scb_051992

MAY 1992 ^ VOLUME 72 NUMBER

SURVEY of CURRENT BUSINESS, "" ' " i . ;- ' ~ - ~ -' -i/~ - " , ' " " - ' ' - - :.'

S! fe& $*%^l^^;f^fes%J? *s?Si>;3 a^

U,S DEPARTMENT OF COMMERCE ECONOMICS AND STATISTICS ADMINISTRATION

BUREAU OF ECONOMIC ANALYSIS

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

MAY 1992 *^ VOLUME J2 NUMBEJt

SURVEY of CURRENT BUSINESSU.S. Department of CommerceBarbara Hackman FranWin* Secretary

Economics and StatisticsAdministrationI. Antonio Villamil, ActingUnder Secretary for Economic Affairsand Administrator

Carol S; Carson, DirectorAlto H* Young, ActingQeputy Director

Edit0r~in~hfef: Douglas ft ForManaging Editor: teland L Scott

Publication Staffi W. Ronnie Foster,M Qretchert Gibson, Eric B, Manning*Donald J.Farscha&

OF C0RRENT BUSINESS,monthly by the Bttrejam of Economic Analysis of tbeU*&, Department of Commerce. Editorial eorrespon*

d be a Washington, PC 20402, Make chedsspayable to the Superintendent of Documents.

Second-dass po^agepaiditt Wa&hingtonj 0c and atadditional mailing offices, (trsis 337-790}*

Ilie Secr^taty of Commerce has determined thatthe publication of this periodical is necessary in thetransaction of fc public business required by law ofthis Department.

1 Business Situation7 Corporate Profits8 Government Sector

10 National Income and Product Accounts10 Selected NIPA Tables29 NIPA Charts31 Reconciliation and Other Special Tables

33 Relationship Between Personal Income and Adjusted Gross Income: New Estimates for 1989-90 Revisions for 1959-88

45 U.S. Affiliates of Foreign Companies: Operations in 1990

69 U.S. Business Enterprises Acquired or Established byForeign Direct Investors in 1991

C-pages: Business Cycle Indicators(Seepage C-l for contents)

S-pages: Current Business Statistics(Seepage S-36for contents and subject index)

Inside back cover: BEA Information

N0TB,~This isstte of the SURYBT weiit to the printer 0& June 8^92*It incorporates data from the following monthly BEA news releases;

Gross Domestic Prochict {May 29),Personal Income arid Outlays (Jroe i)> andComposite Indexes of Leading) Gomcident, and

Indicators {Jtine 2)*


May 1992 SURVEY OF CURRENT BUSINESS

T H E B U S I N E S S S I T U A T I O N

The first part ofthis article wasprepared by DanielLarkins, Larry R.Moran, and RalphW. Morris; Larkinsprepared thesection oncorporate profits;and David T.Dobbs preparedthe section on thegovernment sector.

7 / s. PRODUCTION and U.S. demand both in-C-t. creased moderately in the first quarter of

1992 (chart i and table i). Real gross domesticproduct (GDP), a measure of goods and servicesproduced in the United States, increased 2.4 per-cent; real gross domestic purchases, a measureof goods and services purchased by U.S. resi-dents, increased 2.5 percent.1 As explained inthe "Revisions" section of this article, these "pre-liminary" estimates (as well as the "preliminary"estimates of the price indexes for GDP and grossdomestic purchases) are somewhat higher thanthe "advance" estimates issued a month ago.

The first-quarter increase in real GDP was largerthan the increases registered in the three preced-ing quarters. All of these increases were smallerthan the increases that are typical of a businesscycle recovery. The level of real GDP in the firstquarter was slightly below its level at the peak ofthe business cycle in the third quarter of 1990;in other business cycles since 1960, real GDP hadsurpassed its previous peak within three quartersof the cyclical trough.

i. Quarterly estimates in the national income and product accounts areexpressed at seasonally adjusted annual rates, and quarterly changes are differ-ences between these rates. Quarter-to-quarter percent changes are annualized.Real, or constant-dollar, estimates are expressed in 1987 dollars and are basedon 1987 weights.

Looking Ahead...

National Income and Product Accounts Revision. Re-vised estimates for the 3-year period beginning with the firstquarter of 1989 will be presented in the July SURVEY. Selecteddata will be available as of July 30.

Foreign Direct Investment in the United States. Thefirst results of joint projects that link BE A data for foreign-owned U.S. companies with detailed establishment data fromthe Census Bureau and the Bureau of Labor Statistics will bereleased by the three agencies on June 24. Detailed informationfrom the BEA-Census Bureau link project will be published inForeign Direct Investment in the United States: EstablishmentData for1987, which will be available shortly thereafter from theU.S., Government Printing Office; ordering information willappear in an upcoming issue of the SURVEY. (For additionalinformation on the link project, see the box on page 46.)

Both real gross domestic purchases and realfinal sales to domestic purchasers increased inthe first quarter after decreasing in the fourth.Final sales to domestic purchasers was particu-

C^nj^f^

; 40;;20'

0

-20

: -40-60:;eoc40

-40go

40400

-20

4024

:;v'0_

-2t>40

-20

GROSS DOMESTIC PRODUCT

VPERSONAL CONSUMPTION EXPENDITURES

I I I Ir

! m " !

FIXED INVESTMENT I

CHANGE IN BUSINESS INVENTORIES

EXPORTS H

,_ -u-

GOVERNMENT PURCHASES

1989 1S90 1991 1992Based on Seasonally Adjusted Annual fiate^.

U,S Department^ Commerce, Bureau Of Economic Amtfysis ^ * -


2 May 1992 SURVEY OF CURRENT BUSINESS

larly strong, increasing more in the first quarterthan in the preceding three quarters combined.The first-quarter increase was almost twice as bigas the increase in gross domestic purchases; thedifference reflected a sharp downswing in inven-tory investment. Each of the major componentsof final sales contributed to the first-quarter in-crease, with personal consumption expendituresaccounting for more than three-fourths of it.

Personal consumption expenditures

Real personal consumption expenditures (PCE)increased 5.4 percent in the first quarter, thelargest increase in more than 5 years, after nochange in the fourth quarter and an increase

of 2.3 percent in the third (table 2). As a re-sult of the first-quarter increase, the level of PCEwas i.o percent above its level at the peak ofthe business cycle. The large increase reflecteda jump in expenditures for durable goods, asizable increase in expenditures for nondurablegoods, and a modest increase in expenditures forservices.

Real disposable personal income increased 3.7percent in the first quarter, the largest increasein 2 years, after small increases in the third and.fourth quarters. However, other factors that un-derlie consumer spending remained weak. Theunemployment rate rose to 7.2 percent in the firstquarter, and the Index of Consumer Sentiment

Table 1.Recent Patterns in Real Gross Domestic Product and Real Gross Domestic Purchases[Seasonally adjusted at annual rates]

Gross domestic product/.ess* Exports of goods and servicesPlus: Imports of goods and services

Equals: Gross domestic purchasesLess: Change in business inventories

Equals: Final sales to domestic purchasers .Personal consumption expendituresNonresidential fixed investmentResidential investment ....Government purchases

Billions of 1987 dollars

Level

1992:1

4,896.9

556.7579.0

4,919.2

-18.4

4,937.6

3,314.2507.7185.4930.4

Change from preceding quarter

1991

II

16.7

23.216.9

10.5

2.4

8.1

11.3-4.3

1.3-.2

III

22.0

9.528.3

40.7

30.5

10.2

18.8-4.8

4.5-8.2

IV

5.3

12.83.0

-4.5

7.5

-12.0

-.1-4.4

5.2-12.8

1992

I

28.9

-1.3-.3

29.9

-26.0

55.9

43.12.13.77.1

Percent change from preceding quarter1991

II

1.4

19.413.3

.9

.7

1.4-3.3

3.1-.1

III

1.8

7.322.3

3.4

.8

2.3-3.710.9-3.4

IV

0.4

9.72.1

-.4

-1.0

0-3.412.3-5.4

1992

I

2.4

-.9-.2

2.5

4.7

5.41.78.43.1

NOTE-Dollar levels of aggregates are found in table 1.2 of the "Selected NIPA Tables," andpercent changes in aggregates are found in table 8.1.

Table 2.Real Personal Consumption Expenditures[Seasonally adjusted at annual rates]

Personal consumption expendituresDurable goods

Motor vehicles and partsFurniture and household equipmentOther

Nondurable goodsFoodClothing and shoesEnerav *Other

ServicesHousingHousehold operation

Energy2Other household operations

TransportationMedical careOther


Level

1992:1

3,314.2

430.0178.0176.8

75.2

1,049.6521.1185.4

92.2250.9

1,834.5481.8205.5

92.0113.5129.0451.1567.1

Change from preceding quarter1991

II

11.3

-1.9-2.5

2.2-1.5

2.3-1.7

4.41.7

-2.2

10.91.05.43.91.5.9

4.0-.4

III

18.8

9.46.71.41.3

-.1.4

-1.4.9

0

9.61.1.9

-.41.41.04.81.8

IV

-0.1

-6.1-1.2

31-1.8

-10.3-1.8-5.7-.7

-2.1

16.31.32.41.7.6.6

5.36.6

1992

I

43.1

17.88.37.42.1

13.85.56.4-.82.7

11.41.1

-4.9-4.9

0-.54.1

11.6

Percent change from preceding quarter

1991

II

1.4

-1.8-5.9

5.3-7.8

.91 3

10.07.7

-3.4

2.5.8

11.118.15.62.93.7-.3

III

2.3

9.517.33.37.3

0.3

-3.03.90

2.2.9

1.7-1.7-

5.13.24.51.3

IV

0

-5.7-2.8-7.0-9.3

-3.91 4

-11.8-3.0-3.3

3.71.14.77.32.11.94.94.9

1992

!

5.4

18.421.018.712.0

5.44.3

15.1-3.4

4.4

2.5.9

-9.0-18.7

0-1.5

3.78.6

1. Gasoline and oil, and fuel oil and coal.2. Electricity and gas.

NOTE.-Dollar levels of aggregates are found in table 2.3. of the "Selected NIPA Tables," andpercent changes in major aggregates are found in table 8.1.


SURVEY OF CURRENT BUSINESS May 1992 3

(prepared by the University of Michigan's Sur-vey Research Center) slid further, although it didturn up late in the quarter.

Expenditures for durable goods jumped 18.4percent in the first quarter after dropping 5.7 per-cent in the fourth. First-quarter increases werewidespread, with the largest being in new foreigncars, used cars, consumer electronics, and kitchenand other household appliances.

Expenditures for nondurable goods increased5.4 percent in the first quarter after decreas-ing 3.9 percent in the fourth. Again, increaseswere widespread; the only major component thatdecreased was energy, reflecting a decrease ingasoline and oil.

Expenditures for services increased 2.5 percentin the first quarter after increasing 3.7 percent inthe fourth. "Other" services accounted for thefirst-quarter increase; within "other services," thelargest increase was in brokerage commissions.

Nonresidential fixed investmentReal nonresidential fixed investment increased1.7 percent in the first quarter after decreasingfor five consecutive quarters (table 3). Its first-quarter level was 8.6 percent below its level at thebusiness cycle peak.

The factors that are associated with investmentspending have been mixed in recent quarters. Ca-pacity utilization rates have been falling but arehigher than usual for this stage of the businesscycle. Real final sales to domestic purchasersand corporate profits increased modestly untilthe first quarter, when they increased sharply.

The yield on new high-grade corporate bonds hasbeen decreasing for more than a year. The lat-est Census Bureau survey of plans for plant andequipment expenditures, released in early June,reported that real spending in 1992 is expected tobe 6.0 percent higher than in 1991.

Structures decreased 3.0 percent in the firstquarter after decreasing 7.8 percent in the fourth.The first-quarter decrease is the sixth consecu-tive decrease, but it is considerably smaller thanthe preceding ones. A decrease in nonresiden-tial buildings was more than accounted for bya decrease in commercial buildings; industrialbuildings increased. The decrease in commercialbuildings, in turn, was another in a long series ofdecreases that have left commercial buildings atits lowest level in 13 years. Mining exploration,shafts, and wellsmostly oil wellsposted an-other decrease; utilities and "other" structuresswung up.

Producers' durable equipment increased 3.7percent in the first quarter after decreasing1.6 percent in the fourth quarter. Infor-mation processing and related equipment in-creased (for the fourth consecutive quarter) and"other" equipment swung up, but industrial andtransportation equipment decreased.

Residential investment

Real residential investment increased 8.4 percentin the first quarter after increasing 12.3 percentin the fourth quarter and 10.9 percent in thethird. Despite these increases, residential invest-ment in the first quarter was still 2.9 percent

Table 3.Real Gross Private Domestic Fixed Investment[Seasonally adjusted at annual rates]

Gross private domestic fixed investment . . .Nonresidential

StructuresNonresidential buildings including farmUtilitiesMining exploration shafts and wellsOther

Producers' durable equipment . .Information processing and related equipmentIndustrial equipmentTransportation and related equipmentOther

ResidentialSingle-family structures .Multifamily structuresOther '...


Level

1992:1

693.1

507.7

144.3100.527.9

6.59.3

363.4159.868.570.564.6

185.498.811.175.5


II

-3.1-4.3

-4.4-5.4

.2-.31.1

01.5

-3.22.7

-1.0

1.31.1

-1.92.1

III

-2.1

-4.8

-10.5-9.2-.2-.7_ o

5.86.5

-2.12.8

-1.5

4.59.9

-1.4-4.1

IV

0.1

-4.4

-3.0-2.2-1-.5-.3

-1.56.7.1

-6.6-1.8

5.24.5-.1

.9

1992

I

-1.1

2.1

-1.1-2.8

.6-.51.5

3.34.7

-1.1-1.4

1.2

3.73.81.31.2


1991

II

-15.6

-3.3

-10.3-16.8

3.0-13.4

75.3

04.4

-16.015.6-5.8

3.15.7

-40.111.6

III

11.2

-3.7

-23.9284-2.9

-30.0-13.5

6.719.6

-11.115.6-8.7

10.958.9

-34.6-19.5

IV

0.6

-3.4

-7.8-8.1-1.5

-24.1-14.0

-1.619.4

.8-29.6-10.6

12.321.4-3.2

5.0

1992

I

-6.2

1.7

-3.0-10.4

9.1-25.7102.1

3.712.6-6.2-7.6

7.8

8.417.0

-35.86.6

NOTE.-Dollar levels are found in table 5.5 of the "Selected NIPA Tables," and percent changesin major aggregates are found in table 8.1.



below its level at the peak of the business cy-cle. The first-quarter increase reflected increasesin single-family construction and in the "other"component of residential investment; multifamilyconstruction decreased for the nth consecutivequarter.2

Single family .construction has increasedstrongly during the past three quarters. The in-creases reflected a turnaround in single-familyhousing starts; starts increased 325,000, to 1.06million (seasonally adjusted annual rate), dur-ing the last four quarters after decreasing 350,000during the four preceding quarters (chart 2).

The first-quarter increase in the "other" com-ponent was largely attributable to brokers' com-missions on house sales. Sales of new housesincreased 4.6 percent, and sales of existing homesincreased 2.9 percent. These increases partly re-flected low mortgage rates; the rate in the firstquarter was only marginally higher than that inthe fourth quarter, which was the lowest rate in15 years (chart 3).

Multifamily construction decreased muchmore in the first quarter than in the fourth andis at its lowest level in more than 30 years.

Inventory investment

Real inventory investmentthat is, the changein business inventoriesfell $26.0 billion in thefirst quarter, as business inventories decreased$18.4 billion after increasing $7.6 billion in the

2. The "other" component includes additions and alterations, majorreplacements, mobile home sales, and brokers' commissions on house sales.

fourth quarter (table 4). Inventory investmenthad increased $7.5 billion in the fourth quarter.

The first-quarter downswing in inventory in-vestment was accounted for by nonfarm inven-tories, which decreased $18.1 billion in the firstquarter after increasing $9.2 billion in the fourth.During the four preceding quarters, nonfarminventories had decreased an average of $22.6billion.

Manufacturing inventories decreased $9.6 bil-lion in the first quarter, the fourth consecutivequarter of inventory reduction. Inventories ofdurables decreased substantially, continuing a se-ries of decreases; in particular, inventories ofprimary metals, nonelectrical machinery, andtransportation equipment other than motor ve-hicles have decreased sharply over the past severalquarters. Inventories of nondurables increasedslightly more in the first quarter than in thefourth.

Retail trade inventories decreased $13.3 billionin the first quarter after increasing in the two pre-ceding quarters. Inventories of retailers of bothdurable and nondurable goods decreased in thefirst quarter after increasing in the fourth. Withindurables, inventories held by retail auto dealerscontinued to be drawn down.

Wholesale trade inventories increased $3.6 bil-lion in the first quarter after increasing $14.7billion in the fourth. Inventories of merchantwholesalers of durable goods decreased in thefirst quarter after a sharp increase in the fourth.Inventories of merchant wholesalers of non-

Housing StartsMillion of units2,0 r

1,0

1989; 1090 .i 1991 1992Seasonally Adjusted at Annual Rates

U.& Department Commerce, Bureau of economic Analysis

Selected Interest Rates

10

/\~ f -^

3-Month Treasury Bills \

\ ,

1900 1991

Data; Federal Reserve Board ''US, Department^ Commerce,



durable goods were up by about the same amountas in the fourth quarter. Inventories of non-merchant wholesalers decreased less in the firstquarter than in the fourth.

Farm inventories decreased $0.3 billion in thefirst quarter after decreasing $1.6 billion in thefourth. Inventories of crops decreased in bothquarters; the first-quarter decrease reflected pick-ups in open-market sales and in defaults onCommodity Credit Corporation loans.3 Invento-ries of livestock increased after a slight decrease;the upswing reflected weak open-market sales.

Reflecting the first-quarter reduction in inven-tories and the pickup in final sales of domesticbusinesses, the ratio of nonfarm business inven-tories to final sales fell to 2.53; in the preceding2 years, it fluctuated in the narrow range of 2.56to 2.61.

3. As explained on page 30 of the September 1991 SURVEY, a default ona Commodity Credit Corporation loan is treated as a reduction in farminventories and as an increase in Federal Government nondefense purchases.

Net exports

Real net exports decreased slightly in the firstquarter after increasing in the fourth quarter anddecreasing in the third (table 5). Its first-quarterlevel was $43.4 billion above its level at the peak ofthe business cycle. The first-quarter decrease re-flected a o.p-percent decrease in exports that waspartly offset by a 0.2-percent decrease in imports.

Merchandise exports decreased 0.3 percent inthe first quarter after increasing 14.1 percent inthe fourth. Agricultural exports increased muchless in the first quarter than in the two preced-ing quarters. Nonagricultural exports decreased0.8 percent after increasing 12.9 percent; aboutone-half of the downswing was due to exports ofcapital goods except autos. Exports of servicesdecreased 2.7 percent, about twice as much as inthe fourth quarter.

Merchandise imports increased 0.5 percent inthe first quarter after increasing 0.8 percent in thefourth. Imports of petroleum products swung

Table 4.Change in Real Business Inventories[Billions of 1987 dollars; seasonally adjusted at annual rates]

Change in business inventoriesFarmNonfarm

ManufacturingWholesale tradeRetail trade

Auto dealersOther retail trade

OtherAddendum:

Nonfarm less auto dealers . . .

Level1991

I

-32.8

-1.7

-31.1.5

1.9-28.3-21.5

-6.8-5.2

-9.6

II

-30.4

.4

-30.8-14.2-13.7

-3.0-1.1-1.9

.2

-29.7

III

0.1

2.9

-2.8-4.1-1.5

6.206.2

-3.4

-2.8

IV

7.6

-1.6

9.2-11.4

14.77.2

-8.115.3-1.3

17.3

1992

I

-18.4

-.3

-18.1-9.6

3.6-13.3

-8.9-4.4

1.1

-9.2

Change from preceding quarter

1991

II

2.4

2.1

.3-14.7-15.6

25.320.44.95.4

-20.1

III

30.5

2.5

28.010.112.29.21.18.1

-3.6

26.9

IV

7.5

-4.5

12.0-7.316.21.0

-8.19.12.1

20.1

1992

I

-26.0

1.3

-27.31.8

-11.1-20.5

8-19.7

2.4

-26.5

NOTE.Dollar levels for most inventories are found in table 5.13 of the "Selected NIPA Tables," and dollar changes are found in table 5.11.

Table 5.Real Net Exports of Goods and Services[Seasonally adjusted at annual rates]

Net exports of floods and servicesExports of goods and services ....

MerchandiseAgricultural productsNonagricultural products

Services .Imports of goods and services

MerchandisePetroleum and productsNonpetroleum products

Services


Level

1992:1

-22.3

556.7413.4

38.9374.5143.3

579.0477.2

46.1431.1101.8


II

6.323.215.9-1.417.37.3

16.915.36.68.81.5

III

18.8

9.54.52.71.94.9

28.324.5

.524.03.8

IV

9.8

12.813.42.0

11.2-.5

3.0.9

-6.06.92.2

1992

I

1.0

-1.3-.3

.6-.8

-1.0

-.3.6.2.4

-1.0


1991

II

19.417.8

-15.121.623.9

13.314.873.39.36.4

III

7.34.6

36.22.1

14.8

22.323.63.9

26.316.7

IV

9.714.123.912.9-1.4

2.1.8

-38.86.79.0

1992

!

-.9-.36.4-.8

-2.7

-.2.5

1.8.4

-3.8

NOTE.Dollar levels are found in table 4.2 and table 4.4 of the "Selected NIPA Tables," andpercent changes in major aggregates are found in table 8.1.



from a sharp decrease to a slight increase. Im-ports of nonpetroleum products increased lessthan in the fourth quarter; the slowdown wasmore than accounted for by imports of consumergoods except autos. Imports of services decreased3.8 percent after increasing 9.0 percent.

Government purchases

Real government purchases increased 3.1 percentin the first quarter after decreasing in the threepreceding quarters (table 6). Its first-quarter levelwas 0.3 percent above its level at the peak of thebusiness cycle. Federal Government purchasesincreased in the first quarter after decreasing inthe preceding two quarters. State and local gov-ernment purchases increased considerably morein the first quarter than in the fourth.

Federal defense purchases decreased 2.4 percentin the first quarter after decreasing 15.7 percentin the fourth. The first-quarter decrease was ac-counted for by purchases of military hardware,largely aircraft and missiles, and by purchases ofnondurable goods, particularly ammunition.

Federal nondefense purchases increased 13.2percent in the first quarter after decreasing 7.8percent in the fourth. Both ccc inventory changeand "other" Federal nondefense purchases con-tributed to the upswing. The level of cccinventories decreased $0.2 billion after decreasing$2.0 billion in the fourth quarter and $0.1 bil-lion in the third. "Other" nondefense purchasesincreased 5.5 percent in the first quarter after de-creasing 0.8 percent in the fourth; all categoriesexcept structures contributed to the first-quarterincrease.

State and local government purchases increased3.9 percent after increasing 0.8 percent. Thepickup was traceable to purchases of structures,which registered its largest increase in 2 years;

most types of structures contributed to the in-crease, but the increase in highway constructionwas especially large.

Revisions

The preliminary estimate of real GDP growthin the first quarter, 2.4 percent, is 0.4 per-centage point higher than last month's advanceestimate, which was based on less complete in-formation (table 7). Real inventory investmentwas revised up $7.7 billion, more than account-ing for the revision in real GDP. The inventoryrevision primarily reflected the incorporationof newly available data for March on invento-ries of manufacturers, merchant wholesalers, andnonauto retailers. Nonresidential fixed invest-ment was revised up $4.0 billion, and residentialinvestment was revised down $3.1 billion. Netexports was revised down $0.8 billion on thebasis of newly available data on merchandisetrade for March; exports were revised down$2.7 billion and imports were revised up $1.9billion.

For real gross domestic purchases, the prelim-inary estimate of a 2.5-percent increase is 0.8percentage point higher than the advance esti-mate. The upward revision in gross domesticpurchases was larger than that in GDP becausegross domestic purchases does not include netexports.

The increase in the fixed-weighted price in-dex for gross domestic purchases was revisedup 0.4 percentage point, and the increase inthe fixed-weighted price index for GDP wasrevised up 0.3 percentage point. These revi-sions, which are somewhat larger than usual,mainly reflect newly available data on prices ofstructures.

Table 6.Real Government Purchases of Goods and Services

Government purchases .Federal . . . .

National defense . ...Nondefense

Commodity Credit Corporation inventory changeOther

State and localStructuresOther


Level

1992:1

930.4

372.3267.1105.2

-.2105.4

558.086.2

471.8


II

-0.2

1.0-2.4

3.4-1.1

4.5

-1.0-2.0

1.0

III

-8.2

-8.2-6.6-1.6-2.2

.6

-.11.4

-1.5

IV

-12.8

-13.8-11.7

-2.1-1.9-.2

1.11.4-.3

1992

I

7.1

1.6-1.6

3.21.81.4

5.34.8

.5


1991

II

-0.1

1.0-3.314.0

19.4

79.6

.8

III

-3.4

-8.1-8.9-5.9

2.3

-.17.3

-1.3

IV

-5.4

-13.6-15.7

-7.8

.8

.87.2-.3

1992

!

3.1

1.7-2.413.2

5.5

3.925.8

.4

NOTE.-Dollar levels are found in table 3.8B of the "Selected NIPA Tables," and percentchanges in major aggregates are found in table 8.1.



Corporate Profits

Preliminary estimates show that profits fromcurrent productionprofits before tax plus in-ventory valuation adjustment (IVA) and capi-tal consumption adjustment (ccAdj)increased$31.4 billion in the first quarter of 1992 (table 8),the largest increase in almost 5 years. In thefourth quarter of 1991, profits had increased $9.5billion. For nonfinancial corporations, profitsfrom domestic operations increased $21.9 billionafter increasing $8.9 billion; most of the first-quarter increase was attributable to a sharp jumpin unit profits that resulted from higher unitprices and lower unit labor and nonlabor costs.For financial corporations, profits from domestic

Table 7. Revisions in Selected Real NIPA Components,First Quarter 1992

[Seasonally adjusted at annual rates]

Gross domestic productLess: Exports of goods and servicesPlus' Imports of goods and servicesEquals: Gross domestic purchases

Personal consumption expendituresDurablesNondurablesServices . . .

Fixed investmentNonresidentialResidential

Change in business inventoriesNonfarmFarm

Government purchasesFederalState and local

GDP price index (fixed weights)Gross domestic purchases price index (fixed

weights)

Preliminaryestimate

minusadvanceestimateBillions of

1987 dollars

5.0

-2.71.9

9.5

.4

.12.0

-1.8

.94.0

-3.17.77.9-.2

.6-.5

.9

Indexnumbers,

1987=1 00 l

.1

.1

Percent changefrom preceding

quarter

Advanceestimate

2.01.0

-1.5

1.7

5.318.34.62.9

2.9-1.515.8

2.82.33.2

3.1

2.7

Prelimi-nary es-timate

2.4

-.9-.2

2.5

5.418.45.42.5

3.51.78.4

3.11.73.9

3.4

3.1NOTE.Preliminary estimates for the first quarter of 1992 incorporate the following revised

or additional major source data that were not available when the advance estimates wereprepared a month ago.

Personal consumption expenditures: Revised retail sales for February and March, andconsumers' share of new car purchases for February.

Nonresidential fixed investment Construction put in place for February (revised) and March,manufacturers' shipments of machinery and equipment for February (revised) and March, andbusiness' share of new car purchases for February.

Residential investment Construction put in place for February (revised) and March.Change in business inventories: Manufacturing and trade inventories for February (revised)

and March.Net exports of goods and services: Merchandise exports and merchandise imports for

February (revised) and March.Government purchases of goods and services: Federal outlays for March, and State and

local construction put in place for February (revised) and March.Wages and salaries: Revised employment, average hourly earnings, and average weekly

hours for February and March.GDP prices: Detailed merchandise export and import price indexes for January through

March, values and quantities of petroleum imports for March, and housing prices for thequarter.

operations increased $6.7 billion after decreasing$1.4 billion. Profits from the rest of the worldincreased $2.9 billion after increasing $2.0 billion.

Cash flow from current production, a profits-related measure of internally generated fundsavailable to corporations for investment, in-creased $21.2 billion after increasing $13.3 billion.The increase in cash flow lifted cash flow as apercentage of nonresidential fixed investment to84.8 percent from 81.1 percent, despite an increasein first-quarter nonresidential fixed investment.

Profits by industry.Profits before tax (PBT) withIVA is the best measure of industry profits be-cause estimates of the CCAdj by industry arenot available. According to this measure, profitsarising from domestic operations increased $17.1billion after increasing $1.5 billion. Both non-financial and financial corporations contributedto the first-quarter increase. Within nonfinan-cial, manufacturing and the transportation andpublic utilities group contributed about equallyto the first-quarter increase; profits in trade wereunchanged from the fourth quarter.

Table 8.Corporate Profits[Seasonally adjusted at annual rates]

Profits from current productionDomestic

FinancialNonfinancial

Rest of the world ..IVACCAdj .Profits before tax

Profits tax liabilityProfits after tax

Profits by industry:Profits before tax with IVA

DomesticFinancialNonfinancial

ManufacturingTrade .Transportation and public utilitiesOther

Rest of the worldReceipts (inflows)Payments (outflows)

Unit prices, costs, and profits of domesticnonfinancial corporations:Unit price . . . .Unit labor costUnit nonlabor costUnit profits from current production

Level

1992:1

Change frompreceding

quarter1991:IV 1992:1

Billions of dollars

347.0279.2

42.8236.3

67.9

-2.910.2

339.8134.9204.9

336.9269.0

47.2221.8

67.969.4

1.5

9.57.5

-1.48.92.05.56.0

-2.1-2.2

.1

3.51.5

-2.23.6

61.8-.31.62.0

-1.0-3.0

31.428.66.7

21.92.9

-3.611.523.78.5

15.2

20.017.15.9

11.3

2.97.54.6

Dollars

1.139.761.292.086

-0.001-.002

002.003

0.002-.002-.003

.007

Levels of these and other profits series are found in tables 1.14, 1.16, 6.16C, and 7.15 ofthe "Selected NIPA Tables."

IVA Inventory valuation adjustmentCCAdj Capital consumption adjustment


8 May SURVEY OF CURRENT BUSINESS

Profits from the rest of the world increased $2.9billion. This component of profits measures re-ceipts of profits by U.S. corporations from theirforeign affiliates less payments of profits to for-eign corporations from their U.S. affiliates. Inthe first quarter, receipts increased $7.5 billion,and payments increased $4.6 billion.Profits before tax and related measures.PBT in-creased $23.7 billion in the first quarter afterdecreasing $2.1 billion in the fourth. The differ-ence between the $31.4 billion increase in profitsfrom current production and the $23.7 billion in-

Table 9.Government Sector Receipts and Expenditures

Government sectorReceiptsExpenditures

Surplus or deficit ( )Federal Government

Receipts . . .Personal tax and nontax receiptsCorporate profits tax accrualsIndirect business tax and nontax accrualsContributions for social insurance

ExpendituresPurchases

National defenseNondefense

Of which: Commodity Credit Corporation inventorychange

Transfer oavmentsTo personsTo foreigners

Of which: Contributions for Operation Desert StormGrants-in-aid to State and local governmentsNet interest paidSubsidies less current surplus of government enterprises

SubsidiesOf which: Agricultural subsidies

Less: Current surplus of government enterprisesLess' Wage accruals less disbursements

Surolus or deficit (-)State and local governments

ReceiptsPersonal tax and nontax receiptsCorporate profits tax accruals .... ...Indirect business tax and nontax accrualsContributions for social insuranceFederal grants-in-aid

Expenditures *.Purchases

Of which' StructuresTransfer payments to personsNet interest paidLess' Dividends received by governmentSubsidies less current surplus of government enterprises

SubsidiesLess: Current surplus of government enterprises

Less: Wage accruals less disbursementsSurplus or deficit (-)

Social insurance funds .Other

Level

1992: 1

1,774.92,020.9-246.0

1,131.5

461.0110.779.6

480.2

1,416.0

441.2314.2127.0

-1.2597.9594.7

3.3-1.8

164.5187.6

24.931.010.16.20

-284.5

807.8

150.124.2

408.660.5

164.5

769.3

655.394.8

204.3-59.2

9.2-21.9

.422.30

38.5

65.1-26.6


I

6.1-43.4

49.5

4.4

-11.8-6.7

9.613.1

-42.8

17.011.75.3

4.1-66.3

24.1-90.5-73.7

6.48.0

-7.7-4.5-4.6

3.30

47.2

8.1

1.4-1.0

.7

.66.4

5.7

.7-4.5

6.2-.9-.1-.30

.30

2.3

.12.3

II

6.459.5

-53.0

-.9

-5.13.1

-1.02.2

59.4

.6-3.9

4.6

-1.347.67.7

39.944.27.44.0-.71.1.8

1.9-.6

-60.2

14.7

1.71.04.0

.67.4

7.5

3.1-1.3

5.6-1.0

.10000

7.2

.66.7

III

21.520.8

.7

10.4

1.14.11.63.6

13.9

-7.2-6.1

1.1

-1.429.84.4

25.428.02.21.8

-8.9-9.1-9.2-.2

.4

-3.5

13.4

.41.09.6.2

2.2

9.1

3.81.66.7-.9

.2-.20.2

0

4.2

04.2

IV

9.934.4

-24.5

1.6

-.9-1.82.51.7

34.5

-12.9-11.3-1.7

-3.221.713.58.23.8

10.13.5

12.211.811.6-.40

-32.9

18.4

4.2.4

4.1.3

10.1

10.0

3.31.07.3-.8

.3-.10

.10

8.5

-.59.0

1992

I

16.259.3

-43.1

5.3

-8.06.4

-1.68.6

46.7

9.23.26.0

1.641.333.87.6

12.81.1

-3.8-1.2

1.4-2.4-.20

-41.4

12.0

.72.17.5

.61.1

13.7

7.74.67.6-.8

.1-.80

.80

1.7

0-1.8

Nom-Dollar levels are found in tables 32 and 3.3 of the "Selected NIPA Tables,"

crease in PBT is attributable to changes in the IVAand in the ccAdj. These adjustments convert thevalue of depreciation and inventory withdrawalsreported by business to a basis consistent withthe national income and product accounts. Inthe first quarter, the IVA decreased $3.6 billion,and the ccAdj increased $11.5 billion.

Government Sector

The fiscal position of the government sector de-teriorated in the first quarter of 1992, as thecombined deficit of the Federal Government andof State and local governments increased $43.1billion, to $246.0 billion (table 9). The FederalGovernment deficit increased $41.4 billion, andthe State and local surplus decreased $1.7 billion.

FederalThe Federal Government deficit increasedto $284.5 billion, as expenditures increasedconsiderably more than receipts.

Receipts increased $5.3 billion in the first quar-ter after increasing $1.6 billion in the fourth. Theacceleration was attributable to an upturn in cor-porate profits tax accruals and to a pickup incontributions for social insurance.

Corporate profits tax accruals increased $6.4billion after declining $1.8 billion; the upturnreflected the pattern of corporate profits. Contri-butions for social insurance increased $8.6 billionafter increasing $1.7 billion; the first-quarter in-crease was boosted by the following four programchanges that became effective January i, 1992:Increases in maximum taxable wages for socialsecurity ($1.8 billion), increases in maximum tax-able earnings for social security contributions bythe self-employed ($1.1 billion), an increase inthe monthly medicare insurance premiums from$29.90 to $31.80 ($0.8 billion), and an increasein the contribution for military retirement ($0.9billion).

Personal tax and nontax receipts declined $8.0billion after declining $0.9 billion; in the firstquarter, a March revision to the income-tax-withholding tables reduced receipts by $8.3 bil-lion. Indirect business tax and nontax paymentsdeclined $1.6 billion after increasing $2.5 billion;the turnaround was largely attributable to cus-toms duties, which declined $1.8 billion afterincreasing $1.8 billion.

Expenditures increased $46.7 billion after in-creasing $34.5 billion. The acceleration wasattributable to an upswing in purchases and to apickup in transfer payments to persons.



Purchases increased $9.2 billion after decreas-ing $12.9 billion, reflecting upswings in bothnational defense and nondefense purchases. De-fense purchases increased $3.2 billion after de-creasing $11.3 billion. The first-quarter increasewas more than accounted for by a $3.3 billion Jan-uary pay raise for military and civilian employees;tiie large decline in the fourth quarter reflecteda sharp winding down in most types of militarypurchases following the Desert Storm buildup.Nondefense purchases increased $6.0 billion af-ter decreasing $1.7 billion. The turnaround wasattributable to the following: The Commod-ity Credit Corporation inventory change, whichincreased $1.6 billion after declining $3.2 bil-lion; purchases by the National Aeronautics andSpace Administration, which increased $1.1 bil-lion after declining $i.o billion; and a Januaryemployee pay raise, which added $2.0 billion tothe first-quarter increase.

Transfer payments to persons increased $33.8billion after increasing $13.5 billion. The first-quarter increase was boosted by the following:$12.9 billion for cost-of-living increases in so-cial security and other programs, $10.6 billionfor benefits under the Emergency UnemploymentCompensation program enacted in November1991, $2.8 billion for an increase in earned incomecredit payments, and $1.3 billion for a speedup inveterans life insurance dividends. These increaseswere slightly offset by a $1.7 billion decline inpayments to Japanese-Americans interned duringWorld War n.

Transfer payments to foreigners increased $7.6billion after increasing $8.2 billion. Both in-creases reflected continued declines$3.8 billionin the fourth quarter and $12.8 billion in thefirstin contributions from U.S. coalition part-ners for Operation Desert Storm expenses. Thesecontributions, which in the NIPA'S are treated asnegative transfer payments to foreigners, have de-clined steadily since peaking in the first quarterof 1991. Other transfer payments to foreignersdeclined $5.2 billion in the first quarter.

Grants-in-aid to State and local governmentsincreased $1.1 billion after increasing $10.1 bil-lion; the deceleration was largely attributableto medicaid grants, which decreased $2.1 bil-lion after increasing $6.8 billion. Net inter-est paid decreased $3.8 billion after increasing$3.5 billion, reflecting lower first-quarter inter-est rates. Subsidies less the current surplusof government enterprises declined $1.2 billionafter an increase of $12.2 billion; the down-swing was attributable primarily to agriculturalsubsidies.

State and localThe State and local government surplus decreasedto $38.5 billion, as expenditures increased morethan receipts.

Receipts increased $12.0 billion in the firstquarter after increasing $18.4 billion in the fourth.The slowdown was attributable to Federal grants-in-aid, which increased $1.1 billion after increas-ing $10.1 billion, and to personal tax and nontaxreceipts, which increased $0.7 billion after in-creasing $4.2 billion. In the first quarter, personaltax and nontax receipts included some small re-ductions in income-tax-withholding schedules; inthe fourth quarter, they included income taxincreases in Connecticut and New York City.Indirect business tax and nontax accruals in-creased $7.5 billion after increasing $4.1 billion;sales taxes picked up, reflecting rapid growthin retail sales. Corporate profits tax accru-als increased $2.1 billion after declining $0.4billion; the upturn reflected the pattern of cor-porate profits. Contributions for social insur-ance increased $0.6 billion after increasing $0.3billion.

Expenditures increased $13.7 billion after in-creasing $10.0 billion. Purchases increased $7.7billion after increasing $3.3 billion; purchases ofstructures (particularly highways) accounted formost of the acceleration. All other expenditurecategories combined increased $6.0 billion afterincreasing $6.7 billion. SI


1O SURVEY OF CURRENT BUSINESS May 1992

N A T I O N A L I N C O M E A N D P R O D U C T A C C O U N T S

Selected NIPA TablesNew estimates in this issue: First quarter 1992, preliminary.The selected set of national income and product accounts (NIPA) tables shown in this section presents quar-

terly estimates, which are updated monthly. (In most tables, the annual estimates are also shown.) Alternativequantity and price measures and a few series for tables 1.10 and 1.16 are not yet available; leaders are shown forthese parts.

The tables shown are available on the day of the gross domestic product (GDP) news release on printoutsand diskettes on a subscription basis or from the Commerce Department's Economic Bulletin Board. Mostshown in this section are available, beginning with 1959, on diskette or magnetic tape. For order information,write to the National Income and Wealth Division (BE-54), Bureau of Economic Analysis, Washington, DC 20230,or call (202) 523-0669.

NOTE.This section of the SURVEY is prepared by the National Income and Wealth Division and theGovernment Division.

Table 1.1 .Gross Domestic Product[Billions of dollars]

Gross domesticproduct

Persona! consumptionexpenditures

Durable goodsNondurable goodsServices

Gross private domesticinvestment

Fixed investmentNonresidential

StructuresProducers'

durableequipment .

ResidentialChange in business

inventoriesNonfarmFarm

Net exports of goods andservices

ExportsImports

Government purchasesFederal

National defense ....Nondefense

State and local

1990

5,513.8

3,742.6

465.91,217.72,059.0

802.6

802.7587.0198.7

388.3215.7

0-2.0

2.0

-74.4

550.4624.8

1,042.9

424.9313.4111.5618.0

1991

5,672.6

3,889.1

445.21,251.92,191.9

726.7

745.2550.1174.6

375.5195.1

-18.5-15.0

-3.5

-30.7

591.3622.0

1,087.5

445.1323.5121.6642.4

Seasonally adjusted at annual rates1990

IV

5,557.5

3,812.0

451.91,246.42,113.6

750.9

787.4585.2191.2

394.0202.2

-36.5-28.9

-7.6

-76.6

572.6649.2

1,071.2

434.5320.6113.9636.7

1991

I

55890

3,827.7

440.71,246.32,140.7

709.3

748.4560.0184.0

375.9188.4

-39.2-35.0-4.2

-36.8

565.9602.7

1,088.8

451.5332.3119.2637.3

II

5,652.6

3,868.5

440.01,252.92,175.6

708.8

745.8554.6180.0

374.7191.2

-37.1-34.0

-3.1

-17.2

589.8607.0

1,092.5

452.1328.4123.7640.4

III

5,709.2

3,916.4

452.91,257.42,206.1

740.9

744.5546.8169.0

377.8197.7

-3.6-3.2-.4

-37.3

597.0634.3

1,089.1

444.9322.3122.6644.2

IV

5,739.7

3,943.7

447.31,251.12,245.2

747.9

742.0539.0165.2

373.8203.0

6.012.1-6.1

-31.4

612.5643.8

1,079.5

432.0311.0121.0647.5

1992

I

5,817.5

4,022.6

468.21,273.32,281.0

726.0

749.4540.5164.3

376.2208.9

-23.3-20.4

-2.9

27.5

612.3639.8

1,096.5

441.2314.2127.0655.3

Table 1.2.Gross Domestic Product in Constant Dollars[Billions of 1987 dollars]


Personal consumptionexpenditures

Durable goodsNondurable goodsServices

Gross private domesticinvestment

Fixed investmentNonresidential

StructuresProducers'

durableequipment .

ResidentialChange in business

inventoriesNonfarmFarm

Net exports of goods andservices

ExportsImports . . . .

Government purchasesFederal

National defense ....Nondefense

State and local

1990

4,884.9

3,262.6

438.91,050.81,773.0

744.5

744.2548.8177.9

370.8195.5

.2-1.5

1.7

-51.3

505.7557.0

929.1

380.9281.3

99.6548.2

1991

4,848.8

3,259.0

412.51,043.01,803.4

673.7

687.6512.4154.0

358.3175.2

-13.9-13.9

0

-20.9

537.8558.7

937.1

384.9281.4103.5552.2


IV

4,855.1

3,251.8

424.01,044.71,783.1

696.6

727.8544.5170.4

374.0183.3

-31.2-25.7

-5.5

-31.2

522.5553.7

937.9

382.6282.0100.6555.3

1991

I

4,824.0

3,241.1

410.81,043.91,786.3

657.0

689.8519.1163.3

355.8170.7

-32.8-31.1

-1.7

-18.6

512.5531.1

944.5

391.7289.4102.3552.7

II

4,840.7

3,252.4

408.91,046.21,797.2

656.3

686.8514.8158.9

355.8172.0

-30.4-30.8

.4

-12.3

535.7548.0

944.3

392.7287.0105.7551.7

III

4,862.7

3,271.2

418.31,046.11,806.8

686.5

686.5510.0148.4

361.6176.5

.1-2.8

2.9

-31.1

545.2576.3

936.1

384.5280.4104.1551.6

IV

4,868.0

3,271.1

412.21,035.81,823.1

694.9

687.2505.6145.4

360.1181.7

7.69.2

-1.6

-21.3

558.0579.3

923.3

370.7268.7102.0552.7

1992

I

4,896.9

3,314.2

430.01,049.61,834.5

674.7

693.1507.7144.3

363.4185.4

-18.4-18.1

-.3

-22.3

556.7579.0

930.4

372.3267.1105.2558.0

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



Table 1.3.--Gross Domestic Product by Major Type of Product[Billions of dollars]


Final sales of domesticproduct

Change in businessinventories

Goods lFinal salesChange in business

inventoriesDurable goods

Final salesChange in business

inventoriesNondurable goods


inventoriesServices 1Structures

1990

5,513.8

5,513.8

02,167.6

2,167.6

0

927.7934.6

-7.0

1,239.91,233.0

6.9

2,834.0

512.2

1991

5,672.6

5,691.1

-18.5

2,193.22,211.7

-18.5

901.3926.5

-25.1

1,291.91,285.2

6.7

3,012.9

466.5


IV

5,557.5

5,594.0

-36.5

2,158.02,194.5

-36.5

897.7927.2

-29.4

1,260.21,267.3

-7.1

2,905.5

494.0

1991

I

5,589.0

5,628.2

-39.2

2,169.42,208.6

-39.2

873.0916.4

-43.5

1,296.41,292.1

4.3

2,951.7

467.9

II

5,652.6

5,689.6

-37.1

2,186.12,223.2

-37.1

906.1939.5

-33.5

1,280.11,283.7

-3.6

2,999.0

467.4

111

5,709.2

5,712.8

-3.6

2,210.52,214.1

-3.6

920.3929.4

-9.2

1,290.31,284.7

5.6

3,035.1

463.5

IV

5,739.7

5,733.8

6.0

2,206.82,200.8

6.0

906.1920.5

-14.5

1,300.71,280.3

20.4

3,065.7

467.3

1992

I

5,817.5

5,840.9

-23.3

2,224.2

2,247.5

-23.3

909.6940.6

-31.1

1,314.61,306.9

7.7

3,116.7

476.7

1. Exports and imports of certain goods, primarily military equipment purchased and sold by the FederalGovernment, are included in services.

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

Table 1.5.Relation of Gross Domestic Product, Gross DomesticPurchases, and Final Sales to Domestic Purchasers

[Billions of dollars]

Gross domestic productLess: Exports of goods and

servicesPlus: Imports of goods and

servicesEquals: Gross domestic

purchases lLess: Change in business

inventoriesEquals: Final sales to

domestic purchasers2

5,513.8

550.4

624.8

5,588.1

0

5,588.2

5,672.6

591.3

622.0

5,703.3

-18.5

5,721.8

5,557.5

572.6

649.2

5,634.0

-36.5

5,670.6

5,589.0

565.9

602.7

5,625.8

-39.2

5,665.0

5,652.6

589.8

607.0

5,669.8

-37.1

5,706.8

5,709.2

597.0

634.3

5,746.5

-3.6

5,750.1

5,739.7

612.5

643.8

5,771.1

6.0

5,765.1

5,817.5

612.3

639.8

5,845.0

-23.3

5,868.4

1. Purchases by U.S. residents of goods and services wherever produced.2. Final sales to U.S. residents of goods and services wherever produced.NOTE.Percent changes from preceding period for selected items in this table are shown in table 8.1.

Table 1.7.Gross Domestic Product by Sector[Billions of dollars]


BusinessNonfarm

Nonfarm less housing ....Housing

FarmStatistical discrepancy

Households and institutionsPrivate householdsNonprofit institutions

General governmentFederalState and local

Addendum:Gross domestic business

product less housing

5,513.84,699.44,605.64,155.8

449.885.78.1

225.1

9.1216.1

589.2179.4409.8

4,245.1

5,672.64,803.34,703.94,230.9

472.980.419.0

246.49.5

236.8622.9188.8434.1

5,557.54,722.34,640.44,180.6

459.879.82.1

233.39.1

224.2

601.9

181.0420.9

5,589.04,734.74,640.14,175.7

464.376.618.0

237.59.2

228.3616.8

189.4427.4

5,652.6

4,786.8

4,687.24,217.6

469.783.116.5

243.79.5

234.2622.0188.7433.2

5,709.2 5,739.7

4,835.0

4,730.14,256.0

474.182.922.0

249.99.6

240.2624.3188.4435.9

4,758.04,274.3

483.779.219.6

254.39.8

244.5

188.6440.0

5,817.54,918.24,798.64,312.7

485.981.038.5

259.3

9.9249.4640.1

195.9444.2

Table 1.4.Gross Domestic Product by Major Type of Productin Constant Dollars[Billions of 1987 dollars]


Final sales of domesticproduct

Change in businessinventories

Goods 1Final salesChange in business

inventoriesDurable goods


inventoriesNondurable goods

Final sales ....Change in business

inventoriesServices jStructures

1990

4,884.9

4,884.7

.2

1,958.01,957.8

.2

886.2892.9

-6.7

1,071.81,065.0

6.9

2,464.8

462.0

1991

4,848.8

4,862.7

-13.9

1,929.01,942.9

-13.9

850.1873.0

-22.9

1,078.81,069.8

9.0

2,504.6

415.3


IV

4,855.1

4,886.3

-31.2

1,928.61,959.8

-31.2

857.5884.8

-27.3

1,071.11,075.0

-3.9

2,481.8

444.6

1991

I

4,824.0

4,856.8

-32.8

1,917.01,949.8

-32.8

827.0866.4

-39.4

1,090.01,083.4

6.6

2,487.6

419.4

II

4,840.7

4,871.2

-30.4

1,922.01,952.4

-30.4

852.8883.3

-30.5

1,069.21,069.1

.1

2,502.7

416.1

III

4,862.7

4,862.6

.1

1,940.51,940.4

.1

865.5873.9

-8.4

1,074.91,066.5

8.4

2,511.8

410.4

IV

4,868.0

4,860.3

7.6

1,936.41,928.8

7.6

855.1868.6

-13.4

1,081.31,060.2

21.1

2,516.2

415.3

1992

I

4,896.9

4,915.3

-18.4

1,944.81,963.2

-18.4

858.8887.1

-28.2

1,086.01,076.1

9.8

2,529.6

422.5

1. Exports and imports of certain goods, primarily military equipment purchased and sold by the FederalGovernment, are included in services.


Table 1.6.Relation of Gross Domestic Product, Gross DomesticPurchases, and Final Sales to Domestic Purchasers in ConstantDollars

[Billions of 1987 dollars]

Gross domestic productLess: Exports of goods and

servicesPlus: Imports of goods and

servicesEquals: Gross domestic

purchases lLess: Change in business

inventoriesEquals: Final sales to

domestic purchasers2

4,884.9

505.7

5570

4,936.2

.2

4,936.0

4,848.8

537.8

5587

4,869.7

-13.9

4,883.6

4,855.1

522.5

5537

4,886.3

-312

4,917.5

4,824.0

512.5

531 1

4,842.6

-32.8

4,875.4

4,840.7

535.7

5480

4,853.1

-304

4,883.5

4,862.7

545.2

5763

4,893.8

1

4,893.7

4,868.0

558.0

5793

4,889.3

76

4,881.7

4,896.9

556.7

5790

4,919.2

-184

4,937.6

1. Purchases by U.S. residents of goods and services wherever produced.2. Final sales to U.S. residents of goods and services wherever produced.NOTE.Percent changes from preceding period for selected items in this table are shown in table 8.1.

Table 1.8.Gross Domestic Product by Sector in Constant Dollars[Billions of 1987 dollars]


BusinessNonfarm

Nonfarm less housing ....Housing

FarmStatistical discrepancy

Households and institutionsPrivate householdsNonprofit institutions

General governmentFederalState and local

Addendum:Gross domestic business

product less housing

4,884.94,180.44101 93,711.3

390.671.47.2

195.7

8.6187.1

508.81557353.1

3,785.8

4,848.84,134.7404513,650.4

394.873.216.4

202.1

8.6193.5

512.0

1551356.9

4,855.14,145.1

4071 23,678.3

392.972.0

1.9

197.9

8.4189.4

512.1

1562356.0

4,824.04,111.4

402463,631.2

393.471.115.7

198.8

8.4190.4

513.9

157.0356.9

4,840.74,126.4404013,645.9

394.272114.3

201.1

8.6192.6

513.2

1555357.7

4,862.74,148.6405563,660.4

395.274118.9

203.1

8.6194.5

511.0

1544356.6

4,868.04,152.4406023,664.0

396.375.416.8

205.4

8.6196.7

510.2

1535356.6

4,896.94,179.94071 83,674.6

397.275.332.7

207.48.7

198.7

509.6

152.4357.2



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


Gross domestic productPlus: Receipts of factor

income from the rest of theworld l

Less: Payments of factorincome to the rest of theworld 2

Equals: Gross nationaloroduct

Less: Consumption of fixedcapital

Capitalconsumptionallowances

Less: Capitalconsumptionadjustment

Equals: Net national productLess: Indirect business tax

and nontax liabilityBusiness transfer

paymentsStatistical discrepancy

Plus: Subsidies less currentsurplus of governmententerprises

Equals: National incomeLess: Corporate profits with

inventory valuation andcapital consumptionadjustments

Net interestContributions for

social insuranceWage accruals less

disbursementsPlus: Personal interest income

Personal dividendincome ...

Government transferpayments topersons

Business transferpayments topersons

Equals: Personal incomeAddenda:

Net domestic productDomestic incomeGross national income

1990

5,513.8

147.7

137.0

5,524.5

594.8

548.5

-46.24,929.8

439.2

27.78.1

4.84,459.6

319.0490.1

501.7

.1721.3

124.8

661.7

23.2

4,679.8

4,919.04,448.95,516.5

1991

5,672.6

135.0

121.8

5,685.8

622.9

562.4

-60.65,062.8

471.0

31.219.0

.64,542.2

306.8480.2

527.4

-.1718.6

128.5

733.2

26.34,834.4

5,049.74,529.05,666.7


IV

5,557.5

158.3

132.6

5,583.2

605.4

547.0

-58.44,977.8

451.2

28.52.1

10.8

4,506.8

296.1506.4

509.3

.2736.9

127.0

682.2

23.64,764.7

4,952.14,481.15,581.1

1991

I

5,589.0

147.9

125.2

5,611.7

615.4

550.8

-64.54,996.3

461.6

29.618.0

2.74,489.8

302.1492.6

522.9

.2730.1

128.7

712.5

24.7

4,768.0

4,973.64,467.15,593.7

II

5,652.6

131.6

123.5

5,660.6

620.0

556.2

-63.85,040.6

464.5

30.716.5

1.94,530.8

303.5481.6

525.7

-.4721.8

127.4

725.7

25.84,821.1

5,032.64,522.85,644.1

III

5,709.2

132.0

121.0

5,720.1

623.7

564.6

-59.15,096.4

475.6

31.822.0

-7.1

4,559.8

306.1480.1

529.5

0716.7

128.7

736.8

26.94,853.3

5,085.54,548.95,698.1

IV

5,739.7

128.6

117.6

5,750.7

632.7

577.8

-54.95,118.0

482.3

32.819.6

4.94,588.3

315.6466.5

531.5

0705.7

129.4

757.6

27.84,895.3

5,107.14,577.35,731.1

1992

I

5,817.5

130.1

111.1

5,836.5

627.1

586.8

-40.35,209.4

488.2

33.738.5

3.04,652.0

347.0454.2

540.7

0689.1

129.4

799.0

28.74,956.2

5,190.44,633.05,798.0

1. Consists largely of receipts by U.S. residents of interest and dividends and reinvested earnings of foreignaffiliates of U.S. corporations.

2. Consists largely of payments to foreign residents of interest and dividends and reinvested earnings of U.S.affiliates of foreign corporations.

Table 1.10.Relation of Gross Domestic Product, Gross NationalProduct, Net National Product, and National Income in ConstantDollars


Gross domestic productPlus: Receipts of factor

income from the rest of theworld1 . . . .

Less: Payments of factorincome to the rest of theworld2

Equals: Gross nationalproduct

Less: Consumption of fixedcapital

Equals: Net national productLess: Indirect business tax

and nontax liability plusbusiness transfer paymentsless subsidies plus currentsurplus of govermententerprises

Statisticaldiscrepancy

Equals: National incomeAddenda:

Net domestic productDomestic incomeGross national income ...

1990

4,884.9

130.2

120.4

4,894.6

550.54,344.2

7.2

4,334.4

4,887.5

1991

4,848.8

114.5

103.1

4,860.2

568.44,291.8

16.4

4,280.5

4,843.9


IV

4,855.1

137.4

114.7

4,877.7

556.74,321.0

1.9

4,298.3

4,875.9

1991

I

4,824.0

126.8

107.0

4,843.7

561.94,281.8

15.7

4,262.0

4,828.2

II

4,840.7

111.8

104.7

4,847.8

565.34,282.5

14.3

4,275.4

4,833.7

III

4,862.7

111.4

102.2

4,872.0

569.04,303.0

18.9

4,293.7

4,853.2

IV

4,868.0

108.0

98.6

4,877.3

577.24,300.1

16.8

4,290.7

4,860.7

1992

I

4,896.9

108.3

92.3

4,912.9

574.94,338.0

32.7

4,322.1

4,880.51. Consists largely of receipts by U.S. residents of interest and dividends and reinvested earnings of foreign

affiliates of U.S. corporations.2. Consists largely of payments to foreign residents of interest and dividends and reinvested earnings of U.S.

affiliates of foreign corporations.

Table 1.11.Command-Basis Gross National Product in ConstantDollars


Gross national productLess: Exports of goods and

services and receipts offactor income from the restof the world

Plus: Command-basis exportsof goods and services andreceipts of factor income * .

Equals: Command-basisgross national product ....

Addendum:Terms of trade 2

4,894.6

635.8

620.8

4,879.7

976

4,860.2

652.3

646.2

4,854.1

991

4,877.7

659.9

625.0

4,842.8

947

4,843.7

639.3

625.8

4,830.2

979

4,847.8

647.5

644.5

4,844.9

996

4,872.0

656.6

654.7

4,870.1

99.7

4,877.3

666.0

659.8

4,871.1

991

4,912.9

665.0

663.7

4,911.6

9981. Exports of goods and services and receipts of factor income deflated by the implicit price deflator for

imports of goods and services and payments of factor income.2. Ratio of the implicit price deflator for exports of goods and services and receipts of factor income to the

corresponding implicit price deflator for imports with the decimal point shifted two places to the right.NOTEPercent changes from preceding period for selected items in this table are shown in table 8.1.



Table 1.14.National Income by Type of Income[Billions of dollars]

National incomeCompensation of employees

Wages and salariesGovernmentOther

Supplements to wages andsalariesEmployer contributions

for social insurance \..Other labor income

Proprietors' income withIVA and CCAdjFarm

Proprietors' income withIVA

CCAdjNonfarm

Proprietors' incomeIVACCAdi

Rental income of personswith CCAdjRental income of persons ..CCAdi

Corporate profits with IVAand CCAdjCorporate profits with IVA ..

Profits before taxProfits tax liabilityProfits after tax

DividendsUndistributed profits

IVACCAdj

Net interestAddenda:

Corporate profits after taxwith IVA and CCAdjNet cash flow with IVA

and CAdjUndistributed profits

with IVA and CCAdjConsumption of fixed

capitalLess- IVAEquals: Net cash flow ....

1990

4,459.6

3,290.3

2,738.9514.0

2,224.9

551.4

277.3274.0

373.2

42.5

50.379

330.7308.9

-.822.7

-12.9

40.6-53.4

319.0

318.2332.3135.3197.0133.7

63.3-14.2

.8

490.1

183.6

415.4

49.9

365.5-14.2429.5

1991

4,542.2

3,388.2

2,808.2540.5

2,267.7

580.0

289.4290.6

379.7

35.1

42.7-7.6

344.5325.4

-.319.5

-12.7

42.5-55.2

306.8

315.5312.4124.5187.9137.8

50.23.1

-8.7

480.2

182.3

428.2

44.6

383.63.1

425.1


IV

4,506.83,340.02,778.3

525.42,253.0

561.6

281.7279.9

373.9

41.2

49.0-7.8

332.7313.0

-.520.2

-9.5

44.0-53.5

296.1

304.9326.1127.1199.0136.2

62.8-21.2

-8.8

506.4

169.0

405.4

32.8

372.7-21.2426.7

1991

I

4,489.8

3,342.9

2,771.1536.0

2,235.1

571.8

287.5284.2

364.2

32.8

40.5-7.7

331.4312.5

19.1

-11.9

41.9-53.8

302.1

315.7309.1119.4189.7137.8

51.96.7

-13.6

492.6

182.7

425.1

45.0

380.16.7

418.4

II

4,530.8

3,377.4

2,800.2540.1

2,260.1

577.2

288.7288.5

380.0

39.6

47.1-7.6

340.4321.6

-.319.2

-11.7

42.6-54.2

303.5

316.1306.2123.5182.7136.746.19.9

-12.6

481.6

180.0

426.5

43.4

383.29.9

416.6

III

4,559.8

3,405.3

2,822.4541.8

2,280.6

582.9

290.2292.8

382.5

32.0

39.6-7.6

350.5331.5

-.519.4

-14.2

40.9-55.1

306.1

313.4318.2128.6189.6138.1

51.5-4.8

-7.3

480.1

177.5

423.9

39.4

384.6-4.8

428.7

IV

4,588.3

3,427.4

2,839.3544.2

2,295.1

588.1

291.1297.0

392.0

36.1

43.6-7.5

355.9335.8

-.120.1

-13.1

44.7-57.7

315.6

316.9316.1126.4189.7138.551.2

.7

-1.3

466.5

189.1

437.2

50.6

386.6.7

436.5

1992

I

4,652.03,459.2

2,862.5552.4

2,310.1

596.8

295.7301.1

402.5

36.2

43.6-7.4

366.2345.8

20.8

-10.9

44.4-55.3

347.0

336.9339.8134.9204.9138.6

66.2-2.9

10.2

454.2

212.1

458.4

73.5

384.9-2.9

461.3

Table 1.16Gross Domestic Product of Corporate Business inCurrent Dollars and Gross Domestic Product of NonfinancialCorporate Business in Current and Constant Dollars

CCAdj Capital consumption adjustmentIVA Inventory valuation adjustment

Gross domesticproduct of corporatebusiness

Consumption of fixed capital ..Net domestic product

Indirect business tax andnontax liability plusbusiness transferpayments less subsid ....

Domestic income . . . .Compensation of

employeesWages and salaries ...Supplements to wages

and salariesCorporate profits with

IVA and CCAdjProfits before tax

Profits tax liability ..Profits after tax

DividendsUndistributed

profitsIVACCAdj

Net interestGross domestic

product of financialcorporate business ..

Gross domesticproduct ofnonfinancialcorporate business ..


Indirect business tax andnontax liability plusbusiness transferpayments less subsid

Domestic incomeCompensation of

employeesWages and salaries ...Supplements to wages

and salariesCorporate profits with

IVA and CCAdjProfits before tax

Profits tax liability ..Profits after tax

DividendsUndistributed

profitsIVACCAdj

Net interest

Gross domesticproduct ofnonfinancialcorporate business ..


Indirect business tax andnontax liability plusbusiness transferpayments less subsidies

Domestic income

1990 1991

Seasonally adjusted at annual rates

1990

IV

1991

I II III IV

1992

I

Billions of dollars

3,280.9

365.5

2,915.5

307.2

2,608.3

2,186.81,833.3

353.5

258.8272.1135.3136.8116.7

20.1-14.2

.8162.7

272.0

3,008.9

327.3

2,681.6

285.5

2,396.1

2,023.31,694.5

328.8

224.3232.5

96.1136.4112.2

24.2-14.2

5.9148.5

3,345.1

383.6

2,961.5

331.3

2,630.2

2,231.11,868.0

363.1

240.7246.3124.5121.9125.3

-3.43.1

-8.7158.4

290.8

3,054.2

342.9

2,711.4

308.1

2,403.3

2,052.81,716.7

336.1

205.2204.6

84.1120.5118.6

1.93.1

-2.5145.3

3,291.6

372.7

2,919.0

315.4

2,603.5

2,215.91,857.2

358.7

223.3253.3127.1126.3126.8

-.6-21.2

-8.8164.4

277.5

3,014.2

333.1

2,681.1

293.2

2,387.9

2,043.81,710.9

332.8

193.3216.9

89.0127.9119.9

8.0-21.2

-2.4150.9

3,295.7

380.1

2,915.6

324.0

2,591.6

2,202.41,844.0

358.4

227.5234.5119.4115.1120.7

-5.56.7

-13.6161.7

283.9

3,011.8

339.6

2,672.2

301.3

2,370.9

2,028.01,696.0

332.0

194.4194.479.9

114.5114.1

.46.7

-6.6148.4

3,333.7

383.2

2,950.5

325.9

2,624.6

2,223.91,862.3

361.5

241.7244.5123.5121.0121.9

-.99.9

-12.6159.0

289.8

3,043.9

342.5

2,701.4

303.0

2,398.5

2,046.11,711.5

334.7

206.4202.4

83.6118.9115.3

3.69.9

-5.9145.9

3,364.1

384.6

2,979.6

335.6

2,643.9

2,242.81,877.7

365.1

243.1255.2128.6126.6124.0

2.6.^8

-7.3158.1

294.0

3,070.1

343.8

2,726.3

312.2

2,414.1

2,063.51,725.5

338.0

205.5211.7

87.2124.5117.3

7.2-4.8

1 4145.1

3,386.8

386.6

3,000.2

339.7

2,660.5

2,255.31,887.9

367.4

250.6251.1126.4124.7134.5

-9.8.7

-1.3154.6

295.7

3,091.1

345.5

2,745.6

315.8

2,429.8

2,073.51,733.6

339.9

214.4209.8

85.7124.1127.8

-3.7.7

3.9141.9

3,425.5

384.9

3,040.6

344.3

2,696.3

2,268.11,897.4

370.7

279.2271.9134.9137.0121.3

15.7-2.910.2

149.0

308.5

3,117.0

343.3

2,773.7

320.0

2,453.8

2,080.71,738.5

342.2

236.3224.6

92.8131.9114.4

17.5-2.914.6

136.7


2,717.4

303.02,414.4

2,691.8

312.32,379.5

2,697.6

305.72,391.8

2,668.1

309.12,359.0

2,682.1

311.32,370.7

2,699.0

313.62,385.4

2,717.9

315.12,402.9

2,735.9

316.42,419.5

CCAdj Capital consumption adjustmentIVA Inventory valuation adjustment



Table 2.1 .Personal Income and Its Disposition[Billions of dollars]

Personal incomeWage and salary

disbursementsCommodity-producing

industriesManufacturing

Distributive industriesService industriesGovernment

Other labor incomeProprietors' income with

inventory valuation andcapital consumptionadjustmentsFarmNonfarm

Rental income of personswith capitalconsumptionadjustment

Personal dividend incomePersonal interest incomeTransfer payments to

personsOld-age, survivors,

disability, and healthinsurance benefits

Governmentunemploymentinsurance benefits

Veterans benefitsGovernment employees

retirement benefitsOther transfer payments

Aid to families withdependent children

OtherLess: Personal

contributions for socialinsurance

Less: Personal tax andnontax payments

Equals: Disposable personalincome

Less: Personal outlaysPersonal consumption

expendituresInterest paid by persons ....Personal transfer payments

to rest of the world (net)Equals: Personal savingAddenda:

Disposable personalincome:Total, billions of 1987

dollarsPer capita:

Current dollars1987 dollars

Population (mid-period,millions)

Personal saving aspercentage ofdisposable personalincome

1990

4,679.8

2,738.9

745.4555.8634.6845.0514.0

274.0

373.242.5

330.7

-12.9

124.8

721.3

684.9

352.0

17.917.8

93.1203.9

19.8184.2

224.3

621.0

4,058.8

3,853.1

3,742.6107.5

2.9

205.8

3,538.3

16,23614,154

250.0

5.1

1991

4,834.4

2,808.3

738.7556.5641.2887.8540.6

290.6

379.735.1

344.5

-12.7

128.5

718.6

759.5

380.0

26.618.4

99.7234.8

21.8212.9

238.0

616.1

4,218.4

3,999.1

3,889.1106.8

3.2

219.3

3,534.9

16,69513,990

252.7

5.2


IV

4,764.7

2,778.2

745.2557.3639.0868.8525.2

279.9

373.941.2

332.7

-9.5

127.0

736.9

705.8

358.4

20.517.9

94.6214.4

20.5193.9

227.5

627.2

4,137.539225

3,812.0107.6

2.9

215.0

3,529.5

16,47914,058

251.1

5.2

1991

I

4,768.0

2,770.9

733.4549.3635.1866.5535.8284.2

364.232.8

331.4

-11.9

128.7

730.1

737.2

373.1

23.618.0

100.3222.2

20.9201.2

235.4

617.1

4,151.0

3,938.4

3,827.7107.5

3.1

212.6

3,514.8

16,49213,965

251.7

5.1

II

4,821.1

2,800.6

735.2552.3642.0883.0540.5

288.5

380.039.6

340.4

-11.7

127.4

721.8

751.5

377.2

27.018.7

98.9229.7

21.7208.0

237.0

613.6

4,207.53,978.7

3,868.5107.1

3.1

228.8

3,537.4

16,67814,022

252.3

5.4

III

4,853.3

2,822.4

742.3559.9644.0894.4541.8

292.8

382.532.0

350.5

-14.2

128.7

716.7

763.7

381.7

26.518.4

99.3237.8

22.1215.7

239.3

615.1

4,238.2

4,025.7

3,916.4106.3

2.9

212.5

3,539.9

16,75213,992

253.0

5.0

IV

4,895.3

2,839.3

744.1564.3643.9907.2544.2

297.0

392.036.1

355.9

-13.1

129.4

705.7

785.4

388.1

29.418.3

100.3249.4

22.6226.8

240.4

618.4

4,276.8

4,053.5

3,943.7106.3

3.5223.4

3,547.5

16,85513,981

253.7

5.2

1992

I

4,956.2

2,862.5

738.2559.4648.2923.8552.4

301.1

402.536.2

366.2

-10.9

129.4

689.1

827.7

403.5

38.920.6

104.5260.3

22.7237.6

245.0

611.1

4,345.1

4,132.5

4,022.6106.5

3.5

212.6

3,579.9

17,08114,073

254.4

4.9

Table 2.2.Personal Consumption Expenditures by Major Type ofProduct



Durable goodsMotor vehicles and parts ....Furniture and household

eauiDmentOther

Nondurable goodsFoodClothing and shoesGasoline and oilFuel oil and coalOther


Electricity and gasOther household

operationTransportationMedical careOther

1990

3,742.6

465.9

203.7

173.289.0

1,217.7

595.8208.7106.8

12.5293.9

2,059.0

547.1212.7

97.2

115.6147.6523.1628.4

1991

3,889.1

445.2

184.1

172.089.2

1,251.9

619.3211.0102.8

11.7307.2

2,191.9

574.7225.4103.0

122.3155.9576.9659.1


IV

3,812.0

451.9

192.5

170.489.1

1,246.4

604.8206.8123.2

13.1298.6

2,113.6

559.3216.5

99.6

116.9151.7543.4642.8

1991

I

3,827.7

440.7

180.7

171.188.9

1,246.3

616.3208.2105.0

12.2304.5

2,140.7

565.7218.6

99.8

118.8152.2555.9648.2

II

3,868.5

440.0

179.3

172.887.8

1,252.9

620.5212.8102.0

11.4306.2

2,175.6

571.7225.4103.7

121.6153.9570.0654.7

III

3,916.4

452.9

188.4

173.990.7

1,257.4

620.4214.6101.7

11.7309.0

2,206.1

577.0226.5102.4

124.1157.4583.5661.6

IV

3,943.7

447.3

188.0

170.089.4

1,251.1

620.0208.4102.5

11.2308.9

2,245.2

584.2230.9106.1

124.8160.1598.1671.9

1992

I

4,022.6

468,2

197,.3

178,492.5

1,273.3

630.2217.8

98.811.4

315.0

2,281.0

591.7227.3100.7

126.6163.3610.i5688.2

Table 2.3.Personal Consumption Expenditures by Major Type ofProduct in Constant Dollars



Durable goodsMotor vehicles and parts ....Furniture and household

equipmentOther

Nondurable goodsFoodClothing and shoesGasoline and oilFuel oil and coalOther


Electricity and gasOther household

opearationTransportationMedical careOther

3,262.6

438.9

191.4

170.676.9

1,050.8

5158187.485.010.0

2526

1,773.0

4745202.1

92.2

109.912904243543.0

3,259.0

412.5

167.9

170.574.2

1,043.0

5172182.983.09.6

2503

1,803.4

4789206.8

94.9

112.012834396549.7

3,251.8

424.0

179.8

168.076.2

1,044.7

5159184.1

84.08.9

251 7

1,783.1

476.9203.7

93.5

110.2128.7429.6544.3

3,241.1

410.8

166.7

168.975.1

1,043.9

5187181.781.89.3

2525

1,786.3

4773201.7

91.7

110.0127.0432.9547.5

3,252.4

408.9

164.2

171.173.6

1,046.2

5170186.1

83.09.8

2503

1,797.2

4783207.1

95.6

111.512794369547.1

3,271.2

418.3

170.9

172.574.9

1,046.1

5174184.783.610.1

2503

1,806.8

479.4208.0

95.2

112.912894417548.9

3,271.1

412.2

169.7

169.473.1

1,035.8

5156179.083.69.4

2482

1,823.1

480.7210.4

96.9

113.5129.5447.0555.5

3,314.2

430.0

178.0

176.875.2

1,049.6

521 1185.482.110.1

2509

1,834.5

481 8205.5

92.0

113.5129.0451 1567.1




Table 3.2.Federal Government Receipts and Expenditures[Billions of dollars]

Table 3.3.State and Local Government Receipts and Expenditures[Billions of dollars]

ReceiptsPersonal tax and nontax

receiptsIncome taxesEstate and gift taxesNontaxes

Corporate profits tax accrualsFederal Reserve banksOther

Indirect business tax andnontax accrualsExcise taxesCustoms dutiesNontaxes

Contributions for socialinsurance

ExpendituresPurchases

National defenseNondefense

Transfer payments (net)To personsTo rest of the world (net) ...

Grants-in-aid to State andlocal governments

Net interest paidInterest paid

To persons and businessTo rest of the world (net)

Less: Interest received bygovernment

Subsidies less current surplusof government enterprises .SubsidiesLess: Current surplus of

government enterprises ..Less: Wage accruals less

disbursementsSurplus or deficit (-),

national income andproduct accounts

Social insurance fundsOther

1990

1,104.8

482.2469.7

11.6.9

112.123.688.5

65.836.217.512.2

444.7

1,270.1

424.9313.4111.5

510.8498.2

12.6

132.2

177.5209.2171.437.9

31.8

24.727.5

2.8

.1

-165.3

60.6-225.9

1991

1,120.1

470.4458.4

11.01.0

102.922.880.1

78.846.317.215.3

468.0

1,321.7

445.1323.5121.6

513.5546.6-33.1

152.8

188.7220.1181.139.0

31.5

21.527.8

6.3

-.1

-201.6

43.4-245.0


IV

1,110.7

485.5474.0

10.7.8

105.724.081.7

68.539.017.412.1

451.1

1,304.4

434.5320.6113.9

523.8511.1

12.7

137.3

177.7216.5177.439.1

38.8

31.233.0

1.9

.2

-193.6

58.2-251.8

1991

I

1,115.2

473.9462.1

10.9.9

99.023.375.7

78.246.616.615.0

464.1

1,261.6

451.5332.3119.2

457.5535.3-77.8

143.7

185.7217.4178.239.3

31.7

23.428.6

5.1

.2

-146.4

47.9-194.4

II

1,114.3

468.8457.2

10.61.0

102.022.679.5

77.146.416.114.6

466.3

1,321.0452.1328.4123.7

505.1543.0-37.9

151.0

189.7220.3181.2

39.1

30.6

22.729.7

7.0

-.4

-206.7

44.6-251.3

III

1,124.6

469.9457.0

11.81.0

106.223.083.2

78.746.017.115.6

469.9

1,334.8

444.9322.3122.6

534.9547.4-12.5

153.3

187.9220.4181.4

39.0

32.5

13.920.6

6.8

0

-210.2

44.4-254.6

IV

1,126.2

469.0457.2

10.71.1

104.422.681.8

81.246.118.916.2

471.6

1,369.3

432.0311.0121.0

556.6560.9-4.3

163.3

191.4222.3183.7

38.6

31.0

26.032.4

6.4

0

-243.1

36.7-279.9

1992

I

1,131.5

461.0449.0

10.91.1

110.721.089.7

79.646.517.116.0

480.2

1,416.0441.2314.2127.0

597.9594.7

3.3

164.5

187.6219.3181.9

37.4

31.8

24.931.0

6.2

0

-284.5

15.4-299.9

ReceiptsPersonal tax and nontax

receiptsIncome taxesNontaxesOther

Corporate profits tax accrualsIndirect business tax and

nontax accrualsSales taxesProperty taxesOther

Contributions for socialinsurance

Federal grants-in-aidExpenditures

PurchasesCompensation of

employeesOther

Transfer payments to personsNet interest paid

Interest paidLess: Interest received by

governmentLess: Dividends received by

government *Subsidies less current surplus

of government enterprises .Subsidies .. .. .. ..Less: Current surplus of

government enterprises ..Less: Wage accruals less

disbursements . .Surplus or deficit (-),

national income andproduct accounts

Social insurance fundsOther

1990

724.5

138.8106.1

15.517.3

23.2

373.4181.4152.1

39.8

57.0

132.2

698.8

618.0

409.8208.2

163.5

-53.761.1

114.9

9.0

-20.0.4

20.3

0

25.7

63.8-38.1

1991

771.7

145.7110.8

16.718.2

21.6

392.2188.8162.141.2

59.4

152.8

741.7

642.4

434.1208.2

186.5

-57.164.5

121.6

9.2

-20.9.4

21.3

0

30.0

65.3-35.3


IV

741.3

141.8108.2

15.917.6

21.4

382.6185.0156.141.5

58.2

137.3

723.3

636.7

420.9215.7

171.0

-54.862.4

117.2

9.2

-20.4.4

20.8

0

18.0

64.9-46.9

1991

I

749.4

143.2109.1

16.217.9

20.4

383.4183.9158.640.9

58.8

143.7

729.0

637.3

427.4209.9

177.2

-55.763.2

118.9

9.1

scb_051992

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