scb_091984

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

SEPTEMBER 1984 / VOLUME 64 NUMBER

OP CUBBENT BUSINESSCONTENTS

THE BUSINESS SITUATION 1

National Income and Product Accounts Tables 6

Reconciliation and Other Special Tables 17

Summary of BEA Staff Paper 18

Receipts and Expenditures of State Governmentsand of Local Governments, 1980-83 19

Plant and Equiment Expenditures,the Four Quarters of 1984 24

Capital Expenditures by Majority-Owned ForeignAffiliates of ILS. Companies, 1984 and 1985 28

U.S. International Transactions,Second Quarter 1984 34

Constant-Dollar Inventories, Sales, Inventory-Sales Ratiosfor Manufacturing and Trade: Revised Estimates 58

BUSINESS STATISTICSGeneral SI

Indiistry S19Footnotes S33

Subject Index (.Inside Back Caver)

U.S. Department of CommereeMalcolm Baldrige / SecretarySidney L, Jones / Under Secretary

for Economic Affairs

Bureau of Economic Analysis

George Jaszi / Director

Allan H. Young / Deputy Director

Carol S. Carson / Editor-in-Chief,Survey of Current BusinessManuscript Editors Dannelet A, Grosvenor

Staff Contributors to This Issue: Lorna M. Aldrich, Leo M.Bernstein, Ralph Kozlow, Russell C. Krueger, Daniel I*Larkins* David J. Levin, John Mon, Kenneth A. Petrick,Eugene P. Seskin

SURVEY or CURRENT BUSINESS, Published monthly by the Bureauof Economic Analysis o 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

INCREASES in economic activityand in prices slowed again in thethird quarter, according to the "flash"GNP estimates. Real GNP increasedat an annual rate of 3V2 percent,down from increases of 10 percent inthe first quarter and 7 percent in thesecond. The GNP fixed-weighted priceindex increased at an annual rate of3V2 percent, down from increases of 5percent and 4x/2 percent, respectively(table I).1

These estimates do not take into ac-count the strike in the auto industry,which began September 15 at selectedassembly plants. If the productionstoppage due to the strike continuesin the fourth week of September atroughly the same level as in the thirdweek, the effect of the strike on thethird-quarter change in real GNP will

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 annualized. Real, or constant-dollar,estimates are expressed in 1972 dollars.

The procedures used to prepare the "flash" esti-matesthat is, estimates prepared 15 days before theend of the quarterare 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, insome cases, are preliminary. BEA makes projections ofthe missing source data. The major source data thatare available are: For personal consumption expendi-tures (PCE), July and August retail sales, unit sales ofnew autos through the first 10 days of September, andsales of new trucks for July and August; for nonresi-dential fixed investment, the same data for autos andtrucks as for PCE, July construction put in place, Julymanufacturers' shipments of equipment, and businessinvestment plans for the quarter; for residential in-vestment, July construction put in place, and Julyhousing starts; for change in business inventories, Julybook values for manufacturing and trade, and unitauto inventories for July and August; for net exportsof goods and services, July merchandise trade; for gov-ernment purchases of goods and services, Federal uni-fied budget outlays for July, State and local construc-tion put in place for July, and State and local employ-ment for July and August; and for GNP prices, theConsumer Price Index for July, and the ProducerPrice Index for July.

be quite small-a reduction of nomore than 0.3 percentage point.

Although the decelerations in realGNP from the first quarter to thesecond and from the second to thethird were roughly equal in size, thecontributions of inventory investmentand final sales were very different.The deceleration in the second quar-ter was in inventory investment. Theeffect on GNP was partly offset by anacceleration in final sales, from an in-crease of 3V2 percent to one of 10 2percent. In contrast, in the thirdquarter, final sales decelerated to anincrease of only 1 percent or less, andinventory investment provided a par-tial offset. In the three quarters, in-ventories accumulated, but the ratevaried sharply. The variation in theincreases in final sales centered inpersonal consumption expenditures(PCE), net exports, and the Commodi-ty Credit Corporation portion of Fed-

Table 1.GNP and GNP Prices[Levels at seasonally adjusted annual rates; percent changes at

annual rates]

Current-dollar GNP (bil-lions of dollars):

LevelPercent change from pre-

ceding quarter

Real GNP (billions of 1972dollars):


ceding quarter

GNP fixed-weighted priceindex (index, 1972 = 100):LevelPercent change from pre-

ceding quarter

GNP implicit price deflator(index, 1972=100):


ceding quarter

1983

IV

34317

106

1 5727

5.9

2276

3.9

21821

4.4

I

35533

149

16109

10.1

2304

5.0

22058

4.4

1984

II r

3 644 7

107

16388

7.1

2328

4.3

22240

3.3

III*

37036

66

1 6534

3.6

2347

3.4

22400

2.9

r Revised.* Flash.

eral Government purchases: Thethree components contributed aboutequally to the second-quarter accel-eration; PCE accounted for about one-half of the third-quarter deceleration.

Third-quarter developments inthese and other components of realGNP, in GNP prices, and in personalincome are sketched below on thebasis of data available through mid-September.

PCE increased only fractionallyafter an unusually large increase8percentin the second quarter. Thedeceleration was concentrated ingoods and was spread across mostmajor categories. Several categoriesdeclinedmotor vehicle purchasesafter several quarters of increases,and purchases of clothing and shoesafter a huge increase in the secondquarter. Although some slowing ofconsumer spending would seem con-sistent with developments in real dis-posable income and interest rates,part of the sharp slowing seems to bean aftereffect of the unusually largesecond-quarter increase.

Nonresidential fixed investmentincreased strongly, but at only aboutone-half the second-quarter rate of2ll/2 percent. The increase in struc-tures moderated after three quartersof increases of 20 to 30 percent. As inthe second quarter, commercial struc-tures were strong; other major catego-ries showed little change. In produc-ers' durable equipment, the slowingwas in motor vehicles. Both auto andtruck purchases declinedtrucksafter a very strong second-quarter in-crease. As discussed in the article onthe BEA plant and equipment ex-penditures survey, the strength of in-vestment in recent quarters and theincrease planned for the final quarterof 1984 are consistent with favorable


SURVEY OF CURRENT BUSINESS September 1984

developments in a number of invest-ment indicators.

Residential investment againchanged little. In the second quarter,the major components of residentialinvestmentsingle-family structures,multifamily structures, and "other"(largely additions and alterations,mobile homes, and commissions onhouse sales)had been essentiallyflat. In the third quarter, constructionof single-family structures slipped,but that of multifamily structurespicked up. Although recent increasesin mortgage interest rates and inhouse prices appear to have put adamper on residential investment, theavailability of mortgage instrumentsother than the traditional fixed ratemortgage is widely credited withhaving been a sustaining factor. Oneof these mortgage instrumentstheadjustable rate mortgageis dis-cussed later in the "Business Situa-tion."

Inventories accumulated at a sub-stantial rate, more than the $20% bil-lion in the second quarter. Motor ve-hicle, farm, and other inventories allappear to have followed this pattern.Motor vehicle inventoriesthe part ofinventories for which informationabout third-quarter developments isreasonably completewere up, espe-cially those of trucks; auto inventorieshad been down sharply in the secondquarter. Only fragmentary informa-tion is available about farm invento-ries; it appears that accumulation wassubstantially more than the second-quarter rate of $1% billion. Nonfarminventories other than motor vehiclesappear to have accumulated, perhapssomewhat more than the $22% billionin the second quarter. Reflecting theadditions to inventories over the lastthree quarters and the variability ofthe increases in final sales, inventory-sales ratios turned up in the firstquarter, dropped back in the second,and increased again in the third, butonly to a moderate level.

For net exports, limited evidencesuggests a decline substantially largerthan the $3 billion decline in thesecond quarter. As discussed in thearticle reviewing international trans-actions, the merchandise trade bal-ance had improved in the secondquarter even though the fundamental

PROFITS BEFORE TAX WITH IVA AND CCAdj(Annual rate)

mmmmtmtmm$Mti^^Domestic Nonfinancial CorporateBusiness Profits; Real Product;and Price. Costs, and Profits perUnit of Real Product

Billion $ (Ratio scale)300

250

200

150

100Billion of 1972 $ (Ratio scale)1,500

\ \ \ \ \ \ V \

1,000900800

REAL PRODUCT(Annual rate)

Dollars (Ratio scale)3.0

2.5

2.0

1.5

1.0.9.8

.7

.1 L_L

PRICE, COSTS, AND PROFITS PER UNIT OF REAL PRODUCT

Labor Cost

Nonlabor Cost

Profits Before Tax With IVA and CCAdj

1981 82 83 84Seasonally Adjusted

85

NOTE.Price per unit is current-dollar product divided by con-stant dollar (real) product. Costs and profits per unit are respec-tive components of current-dollar product divided by constant-dollar product.

U.S. Department of Commerce, Bureau of Economic Analysis 83-9-1

factors encouraging imports and dis-couraging exportsdollar apprecia-tion and faster economic expansion inthe United States than abroadwereunchanged. In the third quarter, mer-chandise imports appear to have in-creased much more than merchandiseexports.

Government purchases increased,but much less than in the secondquarter. In the second quarter, Com-modity Credit Corporation operations,largely under the payment-in-kind(PIK) program, had accounted forabout $9 billion of the $12% billionincrease. In the third quarter, whenPIK was being wound down, these op-erations added only slightly to the in-crease. Other Federal purchases,mainly for defense, and State andlocal purchases, mainly for construc-tion, increased roughly as much as inthe second quarter.

The GNP fixed-weighted priceindex increased 3% percent, 1 per-centage point less than in the secondquarter. The continued decelerationwas widespread; lower petroleum andpetroleum product prices, which af-fected several components, were amajor factor. Food prices, which haddeclined in the second quarter andhad accounted for the deceleration inGNP prices, turned up in the third.

Personal income increased about$60 billion, $4 billion less than in thesecond quarter. The increase in wageand salary disbursements was sub-stantially smaller than the second-quarter increase of $37% billion. De-celeration was apparent in all majorprivate industry groups. In contrast,farm proprietors' income increasedsharply after a $9 billion decline inthe second quarter. In the secondquarter, a falloff of Federal subsidypayments to farmers, largely due tothe winding down of the PIK pro-gram, had subtracted about $15 bil-lion from the change in farm income.In the third quarter, these subsidypayments changed little. Other com-ponents of farm income continued toregister the effects of stepped-up pro-duction and, through the second quar-ter, increases in farm prices. Theother major components of personalincome registered increases about thesame as, or a little smaller than,those in the second quarter.


September 1984 SURVEY OF CURRENT BUSINESS

Personal taxes were up slightlymore than in the second quarter, aswere prices of PCE, so that the in-crease in real disposable incomeslowed furtherdown about 2 per-centage points from the 61/2 percentin the second quarter. The increase inpersonal outlays was less than that indisposable personal income, and per-sonal saving increased. The savingrate was up about one-half percentagepoint from 5.7 percent in the secondquarter.

Second-quarter corporate profits

Profits from current productionprofits with inventory valuation andcapital consumption adjustmentsin-creased $14 billion in the second quar-ter, to $291 billion, following a $17%billion increase in the first. Thesecond-quarter estimate is $V2 billionless than the preliminary one pub-lished a month ago. Profits from therest of the world were revised down$5 billion, and domestic profits of fi-nancial corporations were reviseddown $1V2 billion. These downwardrevisions were partly offset by anupward revision of $6 billion in do-mestic profits of nonfinancial corpora-tions.

Profits from the rest of the worlddeclined $4x/2 billion in the secondquarter, to $21 Va billion, following nochange in the first quarter. The rela-tively weak economic recovery in Eu-ropean countries, a soft petroleummarket, and strikes in Germany andthe United Kingdom contributed tothe lower earnings.

Profits of nonfinancial corporationsaccounted for nearly all of the $18 bil-lion increase in domestic profits; fi-nancial corporations contributed only$2 billion. Domestic profits of nonfi-nancial corporations were up becausedomestic product increased substan-tially and unit prices rose more thanthe slight increase in unit costs (chart1).

Profits before taxprofits withoutinventory valuation adjustment (IVA)and capital consumption adjustment(CCAdj)increased $2V2 billion in thesecond quarter, to $246 billion. Theyhad increased $18 billion in the firstquarter. Profits from current produc-tion were up more than profits beforetax; the CCAdj was up $4x/2 billion

and the IVA became less negative by$6 billion. The adjustments convertthe costs of inventories and deprecia-tion reported by businesses into thoseused in the national income and prod-uct accounts.

Corporate tax liability was up $3billion, following an $8 billion in-crease in the first quarter. Dividendsincreased $2 billion, following a $2x/2billion increase; undistributed profitsdecreased $2x/2 billion, following a$7x/2 billion increase.

Profits by industry.Profits withthe IVA but without the CCAdjthevariant of profits available by indus-tryincreased $9 billion in the secondquarter, following a $13V2 billion in-crease in the first quarter. Domesticprofits of financial corporations wereunchanged. Domestic profits of nonfi-nancial corporations were up $13 bil-lion, about the same as in the firstquarter. The second-quarter increasemore than offset the decline in profitsfrom the rest of the world.

Trade profits contributed the mostto the increase in domestic profits ofnonfinancial corporations. Profits ofboth wholesalers and retailers in-creased; among retailers, profits offood retailers were up the most. Prof-its of manufacturers increased $2J/2billion. An increase in profits of non-durable goods manufacturers morethan offset a decline in profits of du-rable goods manufacturers. Petroleumprofits contributed substantially tothe increase in profits of nondurablegoods manufacturers. The decline inprofits of durable goods manufactur-ers resulted from a decline in motorvehicles profits. Profits of most otherdurable goods manufacturers im-proved.

Second-quarter NIPA revisionsThe 75-day revisions of the national

income and product accounts esti-mates for the second quarter of 1984are shown in table 2.

Table 2.Revisions in Selected Component Series of the NIPA's, Second Quarter of 1984

GNP

Personal consumption expendituresNonresidential fixed investmentResidential investment... . .Change in business inventoriesNet exportsGovernment purchases

National income

Compensation of employeesCorporate profits with inventory valuation and capital consump-

tion adjustmentsOther-

Personal income . .. ...

GNP

Personal consumption expendituresNonresidential fixed investmentResidential investment .Change in business inventoriesNet exportsGovernment purchases

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

Seasonally adjusted at annual rates

45-dayestimate

75-dayestimate Revision

Billions of current dollars

3,648.12,329.5

422.1155.748.5

-54.6746.8

2,943.02,158.9

291.4492.7

2,982.3

3,644.72,332.7

420.8155.650.6

-58.7743.7

2,944.82,159.2

291.1494.6

2,984.6

343.213-.12.14 1

-3.11.8.3

-.31.92.3

Billions of constant (1972) dollars1,640.81,063.1

203.560.919.7

-8.9302.5

1,638.81,064.2

202.960.820.3

-11.4302.1

-2.01.1

.31.6

-2.54

Index numbers, 1972= 100

222.33232.8

222.40232.8

.070

Percent change frompreceding quarter at

annual rates

45-dayestimate

11.1

9.625.512.5

26.310.08.9

21.88.58.7

7.67.5

22.81.7

19.1

3.24.24.1

75-dayestimate

10.710.223.912.1

24.310.39.0

21.210.19.1

7.1

7.921.31.2

18.6

3.34.34.1

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

consumption expenditures, revised retail sales for June, consumer share of new car purchases for June, and consumption ofelectricity for June; for nonresidential fixed investment, revised manufacturers' shipments of equipment for June, revisedconstruction put in place for June, and business share of new car purchases for June; for residential investment, revisedconstruction put in place for June, and residential alterations and repairs for the quarter; for change in business inventories,revised book values for manufacturing and trade for June; for net exports of goods and services, revised merchandise trade andrevised service receipts for the quarter; for government purchases of goods and services, revised construction put in place for June;for wages and salaries, revised employment, average hourly earnings, and average weekly hours for June; for net interest,financial assets held by households for the quarter, and revised net interest received from abroad for the quarter; for corporateprofits, revised domestic book profits for the quarter, and revised profits from the rest of the world for the quarter; and for GNPprices, revised residential housing prices for the quarter.


SURVEY OF CURRENT BUSINESS September 1984

Adjustable Rate Mortgages:Recent Developments

Adjustable rate mortgages (ARM's)now account for two-thirds of newconventional mortgage originationsand for three-fourths of such origina-tions by thrift institutions (savingsand loan associations and savingsbanks). The use of ARM's is widelycredited with giving considerable sup-port to residential investment; more-over, ARM's have reduced the inter-est rate risk of mortgage lenders.2ARM's have not proven to be a cure-all for lenders, however; recent in-creases in interest rates have focusedattention on the fact that decreasedinterest rate risk has been achievedonly at the expense of increasedcredit risk.

Increased credit risk, in this con-text, means that a lender is morelikely to have an ARM go into defaultthan to have a fixed rate mortgage gointo default. The reason is obvious:Payments on an ARM may increaseto a level that the borrower cannotafford; payments (for principal and in-terest) on a fixed rate mortgage donot change.

"Credit risk" focuses attention onthe problems that face ARM lenders.The same basic problem, when viewedfrom the standpoint of the borrower,is sometimes referred to as "paymentshock." The problem, under one orboth of its names, has been addressedby a number of industry experts inrecent months.3

Most observers seem to agree thatonly a small percentage of ARM bor-rowers are likely to experience signifi-cant payment shock. For example,Federal Home Loan Bank BoardChairman Edwin J. Gray says that

2. Adjustable rate mortgages and interest rate riskare discussed in a number of articles. See, for exam-ple, Daniel J. Larkins, "Recent Developments in Mort-gage Markets," SURVEY OF CURRENT BUSINESS 62 (Feb-ruary 1982): 32-35.

3. See, for example, Edwin J. Gray, "The AdjustableRate MortgageKey to Thrift Industry Survival," Re-marks prepared for delivery to the Annual Meeting ofThe National Council of Savings Institutions (Balti-more, Maryland: May 14, 1984); National Council ofSavings Institutions, Economic Update, May 30, 1984,p. 5; Jane Bryant Quinn, "Escalating the ARM'sRace," Newsweek, March 12, 1984, p. 64; and U.S.League of Savings Institutions, ARMs: A Study of Ad-justable Rate Mortgages Being Made at Savings Insti-tutions (Chicago, Illinois, August 1984.)

such borrowers "appear to account fora modest fraction of the total ARMmarket/' and the U.S. League of Sav-ings Institutions states: 4

. . . lenders are using a varietyof features to insure that home-owners with adjustable rate mort-gages do not face unwarranteddangers of so-called "paymentshock." In 96.7 percent of theloans being made . . . there iseither an annual interest rate capor an annual payment cap toshield the borrower from exces-sive annual increases in monthlymortgage payment.

Nevertheless, even a relatively smallshare of unsound ARM's could lead toregulatory and legislative changesthat have far-reaching effects onARM's, the mortgage market, andthrift institutions. This discussion il-lustrates a case of payment shock,highlighting the importance of deepintroductory discounts, which arethen discussed in somewhat moredetail.

Illustration of payment shock.ARM's are generally offered at a"program" rate that is lower than therate on fixed rate mortgages; thislower rate compensates the borrowerfor the risk of rate increases inherentin the ARM. Moreover, some ARM'sare discounted for the first year ortwo of the mortgage. At the end ofthe introductory period, the discountexpires and, in addition, the programrate is adjusted to an index rate. Forpurposes of illustration, consider a$60,000, 25-year ARM originated inMay 1983 with a program rate of 12percent, a 1-year introductory rate of9 percent, and annual adjustments tothe program rate linked to the rateon 1-year Treasury securities.

At the introductory rate (9 percent),monthly payments for principal andinterest are $509. After 1 year, therate goes up to its program rate (12percent) with payments of $637, an in-crease of 25 percent, However, be-cause the rate on 1-year Treasury se-curities went up 2.76 percentagepoints during the year, the mortgagerate is further adjusted to 14.76 per-cent. At 14.76 percent, monthly pay-ments are $762, 50 percent abovethose in the first year.

Selected Adjustable RateMortgages Index Rates

2

Percent14

12

10

8

Cost of Funds

1983 1984Data: Federal Reserve Board, Federal Home Loan Bank Board.

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

In most instances, interest rate capsor payment caps would limit actualincreases to much smaller amounts.For example, payments would rise toonly about $590 if there were an in-terest rate cap of 2 percentage pointsapplicable to the introductory rate.5Some rate caps, however, apply to theprogram rate rather than the intro-ductory rate, and some caps are con-siderably higher than 2 percentagepoints. A rate cap of 2 percentagepoints applied to the program rate inthe example, or a cap of 5 percentagepoints applied to the introductoryrate, would not limit the increasemuch. Thus, the mere existence ofcaps does not mean that paymentshock will be avoided.

This illustration makes clear thattwo distinct elements can contributeto payment shock: elimination of theintroductory discount, and adjustmentof the program rate. In some cases,adjustment of the nondiscounted ratewill be minor.

4. Gray, "The Adjustable Rate Mortgage," p. 12,and U.S. League of Savings Institutions, ARMs, p. 8.

5. The example refers to annual interest rate caps."Lifetime" rate caps, which restrict cumulative mort-gage rate increases over the life of the loan, are alsoavailable on many ARM's. Payment caps could alsolimit the increase and prevent payment shock. Pay-ment caps appear to be somewhat less common thaninterest rate caps, however. In any event, paymentcaps can lead to negative amortization (i.e., additionsto the principal of the mortgage), which, in turn, canerode homeowners' equity and thereby increase theprobability of default.



Chart 2 shows three of the mostpopular ARM index rates: the rate on1-year Treasury securities, the Feder-al Home Loan Bank Board's averagemortgage rate, and the Bank Board'smedian cost of funds ratio. The differ-ence between these rates is striking.From May 1983 to May 1984, for ex-ample, the Treasury rate increased2.76 percentage points, while the av-erage mortgage rate fell 0.73 percent-age point, and the cost of funds ratiowas virtually unchanged. ARM'slinked to the last two indexes obvious-ly would not have confronted borrow-ers with payment shock. Thus, onlythe fraction of ARM borrowers withmortgages linked to a rate that in-creased substantially, like the rate on1-year Treasury securities, face poten-tial payment shock. Many of theseborrowers, presumably, are protectedby rate or payment caps. If there areno other complicating factors, thenthe vast majority of borrowers wouldprobably be able to budget the month-ly payment resulting from adjustingthe program rate. Expiration of adeep introductory discount, in con-trast, may be sufficient in itself toproduce payment shock.

Introductory discountThe FederalHome Loan Mortgage Corporation(FHLMC) surveyed adjustable ratemortgages made during the first halfof 1983 by a randomly selected sampleof savings and loan associations andfound that about one-third of thesemortgages carried discounts.6 The av-erage introductory discount rangedfrom 0.76 percentage point for un-capped ARM's indexed to 1-yearTreasury securities to 1.73 percentage

6. Kent W. Colton and Michael J. Lea, "ARMs andthe Secondary Markets: The Next Boom?" SecondaryMortgage Markets, p. 6.

points for capped ARM's indexed tothe Bank Board's mortgage interestrate series. No information is avail-able on the dispersion of initial dis-counts around these averages. In anyevent, the use of deep initial discountsappears to have become significantduring the second half of the yearand, thus, would not be reflected inthe sample.7

The deeper the discount, of course,the larger the increase in paymentswhen the discount expires, and thegreater the probability of paymentshock. The probability of paymentshock is increased further if the intro-ductory rate, rather than the programrate, was used in deciding whether aborrower was qualified for the mort-gage.

When a mortgage is applied for, theborrower's income is the prime deter-minant of whether he or she willqualify for the loan. The test ofwhether a borrower qualifies or notisin oversimplified outlinewheth-er mortgage payments would consti-tute more than a certain fraction ofthe borrower's income. If the intro-ductory rate is used to calculate pay-ments in this test, more borrowerscan qualify. When the discount ex-pires, however, monthly paymentscould well increase to a level that, ac-cording to the lending criterion, theborrower is not qualified to handle.

Considering the mortgage used inthe earlier example, annual paymentsamount to $6,108 at the introductoryrate of 9 percent and $7,644 at theprogram rate of 12 percent. If thelender uses a one-fourth ratio of mort-gage payment to income to determinequalification, income must be at least

$24,432 or $30,576, respectively. If theintroductory rate is use4, a borrowerwho barely qualifies will be taking ona mortgage that, after the first year,the borrower is not qualified for.

Most borrowers and lenders may beexpected to avoid a mortgage that theborrower is technically qualified for ifthey realize that the borrower's obli-gation may soon reach unmanageableproportions. The borrower's self-disci-pline is undermined, however, if thepotential magnitude of his or her obli-gation is not clear. In fact, confusionon the part of borrowers about futurerate and payment changes seems tobe not uncommon.8 A lender's motivefor entering into such a mortgage canonly be surmised. (To repeat, thenumber of lenders doing so, althoughunknown, is assumed to be small.)Perhaps the lender is in an areawhere competition for mortgages isparticularly intense. Perhaps, too, thelender's portfolio is heavily weightedwith old, low-yielding loans and arapid buildup of ARM's is seen as theonly route to profitability. Finally,the lender is aware that some of therisk can be passed along to mortgageinsurers. (Some large mortgage insur-ers have recently raised premiums onARM's to compensate themselves fortheir increased risk.)

Clearly, behavior on the part of bor-rowers and lenders such as just de-scribed could lead to increased mort-gage delinquency and default. As wassuggested earlier, if payment shockdoes cause a significant increase indefaults, theneven though the abso-lute number of defaulted loans maybe smallpressure may build to con-strain or even eliminate ARM's.

7. Gray, "The Adjustable Rate Mortgage," p. 12. 8. Gray, "The Adjustable Rate Mortgage," p. 14.


6 SURVEY OF CURRENT BUSINESS

National Income and Product Accounts Tables

September 1984

New estimates in this issue: Second quarter 1984, revised.The abbreviations used in the tables are: CCAdj Capital consumption adjustment

IVA Inventory valuation adjustmentNIPA's National income and product accountsP Preliminaryr Revised

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 SURVEY. These publications are available from the Superintendent of Documents and Com-merce Department District Offices; see addresses inside front cover.

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

Gross national productPersonal consumption expenditures

Durable goodsNondurable goodsServices

Gross private domestic investmentFixed investment

NonrcsidentialStructuresProducers' durable equipment

ResidentialNonfarm structuresFarm structures .Producers' durable equipment

Change in business inventoriesNonfarmFarm . . .

Net exports of goods and servicesExportsImports

Government purchases of goods and services.Federal

National defenseNondefense

State and local

Billions of dollars

1982

3,069.31,984.9

245.1757.5982.2414.9441.0349.6142.1207.5

91.486.61.53.3

26.1-24.0-2.1

19.0348.4329.4650.5258.9179.5

79.4391.5

1983

3,304.82,155.9

279.8801.7

1,074.4

471.6485.1352.9129.7223.2132.2127.6

1.03.6

135-3.11048.3

336.2344.4

685.5269.7200.5

69.3415.8

Seasonally adjusted at annual rates1983

I

3,173.82,070.4

259.4775.2

1,035.8405.0447.9334.6130.4204.2113.3108.9

1.03.4

-42.9-32.6

103

19.6328.5308.9678.8273.0194.7

78.3405.8

II

3,267.02,141.6

276.1796.9

1,068.6449.6469.0339.3125.6213.6129.8125.3

.93.5

-19.4-5.4140

-6.5328.1334.5682.2270.5199.371.3

411.6

III

3,346.62,181.4

284.1811.7

1,085.7491.9496.2353.9126.2227.8142.3137.7

.93.7

-4.311.615916.4

342.0358.4689.8269.2200.9

68.3420.6

IV

3,431.7

2,230.2299.8823.0

1,107.5540.0527.3383.9136.6247.3143.4138.7

.93.8

12.714.114

-29.8346.1375.9691.4266.3207.259.1

425.1

1984I

3,553.32,276.5

310.9841.3

1,124.4

623.8550.0398.8142.2256.7151.2146.4

.93.9

73.860.613.2

-51.5358.9410.4704.4267.6213.4

54.2436.8

II r

3,644.72,332.7

320.7858.3

1,153.7627.0576.4420.8150.0270.7155.6150.5

1.04.1

50.647.03.5

-58.7362.4421.1

743.7296.4220.8

75.6447.4

Billions of 1972 dollars

1982

1,480.0963.3140.5363.1459.8194.3204.7166.9

53.3113.5

37.935.3

.61.9

104-9.2

12

29.7147.6118.0

292.7117.0

79.137.9

175.7

1983

1,534.71,009.2

157.5376.3475.4221.0224.6171.0

49.2121.8

53.751.2

.42.1

-3.6.6

-4.2

12.6139.5126.9291.9116.2

84.731.5

175.7


I

1,491.0982.5146.8368.8466.8

191.3207.8161.6

49.0112.546.243.8

.42.0

-16.5-11.8-4.622.9

138.2115.3294.3119.0

83.335.7

175.3

II

1,524.81,006.2

156.2374.9475.1212.6218.7165.3

48.1117.2

53.451.0

.42.1

-6.1-.3

-5.813.6

137.0123.4

292.4117.2

84.832.3

175.2

III

1,550.21,015.6

159.6378.5477.6230.6229.8172.6

48.3124.3

57.254.7

.42.1

.97.4

-6.611.9

141.6129.7292.0115.6

84.431.2

176.4

IV

1,572.71,032.4

167.2383.2482.0

249.5242.2184.5

51.4133.1

57.855.2

.42.27.27.0

.2

2.0141.0139.1288.8113.0

86.326.7

175.8

1984I

1,610.91,044.1

173.7387.1483.4

285.5253.9193.3

54.1139.2

60.658.0

.42.2

31.626.25.4

-8.3144.9153.2289.5112.2

87.125.2

177.3

II r

1,638.81,064.2

178.6396.6488.9

283.9263.7202.9

56.8146.0

60.858.1

.42.3

20.318.71.6

-11.4

144.7156.2302.1123.2

89.633.6

178.9

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

Gross national productFinal salesChange in business inventories

GoodsFinal salesChange in business inventories

Durable goodsFinal sales ..Change in business inventories

Nondurable goodsFinal salesChange in business inventories

ServicesStructuresAddenda:

Gross domestic purchases 1Final sales to domestic purchasers *

Billions of dollars

1982

3,069.33,095.4-26.1

1,276.81,302.9

261499.9517.9

-18.0776.9785.0

81

1,510.8281.7

3,050.23,076.3

1983

3,304.83,318.3-13.5

1,355.71,369.2

135555.3557.5-2.1800.4811.7113

1,639.3309.8

3,313.13,326.5


I

3,173.83,216.8-42.9

1,288.7

1,331.6-42.9495.9526.0

-30.0792.7805.6129

1,594.1291.1

3,154.23,197.1

II

3,267.03,286.4-19.4

1,337.1

1,356.5194

541.1546.5-5.5796.1810.0

-13.91,627.2

302.6

3,273.43,292.8

III

3,346.63,350.9

-4.31,373.2

1,377.5-4.3

576.9564.5

12.5796.2813.0

-16.81,654.5

319.0

3,363.03,367.4

IV

3,431.73,419.0

12.7

1,423.91,411.2

12.7

607.4592.9

14.5816.5818.3-1.7

1,681.3326.5

3,461.53,448.8

1984I

3,553.33,479.5

73.8

1,498.01,424.2

73.8632.3597.5

34.9865.7826.8

38.91,713.7

341.6

3,604.83,531.0

II r

3,644.73,594.1

50.61,544.81,494.2

50.6647.9629.7

18.2896.9864.6

32.4

1,742.6357.2

3,703.43,652.8


1982

1,480.01,490.4-10.4

660.6671.1

-10.4269.5277.4-7.8391.1393.7-2.6707.8111.6

1,450.31,460.7

1983

1,534.71,538.3

-3.6688.6692.2-3.6295.6296.1-.5

392.9396.1-3.2

723.2122.9

1,522.11,525.7


I

1,491.01,507.5-16.5658.9675.4

-16.5268.6280.5

-12.0390.4394.9-4.5716.8115.2

1,468.11,484.6

II

1,524.81,530.9

-6.1

681.6687.7-6.1290.2292.3

2 1391.4395.4-4.0

721.9121.3

1,511.21,517.3

III

1,550.21,549.3

.9

698.1697.2

.9305.2299.6

5.6392.9397.7-4.8

725.4126.6

1,538.31,537.4

rv

1,572.71,565.4

7.2

715.5708.2

7.2

318.6311.9

6.6396.9396.3

.6728.7128.5

1,570.71,563.4

1984I

1,610.91,579.3

31.6

744.9713.3

31.6331.1316.4

14.7413.8396.9

16.9731.4134.6

1,619.21,587.6

II r

1,638.81,618.5

20.3

767.4747.1

20.3339.5331.4

8.1427.9415.7

12.2

732.9138.5

1,650.21,629.9

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


September 1984 SURVEY OF CURRENT BUSINESSTable 1.5-1.6.Gross National Product by Sector in Current and Constant Dollars

Gross national productGross domestic product

BusinessNonfarm

Nonfarm less housingHousing

FarmStatistical discrepancy

Households and institutionsPrivate households 'Nonprofit institutions

GovernmentFederalState and local

Rest of the worldAddendum:

Gross domestic business product less housing

Billions of dollars

1982

3,069.33,021.32,589.02,514.42,246.6

267.975.1-.5

107.47.6

99.8324.9101.2223.748.0

2,312.1

1983

3,304.83,256.52,790.82,728.92,434.7

294.261.5

.5116.5

7.8108.7349.2107.8241.448.3

2,487.7


I

3,173.83,127.12,672.62,596.62,312.0

284.668.67.5

113.57.7

105.7341.0106.3234.746.7

II

3,267.03,219.62,757.62,695.22,404.6

290.758.34.1

115.67.7

107.9346.4107.3239.147.4

in3,346.63,295.22,826.22,769.32,471.9

297.461.7

-4.8117.3

7.8109.6351.6108.1243.651.5

IV

3,431.73,384.12,906.82,854.32,550.2

304.157.3

-4.8119.6

7.9111.8357.7109.5248.247.7

1984I

3,553.33,505.73,017.22,943.42,632.8

310.671.62.2

121.07.9

113.1367.4113.8253.647.6

II r

3,644.73,602.63,106.83,037.52,718.8

318.778.3

-9.0123.1

8.0115.1372.7114.4258.342.1


1982

1,480.01,456.71,253.41,214.81,075.6

139.238.9-.346.73.3

43.4156.550.5

106.023.3

1,112.9

1983

1,534.71,512.11,307.81,273.81,130.6

143.233.8

.247.33.3

44.0157.051.3

105.722.5

1,163.5


I

1,491.01,468.91,265.21,225.41,084.0

141.436.23.5

47.13.3

43.7156.751.0

105.622.1

n

1,524.81,502.61,298.51,264.11,121.5

142.632.51.9

47.23.3

43.9156.951.2

105.622.2

ra

1,550.21,526.21,321.91,289.31,145.6

143.834.8

-2.347.33.3

44.0157.051.4

105.624.0

IV

1,572.71,550.71,345.71,316.31,171.2

145.131.6

-2.247.53.3

44.2157.551.7

105.821.9

1984

I

1,610.91,589.21,384.01,347.51,200.9

146.535.61.0

47.63.4

44.2157.751.8

105.821.6

Ur

1,638.81,619.81,414.11,380.11,232.1

148.038.1

'-4.147.93.4

44.5157.851.9

105.919.0

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 productLess:

Capital consumption al-lowances with CCAdj...

Capital consumption al-lowances

Less: CCAdjEquals: 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

1982

3,069.3

358.8314.2

44.7

2,710.4

258.814.1-.5

8.8

2,446.8

159.1260.9251.3

0

3619366.666.514.1

2,584.6

1983

3,304.8

377.1

3672-9.9

2,927.7

280.4

15.6.5

15.62,646.7

225.2256.6272.7

.4

3893376.370.315.6

2,744.2


I

3,173.8

368.23454

-22.8

2,805.6

266.91507.5

10.8

2,527.0

179.1254.2265.3

0

3848366.068.515.0

2,662.8

n

3,267.0

371.2

3601-11.1

2,895.8

279.915.44.1

12.7

2,609.0

216.7254.2270.2

-1.3

391.9368.869.115.4

2,714.4

ra

3,346.6

382.83757-7.1

2,963.9

284.7

158-4.8

16.2

2,684.4

245.0259.2274.3

.4

3881382.370.715.8

2,763.3

IV

3,431.7

386.43878

1.4

3,045.4

290.1

162-4.8

22.62,766.5

260.0258.9281.0

0

392.5388.272.816.2

2,836.5

1984I

3,553.3

391.83986

6.8

3,161.5

295.51672.2

26.4

2,873.5

277.4266.8298.9

.2

3947403.975.016.7

2,920.5

II'

3,644.7

400.0

410310.3

3,244.7

301.3

171-9.0

9.62,944.8

291.1282.8304.2

.2

3981425.677.2

17.1

2,984.6

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

[Billions of 1972 dollars]

Gross national productLess: Capital consumption

allowances with CCAdjEquals: Net national prod-

uctLess: Indirect business tax

and nontax liability plusbusiness transfer pay-ments less subsidies pluscurrent surplus of govern-ment enterprises .

Equals: National income

1,480.0161.9

1,318.1

146.1-.3

1,172.3

1,534.7168.1

1,366.6

151.8.2

1,214.5

1,491.0165.0

1,326.0

147.83.5

1,174.7

1,524.8166.7

1,358.1

151.01.9

1,205.2

1,550.2170.1

1,380.1

152.5-2.3

1,229.8

1,572.7170.6

1,402.0

155.9-2.2

1,248.4

1,610.9172.2

1,438.7

157.91.0

1,279.8

1,638.8" 174.1

1,464.7

158.9-4.1

1,309.9

National incomeCompensation of employ-

eesWages and salaries

Government and gov-ernment enterprises ....

OtherSupplements to wages

and salariesEmployer contribu-

tions for social in-surance

Other labor incomeProprietors' income with

IVA and CCAdjFarm

Proprietors' incomewith IVA

CCAdjNonfarm

Proprietors' incomeIVACCAdj

Rental income of personswith CCAdj

Rental income of per-sons .

CCAdjCorporate profits with IVA

and CCAdjCorporate profits with

IVA .Profits before tax

Profits tax liability ..Profits after tax

DividendsUndistributed

profitsIVACCAdj

Net interestAddenda:

Corporate profits aftertax with IVA andCCAdj

DividendsUndistributed profits

with IVA and CCAdj

Billions of dollars

1982

2,446.8

1,864.21,568.7

306.51,262.2

295.5

140.0155.5

111.121.830.2

-8.489.287.652.1

51.588.4

-36.9

159.1156.0165.560.7

104.869.235.6

-9.53.1

260.9

98.469.229.2

1983

2,646.7

1,984.91,658.8

327.71,331.1

326.2

153.1173.1

121.713.8

22.1-8.4107.9100.48

8.3

58.396.6

-38.3

225.2192.0203.275.8

127.472.954.5

-11.233.2

256.6

149.472.976.5


I

2,527.0

1,921.31,608.1

320.31,287.7

313.2

148.9164.4

114.716.4

24.884

98.393.0-.25.6

57.794.9

-37.2

179.1157.3161.759.1

102.671.1

31.4-4.321.7

254.2

120.071.1

48.8

II

2,609.0

1,962.41,640.8

325.01,315.9

321.6

151.7169.9

116.910.1

18.4-8.4106.899.41 08.3

59.096.0

-37.0

216.7186.1198.274.8

123.471.7

51.7-12.1

30.6254.2

141.971.7

70.2

in2,684.4

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

56.296.6

-40.3

245.0208.1227.484.7

142.673.369.3

-19.336.9

259.2

160.273.386.9

IV

2,766.5

2,055.41,715.4

335.01,380.4

340.0

157.9182.1

131.917.325.783

114.6105.5-.79.7

60.499.1

-38.7

260.0216.3225.584.5

141.175.465.6

-9.243.6

258.9

175.575.4

100.0

1984I

2,873.5

2,113.41,755.9

342.91,413.0

357.4

169.4188.1

154.932.540.783

122.5112.4

1 211.2

61.099.9

-38.8

277.4

229.8243.392.7

150.677.7

72.9-13.5

47.6266.8

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

31.7-8.3126.3115.0411.8

62.0102.5

-40.6

291.1238.7246.095.8

150.279.970.273

52.3282.8

195.279.9

115.3

453-059 O - 84 - 2 : QL3


8 SURVEY OF CURRENT BUSINESS September 1984Table 1.13.Gross Domestic Product of Corporate Business in Current Dollars and Gross Domestic Product of Nonfinancial Corporate Business

in Current and Constant Dollars

Gross domestic prod-uct of corporatebusiness ...

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

IV A and CCAdjProfits before tax

Profits tax liability..Profits after tax


profitsIVA CCAdj i

Net interestGross domestic

product of finan-cial corporate

Gross domesticproduct of nonfi-nancial corpo-rate business

Capital consumption allow-

Billions of dollars

1982

1,882.2

221.81,660.5

189.21,471.31,281.51,067.0

214.5136.7143.160.782.556.725.8

-9.53.1

53.1

103.8

1,778.4209.7

1983

2,037.0231.2

1,805.8

206.21,599.61,357.11,121.2

236.0200.4178.475.8

102.663.039.6

-11.233.242.1

119.3

1,917.7218.0


I

1,927.5226.9

1,700.7

195.51,505.21,307.31,084.2

223.1156.7139.259.180.161.518.743

21.741.2

115.2

1,812.32142

II

2,008.8228.2

1,780.6

205.91,574.71,341.31,108.0

233.3

193.0174.574.899.763.236.6

-12.130.640.4

121.2

1,887.6215.3

m

2,076.6233.4

1,843.2

210.0

1,633.31,372.81,129.0

243.8217.5199.984.7

115.263.351.9

-19.336.943.0

120.0

1,956.6220.0

IV

2,135.0236.4

1,898.6

213.41,685.21,407.21,163.5

243.7

234.4200.084.5

115.564.251.3

-9.243.643.6

120.8

2,014.2222.5

1984I

2,207.4239.9

1,967.5

217.2

1,750.31,453.21,192.0

261.2251.7217.692.7

124.966.358.6

-13.547.645.4

123.3

2,084.2225.6

II '

2,271.3244.1

2,027.2

223.51,803.71,485.61,219.0

266.6269.8224.895.8

128.970.958.173

52.348.3

124.3

2,146.9229.3

Net domestic product....Indirect business tax and


Domestic incomeCompensation of em-

ployeesWages and salariesSupplements to

wages and salaries ...Corporate profits with

IVA and CCAdjProfits before tax

Profits tax liability..Profits after tax


profitsIVACCAdj

Net interest

Gross domestic prod-uct of nonfinancialcorporate business...

Capital consumption allow-ances with CCAdj

Non domestic productIndirect business tax and


Domestic income

Billions of dollars

1982

1,568.7

180.21,388.41,198.1

998.4199.7118.1

123.544.379.256.822.4954.1

72.3

1983

1,699.7

196.71,503.01,263.11,044.3

218.8171.0148.858.090.862.828.0

-11.233.469.0


I

1,598.2

186.31,411.91,215.91,009.5

206.4128.8110.841.968.961.17.843

22.367.2

II

1,672.3

196.41,475.91,247.71,031.5

216.2161.2142.556.486.162.923.112130.767.1

III

1,736.6

200.41,536.21,277.81,051.5

226.4iss'o170.467.0

103.463.240.219336.970.4

rv

1,791.8

203.71,588.01,310.81,084.8

226.0205.8171.566.7

104.863.940.9

-9.243.671.3

1984I

1,858.6

207.31,651.21,354.01,111.3

242.7

223.0

188.974.5

114.565.948.5

-13.547.574.2

II r

1,917.6

213.41,704.2

1,384.51,137.1

247.4

240.8195.977.2

118.670.348.3-7.352.278.9


857.4

96.7760.8

94.7666.1

896.4

100.0796.4

97.8698.6

855.7

98.4757.3

95.4661.9

886.2

99.3787.0

97.4689.5

912.4

100.7811.7

98.5713.2

931.1

101.5829.6

100.0729.6

956.9

102.4854.6

100.7753.9

979.5

103.4876.1

101.2774.9

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 autos . .Net purchases of used autos

Net exports . . . . . .....ExportsImports

Government purchasesNewUsed

Addenda:Domestic output of new autos 1Sales of imported new autos a

Billions of dollars

1982

67.069.473.652.820.812.124.8

-12.7-17.3

2.820.11.02 426

.3

51.127.6

1983

88.787.588.365.223.017.331.0

-13.7-19.2

4.123.21.21.2.7.4

70.133.1


I

79.276.178.456.621.714.327.5

-13.2-17.8

3.821.6

1.23.13.0.1

63.529.6

II

79.486.788.166.022.216.028.8

-12.8-18.5

3.922.41.1

-7.3-7.7

.5

62.033.1

III

96.692.190.266.423.819.032.9

-13.9-18.3

4.122.41.24.44.2

.2

76.032.5

rv

99.695.396.371.924.519.834.915.1

-22.14.4

26.51.14.43.6.8

78.937.3

1984

I

114.8104.0101.976.225.724.339.615.3

-23.55.4

28.81.2

10.810.0

.9

95.734.4

II'

98.7105.8104.677.826.824.940.8

-15.9-24.5

4.629.1

.9-7.1-8.2

1.1

79.338.2


1982

38.940.337.229.77.59.3

14.0-4.7-6.8

1.68.4

.7-1.4-1.5

.1

28.815.5

1983

49.949.143.435.87.6

12.417.0

-4.6-7.4

2.29.6.7.8.7.1

38.418.1


I

45.243.338.831.37.5

10.515.2

-4.6-6.9

2.19.0.8

2.01.90

35.016.4

II

45.348.843.936.47.4

11.515.9

-4.4-7.2

2.19.4

.73 5

-3.7.2

34.318.3

III

53.951.544.236.57.7

13.518.1

-4.6-7.0

2.29.2

.72.42.3.1

41.717.9

IV

55.152.846.538.87.7

14.018.8

-4.8-8.5

2.410.9

.72.32.1.3

42.620.1

1984I

62.557.248.841.07.8

16.521.2

-4.7-8.9

2.811.7

.85.25.0.3

51.218.5

II'

54.458.349.741.87.9

17.121.8

-4.7-9.2

2.4JM

.73 9

-4.2.3

42.520.6

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

Truck output l

Final salesPersonal consumption expendituresProducers' durable equipmentNet exports

ExportsImports

Government purchases

Change in business inventories

Billions of dollars

1982

30.230.511.318.0

. -2.72.55.24.0-.4

1983

36.336.115.320.8

-3.92.05.93.9.2


I

30.4

30.712.217.9

-3.21.85.03.8

2

n

32.632.914.918.6

-4.41.86.23.8-.4

III

37.7

37.515.720.9

-3.22.15.34.1

.1

IV

44.4

43.118.225.9

-5.02.27.24.0

1.3

1984I

49.645.817.927.3

-4.72.47.15.33.8

II r

51.150.519.332.7

-6.62.28.85.1.6


1982

14.1

14.36.47.6

-1.41.12.51.7

-.1

1983

16.716.68.48.6

-1.9.8

2.71.6.1


I

14.014.06.77.4

-1.6.7

2.31.50

II

15.215.38.27.6

-2.1.7

2.91.6

_ j

III

17.3

17.38.68.6

-1.6.9

2.51.7

0

IV

20.319.89.8

10.7-2.4

.93.31.7

.6

1984I

22.1

20.59.6

11.0-2.2

1.03.22.1

1.6

II r

22.522.210.312.93 1

.94.02.0.3

Table 1.14-1.15:1. 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.



Table 2.1.Personal Income and Its Disposition

Personal income

Wage and salary disburse-mentsCommodity-producing

industriesManufacturing

Distributive industriesService industriesGovernment and govern-

ment enterprises

Other labor income

Proprietors' income with IVAandCCAdj

Farm . .Nonfarm

Rental income of personswith CCAdj

Personal dividend incomePersonal interest income

Transfer paymentsOld-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

1982

2,584.6

1,568.7509.3382.9378.6374.3

306.6

155.5

111.121.889.2

51.566.5

366.6376.1

204.525.216.4

54.975.013.361.7

111.4

404.1

2,180.52,044.51,984.9

58.51.2

136.0

1,058.39,3854,555232.4

6.2

1983

2,744.2

1,659.2519.3395.2398.6413.1328.2

173.1

121.713.8

107.9

58.370.3

376.3405.0

221.6

26.116.659.581.0

14.266.8

119.6

404.2

2,340.12,222.02,155.9

65.11.0

118.1

1,095.49,9774,670234.5

5.0


I

2,662.8

1,608.1503.5380.5386.0398.3320.4

164.4

114.716.498.3

57.768.5

366.0399.8

216.629.916.857.379.2

14.165.1

116.4

401.4

2,261.42,133.42;070.4

62.1.9

128.0

1,073.19,6754,591233.7

5.7

n

2,714.4

1,642.1511.4389.3395.4409.1326.2

169.9

116.910.1

106.8

59.069.1

368.8407.3

219.831.716.6

59.180.2

14.365.9

118.5

411.6

2,302.9

2,206.12,141.6

63.61.0

96.7

1,082.09,8324,619234.2

4.2

in2,763.3

1,671.3523.5399.1399.7417.0331.0

175.9

123.311.2

112.1

56.270.7

382.3403.9

222.4

22.816.660.481.7

14.367.4

120.4

395.8

2,367.42,248.42,181.4

65.91.1

119.0

1,102.210,0824,694234.8

5.0

IV

2,836.5

1,715.4539.0411.9413.2428.2

335.0182.1

131.917.3

114.6

60.472.8

388.2

408.8

227.7

20.216.561.383.1

14.368.8

123.2

407.9

2,428.62,300.02,230.2

68.71.2

128.7

1,124.310,3184,776235.4

5.3

1984I

2,920.5

1,755.7555.9424.6419.2437.9342.8

188.1

154.932.5

122.5

61.075.0

403.9411.3

232.1

16.716.462.483.7

14.968.8

129.6

418.3

2,502.22,349.62,276.5

71.91.2

152.5

1,147.610,6084,865235.9

6.1

II r

2,984.6

1,793.1567.0432.2429.5449.3347.3

193.5

149.823.4

126.3

62.077.2

425.6415.2

235.215.816.6

63.184.514.969.6

131.8

430.3

2,554.32,409.52,332.7

75.71.0

144.8

1,165.310,8064,930

236,369

5.7

Table 2.2-2.3.Personal Consumption Expenditures by Major Type ofProduct in Current and Constant Dollars

Personal consump-tion expenditures

Durable goods

Motor vehicles and parts ...Furniture and household

equipmentOther

Nondurable goodsFoodClothing and shoesGasoline and oilOther nondurable goods

Fuel oil and coalOther

ServicesHousingHousehold operation

Electricity and gas...vOther

TransportationOther

Personal consump-tion expenditures

Durable goodsMotor vehicles and parts ...Furniture and household

equipmentOther

Nondurable goodsFoodClothing and shoesGasoline and oilOther nondurable goods

Fuel oil and coalOther . .

ServicesHousingHousehold operation

Electricity and gasOther .

TransportationOther

Billions of dollars

1982

1,984.9245.1108.7

94.442.1

757.5392.8118.890.4

155.620.6

135.0982.2333.8143.475.268.268.2

436.8

1983

2,155.9279.8129.3104.146.4

801.7

416.5127.090.0

168.221.0

147.2

1,074.4

363.3153.881.372.572.5

484.8


I

2,070.4

259.4115.399.145.0

775.2406.7121.686.7

160.318.6

141.7

1,035.8352.6147.075.171.970.2

466.1

n

2,141.6

276.1128.4102.445.3

796.9413.6127.189.5

166.721.0

145.71,068.6

359.2155.082.672.571.1

483.2

m

2,181.4

284.1

132.0

105.246.9

811.7420.5126.892.1

172.222.4

149.81,085.7

366.8155.783.672.173.9

489.3

IV

2,230.2299.8141.7

109.848.2

823.0

425.1132.591.7

173.622.1

151.51,107.5

374.7157.584.073.574.8

500.5

1984

I

2,276.5310.9147.7

113.050.3

841.3

433.9136.192.0

179.322.5

156.71,124.4

382.4158.882.676.276.1

507.1

II r

2,332.7

320.7

152.3116.651.7

858.3442.1142.292.8

181.221.6

159.71,153.7

392.4163.386.177.277.6

520.4


963.3140.557.060.323.2

363.1182.384.225.371.13.6

67.5459.8167.563.524.638.931.6

197.2

1,009.2

157.566.665.925.0

376.3188.988.526.172.94.0

68.9475.4171.364.124.939.131.7

208.3

982.5146.859.662.824.4

368.8186.185.926.170.73.4

67.3466.8

169.562.723.539.231.2

203.5

1,006.2156.266.864.924.5

374.9187.489.025.972.54.0

68.5475.1170.664.425.139.331.5

208.6

1,015.6159.668.066.525.0

378.5190.987.626.173.94.2

69.7477.6171.964.625.738.931.7

209.4

1,032.4

167.272.2

69.325.8

383.2191.291.426.374.34.2

70.2

482.0173.464.625.339.332.2

211.8

1,044.1

173.7

75.271.726.7

387.1189.794.227.076.14.1

72.0

483.4175.164.024.839.232.4

211.9

1,064.2

178.677.2

74.127.4

396.6193.699.127.176.93.9

73.0488.9176.865.125.639.532.7

214.3

Table 3.14.State and Local Government Social Insurance FundsReceipts and Expenditures

[Billions of dollars]

ReceiptsContributions for social in-

surance .

Personal contribution ..;Employer contributions

Government and gov-ernment enterprises ....

OtherInterest and dividends re-

ceived

ExpendituresAdministrative expenses

(purchases of goods andservices)

Transfer payments to per-sons .....

Surplus or deficit( )

579

3589.5

26.323.924

221

24.2

.923.3

33.7

646

39010.428.626.125

25627.1

1.0

26.1

37.5

61.8

37710.127.725.22.4

24.1

25.8

.924.9

36.0

63.5

38510.328.225.825

25.026.6

1.025.6

36.9

65.4

39410.528.926.32.5

26.0

27.4

1.026.5

38.0

67.5

40310.729.627.02.6

27.2

28.4

1.027.4

39.1

698

41311.030.327.627

28.529.3

1.1

28.3

40.5

72.0

421

11.230.928.227

29830.0

1.1

29.0

41.9

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.


10 SURVEY OF CURRENT BUSINESS September 1984Table 3.2.Federal Government Receipts and Expenditures Table 3.3.State and Local Government Receipts and Expenditures

Receipts

Personal tax and nontaxreceipts

Income taxes .Estate 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 personsTo 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 fundsOther

Billions of dollars (

1982

616.7

306.2298.3

7.6.3

46.6

48.432.78.67.1

215.5

764.9

258.9179.579.4

321.6315.3

6.3

83.984.4

107.4

89.318.123.0

16.115.0

-1.1

0

-148.2

-32.0-116.2

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


I

619.8

298.2292.2

5.7.4

46.9

47.132.87.66.7

227.6

805.6

273.0194.778.3

340.9335.6

5.3

85.587.7

112.0

94.517.624.4

18.516.1

-2.4

0

-185.7

-33.1-152.7

II

649.3

304.7298.1

6.1.5

59.2

53.837.79.07.1

231.7

816.7

270.5199.371.3

348.1341.9

6.2

86.390.0

115.3

98.017.325.3

20.521.0

.5

-1.3

-167.3

-32.21351

III

640.2

284.6277.8

6.3.5

66.7

54.037.0

9.77.3

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

-25.61553

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

-180.5

-22.81577

1984

I

686.4

301.6294.5

6.4.6

73.0

54.136.010.97.1

257.6/

847.6

267.6213.4

54.2347.7341.1

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

-163.7

-7.7-156.0

Receipts

Personal tax and nontaxreceipts

Income taxesNontaxesOther

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

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

1982

441.9

97.851.936.79.2

14.0

210.396.685.128.7

35.8

83.9

409.0

391.5

223.7167.8

46.7-19.1

27.9

47.0

2.8

73.5

7.7

0

32.9

33.78

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

50.7-21.9

32.4

54.3

2.6

-7.8.5

8.3

0

44.1

37.56.6


I

458.3

103.154.739.09.4

12.2

219.7101.889.128.9

37.7

85.5

424.2

405.8

234.7171.1

49.2-20.4

30.5

50.9

2.7

-7.7.5

8.2

0

34.1

36.019

II

473.5

106.957.340.1

9.4

15.6

226.1106.490.529.2

38.5

86.3

429.6

411.6

239.1172.5

50.021631.6

53.2

2.6

-7.8.5

8.3

0

43.9

36.97.0

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

51.022432.9

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

8.0.6

8.6

0

53.9

40.513.4

II r

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

54.5

41.912.6

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 goodsServices . .

Compensation of employeesMilitaryCivilian

Other servicesStructures

NondefenseDurable goodsNondurable goods

Commodity Credit Corporation: Inventory changeOther nondurables

ServicesCompensation of employeesOther services

Structures

State and localDurable goodsNondurable goodsServices

Compensation of employeesOther services

Structures

Billions of dollars

1982

650.5

258.9179.549.413.3

112.968.440.927.544.5

3.9

79.43.2

14.39.25.1

55.432.822.6

6.7

391.512.731.9

306.0223.7

82.241.0

1983

685.5

269.7200.559.112.4

124.473.143.629.551.3

4.6

69.33.5

_ 2-5.9

5.759.334.724.66.6

415.813.433.1

329.0241.4

87.640.3


I

678.8

273.0194.755.513.1

121.972.042.829.249.94.1

78.33.59.64.25.4

58.734.324.36.6

405.813.132.1

320.6234.785.940.1

II

682.2

270.5199.360.012.2

122.672.743.329.449.9

4.4

71.33.52.8

-3.05.8

58.434.623.86.6

411.613.332.8

325.8239.186.739.8

III

689.8

269.2200.957.912.6

125.673.343.829.552.34.8

68.33.313

-7.86.5

59.234.724.47.1

420.613.433.5

331.4243.687.842.3

IV

691.4

266.3207.262.911.7

127.674.444.629.853.2

4.9

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

130.977.546.531.053.4

4.4

54.23.5

-18.0-22.9

4.962.436.426.06.3

436.813.935.5

346.1253.692.541.4

II r

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


1982

292.7

117.079.121.62.8

53.033.919.914.019.01.8

37.91.56.64.91.7

26.916.610.32.9

175.76.0

12.0140.1106.034.117.7

1983

291.9

116.284.724.22.9

55.534.620.214.321.02.0

31.51.65

-2.41.8

27.616.810.82.8

175.76.1

12.6139.7105.734.017.3


I

294.3

119.083.323.52.9

55.034.320.114.220.7

1.9

35.71.63.81.91.8

27.516.710.82.8

175.36.0

12.3139.6105.634.017.3

II

292.4

117.284.825.12.8

55.034.520.214.320.52.0

32.31.6

.6-1.3

2.027.316.810.52.8

175.26.1

12.5139.5105.633.917.1

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

57.135.020.614.522.1

1.9

33.61.61.6

-.21.7

27.516.910.62.9

178.96.3

13.4140.8105.934.918.4


September 1984 SURVEY OF CURRENT BUSINESS 11

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

Receipts from foreigners

Exports of goods and servicesMerchandise

Durable goods...Nondurable goods

ServicesFactor income 1 .Other

Capital grants received by the United States (net)Payments to foreigners

Imports of goods and servicesMerchandise

Durable goodsNondurable goods

ServicesFactor income 1 ..Other

Transfer payments (net)From persons (net)From government (net)

Interest paid by government to foreigners

Net foreign investment

Billions of dollars

1982

348.4

348.4209.2119.589.7

139.286.552.7

0

348.4

329.4244.6122.8121.8

84.838.646.2

7.51.26.3

18.1

-6.6

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

-33.9


I

328.5

328.5194.3111.782.6

134.278.156.1

0

328.5

308.9231.8124.8107.0

77.131.445.7

6.1.9

5.3

17.6

-4.1

II

328.1

328.1193.4111.781.6

134.781.153.6

0

328.1

334.5251.6135.3116.3

83.033.749.2

7.11.06.2

17.3

-30.9

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

-41.5

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 r

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


1982

147.681.444.437.0

66.342.124.2

118.079.752.127.6

38.318.819.5

1983

139.576.741.735.0

62.839.323.5

126.989.158.930.2

37.816.721.1


I

138.276.441.235.2

61.836.924.9

115.381.453.228.2

34.014.819.1

II

137.075.341.134.2

61.738.023.7

123.486.757.029.6

36.815.821.0

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 r

144.780.644.935.7

64.141.222.9

156.2110.676.134.5

45.622223.4

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 ....

Industrial supplies and materialsDurable goodsNondurable goods ..

Capital goods, except autos

Autos

Consumer goodsDurable goodsNondurable goods

OtherDurable goodsNondurable goods . ..

Merchandise imports

Foods feeds and beverages . .

Industrial supplies and materials, excluding petroleumDurable goods ...Nondurable goods

Petroleum and products

Capital goods except autos ..

Autos

Consumer goodsDurable goodsNondurable goods

Other .. .. .Durable goodsNondurable goods .

Addenda:Exports:

Agricultural productsNonagricultural products

Imports of nonpetroleum products

Billions of dollars

1982

209.2

31.6

61.616.944.7

73.7

17.4

14.76.58.2

10.25.15.1

244.6

17.1

46.923.623.4

61.3

38.3

34.1

39.723.316.4

7.23.63.6

37.2172.0183.3

1983

198.6

31.1

56.316.140.2

68.3

18.3

13.95.98.0

10.65.35.3

258.918.2

51.226.424.8

53.8

41.0

42.0

45.325.919.4

7.43.73.7

36.6161.9205.1


I

194.3

30.9

54.515.239.4

69.3

16.6

13.86.07.8

9.24.64.6

231.8

17.8

47.423.024.4

43.1

37.4

37.1

42.724.218.5

6.33.23.2

35.3159.0188.7

II

193.4

29.6

55.616.039.6

67.7

17.6

13.65.87.8

9.24.64.6

251.6

18.1

51.126.624.5

51.3

39.0

40.8

44.225.318.9

7.13.53.5

34.8158.5200.3

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

2S2.9

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 r

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


1982

81.4

14.5

21.75.9

15.7

28.4

5.5

7.42.64.8

4.02.02.0

79.7

7.1

16.48.28.2

5.1

18.9

11.4

17.912.15.8

2.91.51.5

17.164.374.6

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


I

76.4

14.4

19.85.5

14.3

26.4

5.1

7.02.44.6

3.61.81.8

81.4

7.6

17.38.48.9

3.7

18.6

12.3

19.212.66.6

2.61.31.3

16.559.977.7

II

75.3

13.5

20.35.8

14.4

25.7

5.4

6.92.34.53.61.81.8

86.7

7.6

18.89.89.0

4.8

19.3

13.4

19.913.16.8

2.91.41.4

15.859.581.9

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

6.92.44.55.52.82.8

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 r

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


12 SURVEY OF CURRENT BUSINESS September 1984Table 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

1982

408.8

524.0136.0

29.235.6

-9.53.1

221.8137.1

0

-115.3-148.2

32.9

0

408.3

414.9-6.6

-.5

1983

437.2

571.7118.1

76.554.5

-11.233.2

231.2145.9

0

-134.5-178.6

44.1

0

437.7

471.6-33.9

.5


I

393.4

545.1128.0

48.831.4

-4.321.7

226.9141.4

0

-151.7-185.7

34.1

0

400.9

405.0-4.1

7.5

II

414.7

538.196.7

70.251.7

-12.130.6

228.2143.0

0

-123.4-167.3

43.9

0

418.7

449.6-30.9

4.1

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

48

IV

485.7

615.0128.7

100.065.692

43.6

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

107.072.913547.6

239.9151.8

0

-107.4-161.3

53.9

0

546.1

623.8-77.7

2.2

II r

551.0

660.2144.8

115.370.273

52.3

244.1156.0

0

-109.2-163.7

54.5

0

542.0

627.0-85.0

-9.0

Table 5.10-5.11.Inventories and Final Sales of Business in Currentand 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 tradeDurable goodsNondurable goods

OtherDurable goodsNondurable goods

Change in business invento-ries

FarmNonfarm

ManufacturingDurable goodsNondurable goods

Wholesale tradeDurable goodsNondurable goods

Merchant wholesalersDurable goodsNondurable goods

Nonmerchant wholesalersDurable goodsNondurable goods

Retail tradeDurable goodsNondurable goods

OtherDurable goodsNondurable goods

Billions of dollars

1982

-26.1

-2.1-24.0-13.5-10.5

-20.9150

-5.9-3.9

30-1.0-1.6

17.1

-2.3-1.3-1.1-2.3

32.8

3.23.1.1

1983

-13.5

-10.4-3.1

9.2-12.3

-9.4-7.3-2.2-2.4-2.1-.3

-1.2-1.8

.7-1.2-.3-.97.64.72.91.12.5

-1.4


I

-42.9

-10.3-32.6-28.6

40

283-21.4-6.9

-15.6-12.8-2.9

-10.9-11.6

.7-4.7-1.2

366.02.63.45.31.53.8

II

-19.4

-14.0547.8

132

4 6-3.4-1.2-7.7-7.4-.4

-8.1-7.2

8.4

-.1.5

5.92.13.81.03.22.2

III

-4.3

-15.911.633.0214

-3.3-6.1

2.86.05.2

.85.35.5-.2

.7-.31.05.63.72.03.29.76.5

IV

12.7

1.414.124.4

-10.4

-1.51.83.37.96.61.39.16.13.0

-1.2.5

-1.612.710.42.35.1

-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 T

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

-5.18.23.1


-10.4

-1.292

-8.765

-2.21 0

-1.2.2

-.2-.6

.4-.8-.6-.2

-1.2-1.5

.31.61.4.3

-3.6

-4.2.6

-3.5-2.9-.65-.8

.3-.2-.7

.4-.3-.1-.23.42.11.31.21.1.1

16 5

-4.611 8

11 5-8.9-2.7

5 7-5.2-.5

-4.5-4.7

.1-1.1-.5-.62.71.41.32.6

72.0

6 1

-5.83

1 512

-.22 8

-3.1.3

29-3.0

.1

.1-.1

.12.7

.91.81.314-.1

.9

-6.67.4

-1.12.51.43.12.3.8

3.02.4

.6

.1-.1

.22.71.61.02.84.1

-1.3

7.2

.27.0

.11.1103.42.8.6

scb_091984

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