4,6, 8, 9,14,15,17, 32Banking ......**...»,„....*»*..»„..„........*..........,..,.*.*„.... 13,14Barley *„..... ,............«*...,.„*...„.,« .......... 21Battery shipments .......,........................,.••.••.».«•.•• 27Beef and veal .,.„..*,......*............**.„*,„„,..*.„........„ 22Beverages .—* ..*. 8,17, 20Blast furnaces, steel mills ................................. 3-5Bonds, prices, sales, yields ,„.,..„............„.*.,.,.„.* 15,16Brick ..„..*„**.*,***.„*,**„.„..„...„....,..,*„„*,.,.„...,..„„. 30Building and construction materials**....*,*****,..*.*, 2,4, 5Building costs ................................................... 7Building permits ..,*..,.......,..*„*.,...,...„......„..,..,*..., 7Business incorporation (new), failures ................ 5Business sales and inventories............................. 2,3Butter,.,.................,...,...**..„„„........„....*.««»..»*».« 21Carpets.................................................................. 31Cattle and calves,.*.,..,........,.........,.,**.,.*,,..,.........,. 22Cement.....*........,**......**.,****,.*.......,.....,.,,.....****.**.*. 30Chain-store sales, firms with 11 or more

stores (refcatil trade)........................................... 9..****.*.**.„»„. .......... 21,*.* 2*4,10-12,15,17,19, 20........... ..,.* 23„.,.„ ,.,.**.*— 2-4, 30

,.*...**„** .**.., 2, 27,.„„„ ,....,......,***„ 22,...*.*...„*,.* ..... 22,*„*,.„*..„...„.,..„**.**,.... 27

Combustion, atmosphere, heating equip-ment 26

Communication .*„*,„—....**......«....*.*..„„„*.....»... 15,19Construction:

Contracts «**.,,.„,.„.,.......«.,...,.„.„„.„„.......„«... 7Costs,,.,..............**,..,.***,. ,.,..„.*.**...„*., 7Employment, unemployment, hours,

earnings......,*..******.,......,......*...******,**.*,.,,*.....* 10-12Housing starts .........................,,.....................«. 7New construction put in place......................... 7

Consumer credit ......„.........*.**..**,.*..„*...—..—..* 14Consumer goods output, index ............................ 1, 2Consumer Price Index ......................................... 5, 6Copper and copper products................................ 25, 26Corn..*.............***,.......,.,...............**.,**,,*,*.,*,.,....*... 21Cost of living (see Consumer Price Index)**...,.**, 5, 6Cotton, raw and manufactures***,*,***,..*.....,...*,.. 5, 30, 31Credit, commercial bank, consumer.................... 14Crops......*.*.* ,.....*. ..,..*,*,**„.**.„**,„..... 5,21, 23, 30Crude oil ........*.****,.*,*.*..**.„..„....„...,...«...**..»**,*„„ 3, 27Currency in circulation........................................ 15Dairy products ..................................................... 5, 21Debt, U.S. Government *.**—* .....*. .**, 14Deflator, PCE **.*,*,»**„...„..,.,...,..,«,.....*....,„*..,*.... 1Department stores, sales, inventories..*....*..*,.***,* 9Deposits, bank ......................**..* ,*,„„*........«... 13, 15

Chemicals ,. .....* **Cigarettes and cigars........Clay products ...................Clothing (see apparel)Coal... ..,..„„.,.„..,Cocoa..,..*.....*......Coffee ..............................."""

Dishwashers and disposers......*...,.*....., „.....„* 27Disposition of personal income ........................... 1Distilled spirits ...*... »,*...„„*„.*..., *..**.... 20Dividend payments 1,15Drugstores, sales ............................................. 8, 9Earnings, weekly and hourly *.*...,,.„..,.......,.*,..„., 12Eating and drinking places .................................. 8, 9Eggs and poultry ............................................... 5, 22Electric power ...................................................... 2,20Electrical machinery and equipment...............*..., 2-5,

10-12,15, 27Employee-hours, aggregate, and indexes**..,.*....., 11Employment and employment cost...................... 10-12Explosives............................................................. 20Exports (see also individual commodities).......... 16-18

Failures, industrial and commercial.—.......*,.*.*. 5Farm prices .„.,*... ...„„.„,*.,..„„....>....*.**„*,., 5, 6Fats and oils .„..,........*.*„„..*...*.........«*,«*.**.„..„..„ 17Federal Government finance................................ 14Federal Reserve banks, large commercial........... 13Federal Reserve member banks........................... 13Fertilizers............................................................. 19Fish........................................................................ 22Flooring, hardwood ............................................. 24Flour, wheat......................................................... 22Food products —.........—. 2-6,8,10*12,15,17, 20-23Foreign trade (see also individual commod.)...... 16-18Freight cars (equipment)...................................... 32Fruits and vegetables .. ****...,**...,.„*.„.„„.**„„» 5Fuel oil ,..,,..M,,,,....«.M.,.,*».*.,...,.....«...,..*.*.**..,*.,.*.. 6, 28Fuels „....,.....„..*...,**>.„„,. .......,**„..*.„.. 2,6,17, 27, 28Furnaces ............»..,......„....»...•..•..•.»•..„.................. 27Furniture.......................................................... 2,6, 8-12

Gas, output, prices, sales, revenues.................... 2, 6, 20Gasoline „...........*..,».*.*..**.,,...,„......*»**,**,*...,......,„* 28Glass and products............................................... 30Glycerin ..........*..*.**.****. ,.....* ..... 19Gold .,* 14Grains and products ..„....,*,,.,.„„...—„.„**..*„...' 5, 21, 22Grocery stores .................................................... 9Gypsum and products, „.,„..,.*.,...*„,..,...,........**,».., 30

Hardware stores................................................. 8Heating equipment .,„....*.*,*.„,„.„„......»**,.*....*„.„. 26Help-wanted advertising index............................ 12Hides and skins .....*..*.,*,*.,........„.,*„.*.*„...„„„».,., 6Hogs .............................................................. 22Home loan banks, outstanding advances ............ 8Home mortgages ................................................ 8Hotels, motor hotels and economy hotels........... 18Hours, average weekly....................................... 11Housefurnishings .*„........**,.„**„*„..,.,..,..„..**, 2, 4,6, 8, 9Household appliances, radios, and television sets 27Housing starts and permits*..,......**....;......*.,.*,**.*. 7

Imports (see also individual commodities).—.... 17,18Income, personal .„,».*,*„.„.„..,.....„.*.*„........*.....„. 1Income and employment tax receipts *...........,.*... 14Industrial production indexes:

By industry ................................................... 1,2By market grouping ..................................... 1,2

Installment credit................................................. 14Instruments and related products.—............ 2-4,10-12Interest and money rates »..».....„..*....„..„„.*...*.,„, 14Inventories, manufacturers* and trade ................ 3, 4,9Inventory'-saies rates ....,.....,..„..„„..,..... 3Iron and steel ,„...„„....„.....,..„* ........... 2,15, 24, 25

......*...,,. 9,102226

2, 6,10-12, 23.... 5,22

Labor force .......„...,...,....,.„..„,...,„Lamb and mutton ,„.„.........,.....,....Lead .......*„,.,. *...........Leather and products ....................Livestock .....*„..,...„..,....*...,..„*„....Loans, real estate, agricultural, bank (see also

Consumer credit) ,.„....„*.*.„„ 8,13Lubricants ............................................................ 28Lumber and products ... * ... 2,6,10-12,23, 24

Machine tools ...............»*........,...........*,„...*......... 26Machinery ,..»..,»*,«*** 2-6,10-12,15,17, 26, 27Manufacturers' sales (or shipments), inventories,

orders ............................................................ 3—5Manufacturing employment, unemployment,

production workers, hours, earnings ............... 10-12Manufacturing production indexes...................... 1,2Meat animals and meats .......** 5, 22Medical care .„.„.......«„..„.„......„..„*.,**,..„„...„.... 6Metals................,,..,.,......,........***.. 2-6,10-12,15, 24-26Milk......****..,....,............,.*.,.......,......,..,**.,............. 21Mining .»..*...........*.*„...............,....*.,..,...........,*... 2,10-12Mobile homes, shipments, installment credit, 7,14Monetary statistics ............................................. 15Money and interest rates..................................... 14Money supply ................................................... 15Mortgage applications, loans, rates.................. 8,13,14Motor carriers .................................................. 18Motor vehicles .,— 2-4, 6,8, 9,15,17, 32

National parks, visits .*,.*..*,.......„.......*.***.*.„„**.... 18Newsprint ..,........,«„,..„..„„„..».„»...*,„„»«„„.,.....*. 29New York Stock Exchange, selected data.......... 16Nonferrous metals.,..,..„.»..,..„.*..,„,„„. 2, 4, 5,15, 25,26Oats .,**„*.**.„...„.....„....*,.,„„.,...,.,......,.....,.......*,.„ 21Oils and fats......................................................... 17Orders, new and unfilled, manufacturers'........... 4,5Outlays, U.S. Government .....«..«...,..,.,.,*,*,..*...,.,. 14

Paint and paint materials .......,,Paper and products and pulp....

Parity ratio ..,..* ..*.«*—.......

Passports issued ................Personal consumption expendituresPersonal income ............................Personal outlays „„..„.„.,.....,**.*.„„,Petroleum and products ........

_____ „„„. _______ 20.„,.....„.*,*,...* 2-4,6, 10-12, 15, 28, &

, 17, 321811

,„„„.«..,.,***.**,* I....................... 2-4,10-12, 15, 17, 27, 28

.**»**,,.,.«.».,«.«. 24

....................... 20

....................... 9

....,«*».„...,....,.. 22

....................... 5, 22

...****.*..*... — ... 15, 6

Pig iron ....„.....«.*,,.,.,„,..........Plastics and resin materials ..............................Population .........................................................Pork *,.,.„.„„,...„.«.«,.,.*„„..„....,...«....,«*».„...,....Poultry and eggs ...............................................Price deflator, implicit (PCE) ,.**»....****.*..*... —Prices (see also individual commodities) ..........Printing and publishing ....,..„* — „„......,.„..**.,* 2, 10-12Private sector employment, hours, earn*

Producer Price Indexes (see also individual com-modities) *..**.„.,........,..„.,..**..,....„..............**....* 6

Profits, corporate.................................................. 15Public utilities,. ________ .... ..... ..*.* ________ *.....«..* 1, 2, 7, 15, 20Pulp and pulpwood „.,*...,,,„,„,.....„....,,..**.„„„.,.... 28Purchasing power of the dollar .**.„„.......„„.,**»... 6

Radio and television,...,..........**.*.Railroads .*..»„*,..,..,..,...*...*.*„>.,„,.Ranges and microwave ovens .....Real estate.—.... *„,**...*.,*..Receipts, U.S. Government..,.....,Refrigerators and freezers..........Registrations (new vehicles).......Rent (housing) ..........................Retail trade ...*,.. * *Rice.,

,.*...,...,..„. 8,27,...*...,*. 13,18,32>,.*„*,*.„..„ 27,„..******,„.. 8,13

14,.„*...*..,„,. 27„ 32.,*..,.*,*.**** 62,3,5, 8-12,32

......„...„.* 21Rubber and products (incl, plastics) ..*,**,*.**.,*.*..,. 2-4,

6,10-12,29Saving, personal......................Savings and loan associations.<Savings deposits .Securities issued.Security markets,Services ..„.,„..„...,Sheep and lambs ...................Shoes and other footwear ....Silver...,.....,..,..,**,..,.,.,..,...............***,Spindle activity, cotton ....,..„..,.,.....Steel and steel manufactures..........Stock market customer financing.,........,*.Stock prices, yields, sales, etc......Stone, clay, glass products...Sugar...,..,..,,,.,,,,..,,........,....*,*Sulfur....... .„*„..„....„.,....,..Sulfuric acid ,„„......„*,.*.„.„,*Superphosphate ....................Synthetic textile products....

2-4,10-12,15,30„.,...„*...*,.*** 23,........,...**„ 19

..—.»..*„.., 1919r.«™"««»* 31

Tea imports .„.„,.......„...„.,.....,...,.„.„,.......,.„..,..., 23Telephone and telegraph carriers ........................ 19Textiles and products * . 2-4, 6,10-12,15, 30, 31Tin „„*.„.,*„.......„.«......,.«,*.„......«...,.„..«»*.*..*..«., 26Tires and inner tubes ...........I...*...*.,.,...,,,.*,.*, 29Tobacco and manufactures ..................*.** 2-4,10-12, 23Tractors*..,.,,.,...,,...,,..........**.,,,....,..,,...,...,.,*...**..*. 27Trade (retail and wholesale) ..*.*..*.,.* 2, 3,5,8-12, 32Transit lines, urban .*......**.„.....,..,.„*«..,.....*.*„„„* 18Transportation ....*..„.,.,....«.«.,«.,«..,»„„. 6,10-12,15,18Transportation equipment ..,.,* 2*6,10-12,15,17, 32Travel ....,.*....«.**»* „.„*,*,„*,**„«.«,* 18Truck trailers „...........»..*..,.„..,«,.„.......«»..*..**„*« 32Trucks .„*.......*.„»*..,*„*„.........,.„..«...„,**,*.,*....*.,..„ 32Unemployment and insurance.,U.S, Government bonds ,..,U.S, Government finance ..„**,..Utilities, .* ..*...,

Vacuum cleaners ............,*,......Variety stores .„.....*„*„..„„......Vegetables and fruits **...„..,....Wages and salaries .,„„....„,*.*„Washers and dryers ..,..„„„..,..Water heaters ».....»..,..*,..»„„,....Wheat and wheat flour .„......**Wholesale trade „*.... „...„Wood pulp ,..,.„.„..,.*„*...„....**.„Wool and wool manufactures .,Zinc,..,,....,,..,**,*,.......*.**,,,,....,.,.,

.— 9,10,13

.*„.,„.»..„* 16„*..„»*»„„ 14.... 2,6, 7, IS, 20

,„*«.«.„*»** 27.*.,*,.......« 9

.*.„...„..... 1,12

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*...**,........ 28....„....*.*„ 31

...*..,«*..*., 26

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