scb_031985
TRANSCRIPT
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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,
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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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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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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
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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
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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.
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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
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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
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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
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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.
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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
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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
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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.
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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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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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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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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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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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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.
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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.
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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.
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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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March 1985 SURVEY OF CURRENT BUSINESS 33
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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34 SURVEY OF CURRENT BUSINESS March 1985
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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March 1985 SURVEY OF CURRENT BUSINESS 35
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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36 SURVEY OF CURRENT BUSINESS March 1985
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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March 1985 SURVEY OF CURRENT BUSINESS 37
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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38 SURVEY OF CURRENT BUSINESS March 1985
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
![Page 44: SCB_031985](https://reader035.vdocuments.us/reader035/viewer/2022082210/55cf97e8550346d033945afd/html5/thumbnails/44.jpg)
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](https://reader035.vdocuments.us/reader035/viewer/2022082210/55cf97e8550346d033945afd/html5/thumbnails/45.jpg)
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](https://reader035.vdocuments.us/reader035/viewer/2022082210/55cf97e8550346d033945afd/html5/thumbnails/46.jpg)
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](https://reader035.vdocuments.us/reader035/viewer/2022082210/55cf97e8550346d033945afd/html5/thumbnails/47.jpg)
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](https://reader035.vdocuments.us/reader035/viewer/2022082210/55cf97e8550346d033945afd/html5/thumbnails/48.jpg)
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](https://reader035.vdocuments.us/reader035/viewer/2022082210/55cf97e8550346d033945afd/html5/thumbnails/49.jpg)
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
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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
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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
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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
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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
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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
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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](https://reader035.vdocuments.us/reader035/viewer/2022082210/55cf97e8550346d033945afd/html5/thumbnails/56.jpg)
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
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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](https://reader035.vdocuments.us/reader035/viewer/2022082210/55cf97e8550346d033945afd/html5/thumbnails/58.jpg)
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.
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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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58 SURVEY OF CURRENT BUSINESS March 1985
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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60 SURVEY OF CURRENT BUSINESS March 1985
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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March 1985 SURVEY OF CURRENT BUSINESS 61
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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62 SURVEY OF CURRENT BUSINESS March 1985
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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March 1985 SURVEY OF CURRENT BUSINESS 63
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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64 SURVEY OF CURRENT BUSINESS March 1985
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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March 1985 SURVEY OF CURRENT BUSINESS 65
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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66 SURVEY OF CURRENT BUSINESS March 1985
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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March 1985 SURVEY OF CURRENT BUSINESS 67
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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68 SURVEY OF CURRENT BUSINESS March 1985
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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March 1985 SURVEY OF CURRENT BUSINESS 69
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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70 SURVEY OF CURRENT BUSINESS March 1985
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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March 1985 SURVEY OF CURRENT BUSINESS 71
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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72 SURVEY OF CURRENT BUSINESS March 1985
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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March 1985 SURVEY OF CURRENT BUSINESS 73
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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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
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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](https://reader035.vdocuments.us/reader035/viewer/2022082210/55cf97e8550346d033945afd/html5/thumbnails/81.jpg)
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](https://reader035.vdocuments.us/reader035/viewer/2022082210/55cf97e8550346d033945afd/html5/thumbnails/82.jpg)
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](https://reader035.vdocuments.us/reader035/viewer/2022082210/55cf97e8550346d033945afd/html5/thumbnails/83.jpg)
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](https://reader035.vdocuments.us/reader035/viewer/2022082210/55cf97e8550346d033945afd/html5/thumbnails/84.jpg)
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](https://reader035.vdocuments.us/reader035/viewer/2022082210/55cf97e8550346d033945afd/html5/thumbnails/85.jpg)
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](https://reader035.vdocuments.us/reader035/viewer/2022082210/55cf97e8550346d033945afd/html5/thumbnails/86.jpg)
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](https://reader035.vdocuments.us/reader035/viewer/2022082210/55cf97e8550346d033945afd/html5/thumbnails/87.jpg)
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](https://reader035.vdocuments.us/reader035/viewer/2022082210/55cf97e8550346d033945afd/html5/thumbnails/88.jpg)
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](https://reader035.vdocuments.us/reader035/viewer/2022082210/55cf97e8550346d033945afd/html5/thumbnails/89.jpg)
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](https://reader035.vdocuments.us/reader035/viewer/2022082210/55cf97e8550346d033945afd/html5/thumbnails/90.jpg)
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](https://reader035.vdocuments.us/reader035/viewer/2022082210/55cf97e8550346d033945afd/html5/thumbnails/91.jpg)
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](https://reader035.vdocuments.us/reader035/viewer/2022082210/55cf97e8550346d033945afd/html5/thumbnails/92.jpg)
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](https://reader035.vdocuments.us/reader035/viewer/2022082210/55cf97e8550346d033945afd/html5/thumbnails/93.jpg)
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](https://reader035.vdocuments.us/reader035/viewer/2022082210/55cf97e8550346d033945afd/html5/thumbnails/94.jpg)
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](https://reader035.vdocuments.us/reader035/viewer/2022082210/55cf97e8550346d033945afd/html5/thumbnails/95.jpg)
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](https://reader035.vdocuments.us/reader035/viewer/2022082210/55cf97e8550346d033945afd/html5/thumbnails/96.jpg)
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](https://reader035.vdocuments.us/reader035/viewer/2022082210/55cf97e8550346d033945afd/html5/thumbnails/97.jpg)
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](https://reader035.vdocuments.us/reader035/viewer/2022082210/55cf97e8550346d033945afd/html5/thumbnails/98.jpg)
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](https://reader035.vdocuments.us/reader035/viewer/2022082210/55cf97e8550346d033945afd/html5/thumbnails/99.jpg)
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](https://reader035.vdocuments.us/reader035/viewer/2022082210/55cf97e8550346d033945afd/html5/thumbnails/100.jpg)
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](https://reader035.vdocuments.us/reader035/viewer/2022082210/55cf97e8550346d033945afd/html5/thumbnails/101.jpg)
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](https://reader035.vdocuments.us/reader035/viewer/2022082210/55cf97e8550346d033945afd/html5/thumbnails/102.jpg)
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](https://reader035.vdocuments.us/reader035/viewer/2022082210/55cf97e8550346d033945afd/html5/thumbnails/103.jpg)
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](https://reader035.vdocuments.us/reader035/viewer/2022082210/55cf97e8550346d033945afd/html5/thumbnails/104.jpg)
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](https://reader035.vdocuments.us/reader035/viewer/2022082210/55cf97e8550346d033945afd/html5/thumbnails/105.jpg)
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](https://reader035.vdocuments.us/reader035/viewer/2022082210/55cf97e8550346d033945afd/html5/thumbnails/106.jpg)
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](https://reader035.vdocuments.us/reader035/viewer/2022082210/55cf97e8550346d033945afd/html5/thumbnails/107.jpg)
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](https://reader035.vdocuments.us/reader035/viewer/2022082210/55cf97e8550346d033945afd/html5/thumbnails/108.jpg)
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](https://reader035.vdocuments.us/reader035/viewer/2022082210/55cf97e8550346d033945afd/html5/thumbnails/109.jpg)
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](https://reader035.vdocuments.us/reader035/viewer/2022082210/55cf97e8550346d033945afd/html5/thumbnails/110.jpg)
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.
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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.
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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
HANDBOOKOFCYCLICALINDICATORS
•• I S 5 5 -
LJLJ
UK!
ii
BUSINESS CONDITIONS DIGEST (BCD)
. . . a monthly report that helps you analyze the currenteconomy and future trends.
BCD has "a plethora of charts that... provide moreinformation and perspective per minute of reading time thananything else you can find," according to Edgar R. Fiedler,former president of the National Association of BusinessEconomists. (Across the Board, February 1984.)
BCD contains:
• 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.
• Tables listing current data for all 300 series.
• Appendixes providing historical data, cyclical turningpoints, cyclical comparisons, and seasonal adjustmentfactors.
HANDBOOK OF CYCLICAL INDICATORS
. . . a statistical and technical supplement that helps youmake maximum use of the monthly Business ConditionsDigest
The HANDBOOK contains
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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
...„..*.*„.„ 27„.*.**.,. 27*..,.„*......* 21,222,3,5,8,10-12
*...**,........ 28....„....*.*„ 31
...*..,«*..*., 26
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