Wages Taxes Investment Saving Output Prices Profits Government Spending Labor Credit Money Capital International Trade and Finance Productivity Debt Energy Construction Income Distribution Poverty State and Regiona Manufacturing Services Industries Wages Taxes Investment Saving Output Prices Profits Government Spending Labor Credit Money Capital Productivity Debt Energy Poverty State and Regiona Construction Manufacturing Services Industries Wages Taxes Investment Saving Output Prices Profits Government Spending Labor Credit Money Capital Productivity Debt Energy Construction Income Distribution Poverty State and Region Manufacturing Services Industries Wages Taxes Investment Saving Output Prices Profits Government Spending Labor Credit Money Capital International Trade and Finance Productivity Debt Energy Construction Income Distribution Poverty State and Regiona Manufacturing Services Industries Wages Taxes Investment Saving Output Prices Profits Government Spending Labor Credit Money Capital International Trade and Finance Productivity Debt Energy Construction Income Distribution Poverty State and Regional Manufacturing Services Industries Wages Taxes Investment Saving Output Prices Profits Government Spending Labor Credit Money Capital Productivity Debt Energy Poverty State and Regiona Construction Services Industries Wages Taxes Investment Saving Output Prices Profits Government Spendi Labor Credit Money Capital Productivity Debt Energy Construction Income Distribution Poverty State and Re Manufacturing Services Industries Wages Taxes Investment Saving Output Prices Profits Government Spending Labor Credit Money Capital International Trade and Finance Productivity Debt Energy Construction Income Distribution Poverty State and Regiona Industries TH Manufacturing DITION Services Wages Taxes Investment Saving Output Prices Profits Government Spending Labor Credit Money Capital Productivity Debt Energy Construction Income Distribution Poverty State and Region Manufacturing Services Industries Edited by Cornelia J. Strawser Wages Taxes Investment Saving Output Prices Profits Government Spending Labor Credit Money Capital Productivity Debt Energy Construction Income Distribution Poverty State and Region Manufacturing Services Industries Wages Taxes Investment Saving Output Prices Profits Government Spending Labor Credit Money Capital International Trade and Finance Productivity Debt Energy Construction Income Distribution Poverty State and Regional Manufacturing Services Industries Wages Taxes Investment Saving Output Prices Profits Government Spending Labor Credit Money Capital International Trade and Finance Productivity Debt Energy Construction Income Distribution Poverty State and Regiona Manufacturing Services Industries Wages Taxes Investment Saving Output Prices Profits Government Spending Labor ™ Credit Money Capital Productivity Debt Energy Construction Income Distribution Poverty State and Region Manufacturing Services Industries Wages Taxes Investment Saving Output Prices Profits Government Spending Labor Credit Money Capital Productivity Debt Energy Construction Income Distribution Poverty State and Regiona Manufacturing Services Industries Wages Taxes Investment Saving Output Prices Profits Government Spending Labor Credit Money Capital International Trade and Finance Productivity Debt Energy Construction Income Distribution Poverty State and Region Manufacturing Services Industries
B USINESS S TATISTICS OF THE
U NITED S TATES
PATTERNS OF ECONOMIC CHANGE 11 E 2006
BERNAN PRESS
Business Statistics of the United States Patterns of Economic Change 11th Edition, 2006
Business Statistics of the United States Patterns of Economic Change 11th Edition, 2006 Editor Cornelia J. Strawser Associate Editor Mark Siegal
BERNAN PRESS
© 2006 Bernan Press, an imprint of Bernan Associates, a division of the Kraus Organization Limited. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the copyright holder. Bernan Press does not claim copyright in U.S. government information. ISBN: 1-59888-009-8 ISSN: 1086-8488 Printed by Automated Graphic Systems, Inc., White Plains, MD, on acid-free paper that meets the American National Standards Institute Z39-48 standard. 2007 2006 BERNAN PRESS 4611-F Assembly Drive Lanham, MD 20706 800-274-4447 email:
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4 3 2 1
CONTENTS
ACKNOWLEDGEMENTS ...........................................................................................................................................xiii PREFACE ....................................................................................................................................................................xv ARTICLE—“NEW DATA FOR THE U.S. ECONOMY” ................................................................................................xix ARTICLE—“USING THE DATA: THE U.S. ECONOMY IN THE NEW CENTURY” ...................................................xxvii SPECIAL NOTES—STATISTICAL ISSUES AND PITFALLS ......................................................................................xxxvi GENERAL NOTES......................................................................................................................................................xlii
PART A: THE U.S. ECONOMY.......................................................................................................1 CHAPTER 1: NATIONAL INCOME AND PRODUCT AND CYCLICAL INDICATORS .....................................................3 Section 1a: Gross Domestic Product: Values, Quantities, and Prices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3 Figure 1-1: Output Per Capita . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3 TABLES 1-1: Gross Domestic Product . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4 1-2: Real Gross Domestic Product . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Figure 1-2: Current-Dollar and Real Gross Domestic Product . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6 Figure 1-3: Percent Changes in Current-Dollar and Real GDP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6 1-3: Contributions to Percent Change in Real Gross Domestic Product . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7 1-4: Chain-Type Quantity Indexes for Gross Domestic Product and Domestic Purchases . . . . . . . . . . . . . . . . .8 1-5: Chain-Type Price Indexes for Gross Domestic Product and Domestic Purchases . . . . . . . . . . . . . . . . . . . .9 1-6: Final Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10 1-7: Per Capita Product and Income and U.S. Population . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11 1-8: Composite Indexes of Economic Activity and Selected Index Components . . . . . . . . . . . . . . . . . . . . . . . .12 Section 1b: Income and Value Added . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13 Figure 1-4: Factor Income by Type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13 TABLES 1-9: Relation of Gross Domestic Product, Gross and Net National Product, National Income, and Personal Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14 Figure 1-5: Difference Between GNP and GDP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16 1-10: Gross Domestic Income by Type of Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17 1-11: National Income by Type of Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19 1-12: Gross and Net Value Added of Domestic Corporate Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21 1-13: Gross Value Added of Nonfinancial Domestic Corporate Business in Current and Chained Dollars . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22 Notes and Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23
CHAPTER 2: INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION .................................................................35 Figure 2-1: Capacity Utilization: Total Manufacturing and High-Tech . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .35 TABLES 2-1: Industrial Production Indexes by Market Groups . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .36 2-2: Industrial Production Indexes by NAICS Industry Groups . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .40 2-3: Capacity Utilization by NAICS Industry Groups . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .43 Notes and Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .46
CHAPTER 3: INCOME DISTRIBUTION AND POVERTY .............................................................................................49 Section 3a: Household and Family Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .49 Figure 3-1: Median and Mean Household Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .49 TABLES 3-1: Median Household Income and Median Earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .50 3-2: Median Income of Households by Race and Hispanic Origin Using 2- and 3-Year Averages . . . . . . . . .51 3-3: Median Family Income by Type of Family . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .52 3-4: Shares of Aggregate Income Received by Each Fifth and Top 5 Percent of Households . . . . . . . . . . . . .53 3-5: Shares of Aggregate Income Received by Each Fifth and Top 5 Percent of Families . . . . . . . . . . . . . . . . .54
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Section 3b: Poverty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .55 Figure 3-2: Poverty Rates: Total, Children, and Seniors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .55 TABLES 3-6: Average Poverty Thresholds by Family Size . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .56 3-7: Poverty Status by Type of Family, Race, and Hispanic Origin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .57 3-8: Poverty Status of People by Sex and Age . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .61 3-9: Poverty Status of People Inside and Outside Metropolitan Areas, and People In and Near Poverty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .62 3-10: Poor People 16 Years and Over by Work Experience . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .63 Section 3c: Alternative Measures and State Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .64 Figure 3-3: Median Household Income, Official and Alternative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .64 TABLES 3-11: Median Household Income and Poverty Rates for People, Based on Alternative Definitions of Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .65 Figure 3-4: Poverty Rate: Official, Alternative, and NAS-Based Definitions of Income . . . . . . . . . . . . . . . . . . . . . . . . .66 3-12: Official and National Academy of Sciences (NAS)-Based Poverty Rates . . . . . . . . . . . . . . . . . . . . . . . . .67 3-13: Comparison of NAS-Based and Official Poverty Rates by Selected Characteristics, 2003 . . . . . . . . . . .68 3-14: Median Income and Poverty Rates by State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .69 Notes and Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .70
CHAPTER 4: CONSUMER INCOME AND SPENDING ................................................................................................75 Figure 4-1: Personal Saving Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .75 TABLES 4-1: Personal Income and Its Disposition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .76 4-2: Personal Consumption Expenditures: Current Dollars, Constant Dollars, and Price Indexes . . . . . . . . . .78 4-3: Personal Consumption Expenditures by Major Type of Product . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .79 4-4: Chain-Type Quantity Indexes for Personal Consumption Expenditures by Major Type of Product . . . .81 4-5: Personal Consumption Expenditures by Type of Expenditure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .83 Figure 4-2: Personal Consumption Expenditures by Type of Expenditure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .84 Notes and Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .85
CHAPTER 5: SAVING AND INVESTMENT; BUSINESS SALES AND INVENTORIES ...................................................89 Figure 5-1: National Saving, Investment, and Borrowing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .89 TABLES 5-1: Saving and Investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .90 5-2: Gross Private Fixed Investment by Type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .92 Figure 5-2: Private Fixed Investment by Type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .94 5-3: Real Gross Private Fixed Investment by Type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .95 5-4: Chain-Type Quantity Indexes for Private Fixed Investment by Type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .97 5-5: Current-Cost Net Stock of Fixed Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .99 5-6: Chain-Type Quantity Indexes for Net Stock of Fixed Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .100 5-7: Inventories to Sales Ratios . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .101 Figure 5-3: Private Nonfarm Inventory/Sales Ratios . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .102 5-8: Manufacturing and Trade Sales and Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .103 5-9: Real Manufacturing and Trade Sales and Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .104 5-10: Capital Expenditures, 1996–2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .105 5-11: Capital Expenditures for Structures and Equipment for Companies with Employees by Major NAICS Industry Sector, 1998–2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .106 Notes and Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .108
CHAPTER 6: GOVERNMENT....................................................................................................................................113 Section 6a: Federal Government in the National Income and Product Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .113 Figure 6-1: Federal Government Saving and Dis-Saving . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .113 TABLES 6-1: Federal Government Current Receipts and Expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .114 6-2: Federal Government Consumption Expenditures and Gross Investment . . . . . . . . . . . . . . . . . . . . . . . . .116 6-3: Federal Government Defense and Nondefense Consumption Expenditures by Type . . . . . . . . . . . . . . .117 6-4: National Defense Consumption Expenditures and Gross Investment: Selected Detail . . . . . . . . . . . . . .118
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6-5: Federal Government Output, Lending and Borrowing, and Net Investment . . . . . . . . . . . . . . . . . . . . . . .119 6-6: Chain-Type Quantity Indexes for Federal Government Defense and Nondefense Consumption Expenditures and Gross Investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .120 6-7: Chain-Type Quantity Indexes for National Defense Consumption Expenditures and Gross Investment: Selected Detail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .121 Section 6b: State and Local Government in the National Income and Product Accounts . . . . . . . . . . . . . . . . . . . . . .122 Figure 6-2: State and Local Government Current Receipts and Expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .122 TABLES 6-8: State and Local Government Current Receipts and Expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .123 6-9: State and Local Government Consumption Expenditures and Gross Investment . . . . . . . . . . . . . . . . . .125 6-10: State and Local Government Output, Lending and Borrowing, and Net Investment . . . . . . . . . . . . . .126 6-11: Chain-Type Quantity Indexes for State and Local Government Consumption Expenditures and Gross Investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .127 6-12: State Government Current Receipts and Expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .128 6-13: Local Government Current Receipts and Expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .130 6-14: State Government Consumption Expenditures and Gross Investment by Function . . . . . . . . . . . . . . .132 6-15: Local Government Consumption Expenditures and Gross Investment by Function . . . . . . . . . . . . . . .133 Section 6c: Federal Government Budget Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .134 Figure 6-3: Defense Spending as a Percent of GDP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .134 TABLES 6-16: Federal Government Receipts and Outlays by Fiscal Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .135 6-17: Federal Government Debt by Fiscal Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .138 Section 6d: Government Output and Employment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .139 Figure 6-4: Government Employment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .139 TABLES 6-18: Chain-Type Quantity Indexes for Government Output . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .140 6-19: Government Employment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .141 Notes and Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .142
CHAPTER 7: U.S. FOREIGN TRADE AND FINANCE ................................................................................................149 Section 7a: Foreign Transactions in the National Income and Product Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .149 Figure 7-1: Receipts, Payments, and Balance on Current Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .149 TABLES 7-1: Foreign Transactions in the National Income and Product Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . .150 7-2: Chain-Type Quantity Indexes for Exports and Imports of Goods and Services . . . . . . . . . . . . . . . . . . . .151 7-3: Chain-Type Price Indexes for Exports and Imports of Goods and Services . . . . . . . . . . . . . . . . . . . . . . .152 7-4: Exports and Imports of Selected NIPA Types of Product . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .153 7-5: Chain-Type Quantity Indexes for Exports and Imports of Selected NIPA Types of Product . . . . . . . . .154 Section 7b: U.S. International Transactions Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .155 Figure 7-2: Balance on Current Account and Financial Inflows and Outflows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .155 TABLES 7-6: U.S. International Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .156 7-7: Foreigners’ Transactions in Long-Term Securities with U.S. Residents . . . . . . . . . . . . . . . . . . . . . . . . . . . .162 7-8: International Investment Position of the United States at Year-End . . . . . . . . . . . . . . . . . . . . . . . . . . . . .164 Section 7c: Exports and Imports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .165 Figure 7-3: Foreign Trade Balances on Goods and Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .165 TABLES 7-9: U.S. Exports and Imports of Goods and Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .166 7-10: U.S. Exports of Goods by End-Use and Advanced Technology Categories . . . . . . . . . . . . . . . . . . . . . . .167 7-11: U.S. Imports of Goods by End-Use and Advanced Technology Categories . . . . . . . . . . . . . . . . . . . . . . .168 7-12: U.S. Exports and Imports of Goods by Principal End-Use Category in Constant Dollars . . . . . . . . . . .169 7-13: U.S. Exports of Goods by Selected Regions and Countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .170 7-14: U.S. Imports of Goods by Selected Regions and Countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .172 7-15: U.S. Exports of Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .174 7-16: U.S. Imports of Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .175 7-17: U.S. Export and Import Price Indexes by End-Use Category . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .176 Notes and Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .177
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CHAPTER 8: PRICES .................................................................................................................................................187 Figure 8-1: Inflation Indicators . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .187 TABLES 8-1: Consumer Price Indexes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .188 Figure 8-2: Consumer Prices: All Items, Medical Care, and Apparel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .193 8-2: Alternative Measures of Total and Core Consumer Prices: Index Levels . . . . . . . . . . . . . . . . . . . . . . . . . .194 8-3: Alternative Measures of Total and Core Consumer Prices: Inflation Rates . . . . . . . . . . . . . . . . . . . . . . . .195 8-4: Producer Price Indexes and Purchasing Power of the Dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .196 8-5: Producer Price Indexes by Major Commodity Groups . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .201 8-6: Producer Price Indexes for the Net Output of Selected NAICS Industry Groups . . . . . . . . . . . . . . . . . .202 8-7: Prices Received and Paid by Farmers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .203 Notes and Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .204
CHAPTER 9: EMPLOYMENT COSTS, PRODUCTIVITY, AND PROFITS ....................................................................211 Section 9a: Employment Cost Indexes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .211 Figure 9-1: Changes in Wages and Salaries and in Benefit Costs, Private Industry . . . . . . . . . . . . . . . . . . . . . . . . . . . .211 TABLES 9-1: Employment Cost Indexes—Total Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .212 9-2: Employment Cost Indexes—Wages and Salaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .213 9-3: Employment Cost Indexes—Benefit Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .214 Section 9b: Productivity and Related Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .215 Figure 9-2: Change in Labor Productivity, Nonfarm Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .215 TABLE 9-4: Productivity and Related Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .216 Section 9c: Profits by Industry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .218 Figure 9-3: Corporate Profits with IVA by Major Sector . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .218 TABLES 9-5: Corporate Profits with Inventory Valuation Adjustment by Industry Group (SIC Basis) . . . . . . . . . . . .219 9-6: Corporate Profits with Inventory Valuation Adjustment by Industry Group (NAICS Basis) . . . . . . . . .221 Notes and Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .222
CHAPTER 10: EMPLOYMENT, HOURS, AND EARNINGS .......................................................................................227 Section 10a: Labor Force, Employment, and Unemployment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .227 Figure 10-1: Labor Force Participation Rate and Employment/Population Ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . .227 Figure 10-2: Unemployment Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .227 TABLES 10-1: Civilian Population and Labor Force . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .228 10-2: Civilian Employment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .229 10-3: Civilian Employment and Unemployment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .230 10-4: Unemployment Rates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .231 10-5: Unemployment Rates and Related Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .232 10-6: Insured Unemployment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .233 Section 10b: Payroll Employment, Hours, and Earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .234 Figure 10-3: Total Nonfarm Payroll Employment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .234 TABLES 10-7: Nonfarm Payroll Employment by NAICS Supersector . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 235 10-8: Production or Nonsupervisory Workers on Private Nonfarm Payrolls by NAICS Supersector . . . . . .237 Figure 10-4: Average Weekly Hours, Selected Industries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .238 10-9: Average Weekly Hours of Production or Nonsupervisory Workers on Private Nonfarm Payrolls by NAICS Supersector . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .239 10-10: Indexes of Aggregate Weekly Hours of Production or Nonsupervisory Workers on Private Nonfarm Payrolls by NAICS Supersector . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .240 10-11: Average Hourly Earnings of Production or Nonsupervisory Workers on Private Nonfarm Payrolls by NAICS Supersector . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .241 10-12: Average Weekly Earnings of Production or Nonsupervisory Workers on Private Nonfarm Payrolls by NAICS Supersector . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .242 Notes and Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .243
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CHAPTER 11: ENERGY ............................................................................................................................................253 Figure 11-1: Energy Consumption and Prices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .253 TABLES 11-1: Energy Supply and Consumption . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .254 11-2: Energy Consumption per Dollar of Real Gross Domestic Product . . . . . . . . . . . . . . . . . . . . . . . . . . . . .255 Notes and Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .256
CHAPTER 12: MONEY, ASSETS, LIABILITIES, AND ASSET MARKETS ...................................................................257 Figure 12-1: Federal Funds Rate and 10-Year Treasury Securities Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .257 TABLES 12-1: Money Stock Measures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .258 12-2: Selected Components of the Money Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .259 12-3: Aggregate Reserves of Depository Institutions and Monetary Base . . . . . . . . . . . . . . . . . . . . . . . . . . . . .260 12-4: Commercial Banks: Bank Credit and Selected Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .261 Figure 12-2: Debt as a Percent of GDP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .263 12-5: Credit Market Debt Outstanding, By Borrower and Lender . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .264 Figure 12-3: Ratios of Household Debt Service and Financial Obligations to Personal Disposable Income . . . . . . .267 12-6: Household Assets, Liabilities, Net Worth, Financial Obligations, and Delinquency Rates . . . . . . . . . . .268 12-7: Mortgage Debt Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .270 12-8: Consumer Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .271 12-9: Selected Interest Rates and Bond Yields . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .272 Figure 12-4: S&P Composite Price Index and OFHEO House Price Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .274 12-10: Common Stock Prices and Yields; Existing House Prices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .275 Notes and Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .276
CHAPTER 13: INTERNATIONAL COMPARISONS ....................................................................................................285 Figure 13-1: Real GDP Per Capita, United States and Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .285 TABLES 13-1: International Comparisons: Growth Rates in Real Gross Domestic Product . . . . . . . . . . . . . . . . . . . . .286 13-2: International Comparisons: Real GDP Per Capita . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .287 13-3: International Comparisons: Real GDP Per Employed Person . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .288 13-4: International Comparisons: Consumer Price Indexes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .289 13-5: International Comparisons: Unemployment Rates and Civilian Labor Forces . . . . . . . . . . . . . . . . . . . .290 Figure 13-2: International Value of the U.S. Dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .291 13-6: Exchange Rates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .292 Notes and Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .293
PART B: INDUSTRY PROFILES...................................................................................................297 CHAPTER 14: INDUSTRY DEFINITION AND STRUCTURE.......................................................................................299 Article—“The Structure of U.S. Industry: An Introduction to the North American Industry Classification System (NAICS)” . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .299 TABLE 14-1: NAICS Industry Definitions: With Rough Derivation from SIC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .301
CHAPTER 15: PRODUCT AND INCOME BY INDUSTRY..........................................................................................309 Figure 15-1: Output Change by NAICS Industry Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .309 TABLES 15-1: Gross Domestic Product (Value Added) by SIC Industry Group, 1987–2000 . . . . . . . . . . . . . . . . . . . . .310 15-2: Value Added (Gross Domestic Product) by NAICS Industry Group, in Current Dollars . . . . . . . . . . .311 15-3: Value Added (Gross Domestic Product) by NAICS Industry Group, in Constant Dollars . . . . . . . . . .312 15-4: Gross Domestic Factor Income by NAICS Industry Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .313 Notes and Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .314
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CHAPTER 16: EMPLOYMENT, HOURS, AND EARNINGS BY NAICS INDUSTRY....................................................317 Figure 16-1: Net New Nonfarm Payroll Jobs by Major NAICS Industry Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .317 TABLES 16-1: Nonfarm Employment by NAICS Sector and Industry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .318 16-2: Production or Nonsupervisory Workers on Private Nonfarm Payrolls by NAICS Industry . . . . . . . . .324 16-3: Average Weekly Hours of Production or Nonsupervisory Workers on Private Nonfarm Payrolls by NAICS Industry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .326 16-4: Average Hourly Earnings of Production or Nonsupervisory Workers on Private Nonfarm Payrolls by NAICS Industry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .328 16-5: Average Weekly Earnings of Production or Nonsupervisory Workers on Private Nonfarm Payrolls by NAICS Industry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .330 16-6: Indexes of Aggregate Weekly Hours of Production or Nonsupervisory Workers on Private Nonfarm Payrolls by NAICS Industry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .332 16-7: Indexes of Aggregate Weekly Payrolls of Production or Nonsupervisory Workers on Private Nonfarm Payrolls by NAICS Industry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .334 Notes and Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .336
CHAPTER 17: KEY SECTOR STATISTICS..................................................................................................................337 Figure 17-1: New Orders for Durable Goods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .337 TABLES 17-1: Petroleum and Petroleum Products—Prices, Imports, Domestic Production, and Stocks . . . . . . . . . . .338 17-2: New Construction Put in Place . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .339 17-3: Housing Starts and Building Permits; New House Sales and Prices . . . . . . . . . . . . . . . . . . . . . . . . . . . . .341 17-4: Manufacturers’ Shipments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .342 17-5: Manufacturers’ Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .347 17-6: Manufacturers’ New Orders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .350 17-7: Manufacturers’ Unfilled Orders, Durable Goods Industries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .352 17-8: Motor Vehicle Sales and Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .354 17-9: Retail and Food Services Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .356 17-10: Retail Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .359 17-11: Merchant Wholesalers—Sales and Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .360 17-12: Selected Service Industries—Receipts of Taxable Firms, 1986–1998, by SIC Industry . . . . . . . . . . . . .361 17-13: Selected Service Industries—Revenue of Tax-Exempt Firms, 1986–1998, by SIC Industry . . . . . . . . .361 17-14: Selected Service Industries—Revenue, 1998–2003, by NAICS Industry . . . . . . . . . . . . . . . . . . . . . . . . .362 17-15: Selected Service Industries—Revenue—Total and E-Commerce, 1998–2003, by NAICS Industry . . .363 Notes and Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .364
PART C: HISTORICAL DATA ......................................................................................................373 CHAPTER 18: SELECTED ANNUAL DATA, 1929–1948............................................................................................375 Figure 18-1: Output per Capita . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .375 Figure 18-2: Employment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .377 TABLES 18-1: National Income and Product Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .378 18-2: NIPA Data on Real Output, Prices, and Employment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .380 18-3: Fixed Assets: Current-Cost Values and Quantity Indexes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .382 18-4: Price and Production Indexes and Labor Force Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .384 18-5: Federal Budget . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .386 Notes and Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .387
CHAPTER 19: SELECTED HISTORICAL DATA FOR QUARTERLY SERIES.................................................................389 TABLES 19-1: Gross Domestic Product . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .389 19-2: Real Gross Domestic Product . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .393 19-3: Contributions to Percent Change in Real Gross Domestic Product . . . . . . . . . . . . . . . . . . . . . . . . . . . . .394 19-4: Chain-Type Quantity Indexes for Gross Domestic Product and Domestic Purchases . . . . . . . . . . . . . .398
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19-5: Chain-Type Price Indexes for Gross Domestic Product and Domestic Purchases . . . . . . . . . . . . . . . . .402 19-6: Personal Income and Its Disposition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .406 19-7: Inventories to Sales Ratios . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .410 19-8: Federal Government Current Receipts and Expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .414 19-9: State and Local Government Current Receipts and Expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .422 19-10: U.S. International Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .430 19-11: Productivity and Related Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .436 Notes and Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .444
CHAPTER 20: SELECTED HISTORICAL DATA FOR MONTHLY SERIES....................................................................445 TABLES 20-1: Industrial Production and Capacity Utilization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .445 20-2: Summary Consumer and Producer Price Indexes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .455 20-3: Summary Labor Force, Employment, and Unemployment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .465 20-4: Nonfarm Payroll Employment, Hours, and Earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .475 20-5: Money Stock, Reserves, and Monetary Base . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .485 20-6: Interest Rates, Bond Yields, and Stock Price Indexes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .493 20-7: Composite Indexes of Economic Activity and Selected Index Components . . . . . . . . . . . . . . . . . . . . . .503 Notes and Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .511
PART D: REGIONAL AND STATE DATA .....................................................................................513 CHAPTER 21: REGIONAL AND STATE DATA ..........................................................................................................515 Figure 21-1: Per Capita Personal Income, United States and Selected States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .515 TABLES 21-1: Gross Domestic Product by Region and State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .516 21-2: Personal Income and Employment by Region and State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .521 Notes and Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .581
INDEX ........................................................................................................................................585
ACKNOWLEDGEMENTS
This volume would not have been possible without the knowledge, experience, judgment, and technical and organizational skills of Associate Editor Mark Siegal, who researched and compiled each data table and graph in this book with unfailing intelligence and efficiency. Bernan’s editorial and production departments, under the overall direction of Tamera Wells-Lee, did the copyediting, layout, and graphics preparation. Jo A. Wilson prepared the layout and graphics, assisted by Rebecca Zayas. Shana Hertz served as the lead copyeditor. Shana,
Jo, and Rebecca capably handled all editorial and production aspects of this edition. Also, thanks to Katherine DeBrandt, who worked on previous editions of Business Statistics, for her support and guidance as Bernan’s data analyst team leader. Finally, special thanks are due to the many federal agency personnel who, as always, responded generously to our frequent need for assistance in obtaining data and background information.
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PREFACE
Business Statistics of the United States: Patterns of Economic Change, 11th Edition, 2006 is a basic desk reference for everyone requiring statistics on the U.S. economy. It contains about 3,500 economic time series in all, portraying the period since World War II in comprehensive detail, and, in the case of 144 key statistics, going back to 1929. The data are predominantly from federal government sources. Of equal importance to the data are the extensive background notes that enable users to understand the data, use them appropriately, and, if desired, seek additional information from the source agencies.
recent quarterly or monthly data. This enables easy calculation of growth rates for periods or subperiods and more flexible comparisons of recent values with historical data.
THE 2006 EDITION
In both Part A and Part C, the presentations begin with the national income and product accounts, or NIPAs. The NIPAs comprise a comprehensive, thorough, and internally consistent data set. They measure the value of the total output of the U.S. economy (the gross domestic product, or GDP) and factor that value into its quantity, or “real,” and price components. They show how output is distributed among consumers, business investors, government, and foreign customers, and how the income generated in producing that output is distributed between labor and capital.
Business Statistics: 2006, like the 2005 and 2004 editions, provides a rich, deep, and comprehensive picture of the American economy. The subtitle introduced with the 2004 edition—Patterns of Economic Change—indicates the increased resources made available for analyzing the economic history of the past half-century and more, for observing past trends, and for providing the basis for projecting such trends into the future.
However, historical data at a higher frequency than annual are required for many purposes, such as: comparison of activity before and after business cycle turning points, or observation of the effects of the outbreak or the end of war. For the main series presented in Part A, historical quarterly or monthly data are presented in Part C, all the way back to the beginning of the postwar period where available.
• Whereas editions prior to 2004 typically presented data for only the latest 30 years, Business Statistics now presents data for the entire half-century since the end of World War II, with summary data covering the years 1929–1948. This enables the user to refer to earlier periods of depression, war, recession, expansion, and cycles of inflation and disinflation. • New data using the new North American Industry Classification System give a much clearer picture of the most dynamic sectors of the “new economy.”
Production estimates for the “industrial” sectors of the economy—manufacturing, mining, and utilities—follow the presentation of the overall accounts.
As always, each table in the 2006 edition has been updated through the latest full year for which data were available (usually 2004) and all historical revisions to the data available as of November 2005 have been incorporated.
Following those, there is a chapter on prices; two chapters that are concerned with the compensation of labor and capital inputs and the amount and productivity of labor input; one chapter on energy inputs into production and consumption; and one chapter on money and financial markets.
THE PLAN OF THE BOOK The history of the U.S. economy in the period since World War II is told in the major U.S. government sets of statistical data: the national income and product accounts compiled by the Bureau of Economic Analysis (BEA); the data on labor force, employment, hours, earnings, and productivity compiled by the Bureau of Labor Statistics (BLS); the price indexes collected by BLS; and the financial market data compiled mainly by the Board of Governors of the Federal Reserve System (FRB). All of these sets exist in both annual and either monthly or quarterly form dating from shortly after the end of World War II—beginning in 1946, 1947, or 1948. In Part A, Business Statistics presents all annual values for major indicators and their significant components back to the earliest postwar year available, along with
Then, more detail is presented for the final demand components of production. GDP by definition consists of the sum of consumption expenditures, business investment, government purchases of goods and services, and exports minus imports—the elementary economics blackboard equation “GDP = C + I + G + X – M.” Chapters on each of those demand components are presented in Part A.
While GDP is initially defined and measured by adding up its final demand categories, this output is produced in industries—some in the old-line heavy industries such as manufacturing, mining, and utilities, but an increasing share in the huge and heterogeneous group known as “service-providing” industries. Part A gives a number of summary measures of activity classified by industry or industrial sector—industrial production, profits, and employment-related data. Industry data are presented in more detail in Part B. The user will not, however, find the same degree of historical continuity as in Part A. The pace of technological and organizational change that the American economy has experienced over the past half-century has been so rapid that the statistical industry definitions have had difficulty xv
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keeping up. It has proved impossible in many cases to produce historical data series that cover the entire postwar period and also meaningfully reflect the detailed industrial structure of the economy as it exists today. The industries that were used to categorize data during most of the postwar period were originally defined in the 1930s and modified only modestly since then. They do not provide an adequate framework for analyzing economic activity in the twenty-first century. An up-to-date system called the North American Industry Classification System (NAICS) was put into effect beginning in 1997, and it has now been incorporated in nearly all of the government’s statistical series. However, this system required breaks with the past at many disaggregated reporting levels, and data collected on the earlier Standard Industrial Classification system (SIC) are, in many areas, not easily convertible to the new system. Different statistical agencies have dealt with this problem in different ways, and Business Statistics provides both detailed information for recent data and as much historical comparability as possible. For industrial production, the Federal Reserve Board has been able to carry estimates on the NAICS basis back to at least 1972 (1967 for some higher-level aggregates); these are shown in Chapters 2 and 20. The Bureau of Labor Statistics has calculated employment and related data back to 1939 for NAICS “supersectors,” and these are shown in Chapters 10 and 18. On the other hand, the Census Bureau’s capital expenditures survey gives data by NAICS industries beginning only in 1998 (Chapter 5). In Part B, Business Statistics first presents a general description of NAICS and its differences from SIC, followed by a table summarizing the structure of the U.S. economy as specified in NAICS. This table indicates how the NAICS statistical system is organized and shows— very roughly in some cases—how each NAICS industry relates to the earlier SIC industries. In this part’s chapters, Business Statistics presents detailed industry data on the NAICS basis as far back as it is available. BLS employment and related data are available back to 1990. Census Bureau data on manufacturers’ shipments, orders, and inventories, and wholesale and retail sales and stocks, begin in 1992. For these Census data, Business Statistics shows roughly comparable data for earlier years, with an overlap shown in the year 1992, making comparisons at a broad level observable. For selected service industries, NAICS data are available only from 1998 forward. NIPA data by industry are presented on the NAICS basis as far back as available and on the SIC basis for earlier years. Part C, Historical Data, begins with a table summarizing annual values for important economic aggregates for the years 1929–1948, giving some suggestion of the enormous changes the economy went through as it experienced the Great Depression and the New Deal, mobilized for World War II, and subsequently demobilized. In the subsequent two chapters, postwar quarterly or monthly values for NIPA data and other major indicators provide the opportunity to observe changes associated with all of the
10 complete (peak-to-peak) business cycles that have been identified in this period. Part D, State and Regional Data, now includes not only data by state and region on personal income and employment back to 1958, but also values and quantity indexes for gross domestic product by state and region back to 1977. Notes and definitions. Productive use of economic data requires accurate knowledge about the sources and meaning of the data. The notes and definitions for each chapter, shown immediately after that chapter’s tables, contain definitions, descriptions of recent data revisions, and references to sources of additional technical information. They also include information about data availability and revision and release schedules, so that the user may readily access the latest current values if he or she needs to keep up with the data month by month or quarter by quarter. THE HISTORY OF BUSINESS STATISTICS The history of Business Statistics began with the publication, many years ago, by the U.S. Department of Commerce’s Bureau of Economic Analysis (BEA) of the first edition of a volume of the same name and general purpose. After 27 periodic editions, the last of which appeared in 1992, the BEA found it necessary (for budgetary and other reasons) to discontinue both the publication and the maintenance of the database from which the publication was derived. The individual statistical series gathered together here are publicly available. However, the task of gathering them from a number of sources within the government and assembling them into one coherent database is impractical for most data users. Even when current data are readily available, obtaining the full historical time series often is time-consuming and difficult. Definitions and other documentation can be inconvenient to find as well. Believing that a Business Statistics compilation was too valuable to be lost to the public, Bernan Press published the first edition of the present publication in 1995, edited by Dr. Courtenay M. Slater. The first edition received a warm welcome among users of economic data. Dr. Slater, formerly Chief Economist of the Department of Commerce, continued to edit and improve Business Statistics through four subsequent annual editions. The current editor worked with Dr. Slater on the fourth and fifth editions. In subsequent editions, she has continued in the tradition established by Dr. Slater of ensuring highquality data while revising and expanding the book’s scope to include significant new aspects of the U.S. economy and longer historical background. Nearly all of the statistical data in this book are from federal government sources and are in the public domain. Sources and restrictions, if any, are given in the notes and definitions.
PREFACE The data in this volume meet the publication standards of the federal statistical agencies from which they were obtained. Every effort has been made to select data that are accurate, meaningful, and useful. All statistical data are subject to error arising from sampling variability, reporting errors, incomplete coverage, imputation, and other causes. The responsibility of the editor and publisher of this volume is limited to reasonable care in the reproduction and presentation of data obtained from established sources. The 2006 edition has been edited by Cornelia J. Strawser, in association with Mark Siegal. Dr. Strawser is Senior Economic Consultant to Bernan Press. She edited the seventh, eighth, ninth, and 10th editions and was the co-editor on two previous editions of Business Statistics. She was co-editor of Foreign Trade of the United States, 2001, and also worked on the Handbook of U.S. Labor Statistics. She was formerly Senior Economist for the U.S. House of Representatives Budget Committee and has also served at the Senate
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Budget Committee, at the Congressional Budget Office, and on the Federal Reserve Board staff. Her fields of special concentration included analysis of current business conditions, including issues of economic measurement; monetary and fiscal policy; and income distribution and poverty. Mark Siegal, a research editor with Bernan Press, served as the associate editor on this edition as well as on the 10th edition of Business Statistics. Mark previously worked as a staff assistant with the USDA Human Nutrition Research Center on Aging at Tufts University, and has a background in researching government data, statistics and data management, technical writing, and editing. Mark, also an assistant editor on Vital Statistics of the United States, has a B.S. in communication (with distinction in research) from Cornell University and a certificate in epidemiology from Tufts University. The editor assumes full responsibility for the interpretations presented in this volume.
NEW DATA FOR THE U.S. ECONOMY
The mission of Bernan Press in publishing Business Statistics each year is to provide historical facts, figures, and descriptions for the data that monitor the performance of the U.S. economy as a whole and its sectors and industries. New in this 11th edition are several important statistical series that have drawn much recent attention.
price index, favored by the Federal Reserve Board and other analysts). Also included are “marketbased” versions of the PCE index, introduced in the 2003 comprehensive revision of the NIPAs. (Tables 8-2 and 8-3)
The first part of this article briefly describes these new series, with references to the tables in which they are found. The second part describes the 2003 comprehensive revision of the national income and product accounts (NIPAs). This section includes some material from the 10th edition of Business Statistics, which introduced this comprehensive revision. It also includes updated information from the tabulations on spending and saving by nonprofit institutions that were introduced in the 2003 comprehensive revision. The third part presents two new quarterly reports from the Census Bureau, one on e-commerce and one on services.
“Real” interest rates. The effect of a given nominal interest rate on economic behavior is different when inflation is expected to be high from the effect when expected inflation is low. Frequently, analysts subtract either the current inflation rate or some expected inflation value from a nominal interest rate to provide a measure of the “real” interest rate. In this spirit, Business Statistics shows the primary Federal Reserve policy instrument, the federal funds overnight lending rate, not only in nominal terms but also corrected for inflation using an often-used measure—the contemporaneous rate of change from a year earlier in the PCE index excluding food and energy. (Table 12-9)
I. SERIES NEW TO BUSINESS STATISTICS New information on prices and inflation. • Two price indexes for single-family houses are introduced. One is the index for prices of existing houses, calculated by the Office of Federal Housing Enterprise Oversight (OFHEO). This is often cited in discussions of whether there is a speculative “bubble” in housing prices. Other uses might include comparisons with a stock price index such as the Standard and Poor’s 500 to determine if and when the average family home has been a better investment than the average common stock. (Table 12-10) The other series new to Business Statistics is a Census Bureau index for new home sales. It shows the change in the price of a newly-built house, holding quality constant. (Table 17-3) • Historical data for crude oil prices are now shown in a fashion consistent with the price quoted every day in the newspapers. This price series is shown not only in current dollars, as normally quoted, but also in constant (2000) dollars—that is, relative to the overall level of prices. Thus, it can be seen that while the price registered in 2004 was the highest so far in current dollar terms, it was not as high relative to the general price level as in the early 1980s. (Table 17-1) • Data and discussion are introduced for several different indexes often used as gauges of inflation: total and “core” indexes (“core” indicating that food and energy prices have been stripped out) for variations of the CPI (Consumer Price Index) and the PCE (personal consumption expenditures chain
The creation of indexed Treasury securities also makes it possible to observe a market-determined longer-term real interest rate. This rate is also shown in Table 12-9. New data on international capital flows. Shown for the first time in Business Statistics are the Treasury’s monthly data on long-term international capital flows, which have become crucial in financing the large and growing trade deficit and which also affect the international value of the dollar. By being available monthly, they provide early information on an important element of the currentaccount deficit and its financing. (Table 7-7) The growth of the cost of employee benefits for workers in private industry and state and local government, by major industry and occupational group, is shown in components of the Employment Cost Index newly added to Business Statistics. (Table 9-3) Expanded data on employment and unemployment. Data have been added on employment of the self-employed, household employees, and multiple jobholders (“moonlighters”). Participation rates and employment/population ratios are shown separately for adult men, adult women, and teenagers; these three groups have differing trends over time and different behaviors over the course of the business cycle. Labor force data for Asians are shown in addition to the other, larger racial and ethnic groups. Unemployment “by reason” is included for the first time. This is included because the unemployment of people who have lost jobs (as contrasted with the unemployment of those who have quit or the job search of persons entering the labor force) is the crucial variable in the business cycle. (Tables 10-1 through 10-5) To add to the ability to study recent behavior of employment, hours, and earnings by detailed industry, these data are xix
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BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
now shown monthly, as well as annually, for the last full year. (Chapter 16) New definitions of poverty. The Census Bureau has now calculated five years of poverty rates using several specifications based on recommendations by a panel of the National Academy of Sciences. These are included, along with updated data on the official poverty measure and many of its variants, in Chapter 3.
II. COMPREHENSIVE REVISION OF THE NATIONAL INCOME AND PRODUCT ACCOUNTS All the data from the national income and product accounts (NIPAs)—the basic accounts for production, income, and demand in the U.S. economy—presented in this edition of Business Statistics incorporate the 2003 comprehensive revision, further updated by the 2004 and 2005 annual revisions. (The previous edition incorporated the 2003 comprehensive revision and the 2004 annual revision.) During the half-century of history shown in this volume, the basic theme of short-term fluctuations and long-term growth remains the same as before these revisions. The basic concepts of production measurement and the categories in which the components of production are measured also remain the same. Growth rates over the postwar period are about the same as before. However, each of the revisions in turn made both the 2001 recession and the subsequent recovery milder than previously portrayed. For many students of the U.S. economy, the most significant consequences of the 2003 comprehensive revision were the new clarity introduced into the accounts, the new distinctions made in them, and the new ways in which economic relationships are illuminated. Major features of the 2003 comprehensive revision The major definitional and classification changes in the 2003 revision were as follows, with the material in quotes taken directly from the Bureau of Economic Analysis (BEA): • “A more complete and accurate measure of insurance services that results from estimating implicit services provided by property and casualty insurance companies.” This smoothed the inappropriate movements that were caused by extraordinary disasters—such as hurricanes and the terror attack on September 11, 2001—under the previous treatment. • “An improved measure of banking services that identifies services received by borrowers as well as by depositors.” As a result of the overhaul of the banking measure, bank output growth in the United States was revised downward, partly because services to business borrowers were redefined as interme-
diate rather than final output, and partly because more output was attributed to foreign offices. • “A new treatment of government that recognizes that governments produce services and that goods and services purchased by governments are intermediate inputs.” This treatment did not revise total gross domestic product (GDP), but made offsetting changes in its components. • “An expanded definition of national income that includes all net incomes earned in production—a definition more consistent with international guidelines.” New and updated sources and methodologies were used to improve other sectors of the accounts. The base year for chained-dollar estimates of real output was updated from 1996 to 2000, as was the base year for all quantity and price indexes. While these base-year changes affected the level of every index and chained-dollar series, they did not have any effect on the statistics that convey the meanings of the series—the growth rates of real product and its components, and the changes in price levels that portray inflation. Industry measures are now compiled and presented using the new North American Industry Classification System (NAICS). However, because NAICS represents such a sharp break from the old Standard Industrial Classification System (SIC), much of the NAICS-based data is only available for recent years. For this reason, Business Statistics continues to show data for some series for earlier years using the SIC. NIPA changes in Business Statistics These new features have all been incorporated into the NIPA-based tables in Business Statistics. An overview of the major changes in each affected chapter follows. More detailed information is provided in the notes and definitions that follow each chapter. Chapter 1. In the first section of Chapter 1, “Gross Domestic Product: Values, Quantities, and Prices,” the structure and the underlying content of the tables are little changed from those presented in Business Statistics in previous years. The introduction of chain-weighted price and quantity indexes in recent years has made the measurement of real output more stable, because real GDP changes are no longer re-evaluated using price relationships from time periods far removed from those in which the changes actually take place. However, chain-weighting has complicated the analysis of real data. Specifically, it is now difficult for users of the data to break down the change in a total to the changes in its component parts that add up to the total. Business Statistics therefore now includes Table 1-3, Contributions to Percent Change in Real Gross Domestic Product, as calculated by the Bureau of Economic Analysis.
NEW DATA FOR THE U.S. ECONOMY The second section, entitled “Income and Value Added,” incorporates many of the new and clarified definitions of income in tables that make more clear the identity of the value of output and the value of the incomes generated by that output. Table 1-9 demonstrates the relationship of domestic income and product to national income and product. In this table, domestic indicates income and product generated within the United States while national indicates income and product accruing to residents of the United States. Domestic and national income components are presented in Tables 1-10 and 1-11, where differences between the two are identified in more detail. Certain components of national and domestic income have been re-grouped. Certain fees for services that used to be included in “other labor income” have been reclassified as wages and salaries, and the bulk of the category formerly known as “other labor income” is now included in “supplements to wages and salaries,” which comprises employer contributions to government and private social insurance and benefit funds. Business tax totals no longer include “nontaxes,” which have been reclassified as transfer payments. In Tables 1-12 and 1-13, Business Statistics provides an expanded presentation of “value added by”—formerly known as “GDP originating in”—domestic corporate business, financial and nonfinancial, and the income components of that value added. Real-dollar measures of the output of nonfinancial domestic corporate business are also shown in this edition. Chapter 4. The tables in this chapter have changed little in their general outlines. In Table 4-1, Personal Income and Its Disposition, “nontaxes” are no longer lumped in with personal taxes, but have been reclassified mainly as transfer payments. “Supplements to wages and salaries” now include business payments to social insurance funds and pension and welfare funds. However, both employer and employee contributions to social insurance funds are subtracted in the calculation of “personal income,” whose definition remains therefore unchanged. Chapter 5. Table 5-1, Saving and Investment, now includes a new measure of “net domestic investment,” which is defined as the value of gross investment minus the value of the consumption of fixed capital. It also includes two new national saving rates—gross saving and net saving as a percent of gross national income. A new concept, “net lending or net borrowing,” provides a measure similar to the “net foreign investment” concept formerly included in these tables. With an adjustment for “capital account transactions” (generally a small amount), it shows the amount by which national saving exceeds domestic investment and can be invested abroad. When net lending or net borrowing has a negative sign, as has been the case in current years, domestic investment exceeds national saving and has been financed by capital inflows from abroad. Chapter 6. This chapter reflects the new treatment of government in the NIPAs. It is a clarification of the role of
xxi
government, not a quantitative re-evaluation. These definitional changes do not change total GDP in either current or constant dollars, or change the amount of government saving and investment. However, they do provide new information on what the government produces and the flows between government and the rest of the economy. Government performs two different functions that are specifically recognized in these accounts. First, government produces output that adds to the overall output of goods and services. This output is broken down between “gross investment,” which is production of fixed assets with lives longer than one year, and “consumption expenditures,” which is all other government activity that uses productive resources, including payments to government employees for their services. Both government gross investment and government consumption expenditures are components of GDP, just as private gross investment and personal consumption are components. Second, government redistributes income by making payments of social benefits to persons—payments that are not in exchange for services performed in the period under measurement, such as Social Security payments and payments for Medicare services. These payments are not components of the building-up of GDP, but affect the flow of incomes to individuals. Through these effects, they are likely to indirectly influence the level and composition of GDP—for example, by facilitating the use of medical care. Governments finance all of their spending—investment, consumption, and social benefits and other transfer payments—with some combination of taxes, other receipts, and borrowing, as demonstrated by the new NIPA tables. Tables displaying “Current Receipts and Expenditures,” such as Tables 6-1 and 6-8, include all current government spending (whether it generates GDP or redistributes income) and all current tax and other receipts. Investment spending is not included, but spending does include a calculated value of the consumption of government fixed capital. In the receipts sections of these tables, personal current taxes exclude the “nontax” payments, which are now in transfer receipts. “Indirect business taxes” now exclude “nontaxes,” again reclassified as transfer payments, and are renamed “taxes on production and imports.” Receipts of interest and other payments on assets are now shown separately in the receipts section, instead of being netted against government interest and other payments. These now appear gross of such receipts in the expenditure section. Of course, this “grossing up” does not change net government saving. The tables that follow complete the depiction of the role of governments in the production of GDP and in the balance of saving and investment. In Tables 6-2 and 6-9, government consumption spending is seen to be the total of employee compensation, consumption of fixed capital, and goods and services purchased from other sectors, adjusted to exclude own-account investment and sales to
xxii
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
other sectors. This consumption spending plus government gross investment (which includes the own-account investment that was removed from the components of consumption spending) makes up the contribution of government to GDP. Tables 6-5 and 6-10 show the total “gross” output of government, which consists of the value added by the government labor force and capital stock and the value of the goods and services purchased. The same tables show net investment (gross investment minus capital consumption) and net lending, completing the accounting for the government contribution to national saving and investment as shown in Table 5-1. Other tables in Chapter 6 present detail of government consumption expenditures and gross investment, including breakdowns of federal spending into defense and nondefense components; these are represented in current dollars and quantity indexes. Chapter 7. Foreign transactions in the NIPAs are now closely aligned with the international transactions accounts (ITAs) in the definition of the current-account balance. (The actual measures will still differ because of slightly different definitions, including the fact that the NIPAs exclude U.S. territories overseas that are included in the ITAs.) In Table 7-1, instead of “net foreign investment” (the entry that used to be added to “payments to the rest of the world” to balance the accounts), the NIPAs now show “balance on current account,” “capital transactions,” and “net lending and net borrowing, national income and product accounts.” The last is defined as the balance on current account less capital transfers to the rest of the world. In Table 7-6, the ITAs measure the balance on current account and the capital transactions (with the definitional differences mentioned above). They also directly measure (with an inevitable statistical discrepancy) the capital inflows and outflows that are associated with those transactions. Chapter 15. Business Statistics has incorporated new tables on product and income by NAICS industry and retained earlier data on the old Standard Industrial Classification (SIC). The concept formerly known as “gross domestic product originating,” or “GDP by industry,” was renamed “value added” in the 2003 revision. This does not represent any significant change in the concept, which continues to be the portion of the GDP, priced at market prices (including taxes on production and imports), that is produced in the industry, or—equivalently—the industry’s gross output, valued at market prices, minus its purchases of intermediate goods and services. Due to the redefinition of income to include taxes on production and imports, the income originating in an industry is now the same— except for statistical discrepancy—as the gross product or value added of that industry.
Measures of real industry output are shown in Table 15-1 as quantity indexes on the SIC basis for 1987–2000, and in Table 15-2 as chained-dollar measures on the NAICS basis from 1998 to date. The value added statistics in Table 15-3 should be used with some caution as measures of the relative importance of industries in the United States. The reason is the economically arbitrary assignment of “taxes on production and imports”—now included in both value added and income—to industries in the U.S. economy. These taxes are assigned to the industry with the legal liability to pay them; see the notes and definitions to this chapter for a discussion of the problems with this assignment. To avoid this source of distortion, the editor has added a tabulation of gross domestic factor income to this edition of Business Statistics—value added minus taxes on production and imports—showing the incomes of capital and labor and their sum for each industry. (Table 15-4) Nonprofit institutions. In the NIPAs, the personal sector includes not only households but also “nonprofit institutions serving households” (NPISHs). This comprises all nonprofit institutions except for those that are considered to be serving government and business, such as chambers of commerce and trade associations. These institutions are included in the business sector instead. For annual (not quarterly) data from the years 1992 through 2004, BEA now compiles and makes available tables showing personal income and its disposition for households and NPISHs separately. Each major type of income and expenditure is estimated separately for the two groups. Household receipts from NPISHs, purchases from NPISHs, and contributions to NPISHs are identified separately instead of being netted out as they are in the current quarterly accounts. These data provide answers to questions about how much of “personal” saving is in fact accounted for by NPISHs and whether these institutions are a factor in the observed changes in personal saving behavior. Saving estimates from these tables are shown in Table A-1 on page xxiii. These results indicate that NPISHs accounted for a surprisingly large proportion of personal saving in the stockmarket boom years of 1999 and 2000. More recently, the amount and share of NPISH saving has subsided. The significance of this information and other important factors in personal saving is discussed in Marshall B. Reinsdorf, “Alternative Measures of Personal Saving,” Survey of Current Business, September 2004. These data and the data on income and outlays for the household and non-profit sectors on which they are based are available in Table 2-9 in the NIPA tables, which can be found on the BEA Web site,
. The Reinsdorf article on saving measures and an article from the April 2003 Survey of Current Business, “Income and Outlays of Households and of Nonprofit Institutions Serving Households,” can be found at the same Web site.
NEW DATA FOR THE U.S. ECONOMY
xxiii
Table A-1. Personal Saving: Households and Non-Profit Institutions Serving Households (NPISHs) Personal saving (billions of dollars)
NPISH saving as a percent of total personal saving
Year Total personal
Household
NPISH
Saving as a percent of disposable income Total personal
Household
1992 ...................................................... 1993 ...................................................... 1994 ......................................................
366.0 284.0 249.5
352.6 271.4 238.8
13.5 12.6 10.6
3.7 4.4 4.2
7.7 5.8 4.8
7.5 5.6 4.7
1995 1996 1997 1998 1999
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
250.9 228.4 218.3 276.8 158.6
235.7 206.9 176.5 240.3 114.0
15.2 21.6 41.8 36.5 44.6
6.1 9.5 19.1 13.2 28.1
4.6 4.0 3.6 4.3 2.4
4.4 3.7 3.0 3.8 1.7
2000 2001 2002 2003 2004
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
168.5 132.3 184.7 172.8 151.8
116.6 107.8 168.6 162.1 134.8
51.9 24.5 16.2 10.7 16.9
30.8 18.5 9.6 6.6 12.5
2.3 1.8 2.4 2.1 1.8
1.6 1.4 2.2 2.0 1.6
Overall, the immense wealth of new data now provided in the NIPAs affords new opportunities for fruitful research and a deeper understanding of the U.S. economy.
III. NEW QUARTERLY REPORTS FROM THE CENSUS BUREAU The Census Bureau has instituted two important new quarterly reports on growth areas of the U.S. economy, which provide additional business indicators and more current information for inclusion in the GDP. Retail E-commerce sales Beginning with the fourth quarter of 1999, the Census Bureau has collected data on e-commerce sales from the Monthly Retail Trade Survey sample (see Table 17-9 and its notes and definitions). E-commerce sales are the sales of goods and services in which an order is placed by the buyer or price and terms of sale are negotiated over the Internet, extranet, Electronic Data Interchange (EDI) network, electronic mail, or other online system. Payment may or may not be made online. Table A-2 on page xxiv shows data from this survey through the third quarter of 2005, both unadjusted for seasonal variation and seasonally adjusted; the seasonally adjusted data are new this year. The quarterly releases and full data tables are available on the Census Web site .
fourth quarter of 2005, due February 17, 2006, is likely to be of widespread interest. Quarterly revenue for selected services Seven quarters of data are now available for most industries covered in the new Quarterly Services Survey (only three quarters are included for hospitals and nursing and residential care facilities), as shown in Table A-3 on page xxv. These data allow for some preliminary observations about seasonal movements and trends in these industries. Many industries show changes that appear to be seasonal in nature, with particularly strong fourth quarters. Some industries also have a second-quarter uptick, while accounting and related services have strong first quarters, reflecting the tax preparation season. Until enough years of data have accumulated to permit the calculation of seasonal adjustment factors, the best trend indicators are the growth rates from a year earlier; the two most recent are shown in the final two columns of the table. In the second quarter of 2005, double-digit revenue growth from a year earlier was shown by cable networks and program distribution; wireless telecommunications and other telecommunications; accounting and similar services; management, scientific, and technical consulting services; advertising; and travel services.
These estimates reflect the NAICS definition of retail sales, which excludes food service. Online travel services, financial brokers and dealers, and ticket sales agencies are not classified as retail and are not included in these estimates; they are, however, included in the annual survey of selected services. See Table 17-15 for more information.
The “employment services” category includes temporary help agencies. It shows moderately strong year-over-year growth but with an apparent seasonal decline in the first quarter. This industry group has revenues only half those of the “other administrative and support” category, which provides administrative, janitorial, and other services to businesses on a contract basis.
Based on the seasonally adjusted data, e-commerce has grown from 0.6 percent of retail sales in the fourth quarter of 1999 to 2.3 percent of sales in the third quarter of 2005. The unadjusted data show a fourth-quarter jump each year in the e-commerce share, indicating that the holiday buying component of e-commerce is somewhat greater proportionally than in general retail sales. In view of the intense discussions of online shopping for the 2005 holiday season, the Census report on e-commerce for the
These new quarterly Census data, available on the Census Web site at , will improve the quality of quarterly GDP data for these important and growing service sectors, reducing the amount of revision necessary in annual benchmarking. They represent an important addition to the ability of the NIPAs to measure the course of today’s economy, both accurately and promptly.
xxiv
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table A-2. Quarterly U.S. Retail Sales: Total and E-Commerce Retail sales (millions of dollars) Year and quarter Total
E-commerce
E-commerce as a percent of total sales
Percent change from prior quarter Total sales
E-commerce sales
Percent change from same quarter a year ago Total sales
E-commerce sales
NOT SEASONALLY ADJUSTED 1999 4th quarter ..................................................
766 184
5 140
0.7
8.4
...
9.0
...
2000 1st quarter .................................................. 2nd quarter ................................................. 3rd quarter ................................................. 4th quarter ..................................................
694 130 751 524 745 674 791 679
5 462 5 972 6 817 8 907
0.8 0.8 0.9 1.1
-9.4 8.3 -0.8 6.2
6.3 9.3 14.1 30.7
11.1 7.4 5.5 3.3
... ... ... 73.3
2001 1st quarter .................................................. 2nd quarter ................................................. 3rd quarter ................................................. 4th quarter ..................................................
704 615 779 224 756 857 829 127
7 815 7 784 7 751 10 802
1.1 1.0 1.0 1.3
-11.0 10.6 -2.9 9.5
-12.3 -0.4 -0.4 39.4
1.5 3.7 1.5 4.7
43.1 30.3 13.7 21.3
2002 1st quarter .................................................. 2nd quarter ................................................. 3rd quarter ................................................. 4th quarter ..................................................
718 959 792 382 794 520 835 607
9 666 10 146 10 774 14 120
1.3 1.3 1.4 1.7
-13.3 10.2 0.3 5.2
-10.5 5.0 6.2 31.1
2.0 1.7 5.0 0.8
23.7 30.3 39.0 30.7
2003 1st quarter .................................................. 2nd quarter ................................................. 3rd quarter ................................................. 4th quarter ..................................................
742 161 820 540 833 206 879 500
12 180 12 699 13 495 17 357
1.6 1.5 1.6 2.0
-11.2 10.6 1.5 5.6
-13.7 4.3 6.3 28.6
3.2 3.6 4.9 5.3
26.0 25.2 25.3 22.9
2004 1st quarter .................................................. 2nd quarter ................................................. 3rd quarter ................................................. 4th quarter ..................................................
802 110 880 936 886 091 952 572
15 494 15 752 16 473 21 519
1.9 1.8 1.9 2.3
-8.8 9.8 0.6 7.5
-10.7 1.7 4.6 30.6
8.1 7.4 6.3 8.3
27.2 24.0 22.1 24.0
2005 1st quarter .................................................. 2nd quarter ................................................. 3rd quarter .................................................
852 249 952 392 962 707
19 124 19 812 20 817
2.2 2.1 2.2
-10.5 11.8 1.1
-11.1 3.6 5.1
6.3 8.1 8.6
23.4 25.8 26.4
1999 4th quarter ..................................................
722 454
4 477
0.6
2.3
...
9.3
...
2000 1st quarter .................................................. 2nd quarter ................................................. 3rd quarter ................................................. 4th quarter ..................................................
740 491 739 869 746 941 751 884
5 681 6 333 7 262 7 686
0.8 0.9 1.0 1.0
2.5 -0.1 1.0 0.7
26.9 11.5 14.7 5.8
9.5 7.1 5.7 4.1
... ... ... 71.7
2001 1st quarter .................................................. 2nd quarter ................................................. 3rd quarter ................................................. 4th quarter ..................................................
756 897 766 162 759 805 786 789
8 110 8 277 8 292 9 316
1.1 1.1 1.1 1.2
0.7 1.2 -0.8 3.6
5.5 2.1 0.2 12.3
2.2 3.6 1.7 4.6
42.8 30.7 14.2 21.2
2002 1st quarter .................................................. 2nd quarter ................................................. 3rd quarter ................................................. 4th quarter ..................................................
774 281 783 076 791 696 792 846
10 025 10 802 11 543 12 162
1.3 1.4 1.5 1.5
-1.6 1.1 1.1 0.1
7.6 7.8 6.9 5.4
2.3 2.2 4.2 0.8
23.6 30.5 39.2 30.5
2003 1st quarter .................................................. 2nd quarter ................................................. 3rd quarter ................................................. 4th quarter ..................................................
800 410 808 643 830 624 834 502
12 606 13 495 14 423 15 012
1.6 1.7 1.7 1.8
1.0 1.0 2.7 0.5
3.7 7.1 6.9 4.1
3.4 3.3 4.9 5.3
25.7 24.9 25.0 23.4
2004 1st quarter .................................................. 2nd quarter ................................................. 3rd quarter ................................................. 4th quarter ..................................................
854 133 867 869 882 822 904 126
15 997 16 789 17 620 18 607
1.9 1.9 2.0 2.1
2.4 1.6 1.7 2.4
6.6 5.0 4.9 5.6
6.7 7.3 6.3 8.3
26.9 24.4 22.2 23.9
2005 1st quarter .................................................. 2nd quarter ................................................. 3rd quarter .................................................
916 768 941 282 957 864
19 729 21 112 22 323
2.2 2.2 2.3
1.4 2.7 1.8
6.0 7.0 5.7
7.3 8.5 8.5
23.3 25.7 26.7
SEASONALLY ADJUSTED
. . . = Not available.
NEW DATA FOR THE U.S. ECONOMY
xxv
Table A-3. Selected Services: Estimated Revenue for Employer Firms (Not seasonally adjusted.) Total revenue (millions of dollars) NAICS code
Percent change
2Q 2005
1Q 2005
4Q 2004
3Q 2004
2Q 2004
1Q 2004
4Q 2003
2Q 2005 from 2Q 2004
235 501 62 524 13 299 9 551 14 391 25 283 16 626 134 105 15 450 30 223 88 432 49 883 33 512 5 037 22 246 8 884 13 362
227 592 58 769 12 553 8 554 13 831 23 831 16 957 130 466 14 792 28 289 87 385 50 319 32 019 5 047 21 400 8 649 12 751
236 969 64 010 13 505 9 539 14 717 26 249 19 539 131 507 16 190 27 641 87 676 51 350 31 641 4 685 21 913 8 923 12 990
225 588 59 563 12 463 9 543 14 371 23 186 16 012 128 829 15 205 26 242 87 382 51 484 31 367 4 531 21 184 8 281 12 903
225 858 58 580 12 757 9 308 13 371 23 144 18 074 127 865 15 701 25 802 86 362 52 066 29 759 4 537 21 339 8 272 13 067
216 455 56 064 12 093 8 189 12 922 22 860 17 175 122 805 13 302 24 474 85 029 52 541 28 214 4 274 20 411 7 920 12 491
228 197 63 007 12 999 9 052 14 418 26 538 20 480 123 189 14 176 23 617 85 396 53 237 27 708 4 451 21 521 7 938 13 583
4.3 6.7 4.2 2.6 7.6 9.2 -8.0 4.9 -1.6 17.1 2.4 -4.2 12.6 11.0 4.3 7.4 2.3
5.0 4.9 2.6 4.3 7.5 4.9 0.3 5.7 11.2 15.2 2.1 -4.2 11.4 19.0 5.3 10.4 2.0
54 ................... Professional, scientific, and technical services 5412 ............... Accounting, tax preparation, bookkeeping, and payroll services 5413 ............... Architectural, engineering, and related services 5415 ............... Computer system design and related services 5416 ............... Management, scientific, and technical consulting services 5418 ............... Advertising and related services 541 pt ............. Other professional, scientific, and technical services
259 456 26 609 57 502 47 619 33 485 19 393 74 848
247 941 30 204 53 379 45 884 31 754 17 415 69 305
251 500 21 085 55 496 45 952 31 730 19 091 78 146
233 571 19 990 52 645 45 066 29 962 17 311 68 597
241 999 23 572 56 991 44 681 30 199 17 196 69 360
229 320 27 565 51 105 44 967 27 631 16 207 61 845
229 739 21 727 48 637 44 254 27 630 17 053 70 438
7.2 12.9 0.9 6.6 10.9 12.8 7.9
9.1 10.2 6.3 2.9 16.0 7.7 12.8
56 ................... Administrative and support and waste management and remediation services 561 ................. Administrative and support services 5613 ............... Employment services 5615 ............... Travel arrangement and reservation services 561 pt ............. Other administrative and support services 562 ................. Waste management and remediation services
130 531
123 881
129 561
124 355
121 139
115 086
113 368
7.8
7.8
117 204 36 133 8 171 72 900 13 327
111 610 35 056 7 082 69 472 12 271
115 634 37 268 6 778 71 588 13 927
110 347 34 560 6 822 68 965 14 008
108 415 33 583 7 157 67 675 12 724
103 104 30 505 6 338 66 261 11 982
101 048 31 059 6 008 63 981 12 320
8.1 7.6 14.2 7.7 4.7
8.6 13.8 12.2 5.9 0.5
62 pt ............... Selected health care services 622 ................. Hospitals 623 ................. Nursing and residential care facilities
194 787 158 927 35 860
193 083 158 080 35 003
189 176 153 629 35 547
... ... ...
... ... ...
... ... ...
... ... ...
... ... ...
... ... ...
51 ................... 511 ................. 51111 ............. 51112 ............. 5111 pt ........... 5112 ............... 512 ................. 513 ................. 5131 ............... 5132 ............... 5133 ............... 51331 ............. 51332 ............. 5133 pt ........... 514 ................. 5141 ............... 5142 ...............
Kind of business
Information Publishing industries Newspaper publishers Periodical publishers Book, database and directory, and other publishers Software publishers Motion picture and sound recording industries Broadcasting and telecommunications Radio and television broadcasting Cable networks and program distribution Telecommunications Wired telecommunications carriers Wireless telecommunications carriers (except satellite) Other telecommunications Information services and data processing services Information services Data processing services
. . . = Not available.
1Q 2005 from 1Q 2004
USING THE DATA: THE U.S. ECONOMY IN THE NEW CENTURY
This edition of Business Statistics of the United States provides a summary economic record of the years from 1929 through the end of World War II, as well as extensive detail describing the entire, remarkable period from the end of that war through the first four years of the 21st century. Business Statistics enables its users to undertake many different types of analysis. They can look at the postwar period as a whole, perhaps comparing it with the years from 1929 through 1948. They can compare the performance of the U.S. economy in different wars, both large and small. They can compare economic performance in each of 13 business cycles, including or excluding the “Great Depression” of the 1930s. They can compare the beginnings of previous expansions with the period of growth, still under way at this writing, that has begun the expansion phase of the 11th postwar cycle. They can examine the entire history of the cycle of inflation and disinflation that occurred from the 1960s through the 1990s, and contrast it with the deflation of the early 1930s and wartime inflations. To assist the users of these statistics, the editor first provides some examples of important analytical techniques for extracting a message from a column of figures. Following that section, and illustrating the use of the techniques described, is a comparison of some important indicators for the most recent period of recession and early expansion (from 2000 through 2004) with long-term averages and with the first four years including and following the 1990 recession. Subsequent sections deal with standard-of-living issues and with the relation between inflation and unemployment. Following these are brief mentions of wartime comparisons, business cycle comparisons, and other possible uses. Analytical techniques In assessing the performance of an economy over longer periods of time, it is important to use analytical techniques that highlight the most important attributes of the series. In this article and in the graphs and text that accompany nearly every Business Statistics data chapter, the editor will frequently make use of three such tools: the ratio-scale graph, the calculation of compound annual growth rates, and the use of cyclically comparable years to estimate trends and to separate cyclical from trend behavior. Econometricians use more sophisticated methods of statistical analysis to estimate relationships and construct econometric models, but much can be discerned by using these relatively simple techniques. Ratio-scale graphs. At the beginning of Chapter 1 (Figure 1-1) is a time series graph of output per capita from 1946 through 2004, drawn on a ratio scale. Output per capita is
the constant-dollar value of each year’s U.S. gross domestic product (GDP), divided by the size of that year’s U.S. population. The reader will quickly see that equal distances on the vertical scale of this graph do not represent equal 2000dollar differences in values. However, equal vertical distances do represent equal percent changes. Any upwardsloping straight line plotted on this scale would represent a constant percentage rate of growth over the period, and any downward-sloping straight line would represent a constant percentage rate of decline. This ratio-scale graph was produced by the following three steps: (1) The values to be graphed were converted into natural (base e) logarithms. (2) The natural logarithms were graphed. (3) For ease in interpretation, the vertical scale on this graph of the logarithms was relabeled, replacing the actual numerical value of the logarithm that was plotted with the numerical value of its antilog—that is, the original value. This technique is only valid, of course, for data series that do not include zeroes or negative numbers, for which logarithms do not exist. Because percentage values such as the unemployment rate and percent changes such as the inflation rate are already in percentage terms, and because percent changes may include zero and/or negative values, they are not graphed in this fashion. Compound annual growth rates. In the text of this article and in the highlights pages that precede and accompany most of the chapters, the editor often uses compound annual growth rates to summarize the history of important economic processes such as economic and demographic growth and inflation. The compound annual growth rate is the percentage rate which, when compounded annually, would cause a quantity “X(t)” observed in a period “t” to grow (or decline) to a quantity “X(t+i)” over a period of “i” years. Using this procedure, growth percentages for different periods spanning different numbers of years can be reduced to a common scale—the annual rate—for comparison. The formula for calculating such a growth rate, “r,” is as follows:
r=
i X (t + i ) − 1 x100 . X t ( )
When growth rates are functionally related to each other, such as the growth rates for output, hours worked, and output per hour worked (productivity), those rates will
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be arithmetically consistent as in the following formula, where “o” is the percentage growth rate for output, “h” the rate for hours worked, and “p” the growth rate for output per hour worked: p = [[(100 + o) / (100 + h)] – 1]x100 When the percentage growth rates are not very far from zero, relationships of this kind can be approximated or verified by simple addition or subtraction of the relevant percentage rates. For example, the productivity growth rate of 2.2 percent shown in Table B-1 (nonfarm business, 1948–2000) is (approximately) the difference between the output growth rate of 3.7 percent and the hours growth rate of 1.5 percent. Using cyclically comparable end points. For economic processes that have significant business-cycle components, such as output and employment, it is important to use comparable points in the business cycle for estimating underlying growth rates. (For an explanation and enumeration of business cycles, see the notes and definitions to Table 1-8.) One commonly used method is to simply calculate growth rates between years with similar, high rates of resource utilization. The broadest readily available measure of resource utilization is the unemployment rate, which was 3.8 percent in 1948 and 4.0 percent in 2000.1 Hence, in the analysis that follows, postwar long-term growth rates are typically calculated as the rates for the 52-year period from 1948 to 2000. For comparisons using monthly or quarterly data, calculations can be somewhat more precise, using the dates of business cycle peaks, which are shown in the notes and definitions to Table 1-8, as beginning and end points.
The year 2004, the last shown in this book, cannot be treated as if it were a business cycle peak. The expansion is continuing at this writing (late in 2005) and shows no signs of an imminent turnaround. Hence, it doesn’t tell the whole story to compare the most recent four years with a long-term, peak-to-peak performance such as that seen from 1948 to 2000. Instead, for cyclically sensitive indicators such as GDP and employment, the editor will compare the 2000–2004 period with a cyclically similar period—the years 1990–1994. The year 1990 represented a high point in the annual average for real GDP, which declined in 1991 because of a recession that ran from July 1990 to March 1991. The year 2000 was a year of high growth, followed by very slow growth in 2001 associated with the recession that ran from March to November of 2001. This suggests that it is appropriate to compare the 2000–2004 period with 1990–1994, bearing in mind that they each include a recession period but not a full period of expansion. Both periods can be expected to show slower growth than any period that runs all the way from one cycle peak to the next.2 Assessing growth and labor compensation, long-term and early expansion Table B-1 displays growth rates and related variables for some of the major economic indicators over the entire 1948–2000 period and for two periods of recession and partial recovery (1990–1994 and 2000–2004). For each indicator, a reference is given to the source table in Business Statistics.
Table B-1. Rates of Growth and Inflation: Long-Term and Early Expansion (Percent changes, annual rate, except as noted.) Long-term
Recession and early expansion
Classification 1948–2000
1979–2000
1990–1994
2000–2004
Output, population, employment, and productivity Real GDP (Table 1-2) ............................................................................................ Population (Table 1-7) ............................................................................................ Output per capita (Table 1-7) .................................................................................
3.5 1.3 2.2
... ... ...
1.7
10.2
... ... ... ...
2.1 2.2
Compensation per hour, nonfarm business (Table 9-4) ......................................... Wages and salaries ............................................................................................ Benefits ..............................................................................................................
25.5
Civilian labor force (Table 10-1) ............................................................................. Labor force participation rate (Table 10-1) ............................................................. Civilian employment (Table 10-2) .......................................................................... Unemployment rate (Table 10-4) ...........................................................................
18.3
1.7
2.4 1.3 1.1 1.0
10.1
0.9
2.3 1.0 1.3 0.8
1-1.1
0.4
10.5
11.5
... 1.7
1.1 1.8
-0.1 3.4
... ...
4.6 4.3 5.3
3.7 3.1 5.0
3.8 3.0 5.8
Labor cost per unit of output, nonfarm business (Table 9-4) ................................. Chain price index, PCE (Table 1-5) .......................................................................
3.2 3.5
... 3.7
1.6 2.7
0.5 2.0
Real compensation per hour, based on ECI and PCE ........................................... Wages and salaries ............................................................................................ Benefits ..............................................................................................................
21.8
0.9 0.6 1.6
1.0 0.4 2.3
1.8 1.0 3.8
Nonfarm payroll employment (Table 10-7) ............................................................. Output per hour, nonfarm business (Table 9-4) ..................................................... Employment cost index (ECI), labor cost, and prices
1Percentage point difference over total period, not at annual rate. 2Based on compensation in the productivity and cost data system.
. . . = Not available.
... ...
USING THE DATA: THE U.S. ECONOMY IN THE NEW CENTURY
A NOTE OF CAUTION ABOUT DATA REVISIONS Although these data, like all of the data in Business Statistics, come from the world’s best national statistical operation, they also pertain to the world’s largest and most complex economy. The data are approximations, and the more recent data are preliminary approximations. Many important series have already been revised several times and will be revised again. Here are two examples of recent data revisions: • Population growth. Before the results of Census 2000 became available, population growth was estimated at 0.97 percent per year from 1990 to 2000 and 1.05 percent per year from 1990 to 1994. The actual results of Census 2000 came in higher, and the year 2000 and the intervening years were revised accordingly. Population growth from 1990 to 2000 is now measured at 1.22 percent and from 1990 to 1994 at 1.30 percent. • GDP is revised every year for at least three preceding years. Before the July 2005 revision, growth in real GDP from 2000 to 2004 was estimated at 2.51 percent per year. With the July 2005 revision (incorporated in this volume of Business Statistics), growth over those same four years is estimated at an annual rate of 2.31 percent. Downward revisions in GDP growth were reflected in similar downward revisions in productivity growth and upward revisions in unit labor costs.
Real GDP grew at a 3.5 percent annual rate from 1948 to 2000. As would be expected, growth from 2000 to 2004 was slower, at an annual rate of 2.3 percent. This was almost the same as the 1990–1994 period of recession and early recovery, which averaged 2.4 percent. Population growth is estimated to have slowed in the 21st century (although this judgment might be viewed with some skepticism, in the light of the scale of revision noted in the box above). By accepting the current estimate, it appears that real GDP per capita rose slightly faster in the recent period than in the early 1990s, although still slower than the long-term average of 2.2 percent per year. Increases in real GDP per capita can happen if work input increases more than population, if more can be produced by each unit of work input (that is, if productivity rises), or a combination of both. Taking the half-century ending in 2000 as a whole, both factors were at work. Some interesting differences can be seen in the first four years of this century, compared with the preceding half-
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century and with the previous cyclically comparable fouryear period. Labor force, employment, and unemployment. From 1948 to 2000, the labor force and total employment grew at a 1.7 percent rate—much faster than the population growth rate of 1.3 percent—which was reflected in the large increase in the labor force participation rate. Women of working age increasingly entered the work force, and their numbers far exceeded the numbers of men who left it. (For detailed statistics on labor force participation rates by sex, age, race, and Hispanic origin, see Bernan Press, Handbook of U.S. Labor Statistics.) The labor force growth rate was slower in 1990–1994 than its long-term average, and slower still in the most recent four years. Women’s participation in the labor force grew more slowly in the last decade of the century and has actually declined since 1999. (Table 10-1) There is currently vigorous debate about whether this turnaround reflects voluntary choices about work, inadequate employment opportunity, or some combination of both. Not in question is the fact that employment in the most recent four years has fallen much farther behind labor force growth than it did in 1990–1994. From 1990 to 1994, total civilian employment grew nearly as fast as the civilian labor force, and the unemployment rate rose a relatively moderate 0.5 percentage points, from 5.6 to 6.1 percent. However, from 2000 to 2004, employment grew only half as fast as the slower growth of the labor force, and the unemployment rate rose 1.5 percentage points, from 4.0 to 5.5 percent. (Nevertheless, it may be noted that the unemployment rate in 2004 was no higher than it had been at the 1990 cycle peak.) The retardation of employment in the first four years of the new century is even more marked in nonfarm payroll employment, which rose 2.1 percent per year over the half-century and 1.1 percent per year from 1990 to 1994, but actually declined slightly from 2000 to 2004. This series, though defined more narrowly than total civilian employment, is benchmarked to a comprehensive annual survey of employers and is independent of population estimates, whereas labor force and civilian employment growth numbers are subject to adjustment when the underlying population figures are revised. (See “Special Notes: Statistical Issues and Pitfalls.”) Productivity. Growth in GDP with little or no increase in employment implies growth in productivity. The 1948–2000 average rate of growth for output per hour in U.S. nonfarm business was 2.2 percent. Productivity grew more slowly from 1990 to 1994, which is what would be expected in a period that included a recession but not a full recovery. From 2000 to 2004, productivity growth was 3.4 percent per year (3.8 percent before the mid-2005 revision of GDP and productivity). Thus, it was possible to increase GDP and GDP per capita with an actual decrease in labor input (hours worked).
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Productivity growth is also considered to be a major determinant of the real wage, since it allows increases in compensation without increases in labor cost. The preferred measures of nominal labor compensation—the Employment Cost Index (ECI) measures—are shown in Table B-1. They are only available beginning in 1979, which is why a column showing growth from 1979 to 2000 has been added. (Those two years are roughly comparable in cyclical terms, so that they can be used to estimate the trend. The 1979 unemployment rate of 5.8 percent was substantially higher than in 2000, but it nevertheless represented a cyclical low, a point that would be not be reached again until 1988.) The first thing to notice is the increasing disparity between the growth rate of wages and salaries—the pretax compensation that workers see on their pay stubs— and the growth rate of total compensation, which includes all “fringe benefits” including the employer Social Security tax and the cost of employer-paid medical benefits. (See Table 9-3.) Health care costs are driving this increasing gap between what the employer pays in total for his or her workers and what workers see as their wages or salaries. This gap is part of the reason that measures such as average hourly earnings (Table 10-11) have fallen so far behind the growth rate of productivity. But even taking benefit costs into account, by using the measure of total compensation, it appears that compensation is falling behind productivity at an even greater
rate than it did during the early 1990s. Subtracting the rate of increase in the PCE price index shown in Table B1 from the ECI compensation rate of increase indicates 1.0 percent per year growth in real compensation in 1990–1994—compared with a productivity increase of 1.8 percent—and a 1.8 percent per year real compensation growth in 2000–2004—compared with a productivity increase of 3.4 percent. Another way of observing the same phenomenon is to note that in the 1948–2000 period as a whole, labor cost per unit of output rose about as fast as consumer prices, implying that labor compensation kept pace with productivity. In 1990–1994 and even more so in 2000–2004, the rise in labor cost per unit of output fell far short of the rate of price inflation, implying that the productivity gains went disproportionately to the nonlabor factors of production, and decisively refuting any suggestion that labor compensation was exerting inflationary pressure. A more complete accounting of the costs of production, taking capital as well as labor costs into account, can be observed in the productivity and cost data for nonfinancial corporations. These are only available back to 1958. The earliest year in that span with an unemployment rate comparable to 2000 is 1967 (3.8 percent, the same as 1948). Table B-2 compares 1967–2000 and the two fouryear recession periods as shown in the nonfinancial corporation data. (Table 9-4)
Table B-2. Productivity and Related Data, Nonfinancial Corporations (Percent changes, annual rate.) Classification
1967–2000
1990–1994
2000–2004
Output per hour worked ......................................................................................... Compensation per hour .......................................................................................... Real compensation per hour ..................................................................................
1.8 5.7 0.9
1.7 3.2 0.5
3.4 3.8 1.5
Unit labor costs ...................................................................................................... Unit non-labor costs ............................................................................................... Unit profits ..............................................................................................................
3.9 4.5 1.9
1.5 0.9 8.0
0.5 1.5 6.1
Implicit price deflator .............................................................................................. Consumer price deflator for real compensation .....................................................
3.8 4.8
2.0 2.7
1.3 2.3
USING THE DATA: THE U.S. ECONOMY IN THE NEW CENTURY The 33-year span from 1967 to 2000 excludes many years of high productivity growth, and the productivity growth rate of 1.8 percent shown in the first column of this table is accordingly lower than the longer-term rate of 2.2 percent shown in the first column of Table B-1. For the more recent 4-year periods, however, the productivity growth rates for this sector are almost identical to the growth rates for the overall nonfarm business total during the same period. Over the longer span from 1967 to 2000, compensation per hour at nonfinancial corporations rose 5.7 percent and productivity rose 1.8 percent, for a unit labor cost increase of 3.9 percent. Unit non-labor costs (capital consumption, interest, and indirect taxes) rose 4.5 percent and unit profits rose 1.9 percent. (The relative decline in profits and rise in unit non-labor costs echoes the rise in interest and fall in profits indicated in the national income and product accounts, which in turn reflects the rise in corporate indebtedness. See Tables 1-13 and 12-5.) The implicit price deflator for the sector, or the total price of a unit of output—which is the sum of the unit cost and unit profits growth rates, weighted by their shares—rose at a 3.8 percent rate. Once again, this is the same as the rise in unit labor cost. Despite the fact that unit labor costs rose at about the same rate as the price (implicit deflator) for the sector as a whole over the 1967–2000 period, “real” compensation per hour, as calculated and published by the Bureau of Labor Statistics and shown here, fell short of productivity. This is because of a substantial difference in price trend for much of the postwar period between the “market basket” that workers consume and the “market basket” that U.S. corporations produce. Business sector output includes a substantial proportion of high-tech products, which have had dramatic price declines. Workers, on the other hand, buy proportionately fewer computers and other high-tech products and more commodity-based products, including imports. They did not get less than their proportionate share of the sector’s revenues, but what they earned lost ground in relative purchasing power. As can be seen in the table, the difference between the two price trends continued in the latest four years. In both recession-recovery periods, unit labor costs lagged behind the change in output prices while unit profits expanded. The rise in real compensation in 2000–2004 represented a substantial improvement over both of the previous periods shown, yet lagged farther than ever behind the astonishing increase in productivity. Whose standard of living? So far, this article has been concerned with averages— average GDP per capita, average output and real compensation per hour worked, and so forth. It is important to note that an average, known technically to statisticians as a “mean,” is only one way of describing the central tendency of any set of statistical data, and is not necessarily the one that produces the most representative number.
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If we are interested in the economic well-being of a typical American family (or household), we would probably judge that the best single number to characterize that well-being would be the standard of living of a family (or household) situated at the middle of the income distribution. Half of all families would have higher incomes and half would have lower incomes. This is the measure known as the “median,” and data on median incomes are presented in Chapter 3. Medians are not the same as averages or means, and in the case of income distributions, they are invariably lower. This difference is sometimes illustrated by the image of a millionaire walking into a working-class bar. The “average income” (mean income) of each person in the bar would jump, as a million dollars was added to the numerator of the average and just one unit was added to the denominator. However, the median would be little if at all changed, and this would accord with an accurate perception that the typical person in that bar had not experienced any increase in his income. Income means are not only higher than income medians: if the incomes of people at the upper end of the distribution increase faster than the incomes of those at the middle and bottom, then the means will also increase more than the medians. Once a year, as a supplement to the Current Population Survey, the Census Bureau collects data on a sample of individual household incomes that are used to produce a report on median incomes, the distribution of income, and the poverty rate. Income for families has been collected since 1947, though it is currently less emphasized than the data on households, which have been collected since 1967. Looking at the half-century trend, Chapter 3 shows that real median family cash income increased 1.9 percent from 1948 to 2000. This is less than the 2.2 percent increase in real per capita GDP (a mean) during that period and also less than the 2.1 percent increase in real mean family income that can be derived from the census income data. Had the median income increased as fast as the census mean—implying no change in the income distribution—the median family would have had over $6,000 more income in 2000, in that year’s dollars. The increasing inequality in the income distribution can also be seen by comparing the 1948 and 2000 income shares shown in Chapter 3. The top 20 percent of families received 47.7 percent of all income in 2000, compared with 42.4 percent in 1948. The shares of each of the lower four quintiles declined. There is also a more comprehensive measure of income inequality known as the “Gini coefficient,” which is discussed and shown in Chapter 3 and its notes and definitions. It can be argued that the postwar growth in real income and productivity required increasing rewards for the successful—absolutely, and also relative to other workers—so that the hypothetical potential increase just calculated for
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BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
the median family could never actually occur. This is not a question that can be definitively answered—certainly not based on the kind of data available here—but it can be noted that productivity increases were quite rapid during the earlier postwar years, before the trend toward a more unequal income distribution began. (See Chapters 3 and 9.)
in Table B-3, which again uses 1967–2000 for the longerrun trend and compares the two most recent four-year recession-recovery periods.
Households is a broader and more comprehensive category than families, comprising family households, nonfamily households, and unrelated individuals. The Census Bureau has collected income data for households since 1967, and these data are the basis for poverty reports. See the notes and definitions to Chapter 3. Data on households and on year-round, full-time workers from the Census income and poverty reports are shown
The use of Census household and family data for longerterm comparisons has been criticized on the grounds that household and family size have been declining over time; because of this, the median household or family may have fewer earners and may support fewer people than in earlier years. To the extent that this is true, conclusions about changes in well-being based on median income may be unwarranted. To deal with this point, Table 3-3 in Business Statistics and Table B-3 here also include real median income for a four-person family.
Table B-3. Trend and Cycle in Household Income and Poverty (Percent change, annual rate, except as noted.) Classification
1967–2000
1990–1994
2000–2004
Real median household income ............................................................................. Real median income, families with four people ......................................................
0.9 1.4
-0.8 0.5
-0.9 -0.9
Real median earnings of full-time, year-round workers: Male ................................................................................................................... Female ...............................................................................................................
0.5 1.3
0.1 0.2
-0.04 0.9
Percent of population in poverty .............................................................................
1-2.9
11.0
11.4
1Percentage
point difference over total period, not at annual rate.
USING THE DATA: THE U.S. ECONOMY IN THE NEW CENTURY From 1967 to 2000, real median household income grew at the same rate as real (mean) compensation at nonfinancial corporations, as shown in Table B-2. This is far from a foregone conclusion, since the two series share only one component, though a major one—wages and salaries. The median four-person family income rose faster than mean compensation. (Both measures are before taxes on wages and income. Compensation includes fringe benefits, as mentioned above, but household income does not. Household and family income includes Social Security payments and other nonwage sources of income such as welfare payments, interest, and dividends. See the notes and definitions to Chapter 3.) For the two recession-recovery periods, household and family income changes and median earnings changes for full-time workers can be compared with the real (mean) wages and salaries changes shown in Table B-1. In 1990–1994, wages and salaries rose at a 0.4 percent rate and income for the four-person family at an 0.5 percent rate; however, median earnings were nearly stagnant, median household income declined, and the poverty rate rose by 1 percentage point. In 2000–2004, despite the acceleration in productivity, the deterioration at the median was more clear-cut: while mean wages and salaries grew at a 1.0 percent rate, the median earnings of men declined, and both household and four-person family median incomes fell at an annual rate of 0.9 percent. The poverty rate rose 1.4 percentage points. It has been recently argued that median income and poverty lag behind the business cycle. Examination of Figure 3-1 will show that while this is indeed the case, the lags have been getting longer in recent years. The years 2000–2004 comprised the first span in which median income declined four years in a row. Inflation and unemployment A number of important price indicators are presented in Business Statistics, both in Chapter 8: Prices and Table 1-4, which shows chain-type price indexes for GDP and various subsectors. Users should note that price indexes measure the average level of prices, relative to some base year that is set to equal 100, while “inflation” is the annual percent rate of change in a price index. Accurate measurement of prices is challenging in a dynamic economy. Frequently, biases have been identified in the most widely used price indicators, the official Consumer Price Index for All Urban Consumers (CPI-U) and its close relative, the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). Improved methods to remove these biases are frequently introduced into the calculation of the indexes going forward, but the official indexes are not retroactively corrected. However, there are some alternative versions of the CPI that carry the current improved methodologies back for some historical period. These are presented in Business Statistics; see Table 8-1 and the associated notes and definitions. One of these alternatives, the CPI-U-RS,
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is used by the Bureau of Labor Statistics to calculate historical values of real compensation (Chapter 9), and by the Census Bureau to calculate historical values of real median income (Chapter 3). Because of this and other perceived shortcomings of the official CPIs, economists at the Federal Reserve, among others, pay particular attention to the chain-type price indexes for personal consumption expenditures in the national income and product accounts (NIPAs). The NIPA indexes use much of the same basic price data that are collected for the CPIs. However, they cover a somewhat broader universe of prices. In compiling the NIPA indexes, the Bureau of Economic Analysis processes the data in a more consistent fashion and regularly revises past data to correct biases. (See Table 1-4 and the notes and definitions to Chapter 1.) Still, all of these indexes tell a similar story about the behavior of the inflation rate over the postwar period. As the graph in Chapter 8 (Figure 8-1) shows, inflation was high in 1946 and 1947, as World War II price controls were dismantled and pent-up purchasing power from the war period was released. Prices declined in the 1949 recession but rose sharply in 1950 and 1951 with recovery and the outbreak of the Korean War. Inflation was negative again in 1955 in the aftermath of that war’s end and the 1954 recession. Inflation rose during two recoveries in 1956–1957 and 1960, but fell back to about 1 percent— generally judged to represent price stability because of remaining and irremediable biases in the price indexes— in the slack years of 1961 and 1962. However, as the 1960s progressed, the federal government embarked on a stimulative fiscal policy with the intent of attaining an unemployment rate lower than those observed in the 1950s and early 1960s. (See Table 10-3.) As the buildup in military spending for the Vietnam War progressed, fiscal policy became even more stimulative, without any attempt to raise taxes or cut back on other spending until late in the decade. (See Chapter 6.) Monetary policy tended to support the fiscal policy. An attempt was made to hold wages and prices down using voluntary “guidelines” in the early 1960s, but the guidelines collapsed in 1966, and inflation continued to accelerate during the sustained period of high employment through 1969. The 1970 recession failed to bring inflation down, and the 1971 recovery was weak. New expansionary moves to accelerate the recovery, including monetary stimulus and depreciation of the dollar, were undertaken along with new price controls. But the 1972 decline in inflation was short-lived, followed by new highs as the price controls collapsed and commodity prices soared. The 1975–1976 recession provided only a temporary and incomplete respite, and inflation soared to double digits with recovery and new commodity price shocks. Finally, under the impact of tough monetary policy that led to the 1981–1982 recession—the most severe of the postwar period—inflation ratcheted down to a core rate
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of about 4 percent during the 1982–1990 expansion. A recession in 1990 ushered in even lower inflation rates throughout the rest of the 1990s, despite the achievement of the lowest unemployment rates since 1969 (which occurred late in the decade). As the above narrative indicates, the 1950s and 1960s were characterized by an apparent inverse relationship, often interpreted as a “trade-off,” between inflation and high employment, with inflation falling as an apparent consequence of unemployment rising. By the 1970s, inflation became more stubborn and failed to respond proportionately and negatively to increases in unemployment. Indeed, at times inflation and unemployment rose together, a phenomenon known as “stagflation.” This has often been ascribed to “supply shocks”—for example, bad harvests, oil embargoes, and OPEC price increases— which, unlike decreases in aggregate demand, tend to increase inflation even while depressing output. But in retrospect, some supply shocks should perhaps be considered as delayed reactions to demand shocks. To give an important example, oil prices tend to increase when the dollar has declined, and they tend to fall during worldwide recessions—as they did in 1986. (See general price data in Chapter 8, oil price data in Chapter 11, and data on the international value of the dollar in Table 13-7.) Since a decline in the dollar is an expected consequence of expansionary monetary policy, the resulting increase in the price of oil could be considered part of the inflationary effect of such a policy. In attempting to explain stagflation, economists now take account of the role of expectations in maintaining the momentum of a given inflation rate. This mechanism is believed to explain the worsening of the tradeoff in the 1970s. However, economists were again surprised by the combination of low unemployment and low inflation in the late 1990s. The surprise was greater among those economists who looked to the unemployment rate as the sole measure of resource utilization. In fact, the level of capacity utilization also plays a role in determining to what extent changes in aggregate demand affect prices and to what extent they lead to expanded volume of production instead. Capacity utilization measures are not available for all sectors of the economy, but the Federal Reserve Board does maintain utilization series for the industrial sector. (See Table 2-3.) Average utilization of manufacturing capacity declined between the last three major business cycle peaks—from 1979 to 1989 and again from 1989 to 2000. This indicated less pressure on prices, helping to offset the effect of lower unemployment rates over the same intervals. The issues involved in the relationships between inflation, economic growth, and unemployment are far from settled. Debate continues about the relative roles of monetary policy, tax rates and other aspects of fiscal policy, global competition, other supply considerations, labor market institutions, and expectations.
With respect to monetary policy, Business Statistics provides data on the monetary and reserve aggregates in Tables 12-1 through 12-3. Rates of change in money and reserves have provided increasingly inaccurate forecasts of inflation and are not widely considered to be valid indicators of the state of monetary policy any more. (In fact, the Federal Reserve is discontinuing publication of M3, the broadest monetary aggregate.) The data on interest rates provided in Table 12-9—especially the federal funds rate, which is directly controlled by the Federal Reserve—are currently the subject of more attention in assessing the monetary policy stance. Table 12-9 now includes an estimate of the “real” (inflation-adjusted) federal funds rate, to shed more light on the size of the stimulative and inflationary effects of Federal Reserve policy. A market-based, longer-term real rate is included as well. War and the economy Figure 6-3 suggests the rather modest impact that federal spending on the wars in Afghanistan and Iraq is likely to have had on the U.S. economy as of fiscal year 2004. Relative to the value of GDP, defense spending increased from 3.0 percent in 1999–2001 to 3.9 percent in 2004, but was not much higher than at the low point of the postWorld-War-II demobilization (3.5 percent). It was lower than Korean War (1950–1953) levels, Vietnam War (1964–1975) levels, and 1980s defense buildup levels. Its increase was not as rapid as the 1980s buildup, which went from 4.6 percent of GDP in 1980 to 6.1 percent in 1983. (The 1990–1991 Gulf War was largely financed by U.S. allies, leading to a slight decline in the defense/GDP ratio.) Business cycle comparisons Business Statistics now also provides expanded data on earlier cyclical recoveries that users may compare with current data. The reference dates for business cycles from 1927 to date are shown in the notes and definitions to Table 1-8. Monthly and quarterly data for major indicators such as output, employment, and unemployment for the entire postwar period are shown in Chapters 19 and 20. In Chapter 18, annual data are shown going back to 1929. …and more This article has provided examples of the kinds of data analysis newly possible with this expanded version of Business Statistics. Many other possibilities are available. Detail by industry is shown in Chapters 9, 10, and 15 through 17. Regional detail is shown in Chapter 21. Information on business and consumer balance sheets can be found in Chapter 12. The editor anticipates that users will find this volume even more useful than previous editions, and welcomes input on ways to make it more helpful still. The editor can be contacted via email at [email protected].
USING THE DATA: THE U.S. ECONOMY IN THE NEW CENTURY Endnotes 1Some economists assert that 2000 does not represent a sustainable level of economic activity. There was some rise in inflation in 2000, but it was modest compared with the acceleration in 1948. (See Table 8-3.) If both peaks were somewhat above sustainability, it would not necessarily invalidate the calculation of growth rates between them. 2In earlier years, it would not have been surprising to have a full peak-to-peak cycle included within a four-year span. Of the
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eight complete cycles between 1945 and 1981, five were 49 months or less from peak to peak. However, the two complete cycles since that time lasted 108 months (July 1981 to July 1990) and 128 months (July 1990 to March 2001). After the severe 1981–1982 recession, which squeezed out the inflation of the 1970s, recessions have become less frequent and changes in both directions have become less volatile. See the business cycle chronology in the notes and definitions to Chapter 1, and Figures 1-1, 1-3, 2-1, and 8-1.
SPECIAL NOTES: STATISTICAL ISSUES AND PITFALLS
Almost every day, some new set of information on the economy is released—a new estimate of the latest quarter’s gross domestic product, new figures on employment and unemployment, or a new month’s inflation rate. Politicians, pundits, and stock market gurus give instant opinions on the significance of the new numbers. One of the purposes of Business Statistics is to provide background information and perspective on this daily stream of new and updated economic data, and thus to help users of this book make their own informed judgments. Sometimes the very richness of U.S. economic data makes comparison and analysis difficult for people who are not already familiar with the intricacies of the system. For example, one government agency issues two different estimates each month of what at first glance would seem to be the same thing, “employment.” More generally, the constant labors of statistical agencies to incorporate new information and new understanding of the economy lead to frequent revisions of data. To help users with these difficulties, the notes and definitions at the end of each chapter in Business Statistics explain concepts, definitions, measurement methods, and revision procedures. In these special notes, the editor will further expand the discussion of some important issues. The measurement of employment and the measurement of employee compensation per hour get much attention, interpretation, and misinterpretation. The first two sections of the special notes will discuss these series. The second of these sections also includes an “Early Warning” about an impending change in the monthly reporting of worker hours and earnings. Next, there will be a brief comment on several new measures of poverty and one additional income indicator that are introduced in Chapter 3. Finally, the editor will discuss the measurement of unemployment in the Great Depression, an issue raised in Business Statistics by the extension of the data in Chapter 18 back to 1929. Measures of employment Each month, the Bureau of Labor Statistics updates two distinct measures of aggregate employment in the U.S. economy. One measure, total civilian employment, is a count of the number of civilians holding jobs. It is derived from a large sample survey of households (the Current Population Survey, or CPS) and periodically benchmarked to population levels or “controls” established by the decennial census and other more comprehensive data. The other measure is nonfarm payroll employment. It is derived from a very large sample of employers (Current xxxvi
Employment Statistics, or CES) and is benchmarked each year to a comprehensive, near-complete count of employment from the records of the unemployment insurance system. Financial market participants, including the Federal Reserve Chairman and other analysts at the Federal Reserve Board, typically read the CES numbers—specifically, the change in total payroll employment and/or the change in private payroll employment—as key indicators of the current course of the economy. This survey’s large sample size and consequent relative stability make it relatively easy to distinguish the “signal” from the “noise.” According to BLS, the size of the over-the-month change in employment required to be statistically significant is plus or minus 436,000 in the CPS series but only plus or minus 103,000 in the CES series. In recent years, some analysts have noticed that the CPS has shown a stronger employment trend, and have suggested that it is a better measure. Analysts who give preference to CPS employment point out that it includes selfemployment, which is omitted by definition from the CES. (Self-employment is shown in Table 10-2.) In addition, they hold that because the CPS is a survey of households, it is not subject to the potential bias of the employer survey, which is that it fails to pick up new businesses until the annual benchmark. However, there is also an important point to be made about potential bias and distortion in the CPS, which arises from the fact that it is anchored in projections of the total population. If these projections are in error— and they have been in the past, due to misestimates of international migration—then the errors will carry through to the estimates of the number employed. (On the subject of population projections and revisions, see the box, “A Note of Caution About Data Revisions” in the preceding article “Using the Data: The U.S. Economy in the New Century.”) Furthermore, when the population controls are revised to reflect new information from the decennial census or new migration estimates, the adjustments are introduced in a lump sum in a single month, usually January. This makes for a discontinuity between the two adjoining months, instead of spreading the correction over the months or years during which the misstatement emerged. The notes and definitions to Tables 10-1 through 10-5 explain the adjustments that have been made from 1953 through 2005, including the size and direction of each adjustment. CES benchmark adjustments, on the other hand, are “wedged” back to the previous benchmark month, resulting in a smoother and more realistic pattern of revision. In addition, because the CES is a survey of employers, it
SPECIAL NOTES will not be biased by errors in population estimates due to faulty estimates of migration. In the late 1990s, unlike in the more recent period, the CES showed greater employment growth than the CPS—a difference that was narrowed when new population numbers caused upward adjustment of CPS employment. Furthermore, the CES now uses a model-based procedure to estimate the employment resulting from the births of new firms each month. The success of this model can be assessed each year by the size and direction of the benchmark adjustment to the level of total employment that is revealed by the unemployment insurance records. There were downward revisions—indicating overestimates of business births—to payroll employment in March of 2001, 2002, and 2003. The revision of March 2004 was upward by 203,000 jobs, or about one month’s worth of healthy job growth. The revision for March 2005, which will be incorporated into the published data in February 2006, will be a downward revision of 191,000, or 0.1 percent. The average revision for the last 10 years has been plus or minus 0.2 percent. Each month, BLS publishes (along with the release of the latest monthly employment and labor force data) an extensive article on its Web site that details the characteristics of both employment series and calculates, for comparison with the CES payroll employment series, an “adjusted household survey” which makes all feasible adjustments for definitional differences and smooths the population control revisions. As Business Statistics went to press, the latest article was “Employment from the BLS Household and Payroll Surveys: Summary of Recent Trends.” (December 2, 2005) This version is the source for the estimates of statistical significance cited above and for the BLS judgments quoted below. According to BLS, the adjustments for definitional differences and population control smoothing “provide a partial explanation for the employment trend differences.” Other differences remain, some of which are not readily measured or quantified, as well as others that continue to be explored. BLS concludes that “both the payroll and household surveys are needed for a complete picture of the labor market. The payroll survey provides a highly reliable gauge of monthly change…[and] offers industry and geographic information at very detailed levels. The household survey provides a broader picture of employment including agriculture and the self employed, as well as detailed information on the demographic composition of the employed and the unemployed.” The editor of Business Statistics agrees with these judgments, and also agrees with the large number of practiced analysts who treat the change in payroll employment as an essential barometer of the health of the U.S. economy. Measures of employee compensation Hourly earnings, wages, salaries, compensation—each of these terms is used to describe at least one data series in the U.S. statistical system, and each appears in at least
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one of three different data sets presented in Business Statistics. (Additional, more detailed data on labor compensation are presented in the Handbook of U.S. Labor Statistics, also from Bernan Press.) It is important for the user to understand the characteristics of each of these series in order to select the one most suited for his or her purpose. Wages typically mean “gross” amounts per hour paid to hourly workers. “Gross” in this context indicates inclusion of the values of withheld income and payroll taxes, dues, and any other withheld amounts. “Gross” wages do not include the employer share of payroll taxes for social insurance or the cost of employer-provided benefits, such as pensions and health insurance. Measures of wages and salaries together are presented in Chapter 9 and measures of hourly earnings are presented in Chapter 10, with precise definitions of each in the notes and definitions to those chapters. Salaries represent “gross” amounts paid to those who are paid by the week, month, or year rather than by the hour. Measures of wages and salaries together are presented in Chapter 9, and salaried production or nonsupervisory workers are included in the hourly earnings measures in Chapter 10. As with wages, salaries do not exclude personal and payroll taxes on the individual or other amounts withheld, but do exclude the cost of employerpaid benefits and payroll taxes. Compensation includes wages and salaries as defined above plus the employer-paid payroll taxes and benefit costs. Compensation thus represents the total cost of labor to the employer. Wages and salaries represent the gross taxable income to the employees. Only one measure in this book represents net spendable income after all income and payroll taxes—personal disposable income, which can be found in Chapter 4. Personal disposable income includes not only labor income but also all forms of capital income. It is not available by industry or by income level. It is shown on a per capita basis, with the denominator being the total U.S. population. Like all other income averages, per capita disposable income is a mean, and because of the skewed distribution of income, is biased upward as a measure of the income of a typical or median individual. (See “Whose standard of living?” in the preceding article “Using the Data.”) There are no currently reported measures of the narrower concept of “worker take-home pay,” but in the absence of any change in tax rates, the rate of change in worker paychecks can be inferred from the rate of change in a relevant measure of wages and salaries or weekly earnings. Probably the principal use for compensation series, the use emphasized by Federal Reserve economists, is as an indicator of inflationary cost pressure. Labor costs represent about two-thirds of the cost of production. If labor
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costs rise faster than productivity, either from the effects of a tight labor market or from some external cause such as a rise in payroll taxes or health benefit costs, the result can be a rise in unit labor costs and upward pressure on prices. For this reason, unit labor costs is a widelywatched indicator. In evaluating trends in compensation, the differences between the two series presented in Chapter 9 are important. The notes and definitions for that chapter explain each one in a General Note and in the specific notes for each table. The compensation component of the productivity and costs measures (Table 9-4) is simply an average of all compensation divided by all labor input, and will increase if there is a shift in the composition of output toward industries that pay their employees more, even if no individual worker experiences any increase in his or her hourly or weekly earnings. However, high-pay industries are typically high-productivity industries, and a shift toward those industries will also register as an increase in productivity even if productivity is unchanged in each individual industry. Thus, such a shift in the composition of output will not increase labor cost per unit of output or inflationary pressure. In contrast, the Employment Cost Index (ECI) (Tables 91 through 9-3) holds constant the composition of employment in order to isolate trends in hourly wages, salary rates, and compensation rates for individual occupations. One appropriate use of ECI measures would be to test the relationship of the unemployment rate or other measures of labor market tightness to the rate of change in wages per unit of labor. Compensation per hour from the productivity and cost data set would not be appropriate for such uses because of its susceptibility to distortion from changes in the industry mix. The Employment Cost Index includes sales commissions in its measures of wages and salaries. Since these are subject to temporary fluctuations that may not reflect underlying cost trends, ECIs excluding the sales occupations are also calculated and published. Currently, the cost of stock options issued to employees is not included in the Employment Cost Index, and is included in the compensation component of the productivity measures only with a lag. As illustrated in the notes and definitions, this has led to large revisions in compensation per hour in some recent periods. Whether this is a significant failing in the Employment Cost Index depends on the extent to which employees accept stock options as a substitute for demanding higher salaries and/or benefits. Obviously, stock options can be a significant addition to employee income and wealth, and their addition to employee purchasing power should be recognized (subject to the definition of income in the national income and product accounts [NIPAs], which excludes the capital gains component of any stock-market-related transaction). However, for many businesses and economists, the whole point of using stock options or stock for compen-
EARLY WARNING: CHANGE IN REPORTING OF HOURS AND EARNINGS An important change to the CES monthly hours and earnings series is under way. According to the BLS, data on hours and earnings of production or nonsupervisory workers “have become increasingly difficult to collect, because these categorizations are not meaningful to survey respondents. Many survey respondents report that it is not possible to tabulate their payroll records based on the production/nonsupervisory definitions.” Consequently, BLS will collect data on the hours and regular earnings of all employees and, in addition, data on gross monthly earnings including “irregular payments.” Publication of these new series on an experimental basis is scheduled for mid-2006. Publication of official series on the new basis is scheduled for early 2007, and publication of the series on hours and earnings of production or nonsupervisory workers will be discontinued in early 2010. (“Recent and Planned Changes to the Current Employment Survey.” [August 29, 2005. . Accessed on December 22, 2005.]) This change is expected to increase the timeliness and accuracy of U.S. income estimates, but it may also lose some useful information. Some users value the production/nonsupervisory worker data precisely because the higher echelons of supervision are not included. They may take a particular interest in the welfare of ordinary working people.1 They may hold that “cost pressures” arising from management salaries are less important in the inflationary process than worker wages. Or they may fear that inclusion of very high salaries for a few managers will bias upward the measures of earnings per employee, making them less useful as gauges of worker living standards. (See “Whose standard of living?” in the article “Using the Data.”) For these reasons, publication of the new all-employee series beginning in 2006 will be watched with great interest. In the new North American Industry Classification System (NAICS), there is a separate industry for establishments whose main function is “management of companies and enterprises.” If the hours and earnings for this category can be published separately, and/or if hours and earnings can be published both with and without this category, it may help shed light on the amount of upward skewing of average wage data and the significance of any concerns about the cessation of reporting for production/supervisory workers. sation is that they do not become part of the permanent labor cost structure in the way that an increase in wage rates does. If this is the motivation or result of using stock options, such increases in compensation should not be considered to be a rise in inflationary cost pressures.
SPECIAL NOTES Hourly earnings, as presented in Chapter 10, are a major source for the aggregate compensation measures in productivity and costs. They are reported monthly at the beginning of the following month, far more promptly than the quarterly measures, and they represent the production or nonsupervisory workers that make up about four-fifths of the labor force, based on the very large sample survey of employers (CES, described in the preceding section). Hourly earnings are described in the notes and definitions to Chapter 10; they exclude stock options and fluctuate as the composition of output and employment fluctuates between high- and low-pay industries. Weekly earnings, based on these hourly earnings data, are an important component of personal income and thus a major determinant of consumer income and purchasing power. In the monthly employment report, hourly earnings give an early, if imperfect, indicator of inflationary wage pressures, subject to refinement and re-interpretation as the ECI data become available. Weekly earnings give an early look at the latest income developments. Issues about poverty and income The official U.S. poverty rate has been widely criticized in recent years. The notes and definitions to Chapter 3 itemize the problems with both the poverty threshold and the measures of income and other resources that are compared with that threshold to determine poverty. In Chapter 3, Business Statistics presents, for the first time, alternative poverty rates calculated by the Census Bureau based on recommendations by a special panel of the National Academy of Sciences. Poverty rates for 1999 through 2003 are shown according to 12 different possible measurement methods. All of the methods update both the definition of the poverty threshold and the definition of the resources available to families and individuals. The 12 measures differ from each other according to their methods of treating medical needs and expenses, their accounting for regional cost differentials, and their methods for updating the initial (1999) poverty threshold. All of the new measures start out higher than the official measure, though, for some of them, the 1999 difference is small. Six of them behave similarly to the official measure over the five years available, falling from 1999 to 2000 and then edging up, with a relatively large rise in 2003. All six rise less than the official measure, however. The official measure rises 0.6 percentage points from 1999 to 2003, while the increases for the six similar measures range from 0.3 to 0.5 percentage points. (One of these six—one that is featured in Table 3-13 in Business Statistics, with medical out-of-pocket expenses included in the thresholds and geographic adjustment of shelter costs, updated using the CPI—is compared with the official poverty rate in Figure 3-4.) The smaller increases appear to reflect the inclusion in the new measures of programs such as the earned income tax credit, that are not included in household income in the official poverty measure.
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The second six measures behave quite differently. Although they share the same definitions of family resources, they show the poverty rate rising or unchanged even in 2000—a year in which nonfarm payroll jobs increased 2.2 percent and the unemployment rate fell from 4.2 to 4.0 percent. Between 1999 and 2003, they rise between 1.3 and 1.7 percentage points, compared with 0.6 points for the official rate and 0.3 to 0.5 points for the first six. Why are these six rates so unresponsive to general business conditions, and why do they rise faster than the official rate and the first six measures? The reason is that they update the poverty threshold using the reference families’ actual spending for the set of goods in the threshold (as measured in the Consumer Expenditure Survey, or CE) instead of updating only for price increases. Using the CE in this way would represent a marked change in the concept of poverty. Up until now, the poverty threshold has been considered to be a level of income sufficient for a modest subsistence. Since this is an absolute standard—not a relative standard—it can be maintained over time by updating for price change only. Of course, the initial definition of modest subsistence is inherently arbitrary, and there are measurement issues concerning the price change indicator, as discussed in the notes and definitions to Chapter 3; nevertheless, the concept is clear. When the real threshold is fixed, it is conceivable that with strong economic growth and increased assistance to people at the lowest income levels, poverty might be all but eliminated—the poverty rate reduced to near zero— as incomes rose above the fixed subsistence threshold. Presumably, this is what people have in mind who advocate the ending of poverty as a policy goal. In contrast, updating a poverty threshold using actual spending means that as real standards of living rise, the poverty threshold would rise in real terms, and provide a higher standard of living than the poverty threshold in the base year. The reverse would be true in years of general economic decline—the threshold would decline along with the overall level of consumer spending. The concept of a constant subsistence level of living will have been abandoned. Poverty would fail to fall in years of growth, and fail to increase in depressions. There would be no objective standard for judging to what extent the basic needs of the people were being met, and ending poverty could not be a plausible policy objective. On a different issue, the use of any median household income measure as an indicator of general economic welfare has been criticized, on the grounds that the average size of households has been declining. Over a long period of time, slower growth in median household income may reflect fewer earners and/or fewer mouths to feed, not slow growth in the welfare of individual household members. To provide some perspective on this issue, Business Statistics has added one of a number of available Census Bureau series holding household or family size constant to
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Table 3-3, the median income for four-person families. This table shows that from 1947 to 2004, real median family income for all families rose at a 1.6 percent annual rate, while median income for four-person families rose at a 1.8 percent annual rate—higher than the all-family median but still below the national average rate of productivity increase, which was 2.5 percent for all businesses.
Works Administration (CWA), the Federal Emergency Relief Administration, the Works Progress Administration (WPA), and the Civilian Conservation Corps (CCC). They worked for a government paycheck. It seems likely that when surveyed with the current CPS questions, these workers would have counted themselves, and been counted, as employed.
Size of household is not a problem for shorter-term comparisons; for example, average household size was 2.58 persons in 2000 and 2.57 persons in 2004. It does not distort the poverty statistics, because the poverty threshold varies with the size of family.
During the 1930s, the Department of Commerce did not calculate GDP but did make estimates of national income, the income counterpart of net national product (see notes and definitions to Chapter 1). These estimates of income included the wages of employees of the work-relief programs, and they continue to be included in the latest BEA estimates of income and product in the 1930s. (Email communications between the editor and BEA staff)
Unemployment in the Great Depression This year, the editor decided to include annual data depicting the U.S. economy all the way back to 1929 in Chapter 18. Comprehensive NIPA data are available for that period, consistent in concept with the current data, and it was a matter of little difficulty to extend data tables back to include both World War II and the period known as the Great Depression. The Great Depression was a period of great economic and political upheaval. Perhaps we should not be surprised that even three-quarters of a century later, economists are still examining the issues and the data from that period. Indeed, the scholar who has been nominated to be the next Chairman of the Federal Reserve Board, Ben Bernanke, is known for studies of the causes of the Great Depression. (Wall Street Journal, December 7, 2005, p. 1) In the discussion that follows, the editor draws on communications with the staff of the Bureau of Economic Analysis (BEA) and various published studies, which are listed in the bibliography at the end of this section. The issue raised by the decision to publish labor force data is whether persons on work relief in the Great Depression were employed or unemployed. If unemployment had been measured then, using the survey questions that we use now, it seems probable that they would have been counted as employed. The basic CPS question about employment is, “Last week, did you do any work for pay?” If the household encompasses a farm or other business, the question is “Did you do any work for either pay or profit?” If the answer is no, the next question is “Did you do any unpaid work in the family business or farm?” Anyone answering yes to any of these questions is counted as employed, including if the subject had a job from which he or she was temporarily absent. (BLS Technical Paper 63RV. [March 2002. . Accessed on December 22, 2005.]) There is no issue about employment on projects such as the dams and roads built by the Public Works Administration (PWA). These were carried out under contracts with private industry. All sources of employment data include workers under those contracts as employed. What is at issue is the status of workers in the government work-relief programs known as the Civil
It should be made clear that although there may have been (as was often said) some “leaf-raking” and other forms of make-work in these programs, there was also real work producing real output. There was work done on hospitals, highways, streets, and other buildings, which BEA not only counts as output but also includes in investment and the capital stock. (Email communications with BEA staff) Other WPA projects known to the editor include the writing and publication of comprehensive guides to every state and many cities, which are still used as reference works, and painted reproductions of American folk art, still available for exhibition and study in the National Gallery of Art as the Index of American Design. One CCC project still in existence is the wildlife reserve at Pea Island, N.C. In the 1940s, when unemployment was retrospectively estimated for the 1930s, different economists—not the ones at the Department of Commerce—were involved and a different decision was made. The work relief programs were not expected to be permanent, and participants were supposed to be available, and indeed looking, for private-sector employment. The 1940 census that provided the labor force and unemployment benchmark counted work relief employment as unemployment, and the method used by Stanley Lebergott and the similar approach used by the Bureau of Labor Statistics (BLS) to interpolate unemployment estimates between 1930 and 1940 made the same assumption, grounded in the concept that unemployment meant a “lack of regular work.” (Kesselman and Savin) The size of this difference is not trivial. In 1936, work relief employment by all levels of government amounted to 3.7 million workers, nearly 10 percent of all jobs, according to the NIPA employment estimates. (Table 18-2) Michael Darby challenged the BLS and Lebergott unemployment rates in an article in the Journal of Political Economy in 1976, entitled “Three-and-a-Half Million U.S. Employees Have Been Mislaid.” The editor of Business Statistics finds his arguments persuasive and has accordingly published his unemployment rate estimates in Table 18-4, along with the BLS series that has
SPECIAL NOTES appeared in official government publications. (See references in the notes and definitions to Chapter 18.) Not every economic researcher has adopted the Darby unemployment rate series. A major problem for economic historians of that period is the relationship of unemployment to wages. With unemployment so high, why didn’t wages come down more? Alternatively, did unemployment remain high because wages didn’t come down? For either question, different unemployment rates can imply different answers, and several researchers have found that the BLS rates seem to work better in their models. One research paper maintains that “relief workers behaved like the rest of the unemployed”—they were available and searching for jobs. (Kesselman and Savin) (However, the current CPS does not ask people with a job whether they searched for jobs. It only asks that question of people who do not have jobs.) In the end, some researchers concluded that relationships that seem to characterize the U.S. economy most of the time break down in the 1930s. Christina Romer, after extensive historical research, writes that the Great Depression was an anomaly—“a complete collapse of what had previously been a reasonably stable economy.” Kesselman and Savin, though finding that the BLS unemployment rate worked somewhat better than the Darby rate, admitted that the natural-rate model of unemployment does not work well in deep depression. Many users are not concerned with these models of the labor market and may be more interested in an unemployment rate that indicates the percent of the labor force that was drawing no paycheck, or that was not producing output. Such users should find the Darby unemployment rate more meaningful.
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before the Committee on Financial Services, U.S. House of Representatives, July 20, 2005,” Serial No.109-47, U.S. Government Printing Office. [p. 37])
References Darby, Michael. 1976. Three-and-a-half million U.S. employees have been mislaid, or, an explanation of unemployment, 1934–1941. Journal of Political Economy 84 (1). Goldberg, Joseph P., and William T. Moye. 1985. The First Hundred Years of the Bureau of Labor Statistics (BLS Bulletin 2235). Washington, D.C.: Government Printing Office. Kesselman, Jonathan R., and N.E. Savin. 1978. Three-anda-half million workers never were lost. Economic Inquiry XVI (2). Margo, Robert A. 1993. Employment and unemployment in the 1930s. Journal of Economic Perspectives 7 (2). Romer, Christina. 1986. Spurious volatility in historical unemployment data. Journal of Political Economy 94 (1). Smiley, Gene. 1994. The American Economy in the Twentieth Century. Cincinnati: South-Western Publishing. U.S. Department of Commerce. Bureau of Economic Analysis. 1973. Long-Term Economic Growth, 1860–1970. Washington, D.C.: Government Printing Office. 163, 213. U.S. Department of Labor. Bureau of Labor Statistics. Current Population Survey: Design and methodology (Technical Paper 63RV). (March 2002). . (Accessed on December 22, 2005.)
Endnotes 1Federal
Reserve Chairman Alan Greenspan cited the contrast between the growth in the earnings of production/nonsupervisory workers and those of supervisory and professional workers in a discussion of the “bivariate income distribution,” which he regards as “not healthful.” (Answers to Members’ questions in “Monetary Policy and the State of the Economy: Hearing
Wallis, John Joseph, and Daniel K. Benjamin. 1981. Public relief and private employment in the Great Depression. Journal of Economic History 41 (March 1981): 97-102. Weir, David R. 1986. The reliability of historical macroeconomic data for comparing cyclical stability. Journal of Economic History 46: 353–365.
GENERAL NOTES
These notes provide general information about the data in Tables 1-1 through 21-2. Specific notes and definitions providing information about data sources, definitions, methodology, revisions, and sources of additional information follow the tables in each chapter. Main Divisions of the Book The tables are divided into four main parts. Part A (Tables 1-1 through 13-6) pertains to the U.S. economy as a whole. Generally, each table presents annual averages for the full period since World War II, or as far back as available, and quarterly or monthly values for the most recent year or years. (Full quarterly or monthly histories for major series are shown in Part C.) Some chapters present data for the United States only in aggregate, while others—such as the chapters concerning industrial production, capital expenditures, and employment, hours and earnings—also have detail for major industry groups. Data by industry on industrial production (Tables 2-2 and 2-3); capital expenditures (Table 5-11); profits (Table 9-6); and payroll employment, hours, and earnings (Tables 10-7 through 10-12) are classified using the new North American Industry Classification System (NAICS), as far back as such data are made available by the source agencies. Part B focuses on the individual industries that together produce the gross domestic product (GDP). • Chapter 14 provides an overview of NAICS, presenting the overall structure of the classification system, the definition of each major industry group, and the approximate relationships of each group to the industries in the old Standard Industrial Classification (SIC) system. • Chapter 15 contains data on value added (GDP) by industry, using NAICS for the years 1998–2004 and SIC for 1987–2000. • Chapter 16 provides further detail on payroll employment, hours, and earnings classified according to NAICS. • Chapter 17 presents various data sets for key economic sectors. Some of the tables are based on definitions of products, rather than producing establishments, and are valid for either classification system. This is the case for Tables 17-1, Petroleum and Petroleum Products; 17-2, New Construction; 17-3, Housing Starts and Building Permits, New House Sales, and Prices; and 17-8, Motor Vehicle Sales and Inventories. Tables 17-4 through 17-7 and 17-9 through 17-11, which cover manufacturing and retail and wholesale trade, show overlapping data for the year 1992 using the old and new classificaxlii
tion systems. This preserves the old-basis historical record for the years prior to 1992. Tables 17-14 and 17-15 for services industries also present data on the NAICS basis, while 17-12 and 17-13 show overlapping data for earlier years on SIC. The 1987 SIC is published in Standard Industrial Classification Manual, 1987, Executive Office of the President, Office of Management and Budget (Washington, DC: U.S. Government Printing Office, 1988). NAICS is fully described in U.S. Office of Management and Budget, North American Industry Classification System: United States, 2002, published by Bernan Press in 2002. Additional information is available on the Census Bureau Web site at . Part C presents further historical detail. Chapter 18 shows selected data for the years 1929–1948. These are shown on an annual basis only, as many of the series are not available quarterly or monthly. Chapters 19 and 20 present quarterly or monthly data back to the earliest postwar year available for major series; the corresponding annual values are shown in Part A. Part D presents data by state and region, calculated by the Bureau of Economic Analysis, available on an annual basis only. Table 21-1 contains data on GDP, and Table 21-2 shows personal income, population, and employment. Characteristics of the Tables and the Data The subtitles or column headings for the data tables normally indicate that the data are “seasonally adjusted” or “not seasonally adjusted” or “at a seasonally adjusted annual rate.” These headings refer to the monthly or quarterly, rather than the annual, data. Annual data by definition require no seasonal adjustment. Annual values are normally calculated as totals or averages of unadjusted data, and such values are used in either adjusted or unadjusted data columns, or in both. Seasonal adjustment removes from the time series the average impact of variations that normally occur at about the same time each year due to occurrences such as weather, holidays, and tax payment dates. A simplified example of the process of seasonal adjustment, or deseasonalizing, can indicate why it is so important for the interpretation of economic time series. Statisticians compare actual monthly data for a number of years with “moving average” trends of the monthly data for the 12 months centered on each month’s data. For example, they may find that in November, sales values are usually about 95 percent of the moving average, while in December, usual sales values are 110 percent of
GENERAL NOTES the average. Suppose that actual November sales in the current year are $100 and December sales are $105. The seasonally adjusted value for November will be $105 ($100/0.95) while the value for December will be $95 ($105/1.10). Thus, an apparent increase in the unadjusted data turns out to be a decrease when adjusted for the usual seasonal pattern. The statistical method used to achieve the seasonal adjustment may vary from one data set to another. Many of the data are adjusted by a computer method known as X-12 ARIMA, developed by the Bureau of the Census. A description of the method is found in “New Capabilities and Methods of the X-12 ARIMA Seasonal Adjustment Program,” David F. Findley, Brian C. Monsell, William R. Bell, Mark C. Otto and Bor-Chung Chen, Journal of Business and Economic Statistics, April 1998. A preprint version of this article can be downloaded from the Bureau of the Census Web site at . Data presented at annual rates show values at their annual equivalents—the values that would be registered if the rate of activity measured during a particular month or quarter were maintained for a full year. Specifically, seasonally-adjusted monthly values have been multiplied by 12 and quarterly values by four to yield annual rates. Detail may not add to totals due to rounding. Since annual data are typically calculated by source agencies as the annual totals or averages of not-seasonally-adjusted data, they therefore will not be precisely equal to the annual totals or averages of monthly seasonally-adjusted data. Seasonal adjustment procedures are typically multiplicative rather than additive, and as a result, seasonally-adjusted data may not add or average to the annual figure. Most of the data in this volume are from federal government sources and may be reproduced freely. A few series are from private sources and are used with permission; further use may be subject to copyright restrictions. A list of data sources is shown below. The tables in this volume incorporate data revisions and corrections released by the source agencies through November 2005. Data Sources Most of the data in this volume are from the government agencies and private sources listed below. The specific source(s) for each individual data set is identified at the beginning of the notes and definitions for the relevant data pages.
xliii
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xliv
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Bureau of Labor Statistics U.S. Department of Labor 2 Massachusetts Avenue, NE Washington, DC 20212-0001 (202) 691-5200 Internet Address: http://www.bls.gov Data Inquiries: [email protected] Monthly Publications: Monthly Labor Review Employment and Earnings Compensation and Working Conditions Producer Price Indexes CPI Detailed Report Available by subscription from the Superintendent of Documents, Government Printing Office (see address below). Conference Board, The 845 Third Avenue New York, NY 10022 Internet Address: http://www.tcb-indicators.org Monthly Publication: Business Cycle Indicators Report, available by subscription from the address listed above. Employment and Training Administration U.S. Department of Labor 200 Constitution Avenue, NW Washington, DC 20210 (877) US2-JOBS Internet Address: http://www.doleta.gov http://www.itsc.state.md.us Energy Information Administration U.S. Department of Energy 1000 Independence Avenue, SW Washington, DC 20585 Data Inquiries and Publications: National Energy Information Center Phone: (202) 586-8800 Email: [email protected] Monthly Publication: Monthly Energy Review Internet Address: http://www.eia.doe.gov
National Agricultural Statistics Service U.S. Department of Agriculture 1400 Independence Avenue, SW Washington, DC 20250 Data Inquiries: Information Hotline: (800) 727-9540 or (202) 720-3878 Publication Sales: Telephone: (800) 999-6779 Fax: (703) 834-0110 Internet Address: http://www.nass.usda.gov To order government publications: Superintendent of Documents Government Printing Office Washington, DC 20402 (202) 512-1800 Internet Address: http://bookstore.gpo.gov Office of Federal Housing Enterprise Oversight (OFHEO) 1700 G Street, NW 4th Floor Washington, DC 20552 (202) 414-3800 Internet Address: http://www.ofheo.gov U.S. Department of the Treasury Office of International Affairs Treasury International Capital System 1500 Pennsylvania Avenue, NW Washington, DC 20220 (202)622-2000 Internet Address: http://www.treas.gov/tic
PART A THE U.S. ECONOMY
CHAPTER 1: NATIONAL INCOME AND PRODUCT AND CYCLICAL INDICATORS Section 1a: Gross Domestic Product: Values, Quantities, and Prices
Figure 1-1. Output Per Capita, 1946–2004 (ratio scale) 40,100
2000 Dollars
29,700
22,000
16,300
12,100
1946
1951
1956
1961
1966
1971
1976
1981
1986
1991
1996
2004
Year
• Output of goods and services in the United States, expressed in constant 2000-value dollars to remove the effect of inflation (real gross domestic product, or GDP), rose from $1.64 trillion in 1948 to $9.82 trillion in 2000—comparable high points in the business cycle. (Table 1-2) This was a nearly sixfold increase in real value over the 52-year period, with an average growth rate of 3.5 percent per year. From 2000 to 2004, the rate of annual growth was 2.3 percent. • Real GDP per capita—the average value of production for each man, woman, and child in the population—rose from $11,206 (2000 dollars) in 1948 to $34,759 in 2000, a rate of 2.2 percent per year. From 2000 to 2004, the annual growth rate was 1.3 percent. (Table 1-7) This value is charted in the graph above. It is graphed on a “ratio scale,” with equal vertical distances signifying equal percent changes. • The graph indicates that growth is not always smooth or uninterrupted. There are periods of leveling off or decline, marking the periods identified as recessions in economic activity. (Table 1-8 and the associated notes and definitions) • Measured in current dollars, the value of GDP rose even faster, reflecting increases in the average price level. Current-dollar GDP rose from $269 billion in 1948 to nearly $12 trillion in 2004. (Table 1-1) The price level in 2004 was more than 6.5 times that in 1948, reflecting an average inflation rate of 3.4 percent per year. (Table 1-5) Annual rates of increase in the chain-type price index for GDP ranged from 9 percent or more in 1947, 1974–1975, and 1980–1981 to changes of no more than 1.2 percent in 1949–1950, 1954, 1959, 1961, 1963, and 1998. Over the last 10 years, inflation averaged 1.9 percent.
3
4
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 1-1. Gross Domestic Product (Billions of dollars, quarterly data are at seasonally adjusted annual rates.)
NIPA Tables 1.1.5, 5.6.5A, 5.6.5B
Gross private domestic investment Year and quarter
Gross domestic product
Personal consumption expenditures
Fixed investment Total
Nonresidential
Residential
Exports and imports of goods and services
Government consumption expenditures and gross investment
Change in private inventories Net exports Nonfarm
Exports
Imports
Total
Federal
Farm
State and local
1946 1947 1948 1949
................................. ................................. ................................. .................................
222.3 244.2 269.2 267.3
144.3 162.0 175.0 178.5
31.1 35.0 48.1 36.9
17.3 23.5 26.8 24.9
7.8 12.1 15.6 14.6
6.2 1.2 3.0 -2.1
-0.2 -1.8 2.7 -0.6
7.2 10.8 5.5 5.2
14.2 18.7 15.5 14.5
7.0 7.9 10.1 9.2
39.6 36.4 40.6 46.7
28.9 22.7 24.2 27.7
10.8 13.7 16.3 19.0
1950 1951 1952 1953 1954
................................. ................................. ................................. ................................. .................................
293.8 339.3 358.3 379.4 380.4
192.2 208.5 219.5 233.1 240.0
54.1 60.2 54.0 56.4 53.8
27.8 31.8 31.9 35.1 34.7
20.5 18.4 18.6 19.4 21.1
5.9 8.9 2.1 1.2 -2.1
-0.1 1.0 1.4 0.7 0.2
0.7 2.5 1.2 -0.7 0.4
12.4 17.1 16.5 15.3 15.8
11.6 14.6 15.3 16.0 15.4
46.8 68.1 83.6 90.6 86.2
26.0 45.1 59.2 64.4 57.3
20.7 23.0 24.4 26.1 28.9
1955 1956 1957 1958 1959
................................. ................................. ................................. ................................. .................................
414.8 437.5 461.1 467.2 506.6
258.8 271.7 286.9 296.2 317.6
69.0 72.0 70.5 64.5 78.5
39.0 44.5 47.5 42.5 46.5
25.0 23.6 22.2 22.3 28.1
5.6 4.9 0.7 -2.3 5.5
-0.6 -1.0 0.1 2.0 -1.6
0.5 2.4 4.1 0.5 0.4
17.7 21.3 24.0 20.6 22.7
17.2 18.9 19.9 20.0 22.3
86.5 91.4 99.7 106.0 110.0
54.9 56.7 61.3 63.8 65.4
31.6 34.7 38.3 42.2 44.7
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
526.4 544.7 585.6 617.7 663.6
331.7 342.1 363.3 382.7 411.4
78.9 78.2 88.1 93.8 102.1
49.4 48.8 53.1 56.0 63.0
26.3 26.4 29.0 32.1 34.3
2.7 2.1 5.5 5.1 6.0
0.6 0.9 0.6 0.5 -1.2
4.2 4.9 4.1 4.9 6.9
27.0 27.6 29.1 31.1 35.0
22.8 22.7 25.0 26.1 28.1
111.6 119.5 130.1 136.4 143.2
64.1 67.9 75.3 76.9 78.5
47.5 51.6 54.9 59.5 64.8
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
719.1 787.8 832.6 910.0 984.6
443.8 480.9 507.8 558.0 605.2
118.2 131.3 128.6 141.2 156.4
74.8 85.4 86.4 93.4 104.7
34.2 32.3 32.4 38.7 42.6
8.4 14.1 9.0 7.7 9.2
0.8 -0.5 0.9 1.4 0.0
5.6 3.9 3.6 1.4 1.4
37.1 40.9 43.5 47.9 51.9
31.5 37.1 39.9 46.6 50.5
151.5 171.8 192.7 209.4 221.5
80.4 92.5 104.8 111.4 113.4
71.0 79.2 87.9 98.0 108.2
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
1 038.5 1 127.1 1 238.3 1 382.7 1 500.0
648.5 701.9 770.6 852.4 933.4
152.4 178.2 207.6 244.5 249.4
109.0 114.1 128.8 153.3 169.5
41.4 55.8 69.7 75.3 66.0
2.8 6.6 8.8 14.4 16.8
-0.8 1.7 0.3 1.5 -2.8
4.0 0.6 -3.4 4.1 -0.8
59.7 63.0 70.8 95.3 126.7
55.8 62.3 74.2 91.2 127.5
233.8 246.5 263.5 281.7 317.9
113.5 113.7 119.7 122.5 134.6
120.3 132.8 143.8 159.2 183.4
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
1 638.3 1 825.3 2 030.9 2 294.7 2 563.3
1 034.4 1 151.9 1 278.6 1 428.5 1 592.2
230.2 292.0 361.3 438.0 492.9
173.7 192.4 228.7 280.6 333.9
62.7 82.5 110.3 131.6 141.0
-9.6 18.0 17.8 24.4 14.4
3.4 -0.8 4.5 1.4 3.6
16.0 -1.6 -23.1 -25.4 -22.5
138.7 149.5 159.4 186.9 230.1
122.7 151.1 182.4 212.3 252.7
357.7 383.0 414.1 453.6 500.8
149.1 159.7 175.4 190.9 210.6
208.7 223.3 238.7 262.6 290.2
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
2 789.5 3 128.4 3 255.0 3 536.7 3 933.2
1 757.1 1 941.1 2 077.3 2 290.6 2 503.3
479.3 572.4 517.2 564.3 735.6
362.4 420.0 426.5 417.2 489.6
123.2 122.6 105.7 152.9 180.6
-0.2 21.0 -20.7 9.6 59.7
-6.1 8.8 5.8 -15.4 5.7
-13.1 -12.5 -20.0 -51.7 -102.7
280.8 305.2 283.2 277.0 302.4
293.8 317.8 303.2 328.6 405.1
566.2 627.5 680.5 733.5 797.0
243.8 280.2 310.8 342.9 374.4
322.4 347.3 369.7 390.5 422.6
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
4 220.3 4 462.8 4 739.5 5 103.8 5 484.4
2 720.3 2 899.7 3 100.2 3 353.6 3 598.5
736.2 746.5 785.0 821.6 874.9
526.2 519.8 524.1 563.8 607.7
188.2 220.1 233.7 239.3 239.5
16.1 8.0 33.6 30.4 27.7
5.8 -1.5 -6.4 -11.9 0.0
-115.2 -132.7 -145.2 -110.4 -88.2
302.0 320.5 363.9 444.1 503.3
417.2 453.3 509.1 554.5 591.5
879.0 949.3 999.5 1 039.0 1 099.1
412.8 438.6 460.1 462.3 482.2
466.2 510.7 539.4 576.7 616.9
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
5 803.1 5 995.9 6 337.7 6 657.4 7 072.2
3 839.9 3 986.1 4 235.3 4 477.9 4 743.3
861.0 802.9 864.8 953.4 1 097.1
622.4 598.2 612.1 666.6 731.4
224.0 205.1 236.3 266.0 301.9
12.2 0.9 10.1 27.0 51.8
2.4 -1.3 6.2 -6.2 12.1
-78.0 -27.5 -33.2 -65.0 -93.6
552.4 596.8 635.3 655.8 720.9
630.3 624.3 668.6 720.9 814.5
1 180.2 1 234.4 1 271.0 1 291.2 1 325.5
508.3 527.7 533.9 525.2 519.1
671.9 706.7 737.0 766.0 806.3
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
7 397.7 7 816.9 8 304.3 8 747.0 9 268.4
4 975.8 5 256.8 5 547.4 5 879.5 6 282.5
1 144.0 1 240.3 1 389.8 1 509.1 1 625.7
810.0 875.4 968.7 1 052.6 1 133.9
302.8 334.1 349.1 385.8 424.9
42.2 22.1 68.8 69.4 69.6
-11.1 8.6 3.2 1.4 -2.7
-91.4 -96.2 -101.6 -159.9 -260.5
812.2 868.6 955.3 955.9 991.2
903.6 964.8 1 056.9 1 115.9 1 251.7
1 369.2 1 416.0 1 468.7 1 518.3 1 620.8
519.2 527.4 530.9 530.4 555.8
850.0 888.6 937.8 987.9 1 065.0
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
9 817.0 10 128.0 10 469.6 10 971.2 11 734.3
6 739.4 7 055.0 7 350.7 7 709.9 8 214.3
1 735.5 1 614.3 1 582.1 1 670.4 1 928.1
1 232.1 1 176.8 1 066.3 1 082.4 1 198.8
446.9 469.3 503.9 572.5 673.8
57.8 -31.7 14.4 15.2 52.2
-1.3 0.0 -2.5 0.2 3.2
-379.5 -367.0 -424.4 -500.9 -624.0
1 096.3 1 032.8 1 005.9 1 045.6 1 173.8
1 475.8 1 399.8 1 430.3 1 546.5 1 797.8
1 721.6 1 825.6 1 961.1 2 091.9 2 215.9
578.8 612.9 679.7 754.8 827.6
1 142.8 1 212.8 1 281.5 1 337.1 1 388.3
2002 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
10 333.3 10 426.6 10 527.4 10 591.1
7 230.3 7 323.0 7 396.6 7 453.1
1 564.1 1 571.4 1 592.9 1 600.1
1 085.2 1 067.8 1 061.4 1 050.7
487.2 501.0 505.4 522.1
-11.1 11.5 28.2 28.8
2.8 -8.9 -2.2 -1.6
-373.1 -416.1 -433.8 -474.6
976.4 1 008.2 1 022.9 1 016.2
1 349.5 1 424.3 1 456.7 1 490.8
1 912.0 1 948.3 1 971.8 2 012.5
654.9 675.2 682.0 706.6
1 257.2 1 273.1 1 289.8 1 305.9
2003 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
10 717.0 10 844.6 11 087.4 11 236.0
7 555.2 7 635.3 7 782.4 7 866.6
1 610.0 1 619.3 1 694.2 1 757.9
1 048.2 1 066.8 1 098.8 1 116.0
540.0 552.9 584.9 612.2
18.6 1.5 13.1 27.8
3.2 -1.9 -2.5 1.9
-502.6 -500.6 -495.3 -505.0
1 018.8 1 016.1 1 046.6 1 101.1
1 521.4 1 516.6 1 541.9 1 606.1
2 054.4 2 090.5 2 106.2 2 116.5
724.0 763.4 761.8 770.0
1 330.4 1 327.1 1 344.4 1 346.5
2004 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
11 457.1 11 666.1 11 818.8 11 995.2
8 032.3 8 145.6 8 263.2 8 416.1
1 818.2 1 928.5 1 961.2 2 004.5
1 140.7 1 182.7 1 219.0 1 252.9
632.0 673.9 689.7 699.7
47.8 60.7 45.4 54.8
-2.3 11.2 7.0 -3.0
-559.6 -613.1 -638.0 -685.4
1 130.8 1 163.3 1 183.8 1 217.1
1 690.3 1 776.4 1 821.8 1 902.5
2 166.2 2 205.0 2 232.5 2 260.0
808.3 824.6 836.5 840.8
1 357.9 1 380.4 1 395.9 1 419.1
5
CHAPTER 1: NATIONAL INCOME AND PRODUCT AND CYCLICAL INDICATORS Table 1-2. Real Gross Domestic Product (Billions of chained [2000] dollars, quarterly data are at seasonally adjusted annual rates.)
Year and quarter
Gross domestic product
Personal consumption expenditures
Gross private domestic investment Fixed investment Total
Exports and imports of goods and Government consumption expenservices ditures and gross investment
Change in private inventories
Nonresidential
Residential
Nonfarm
NIPA Tables 1.1.6, 5.6.6A, 5.6.6B
Farm
Residual Net exports
Exports
Imports
Total
Federal
State and local
1946 1947 1948 1949
................................. ................................. ................................. .................................
1 589.4 1 574.5 1 643.2 1 634.6
1 012.9 1 031.6 1 054.4 1 083.5
172.1 165.3 211.2 161.2
... ... ... ...
... ... ... ...
28.9 4.0 11.3 -7.8
-0.9 -3.6 4.9 -1.5
... ... ... ...
64.6 73.7 58.0 57.5
47.0 44.6 52.0 50.2
396.8 337.2 361.7 404.9
... ... ... ...
... ... ... ...
-10.0 11.3 9.9 -22.3
1950 1951 1952 1953 1954
................................. ................................. ................................. ................................. .................................
1 777.3 1 915.0 1 988.3 2 079.5 2 065.4
1 152.8 1 171.2 1 208.2 1 265.7 1 291.4
227.7 228.3 206.5 216.2 206.1
... ... ... ... ...
... ... ... ... ...
20.8 25.8 6.7 4.1 -6.8
-0.3 1.7 2.5 1.6 0.4
... ... ... ... ...
50.3 61.7 59.0 55.1 57.7
59.3 61.7 67.1 73.4 69.8
405.3 553.5 666.3 713.9 665.1
... ... ... ... ...
... ... ... ... ...
0.5 -38.0 -84.6 -98.0 -85.1
1955 1956 1957 1958 1959
................................. ................................. ................................. ................................. .................................
2 212.8 2 255.8 2 301.1 2 279.2 2 441.3
1 385.5 1 425.4 1 460.7 1 472.3 1 554.6
256.2 252.7 241.7 221.7 266.7
... ... ... ... ...
... ... ... ... ...
17.0 14.2 2.2 -7.0 17.9
-1.5 -2.6 0.4 4.7 -3.8
... ... ... ... ...
63.9 74.4 80.9 70.0 77.2
78.2 84.5 88.1 92.3 101.9
640.7 641.0 669.5 690.9 714.3
... ... ... ... ...
... ... ... ... ...
-55.3 -53.2 -63.6 -83.4 -69.6
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
2 501.8 2 560.0 2 715.2 2 834.0 2 998.6
1 597.4 1 630.3 1 711.1 1 781.6 1 888.4
266.6 264.9 298.4 318.5 344.7
... ... ... ... ...
... ... ... ... ...
8.8 7.0 18.3 17.0 19.7
1.4 2.1 1.4 1.2 -3.1
... ... ... ... ...
90.6 91.1 95.7 102.5 114.6
103.3 102.6 114.3 117.3 123.6
715.4 751.3 797.6 818.1 836.1
... ... ... ... ...
... ... ... ... ...
-64.9 -75.0 -73.3 -69.4 -61.6
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
3 191.1 3 399.1 3 484.6 3 652.7 3 765.4
2 007.7 2 121.8 2 185.0 2 310.5 2 396.4
393.1 427.7 408.1 431.9 457.1
... ... ... ... ...
... ... ... ... ...
27.4 45.2 28.4 23.7 27.8
2.0 -1.1 2.1 3.3 0.0
... ... ... ... ...
117.8 126.0 128.9 139.0 145.7
136.7 157.1 168.5 193.6 204.6
861.3 937.1 1 008.9 1 040.5 1 038.0
... ... ... ... ...
... ... ... ... ...
-52.1 -56.4 -77.8 -75.6 -67.2
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
3 771.9 3 898.6 4 105.0 4 341.5 4 319.6
2 451.9 2 545.5 2 701.3 2 833.8 2 812.3
427.1 475.7 532.1 594.4 550.6
... ... ... ... ...
... ... ... ... ...
7.8 18.5 24.2 36.6 35.1
-1.9 3.3 0.3 1.5 -3.6
... ... ... ... ...
161.4 164.1 176.5 209.7 226.3
213.4 224.7 250.0 261.6 255.7
1 012.9 990.8 983.5 980.0 1 004.7
... ... ... ... ...
... ... ... ... ...
-68.0 -52.8 -38.4 -14.8 -18.6
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
4 311.2 4 540.9 4 750.5 5 015.0 5 173.4
2 876.9 3 035.5 3 164.1 3 303.1 3 383.4
453.1 544.7 627.0 702.6 725.0
... ... ... ... ...
... ... ... ... ...
-19.2 34.0 32.1 40.9 21.5
4.7 -1.3 5.9 1.7 3.5
... ... ... ... ...
224.9 234.7 240.3 265.7 292.0
227.3 271.7 301.4 327.6 333.0
1 027.4 1 031.9 1 043.3 1 074.0 1 094.1
... ... ... ... ...
... ... ... ... ...
-43.8 -34.2 -22.8 -2.8 11.9
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
5 161.7 5 291.7 5 189.3 5 423.8 5 813.6
3 374.1 3 422.2 3 470.3 3 668.6 3 863.3
645.3 704.9 606.0 662.5 857.7
... ... ... ... ...
... ... ... ... ...
0.0 25.5 -24.6 10.2 66.5
-5.8 8.2 6.1 -14.2 5.1
... ... ... ... ...
323.5 327.4 302.4 294.6 318.7
310.9 319.1 315.0 354.8 441.1
1 115.4 1 125.6 1 145.4 1 187.3 1 227.0
... ... ... ... ...
... ... ... ... ...
14.3 30.7 -19.8 -34.4 -12.0
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
6 053.7 6 263.6 6 475.1 6 742.7 6 981.4
4 064.0 4 228.9 4 369.8 4 546.9 4 675.0
849.7 843.9 870.0 890.5 926.2
... ... ... ... ...
... ... ... ... ...
17.5 10.1 37.7 32.7 28.8
5.7 -1.8 -7.4 -10.7 0.0
... ... ... ... ...
328.3 353.7 391.8 454.6 506.8
469.8 510.0 540.2 561.4 586.0
1 312.5 1 392.5 1 426.7 1 445.1 1 482.5
... ... ... ... ...
... ... ... ... ...
-31.0 -45.4 -43.0 -33.0 -23.1
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
7 112.5 7 100.5 7 336.6 7 532.7 7 835.5
4 770.3 4 778.4 4 934.8 5 099.8 5 290.7
895.1 822.2 889.0 968.3 1 099.6
595.1 563.2 581.3 631.9 689.9
298.9 270.2 307.6 332.7 364.8
13.2 1.0 10.3 27.7 52.0
2.1 -1.5 5.8 -6.1 11.2
-54.7 -14.6 -15.9 -52.1 -79.4
552.5 589.1 629.7 650.0 706.5
607.1 603.7 645.6 702.1 785.9
1 530.0 1 547.2 1 555.3 1 541.1 1 541.3
659.1 658.0 646.6 619.6 596.4
868.4 886.8 906.5 919.5 943.3
-91.1 -96.0 -89.1 -78.6 -63.7
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
8 031.7 8 328.9 8 703.5 9 066.9 9 470.3
5 433.5 5 619.4 5 831.8 6 125.8 6 438.6
1 134.0 1 234.3 1 387.7 1 524.1 1 642.6
762.5 833.6 934.2 1 037.8 1 133.3
353.1 381.3 388.6 418.3 443.6
41.3 21.7 68.5 71.2 71.5
-10.6 6.8 2.9 1.4 -3.0
-71.0 -79.6 -104.6 -203.7 -296.2
778.2 843.4 943.7 966.5 1 008.2
849.1 923.0 1 048.3 1 170.3 1 304.4
1 549.7 1 564.9 1 594.0 1 624.4 1 686.9
580.3 573.5 567.6 561.2 573.7
968.3 990.5 1 025.9 1 063.0 1 113.2
-51.1 -38.5 -23.8 -14.6 -5.8
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
9 817.0 9 890.7 10 048.8 10 320.6 10 755.7
6 739.4 6 910.4 7 099.3 7 306.6 7 588.6
1 735.5 1 598.4 1 557.1 1 617.4 1 809.8
1 232.1 1 180.5 1 071.5 1 085.0 1 186.7
446.9 448.5 469.9 509.4 561.8
57.8 -31.8 15.2 15.5 49.9
-1.3 0.0 -2.5 0.2 2.3
-379.5 -399.1 -471.3 -521.4 -601.3
1 096.3 1 036.7 1 013.3 1 031.2 1 117.9
1 475.8 1 435.8 1 484.6 1 552.6 1 719.2
1 721.6 1 780.3 1 858.8 1 911.1 1 952.3
578.8 601.4 643.4 687.8 723.7
1 142.8 1 179.0 1 215.4 1 223.3 1 228.4
0.2 1.6 3.0 2.6 -5.1
2002 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
9 977.3 10 031.6 10 090.7 10 095.8
7 042.2 7 083.5 7 123.2 7 148.2
1 541.7 1 549.0 1 570.9 1 567.0
1 090.3 1 073.3 1 068.0 1 054.5
459.0 469.5 471.8 479.3
-11.1 12.4 29.3 29.9
0.9 -9.4 -1.1 -0.2
-441.3 -458.9 -472.2 -513.0
992.8 1 018.0 1 025.2 1 017.2
1 434.0 1 476.9 1 497.4 1 530.2
1 832.0 1 853.4 1 863.9 1 885.8
623.2 641.7 646.5 662.3
1 208.9 1 211.8 1 217.5 1 223.6
1.7 3.7 0.5 5.8
2003 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
10 138.6 10 230.4 10 410.9 10 502.6
7 192.2 7 256.8 7 360.7 7 416.4
1 565.3 1 575.8 1 640.6 1 687.9
1 051.6 1 072.9 1 101.8 1 113.7
484.8 496.0 521.2 535.7
19.7 1.0 13.0 28.1
4.2 -1.4 -3.1 1.2
-510.7 -528.4 -516.2 -530.2
1 009.7 1 004.5 1 032.2 1 078.4
1 520.4 1 532.9 1 548.4 1 608.6
1 884.4 1 917.5 1 920.1 1 922.6
662.8 696.8 693.2 698.5
1 221.6 1 220.7 1 226.8 1 224.1
5.2 7.5 -2.6 0.3
2004 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
10 612.5 10 704.1 10 808.9 10 897.1
7 501.4 7 536.6 7 617.5 7 698.8
1 729.1 1 813.0 1 833.4 1 863.9
1 135.1 1 171.6 1 204.8 1 235.1
542.4 565.1 568.8 571.0
46.8 58.5 43.7 50.8
-3.5 6.7 6.3 -0.2
-563.0 -601.7 -606.5 -634.1
1 091.8 1 110.2 1 125.0 1 144.5
1 654.8 1 711.9 1 731.5 1 778.6
1 938.4 1 949.5 1 958.4 1 962.8
716.5 722.2 728.6 727.6
1 221.8 1 227.1 1 229.6 1 235.0
-1.1 -0.4 -7.3 -11.2
Note: Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line is the difference between the first line and the sum of the most detailed lines shown in the BEA published data. . . . = Not available.
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Figure 1-2. Current-Dollar and Real Gross Domestic Product, 1946–2004 12
Trillions of Dollars
10
Current dollars Chained (2000) dollars
8
6
4
2
0 1946
1951
1956
1961
1966
1971
1976
1981
1986
1991
1996
2004
Year
• Figure 1-2 graphs the value of GDP in both current dollars and real terms (chained 2000 dollars). Since real GDP is expressed in dollars of the year 2000, the two are the same in that year. As prices increase in nearly every year, the current-dollar measure grows faster than the measure of real, or constant-dollar, GDP. (Tables 1-1 and 1-2)
Figure 1-3. Percent Changes in Current-Dollar and Real GDP, 1947–2004 16 Percent change, current dollars Percent change in real GDP
14 12
Percent
6
10 8 6 4 2 0 -2 1947
1952
1957
1962
1967
1972
1977
1982
1987
1992
1997
2004
Year • The arithmetic scale used in Figure 1-2 seems to suggest ever-accelerating growth in GDP, but should not be interpreted that way. (See “Using the Data: The U.S. Economy in the New Century” in the introductory material to this book.) Figure 1-3 depicts the same data in the form of year-to-year percent changes. The annual changes in real GDP, though quite variable, fluctuate around a value of about 3.5 percent, the average rate between the business cycle peak years of 1948 and 2000. The changes in nominal GDP, which are roughly the sum of the real change and the inflation rate, are more volatile. They are quite similar to (though somewhat higher than) the changes in real GDP during years of low inflation. In years of high inflation, they are far above the changes in real GDP. Some years of high nominal change, notably 1974 and 1975, have seen the real GDP actually decline. (Tables 1-1 and 1-3)
CHAPTER 1: NATIONAL INCOME AND PRODUCT AND CYCLICAL INDICATORS
7
Table 1-3. Contributions to Percent Change in Real Gross Domestic Product (Percent, percentage points.)
NIPA Table 1.1.2 Percentage points at seasonally adjusted annual rates
Year and quarter
Percent change at seasonally adjusted annual rate, GDP
Personal consumption expenditures
Gross private domestic investment Fixed investment Total
Nonresidential
Exports and imports of goods and services
Residential
Change in private inventories
Net exports
Exports
Imports
Government consumption expenditures and gross investment Total
Federal
State and local
1946 1947 1948 1949
................................. ................................. ................................. .................................
-11.0 -0.9 4.4 -0.5
6.36 1.20 1.47 1.79
7.46 -0.57 4.00 -4.22
2.24 1.31 0.51 -0.93
2.39 1.06 0.98 -0.44
2.84 -2.93 2.50 -2.85
3.82 1.08 -2.18 0.08
3.25 0.91 -1.63 -0.05
0.57 0.17 -0.55 0.13
-28.67 -2.65 1.08 1.83
-29.06 -3.32 0.71 0.90
0.39 0.68 0.37 0.93
1950 1951 1952 1953 1954
................................. ................................. ................................. ................................. .................................
8.7 7.7 3.8 4.6 -0.7
4.28 1.05 1.95 2.91 1.25
5.74 0.05 -1.65 0.70 -0.69
0.86 0.44 -0.18 0.80 -0.20
2.03 -1.14 -0.10 0.18 0.42
2.84 0.75 -1.37 -0.28 -0.91
-1.31 0.81 -0.59 -0.70 0.40
-0.66 0.98 -0.22 -0.31 0.19
-0.65 -0.17 -0.37 -0.39 0.21
0.02 5.84 4.11 1.67 -1.64
-0.56 5.78 4.00 1.33 -2.25
0.58 0.06 0.11 0.34 0.60
1955 1956 1957 1958 1959
................................. ................................. ................................. ................................. .................................
7.1 1.9 2.0 -1.0 7.1
4.57 1.79 1.53 0.50 3.55
3.45 -0.23 -0.71 -1.25 2.80
1.01 0.55 0.16 -1.12 0.73
0.90 -0.49 -0.32 0.05 1.21
1.54 -0.29 -0.54 -0.18 0.86
-0.04 0.37 0.25 -0.89 0.00
0.44 0.70 0.43 -0.69 0.45
-0.48 -0.33 -0.18 -0.20 -0.45
-0.84 0.01 0.93 0.69 0.76
-1.39 -0.24 0.46 -0.01 0.42
0.55 0.25 0.47 0.70 0.34
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
2.5 2.3 6.1 4.4 5.8
1.73 1.30 3.11 2.56 3.71
0.00 -0.10 1.81 1.00 1.25
0.52 -0.06 0.78 0.50 1.07
-0.39 0.01 0.46 0.58 0.30
-0.13 -0.05 0.57 -0.08 -0.13
0.72 0.06 -0.21 0.24 0.36
0.78 0.03 0.25 0.35 0.59
-0.06 0.03 -0.47 -0.12 -0.23
0.03 1.07 1.36 0.58 0.49
-0.35 0.51 1.07 0.01 -0.17
0.39 0.56 0.29 0.57 0.65
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
6.4 6.5 2.5 4.8 3.1
3.91 3.50 1.81 3.50 2.27
2.16 1.44 -0.76 0.90 0.90
1.65 1.29 -0.15 0.46 0.78
-0.15 -0.43 -0.13 0.53 0.13
0.66 0.58 -0.49 -0.10 0.00
-0.30 -0.29 -0.22 -0.30 -0.04
0.15 0.36 0.12 0.41 0.25
-0.45 -0.65 -0.34 -0.70 -0.29
0.65 1.87 1.68 0.73 -0.06
0.00 1.24 1.17 0.10 -0.42
0.66 0.63 0.51 0.63 0.37
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
0.2 3.4 5.3 5.8 -0.5
1.42 2.38 3.80 3.05 -0.47
-1.04 1.67 1.87 1.96 -1.30
-0.06 0.00 0.92 1.50 0.09
-0.26 1.10 0.89 -0.04 -1.13
-0.73 0.58 0.06 0.50 -0.27
0.34 -0.19 -0.21 0.82 0.75
0.56 0.10 0.42 1.12 0.58
-0.22 -0.29 -0.63 -0.29 0.18
-0.55 -0.50 -0.16 -0.08 0.52
-0.86 -0.85 -0.42 -0.41 0.08
0.31 0.36 0.26 0.33 0.44
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
-0.2 5.3 4.6 5.6 3.2
1.42 3.48 2.68 2.76 1.52
-2.98 2.84 2.43 2.16 0.61
-1.14 0.52 1.19 1.69 1.23
-0.57 0.90 0.99 0.35 -0.21
-1.27 1.41 0.25 0.12 -0.41
0.89 -1.08 -0.72 0.05 0.66
-0.05 0.37 0.20 0.82 0.82
0.94 -1.45 -0.92 -0.78 -0.16
0.48 0.10 0.23 0.60 0.37
0.03 0.00 0.19 0.22 0.20
0.45 0.09 0.04 0.38 0.17
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
-0.2 2.5 -1.9 4.5 7.2
-0.17 0.90 0.87 3.65 3.44
-2.12 1.59 -2.55 1.45 4.63
-0.04 0.74 -0.51 -0.16 2.05
-1.17 -0.35 -0.71 1.33 0.64
-0.91 1.20 -1.34 0.29 1.95
1.68 -0.15 -0.60 -1.35 -1.58
0.97 0.12 -0.73 -0.22 0.63
0.71 -0.27 0.12 -1.13 -2.21
0.38 0.19 0.35 0.77 0.70
0.39 0.42 0.35 0.63 0.30
-0.01 -0.23 0.01 0.13 0.40
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
4.1 3.5 3.4 4.1 3.5
3.31 2.62 2.17 2.66 1.86
-0.17 -0.12 0.51 0.39 0.64
0.82 -0.36 -0.01 0.57 0.61
0.07 0.55 0.10 -0.05 -0.14
-1.06 -0.32 0.42 -0.14 0.17
-0.42 -0.30 0.17 0.82 0.52
0.23 0.54 0.78 1.24 0.99
-0.65 -0.84 -0.61 -0.42 -0.47
1.41 1.27 0.52 0.27 0.52
0.74 0.55 0.36 -0.15 0.14
0.67 0.71 0.17 0.42 0.39
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
1.9 -0.2 3.3 2.7 4.0
1.34 0.11 2.18 2.23 2.52
-0.53 -1.20 1.07 1.21 1.93
0.05 -0.57 0.32 0.83 0.91
-0.37 -0.37 0.47 0.31 0.39
-0.21 -0.26 0.29 0.07 0.63
0.43 0.69 -0.04 -0.59 -0.43
0.81 0.63 0.68 0.32 0.85
-0.39 0.06 -0.72 -0.91 -1.29
0.64 0.23 0.11 -0.18 0.00
0.18 -0.02 -0.15 -0.35 -0.30
0.46 0.24 0.26 0.17 0.30
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
2.5 3.7 4.5 4.2 4.5
1.81 2.31 2.54 3.36 3.44
0.48 1.35 1.95 1.63 1.33
1.08 1.01 1.33 1.28 1.09
-0.14 0.33 0.08 0.32 0.27
-0.46 0.02 0.54 0.03 -0.03
0.11 -0.14 -0.34 -1.16 -0.99
1.04 0.91 1.30 0.27 0.47
-0.93 -1.05 -1.64 -1.43 -1.46
0.10 0.18 0.34 0.34 0.67
-0.20 -0.08 -0.07 -0.07 0.14
0.30 0.26 0.41 0.41 0.54
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
3.7 0.8 1.6 2.7 4.2
3.17 1.74 1.90 2.05 2.71
0.99 -1.39 -0.41 0.58 1.82
1.06 -0.52 -1.06 0.13 0.92
0.03 0.02 0.22 0.41 0.55
-0.10 -0.88 0.43 0.05 0.35
-0.86 -0.20 -0.69 -0.46 -0.73
0.93 -0.60 -0.23 0.17 0.80
-1.79 0.40 -0.46 -0.63 -1.53
0.36 0.60 0.80 0.53 0.41
0.05 0.23 0.43 0.45 0.36
0.31 0.37 0.37 0.08 0.05
2002 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
2.7 2.2 2.4 0.2
1.01 1.64 1.57 0.97
1.92 0.30 0.87 -0.14
-1.50 -0.66 -0.21 -0.52
0.46 0.43 0.09 0.30
2.95 0.53 0.98 0.08
-0.97 -0.62 -0.49 -1.52
0.47 0.96 0.27 -0.31
-1.44 -1.58 -0.76 -1.21
0.79 0.88 0.43 0.89
0.36 0.76 0.20 0.64
0.43 0.12 0.23 0.25
2003 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
1.7 3.7 7.2 3.6
1.70 2.55 4.13 2.15
-0.03 0.42 2.53 1.78
-0.10 0.79 1.08 0.43
0.23 0.47 1.07 0.59
-0.16 -0.84 0.38 0.75
0.08 -0.66 0.48 -0.47
-0.29 -0.20 1.04 1.69
0.37 -0.46 -0.56 -2.16
-0.05 1.37 0.11 0.10
0.03 1.40 -0.14 0.21
-0.08 -0.04 0.25 -0.11
2004 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
4.3 3.5 4.0 3.3
3.27 1.33 3.05 3.01
1.52 3.10 0.75 1.11
0.76 1.29 1.15 1.04
0.28 0.93 0.15 0.09
0.48 0.87 -0.56 -0.03
-1.16 -1.37 -0.17 -0.98
0.49 0.67 0.53 0.70
-1.65 -2.03 -0.70 -1.68
0.62 0.43 0.35 0.17
0.71 0.22 0.25 -0.04
-0.09 0.21 0.10 0.21
8
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 1-4. Chain-Type Quantity Indexes for Gross Domestic Product and Domestic Purchases (Index numbers, 2000 = 100.)
NIPA Tables 1.1.3, 1.4.3, 2.3.3 Gross domestic product
Year and quarter
Gross domestic product, total
Personal consumption expenditures Total
Excluding food and energy
Private fixed investment
Total
Nonresidential
Exports and imports of goods and services
Residential
Exports
Imports
Government consumption expenditures and gross investment Total
Federal
Gross domestic purchases
State and local
1946 1947 1948 1949
................................. ................................. ................................. .................................
16.2 16.0 16.7 16.7
15.0 15.3 15.6 16.1
11.2 11.7 12.2 12.6
9.0 10.8 11.9 10.9
7.1 8.2 8.7 7.9
16.6 21.3 25.5 23.6
5.9 6.7 5.3 5.2
3.2 3.0 3.5 3.4
23.0 19.6 21.0 23.5
43.0 31.8 34.3 37.6
11.6 13.2 14.0 16.2
15.4 15.1 16.1 16.0
1950 1951 1952 1953 1954
................................. ................................. ................................. ................................. .................................
18.1 19.5 20.3 21.2 21.0
17.1 17.4 17.9 18.8 19.2
13.7 13.8 14.2 14.9 15.2
13.0 12.4 12.2 13.0 13.3
8.6 9.0 8.8 9.6 9.4
32.3 27.0 26.6 27.5 29.8
4.6 5.6 5.4 5.0 5.3
4.0 4.2 4.5 5.0 4.7
23.5 32.2 38.7 41.5 38.6
35.6 59.0 76.8 82.9 72.0
17.5 17.6 17.9 18.8 20.5
17.7 18.9 19.7 20.8 20.6
1955 1956 1957 1958 1959
................................. ................................. ................................. ................................. .................................
22.5 23.0 23.4 23.2 24.9
20.6 21.2 21.7 21.8 23.1
16.5 16.9 17.3 17.4 18.6
15.0 15.0 14.9 13.8 15.7
10.4 11.0 11.2 10.0 10.8
34.6 31.8 29.8 30.2 37.8
5.8 6.8 7.4 6.4 7.0
5.3 5.7 6.0 6.3 6.9
37.2 37.2 38.9 40.1 41.5
65.5 64.3 66.6 66.6 68.7
21.9 22.6 24.0 26.0 27.0
22.0 22.4 22.8 22.8 24.4
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
25.5 26.1 27.7 28.9 30.5
23.7 24.2 25.4 26.4 28.0
19.2 19.7 20.9 22.0 23.5
15.9 15.8 17.2 18.6 20.4
11.4 11.3 12.3 13.0 14.5
35.1 35.2 38.6 43.2 45.7
8.3 8.3 8.7 9.4 10.5
7.0 7.0 7.7 8.0 8.4
41.6 43.6 46.3 47.5 48.6
66.8 69.6 75.5 75.5 74.5
28.2 29.9 30.8 32.7 34.9
24.8 25.4 27.0 28.1 29.7
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
32.5 34.6 35.5 37.2 38.4
29.8 31.5 32.4 34.3 35.6
25.1 26.6 27.6 29.2 30.4
22.5 23.7 23.3 24.9 26.5
17.0 19.2 18.9 19.7 21.2
44.3 40.4 39.1 44.4 45.7
10.7 11.5 11.8 12.7 13.3
9.3 10.6 11.4 13.1 13.9
50.0 54.4 58.6 60.4 60.3
74.5 82.7 91.0 91.7 88.5
37.3 39.6 41.6 44.0 45.5
31.7 33.8 34.8 36.6 37.7
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
38.4 39.7 41.8 44.2 44.0
36.4 37.8 40.1 42.0 41.7
31.0 32.5 34.7 36.9 36.9
25.9 27.9 31.2 34.1 32.0
21.1 21.1 23.1 26.4 26.7
43.0 54.8 64.5 64.1 50.9
14.7 15.0 16.1 19.1 20.6
14.5 15.2 16.9 17.7 17.3
58.8 57.6 57.1 56.9 58.4
82.0 75.7 72.6 69.5 70.1
46.8 48.2 49.3 50.7 52.6
37.6 39.0 41.1 43.1 42.6
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
43.9 46.3 48.4 51.1 52.7
42.7 45.0 47.0 49.0 50.2
37.7 39.8 41.8 44.1 45.5
28.5 31.4 35.9 40.2 42.5
24.0 25.2 28.0 32.2 35.5
44.3 54.7 66.4 70.6 68.0
20.5 21.4 21.9 24.2 26.6
15.4 18.4 20.4 22.2 22.6
59.7 59.9 60.6 62.4 63.5
70.4 70.4 71.9 73.7 75.5
54.5 54.9 55.1 56.9 57.8
42.1 44.9 47.3 49.8 51.1
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
52.6 53.9 52.9 55.2 59.2
50.1 50.8 51.5 54.4 57.3
45.4 46.4 47.1 50.3 53.6
39.7 40.6 37.7 40.5 47.3
35.4 37.4 36.0 35.5 41.8
53.6 49.3 40.4 57.1 65.6
29.5 29.9 27.6 26.9 29.1
21.1 21.6 21.3 24.0 29.9
64.8 65.4 66.5 69.0 71.3
79.0 82.8 86.0 91.7 94.6
57.7 56.6 56.6 57.3 59.3
50.1 51.4 50.8 53.7 58.4
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
61.7 63.8 66.0 68.7 71.1
60.3 62.7 64.8 67.5 69.4
56.9 59.6 61.8 64.4 66.4
49.8 50.4 50.7 52.4 53.9
44.6 43.3 43.3 45.5 48.1
66.6 74.8 76.3 75.5 73.2
30.0 32.3 35.7 41.5 46.2
31.8 34.6 36.6 38.0 39.7
76.2 80.9 82.9 83.9 86.1
102.0 107.8 111.7 109.9 111.6
63.0 67.1 68.0 70.6 73.0
61.0 63.2 65.2 67.3 69.2
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
72.5 72.3 74.7 76.7 79.8
70.8 70.9 73.2 75.7 78.5
67.8 67.9 70.6 73.2 76.2
52.8 49.4 52.3 56.8 62.1
48.3 45.7 47.2 51.3 56.0
66.9 60.5 68.8 74.4 81.6
50.4 53.7 57.4 59.3 64.4
41.1 40.9 43.7 47.6 53.3
88.9 89.9 90.3 89.5 89.5
113.9 113.7 111.7 107.1 103.1
76.0 77.6 79.3 80.5 82.5
70.2 69.6 72.0 74.3 77.6
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
81.8 84.8 88.7 92.4 96.5
80.6 83.4 86.5 90.9 95.5
78.6 81.7 85.3 90.1 95.2
66.1 72.0 78.7 86.7 93.9
61.9 67.7 75.8 84.2 92.0
79.0 85.3 86.9 93.6 99.3
71.0 76.9 86.1 88.2 92.0
57.5 62.5 71.0 79.3 88.4
90.0 90.9 92.6 94.4 98.0
100.3 99.1 98.1 97.0 99.1
84.7 86.7 89.8 93.0 97.4
79.4 82.4 86.4 90.9 95.8
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
100.0 100.8 102.4 105.1 109.6
100.0 102.5 105.3 108.4 112.6
100.0 102.9 105.9 109.2 113.3
100.0 97.0 92.0 95.3 104.5
100.0 95.8 87.0 88.1 96.3
100.0 100.4 105.1 114.0 125.7
100.0 94.6 92.4 94.1 102.0
100.0 97.3 100.6 105.2 116.5
100.0 103.4 108.0 111.0 113.4
100.0 103.9 111.2 118.8 125.0
100.0 103.2 106.4 107.0 107.5
100.0 100.9 103.2 106.3 111.3
2002 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
101.6 102.2 102.8 102.8
104.5 105.1 105.7 106.1
105.1 105.6 106.3 106.6
92.4 92.1 91.9 91.6
88.5 87.1 86.7 85.6
102.7 105.1 105.6 107.2
90.6 92.9 93.5 92.8
97.2 100.1 101.5 103.7
106.4 107.7 108.3 109.5
107.7 110.9 111.7 114.4
105.8 106.0 106.5 107.1
102.2 102.9 103.6 104.0
2003 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
103.3 104.2 106.1 107.0
106.7 107.7 109.2 110.0
107.3 108.5 110.0 110.8
91.8 93.7 97.0 98.7
85.4 87.1 89.4 90.4
108.5 111.0 116.6 119.9
92.1 91.6 94.2 98.4
103.0 103.9 104.9 109.0
109.5 111.4 111.5 111.7
114.5 120.4 119.8 120.7
106.9 106.8 107.4 107.1
104.4 105.5 107.1 108.2
2004 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
108.1 109.0 110.1 111.0
111.3 111.8 113.0 114.2
112.0 112.5 113.9 114.9
100.3 103.9 106.0 107.9
92.1 95.1 97.8 100.2
121.4 126.4 127.3 127.8
99.6 101.3 102.6 104.4
112.1 116.0 117.3 120.5
112.6 113.2 113.8 114.0
123.8 124.8 125.9 125.7
106.9 107.4 107.6 108.1
109.5 110.8 111.9 113.0
CHAPTER 1: NATIONAL INCOME AND PRODUCT AND CYCLICAL INDICATORS
9
Table 1-5. Chain-Type Price Indexes for Gross Domestic Product and Domestic Purchases (Index numbers, 2000 = 100.)
NIPA Tables 1.1.4, 1.6.4, 2.3.4 Gross domestic product
Year and quarter
Gross domestic product, total
Personal consumption expenditures Total
Excluding food and energy
Private fixed investment
Total
Nonresidential
Exports and imports of goods and services
Residential
Exports
Imports
Government consumption expenditures and gross investment Total
Federal
Gross domestic purchases
State and local
1946 1947 1948 1949
................................. ................................. ................................. .................................
13.9 15.5 16.4 16.4
14.2 15.7 16.6 16.5
14.4 15.6 16.5 16.6
16.7 19.6 21.3 21.7
19.9 23.2 25.2 25.8
10.6 12.6 13.7 13.9
21.9 25.4 26.8 25.2
14.9 17.8 19.3 18.4
10.0 10.8 11.2 11.5
11.6 12.3 12.2 12.7
8.1 9.1 10.2 10.3
13.6 15.1 16.0 16.1
1950 1951 1952 1953 1954
................................. ................................. ................................. ................................. .................................
16.5 17.6 18.0 18.2 18.4
16.7 17.8 18.2 18.4 18.6
16.8 17.8 18.2 18.6 18.9
22.2 24.1 24.7 24.9 25.1
26.3 28.8 29.5 29.7 30.0
14.2 15.2 15.7 15.8 15.8
24.5 27.7 27.9 27.8 27.4
19.6 23.7 22.8 21.8 22.1
11.5 12.3 12.6 12.7 13.0
12.6 13.2 13.3 13.4 13.7
10.4 11.4 11.9 12.2 12.4
16.2 17.4 17.7 17.9 18.1
1955 1956 1957 1958 1959
................................. ................................. ................................. ................................. .................................
18.7 19.4 20.0 20.5 20.8
18.7 19.1 19.6 20.1 20.4
19.1 19.6 20.2 20.6 21.0
25.5 27.0 27.9 28.0 28.3
30.4 32.8 34.5 34.7 35.1
16.2 16.6 16.6 16.6 16.6
27.7 28.6 29.7 29.4 29.4
22.0 22.4 22.6 21.7 21.9
13.5 14.3 14.9 15.3 15.4
14.5 15.2 15.9 16.6 16.5
12.6 13.4 14.0 14.2 14.5
18.4 19.0 19.7 20.1 20.4
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
21.0 21.3 21.6 21.8 22.1
20.8 21.0 21.2 21.5 21.8
21.4 21.6 21.9 22.2 22.5
28.4 28.3 28.3 28.3 28.4
35.3 35.1 35.1 35.1 35.3
16.7 16.8 16.8 16.7 16.8
29.8 30.3 30.4 30.3 30.6
22.1 22.1 21.8 22.3 22.7
15.6 15.9 16.3 16.7 17.1
16.6 16.9 17.2 17.6 18.2
14.7 15.1 15.6 15.9 16.2
20.6 20.9 21.1 21.4 21.7
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
22.5 23.2 23.9 24.9 26.2
22.1 22.7 23.2 24.2 25.3
22.8 23.2 23.9 24.9 26.1
28.9 29.5 30.4 31.6 33.1
35.7 36.2 37.1 38.4 40.0
17.3 17.9 18.5 19.5 20.9
31.5 32.5 33.7 34.5 35.6
23.1 23.6 23.7 24.0 24.7
17.6 18.3 19.1 20.1 21.3
18.7 19.3 19.9 21.0 22.1
16.7 17.5 18.5 19.5 20.8
22.1 22.7 23.4 24.4 25.6
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
27.5 28.9 30.2 31.9 34.7
26.4 27.6 28.5 30.1 33.2
27.3 28.5 29.5 30.5 32.8
34.6 36.3 37.9 40.0 43.9
41.9 43.9 45.4 47.1 51.7
21.5 22.8 24.2 26.3 29.0
37.0 38.4 40.1 45.4 56.0
26.1 27.7 29.7 34.8 49.8
23.1 24.9 26.8 28.7 31.6
23.9 26.0 28.5 30.4 33.2
22.5 24.1 25.5 27.5 30.5
27.0 28.4 29.6 31.3 34.5
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
38.0 40.2 42.8 45.8 49.6
36.0 37.9 40.4 43.2 47.1
35.5 37.7 40.1 42.8 45.7
49.4 52.2 56.3 61.1 66.6
58.8 62.0 66.3 70.7 76.4
31.7 33.7 37.1 41.7 46.4
61.7 63.7 66.3 70.3 78.8
54.0 55.6 60.5 64.8 75.9
34.8 37.1 39.7 42.2 45.8
36.6 39.2 42.2 44.8 48.2
33.5 35.6 37.9 40.4 43.9
37.8 39.9 42.6 45.7 49.7
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
54.1 59.1 62.7 65.2 67.7
52.1 56.7 59.9 62.4 64.8
49.9 54.2 57.8 60.8 63.4
72.9 79.7 84.0 83.9 84.4
83.2 91.2 96.3 95.4 95.2
51.4 55.6 58.6 59.9 61.6
86.8 93.2 93.6 94.0 94.9
94.5 99.6 96.2 92.6 91.8
50.8 55.8 59.4 61.8 65.0
53.3 58.5 62.4 64.6 68.4
48.9 53.7 57.1 59.7 62.3
54.9 59.9 63.3 65.5 67.8
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
69.7 71.3 73.2 75.7 78.6
66.9 68.6 70.9 73.8 77.0
65.8 68.2 70.8 73.8 76.9
85.5 87.5 89.1 91.4 93.6
95.9 97.6 98.4 100.6 102.7
63.2 65.9 68.6 70.9 73.2
92.0 90.6 92.9 97.7 99.3
88.8 88.9 94.3 98.8 100.9
67.0 68.2 70.1 71.9 74.1
70.0 70.4 71.2 72.7 74.7
64.7 66.6 69.4 71.5 73.9
69.8 71.3 73.5 76.0 78.9
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
81.6 84.5 86.4 88.4 90.3
80.5 83.4 85.8 87.8 89.7
80.2 83.3 86.1 88.3 90.4
95.5 97.0 96.7 97.8 99.1
104.7 106.3 105.4 105.5 106.0
74.9 75.9 76.8 79.9 82.8
100.0 101.3 100.9 100.9 102.0
103.8 103.4 103.6 102.7 103.6
77.1 79.8 81.7 83.8 86.0
77.1 80.2 82.6 84.8 87.1
77.4 79.7 81.3 83.3 85.5
82.1 84.8 86.8 88.7 90.6
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
92.1 93.9 95.4 96.5 97.9
91.6 93.5 95.1 96.0 97.6
92.4 94.1 95.6 96.9 98.3
100.3 100.0 99.8 98.9 98.9
106.2 105.0 103.7 101.4 100.1
85.8 87.6 89.8 92.2 95.8
104.4 103.0 101.2 98.9 98.3
106.4 104.5 100.8 95.4 96.0
88.4 90.5 92.1 93.5 96.1
89.5 92.0 93.5 94.5 96.9
87.8 89.7 91.4 92.9 95.7
92.5 94.1 95.4 96.1 97.6
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
100.0 102.4 104.2 106.3 109.1
100.0 102.1 103.5 105.5 108.2
100.0 101.9 103.7 105.1 107.2
100.0 101.0 101.7 103.4 106.7
100.0 99.7 99.5 99.8 101.0
100.0 104.6 107.2 112.4 119.9
100.0 99.6 99.3 101.4 105.0
100.0 97.5 96.3 99.6 104.6
100.0 102.5 105.5 109.5 113.5
100.0 101.9 105.6 109.7 114.4
100.0 102.9 105.4 109.3 113.0
100.0 102.0 103.6 105.9 108.9
2002 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
103.6 103.9 104.3 104.9
102.7 103.4 103.8 104.3
103.0 103.5 104.0 104.3
101.3 101.5 101.5 102.3
99.5 99.5 99.4 99.6
106.2 106.7 107.1 109.0
98.4 99.0 99.8 99.9
94.1 96.5 97.3 97.4
104.4 105.1 105.8 106.7
105.1 105.2 105.5 106.7
104.0 105.1 105.9 106.7
102.8 103.4 103.8 104.4
2003 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
105.7 106.0 106.5 107.0
105.1 105.2 105.7 106.1
104.6 104.9 105.3 105.6
103.1 102.9 103.4 104.4
99.7 99.4 99.7 100.2
111.4 111.5 112.3 114.3
100.9 101.2 101.4 102.1
100.1 98.9 99.6 99.9
109.0 109.0 109.7 110.1
109.2 109.6 109.9 110.2
108.9 108.7 109.6 110.0
105.4 105.5 106.0 106.5
2004 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
108.0 109.0 109.4 110.1
107.1 108.1 108.5 109.3
106.3 107.0 107.4 108.0
105.3 106.4 107.2 107.8
100.5 101.0 101.2 101.5
116.6 119.3 121.3 122.6
103.6 104.8 105.2 106.4
102.2 103.8 105.3 107.0
111.8 113.1 114.0 115.1
112.8 114.2 114.8 115.6
111.1 112.5 113.5 114.9
107.6 108.7 109.2 110.1
10
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 1-6. Final Sales (Quarterly dollar data are at seasonally adjusted annual rates.)
NIPA Tables 1.4.4, 1.4.5, 1.4.6
Final sales of domestic product Year and quarter Billions of dollars
Billions of chained (2000) dollars
Final sales to domestic purchasers
Chain-type price index, 2000 = 100
Billions of dollars
Billions of chained (2000) dollars
Chain-type price index, 2000 = 100
1946 1947 1948 1949
............................................................................ ............................................................................ ............................................................................ ............................................................................
216.3 244.7 263.5 270.0
1 566.4 1 598.5 1 628.1 1 666.7
13.8 15.3 16.2 16.2
209.1 233.9 258.0 264.7
1 547.7 1 562.8 1 628.6 1 666.6
13.5 15.0 15.8 15.9
1950 1951 1952 1953 1954
............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................
288.0 329.4 354.8 377.4 382.3
1 763.8 1 889.4 1 990.0 2 087.7 2 092.5
16.3 17.4 17.8 18.1 18.3
287.3 326.9 353.7 378.1 381.9
1 787.4 1 900.0 2 013.6 2 127.1 2 123.4
16.1 17.2 17.6 17.8 18.0
1955 1956 1957 1958 1959
............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................
409.8 433.5 460.3 467.6 502.7
2 209.2 2 259.0 2 316.9 2 299.0 2 442.7
18.6 19.2 19.9 20.3 20.6
409.3 431.2 456.2 467.0 502.3
2 242.8 2 285.0 2 338.3 2 341.1 2 487.4
18.3 18.9 19.5 20.0 20.2
1960 1961 1962 1963 1964
............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................
523.2 541.7 579.5 612.1 658.8
2 506.8 2 566.8 2 708.5 2 830.3 2 999.9
20.9 21.1 21.4 21.6 22.0
519.0 536.8 575.4 607.2 651.9
2 534.8 2 594.6 2 744.8 2 862.4 3 024.5
20.5 20.7 21.0 21.2 21.6
1965 1966 1967 1968 1969
............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................
709.9 774.2 822.7 900.9 975.4
3 173.8 3 364.8 3 467.6 3 640.3 3 753.7
22.4 23.0 23.7 24.8 26.0
704.3 770.3 819.2 899.6 974.0
3 211.2 3 415.5 3 528.1 3 715.3 3 832.6
21.9 22.6 23.2 24.2 25.4
1970 1971 1972 1973 1974
............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................
1 036.5 1 118.9 1 229.2 1 366.8 1 486.0
3 787.7 3 893.4 4 098.6 4 315.9 4 305.5
27.4 28.7 30.0 31.7 34.5
1 032.6 1 118.2 1 232.6 1 362.7 1 486.8
3 854.0 3 969.3 4 186.9 4 373.4 4 329.7
26.8 28.2 29.4 31.2 34.3
1975 1976 1977 1978 1979
............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................
1 644.6 1 808.2 2 008.6 2 268.9 2 545.3
4 352.5 4 522.3 4 721.6 4 981.6 5 161.2
37.8 40.0 42.5 45.6 49.3
1 628.6 1 809.8 2 031.7 2 294.3 2 567.9
4 338.2 4 556.2 4 789.5 5 047.9 5 194.2
37.5 39.7 42.4 45.5 49.4
1980 1981 1982 1983 1984
............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................
2 795.8 3 098.6 3 269.9 3 542.4 3 867.8
5 196.7 5 265.1 5 233.4 5 454.0 5 739.2
53.8 58.9 62.5 65.0 67.4
2 808.9 3 111.2 3 289.9 3 594.1 3 970.5
5 142.8 5 217.9 5 218.2 5 507.3 5 877.3
54.6 59.6 63.1 65.3 67.6
1985 1986 1987 1988 1989
............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................
4 198.4 4 456.3 4 712.3 5 085.3 5 456.7
6 042.1 6 271.8 6 457.2 6 734.5 6 962.2
69.5 71.1 73.0 75.5 78.4
4 313.6 4 589.0 4 857.5 5 195.7 5 544.8
6 204.2 6 452.0 6 626.5 6 849.7 7 041.6
69.5 71.1 73.3 75.9 78.8
1990 1991 1992 1993 1994
............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................
5 788.5 5 996.3 6 321.4 6 636.6 7 008.4
7 108.5 7 115.0 7 331.1 7 522.3 7 777.8
81.4 84.3 86.2 88.2 90.1
5 866.5 6 023.8 6 354.7 6 701.6 7 102.0
7 157.4 7 115.2 7 333.0 7 566.4 7 853.6
82.0 84.7 86.7 88.6 90.4
1995 1996 1997 1998 1999
............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................
7 366.5 7 786.1 8 232.3 8 676.2 9 201.5
8 010.2 8 306.5 8 636.6 8 997.6 9 404.0
92.0 93.7 95.3 96.4 97.8
7 457.9 7 882.3 8 333.9 8 836.2 9 462.0
8 076.8 8 383.1 8 740.4 9 203.2 9 701.3
92.3 94.0 95.3 96.0 97.5
2000 2001 2002 2003 2004
............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................
9 760.5 10 159.7 10 457.7 10 955.8 11 678.9
9 760.5 9 920.9 10 036.5 10 303.6 10 702.4
100.0 102.4 104.2 106.3 109.1
10 140.0 10 526.7 10 882.1 11 456.7 12 302.9
10 140.0 10 320.5 10 505.3 10 820.1 11 295.3
100.0 102.0 103.6 105.9 108.9
2002 1st quarter ............................................................... 2nd quarter .............................................................. 3rd quarter .............................................................. 4th quarter ...............................................................
10 341.6 10 424.0 10 501.4 10 563.9
9 986.8 10 028.4 10 063.5 10 067.3
103.6 103.9 104.4 104.9
10 714.7 10 840.1 10 935.2 11 038.4
10 427.5 10 485.3 10 533.1 10 575.4
102.8 103.4 103.8 104.4
2003 1st quarter ............................................................... 2nd quarter .............................................................. 3rd quarter .............................................................. 4th quarter ...............................................................
10 695.2 10 845.0 11 076.9 11 206.2
10 114.7 10 228.2 10 399.5 10 471.8
105.7 106.0 106.5 107.0
11 197.8 11 345.6 11 572.2 11 711.3
10 620.8 10 751.6 10 911.6 10 996.6
105.4 105.5 106.1 106.5
2004 1st quarter ............................................................... 2nd quarter .............................................................. 3rd quarter .............................................................. 4th quarter ...............................................................
11 411.6 11 594.2 11 766.3 11 943.3
10 568.9 10 637.4 10 757.1 10 846.0
108.0 109.0 109.4 110.1
11 971.1 12 207.3 12 404.4 12 628.7
11 125.1 11 230.4 11 354.9 11 470.7
107.6 108.7 109.3 110.1
CHAPTER 1: NATIONAL INCOME AND PRODUCT AND CYCLICAL INDICATORS
11
Table 1-7. Per Capita Product and Income and U.S. Population (Dollars, except as noted; quarterly data are at seasonally adjusted annual rates.)
NIPA Table 7.1
Current dollars Year and quarter
Gross domestic product
Personal income
Disposable personal income
Chained (2000) dollars
Personal consumption expenditures Total
Durable goods
Nondurable goods
Services
Gross domestic product
Disposable personal income
Services
Population (midperiod, thousands)
Personal consumption expenditures Total
Durable goods
Nondurable goods
1946 1947 1948 1949
........................... ........................... ........................... ...........................
1 572 1 694 1 836 1 792
1 263 1 325 1 431 1 388
1 141 1 188 1 300 1 276
1 021 1 124 1 194 1 196
111 142 156 168
585 631 659 636
324 352 379 393
11 241 10 925 11 206 10 957
8 011 7 565 7 832 7 747
7 164 7 158 7 191 7 263
325 381 399 424
3 489 3 329 3 284 3 277
3 320 3 394 3 464 3 492
141 389 144 126 146 631 149 188
1950 1951 1952 1953 1954
........................... ........................... ........................... ........................... ...........................
1 937 2 199 2 283 2 378 2 342
1 510 1 672 1 754 1 829 1 813
1 385 1 497 1 550 1 621 1 627
1 267 1 352 1 399 1 461 1 478
203 194 187 205 196
648 708 731 738 737
417 450 481 517 545
11 717 12 412 12 668 13 032 12 719
8 306 8 408 8 534 8 802 8 757
7 600 7 591 7 698 7 932 7 952
509 456 436 482 472
3 324 3 354 3 427 3 477 3 460
3 607 3 728 3 826 3 923 4 011
151 684 154 287 156 954 159 565 162 391
1955 1956 1957 1958 1959
........................... ........................... ........................... ........................... ...........................
2 509 2 601 2 692 2 683 2 860
1 913 2 019 2 094 2 119 2 218
1 714 1 801 1 867 1 898 1 979
1 566 1 615 1 675 1 701 1 793
235 227 233 215 241
755 777 800 814 838
576 611 641 672 714
13 389 13 410 13 435 13 088 13 782
9 177 9 450 9 508 9 433 9 685
8 383 8 474 8 528 8 455 8 776
566 534 529 479 527
3 564 3 621 3 622 3 597 3 682
4 148 4 279 4 365 4 456 4 612
165 275 168 221 171 274 174 141 177 130
1960 1961 1962 1963 1964
........................... ........................... ........................... ........................... ...........................
2 912 2 965 3 139 3 263 3 458
2 277 2 335 2 448 2 534 2 681
2 022 2 078 2 171 2 246 2 410
1 835 1 862 1 947 2 022 2 144
240 227 251 273 295
846 852 872 888 931
750 782 823 861 918
13 840 13 932 14 552 14 971 15 624
9 735 9 901 10 227 10 455 11 061
8 837 8 873 9 170 9 412 9 839
527 499 549 594 640
3 662 3 669 3 727 3 751 3 880
4 721 4 838 5 000 5 153 5 393
180 760 183 742 186 590 189 300 191 927
1965 1966 1967 1968 1969
........................... ........................... ........................... ........................... ...........................
3 700 4 007 4 189 4 533 4 857
2 860 3 072 3 262 3 547 3 840
2 563 2 734 2 895 3 114 3 324
2 283 2 446 2 555 2 780 2 985
325 347 354 402 424
986 1 062 1 092 1 174 1 249
972 1 037 1 108 1 203 1 313
16 420 17 290 17 533 18 196 18 573
11 594 12 065 12 457 12 892 13 163
10 331 10 793 10 994 11 510 11 820
712 763 767 843 864
4 035 4 208 4 228 4 377 4 449
5 610 5 821 6 039 6 292 6 529
194 347 196 599 198 752 200 745 202 736
1970 1971 1972 1973 1974
........................... ........................... ........................... ........................... ...........................
5 064 5 427 5 899 6 524 7 013
4 090 4 350 4 729 5 241 5 716
3 587 3 860 4 140 4 616 5 010
3 162 3 379 3 671 4 022 4 364
414 467 526 583 572
1 326 1 375 1 467 1 619 1 798
1 421 1 538 1 678 1 820 1 994
18 391 18 771 19 555 20 484 20 195
13 563 14 001 14 512 15 345 15 094
11 955 12 256 12 868 13 371 13 148
826 898 1 001 1 094 1 009
4 504 4 528 4 677 4 784 4 645
6 712 6 886 7 200 7 466 7 570
205 089 207 692 209 924 211 939 213 898
1975 1976 1977 1978 1979
........................... ........................... ........................... ........................... ...........................
7 586 8 369 9 219 10 307 11 387
6 181 6 762 7 414 8 255 9 161
5 498 5 972 6 517 7 224 7 967
4 789 5 282 5 804 6 417 7 073
618 728 823 906 952
1 948 2 102 2 257 2 472 2 774
2 223 2 452 2 725 3 039 3 347
19 961 20 822 21 565 22 526 22 982
15 291 15 738 16 128 16 704 16 931
13 320 13 919 14 364 14 837 15 030
999 1 116 1 207 1 258 1 240
4 668 4 848 4 915 5 046 5 123
7 775 8 012 8 274 8 569 8 734
215 981 218 086 220 289 222 629 225 106
1980 1981 1982 1983 1984
........................... ........................... ........................... ........................... ...........................
12 249 13 601 14 017 15 092 16 638
10 134 11 266 11 951 12 635 13 915
8 822 9 765 10 426 11 131 12 319
7 716 8 439 8 945 9 775 10 589
940 1 006 1 034 1 198 1 381
3 057 3 299 3 392 3 547 3 742
3 719 4 134 4 519 5 030 5 466
22 666 23 007 22 346 23 146 24 593
16 940 17 217 17 418 17 828 19 011
14 816 14 879 14 944 15 656 16 343
1 129 1 132 1 120 1 272 1 445
5 057 5 066 5 065 5 187 5 346
8 785 8 844 8 944 9 349 9 644
227 726 230 008 232 218 234 333 236 394
1985 1986 1987 1988 1989
........................... ........................... ........................... ........................... ...........................
17 695 18 542 19 517 20 827 22 169
14 787 15 466 16 255 17 358 18 545
13 037 13 649 14 241 15 297 16 257
11 406 12 048 12 766 13 685 14 546
1 524 1 674 1 736 1 851 1 907
3 894 3 982 4 181 4 421 4 716
5 988 6 391 6 849 7 413 7 923
25 382 26 024 26 664 27 514 28 221
19 476 19 906 20 072 20 740 21 120
17 040 17 570 17 994 18 554 18 898
1 577 1 714 1 728 1 816 1 839
5 443 5 587 5 670 5 802 5 907
10 098 10 302 10 652 10 983 11 205
238 506 240 683 242 843 245 061 247 387
1990 1991 1992 1993 1994
........................... ........................... ........................... ........................... ...........................
23 195 23 650 24 668 25 578 26 844
19 500 19 923 20 870 21 356 22 176
17 131 17 609 18 494 18 872 19 555
15 349 15 722 16 485 17 204 18 004
1 895 1 790 1 882 2 024 2 210
4 996 5 068 5 179 5 300 5 455
8 457 8 864 9 424 9 881 10 339
28 429 28 007 28 556 28 940 29 741
21 281 21 109 21 548 21 493 21 812
19 067 18 848 19 208 19 593 20 082
1 813 1 688 1 763 1 877 2 009
5 932 5 840 5 878 5 956 6 088
11 398 11 438 11 680 11 855 12 058
250 181 253 530 256 922 260 282 263 455
1995 1996 1997 1998 1999
........................... ........................... ........................... ........................... ...........................
27 749 28 982 30 424 31 674 33 181
23 078 24 176 25 334 26 880 27 933
20 287 21 091 21 940 23 161 23 968
18 665 19 490 20 323 21 291 22 491
2 294 2 419 2 538 2 717 2 927
5 571 5 767 5 931 6 096 6 461
10 800 11 304 11 854 12 478 13 103
30 128 30 881 31 886 32 833 33 904
22 153 22 546 23 065 24 131 24 564
20 382 20 835 21 365 22 183 23 050
2 073 2 209 2 370 2 608 2 880
6 147 6 230 6 321 6 498 6 718
12 228 12 443 12 705 13 090 13 454
266 588 269 714 272 958 276 154 279 328
2000 2001 2002 2003 2004
........................... ........................... ........................... ........................... ...........................
34 759 35 491 36 323 37 691 39 919
29 847 30 572 30 814 31 500 33 044
25 472 26 236 27 165 28 065 29 475
23 862 24 723 25 502 26 487 27 944
3 057 3 097 3 205 3 264 3 360
6 895 7 068 7 215 7 520 8 057
13 911 14 558 15 082 15 703 16 527
34 759 34 660 34 863 35 456 36 590
25 472 25 698 26 236 26 596 27 230
23 862 24 216 24 630 25 101 25 816
3 057 3 156 3 347 3 533 3 708
6 895 6 962 7 067 7 221 7 485
13 911 14 099 14 226 14 374 14 665
282 429 285 366 288 240 291 085 293 951
2002 1st quarter ............. 2nd quarter ............ 3rd quarter ............. 4th quarter .............
35 985 36 227 36 481 36 606
30 697 30 895 30 825 30 849
26 994 27 246 27 187 27 241
25 179 25 444 25 631 25 760
3 187 3 193 3 258 3 185
7 121 7 223 7 225 7 292
14 871 15 028 15 148 15 283
34 745 34 855 34 967 34 894
26 292 26 355 26 182 26 127
24 524 24 612 24 684 24 706
3 303 3 325 3 408 3 354
7 058 7 065 7 052 7 096
14 172 14 230 14 239 14 266
287 154 287 812 288 575 289 328
2003 1st quarter ............. 2nd quarter ............ 3rd quarter ............. 4th quarter .............
36 958 37 311 38 043 38 451
31 084 31 373 31 620 31 924
27 552 27 839 28 392 28 475
26 054 26 269 26 703 26 921
3 172 3 242 3 344 3 297
7 435 7 408 7 595 7 643
15 448 15 620 15 764 15 980
34 963 35 197 35 722 35 941
26 228 26 459 26 853 26 846
24 803 24 967 25 256 25 380
3 376 3 489 3 640 3 628
7 137 7 153 7 278 7 314
14 299 14 346 14 377 14 473
289 977 290 656 291 442 292 217
2004 1st quarter ............. 2nd quarter ............ 3rd quarter ............. 4th quarter .............
39 120 39 743 40 157 40 651
32 386 32 753 33 057 33 973
28 939 29 231 29 461 30 265
27 426 27 750 28 076 28 522
3 326 3 320 3 377 3 418
7 863 8 023 8 081 8 259
16 237 16 406 16 618 16 845
36 236 36 466 36 726 36 930
27 026 27 045 27 159 27 685
25 613 25 675 25 882 26 091
3 659 3 654 3 739 3 779
7 416 7 447 7 498 7 579
14 576 14 610 14 692 14 783
292 872 293 540 294 315 295 077
12
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 1-8. Composite Indexes of Economic Activity and Selected Index Components Cyclical composite indexes, 1996 = 100
Year and month Leading
Coincident
Lagging
Selected components of leading index
Ratio, coincident to lagging
Vendor performance (slower deliveries, diffusion index, percent)
Interest rate spread, 10-year Treasury bond less federal funds 1
Selected component of coincident index
Selected component of lagging index
Personal income Consumer less transfer installment credit payments outstanding (billions of 2000 (percent of dollars) personal income)
1959 ......................................................
41.4
37.0
37.1
99.8
60.6
1.03
1 803.8
13.3
1960 1961 1962 1963 1964
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
41.0 43.3 45.8 48.3 51.1
37.7 37.9 39.7 41.0 42.9
39.0 39.2 40.4 41.9 43.7
96.8 96.6 98.3 97.8 98.1
35.7 48.1 48.8 51.1 62.8
0.90 1.93 1.24 0.82 0.69
1 857.5 1 904.0 2 007.7 2 083.0 2 208.0
14.2 14.2 14.3 15.1 15.9
1965 1966 1967 1968 1969
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
53.8 54.6 54.7 57.3 57.4
45.4 48.1 49.5 51.6 53.7
45.9 48.7 50.5 52.1 54.6
98.8 98.8 98.1 99.2 98.2
66.6 73.0 44.0 52.6 65.2
0.21 -0.19 0.85 -0.01 -1.53
2 350.4 2 489.7 2 583.1 2 715.4 2 835.3
16.5 16.5 16.1 15.7 15.8
1970 1971 1972 1973 1974
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
53.9 57.5 62.7 64.2 57.6
53.7 54.5 57.5 60.7 61.1
56.0 55.4 55.7 59.0 62.7
96.0 98.4 103.3 103.0 97.5
50.3 48.0 62.7 88.0 65.8
0.17 1.50 1.78 -1.89 -2.95
2 889.1 2 956.8 3 135.9 3 317.4 3 282.7
15.4 15.5 15.8 16.3 16.1
1975 1976 1977 1978 1979
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
55.5 61.8 65.8 67.1 65.3
59.1 61.8 64.9 68.4 70.7
61.6 60.6 62.1 65.3 69.5
95.9 102.0 104.5 104.7 101.7
30.2 54.4 55.7 60.5 57.9
2.16 2.57 1.88 0.48 -1.75
3 239.7 3 400.7 3 559.8 3 763.4 3 881.8
14.9 14.6 14.9 15.5 16.0
1980 1981 1982 1983 1984
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
61.7 60.3 59.1 66.0 70.0
70.4 71.4 70.0 71.2 75.8
71.8 72.5 72.7 70.9 75.1
98.2 98.4 96.3 100.4 100.9
40.6 46.3 43.5 56.8 57.3
-1.90 -2.47 0.74 2.02 2.21
3 894.8 4 006.5 4 043.8 4 126.6 4 458.4
15.2 14.0 13.8 13.8 14.6
1985 1986 1987 1988 1989
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
73.2 76.9 80.2 82.6 82.2
78.1 79.8 82.3 85.5 87.5
78.8 80.8 82.2 84.7 88.2
99.1 98.7 100.2 100.8 99.2
48.0 50.6 57.4 57.7 47.6
2.52 0.88 1.73 1.28 -0.72
4 633.7 4 770.8 4 904.1 5 093.4 5 254.2
16.0 17.0 16.9 16.8 16.8
1990 1991 1992 1993 1994
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
80.7 81.2 85.7 90.3 95.3
88.5 87.5 88.8 90.7 94.1
89.8 89.3 87.0 88.4 91.2
98.6 98.0 102.1 102.6 103.2
47.9 47.3 50.2 51.5 60.1
0.45 2.17 3.49 2.85 2.88
5 321.1 5 256.0 5 374.1 5 430.4 5 593.4
16.5 15.9 14.9 15.0 15.9
1995 1996 1997 1998 1999
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
97.2 100.0 105.4 109.0 113.0
97.1 100.0 103.6 108.1 111.7
97.0 100.0 102.9 107.1 111.1
100.1 100.0 100.7 100.9 100.5
52.8 50.5 53.9 51.1 53.3
0.74 1.14 0.89 -0.09 0.67
5 759.9 5 981.1 6 269.4 6 714.1 6 948.4
17.5 18.5 18.6 18.5 19.0
2000 2001 2002 2003 2004
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
115.1 112.9 118.6 124.6 134.2
115.4 114.8 114.1 114.5 117.6
116.6 117.1 116.3 116.2 116.1
99.0 98.0 98.1 98.6 101.3
53.3 48.0 53.3 53.1 62.6
-0.21 1.13 2.94 2.89 2.93
7 345.3 7 376.4 7 336.0 7 415.5 7 653.8
19.2 20.4 21.3 21.6 21.2
2003 January .............................................. February ............................................ March ................................................ April ................................................... May .................................................... June ...................................................
121.0 120.7 120.9 121.5 123.1 124.1
114.1 113.8 113.8 113.7 114.0 114.3
116.4 116.9 117.0 116.9 116.9 116.2
98.0 97.3 97.3 97.3 97.5 98.4
52.7 52.9 52.5 49.6 50.3 49.7
2.81 2.64 2.56 2.70 2.31 2.11
7 325.2 7 323.2 7 323.5 7 349.9 7 407.2 7 429.8
21.6 21.6 21.5 21.6 21.6 21.6
July .................................................... August ............................................... September ......................................... October .............................................. November .......................................... December ..........................................
125.1 125.8 126.7 127.9 128.7 129.8
114.6 114.6 114.9 115.1 115.6 115.8
116.1 116.1 115.5 115.6 115.3 115.0
98.7 98.7 99.5 99.6 100.3 100.7
51.2 53.0 53.5 54.8 57.1 59.6
2.97 3.42 3.26 3.28 3.30 3.29
7 435.1 7 430.2 7 431.8 7 467.9 7 529.4 7 532.7
21.6 21.6 21.7 21.6 21.5 21.5
2004 January .............................................. February ............................................ March ................................................ April ................................................... May .................................................... June ...................................................
130.9 131.4 133.0 133.3 134.0 134.5
115.9 116.2 116.7 116.9 117.3 117.3
115.3 115.1 114.9 115.1 115.4 115.7
100.5 101.0 101.6 101.6 101.6 101.4
61.4 62.8 66.4 66.4 67.6 66.8
3.15 3.07 2.83 3.35 3.72 3.70
7 540.8 7 551.6 7 558.6 7 576.7 7 587.1 7 580.0
21.5 21.4 21.4 21.3 21.3 21.3
July .................................................... August ............................................... September ......................................... October .............................................. November .......................................... December ..........................................
135.0 135.1 135.2 135.2 136.0 136.9
117.7 117.9 117.9 118.4 118.8 120.3
116.6 116.8 117.2 117.4 117.3 116.4
100.9 100.9 100.6 100.9 101.3 103.4
63.9 62.9 60.2 59.5 57.8 56.1
3.24 2.85 2.52 2.34 2.26 2.07
7 630.8 7 648.7 7 639.4 7 713.9 7 745.8 8 071.9
21.3 21.3 21.4 21.3 21.2 20.5
1Not
seasonally adjusted.
CHAPTER 1: NATIONAL INCOME AND PRODUCT AND CYCLICAL INDICATORS
Section 1b: Income and Value Added
Figure 1-4. Factor Income by Type, 1948 and 2004 1948
Net interest and misc. 1.2%
2004 Profits 14.0%
Rental 3.5%
Net interest and misc. 5.4% Rental 1.4%
Nonfarm proprietors 10.1%
Nonfarm proprietors 9.1%
Farm proprietors 7.5%
Farm proprietors 0.4%
Supplements 2.9%
Profits 12.4%
Wages and salaries 60.8%
Wages and salaries 57.5%
Supplements 13.8%
• The changing distribution of the national income over the postwar period is shown in the graph above, based on data in Table 1-11. The total income concept is “net national factor income,” formerly known as simply “national income,” which is the sum of the income components illustrated in the graph. Labor compensation rose from 63.7 percent of the total in 1948 to 71.3 percent of the total in 2004. The wage and salary share declined. The increase in the total labor share is entirely accounted for by supplements to wages and salaries, which are the costs of fringe benefits, including health insurance, and taxes to pay for Social Security and Medicare. • The farm proprietors’ share dropped from 7.5 percent in 1948 to less than 1 percent in 2004. Shares going to nonfarm proprietors declined slightly. Proprietors’ income includes the return to the labor input of the proprietors as well as to their land and other capital, so it cannot be attributed unequivocally to either capital or labor. • The share of rental income of persons declined. This seems surprising, as the share includes the imputed rental income of homeowners (and homeownership has been increasing). However, the rental income imputed to homeowners is net of all the costs of owning a home, including interest, depreciation, taxes, and purchased inputs. Table 12-7 shows that home mortgage debt has been increasing relative to real estate value. Accordingly, interest costs in recent years have absorbed a much greater share of the gross rental value of homeownership than in 1948, leaving a smaller return to the homeowner’s equity. • The share of capital incomes other than rental rose from 15.2 percent to 17.8 percent, with the interest portion rising as the corporate profits portion declined. Corporations, like homeowners, have increased their debt relative to their equity.
13
14
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 1-9. Relation of Gross Domestic Product, Gross and Net National Product, National Income, and Personal Income (Billions of dollars, quarterly data are at seasonally adjusted annual rates.)
NIPA Table 1.7.5 Less: Consumption of fixed capital
Year and quarter
Gross domestic product
Plus: Less: Income Income receipts payments from the to the rest rest of the of the world world
Private Equals: Gross national product
Government
Domestic business Total Total Total
Less: HouseCapital holds and Capital consumpconsump- institutions tion allowtion adances justment
Total
General government
Government enterprises
Equals: Net national product
1946 1947 1948 1949
........................... ........................... ........................... ...........................
222.3 244.2 269.2 267.3
1.1 1.6 2.0 1.9
0.4 0.5 0.6 0.7
222.9 245.3 270.6 268.6
23.3 26.4 28.1 28.7
12.5 15.7 18.4 20.0
10.5 13.2 15.5 16.9
7.9 9.9 11.8 13.5
-2.6 -3.4 -3.8 -3.4
1.9 2.5 2.9 3.1
10.8 10.7 9.7 8.7
10.5 10.3 9.2 8.2
0.3 0.4 0.5 0.5
199.6 218.9 242.5 239.9
1950 1951 1952 1953 1954
........................... ........................... ........................... ........................... ...........................
293.8 339.3 358.3 379.4 380.4
2.2 2.8 2.9 2.8 3.0
0.7 0.9 0.9 0.9 0.9
295.2 341.2 360.3 381.3 382.5
29.4 33.2 35.7 37.8 39.9
21.5 24.6 26.1 27.3 28.7
18.1 20.7 21.9 22.9 24.1
14.9 17.1 18.8 21.0 23.0
-3.2 -3.6 -3.1 -1.9 -1.1
3.3 3.8 4.2 4.4 4.7
8.0 8.7 9.6 10.5 11.2
7.5 8.1 8.9 9.8 10.4
0.5 0.6 0.6 0.7 0.7
265.8 308.0 324.6 343.5 342.6
1955 1956 1957 1958 1959
........................... ........................... ........................... ........................... ...........................
414.8 437.5 461.1 467.2 506.6
3.5 3.9 4.3 3.9 4.3
1.1 1.1 1.2 1.2 1.5
417.2 440.3 464.1 469.8 509.3
42.1 46.4 49.9 52.0 53.0
30.3 33.6 36.3 38.1 38.6
25.3 28.1 30.4 32.1 32.2
25.7 27.9 30.3 31.6 33.5
0.4 -0.2 -0.1 -0.4 1.4
5.0 5.5 5.8 6.1 6.4
11.8 12.8 13.6 13.9 14.5
11.0 11.9 12.7 12.9 13.5
0.8 0.9 0.9 1.0 1.0
375.1 393.9 414.3 417.8 456.3
1960 1961 1962 1963 1964
........................... ........................... ........................... ........................... ...........................
526.4 544.7 585.6 617.7 663.6
4.9 5.3 5.9 6.5 7.2
1.8 1.8 1.8 2.1 2.3
529.5 548.2 589.7 622.2 668.5
55.6 57.2 59.3 62.4 65.0
40.5 41.6 42.8 44.9 46.9
33.9 34.7 35.6 37.5 39.0
35.3 36.7 41.0 43.5 46.2
1.4 2.0 5.4 6.0 7.2
6.7 6.9 7.2 7.5 7.9
15.0 15.6 16.5 17.5 18.1
13.9 14.4 15.3 16.2 16.7
1.1 1.2 1.2 1.3 1.4
473.9 491.0 530.5 559.8 603.5
1965 1966 1967 1968 1969
........................... ........................... ........................... ........................... ...........................
719.1 787.8 832.6 910.0 984.6
7.9 8.1 8.7 10.1 11.8
2.6 3.0 3.3 4.0 5.7
724.4 792.9 838.0 916.1 990.7
69.4 75.6 81.5 88.4 97.9
50.5 55.5 59.9 65.2 73.1
41.9 46.3 50.0 54.4 61.2
49.5 53.5 57.9 62.6 68.9
7.6 7.2 7.8 8.2 7.7
8.5 9.2 9.9 10.8 12.0
18.9 20.1 21.6 23.1 24.8
17.4 18.5 19.8 21.1 22.6
1.5 1.6 1.8 2.0 2.2
655.0 717.3 756.5 827.7 892.8
1970 1971 1972 1973 1974
........................... ........................... ........................... ........................... ...........................
1 038.5 1 127.1 1 238.3 1 382.7 1 500.0
12.8 14.0 16.3 23.5 29.8
6.4 6.4 7.7 10.9 14.3
1 044.9 1 134.7 1 246.8 1 395.3 1 515.5
106.7 115.0 126.5 139.3 162.5
80.0 86.7 97.1 107.9 126.6
67.2 72.5 80.9 89.9 105.9
73.9 79.5 88.9 97.0 107.6
6.7 6.9 8.1 7.1 1.7
12.9 14.2 16.2 18.0 20.7
26.7 28.3 29.5 31.4 35.9
24.2 25.5 26.4 27.8 31.6
2.5 2.8 3.1 3.5 4.3
938.2 1 019.7 1 120.3 1 256.0 1 353.0
1975 1976 1977 1978 1979
........................... ........................... ........................... ........................... ...........................
1 638.3 1 825.3 2 030.9 2 294.7 2 563.3
28.0 32.4 37.2 46.3 68.3
15.0 15.5 16.9 24.7 36.4
1 651.3 1 842.1 2 051.2 2 316.3 2 595.3
187.7 205.2 230.0 262.3 300.1
147.8 162.5 184.3 212.8 245.7
124.4 136.9 155.3 179.3 206.9
118.5 128.6 146.2 165.5 190.0
-5.9 -8.3 -9.1 -13.7 -16.9
23.4 25.6 29.0 33.6 38.8
40.0 42.6 45.7 49.5 54.5
34.9 37.1 39.7 42.8 46.9
5.1 5.5 6.0 6.7 7.6
1 463.6 1 637.0 1 821.2 2 054.0 2 295.1
1980 1981 1982 1983 1984
........................... ........................... ........................... ........................... ...........................
2 789.5 3 128.4 3 255.0 3 536.7 3 933.2
79.1 92.0 101.0 101.9 121.9
44.9 59.1 64.5 64.8 85.6
2 823.7 3 161.4 3 291.5 3 573.8 3 969.5
343.0 388.1 426.9 443.8 472.6
281.1 317.9 349.8 362.1 385.6
236.8 268.9 297.3 307.4 328.0
217.1 269.3 309.4 347.8 393.4
-19.8 0.4 12.1 40.4 65.4
44.3 49.0 52.5 54.7 57.6
61.8 70.1 77.1 81.7 87.0
53.1 60.2 66.3 70.2 74.8
8.8 10.0 10.9 11.5 12.2
2 480.7 2 773.3 2 864.6 3 130.0 3 496.9
1985 1986 1987 1988 1989
........................... ........................... ........................... ........................... ...........................
4 220.3 4 462.8 4 739.5 5 103.8 5 484.4
112.4 111.4 123.2 152.1 177.7
85.9 93.6 105.3 128.5 151.5
4 246.8 4 480.6 4 757.4 5 127.4 5 510.6
506.7 531.3 561.9 597.6 644.3
414.0 431.8 455.3 483.5 522.1
353.0 366.9 385.7 408.9 440.6
445.4 458.4 475.1 501.0 523.1
92.4 91.5 89.4 92.1 82.5
61.0 64.9 69.5 74.6 81.5
92.7 99.5 106.7 114.1 122.2
79.8 85.7 92.1 98.4 105.3
12.9 13.8 14.6 15.6 16.9
3 740.1 3 949.3 4 195.4 4 529.8 4 866.3
1990 1991 1992 1993 1994
........................... ........................... ........................... ........................... ...........................
5 803.1 5 995.9 6 337.7 6 657.4 7 072.2
189.1 168.9 152.7 156.2 186.4
154.3 138.5 123.0 124.3 160.2
5 837.9 6 026.3 6 367.4 6 689.3 7 098.4
682.5 725.9 751.9 776.4 833.7
551.6 586.9 607.3 624.7 675.1
466.4 497.4 510.5 524.6 568.0
521.1 530.1 544.9 569.3 615.1
54.7 32.7 34.4 44.7 47.1
85.1 89.5 96.8 100.1 107.1
130.9 139.1 144.6 151.8 158.6
113.1 120.2 124.8 130.6 135.9
17.9 18.8 19.8 21.1 22.7
5 155.4 5 300.4 5 615.5 5 912.9 6 264.7
1995 1996 1997 1998 1999
........................... ........................... ........................... ........................... ...........................
7 397.7 7 816.9 8 304.3 8 747.0 9 268.4
233.9 248.7 286.7 287.1 320.8
198.1 213.7 253.7 265.8 287.0
7 433.4 7 851.9 8 337.3 8 768.3 9 302.2
878.4 918.1 974.4 1 030.2 1 101.3
713.4 748.8 800.3 851.2 914.3
600.2 630.7 675.2 718.3 769.8
651.8 696.7 756.5 809.6 883.6
51.6 66.1 81.3 91.4 113.7
113.2 118.2 125.1 132.9 144.5
165.0 169.3 174.1 179.0 187.0
141.4 144.6 148.2 151.9 158.4
23.6 24.6 25.9 27.1 28.6
6 555.1 6 933.8 7 362.8 7 738.2 8 200.9
2000 2001 2002 2003 2004
........................... ........................... ........................... ........................... ...........................
9 817.0 10 128.0 10 469.6 10 971.2 11 734.3
382.7 322.4 305.7 343.7 415.4
343.7 278.8 275.0 275.6 361.7
9 855.9 10 171.6 10 500.2 11 039.3 11 788.0
1 187.8 1 281.5 1 292.0 1 331.3 1 435.3
990.8 1 075.5 1 080.3 1 112.8 1 206.2
836.1 903.7 893.6 911.5 973.3
943.9 1 028.7 1 109.3 1 127.6 1 228.6
107.8 124.9 215.7 216.2 255.3
154.8 171.7 186.8 201.3 232.8
197.0 206.0 211.6 218.5 229.1
166.4 172.7 178.3 183.5 192.0
30.6 33.3 33.4 35.1 37.2
8 668.1 8 890.2 9 208.3 9 708.0 10 352.8
2002 1st quarter ............. 2nd quarter ............ 3rd quarter ............. 4th quarter .............
10 333.3 10 426.6 10 527.4 10 591.1
294.5 307.1 317.7 303.3
268.3 290.5 288.1 253.3
10 359.5 10 443.3 10 557.0 10 641.1
1 282.0 1 288.2 1 294.9 1 302.7
1 073.1 1 077.5 1 082.4 1 088.4
892.3 892.5 893.5 896.0
1 111.5 1 112.8 1 109.8 1 103.3
219.2 220.3 216.2 207.3
180.8 184.9 188.8 192.5
208.9 210.8 212.5 214.3
176.1 177.5 178.9 180.4
32.7 33.2 33.6 33.9
9 077.5 9 155.0 9 262.1 9 338.4
2003 1st quarter ............. 2nd quarter ............ 3rd quarter ............. 4th quarter .............
10 717.0 10 844.6 11 087.4 11 236.0
316.5 329.1 344.3 384.9
271.5 262.2 277.0 291.7
10 761.9 10 911.4 11 154.8 11 329.2
1 311.8 1 323.8 1 337.2 1 352.5
1 095.7 1 105.8 1 117.8 1 131.8
900.6 906.8 914.5 924.0
1 089.7 1 128.6 1 142.5 1 149.8
189.1 221.8 228.0 225.8
195.1 199.0 203.3 207.8
216.1 218.1 219.3 220.6
181.6 183.2 184.1 185.0
34.5 34.9 35.2 35.6
9 450.1 9 587.6 9 817.6 9 976.8
2004 1st quarter ............. 2nd quarter ............ 3rd quarter ............. 4th quarter .............
11 457.1 11 666.1 11 818.8 11 995.2
380.0 401.2 418.1 462.4
297.0 354.5 369.6 425.6
11 540.1 11 712.8 11 867.3 12 032.0
1 371.1 1 393.8 1 534.1 1 442.0
1 147.8 1 165.8 1 303.5 1 207.6
935.1 947.9 1 032.0 978.4
1 197.1 1 210.8 1 269.1 1 237.4
262.0 262.9 237.1 259.0
212.7 217.9 271.5 229.2
223.3 228.1 230.6 234.5
187.2 191.1 193.2 196.3
36.1 37.0 37.4 38.1
10 169.0 10 319.0 10 333.2 10 589.9
CHAPTER 1: NATIONAL INCOME AND PRODUCT AND CYCLICAL INDICATORS
15
Table 1-9. Relation of Gross Domestic Product, Gross and Net National Product, National Income, and Personal Income—Continued (Billions of dollars, quarterly data are at seasonally adjusted annual rates.)
NIPA Table 1.7.5 Less:
Year and quarter
Net national product
Less: Statistical discrepancy
Equals: National income
Taxes on ContribuCorporate production tions for and governprofits with IVA and imports ment less social CCAdj subsidies insurance
Plus:
Net interest and miscellaneous payments on assets
Business current transfer payments (net)
Current surplus of government enterprises
Wage accruals less disbursements
Personal income receipts on assets
Personal current transfer receipts
Equals: Personal income
Addendum: Gross national income
1946 1947 1948 1949
........................... ........................... ........................... ...........................
199.6 218.9 242.5 239.9
1.2 2.3 -0.5 1.8
198.5 216.6 243.0 238.0
17.8 23.7 31.2 29.1
15.7 17.9 19.4 20.6
6.6 5.6 4.6 4.9
1.9 2.5 2.6 2.9
0.7 0.7 0.7 0.7
... ... ... ...
0.0 0.0 0.0 0.0
12.3 13.9 15.1 16.0
10.6 10.8 10.3 11.2
178.6 191.0 209.8 207.1
221.8 243.0 271.1 266.7
1950 1951 1952 1953 1954
........................... ........................... ........................... ........................... ...........................
265.8 308.0 324.6 343.5 342.6
1.4 3.6 2.8 4.0 3.2
264.4 304.3 321.8 339.5 339.4
36.0 41.2 39.3 39.7 38.8
22.4 24.0 26.7 29.0 29.0
5.5 6.6 6.9 7.1 8.1
3.2 3.7 4.1 4.7 5.6
0.9 1.2 1.3 1.2 1.0
... ... ... ... ...
0.0 0.1 0.0 -0.1 0.0
18.6 19.1 19.9 21.6 23.2
14.0 11.4 11.9 12.5 14.3
229.0 258.0 275.4 291.9 294.5
293.8 337.6 357.5 377.2 379.3
1955 1956 1957 1958 1959
........................... ........................... ........................... ........................... ...........................
375.1 393.9 414.3 417.8 456.3
2.5 -1.7 0.0 1.0 0.5
372.7 395.6 414.3 416.8 455.8
49.5 48.5 48.4 43.5 55.7
31.7 33.9 36.0 36.8 40.0
9.1 10.0 11.4 11.4 13.8
6.2 6.9 8.0 9.5 9.6
1.4 1.7 1.9 1.8 1.8
... ... ... ... 1.0
0.0 0.0 0.0 0.0 0.0
25.7 28.2 30.6 31.9 34.6
15.7 16.8 19.5 23.5 24.2
316.1 339.6 358.7 369.0 392.8
414.8 441.9 464.1 468.8 508.9
1960 1961 1962 1963 1964
........................... ........................... ........................... ........................... ...........................
473.9 491.0 530.5 559.8 603.5
-0.9 -0.6 0.4 -0.8 0.8
474.9 491.6 530.1 560.6 602.7
53.8 54.9 63.3 69.0 76.5
43.4 45.0 48.2 51.2 54.6
16.4 17.0 19.1 21.7 22.4
10.6 12.5 14.2 15.2 17.4
1.9 2.0 2.2 2.7 3.1
0.9 0.8 0.9 1.4 1.3
0.0 0.0 0.0 0.0 0.0
37.9 40.1 44.1 47.9 53.8
25.7 29.5 30.4 32.2 33.5
411.5 429.0 456.7 479.6 514.6
530.4 548.8 589.4 623.0 667.7
1965 1966 1967 1968 1969
........................... ........................... ........................... ........................... ...........................
655.0 717.3 756.5 827.7 892.8
1.6 6.3 4.6 4.6 3.2
653.4 711.0 751.9 823.2 889.7
87.5 93.2 91.3 98.8 95.4
57.8 59.3 64.2 72.3 79.4
23.4 31.3 34.9 38.7 44.1
19.6 22.4 25.5 27.1 32.7
3.6 3.5 3.8 4.3 4.9
1.3 1.0 0.9 1.2 1.0
0.0 0.0 0.0 0.0 0.0
59.4 64.1 69.0 75.2 84.1
36.2 39.6 48.0 56.1 62.3
555.7 603.9 648.3 712.0 778.5
722.8 786.6 833.4 911.5 987.6
1970 1971 1972 1973 1974
........................... ........................... ........................... ........................... ...........................
938.2 1 019.7 1 120.3 1 256.0 1 353.0
7.3 11.6 9.1 8.6 10.9
930.9 1 008.1 1 111.2 1 247.4 1 342.1
83.6 98.0 112.1 125.5 115.8
86.7 95.9 101.4 112.1 121.7
46.4 51.2 59.2 75.5 85.2
39.1 43.9 47.9 55.2 70.8
4.5 4.3 4.9 6.0 7.1
0.0 -0.2 0.5 -0.4 -0.9
0.0 0.6 0.0 -0.1 -0.5
93.5 101.0 109.6 124.7 146.4
74.7 88.1 97.9 112.6 133.3
838.8 903.5 992.7 1 110.7 1 222.6
1 037.6 1 123.1 1 237.7 1 386.7 1 504.6
1975 1976 1977 1978 1979
........................... ........................... ........................... ........................... ...........................
1 463.6 1 637.0 1 821.2 2 054.0 2 295.1
17.7 25.1 22.3 26.6 46.0
1 445.9 1 611.8 1 798.9 2 027.4 2 249.1
134.8 163.3 192.4 216.6 223.2
131.0 141.5 152.8 162.2 171.9
89.3 101.3 113.1 131.3 152.7
81.6 85.5 101.1 115.0 138.9
9.4 9.5 8.4 10.6 13.0
-3.2 -1.8 -2.6 -1.9 -2.6
0.1 0.1 0.1 0.3 -0.2
162.2 178.4 205.3 234.8 274.7
170.0 184.0 194.2 209.6 235.3
1 335.0 1 474.8 1 633.2 1 837.7 2 062.2
1 633.6 1 817.0 2 028.9 2 289.7 2 549.2
1980 1981 1982 1983 1984
........................... ........................... ........................... ........................... ...........................
2 480.7 2 773.3 2 864.6 3 130.0 3 496.9
41.4 30.9 0.3 45.7 14.6
2 439.3 2 742.4 2 864.3 3 084.2 3 482.3
201.1 226.1 209.7 264.2 318.6
190.9 224.5 226.4 242.5 269.3
166.2 195.7 208.9 226.0 257.5
181.8 232.3 271.1 285.3 327.1
14.4 17.6 20.1 22.5 30.1
-4.8 -4.9 -4.0 -3.1 -1.9
0.0 0.1 0.0 -0.4 0.2
338.7 421.9 488.4 529.6 607.9
279.5 318.4 354.8 383.7 400.1
2 307.9 2 591.3 2 775.3 2 960.7 3 289.5
2 782.3 3 130.4 3 291.2 3 528.0 3 954.9
1985 1986 1987 1988 1989
........................... ........................... ........................... ........................... ...........................
3 740.1 3 949.3 4 195.4 4 529.8 4 866.3
16.7 47.0 21.7 -19.5 39.7
3 723.4 3 902.3 4 173.7 4 549.4 4 826.6
330.3 319.5 368.8 432.6 426.6
287.3 298.9 317.7 345.5 372.1
281.4 303.4 323.1 361.5 385.2
341.3 366.8 366.4 385.3 432.1
34.8 36.6 33.8 34.0 39.2
0.8 1.3 1.2 2.5 4.9
-0.2 0.0 0.0 0.0 0.0
654.0 695.5 717.0 769.3 878.0
424.9 451.0 467.6 496.6 543.4
3 526.7 3 722.4 3 947.4 4 253.7 4 587.8
4 230.1 4 433.6 4 735.7 5 147.0 5 470.9
1990 1991 1992 1993 1994
........................... ........................... ........................... ........................... ...........................
5 155.4 5 300.4 5 615.5 5 912.9 6 264.7
66.2 72.5 102.7 139.5 142.5
5 089.1 5 227.9 5 512.8 5 773.4 6 122.3
437.8 451.2 479.3 541.9 600.3
398.7 430.2 453.9 467.0 513.5
410.1 430.2 455.0 477.7 508.2
442.2 418.2 388.5 365.7 366.4
39.4 39.9 42.4 40.7 43.3
1.6 5.7 7.6 7.2 8.6
0.1 -0.1 -15.8 6.4 17.6
924.0 932.0 910.9 901.8 950.8
595.2 666.4 749.4 790.1 827.3
4 878.6 5 051.0 5 362.0 5 558.5 5 842.5
5 771.6 5 953.8 6 264.7 6 549.8 6 955.9
1995 1996 1997 1998 1999
........................... ........................... ........................... ........................... ...........................
6 555.1 6 933.8 7 362.8 7 738.2 8 200.9
101.2 93.7 70.7 -14.6 -35.7
6 453.9 6 840.1 7 292.2 7 752.8 8 236.7
696.7 786.2 868.5 801.6 851.3
524.2 546.8 579.1 604.4 629.8
532.8 555.2 587.2 624.2 661.4
367.1 376.2 415.6 487.1 495.4
46.9 53.1 49.9 64.7 67.4
11.4 12.7 12.6 10.3 10.1
16.4 3.6 -2.9 -0.7 5.2
1 016.4 1 089.2 1 181.7 1 283.2 1 264.2
877.4 925.0 951.2 978.6 1 022.1
6 152.3 6 520.6 6 915.1 7 423.0 7 802.4
7 332.3 7 758.2 8 266.6 8 783.0 9 337.9
2000 2001 2002 2003 2004
........................... ........................... ........................... ........................... ...........................
8 668.1 8 890.2 9 208.3 9 708.0 10 352.8
-127.2 -89.6 -21.0 47.1 76.8
8 795.2 8 979.8 9 229.3 9 660.9 10 275.9
817.9 767.3 886.3 1 031.8 1 161.5
664.6 673.3 724.4 754.8 809.4
702.7 731.1 750.0 776.6 822.2
559.0 566.3 520.9 528.5 505.5
87.1 92.8 84.3 81.6 91.1
5.3 -1.4 0.9 1.3 -3.0
0.0 0.0 0.0 0.0 0.0
1 387.0 1 380.0 1 333.2 1 338.7 1 396.5
1 084.0 1 193.9 1 286.2 1 344.0 1 427.5
8 429.7 8 724.1 8 881.9 9 169.1 9 713.3
9 983.1 10 261.3 10 521.2 10 992.3 11 711.2
2002 1st quarter ............. 2nd quarter ............ 3rd quarter ............. 4th quarter .............
9 077.5 9 155.0 9 262.1 9 338.4
-53.6 -56.7 14.6 11.7
9 131.1 9 211.7 9 247.5 9 326.7
829.4 864.3 895.4 956.1
706.1 720.8 733.3 737.2
747.1 751.1 751.1 750.9
545.8 519.3 507.0 511.5
91.1 85.8 81.4 78.8
-1.6 -1.2 4.0 2.3
0.0 0.0 0.0 0.0
1 340.6 1 336.5 1 327.4 1 328.5
1 260.9 1 284.0 1 292.7 1 307.1
8 814.7 8 892.0 8 895.4 8 925.5
10 413.1 10 499.9 10 542.4 10 629.4
2003 1st quarter ............. 2nd quarter ............ 3rd quarter ............. 4th quarter .............
9 450.1 9 587.6 9 817.6 9 976.8
16.6 14.4 85.3 72.0
9 433.6 9 573.2 9 732.3 9 904.8
951.5 1 005.0 1 057.5 1 113.1
741.6 740.1 762.1 775.2
765.8 773.6 780.7 786.3
530.9 532.4 528.1 522.7
79.0 80.5 82.5 84.3
4.1 1.8 0.4 -1.1
1.4 -1.4 0.0 0.0
1 334.6 1 340.5 1 337.6 1 342.1
1 319.8 1 336.9 1 356.8 1 362.3
9 013.7 9 118.6 9 215.4 9 328.7
10 745.4 10 897.0 11 069.4 11 257.2
2004 1st quarter ............. 2nd quarter ............ 3rd quarter ............. 4th quarter .............
10 169.0 10 319.0 10 333.2 10 589.9
77.8 108.1 90.8 30.6
10 091.2 10 210.9 10 242.4 10 559.3
1 147.3 1 162.0 1 117.2 1 219.5
794.8 806.0 812.3 824.4
806.3 813.0 825.9 843.5
519.9 512.2 497.5 492.7
88.2 90.7 83.0 102.6
-1.6 -2.2 -3.0 -5.2
1.5 -1.5 0.0 0.0
1 350.4 1 363.9 1 378.2 1 493.6
1 399.6 1 419.8 1 441.5 1 449.2
9 484.8 9 614.3 9 729.2 10 024.8
11 462.3 11 604.7 11 776.5 12 001.4
. . . = Not available.
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Figure 1-5. Difference Between GNP and GDP, 1946–2004 450 400
Billions of Dollars
16
350
Income receipts from the rest of the world
300
Income payments to the rest of the world
250
Difference between GNP and GDP
200 150 100 50 0 1946
1951
1956
1961
1966
1971
1976
1981
1986
1991
1996
2004
Year
• Over the postwar period, income receipts by U.S. residents from the rest of the world have consistently exceeded income payments from U.S. industries to the rest of the world. In other words, U.S. residents have increasingly had more income to spend than was generated by production within the country’s boundaries. This was indicated by an excess of gross national product (GNP) over gross domestic product (GDP). (Table 1-9) • Most of the growth in this gap had occurred by the early 1980s. As a percentage of the value of GDP, the net excess of receipts over payments rose from 0.5 percent in 1948 to 1.2 percent in 1979 (comparing business cycle high years). Since then, the gap has shrunk relative to GDP, and was only 0.6 percent in its recent highest year, 2003. (Table 1-9) • This relative decline in the gap reflects the deteriorating international investment position of the United States. The excess of U.S. assets abroad over foreign-owned assets in the United States peaked in 1980. Since then, this excess has been reversed to a net indebtedness position of nearly $2.5 trillion in 2004, as a result of balance of payments deficits and the associated inflows of foreign capital. (Table 7-8) • The gap between GNP and GDP reflects differences in three income components: compensation, net interest and miscellaneous payments, and corporate profits. Comparison between those elements, as shown in the tables on national income (Table 1-11) and domestic income (Table 1-10), illustrates that profits earned by U.S. corporations still exceed those generated in the domestic economy, but net payments of interest by domestic industry are increasingly going to overseas lenders.
CHAPTER 1: NATIONAL INCOME AND PRODUCT AND CYCLICAL INDICATORS
17
Table 1-10. Gross Domestic Income by Type of Income (Billions of dollars, quarterly data are at seasonally adjusted annual rates.)
NIPA Tables 1.1.5, 1.10
Compensation of employees
Net operating surplus Private enterprises
Year and quarter
Gross domestic income
Total
Wage and salary accruals
Supplements to wages and salaries
Taxes on production and imports
Less: Subsidies
Total Total
Net interest and miscellaneous payments, domestic industries
Business current transfer payments (net)
Proprietors’ income with IVA and CCAdj
Rental income of persons with CCAdj
1946 1947 1948 1949
................................. ................................. ................................. .................................
221.1 241.9 269.7 265.4
119.7 130.0 141.9 141.8
112.0 123.0 135.5 134.7
7.6 7.0 6.4 7.1
16.8 18.1 19.7 20.9
1.2 0.2 0.3 0.3
... ... ... ...
62.5 67.6 80.3 74.3
1.9 2.4 2.5 2.8
0.7 0.7 0.7 0.7
35.6 34.5 39.3 34.7
7.1 7.2 7.9 8.2
1950 1951 1952 1953 1954
................................. ................................. ................................. ................................. .................................
292.4 335.7 355.6 375.3 377.2
155.2 181.4 196.2 210.2 209.2
147.2 171.6 185.6 199.0 197.3
8.0 9.8 10.5 11.2 11.9
23.0 24.8 27.1 29.1 28.9
0.6 0.7 0.4 0.1 -0.1
... ... ... ... ...
85.4 97.0 97.0 98.4 99.1
3.1 3.5 4.0 4.6 5.4
0.9 1.2 1.3 1.2 1.0
37.6 42.7 43.1 42.1 42.3
9.2 10.1 11.2 12.5 13.5
1955 1956 1957 1958 1959
................................. ................................. ................................. ................................. .................................
412.3 439.2 461.1 466.2 506.1
225.8 244.6 257.6 259.6 281.1
212.2 229.1 240.0 241.4 259.9
13.5 15.5 17.6 18.2 21.1
31.5 34.3 36.6 37.7 41.1
-0.2 0.4 0.7 0.9 1.1
... ... ... ... 132.0
112.8 114.3 117.6 117.7 131.0
6.1 6.8 8.0 9.4 9.5
1.4 1.7 1.9 1.8 1.8
44.3 45.8 47.9 50.1 50.7
13.9 14.2 14.6 15.4 16.2
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
527.3 545.3 585.3 618.5 662.8
296.6 305.4 327.2 345.3 370.7
273.0 280.7 299.5 314.9 337.8
23.6 24.8 27.8 30.4 32.9
44.6 47.0 50.4 53.4 57.3
1.1 2.0 2.3 2.2 2.7
131.8 137.6 150.6 159.6 172.4
130.8 136.8 149.7 158.3 171.1
10.4 12.1 13.8 14.7 16.9
1.9 2.0 2.2 2.7 3.1
50.8 53.2 55.4 56.5 59.4
17.1 17.9 18.8 19.5 19.6
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
717.5 781.5 828.0 905.4 981.4
399.5 442.6 475.1 524.3 577.6
363.8 400.3 429.0 472.0 518.3
35.7 42.3 46.1 52.3 59.3
60.8 63.3 68.0 76.5 84.0
3.0 3.9 3.8 4.2 4.5
190.9 204.0 207.2 220.5 226.5
189.6 203.0 206.2 219.3 225.5
19.1 21.9 24.9 26.7 33.2
3.6 3.5 3.8 4.3 4.9
63.9 68.2 69.8 74.3 77.4
20.2 20.8 21.2 20.9 21.2
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
1 031.2 1 115.5 1 229.2 1 374.1 1 489.1
617.2 658.9 725.1 811.2 890.3
551.5 584.5 638.8 708.8 772.3
65.7 74.4 86.4 102.5 118.0
91.5 100.6 108.1 117.3 125.0
4.8 4.7 6.6 5.2 3.3
220.6 245.7 276.1 311.4 314.6
220.6 245.9 275.6 311.8 315.6
39.9 44.2 48.9 57.5 72.7
4.5 4.3 4.9 6.0 7.1
78.4 84.8 95.9 113.5 113.1
21.4 22.4 23.4 24.3 24.3
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
1 620.6 1 800.1 2 008.7 2 268.1 2 517.3
949.2 1 059.4 1 180.6 1 336.2 1 500.8
814.9 899.8 994.2 1 121.3 1 255.9
134.3 159.6 186.4 214.9 245.0
135.5 146.6 159.9 171.2 180.4
4.5 5.1 7.1 8.9 8.5
352.7 394.1 445.3 507.4 544.4
356.0 396.0 447.9 509.3 547.0
83.2 85.2 99.8 116.2 141.5
9.4 9.5 8.4 10.6 13.0
119.5 132.2 145.7 166.6 180.1
23.7 22.3 20.7 22.1 23.8
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
2 748.1 3 097.5 3 254.7 3 490.9 3 918.6
1 651.9 1 826.0 1 926.0 2 042.8 2 255.8
1 377.7 1 517.7 1 593.9 1 684.8 1 855.3
274.2 308.3 332.1 358.0 400.5
200.7 236.0 241.3 263.7 290.2
9.8 11.5 15.0 21.2 21.0
562.3 658.9 675.4 761.9 920.9
567.2 663.9 679.4 765.0 922.8
183.0 228.9 267.0 283.1 327.1
14.4 17.6 20.1 22.5 30.1
174.1 183.0 176.3 192.5 243.3
30.0 38.0 38.8 37.8 40.2
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
4 203.6 4 415.8 4 717.8 5 123.3 5 444.7
2 424.9 2 571.9 2 751.6 2 968.1 3 146.5
1 995.7 2 116.6 2 272.1 2 453.8 2 597.6
429.2 455.3 479.5 514.2 548.9
308.5 323.7 347.9 374.9 399.3
21.3 24.8 30.2 29.4 27.2
984.7 1 013.7 1 086.6 1 212.1 1 281.8
983.9 1 012.4 1 085.4 1 209.6 1 276.9
352.6 386.6 395.1 417.8 471.7
34.8 36.6 33.8 34.0 39.2
262.3 275.7 302.2 341.6 363.3
41.9 33.5 33.5 40.6 43.1
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
5 736.8 5 923.4 6 235.0 6 517.9 6 929.7
3 340.5 3 448.0 3 638.4 3 804.7 4 001.2
2 756.3 2 825.7 2 967.5 3 092.5 3 253.8
584.2 622.3 670.9 712.2 747.5
425.5 457.5 483.8 503.4 545.6
26.8 27.3 29.9 36.4 32.2
1 315.1 1 319.3 1 390.8 1 469.7 1 581.3
1 313.5 1 313.6 1 383.2 1 462.4 1 572.8
481.1 461.6 428.9 407.4 413.3
39.4 39.9 42.4 40.7 43.3
380.6 377.1 427.6 453.8 473.3
50.7 60.3 78.0 95.6 119.7
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
7 296.5 7 723.2 8 233.7 8 761.6 9 304.1
4 197.4 4 394.7 4 666.1 5 023.9 5 362.3
3 439.8 3 627.3 3 879.1 4 187.3 4 476.6
757.7 767.3 787.0 836.7 885.7
558.2 581.1 612.0 639.8 674.0
34.0 34.3 32.9 35.4 44.2
1 696.4 1 863.6 2 014.1 2 103.1 2 210.7
1 685.0 1 850.9 2 001.5 2 092.8 2 200.6
420.0 438.9 489.2 564.1 577.9
46.9 53.1 49.9 64.7 67.4
492.1 543.2 576.0 627.8 678.3
122.1 131.5 128.8 137.5 147.3
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
9 944.1 10 217.6 10 490.6 10 924.2 11 657.5
5 787.3 5 947.2 6 096.6 6 326.7 6 693.4
4 833.8 4 947.9 4 986.3 5 116.7 5 395.2
953.4 999.3 1 110.3 1 210.0 1 298.1
708.9 728.6 762.8 801.4 852.8
44.3 55.3 38.4 46.7 43.5
2 304.5 2 315.6 2 377.6 2 511.4 2 719.4
2 299.1 2 317.0 2 376.8 2 510.1 2 722.4
661.2 687.2 640.7 630.9 630.9
87.1 92.8 84.3 81.6 91.1
728.4 771.9 768.4 810.2 889.6
150.3 167.4 152.9 131.7 134.2
2002 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
10 386.9 10 483.3 10 512.8 10 579.4
6 030.7 6 097.1 6 119.8 6 139.0
4 966.5 4 995.0 4 993.8 4 990.0
1 064.2 1 102.1 1 126.0 1 148.9
746.0 757.9 771.6 775.5
39.9 37.0 38.3 38.3
2 368.1 2 377.1 2 364.9 2 400.5
2 369.7 2 378.3 2 360.9 2 398.1
669.3 644.2 626.8 622.5
91.1 85.8 81.4 78.8
763.0 763.5 769.1 778.1
172.1 167.7 142.9 129.2
2003 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
10 700.4 10 830.2 11 002.1 11 164.0
6 216.1 6 292.0 6 365.5 6 432.9
5 036.7 5 091.8 5 145.3 5 192.8
1 179.4 1 200.2 1 220.2 1 240.1
783.8 794.7 806.6 820.6
42.1 54.6 44.5 45.4
2 430.9 2 474.3 2 537.3 2 603.3
2 426.8 2 472.4 2 536.9 2 604.5
634.8 629.9 630.0 628.9
79.0 80.5 82.5 84.3
778.3 801.4 821.1 840.0
137.7 125.4 120.4 143.2
2004 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
11 379.3 11 558.0 11 728.0 11 964.6
6 533.9 6 608.0 6 730.0 6 901.6
5 262.0 5 322.6 5 427.7 5 568.7
1 271.9 1 285.5 1 302.3 1 332.9
837.1 847.8 855.5 870.9
42.3 41.8 43.2 46.5
2 679.5 2 750.1 2 651.6 2 796.5
2 681.1 2 752.3 2 654.6 2 801.7
629.4 636.3 629.0 628.6
88.2 90.7 83.0 102.6
870.2 898.4 889.1 900.9
144.2 141.8 122.1 128.7
. . . = Not available.
18
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 1-10. Gross Domestic Income by Type of Income—Continued (Billions of dollars, quarterly data are at seasonally adjusted annual rates.)
NIPA Tables 1.1.5, 1.10
Net operating surplus—Continued
Consumption of fixed capital
Private enterprises—Continued Corporate profits with IVA and CCAdj, domestic industries Year and quarter Profits after tax Total
Taxes on corporate income
Total
Net dividends
Undistributed corporate profits
Current surplus of government enterprises
Total
Private
Government
Statistical discrepancy
Gross domestic product
1946 1947 1948 1949
................................. ................................. ................................. .................................
17.1 22.7 29.9 27.9
9.1 11.3 12.4 10.2
8.0 11.4 17.5 17.7
5.1 5.6 6.2 6.4
2.9 5.8 11.3 11.3
... ... ... ...
23.3 26.4 28.1 28.7
12.5 15.7 18.4 20.0
10.8 10.7 9.7 8.7
1.2 2.3 -0.5 1.8
222.3 244.2 269.2 267.3
1950 1951 1952 1953 1954
................................. ................................. ................................. ................................. .................................
34.7 39.5 37.4 37.9 36.9
17.9 22.6 19.4 20.3 17.6
16.8 16.9 18.0 17.6 19.3
7.9 7.4 7.5 7.8 7.9
9.0 9.5 10.5 9.9 11.4
... ... ... ... ...
29.4 33.2 35.7 37.8 39.9
21.5 24.6 26.1 27.3 28.7
8.0 8.7 9.6 10.5 11.2
1.4 3.6 2.8 4.0 3.2
293.8 339.3 358.3 379.4 380.4
1955 1956 1957 1958 1959
................................. ................................. ................................. ................................. .................................
47.2 45.7 45.3 41.0 53.0
22.0 22.0 21.4 19.0 23.7
25.1 23.7 23.8 22.0 29.2
8.9 9.5 9.9 9.8 10.7
16.2 14.2 14.0 12.2 18.5
... ... ... ... 1.0
42.1 46.4 49.9 52.0 53.0
30.3 33.6 36.3 38.1 38.6
11.8 12.8 13.6 13.9 14.5
2.5 -1.7 0.0 1.0 0.5
414.8 437.5 461.1 467.2 506.6
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
50.6 51.5 59.5 64.9 72.0
22.8 22.9 24.1 26.4 28.2
27.9 28.6 35.4 38.5 43.8
11.4 11.5 12.4 13.6 15.0
16.4 17.1 23.0 25.0 28.9
0.9 0.8 0.9 1.4 1.3
55.6 57.2 59.3 62.4 65.0
40.5 41.6 42.8 44.9 46.9
15.0 15.6 16.5 17.5 18.1
-0.9 -0.6 0.4 -0.8 0.8
526.4 544.7 585.6 617.7 663.6
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
82.8 88.7 86.6 93.2 88.8
31.1 33.9 32.9 39.6 40.0
51.7 54.8 53.7 53.5 48.8
16.9 17.8 18.3 20.2 20.4
34.8 37.0 35.3 33.4 28.4
1.3 1.0 0.9 1.2 1.0
69.4 75.6 81.5 88.4 97.9
50.5 55.5 59.9 65.2 73.1
18.9 20.1 21.6 23.1 24.8
1.6 6.3 4.6 4.6 3.2
719.1 787.8 832.6 910.0 984.6
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
76.5 90.2 102.6 110.6 98.3
34.8 38.2 42.3 50.0 52.8
41.8 52.0 60.2 60.6 45.5
20.4 20.3 21.9 23.1 23.5
21.4 31.7 38.3 37.5 22.1
0.0 -0.2 0.5 -0.4 -0.9
106.7 115.0 126.5 139.3 162.5
80.0 86.7 97.1 107.9 126.6
26.7 28.3 29.5 31.4 35.9
7.3 11.6 9.1 8.6 10.9
1 038.5 1 127.1 1 238.3 1 382.7 1 500.0
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
120.2 146.8 173.3 193.8 188.6
51.6 65.3 74.4 84.9 90.0
68.6 81.5 98.9 108.9 98.6
26.4 30.1 33.7 39.6 41.5
42.2 51.4 65.2 69.3 57.1
-3.2 -1.8 -2.6 -1.9 -2.6
187.7 205.2 230.0 262.3 300.1
147.8 162.5 184.3 212.8 245.7
40.0 42.6 45.7 49.5 54.5
17.7 25.1 22.3 26.6 46.0
1 638.3 1 825.3 2 030.9 2 294.7 2 563.3
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
165.7 196.4 177.1 229.2 282.0
87.2 84.3 66.5 80.6 97.5
78.5 112.1 110.6 148.5 184.5
47.3 58.3 61.3 71.3 78.5
31.1 53.8 49.2 77.2 106.0
-4.8 -4.9 -4.0 -3.1 -1.9
343.0 388.1 426.9 443.8 472.6
281.1 317.9 349.8 362.1 385.6
61.8 70.1 77.1 81.7 87.0
41.4 30.9 0.3 45.7 14.6
2 789.5 3 128.4 3 255.0 3 536.7 3 933.2
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
292.2 280.0 320.8 375.7 359.5
99.4 109.7 130.4 141.6 146.1
192.8 170.4 190.4 234.0 213.4
85.7 88.3 95.6 98.0 126.4
107.1 82.1 94.8 136.0 87.0
0.8 1.3 1.2 2.5 4.9
506.7 531.3 561.9 597.6 644.3
414.0 431.8 455.3 483.5 522.1
92.7 99.5 106.7 114.1 122.2
16.7 47.0 21.7 -19.5 39.7
4 220.3 4 462.8 4 739.5 5 103.8 5 484.4
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
361.7 374.7 406.2 465.0 523.2
145.4 138.6 148.7 171.0 193.7
216.3 236.1 257.5 294.0 329.5
144.1 156.4 159.9 182.2 197.4
72.2 79.8 97.7 111.7 132.0
1.6 5.7 7.6 7.2 8.6
682.5 725.9 751.9 776.4 833.7
551.6 586.9 607.3 624.7 675.1
130.9 139.1 144.6 151.8 158.6
66.2 72.5 102.7 139.5 142.5
5 803.1 5 995.9 6 337.7 6 657.4 7 072.2
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
603.9 684.3 757.5 698.7 729.8
218.7 231.7 246.1 248.3 258.6
385.2 452.6 511.5 450.4 471.1
221.6 257.3 283.9 309.2 295.7
163.7 195.3 227.6 141.2 175.5
11.4 12.7 12.6 10.3 10.1
878.4 918.1 974.4 1 030.2 1 101.3
713.4 748.8 800.3 851.2 914.3
165.0 169.3 174.1 179.0 187.0
101.2 93.7 70.7 -14.6 -35.7
7 397.7 7 816.9 8 304.3 8 747.0 9 268.4
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
672.2 597.6 730.5 855.8 976.6
265.2 204.1 192.6 232.1 271.1
407.0 393.5 537.9 623.6 705.5
348.4 330.1 351.3 393.4 457.1
58.6 63.4 186.5 230.2 248.4
5.3 -1.4 0.9 1.3 -3.0
1 187.8 1 281.5 1 292.0 1 331.3 1 435.3
990.8 1 075.5 1 080.3 1 112.8 1 206.2
197.0 206.0 211.6 218.5 229.1
-127.2 -89.6 -21.0 47.1 76.8
9 817.0 10 128.0 10 469.6 10 971.2 11 734.3
2002 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
674.4 717.1 740.8 789.6
174.9 188.5 196.9 210.2
499.5 528.6 543.9 579.5
337.9 355.5 338.5 373.5
161.6 173.1 205.4 206.0
-1.6 -1.2 4.0 2.3
1 282.0 1 288.2 1 294.9 1 302.7
1 073.1 1 077.5 1 082.4 1 088.4
208.9 210.8 212.5 214.3
-53.6 -56.7 14.6 11.7
10 333.3 10 426.6 10 527.4 10 591.1
2003 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
796.9 835.2 882.8 908.1
223.9 221.7 235.3 247.5
573.0 613.5 647.5 660.5
355.6 427.2 388.1 402.7
217.4 186.3 259.4 257.8
4.1 1.8 0.4 -1.1
1 311.8 1 323.8 1 337.2 1 352.5
1 095.7 1 105.8 1 117.8 1 131.8
216.1 218.1 219.3 220.6
16.6 14.4 85.3 72.0
10 717.0 10 844.6 11 087.4 11 236.0
2004 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
949.1 985.1 931.3 1 040.9
257.9 274.7 259.0 293.0
691.2 710.4 672.3 747.8
423.0 415.8 420.5 569.1
268.3 294.7 251.8 178.7
-1.6 -2.2 -3.0 -5.2
1 371.1 1 393.8 1 534.1 1 442.0
1 147.8 1 165.8 1 303.5 1 207.6
223.3 228.1 230.6 234.5
77.8 108.1 90.8 30.6
11 457.1 11 666.1 11 818.8 11 995.2
. . . = Not available.
CHAPTER 1: NATIONAL INCOME AND PRODUCT AND CYCLICAL INDICATORS
19
Table 1-11. National Income by Type of Income (Billions of dollars, quarterly data are at seasonally adjusted annual rates.)
NIPA Tables 1.7.5, 1.12
Compensation of employees Wage and salary accruals Year and quarter
National income, total
Proprietors’ income with IVA and CCAdj
Supplements to wages and salaries Employer contributions for:
Total
Total Total
Government
Other
Farm
Nonfarm
Employee Government pension and social insurance insurance funds
Total
Rental income of persons with CCAdj
1946 1947 1948 1949
................................. ................................. ................................. .................................
198.5 216.6 243.0 238.0
119.6 130.1 142.0 141.9
112.0 123.1 135.6 134.7
20.7 17.5 19.0 20.8
91.3 105.6 116.5 113.9
7.6 7.0 6.4 7.1
2.5 3.0 3.4 3.8
5.1 3.9 3.0 3.3
35.6 34.5 39.3 34.7
14.2 14.4 16.7 12.0
21.4 20.2 22.6 22.7
7.1 7.2 7.9 8.2
1950 1951 1952 1953 1954
................................. ................................. ................................. ................................. .................................
264.4 304.3 321.8 339.5 339.4
155.3 181.4 196.2 210.2 209.2
147.3 171.6 185.6 199.0 197.3
22.6 29.2 33.4 34.3 34.9
124.6 142.4 152.3 164.7 162.4
8.0 9.8 10.5 11.2 11.9
4.7 5.7 6.4 7.0 7.3
3.4 4.1 4.1 4.2 4.6
37.6 42.7 43.1 42.1 42.3
12.9 15.3 14.3 12.1 11.7
24.7 27.4 28.8 30.0 30.6
9.2 10.1 11.2 12.5 13.5
1955 1956 1957 1958 1959
................................. ................................. ................................. ................................. .................................
372.7 395.6 414.3 416.8 455.8
225.7 244.5 257.5 259.5 281.0
212.2 229.0 240.0 241.3 259.8
36.6 38.8 41.0 44.1 46.1
175.6 190.2 198.9 197.2 213.8
13.5 15.5 17.6 18.2 21.1
8.4 9.8 11.2 11.9 13.3
5.2 5.7 6.4 6.3 7.9
44.3 45.8 47.9 50.1 50.7
10.6 10.5 10.4 12.3 10.0
33.7 35.4 37.4 37.8 40.6
13.9 14.2 14.6 15.4 16.2
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
474.9 491.6 530.1 560.6 602.7
296.4 305.3 327.1 345.2 370.7
272.9 280.5 299.4 314.9 337.8
49.2 52.5 56.3 60.0 64.9
223.7 228.0 243.0 254.8 272.9
23.6 24.8 27.8 30.4 32.9
14.3 15.2 16.6 18.0 20.3
9.3 9.6 11.2 12.4 12.6
50.8 53.2 55.4 56.5 59.4
10.5 11.0 11.0 10.8 9.6
40.3 42.2 44.4 45.7 49.8
17.1 17.9 18.8 19.5 19.6
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
653.4 711.0 751.9 823.2 889.7
399.5 442.7 475.1 524.3 577.6
363.8 400.3 429.0 472.0 518.3
69.9 78.4 86.5 96.7 105.6
293.8 321.9 342.5 375.3 412.7
35.7 42.3 46.1 52.3 59.3
22.7 25.5 28.1 32.4 36.5
13.1 16.8 18.0 20.0 22.8
63.9 68.2 69.8 74.3 77.4
11.8 12.8 11.5 11.5 12.6
52.1 55.4 58.4 62.8 64.7
20.2 20.8 21.2 20.9 21.2
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
930.9 1 008.1 1 111.2 1 247.4 1 342.1
617.2 658.9 725.1 811.2 890.2
551.6 584.5 638.8 708.8 772.3
117.2 126.8 137.9 148.8 160.5
434.3 457.8 500.9 560.0 611.8
65.7 74.4 86.4 102.5 118.0
41.8 47.9 55.2 62.7 73.3
23.8 26.4 31.2 39.8 44.7
78.4 84.8 95.9 113.5 113.1
12.7 13.2 16.8 28.9 23.2
65.7 71.6 79.1 84.6 89.9
21.4 22.4 23.4 24.3 24.3
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
1 445.9 1 611.8 1 798.9 2 027.4 2 249.1
949.1 1 059.3 1 180.5 1 336.1 1 500.8
814.8 899.7 994.2 1 121.2 1 255.8
176.2 188.9 202.6 220.0 237.1
638.6 710.8 791.6 901.2 1 018.7
134.3 159.6 186.4 214.9 245.0
87.6 105.2 125.3 143.4 162.4
46.7 54.4 61.1 71.5 82.6
119.5 132.2 145.7 166.6 180.1
21.7 17.0 15.7 19.6 21.8
97.8 115.2 130.0 147.1 158.3
23.7 22.3 20.7 22.1 23.8
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
2 439.3 2 742.4 2 864.3 3 084.2 3 482.3
1 651.8 1 825.8 1 925.8 2 042.6 2 255.6
1 377.6 1 517.5 1 593.7 1 684.6 1 855.1
261.5 285.8 307.5 324.8 348.1
1 116.2 1 231.7 1 286.2 1 359.8 1 507.0
274.2 308.3 332.1 358.0 400.5
185.2 204.7 222.4 238.1 261.5
88.9 103.6 109.8 119.9 139.0
174.1 183.0 176.3 192.5 243.3
11.3 18.7 13.1 6.0 20.6
162.8 164.3 163.3 186.5 222.7
30.0 38.0 38.8 37.8 40.2
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
3 723.4 3 902.3 4 173.7 4 549.4 4 826.6
2 424.7 2 570.1 2 750.2 2 967.2 3 145.2
1 995.5 2 114.8 2 270.7 2 452.9 2 596.3
373.9 397.0 422.6 451.3 480.2
1 621.6 1 717.9 1 848.1 2 001.6 2 116.2
429.2 455.3 479.5 514.2 548.9
281.5 297.5 313.2 329.6 355.2
147.7 157.9 166.3 184.6 193.7
262.3 275.7 302.2 341.6 363.3
20.8 22.6 28.7 26.8 33.0
241.5 253.1 273.5 314.7 330.3
41.9 33.5 33.5 40.6 43.1
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
5 089.1 5 227.9 5 512.8 5 773.4 6 122.3
3 338.2 3 445.2 3 635.4 3 801.4 3 997.2
2 754.0 2 823.0 2 964.5 3 089.2 3 249.8
517.7 546.8 569.2 586.8 606.2
2 236.3 2 276.2 2 395.3 2 502.4 2 643.5
584.2 622.3 670.9 712.2 747.5
377.8 407.1 442.5 472.4 493.3
206.5 215.1 228.4 239.8 254.1
380.6 377.1 427.6 453.8 473.3
31.9 26.7 34.5 31.2 33.9
348.7 350.4 393.0 422.6 439.4
50.7 60.3 78.0 95.6 119.7
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
6 453.9 6 840.1 7 292.2 7 752.8 8 236.7
4 193.3 4 390.5 4 661.7 5 019.4 5 357.1
3 435.7 3 623.2 3 874.7 4 182.7 4 471.4
625.5 644.4 668.1 697.3 729.3
2 810.2 2 978.8 3 206.6 3 485.5 3 742.1
757.7 767.3 787.0 836.7 885.7
493.6 492.5 497.5 529.7 562.4
264.0 274.9 289.5 307.0 323.3
492.1 543.2 576.0 627.8 678.3
22.7 37.3 34.2 29.4 28.6
469.5 505.9 541.8 598.4 649.7
122.1 131.5 128.8 137.5 147.3
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
8 795.2 8 979.8 9 229.3 9 660.9 10 275.9
5 782.7 5 942.1 6 091.2 6 321.1 6 687.6
4 829.2 4 942.8 4 980.9 5 111.1 5 389.4
774.7 815.9 865.9 903.3 939.5
4 054.5 4 126.9 4 115.0 4 207.8 4 450.0
953.4 999.3 1 110.3 1 210.0 1 298.1
609.9 642.7 745.1 830.0 895.5
343.5 356.6 365.2 380.0 402.7
728.4 771.9 768.4 810.2 889.6
22.7 19.7 10.6 27.7 35.8
705.7 752.2 757.8 782.4 853.8
150.3 167.4 152.9 131.7 134.2
2002 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
9 131.1 9 211.7 9 247.5 9 326.7
6 025.3 6 091.5 6 114.5 6 133.4
4 961.2 4 989.4 4 988.5 4 984.5
855.4 863.7 869.3 875.4
4 105.7 4 125.7 4 119.2 4 109.1
1 064.2 1 102.1 1 126.0 1 148.9
700.7 736.2 760.1 783.2
363.4 365.8 365.9 365.8
763.0 763.5 769.1 778.1
8.9 4.0 11.0 18.4
754.1 759.4 758.1 759.7
172.1 167.7 142.9 129.2
2003 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
9 433.6 9 573.2 9 732.3 9 904.8
6 210.4 6 286.6 6 360.1 6 427.4
5 031.1 5 086.4 5 139.8 5 187.3
895.1 902.3 906.1 909.9
4 135.9 4 184.1 4 233.8 4 277.4
1 179.4 1 200.2 1 220.2 1 240.1
804.8 821.6 838.1 855.4
374.6 378.6 382.1 384.7
778.3 801.4 821.1 840.0
20.5 27.2 28.2 35.1
757.8 774.1 793.0 804.8
137.7 125.4 120.4 143.2
2004 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
10 091.2 10 210.9 10 242.4 10 559.3
6 528.2 6 602.1 6 724.2 6 895.8
5 256.3 5 316.6 5 422.0 5 562.9
928.8 936.3 942.8 950.0
4 327.5 4 380.3 4 479.2 4 612.9
1 271.9 1 285.5 1 302.3 1 332.9
877.0 887.5 897.9 919.6
394.9 398.0 404.4 413.4
870.2 898.4 889.1 900.9
44.8 44.1 29.7 24.6
825.4 854.2 859.4 876.3
144.2 141.8 122.1 128.7
20
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 1-11. National Income by Type of Income—Continued (Billions of dollars, quarterly data are at seasonally adjusted annual rates.)
NIPA Tables 1.7.5, 1.12
Corporate profits with IVA and CCAdj
Business current transfer payments (net)
Profits after tax Year and quarter Total
Taxes on corporate income
Total
Net dividends
Undistributed corporate profits
Net interest Taxes on and production miscellaand neous imports payments
Less: Subsidies Total 1
Current Addendum: surplus of Net governnational ment factor To governTo persons enterprises income ment
1946 1947 1948 1949
................................. ................................. ................................. .................................
17.8 23.7 31.2 29.1
9.1 11.3 12.4 10.2
8.7 12.4 18.7 18.9
5.6 6.3 7.0 7.2
3.2 6.1 11.7 11.6
1.9 2.5 2.6 2.9
16.8 18.1 19.7 20.9
1.2 0.2 0.3 0.3
0.7 0.7 0.7 0.7
0.4 0.4 0.4 0.4
0.3 0.3 0.4 0.4
... ... ... ...
182.1 198.0 222.9 216.6
1950 1951 1952 1953 1954
................................. ................................. ................................. ................................. .................................
36.0 41.2 39.3 39.7 38.8
17.9 22.6 19.4 20.3 17.6
18.1 18.6 19.9 19.4 21.2
8.8 8.6 8.6 8.9 9.3
9.3 10.1 11.3 10.6 11.9
3.2 3.7 4.1 4.7 5.6
23.0 24.8 27.1 29.1 28.9
0.6 0.7 0.4 0.1 -0.1
0.9 1.2 1.3 1.2 1.0
0.6 0.9 0.9 0.8 0.6
0.3 0.3 0.4 0.4 0.4
... ... ... ... ...
241.2 279.1 293.9 309.3 309.4
1955 1956 1957 1958 1959
................................. ................................. ................................. ................................. .................................
49.5 48.5 48.4 43.5 55.7
22.0 22.0 21.4 19.0 23.7
27.5 26.5 26.9 24.5 32.0
10.5 11.3 11.7 11.6 12.6
17.0 15.3 15.2 13.0 19.4
6.2 6.9 8.0 9.5 9.6
31.5 34.3 36.6 37.7 41.1
-0.2 0.4 0.7 0.9 1.1
1.4 1.7 1.9 1.8 1.8
0.9 1.2 1.4 1.2 1.3
0.4 0.5 0.5 0.6 0.4
... ... ... ... 1.0
339.6 359.9 376.4 378.1 413.1
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
53.8 54.9 63.3 69.0 76.5
22.8 22.9 24.1 26.4 28.2
31.0 32.0 39.2 42.6 48.3
13.4 13.9 15.0 16.2 18.2
17.6 18.1 24.1 26.4 30.1
10.6 12.5 14.2 15.2 17.4
44.6 47.0 50.4 53.4 57.3
1.1 2.0 2.3 2.2 2.7
1.9 2.0 2.2 2.7 3.1
1.3 1.4 1.5 1.9 2.2
0.5 0.7 0.7 0.8 0.9
0.9 0.8 0.9 1.4 1.3
428.7 443.7 478.8 505.3 543.6
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
87.5 93.2 91.3 98.8 95.4
31.1 33.9 32.9 39.6 40.0
56.4 59.3 58.4 59.2 55.4
20.2 20.7 21.5 23.5 24.2
36.2 38.7 36.9 35.6 31.2
19.6 22.4 25.5 27.1 32.7
60.8 63.3 68.0 76.5 84.0
3.0 3.9 3.8 4.2 4.5
3.6 3.5 3.8 4.3 4.9
2.3 2.1 2.3 2.8 3.3
1.4 1.4 1.5 1.5 1.6
1.3 1.0 0.9 1.2 1.0
590.7 647.2 683.0 745.4 804.3
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
83.6 98.0 112.1 125.5 115.8
34.8 38.2 42.3 50.0 52.8
48.9 59.9 69.7 75.5 63.0
24.3 25.0 26.8 29.9 33.2
24.6 34.8 42.9 45.6 29.8
39.1 43.9 47.9 55.2 70.8
91.5 100.6 108.1 117.3 125.0
4.8 4.7 6.6 5.2 3.3
4.5 4.3 4.9 6.0 7.1
2.9 2.7 3.1 3.9 4.7
1.6 1.6 1.8 2.0 2.4
0.0 -0.2 0.5 -0.4 -0.9
839.7 908.1 1 004.4 1 129.7 1 214.2
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
134.8 163.3 192.4 216.6 223.2
51.6 65.3 74.4 84.9 90.0
83.2 98.1 118.0 131.8 133.2
33.0 39.0 44.8 50.8 57.5
50.2 59.0 73.2 81.0 75.7
81.6 85.5 101.1 115.0 138.9
135.5 146.6 159.9 171.2 180.4
4.5 5.1 7.1 8.9 8.5
9.4 9.5 8.4 10.6 13.0
6.8 6.7 5.1 6.5 8.2
2.6 2.8 3.3 4.1 4.8
-3.2 -1.8 -2.6 -1.9 -2.6
1 308.8 1 462.7 1 640.4 1 856.5 2 066.8
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
201.1 226.1 209.7 264.2 318.6
87.2 84.3 66.5 80.6 97.5
113.9 141.8 143.2 183.6 221.1
64.1 73.8 77.7 83.5 90.8
49.9 68.0 65.4 100.1 130.3
181.8 232.3 271.1 285.3 327.1
200.7 236.0 241.3 263.7 290.2
9.8 11.5 15.0 21.2 21.0
14.4 17.6 20.1 22.5 30.1
8.6 11.2 12.4 13.8 19.7
5.7 6.4 7.8 8.7 10.4
-4.8 -4.9 -4.0 -3.1 -1.9
2 238.9 2 505.2 2 621.8 2 822.4 3 184.8
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
330.3 319.5 368.8 432.6 426.6
99.4 109.7 130.4 141.6 146.1
230.9 209.8 238.4 291.0 280.5
97.6 106.2 112.3 129.9 158.0
133.4 103.7 126.1 161.1 122.6
341.3 366.8 366.4 385.3 432.1
308.5 323.7 347.9 374.9 399.3
21.3 24.8 30.2 29.4 27.2
34.8 36.6 33.8 34.0 39.2
22.3 22.9 20.2 20.6 23.5
12.6 13.6 13.6 13.4 15.7
0.8 1.3 1.2 2.5 4.9
3 400.5 3 565.6 3 821.1 4 167.3 4 410.3
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
437.8 451.2 479.3 541.9 600.3
145.4 138.6 148.7 171.0 193.7
292.4 312.6 330.6 370.9 406.5
169.1 180.7 187.9 202.8 234.7
123.3 131.9 142.7 168.1 171.8
442.2 418.2 388.5 365.7 366.4
425.5 457.5 483.8 503.4 545.6
26.8 27.3 29.9 36.4 32.2
39.4 39.9 42.4 40.7 43.3
22.2 17.9 19.6 14.4 15.1
17.2 22.0 24.5 26.6 28.6
1.6 5.7 7.6 7.2 8.6
4 649.4 4 752.1 5 008.8 5 258.4 5 556.9
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
696.7 786.2 868.5 801.6 851.3
218.7 231.7 246.1 248.3 258.6
478.0 554.5 622.4 553.3 592.6
254.2 297.6 334.5 351.6 337.4
223.8 256.9 287.9 201.7 255.3
367.1 376.2 415.6 487.1 495.4
558.2 581.1 612.0 639.8 674.0
34.0 34.3 32.9 35.4 44.2
46.9 53.1 49.9 64.7 67.4
19.0 22.9 19.4 26.0 34.1
26.5 31.1 29.7 35.0 35.9
11.4 12.7 12.6 10.3 10.1
5 871.4 6 227.6 6 650.6 7 073.3 7 529.4
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
817.9 767.3 886.3 1 031.8 1 161.5
265.2 204.1 192.6 232.1 271.1
552.7 563.2 693.7 799.7 890.3
377.9 370.9 399.2 423.2 493.0
174.8 192.3 294.5 376.5 397.3
559.0 566.3 520.9 528.5 505.5
708.9 728.6 762.8 801.4 852.8
44.3 55.3 38.4 46.7 43.5
87.1 92.8 84.3 81.6 91.1
42.4 50.0 37.3 30.5 33.0
43.7 47.5 46.6 48.9 51.5
5.3 -1.4 0.9 1.3 -3.0
8 038.3 8 215.0 8 419.8 8 823.3 9 378.4
2002 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
829.4 864.3 895.4 956.1
174.9 188.5 196.9 210.2
654.5 675.8 698.5 746.0
382.5 396.1 406.1 412.0
272.0 279.7 292.4 334.0
545.8 519.3 507.0 511.5
746.0 757.9 771.6 775.5
39.9 37.0 38.3 38.3
91.1 85.8 81.4 78.8
42.3 38.6 35.4 32.9
46.7 46.5 46.6 46.7
-1.6 -1.2 4.0 2.3
8 335.6 8 406.2 8 428.9 8 508.4
2003 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
951.5 1 005.0 1 057.5 1 113.1
223.9 221.7 235.3 247.5
727.6 783.3 822.2 865.6
416.3 419.9 424.6 432.0
311.3 363.4 397.7 433.6
530.9 532.4 528.1 522.7
783.8 794.7 806.6 820.6
42.1 54.6 44.5 45.4
79.0 80.5 82.5 84.3
31.6 30.8 30.1 29.3
47.5 48.5 49.5 50.0
4.1 1.8 0.4 -1.1
8 608.8 8 750.8 8 887.3 9 046.4
2004 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
1 147.3 1 162.0 1 117.2 1 219.5
257.9 274.7 259.0 293.0
889.4 887.3 858.2 926.4
445.9 460.9 475.9 589.3
443.5 426.4 382.3 337.2
519.9 512.2 497.5 492.7
837.1 847.8 855.5 870.9
42.3 41.8 43.2 46.5
88.2 90.7 83.0 102.6
29.0 28.9 44.4 29.8
51.4 52.1 47.8 54.7
-1.6 -2.2 -3.0 -5.2
9 209.8 9 316.3 9 350.1 9 637.6
1Includes
net transfer payments to the rest of the world, not shown separately. . . . = Not available.
CHAPTER 1: NATIONAL INCOME AND PRODUCT AND CYCLICAL INDICATORS
21
Table 1-12. Gross and Net Value Added of Domestic Corporate Business (Billions of dollars, quarterly data are at seasonally adjusted annual rates.)
NIPA Table 1.14 Net value added
Year and quarter
Gross value Consumpadded of tion of corporate fixed business, capital total
Net operating surplus
Total
Taxes on production Compenand sation of imports employees less subsidies
Total
Net interest and miscellaneous payments
Business current transfer payments
Gross value added of financial corporate business
Corporate profits with IVA and CCAdj
Total
Taxes on corporate income
Profits after tax Total
Net dividends
Undistributed
1946 1947 1948 1949
........................... ........................... ........................... ...........................
104.4 126.0 144.5 141.5
7.0 8.7 10.1 10.9
97.4 117.3 134.4 130.7
69.9 82.1 91.1 88.8
9.8 11.5 12.7 13.4
17.8 23.6 30.5 28.5
0.1 0.3 0.0 0.0
0.6 0.6 0.6 0.6
17.1 22.7 29.9 27.9
9.1 11.3 12.4 10.2
8.0 11.4 17.5 17.7
5.1 5.6 6.2 6.4
2.9 5.8 11.3 11.3
5.1 5.3 6.1 6.8
1950 1951 1952 1953 1954
........................... ........................... ........................... ........................... ...........................
160.4 183.9 192.6 206.2 203.6
11.6 13.2 14.0 14.8 15.7
148.8 170.7 178.6 191.4 188.0
98.7 114.6 123.0 134.0 132.2
14.8 15.9 17.3 18.5 17.9
35.3 40.3 38.2 38.9 37.8
-0.1 -0.2 -0.2 0.0 0.2
0.7 1.1 1.1 1.0 0.8
34.7 39.5 37.4 37.9 36.9
17.9 22.6 19.4 20.3 17.6
16.8 16.9 18.0 17.6 19.3
7.9 7.4 7.5 7.8 7.9
9.0 9.5 10.5 9.9 11.4
7.3 8.2 9.2 10.2 10.8
1955 1956 1957 1958 1959
........................... ........................... ........................... ........................... ...........................
229.5 245.6 256.9 251.8 281.9
16.6 18.7 20.5 21.6 21.8
212.9 226.9 236.4 230.2 260.1
144.6 158.2 166.5 164.0 180.3
19.8 21.5 22.8 23.1 25.6
48.5 47.2 47.1 43.0 54.2
0.2 0.0 0.2 0.6 -0.2
1.2 1.5 1.7 1.5 1.5
47.2 45.7 45.3 41.0 53.0
22.0 22.0 21.4 19.0 23.7
25.1 23.7 23.8 22.0 29.2
8.9 9.5 9.9 9.8 10.7
16.2 14.2 14.0 12.2 18.5
11.8 12.9 13.8 14.7 15.9
1960 1961 1962 1963 1964
........................... ........................... ........................... ........................... ...........................
293.9 302.1 329.0 349.5 377.7
23.3 23.9 24.6 26.0 27.2
270.6 278.2 304.4 323.5 350.4
190.7 195.6 211.0 222.7 239.2
27.8 28.9 31.2 33.2 35.6
52.0 53.7 62.2 67.7 75.7
-0.2 0.4 0.7 0.4 0.8
1.6 1.8 2.0 2.4 2.9
50.6 51.5 59.5 64.9 72.0
22.8 22.9 24.1 26.4 28.2
27.9 28.6 35.4 38.5 43.8
11.4 11.5 12.4 13.6 15.0
16.4 17.1 23.0 25.0 28.9
17.5 18.4 19.3 19.7 21.6
1965 1966 1967 1968 1969
........................... ........................... ........................... ........................... ...........................
414.4 454.1 479.3 529.1 576.7
29.4 32.7 35.6 39.1 44.2
385.0 421.4 443.6 490.1 532.5
259.9 288.5 308.4 341.3 378.6
37.8 38.9 41.4 47.8 52.9
87.3 94.0 93.8 100.9 101.0
1.2 2.3 4.0 3.9 7.8
3.3 3.0 3.3 3.8 4.4
82.8 88.7 86.6 93.2 88.8
31.1 33.9 32.9 39.6 40.0
51.7 54.8 53.7 53.5 48.8
16.9 17.8 18.3 20.2 20.4
34.8 37.0 35.3 33.4 28.4
23.2 25.1 28.1 31.3 36.2
1970 1971 1972 1973 1974
........................... ........................... ........................... ........................... ...........................
597.8 646.1 716.8 802.6 869.9
48.9 52.9 59.1 65.9 78.2
548.9 593.2 657.7 736.6 791.7
400.2 425.3 472.5 533.9 587.4
57.0 62.8 67.3 74.1 78.6
91.7 105.2 117.9 128.6 125.6
11.3 11.5 11.3 13.0 20.7
3.9 3.5 4.0 5.0 6.6
76.5 90.2 102.6 110.6 98.3
34.8 38.2 42.3 50.0 52.8
41.8 52.0 60.2 60.6 45.5
20.4 20.3 21.9 23.1 23.5
21.4 31.7 38.3 37.5 22.1
39.4 43.1 47.3 51.8 60.0
1975 1976 1977 1978 1979
........................... ........................... ........................... ........................... ...........................
944.4 1 062.9 1 205.2 1 376.4 1 530.7
92.9 102.8 117.4 136.0 157.2
851.6 960.1 1 087.8 1 240.4 1 373.4
614.9 695.2 784.8 901.9 1 023.4
84.5 91.4 100.0 108.7 115.0
152.2 173.5 203.0 229.8 235.0
23.4 18.8 23.3 27.5 34.9
8.6 7.9 6.4 8.5 11.5
120.2 146.8 173.3 193.8 188.6
51.6 65.3 74.4 84.9 90.0
68.6 81.5 98.9 108.9 98.6
26.4 30.1 33.7 39.6 41.5
42.2 51.4 65.2 69.3 57.1
67.8 73.2 85.8 103.6 114.7
1980 1981 1982 1983 1984
........................... ........................... ........................... ........................... ...........................
1 666.0 1 893.3 1 971.4 2 121.0 2 378.0
180.1 205.3 227.5 236.0 252.9
1 485.8 1 688.0 1 743.9 1 885.0 2 125.1
1 122.6 1 243.9 1 297.5 1 371.2 1 520.3
128.6 154.4 161.3 177.4 195.6
234.6 289.7 285.2 336.3 409.2
55.9 77.7 90.0 86.6 98.8
13.0 15.6 18.1 20.6 28.3
165.7 196.4 177.1 229.2 282.0
87.2 84.3 66.5 80.6 97.5
78.5 112.1 110.6 148.5 184.5
47.3 58.3 61.3 71.3 78.5
31.1 53.8 49.2 77.2 106.0
128.8 147.3 165.2 188.0 210.5
1985 1986 1987 1988 1989
........................... ........................... ........................... ........................... ...........................
2 535.3 2 649.8 2 837.9 3 071.3 3 235.0
274.0 284.4 300.0 318.9 344.6
2 261.3 2 365.4 2 537.9 2 752.3 2 890.4
1 630.9 1 728.6 1 849.8 1 988.9 2 097.6
209.0 219.6 233.4 252.0 267.5
421.4 417.2 454.8 511.4 525.3
96.9 107.0 108.3 108.7 129.4
32.3 30.1 25.6 27.1 36.5
292.2 280.0 320.8 375.7 359.5
99.4 109.7 130.4 141.6 146.1
192.8 170.4 190.4 234.0 213.4
85.7 88.3 95.6 98.0 126.4
107.1 82.1 94.8 136.0 87.0
233.3 262.3 280.8 299.7 322.7
1990 1991 1992 1993 1994
........................... ........................... ........................... ........................... ...........................
3 382.0 3 468.9 3 643.1 3 824.8 4 103.4
367.5 395.7 408.7 421.3 456.6
3 014.5 3 073.2 3 234.4 3 403.5 3 646.9
2 208.1 2 253.0 2 377.0 2 489.2 2 633.0
284.5 307.9 325.9 343.5 375.6
521.9 512.3 531.5 570.8 638.3
125.3 101.7 79.3 72.1 74.9
34.9 35.8 46.0 33.7 40.2
361.7 374.7 406.2 465.0 523.2
145.4 138.6 148.7 171.0 193.7
216.3 236.1 257.5 294.0 329.5
144.1 156.4 159.9 182.2 197.4
72.2 79.8 97.7 111.7 132.0
340.5 369.2 407.1 427.0 433.9
1995 1996 1997 1998 1999
........................... ........................... ........................... ........................... ...........................
4 354.5 4 626.5 4 983.6 5 313.6 5 655.0
486.9 513.6 553.6 589.0 632.0
3 867.6 4 112.9 4 430.0 4 724.6 5 023.0
2 774.1 2 916.1 3 125.0 3 397.6 3 645.2
384.1 397.4 415.7 429.8 449.4
709.3 799.4 889.3 897.2 928.4
66.4 70.0 95.4 143.3 142.3
39.1 45.1 36.3 55.2 56.3
603.9 684.3 757.5 698.7 729.8
218.7 231.7 246.1 248.3 258.6
385.2 452.6 511.5 450.4 471.1
221.6 257.3 283.9 309.2 295.7
163.7 195.3 227.6 141.2 175.5
475.0 517.0 581.8 658.6 704.1
2000 2001 2002 2003 2004
........................... ........................... ........................... ........................... ...........................
6 051.8 6 099.4 6 225.8 6 478.6 6 914.4
690.0 752.5 742.1 754.4 799.6
5 361.8 5 346.9 5 483.7 5 724.3 6 114.8
3 957.7 4 016.7 4 044.5 4 156.2 4 395.0
477.1 473.6 502.7 526.4 561.5
926.9 856.6 936.5 1 041.7 1 158.3
178.1 171.3 135.9 124.5 97.4
76.6 87.7 70.1 61.5 84.3
672.2 597.6 730.5 855.8 976.6
265.2 204.1 192.6 232.1 271.1
407.0 393.5 537.9 623.6 705.5
348.4 330.1 351.3 393.4 457.1
58.6 63.4 186.5 230.2 248.4
779.6 805.9 854.1 882.9 918.9
2002 1st quarter ............. 2nd quarter ............ 3rd quarter ............. 4th quarter .............
6 139.1 6 216.3 6 249.5 6 298.4
741.7 741.5 741.9 743.3
5 397.4 5 474.7 5 507.6 5 555.1
4 005.2 4 050.0 4 060.8 4 061.9
490.7 499.8 507.8 512.6
901.5 924.9 939.0 980.7
147.8 135.2 131.7 128.9
79.3 72.6 66.4 62.1
674.4 717.1 740.8 789.6
174.9 188.5 196.9 210.2
499.5 528.6 543.9 579.5
337.9 355.5 338.5 373.5
161.6 173.1 205.4 206.0
854.4 858.0 853.9 850.0
2003 1st quarter ............. 2nd quarter ............ 3rd quarter ............. 4th quarter .............
6 333.4 6 422.1 6 539.1 6 619.9
746.3 750.7 756.6 763.8
5 587.1 5 671.4 5 782.5 5 856.1
4 081.7 4 132.5 4 181.8 4 228.6
517.3 514.5 533.3 540.7
988.1 1 024.4 1 067.4 1 086.8
130.9 128.7 122.9 115.3
60.2 60.5 61.8 63.4
796.9 835.2 882.8 908.1
223.9 221.7 235.3 247.5
573.0 613.5 647.5 660.5
355.6 427.2 388.1 402.7
217.4 186.3 259.4 257.8
876.8 880.3 889.1 885.5
2004 1st quarter ............. 2nd quarter ............ 3rd quarter ............. 4th quarter .............
6 730.5 6 827.0 6 957.0 7 143.1
772.4 782.5 836.8 806.7
5 958.0 6 044.5 6 120.2 6 336.4
4 281.8 4 331.6 4 419.4 4 547.0
551.4 558.3 563.1 573.1
1 124.8 1 154.6 1 137.6 1 216.2
108.3 98.9 91.9 90.5
67.4 70.6 114.4 84.9
949.1 985.1 931.3 1 040.9
257.9 274.7 259.0 293.0
691.2 710.4 672.3 747.8
423.0 415.8 420.5 569.1
268.3 294.7 251.8 178.7
908.5 904.2 919.0 944.1
22
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 1-13. Gross Value Added of Nonfinancial Domestic Corporate Business in Current and Chained Dollars (Billions of dollars, quarterly data are at seasonally adjusted annual rates.)
NIPA Table 1.14
Current-dollar gross value added Net value added
Gross value added in billions of chained (2000) dollars
Net operating surplus Year and quarter Total
Consumption of fixed capital
Total
Compensation of employees
Taxes on production and imports less subsidies
Total
Net interest and miscellaneous payments
Business current transfer payments
Corporate profits with IVA and CCAdj
Total
Taxes on corporate income
Profits after tax Total
Net dividends
Undistributed
1946 1947 1948 1949
........................... ........................... ........................... ...........................
99.4 120.6 138.4 134.7
6.8 8.4 9.8 10.6
92.6 112.2 128.6 124.2
66.9 78.8 87.5 84.9
9.5 11.2 12.4 13.0
16.2 22.2 28.7 26.3
0.7 0.8 0.8 1.0
0.5 0.6 0.6 0.6
15.0 20.9 27.3 24.8
8.6 10.8 11.7 9.3
6.5 10.1 15.6 15.5
4.9 5.4 5.9 6.0
1.6 4.8 9.7 9.5
521.5 557.9 602.6 598.1
1950 1951 1952 1953 1954
........................... ........................... ........................... ........................... ...........................
153.1 175.7 183.4 195.9 192.9
11.3 12.9 13.6 14.4 15.2
141.8 162.9 169.7 181.6 177.7
94.4 109.8 117.8 128.2 125.9
14.4 15.4 16.8 17.9 17.3
33.1 37.7 35.2 35.5 34.4
0.9 1.0 1.2 1.3 1.6
0.6 0.8 0.9 1.0 0.9
31.6 35.9 33.1 33.2 31.9
16.8 21.1 17.7 18.4 15.5
14.8 14.8 15.5 14.9 16.4
7.4 7.0 7.1 7.2 7.4
7.4 7.7 8.4 7.6 9.0
675.3 714.0 738.8 792.6 783.0
1955 1956 1957 1958 1959
........................... ........................... ........................... ........................... ...........................
217.7 232.7 243.1 237.1 266.0
16.1 18.1 19.9 21.0 21.1
201.7 214.6 223.2 216.2 244.9
137.9 150.8 158.4 155.2 170.8
19.2 20.8 22.0 22.3 24.4
44.6 43.0 42.7 38.6 49.7
1.6 1.8 2.2 2.8 2.9
1.0 1.1 1.2 1.2 1.3
41.9 40.2 39.4 34.6 45.5
20.1 19.9 19.0 16.1 20.7
21.8 20.2 20.4 18.6 24.8
8.4 9.0 9.2 9.1 9.8
13.4 11.2 11.2 9.5 15.0
878.0 907.2 919.1 882.5 980.4
1960 1961 1962 1963 1964
........................... ........................... ........................... ........................... ...........................
276.4 283.7 309.8 329.9 356.1
22.6 23.2 23.9 25.2 26.4
253.8 260.5 285.9 304.7 329.7
180.4 184.5 199.3 210.1 225.7
26.6 27.6 29.9 31.7 33.9
46.8 48.4 56.8 62.9 70.2
3.2 3.7 4.3 4.7 5.2
1.4 1.5 1.7 1.7 2.0
42.2 43.2 50.8 56.5 63.0
19.1 19.4 20.6 22.8 23.9
23.1 23.8 30.2 33.8 39.2
10.5 10.6 11.6 12.4 14.0
12.6 13.2 18.6 21.3 25.2
1 012.0 1 033.6 1 120.7 1 186.7 1 270.3
1965 1966 1967 1968 1969
........................... ........................... ........................... ........................... ...........................
391.2 429.0 451.2 497.8 540.5
28.4 31.5 34.3 37.6 42.4
362.8 397.4 416.8 460.2 498.1
245.4 272.9 291.1 321.9 357.1
36.0 37.0 39.3 45.5 50.2
81.4 87.6 86.4 92.8 90.8
5.8 7.0 8.4 9.7 12.7
2.2 2.7 2.8 3.1 3.2
73.3 77.9 75.2 80.0 74.9
27.1 29.5 27.8 33.5 33.3
46.2 48.4 47.3 46.5 41.6
16.2 16.8 17.3 19.0 19.0
30.0 31.6 30.1 27.5 22.5
1 375.1 1 472.6 1 508.9 1 604.8 1 667.6
1970 1971 1972 1973 1974
........................... ........................... ........................... ........................... ...........................
558.3 603.0 669.5 750.8 809.8
46.8 50.7 56.4 62.7 74.1
511.5 552.4 613.2 688.1 735.7
376.5 399.4 443.9 502.2 552.2
54.2 59.5 63.7 70.1 74.4
80.7 93.4 105.6 115.8 109.1
16.6 17.6 18.6 21.8 27.5
3.3 3.7 4.0 4.7 4.1
60.9 72.1 83.0 89.4 77.5
27.3 30.0 33.8 40.4 42.8
33.6 42.1 49.2 49.0 34.7
18.3 18.1 19.7 20.8 21.5
15.3 24.0 29.5 28.2 13.1
1 649.9 1 716.6 1 846.4 1 957.7 1 925.4
1975 1976 1977 1978 1979
........................... ........................... ........................... ........................... ...........................
876.7 989.7 1 119.4 1 272.9 1 415.9
87.9 97.0 110.5 127.8 147.3
788.7 892.7 1 008.8 1 145.1 1 268.6
575.5 651.4 735.3 845.3 959.9
80.2 86.7 94.6 102.7 108.8
133.1 154.7 178.9 197.0 200.0
28.4 26.0 28.5 33.4 41.8
5.0 7.0 9.0 9.5 9.5
99.6 121.7 141.4 154.1 148.8
41.9 53.5 60.6 67.6 70.6
57.7 68.2 80.9 86.6 78.1
24.6 27.8 30.9 35.9 37.6
33.2 40.5 50.0 50.6 40.5
1 898.8 2 050.0 2 200.0 2 344.1 2 418.7
1980 1981 1982 1983 1984
........................... ........................... ........................... ........................... ...........................
1 537.1 1 746.0 1 806.2 1 933.0 2 167.5
168.2 191.5 211.2 217.6 230.7
1 368.9 1 554.5 1 594.9 1 715.4 1 936.8
1 049.8 1 161.5 1 203.9 1 266.9 1 406.1
121.5 146.7 152.9 168.0 185.0
197.6 246.4 238.1 280.5 345.7
54.2 67.2 77.4 77.0 86.0
10.2 11.4 8.8 10.5 11.7
133.2 167.7 151.9 192.9 248.0
68.2 66.0 48.8 61.7 75.9
65.0 101.7 103.1 131.2 172.0
44.7 52.5 54.1 63.2 67.2
20.4 49.2 49.0 68.0 104.8
2 394.6 2 491.5 2 430.6 2 545.1 2 772.8
1985 1986 1987 1988 1989
........................... ........................... ........................... ........................... ...........................
2 302.0 2 387.5 2 557.1 2 771.6 2 912.3
247.4 255.3 266.5 281.6 301.6
2 054.6 2 132.2 2 290.6 2 490.0 2 610.7
1 504.2 1 583.1 1 687.8 1 812.8 1 914.7
196.6 204.6 216.8 233.8 248.2
353.8 344.5 386.0 443.4 447.9
91.5 95.1 96.4 109.8 142.0
16.1 27.3 29.9 27.4 23.0
246.3 222.1 259.7 306.2 282.9
71.1 76.2 94.2 104.0 101.2
175.2 145.9 165.5 202.3 181.7
72.0 72.9 76.3 82.2 105.4
103.2 73.0 89.2 120.1 76.4
2 896.3 2 963.3 3 119.6 3 300.7 3 361.8
1990 1991 1992 1993 1994
........................... ........................... ........................... ........................... ...........................
3 041.5 3 099.7 3 236.0 3 397.8 3 669.5
319.2 341.4 353.6 363.4 391.5
2 722.3 2 758.3 2 882.3 3 034.4 3 278.0
2 012.9 2 048.4 2 154.1 2 244.8 2 381.5
263.5 285.7 302.5 318.8 349.6
445.8 424.2 425.7 470.8 546.9
146.2 135.9 111.3 102.0 101.0
25.4 26.7 25.2 29.6 30.0
274.3 261.5 289.2 339.2 415.9
98.5 88.6 94.4 108.0 132.9
175.8 172.9 194.8 231.2 283.1
118.3 125.5 134.1 149.1 157.9
57.5 47.4 60.7 82.1 125.2
3 404.0 3 376.2 3 479.5 3 575.5 3 797.9
1995 1996 1997 1998 1999
........................... ........................... ........................... ........................... ...........................
3 879.5 4 109.5 4 401.8 4 655.0 4 950.8
415.0 436.5 467.1 493.3 523.8
3 464.5 3 673.0 3 934.7 4 161.7 4 427.0
2 509.8 2 630.8 2 812.9 3 045.6 3 267.7
356.9 369.1 385.5 398.7 416.6
597.8 673.1 736.3 717.4 742.7
115.2 111.9 124.0 143.8 160.2
30.2 38.0 39.0 35.2 45.0
452.5 523.2 573.4 538.3 537.6
141.0 153.1 161.9 158.6 171.2
311.4 370.1 411.5 379.7 366.3
178.0 197.5 215.9 241.0 224.6
133.5 172.6 195.6 138.7 141.7
3 977.4 4 196.4 4 469.3 4 725.4 5 011.0
2000 2001 2002 2003 2004
........................... ........................... ........................... ........................... ...........................
5 272.2 5 293.5 5 371.7 5 595.7 5 995.4
567.8 646.8 643.6 652.6 690.3
4 704.3 4 646.7 4 728.2 4 943.1 5 305.1
3 544.4 3 595.9 3 611.9 3 703.2 3 906.8
443.4 439.1 465.5 486.5 519.1
716.5 611.8 650.8 753.4 879.2
191.7 204.0 167.4 166.2 164.9
48.4 50.6 54.0 62.4 60.4
476.4 357.2 429.4 524.9 653.9
170.2 111.7 97.0 126.5 165.9
306.2 245.5 332.3 398.3 487.9
251.3 245.4 254.8 295.5 361.2
54.8 0.1 77.5 102.8 126.7
5 272.2 5 224.5 5 270.2 5 412.5 5 700.9
2002 1st quarter ............. 2nd quarter ............ 3rd quarter ............. 4th quarter .............
5 284.6 5 358.3 5 395.6 5 448.4
643.3 643.4 643.4 644.2
4 641.3 4 715.0 4 752.1 4 804.2
3 576.7 3 616.8 3 626.4 3 627.4
454.3 462.8 470.2 474.8
610.2 635.3 655.5 702.0
186.1 168.5 160.1 155.0
53.6 53.2 53.8 55.2
370.6 413.5 441.5 491.8
78.2 91.9 102.0 116.0
292.3 321.6 339.5 375.8
245.0 257.8 245.5 270.9
47.3 63.7 94.0 105.0
5 195.4 5 266.4 5 296.6 5 322.3
2003 1st quarter ............. 2nd quarter ............ 3rd quarter ............. 4th quarter .............
5 456.5 5 541.8 5 650.0 5 734.4
646.1 649.6 654.3 660.2
4 810.4 4 892.2 4 995.7 5 074.2
3 636.8 3 682.2 3 726.1 3 767.8
478.3 474.9 493.1 499.8
695.2 735.2 776.5 806.6
161.3 166.1 168.4 168.9
59.1 61.6 63.7 65.0
474.8 507.5 544.4 572.8
119.3 116.7 128.1 141.9
355.4 390.7 416.3 430.9
267.1 320.9 291.5 302.5
88.3 69.9 124.8 128.4
5 298.7 5 369.6 5 460.3 5 521.3
2004 1st quarter ............. 2nd quarter ............ 3rd quarter ............. 4th quarter .............
5 822.0 5 922.8 6 038.0 6 198.9
667.4 675.7 722.0 696.2
5 154.7 5 247.1 5 316.1 5 502.8
3 806.3 3 850.5 3 928.5 4 042.0
509.8 516.2 520.6 529.9
838.5 880.4 866.9 930.9
169.1 166.2 162.1 162.1
66.7 67.6 37.9 69.5
602.7 646.6 666.9 699.3
145.9 165.2 171.8 180.8
456.8 481.4 495.1 518.5
329.2 323.6 327.3 465.0
127.7 157.8 167.8 53.5
5 568.1 5 613.9 5 742.0 5 879.5
CHAPTER 1: NATIONAL INCOME AND PRODUCT AND CYCLICAL INDICATORS
NOTES AND DEFINITIONS TABLES 1-1 THROUGH 1-7, 1-9 THROUGH 1-13, AND 19-1 THROUGH 19-5 NATIONAL INCOME AND PRODUCT SOURCE: U.S. DEPARTMENT OF COMMERCE, BUREAU ECONOMIC ANALYSIS (BEA)
OF
All data on these pages are from the national income and product accounts (NIPAs). The data are as published in the 2003 comprehensive NIPA revisions and have been subsequently updated and revised as of August 2005. Definitions and notes on the data: Basic concepts of total output and income The NIPAs depict the U.S. economy in several different dimensions. The bedrock concept is “gross domestic product” (GDP), the market value of all goods and services produced by labor and property located in the United States. In principle, GDP can be measured by summing the values created by each industry in the economy. However, it can be more readily measured by summing up all the final demands for the economy’s output. This final demand approach also has the advantage of depicting the origins of demand for economic production, whether by consumers, businesses, or government. Since production for the market necessarily generates incomes equal to its value, there is also an income total corresponding to the production value total. This income can be measured depicting the distribution of value among labor, capital, and other income recipients. The structure and relationships of several of these major concepts are illustrated in Tables 1-9 and 1-10. The definitions of these concepts are as follows: Gross domestic product (GDP), the featured measure of the value of U.S. output, is the market value of the goods and services produced by labor and property located in the United States. Market values represent output valued at the prices paid by the final customer, and therefore include taxes on production and imports, such as customs duties and taxes on sales and property. GDP is “gross” product in the sense that capital consumption allowances (economic depreciation) have not been deducted. GDP is primarily measured by summing the values of personal consumption expenditures, gross private domestic investment (including change in private inventories and before deduction of charges for consumption of fixed capital), net exports of goods and services, and government consumption expenditures and gross investment. GDP so measured excludes duplication involving “inter-
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mediate” purchases of goods and services (which are goods and services purchased by industries and used in production), because their value is already included in the value of the final products. Production of any intermediate goods unused in production in the current period is captured in the measurement of inventory change. In concept, GDP is equal to the sum of the economic value added by (formerly referred to as “gross product originating in”) all industries in the United States. This, in turn, also makes it the conceptual equivalent of gross domestic income (GDI), a new concept introduced in the 2003 revision. GDI is the sum of the incomes earned in each domestic industry, plus the taxes on production and imports and less the subsidies that account for the difference between output value and factor input value. This derivation is shown in Table 1-10. Since the incomes and taxes can be measured directly, they can be summed to a total that is equivalent to GDP in concept, but differs due to imperfections in measurement. The difference between the two is known as the statistical discrepancy. It is expressed as GDP minus GDI. Gross national product (GNP) refers to all goods and services produced by labor and property supplied by U.S. residents, whether located in the United States or abroad, expressed at market prices. It is equal to gross domestic product (GDP), plus income receipts from the rest of the world, less income payments to the rest of the world. Domestic production and income refer to the location of the factors of production, with only factors located in the United States included; national production and income refer to the ownership of the factors of production, with only factors owned by United States residents included. Before the comprehensive NIPA revisions made in 1991, GNP was the commonly used measure of U.S. production. (The terminology survives in popular cultural references such as the name of a musical group and the “Gross National Parade.”) In the earlier postwar years, when international income flows were much smaller, the difference between GNP and GDP was inconsequential. However, GDP is clearly preferable when it is to be compared with indicators such as employment, hours worked, and capital utilized—for example, in the calculation of labor and capital productivity—because it is confined to production taking place within the borders of the United States. It is also the measure used by almost all other countries, thus facilitating international comparisons. The income-side aggregate corresponding to GNP is gross national income, shown as an addendum to Table 1-9. It consists of gross domestic income, plus income receipts from the rest of the world, less income payments to the rest of the world. It is used as the denominator for a national saving/income ratio, presented in Chapter 5. National income is the preferred measure for calculating and comparing saving, since it is the income aggregate from which that saving arises. As with GDP and gross
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domestic income, the statistical discrepancy indicates the difference between the product-side and income-side measurement of the same concept.
income side of the accounts; they add equal amounts to income and spending, so that no imputed saving is created.
Net national product is the market value, net of depreciation, of goods and services attributable to the labor and property supplied by U.S. residents. It is equal to GNP minus the consumption of fixed capital (CFC). The measure of fixed capital consumption used relates only to fixed capital located in the United States. Investment in that capital is measured by private fixed investment and government gross investment.
One important example is the imputed rent on owneroccupied housing. The building of such housing is counted as investment, yet in the monetary accounts of the household sector, there is no income from that investment nor rental paid for it. In the NIPAs, the rent that each such house would earn if rented is estimated and added to both national and personal income, as part of rental payments, and to personal consumption expenditures as part of expenditures on housing services.
National income has been redefined and now includes all net incomes (net of the consumption of fixed capital) earned in production. It now includes not only “factor incomes”—net incomes received by labor and capital as a result of their participation in the production process— but also “nonfactor charges”—taxes on production and imports, business transfer payments, and the current surplus of government enterprises, less subsidies. This change has been made to conform with the international guidelines for national accounts, System of National Accounts 1993. According to SNA 1993, these charges cannot be eliminated from the input and output prices.
Another important example is imputed interest. For example, an individual keeps a monetary balance in a bank or other financial institution. He or she receives either no interest or below-market interest, but receives the institution’s services, such as clearing checks and other accommodations to facilitate payments, with little or no charge. Where is the product generated by the institution’s workers and capital? In the NIPAs, the depositor is imputed a market-rate-based interest return on his or her balance, which is then paid to the institution as an imputed service charge and therefore included in the value of the institution’s output.
Since national income now includes the nonfactor charges, it is conceptually equivalent to net national product and differs only by the amount of the statistical discrepancy.
Definitions and notes on the data: Components of product
The concept formerly known as “national income” is still included in the accounts as an addendum item called “net national factor income.” It is shown in Table 1-11 and used as the denominator in Figure 1-4. Net national factor income consists of compensation of employees, proprietors’ income with inventory valuation and capital consumption adjustments, rental income of persons with capital consumption adjustment, corporate profits with inventory valuation and capital consumption adjustments, and net interest. By definition, national income and its components exclude all income from capital gains, which have no counterpart on the production side of the accounts. This exclusion is partly accomplished by means of the inventory valuation and capital consumption adjustments, which will be described below in the definitions of the components of product and income. Definitions and notes on the data: Imputation The term imputation will appear from time to time in the definitions of product and income components below. Imputed values are values estimated by BEA statisticians for certain important product and income components that are not explicitly valued in the source data, usually because a market transaction in money terms is not involved. Imputed values appear on both the product and
Personal consumption expenditures (PCE) is goods and services purchased by persons residing in the United States. PCE consists mainly of purchases of new goods and services by individuals from businesses. It includes purchases that are financed by insurance—for example, by medical insurance. In addition, PCE includes purchases of new goods and services by nonprofit institutions, net purchases of used goods (“net” here meaning purchases of used goods from business less sales of used goods to business) by individuals and nonprofit institutions, and purchases abroad of goods and services by U.S. residents traveling or working in foreign countries. PCE also includes purchases for certain goods and services provided by government agencies. (See notes and definitions for Tables 4-1 through 4-5 for additional information.) New annual accounts separate household and nonprofit institution expenditures and incomes; these are presented in the article at the beginning of this volume. Gross private domestic investment consists of private fixed investment and change in private inventories. Private fixed investment consists of both nonresidential and residential fixed investment. The term “residential” refers to the construction and equipping of living quarters for permanent occupancy. Hotels and motels are included in nonresidential fixed investment, as will be seen below. Private fixed investment consists of purchases of fixed assets, which are commodities that will be used in a pro-
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duction process for more than one year, including replacements and additions to the capital stock. It is measured “gross,” before a deduction for consumption of existing fixed capital. It covers all investment by private businesses and nonprofit institutions in the United States, regardless of whether the investment is owned by U.S. residents. The residential component includes investment in owner-occupied housing; the homeowner is treated equivalently to a business in these investment accounts. (However, when GDP by sector is calculated, owneroccupied housing is no longer included in the business sector. It is allocated to the households and institutions sector.) Private fixed investment does not include purchases of the same types of equipment and structures by government agencies, which are included in government gross investment, nor does it include investment by U.S. residents in other countries. Nonresidential fixed investment is the total of nonresidential structures and nonresidential equipment and software. Nonresidential structures consists of new construction, brokers’ commissions on sales of structures, and net purchases of used structures by private business and by nonprofit institutions from government agencies (that is, purchases of used structures from government minus sales of used structures to government). New construction also includes hotels and motels, as well as mining exploration, shafts, and wells. Nonresidential equipment and software consists of private business purchases on capital account of new machinery, equipment, and vehicles; purchases and in-house production of software; dealers’ margins on sales of used equipment; and net purchases of used equipment from government agencies, persons, and the rest of the world (that is, purchases of such equipment minus sales of such equipment). It does not include the estimated personal-use portion of equipment purchased for both business and personal use. This is contained in PCE. Residential private fixed investment consists of both residential structures and residential producers’ durable equipment (equipment such as appliances owned by landlords and rented to tenants). Investment in structures consists of new units, improvements to existing units, purchases of manufactured homes, brokers’ commissions on the sale of residential property, and net purchases of used residential structures from government agencies—that is, purchases of such structures from government minus sales of such structures to government. As noted above, it includes investment in owner-occupied housing. Change in private inventories is the change in the physical volume of inventories held by businesses, valued at the average price of the period. It differs from the change in the book value of inventories reported by most businesses; an inventory valuation adjustment (IVA) converts book value change using historical cost valuations to the
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change in physical volume, valued at average replacement cost. Net exports of goods and services is exports of goods and services less imports of goods and services. It does not include income payments or receipts or transfer payments to and from the rest of the world. Government consumption expenditures is the estimated value of the services produced by governments (federal, state, and local) for current consumption. Since these are generally not sold, there is no market valuation, and they are priced at the cost of inputs. The input costs consist of the compensation of general government employees; the estimated consumption of general government fixed capital including software (CFC, or economic depreciation); and the cost of goods and services purchased by government, less the value of sales to other sectors. The value of investment in equipment and structures produced by government workers and capital is also subtracted, and included instead in government investment. Government sales to other sectors consist primarily of receipts of tuition payments for higher education and receipts of charges for medical care. This definition of government consumption expenditures differs in concept, but not in the amount contributed to GDP, from the treatment before the 2003 revision. In the new definition, goods and services purchased by government are considered to be intermediate output. In the previous definition, they were considered as final sales. Since their value is added to the other components to yield total government consumption expenditures, the dollar total contributed to GDP is the same. The only practical difference is that the goods purchased disappear from the goods account, appearing in the services account instead. In the industry sector accounts, the value added by government is also unchanged. It continues to be measured as the sum of compensation and CFC, or equivalently as gross government output less the value of goods and services purchased. The new definition increases conformity with SNA 1993. Gross government investment consists of general government and government enterprise expenditures for fixed assets (structures and equipment and software). Government inventory investment is included in government consumption expenditures. Definitions and notes on the data: Real values, quantity and price indexes Real, or chained (2000) dollar, estimates are estimates from which the effect of price change has been removed. Prior to the 1996 comprehensive revision, constant-dollar measures were obtained by combining real output measures for different goods and services using the relative prices of a single year as weights for the entire time span of the series. In the recent environment of rapid technological change, which has caused the prices of computers
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and electronic components to decline dramatically relative to other prices, this method distorted the measurement of economic growth and caused excessive revisions of growth rates at each benchmark revision. The current, chained-dollar measure changes the relative price weights each year, as relative prices shift over time. As a result, historical growth rates are not revised as a result of recent changes in relative prices. Chained-dollar estimates, although expressed as if they had occurred according to the prices of a single year (currently 2000) for continuity’s sake, are usually not additive; that is, because of the changes in price weights each year, the chained (2000) dollar components in any given table for any year other than 2000 usually do not add to the chained (2000) dollar total. The amount of the difference for the major components of GDP is called the residual and is shown in Table 1-2. In time periods close to the base year, the residual is usually quite small; over longer periods, the differences become much larger. For this reason, the BEA no longer publishes chaineddollar estimates prior to 1990, except for selected aggregate series. For the more detailed components, historical trends and fluctuations in real volumes are represented by chain-type quantity indexes, which are presented in Tables 1-4, 4-4, 5-4, 5-6, and 19-2. Chain-weighting leads to complexity in estimating the contribution of economic sectors to an overall change in output. For example, it creates difficulty in answering questions such as “How much is the rise in defense spending contributing to GDP growth?” The BEA is now calculating and publishing such estimates, and Business Statistics reproduces these calculations in Tables 1-3 and 19-3. To calculate contributions to growth for longer periods than those published by BEA, see Landefeld and Parker: “BEA’s Chain Indexes, Time Series, and Measures of Long-Term Economic Growth,” Survey of Current Business, May 1997, and “Preview of the Comprehensive Revision of the National Income and Product Accounts: BEA’s New Featured Measures of Output and Prices,” Survey of Current Business, July 1995. GDP price indexes measure price changes between any two adjacent years (or quarters) for a fixed “market basket” of goods and services—the average quantities in those two years (or quarters). The annual measures are chained together to form an index with prices in 2000 set to equal 100. Using average quantities as weights and changing weights each year eliminates the substitution bias that arises in more conventional indexes, where weights are taken from a single base period. Generally, this bias leads to an overstatement of price increase. (The CPI-U and the CPI-W are examples of such conventional indexes, technically known as “Laspeyres” indexes. See the notes and definitions for Chapter 8.) The use of the chain-type formula guarantees that a GDP price index change will differ only trivially from the
change in the implicit deflator (ratio of current-dollar to real value). Therefore, Business Statistics is no longer publishing a separate table of implicit deflators. Definitions and notes on the data: Aggregates of sales and purchases Final sales of domestic product is GDP minus change in private inventories. It is the sum of personal consumption expenditures, gross private domestic fixed investment, government consumption expenditures and gross investment, and net exports of goods and services. Gross domestic purchases is the market value of goods and services purchased by U.S. residents, regardless of where those goods and services were produced. It is GDP minus net exports (that is, minus exports plus imports) of goods and services; equivalently, it is the sum of personal consumption expenditures, gross private domestic investment, and government consumption expenditures and gross investment. The price index for gross domestic purchases is therefore a measure of price change for goods and services purchased by (rather than produced by) U.S. residents. Final sales to domestic purchasers is gross domestic purchases minus change in private inventories. Definitions and notes on the data: Per capita product and income estimates In Table 1-7, annual and quarterly measures of product, income, and consumption spending are expressed in per capita terms—the aggregate dollar amount divided by the U.S. population. Population data from 1991 forward reflect the results of Census 2000. National per capita totals, as shown in Table 1-7, are based on definitions of income and population that differ slightly from the sum of the states shown in Table 21-2. See the notes and definitions to Chapter 21 for explanation. Definitions and notes on the data: Components of income There are now two different presentations of aggregate income for the United States: gross domestic income (Table 1-10) and national income (Table 1-11). As noted above, “domestic income” refers to income generated from production within the United States, while “national income” refers to income received by residents of the United States. This means that some of the income components differ between the two tables. Domestic income payments include payments to the rest of the world from domestic industries. National income payments exclude payments to the rest of the world but include payments received by U.S. residents from the rest of the world. These differences are seen in employee compensation, interest, and corporate profits. Taxes on production, imports, and corporate profits, business transfer pay-
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ments, subsidies, proprietors’ income, rental income, and the current surplus of government enterprises are the same in both accounts. A third income aggregate is the well-known personal income account, whose derivation from national income is shown in Table 1-9. This will be discussed and defined in more detail in Chapter 4. Compensation of employees is the income accruing to employees as remuneration for their work. It is the sum of wage and salary accruals and supplements to wages and salaries. In the domestic income account, it is called “compensation of employees, paid.” It refers to all payments generated by domestic production, including those to workers residing in the “rest of the world.” In the national and personal income accounts, it is a different amount labeled “compensation of employees, received” (that is, received by U.S. residents) including from the rest of the world. Wage and salary accruals consists of the monetary remuneration of employees, including the compensation of corporate officers; corporate directors’ fees paid to directors who are also employees of the corporation; commissions, tips, and bonuses; voluntary employee contributions to certain deferred compensation plans, such as 401(k) plans; and receipts in kind that represent income. As of the 2003 revision, it also includes judicial fees to jurors and witnesses, compensation of prison inmates, and marriage fees to justices of the peace, all of which were formerly included in “other labor income.” In concept, wage and salary accruals include the value of the exercise by employees of “nonqualified stock options,” in which an employee is allowed to buy stock for less than its current market price. (Actual measurement of these values involves a number of problems, particularly in the short run. Such stock options are not included in the Bureau of Labor Statistics wage data, which are the main source for current extrapolations of wages and salaries, and are not consistently reported in corporate financial statements. They are, however, generally included in the unemployment insurance wage data that are used to correct the preliminary wage and salary estimates.) Another form of stock option, the “incentive stock option,” leads to a capital gain only and is not included in the definition of wages and salaries. Wage and salary accruals include retroactive wage payments for the period in which they were earned, not for the period in which they were paid. In the NIPAs, wages accrued is the appropriate measure for both domestic and national income. Wages disbursed is the appropriate measure for personal income, since the latter concept focuses on what individuals receive. The difference, wage accruals less disbursements, is shown in Table 1-7. In practice, it is usually estimated as zero and only appears in the case of a large and unusual payment.
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Supplements to wages and salaries consists of employer contributions for employee pension and insurance funds and employer contributions for government social insurance. Employer contributions for employee pension and insurance funds consists of employer payments (including payments in kind) to private pension and profit-sharing plans, private group health and life insurance plans, privately administered workers’ compensation plans, government employee retirement plans, and supplemental unemployment benefit plans. This includes the major part of the former category “other labor income.” The remainder of “other labor income” has been reclassified as wages and salaries, as noted above. Employer contributions for government social insurance consists of employer payments under the following federal, state, and local government programs: old-age, survivors, and disability insurance (Social Security); hospital insurance (Medicare); unemployment insurance; railroad retirement; pension benefit guaranty; veterans’ life insurance; publicly administered workers’ compensation; military medical insurance; and temporary disability insurance. Taxes on production and imports is included in the gross domestic income account to make it comparable in concept to gross domestic product. It consists of federal excise taxes and customs duties and of state and local sales taxes, property taxes (including residential real estate taxes), motor vehicle license taxes, severance taxes, special assessments, and other taxes. It is equal to the former “indirect business taxes and nontax liabilities” less most of the nontax liabilities, which have now been reclassified as “business transfer payments.” Subsidies (payments by government to business other than purchases of goods and services) are now presented separately from the current surplus of government enterprises, which is presented as a component of net operating surplus. However, for the years prior to 1959, subsidies will continue to be presented as net of the current surplus of government enterprises, since detailed data to separate the series for this period are not available. Net operating surplus is a new aggregate introduced in the 2003 revision—a grouping of the business income components of the gross domestic income account. It is a profits-like measure that shows business income after subtracting the costs of compensation of employees, taxes on production and imports (less subsidies), and consumption of fixed capital (CFC) from gross product, but before subtracting financing costs (such as net interest) and business transfer payments. Net operating surplus consists of the net operating surplus of private enterprises and the current surplus of government enterprises. Net interest and miscellaneous payments, domestic industries consists of interest paid by domestic private enter-
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prises and of rents and royalties paid by private enterprises to government, less interest received by domestic private enterprises. Interest received does not include that received by noninsured pension plans, which are recorded as being directly received by persons in personal income. Both interest categories include monetary and imputed interest. In the national account, interest paid to the rest of the world is subtracted, and interest received from the rest of the world is added. Interest payments on mortgage and home improvement loans and on home equity loans are included as net interest in the private enterprises account. It should be noted that net interest does not include interest paid by federal, state, or local governments. In fact, government interest does not enter into national and domestic income accounts, though it does appear as a component of personal income. The NIPAs draw a distinction between interest paid by government and that paid by business. The reasoning is that interest paid by business is one of the income counterparts of the production side of the account. The value of business production (as measured by its output of goods and services) includes the value added by business capital, and interest paid by business to its lenders is part of the total return to business capital. However, there is no product flow in the accounts that is a counterpart to the payment of interest by government. The output of government does not have a market value. For purposes of GDP measurement, BEA estimates its contribution to GDP as the sum of compensation of employees, purchases of goods and services, and consumption of government fixed capital (see above, and also the notes and definitions to Chapter 6). This implies a conservative estimate that the net return to government capital is zero, and this assumption generates no income corresponding to the interest payment. To justify this distinction, it may be pointed out that most federal government debt was not incurred to finance investment, but rather to finance wars, to avoid tax increases and spending cuts during recessions, or to stimulate the economy. Business current transfer payments, net consists of payments to persons, to government, and to the rest of the world by private business for which no current services are performed. Net insurance settlements—actual insured losses (or claims payable) less a normal level of losses—are treated as transfer payments. Payments to government consist of federal deposit insurance premiums, fines, regulatory and inspection fees, tobacco settlements, and other miscellaneous payments previously classified as “nontaxes.” Taxes paid by domestic corporations to foreign governments, formerly classified in transfer payments, are now counted as taxes on corporate income.
In the NIPAs, capital income other than interest—corporate profits, proprietors’ income, and rental income—is converted from the basis usually shown in the books of business and reported to the Internal Revenue Service into a basis that more closely represents income from current production. Within the source data, depreciation of structures and equipment will probably reflect a historical cost basis and a possibly arbitrary service life allowed by law to be used for tax purposes. BEA adjusts these values to reflect the average actual life of the capital good and the cost of replacing it in the current period’s prices. This conversion is done for all three forms of capital income. In addition, corporate and proprietors’ incomes also require an adjustment for inventory valuation to exclude any profits or losses that might appear in the books, should the cost of inventory acquisition not be valued in the current period’s prices. These two adjustments are called the capital consumption adjustment (CCAdj) and the inventory valuation adjustment (IVA). They will be described in more detail below. Proprietors’ income with inventory valuation and capital consumption adjustments is the current-production income (including income in kind) of sole proprietorships and partnerships and of tax-exempt cooperatives. The imputed net rental income of owner-occupants of farm dwellings is included, but the imputed net rental income of owner-occupants of nonfarm dwellings is included in rental income of persons. Fees paid to outside directors of corporations are included. Proprietors’ income excludes dividends and monetary interest received by nonfinancial business and rental incomes received by persons not primarily engaged in the real estate business; these incomes are included in dividends, net interest, and rental income of persons. Rental income of persons with capital consumption adjustment is the net current-production income of persons from the rental of real property (except for the income of persons primarily engaged in the real estate business); the imputed net rental income of owner-occupants of nonfarm dwellings; and the royalties received by persons from patents, copyrights, and rights to natural resources. Consistent with classifying investment in owner-occupied housing as business investment, the homeowner is considered to be paying himself or herself the rental value of the house (classified as PCE for services) and retaining as net income the amount of that rental remaining after paying interest and other costs. Corporate profits with inventory valuation and capital consumption adjustments (often referred to as “economic profits”) is the current-production income, net of economic depreciation, of organizations treated as corporations in the NIPAs. These organizations consist of all entities required to file federal corporate tax returns, including mutual financial institutions and cooperatives subject to federal income tax; private noninsured pension funds; nonprofit institutions that primarily serve business;
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Federal Reserve Banks, which accrue the income stemming from the conduct of monetary policy; and federally sponsored credit agencies. With several differences, this income is measured as receipts less expenses as defined in federal tax law. Among these differences: receipts exclude capital gains and dividends received, expenses exclude depletion and capital losses and losses resulting from bad debts, inventory withdrawals are valued at replacement cost, and depreciation is on a consistent accounting basis and is valued at replacement cost. Since national income is defined as the income of U.S. residents, its profits component includes income earned abroad by U.S. corporations and excludes income earned by the rest of the world within the United States. Taxes on corporate income consists of taxes on corporate income paid to government and to the rest of the world. Taxes on corporate income paid to government (formerly “profits tax liability”) is the sum of federal, state, and local income taxes on all income subject to taxes. This income includes capital gains and other income excluded from profits before tax. These taxes are measured on an accrual basis, net of applicable tax credits. Taxes on corporate income paid to the rest of the world consists of nonresident taxes, which are paid by domestic corporations to foreign governments. These taxes were formerly classified as business transfer payments to the rest of the world. Profits after tax is total corporate profits with IVA and CCAdj less taxes on corporate income. It consists of dividends and undistributed corporate profits. Dividends is payments in cash or other assets, excluding the corporations’ own stock, that are made by corporations to stockholders. In the domestic account, these are payments by domestic industries to stockholders in the United States and abroad; in the national account, these are all dividends received by U.S. residents. The payments are measured net of dividends received by U.S. corporations. Dividends paid to state and local government social insurance funds and general government are included. Undistributed profits is corporate profits after tax with IVA and CCAdj less dividends. Inventory valuation adjustment (IVA) for corporations is the difference between the cost of inventory withdrawals as valued in the source data used to determine profits before tax and the cost of withdrawals valued at replacement cost. In the NIPAs, inventory profits or losses are shown as adjustments to business income (corporate profits and nonfarm proprietors’ income). These are shown as the IVA with the sign reversed. No adjustment is needed for farm proprietors’ income, as farm inventories are measured on a current-market-cost basis.
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Consumption of fixed capital is a charge for the using-up of private and government fixed capital located in the United States. It is not based on the depreciation schedules allowed in tax law, but instead on studies of prices of used equipment and structures in resale markets. For general government and for nonprofit institutions that primarily serve individuals, it is recorded in government consumption expenditures and in personal consumption expenditures, respectively. It is also considered to be the value of the current services of the fixed capital assets owned and used by these entities. Private capital consumption allowances consists of taxreturn-based depreciation charges for corporations and nonfarm proprietorships and of historical-cost depreciation (calculated by BEA using a geometric pattern of price declines) for farm proprietorships, rental income of persons, and nonprofit institutions. The private capital consumption adjustment (CCAdj) is the difference between private capital consumption allowances and private consumption of fixed capital. It therefore reflects the net effect of the two adjustments made to reported nonfarm business profits that convert historical to replacement costs and incorporate actual, rather than tax-based, service lives. Definitions and notes on the data: Gross value added of Domestic Corporate Business Gross value added is the term now used for what was formerly called “gross domestic product originating.” It represents that share of the GDP produced in the specified sector or industry. Tables 1-12 and 1-13 show the currentdollar value of gross value added for all domestic corporate business and its financial and nonfinancial components. For the total and for nonfinancial corporations, consumption of fixed capital and net value added are shown, as is the allocation of net value added among employee compensation, taxes and transfer payments, and capital income. Constant-dollar values are also shown for nonfinancial corporations. These data for nonfinancial corporations are often considered to be somewhat sturdier than data for the other sectors of the economy, since they exclude sectors whose outputs are difficult to evaluate—households, institutions, general government, and financial business—as well as excluding all noncorporate business. Revisions NIPA data normally undergo revision at the end of every July. Typically these annual revisions cover annual and quarterly data for the previous three years. They may also include more limited revisions to data for earlier years. Approximately once every five years, the NIPA data undergo “benchmark” revision. At these times, definitional or other comprehensive changes may affect data back to 1929—the earliest year for which official national
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BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
accounts data are available. The latest comprehensive revision of the NIPAs was released in 2003. In mid-2002, BEA inaugurated a new revision schedule for wages and salaries and related income-side components of the NIPAs. When “final” estimates of GDP are released each quarter (in June, September, December, and March following the end of that quarter), wages and salaries and related data will be revised for not only the “GDP” quarter but the previous quarter as well. Since these only affect income-side components, GDP itself will not be revised for that previous quarter (and the statistical discrepancy will change). The purpose of this schedule change is to achieve a more timely incorporation of BLS quarterly tabulations of employees covered by state unemployment insurance. Previously, revisions based on these data were not incorporated until July of the following year. The same revision schedule will also be used in the monthly estimates of personal income. Data availability Annual data are available beginning with 1929. Quarterly data begin with 1946 for current-dollar values and 1947 for quantity and price measures such as real GDP and the GDP price index. Not all data are available for all time periods. New data normally are released toward the end of each month. The first estimates for each calendar quarter are released in the month after the quarter’s end. Revisions for the most recent quarter are released in the second and third months after the quarter’s end. As described above, wage and salary and related income-side components may be revised for previous quarters as well. The most recent data are published each month in the Survey of Current Business. Current and historical data may be obtained from the BEA Web site at and the STAT-USA subscription Web site at . References Articles describing and presenting the NIPAs are found in the Survey of Current Business, available by mail subscription and on the BEA Web site. The latest revision is described in Eugene P. Seskin, Shelly Smith, and Teresa L. Weadock, “Annual Revision of the National Income and Product Accounts: Annual Estimates for 2002–2004, Quarterly Estimates for 2002:I–2005:I,” August 2005, Vol. 85, number 8. Last year’s annual revision is described in Eugene P. Seskin and Shelly Smith, “Annual Revision of the National Income and Product Accounts: Annual Estimates, 2001–2003, Quarterly Estimates 2001:I–2004:I,” August 2004, vol. 84 number 8. The comprehensive 2003 revision is presented and described in several articles in the Survey: “Improved Estimates of the National Income and Product Accounts for 1929–2002: Results of the Comprehensive Revision,”
February 2004; “Preview of the 2003 Comprehensive Revision of the National Income and Product Accounts: Statistical Changes,” September 2003; “Preview of the 2003 Comprehensive Revision of the National Income and Product Accounts: New and Redesigned Tables,” August 2003; “Preview of the 2003 Comprehensive Revision of the National Income and Product Accounts: Changes in Definitions and Classifications,” June 2003; “Income and Outlays of Households and of Nonprofit Institutions Serving Households,” April 2003; “Preview of Revised NIPA Estimates for 1997: Effects of Incorporating the 1997 Benchmark I-O Accounts and Proposed Definitional and Statistical Changes,” January 2003; “Note on the Upcoming Comprehensive Revision of the National Income and Product Accounts,” November 2002; and “Selected Issues in the Measurement of U.S. International Services,” June 2002. The previous comprehensive revision was presented in “Improved Estimates of the National Income and Product Accounts for 1929–99: Results of the Comprehensive Revision,” April 2000. General reference articles on NIPA concepts and methods in the Survey of Current Business are “Updated Summary NIPA Methodologies” (October 2002) and “A Guide to the NIPAs” (March 1998). The treatment of employee stock options is discussed in Carol Moylan, “Treatment of Employee Stock Options in the U.S. National Economic Accounts,” available on the BEA Web site. TABLES 1-8 AND 20-7 COMPOSITE INDEXES OF ECONOMIC ACTIVITY SOURCE: THE CONFERENCE BOARD The composite indexes of leading, coincident, and lagging indicators are intended to help predict and identify peaks and troughs in the business cycle. They are calculated from sets of component series selected for their utility as indicators of stages of the business cycle. The component series originate from a variety of sources, as indicated below. A few component series that are not published elsewhere in this volume appear on the page with the composites. For other components, references to related tables in Business Statistics are given below. The classification of indicators into leading, coincident, and lagging series grows out of an approach to the study of economic fluctuations that was pioneered by Wesley C. Mitchell and Arthur F. Burns early in the twentieth century and carried on by other researchers affiliated with the National Bureau of Economic Research (NBER). It was observed that indicators of business activity tended to move up and down over periods that were longer than a year and were therefore not accounted for by seasonal variation. Although these periods of expansion and contraction were not uniform in length,
CHAPTER 1: NATIONAL INCOME AND PRODUCT AND CYCLICAL INDICATORS
their recurrent nature has caused them to be called “business cycles.” Furthermore, researchers have discovered that some indicators of the general state of business activity, such as different measures of production and income, tend to move together. Their peaks occur within a few months of each other and their low points, or troughs, also tend to occur close together. These are the coincident indicators. Other indicators also move cyclically, but their peaks and troughs come noticeably before the peaks and troughs in the coincident indicators. These are the leading indicators, which of course are of great interest to anyone with a stake in the future performance of the economy. Finally, still other indicators have peaks and troughs noticeably later than those in the coincident indicators; these are the lagging indicators. Lagging indicators can be valuable in observing whether cyclical imbalances have been corrected and preconditions exist for a new cycle phase. The ratio of coincident to lagging indicators is therefore of some interest as a leading indicator in its own right, although one that is even less regular than the leading index itself. The dates of business cycles are currently established by the Business Cycle Dating Committee of the NBER. This committee was formed in 1978. (The first NBER-established business cycle dates were published in 1929.) Business cycle dates are based on monthly data, and the identification of a recession does not always follow the common definition of recession (two consecutive quarters of decline in real GDP). In all, the NBER has identified 31 cycles since December 1854. The monthly and quarterly dates of the cycles from before the Great Depression to the latest announced turning point—the trough, or end of the recession, in November 2001—are shown in the accompanying table. Quarterly turning points are identified by Roman numerals. NBER considers that the trough month is both the end of the decline and the beginning of the recovery, based on the concept that the actual turning point was some particular day within that month. Thus, the latest recession ended in November 2001, and the recovery also began in November 2001. Similarly, the peak month of March 2001 was both the last month of expansion and the first month of recession.
31
BUSINESS CYCLE REFERENCE DATES 1927–2001 TROUGH November 1927 (IV) March 1933 (I) June 1938 (II) October 1945 (IV) October 1949 (IV) May 1954 (II) April 1958 (II) February 1961 (I) November 1970 (IV) March 1975 (I) July 1980 (III) November 1982 (IV) March 1991 (I) November 2001 (IV)
PEAK August 1929 (III) May 1937 (II) February 1945 (I) November 1948 (IV) July 1953 (II) August 1957 (III) April 1960 (II) December 1969 (IV) November 1973 (IV) January 1980 (I) July 1981 (III) July 1990 (III) March 2001 (I)
For additional information on NBER and its business cycle studies, see the NBER Web site at . The composite indexes were originally compiled and published by BEA. In 1995, responsibility for compilation and publication was transferred to The Conference Board, a not-for-profit business research organization. It is frequently said that the leading indicator index is designed to predict turning points in business activity six months in advance. This needs to be taken with a grain of salt. The current version of the leading index leads the 7 business cycle peaks that have occurred since the first month of the index by an average of 11 months; the shortest lead was 8 months and the longest, 18 months. It also predicted one recession that did not occur, in 1966–1967. The current leading index leads the 7 business cycle troughs by an average of 6 months, with a range from 2 to 11 months. It also predicted one recovery that failed to materialize. This experience suggests that users need to be careful about relying on any mechanical interpretation of the leading index.
32
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Index components The index of leading economic indicators consists of the following 10 components, with monthly data seasonally adjusted except as noted: Average weekly hours are average hours worked per week by production workers in manufacturing. Source: Bureau of Labor Statistics. (Table 10-7) Initial claims, unemployment insurance are average weekly claims for unemployment insurance under state programs. For inclusion in the leading index, the signs of the month-to-month changes are reversed, as claims increase when employment conditions worsen. Source: U.S. Department of Labor, Employment and Training Administration. (Table 10-4) Manufacturers’ new orders, consumer goods and materials are new orders (net of order cancellations), in constant dollars. Source: Bureau of the Census, with inflation adjustment by The Conference Board. (See Table 17-6 for current-dollar data.) Vendor performance, slower deliveries diffusion index tracks the relative speed with which goods-producing companies receive deliveries from their suppliers. An increase in this series indicates a slowdown in deliveries and is generally caused by increased demand for manufacturing materials. The survey asks purchasing managers if their suppliers’ deliveries were obtained faster, slower, or at the same rate as the previous month’s deliveries. The index records the percentage reporting slower deliveries plus one-half of the percentage reporting no change in delivery speed. Source: National Association of Purchasing Management. Manufacturers’ new orders, nondefense capital goods are in constant dollars. Source: Bureau of the Census, with inflation adjustment by The Conference Board. (See Table 17-6 for new orders for nondefense capital goods in current dollars.) Building permits, new private housing units is the number of new private housing units authorized by local building permits. Source: Bureau of the Census. (Table 17-3)
interest rate series are not seasonally adjusted. Source: Federal Reserve Board of Governors. (Table 12-9) Index of consumer expectations is based on the first quarter of 1966 = 100. The monthly data are not seasonally adjusted. Source: University of Michigan, Survey Research Center. This is a copyrighted series; it may not be reproduced without written permission from the source. The index of coincident economic indicators consists of the following four components, with monthly data seasonally adjusted: Employees on nonagricultural payrolls are total wage and salary employees, in thousands. Source: Bureau of Labor Statistics. (Table 10-5) Personal income less transfer payments is in billions of chained 2000 dollars (seasonally adjusted annual rate). Source: Bureau of Economic Analysis, with inflation adjustment by The Conference Board, using the implicit deflator for personal consumption expenditures (PCE). (See Table 4-1 for total personal income and transfer payments in current dollars, and Table 1-5 for the price index for PCE, which is usually the same as the implicit deflator.) Index of industrial production is an index of the output of the mining, manufacturing, and utility sectors of the U.S. economy. The index is based on 1997 = 100. Source: Federal Reserve Board of Governors. (Table 2-1) Manufacturing and trade sales are in millions of chained 2000 dollars. Source: Bureau of Economic Analysis. (Table 5-9) The index of lagging economic indicators consists of the following seven components, with monthly data seasonally adjusted except as noted. Average duration of unemployment is in weeks. As with initial claims, the signs of the month-to-month changes are reversed. Source: Bureau of Labor Statistics. (Table 10-2)
Stock prices: 500 common stocks is an index based on 1941–1943 = 10. Source: Standard and Poor’s Corporation. (Table 12-10)
Ratio: manufacturing and trade inventories to sales is calculated from sales and inventories in chained 2000 dollars. Source: Bureau of Economic Analysis. (Table 5-9)
Money supply (M2) is in billions of chained 2000 dollars. Source: Federal Reserve Board of Governors, with inflation adjustment by The Conference Board. (See Table 12-1 for the M2 money supply in current dollars.)
Manufacturing labor cost per unit of output is the percent change over a 6-month span in a monthly index constructed by The Conference Board. (For the Bureau of Labor Statistics quarterly index of manufacturing unit labor cost, see Table 9-3.)
Interest rate spread is equal to the rate on 10-year treasury bonds less the rate on federal funds. The
Average prime interest rate is an average percentage rate per annum used by banks to price short-term
CHAPTER 1: NATIONAL INCOME AND PRODUCT AND CYCLICAL INDICATORS
business loans; not seasonally adjusted. Source: Federal Reserve Board of Governors. (Table 12-9) Commercial and industrial loans outstanding is in billions of chained 2000 dollars. Sources: Federal Reserve Board of Governors, with inflation adjustment by The Conference Board. (See Table 12-4 for current-dollar data.) Consumer credit outstanding is expressed as a percent of personal income. Sources: Bureau of Economic Analysis (Table 4-1) and Federal Reserve Board of Governors. (Table 12-8) Consumer price index for services is the percent change over the last six months, expressed at an annual rate, of the services component of the Consumer Price Index. Source: Bureau of Labor Statistics. (Table 8-1) Notes on the data Each composite index is scaled so that its average monthly value equals 100 in a base year, which is currently 1996. Changes in the components are calculated and standardized, using the standard deviation of each component, to equalize the volatility of each component in an index. Indicators that are not available at publication time are estimated using statistical imputation (an autoregressive model). In subsequent months, the imputations are replaced by the actual reported data. This imputation procedure allows an earlier release each month of preliminary values for the composite indexes. Two major revisions in the calculation of the composite indexes were introduced with the preliminary index for June 2005 (along with some minor technical modifications). Trend adjustments were introduced—or re-introduced, since they had been a feature of some earlier versions of the composites. The entire history of the leading and lag-
33
ging indexes was revised to give each the same time trend as the coincident composite. The trend adjustment is accomplished by adding an adjustment factor to the monthly growth rate of the index, and the same adjustment factor is used in each month’s estimation of the current index. The adjustment factors will be updated once a year during the regular annual benchmark revisions, which are usually made in January. The way that the yield spread is incorporated in the index was also changed. The contribution of the yield spread to the change in the leading index is now calculated from the value of the spread itself in the given month rather than as the change in the spread from the previous month. The new measure will contribute negatively only when the yield spread inverts (the long rate is less than the short rate). The latest annual revision was made in January 2005. The most recent comprehensive revisions, which included the addition and deletion of components, were introduced in 1996. Data availability Data are published each month by The Conference Board. Their monthly report, Business Cycle Indicators, is available by subscription from The Conference Board, 845 Third Avenue, New York, NY 10022. A monthly press release from The Conference Board, with information about the indexes and their components, is available at . The full historical database (with monthly data back to 1959) is available by subscription from the same Web site. References In addition to The Conference Board’s Business Cycle Indicators (referenced above), see the Survey of Current Business: “Business Cycle Indicators: Upcoming Revision of the Composite Indexes” (October 1993).
CHAPTER 2: INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Figure 2-1. Capacity Utilization: Total Manufacturing and High-Tech (output as a percentage of capacity) 100
Percent
90
80
70
Total manufacturing (SIC)
60
Selected high-tech industries 50 1948
1953
1958
1963
1968
1973
1978
1983
1988
1993
1998
2004
Year
• Manufacturing capacity utilization is a key statistic for the U.S. economy, despite being limited to a sector that by some measures is diminishing in importance. (The Federal Reserve also provides measures of capacity utilization for “total industry”—manufacturing, mining, and utilities. However, mining and utilities are less significant in the context of business cycle analysis, and much of the variation in capacity use by utilities is a result of transitory weather variations, not economic factors.) Manufacturing utilization is an important indicator of inflationary pressure and an element in the demand for new capital goods. (Table 2-3) • The most recent cyclical highs in manufacturing utilization, in 1995 and 1997, fell short of peaks reached in some earlier years. This reduced rate of pressure on capacity may have contributed to the low inflation rates of the late 1990s, which were surprising to analysts who looked only at the low and falling labor force unemployment rates for that period. (Figure 2-1; Tables 2-3, 20-1, 10-4, and 10-5) • Beginning with measures for 1967, the Federal Reserve provides measures of production and utilization for NAICS industries, making possible a clearer separation of hightech and other industries. Capacity utilization in the high-tech industries (computers and office equipment, communications equipment, and semiconductors and related electronic components) was more volatile than in the rest of industry, as seen in Figure 2-1. High-tech cycles were also not precisely synchronized with the overall cycle. At the height of the dot-com boom in 2000, high-tech utilization soared to 89.5 percent, although it was declining elsewhere. In 2002, high-tech industries used only 58.2 percent of capacity; but their recovery started in 2003, ahead of the rest of manufacturing. (Table 2-3) • Industrial production increased 167 percent from 1967 to 2004, which translates into an annual average growth rate of 2.7 percent. The high-tech industries grew at an annual rate of 18.1 percent, while the rest of manufacturing, mining, and utilities grew at a rate of 1.8 percent. Of the major market groups, consumer goods production grew at a 2.3 percent rate from 1967 to 2004; business equipment, 4.4 percent; defense and space equipment, 0.6 percent; construction supplies, 2.0 percent; energy materials, 1.5 percent; and non-energy materials, 3.0 percent. (Tables 2-1 and 2-2)
35
36
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 2-1. Industrial Production Indexes by Market Groups (Seasonally adjusted, 2002 = 100.) Final products and nonindustrial supplies Consumer goods Year and month
Total industrial production
Durable consumer goods
Nondurable consumer goods
Total Total
Automotive products
Total
Home electronics
Appliances, furniture, and carpeting
Miscellaneous durable goods
Total
1967 ......................... 1968 ......................... 1969 .........................
39.2 41.4 43.3
39.2 41.1 42.6
44.9 47.6 49.4
30.7 34.2 35.6
29.7 35.4 35.6
1.1 1.2 1.3
43.2 46.3 48.9
47.4 50.5 54.6
52.0 54.1 55.9
1970 1971 1972 1973 1974
......................... ......................... ......................... ......................... .........................
41.9 42.5 46.6 50.4 50.2
41.3 41.9 45.8 49.2 49.0
48.8 51.6 55.8 58.3 56.6
32.9 37.2 41.7 44.8 40.8
29.9 38.1 41.1 44.7 38.6
1.1 1.3 1.4 1.7 1.5
48.4 51.1 60.0 64.8 58.9
52.7 55.6 62.4 65.2 62.9
56.9 58.5 62.2 64.2 64.2
1975 1976 1977 1978 1979
......................... ......................... ......................... ......................... .........................
45.7 49.3 53.1 56.0 57.7
45.5 48.7 52.7 55.8 57.7
54.4 58.8 62.5 64.5 63.5
37.0 41.8 47.0 48.1 46.4
37.1 42.3 47.9 47.6 42.9
1.3 1.6 1.9 2.1 2.1
50.4 57.0 64.0 67.4 67.6
55.9 62.2 68.9 71.2 71.7
63.1 67.0 69.5 71.9 71.5
1980 1981 1982 1983 1984
......................... ......................... ......................... ......................... .........................
56.2 56.9 54.0 55.4 60.4
56.8 58.0 56.5 57.9 62.9
61.1 61.5 61.3 63.6 66.5
40.3 40.9 38.5 42.8 47.9
33.0 34.1 33.1 38.4 43.0
2.1 2.2 2.0 2.8 3.4
62.9 62.1 56.1 62.0 69.0
65.7 66.6 63.0 64.8 71.6
71.6 71.9 73.1 74.0 75.5
1985 1986 1987 1988 1989
......................... ......................... ......................... ......................... .........................
61.2 61.8 64.9 68.2 68.8
64.5 65.8 68.9 72.1 72.8
67.1 69.5 72.3 75.1 75.4
47.9 51.0 53.9 56.8 58.1
43.0 46.2 49.2 51.9 53.9
3.6 4.7 4.6 6.0 6.3
68.5 71.9 75.8 76.9 77.7
71.7 74.0 78.6 82.1 82.6
76.4 78.2 81.0 83.7 83.4
1990 1991 1992 1993 1994
......................... ......................... ......................... ......................... .........................
69.4 68.3 70.3 72.6 76.5
73.6 72.4 74.2 76.7 80.1
75.8 75.7 77.9 80.6 84.4
56.4 53.9 59.2 64.8 71.7
50.5 47.2 55.2 61.0 68.3
7.2 8.6 9.4 14.7 21.9
75.8 70.5 74.6 78.8 84.5
81.8 79.0 81.5 85.0 89.8
84.8 86.0 86.7 87.9 90.1
1995 1996 1997 1998 1999
......................... ......................... ......................... ......................... .........................
80.2 83.6 89.7 94.9 99.3
83.2 86.4 91.9 97.2 100.1
86.9 88.7 91.9 95.1 97.1
75.0 78.0 83.3 88.9 95.5
70.4 72.6 78.0 83.2 91.2
32.5 40.5 55.0 69.3 90.3
84.0 85.0 88.7 94.6 97.8
92.4 95.5 97.8 101.0 103.4
92.2 93.4 95.6 97.7 97.7
2000 2001 2002 2003 2004
......................... ......................... ......................... ......................... .........................
103.5 99.9 100.0 100.6 104.7
103.4 100.5 100.0 100.8 104.8
99.0 97.8 100.0 101.0 103.1
98.3 94.1 100.0 104.0 106.9
93.4 90.5 100.0 107.1 109.3
98.7 98.8 100.0 112.1 113.6
100.5 96.2 100.0 99.6 103.9
106.3 98.8 100.0 99.4 103.2
99.2 99.3 100.0 99.8 101.6
2002 January ................ February ............... March ................... April ...................... May ...................... June .....................
98.6 98.4 99.3 99.7 100.1 101.0
99.2 98.8 99.7 99.6 99.9 100.9
99.1 98.4 99.5 99.5 99.7 101.0
96.6 96.8 97.7 98.9 99.5 100.9
94.4 94.0 95.1 98.0 98.7 101.1
114.8 110.7 103.7 95.1 94.8 95.3
98.0 100.0 101.6 101.4 102.2 101.5
97.1 98.1 99.4 99.6 100.2 101.1
100.1 99.0 100.2 99.7 99.8 101.1
July ....................... August .................. September ........... October ................ November ............ December ............
100.7 100.7 100.7 100.3 100.5 100.1
100.4 100.4 100.5 100.2 100.5 99.9
100.6 100.4 100.6 100.2 101.0 100.1
101.4 101.4 101.7 100.4 103.0 101.7
102.8 103.4 103.3 101.3 105.6 102.4
97.0 97.3 99.1 92.2 98.6 101.4
100.2 98.1 98.4 98.6 99.0 101.0
100.3 100.1 101.1 101.0 101.2 100.9
100.3 100.0 100.2 100.1 100.1 99.4
2003 January ................ February ............... March ................... April ...................... May ...................... June .....................
100.5 100.6 100.4 99.6 99.5 99.8
100.4 100.6 100.7 99.7 99.7 100.1
100.5 100.9 101.0 100.3 100.0 100.5
103.8 101.8 101.9 101.6 101.5 103.2
106.5 104.0 104.5 104.1 103.3 105.5
113.2 103.5 103.5 107.4 105.0 115.2
98.1 97.8 97.3 97.4 99.0 99.8
100.5 99.5 99.5 98.3 98.9 99.1
99.2 100.6 100.7 99.8 99.4 99.4
July ....................... August .................. September ........... October ................ November ............ December ............
100.3 100.4 101.0 101.1 102.0 102.3
100.6 100.7 101.3 101.1 102.3 102.4
101.3 100.9 101.8 101.1 102.0 102.2
105.1 103.7 107.3 105.3 106.5 106.5
109.2 106.2 112.8 109.0 110.0 110.3
113.3 117.7 119.9 113.7 116.1 116.4
100.4 100.1 100.6 101.1 102.2 101.8
98.6 99.1 98.8 99.4 100.8 100.7
99.7 99.8 99.6 99.4 100.2 100.4
2004 January ................ February ............... March ................... April ...................... May ...................... June .....................
102.7 103.5 103.2 104.0 105.0 104.4
102.8 103.7 103.3 104.2 105.0 104.3
102.7 103.4 102.5 103.2 103.8 102.4
108.2 107.9 107.2 107.9 107.1 105.1
111.6 111.2 110.4 110.7 108.8 105.8
119.5 123.3 125.3 116.7 115.4 109.7
104.4 103.9 102.1 104.6 104.8 103.6
102.2 101.9 101.7 103.0 103.9 104.0
100.5 101.5 100.6 101.3 102.5 101.3
July ....................... August .................. September ........... October ................ November ............ December ............
105.0 105.3 105.1 105.8 106.0 106.7
104.9 105.4 105.0 106.0 106.2 106.9
102.3 103.2 102.6 103.6 103.7 104.1
105.0 107.2 105.4 107.7 107.3 107.3
105.7 109.5 107.0 110.7 109.9 110.1
102.3 109.9 108.2 114.3 112.6 106.6
103.8 104.0 103.2 104.0 104.4 104.1
104.7 104.0 103.2 103.3 103.2 103.4
101.2 101.7 101.4 101.9 102.2 102.9
CHAPTER 2: INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
37
Table 2-1. Industrial Production Indexes by Market Groups—Continued (Seasonally adjusted, 2002 = 100.) Final products and nonindustrial supplies—Continued Consumer goods—Continued
Business equipment
Nondurable consumer goods—Continued
Year and month
Nondurable non-energy consumer goods Total
Foods and tobacco
Clothing
Chemical products
Paper products
Consumer energy products
Total
Transit
Information processing
Industrial and other
Defense and space equipment
Construction supplies
Business supplies
1967 ......................... 1968 ......................... 1969 .........................
53.8 55.6 57.2
57.5 59.0 60.6
159.0 164.7 167.2
24.6 26.8 28.2
52.0 51.5 53.3
43.1 46.1 49.4
22.4 23.4 24.9
77.3 86.2 85.0
2.0 2.3 2.6
53.5 53.4 56.9
92.0 92.2 87.8
50.2 52.8 55.1
33.1 35.2 37.4
1970 1971 1972 1973 1974
......................... ......................... ......................... ......................... .........................
57.8 59.3 63.2 65.2 64.9
61.4 63.3 66.9 68.7 69.0
162.3 161.4 175.6 179.1 167.9
30.6 32.3 35.3 38.0 40.1
51.4 52.5 52.9 54.7 53.8
52.2 54.7 57.7 58.8 60.3
24.0 22.9 26.0 30.0 31.7
74.5 72.1 78.7 93.5 91.2
2.7 2.5 2.9 3.4 4.0
54.9 52.5 59.7 68.0 70.9
74.3 66.8 65.0 71.5 73.9
53.1 54.8 62.2 67.5 65.9
37.5 38.7 42.6 45.2 45.1
1975 1976 1977 1978 1979
......................... ......................... ......................... ......................... .........................
63.2 67.3 69.8 72.5 71.5
67.9 72.3 73.7 76.5 76.0
163.1 171.8 180.2 184.5 174.3
38.6 42.0 43.7 46.4 46.5
50.8 52.8 57.7 60.6 61.2
61.6 64.8 67.4 68.6 70.4
28.0 29.7 34.3 38.8 43.8
79.8 82.3 98.1 114.7 134.5
3.6 4.2 5.6 7.0 8.8
62.2 64.7 70.5 75.5 80.2
74.9 72.8 65.1 65.6 70.3
55.8 60.2 65.6 69.3 71.0
41.6 44.2 47.9 50.5 52.3
1980 1981 1982 1983 1984
......................... ......................... ......................... ......................... .........................
72.3 72.9 74.3 75.2 76.6
77.1 77.5 80.0 80.1 81.1
177.4 177.3 176.8 181.7 182.3
46.3 47.0 47.1 47.6 48.7
62.0 63.6 65.2 68.0 71.4
67.8 67.4 67.8 68.4 70.5
44.5 45.8 41.9 41.8 48.2
126.6 118.6 90.3 88.3 91.4
10.8 12.7 14.4 16.2 20.3
77.7 77.5 67.1 62.1 70.9
83.9 91.2 109.1 109.7 124.6
65.7 64.5 58.6 62.6 68.2
51.0 52.3 51.7 54.1 58.8
1985 1986 1987 1988 1989
......................... ......................... ......................... ......................... .........................
77.7 79.7 82.5 84.8 84.3
83.5 84.9 86.9 89.4 88.7
174.4 174.2 175.5 172.7 164.7
49.2 53.0 57.1 60.5 61.7
75.1 76.1 80.5 82.7 83.0
70.4 71.8 74.5 78.4 78.8
50.2 49.3 52.4 57.2 59.0
94.5 86.4 88.0 97.3 101.6
22.0 22.1 24.8 27.1 27.7
71.8 71.4 73.9 80.3 83.0
139.6 148.2 151.1 152.0 152.0
69.9 72.3 76.7 78.4 78.0
60.4 62.4 66.1 68.6 69.6
1990 1991 1992 1993 1994
......................... ......................... ......................... ......................... .........................
86.3 87.2 88.3 88.9 91.4
91.2 91.6 92.9 92.1 95.9
161.3 160.7 164.2 167.3 170.2
64.0 66.2 66.0 67.8 69.2
84.6 85.0 86.1 88.1 87.2
78.3 80.7 79.6 83.1 84.2
61.0 59.8 62.1 64.5 68.2
110.3 115.1 110.6 102.1 94.7
29.5 29.4 33.2 35.5 39.7
82.4 78.0 79.4 84.7 90.4
145.8 135.2 125.5 118.6 111.5
77.3 73.0 76.0 79.4 85.2
71.3 70.4 72.1 74.4 77.3
1995 1996 1997 1998 1999
......................... ......................... ......................... ......................... .........................
93.5 94.1 96.9 99.5 98.8
98.3 98.0 99.5 102.0 100.1
169.5 164.9 164.0 154.2 148.2
72.2 75.6 79.9 83.9 85.1
87.7 87.4 95.1 100.4 102.7
86.4 90.2 89.6 89.6 92.7
73.8 80.5 92.3 102.8 108.6
90.8 94.7 113.7 136.4 135.1
47.0 56.6 70.7 83.8 101.4
96.1 99.5 105.6 109.0 106.5
108.2 104.5 102.2 105.9 103.1
87.0 90.9 95.3 100.2 102.7
80.7 83.6 89.7 95.0 99.3
2000 2001 2002 2003 2004
......................... ......................... ......................... ......................... .........................
100.2 100.0 100.0 99.7 101.5
101.6 101.5 100.0 100.6 102.7
141.2 120.5 100.0 92.2 88.2
88.2 92.9 100.0 100.3 102.2
103.7 100.9 100.0 96.7 99.6
94.9 96.0 100.0 100.6 101.9
116.6 108.4 100.0 100.0 109.4
117.5 111.9 100.0 96.6 105.6
123.2 117.7 100.0 103.4 113.8
112.6 101.7 100.0 99.3 108.2
92.2 100.1 100.0 105.0 113.1
105.0 100.2 100.0 99.1 104.6
104.0 99.8 100.0 100.7 103.9
2002 January ................ February ............... March ................... April ...................... May ...................... June .....................
101.2 100.0 100.8 99.3 99.6 100.9
102.1 100.9 101.7 100.1 99.7 100.6
102.1 100.0 99.1 97.5 99.1 101.8
99.8 98.4 99.3 98.0 99.5 102.1
100.9 100.0 101.1 99.5 99.6 99.1
94.9 94.3 97.8 101.7 100.8 101.6
100.8 100.4 100.7 99.7 100.1 100.6
105.2 104.6 103.0 100.5 99.7 99.5
104.6 103.4 102.7 100.5 99.3 99.7
97.0 97.1 98.7 99.0 100.7 101.5
99.8 99.7 99.1 98.9 98.7 99.5
98.9 99.4 100.5 100.3 100.8 101.2
97.9 97.9 99.1 99.8 100.3 100.9
July ....................... August .................. September ........... October ................ November ............ December ............
100.1 100.0 100.2 99.7 99.3 98.9
98.9 99.6 99.4 99.6 98.6 98.8
102.0 100.0 101.7 98.8 100.0 97.8
102.1 100.5 101.1 99.7 100.3 99.1
99.6 100.5 101.1 100.3 99.5 98.8
101.2 99.8 99.9 102.0 103.9 102.0
99.7 100.3 99.6 99.4 99.6 99.2
100.4 99.2 98.3 97.4 97.1 95.2
97.8 98.3 97.8 97.2 98.8 100.0
100.5 101.9 101.1 101.3 101.0 100.2
99.0 99.6 100.3 101.2 100.6 103.6
99.6 100.2 100.5 99.9 99.6 99.0
100.8 100.8 100.9 101.1 100.4 100.0
2003 January ................ February ............... March ................... April ...................... May ...................... June .....................
99.0 99.8 100.5 100.0 99.1 99.8
98.3 100.0 101.3 101.3 100.4 100.4
97.2 95.4 95.2 94.3 94.1 92.6
100.7 100.7 100.3 100.2 98.6 100.6
98.5 98.0 99.0 95.9 95.9 97.9
100.1 104.4 101.4 98.7 100.6 97.2
99.0 99.4 99.7 98.3 98.2 98.8
95.7 94.4 95.2 94.1 93.6 94.2
100.7 102.7 103.2 101.7 102.2 102.7
99.2 99.3 99.2 97.8 97.5 98.2
103.7 104.1 103.4 103.1 103.5 103.9
99.1 98.1 97.8 96.9 98.1 98.8
101.4 101.0 101.2 99.8 100.1 99.8
July ....................... August .................. September ........... October ................ November ............ December ............
99.7 99.3 99.4 99.3 100.3 100.0
100.8 100.5 100.9 100.6 101.4 101.2
91.7 88.4 88.7 89.6 90.1 89.2
100.1 100.4 100.1 99.7 101.2 101.1
96.7 95.8 94.6 95.5 96.4 96.2
99.9 101.7 100.6 99.8 99.9 102.2
99.1 100.3 100.9 100.9 102.8 102.9
95.7 96.0 99.6 98.5 100.7 101.1
103.0 104.8 104.6 105.4 104.8 105.0
98.0 99.1 99.2 99.1 102.4 102.3
104.5 105.4 106.2 107.1 107.8 107.2
98.4 99.3 99.2 100.2 101.6 102.0
100.3 100.3 100.3 100.7 101.7 101.7
2004 January ................ February ............... March ................... April ...................... May ...................... June .....................
99.7 100.8 100.8 101.7 102.8 100.8
100.8 102.3 102.0 103.0 104.8 102.2
89.3 89.8 90.2 90.7 89.9 88.8
100.7 100.6 101.3 102.2 102.2 100.8
95.6 98.0 97.8 98.8 99.8 98.7
104.1 104.9 99.8 99.7 101.5 103.3
103.7 105.3 105.7 107.2 108.3 108.8
101.8 102.9 102.4 104.5 103.9 103.7
106.5 108.3 108.7 109.1 111.1 112.5
102.6 104.4 105.0 106.9 108.2 108.5
106.4 108.6 109.5 110.9 112.1 112.0
102.4 102.3 102.7 103.5 104.9 104.6
101.7 102.8 102.2 103.2 104.1 103.8
July ....................... August .................. September ........... October ................ November ............ December ............
101.1 102.1 101.7 102.2 102.3 102.6
102.2 103.2 102.6 102.7 103.0 103.0
86.4 85.2 86.7 86.7 87.7 87.0
102.0 102.8 102.9 104.0 103.3 103.7
99.6 101.9 100.2 100.7 101.1 103.4
101.5 100.0 100.4 101.0 102.1 104.1
111.3 110.9 111.3 112.6 112.9 114.1
105.4 106.4 106.1 108.7 110.2 110.6
114.9 115.9 117.3 118.6 119.9 122.6
111.3 109.7 109.7 110.7 110.0 110.8
114.2 114.6 116.1 116.7 117.6 119.0
105.7 105.7 104.9 106.1 105.7 106.1
104.3 104.5 104.2 104.7 105.0 106.2
38
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 2-1. Industrial Production Indexes by Market Groups—Continued (Seasonally adjusted, 2002 = 100.) Materials Non-energy materials Durable
Year and month
Nondurable Energy materials
Total Total Total
Consumer parts
Equipment parts
Other
Total
Textile
Paper
Chemical
1967 ......................... 1968 ......................... 1969 .........................
38.3 40.8 43.2
31.5 33.8 35.9
25.0 26.4 27.8
48.2 54.3 54.7
7.1 7.3 7.8
58.1 61.1 65.1
47.7 52.4 56.7
80.1 88.4 90.8
49.9 52.2 56.7
33.3 38.7 43.0
68.4 71.6 75.2
1970 1971 1972 1973 1974
......................... ......................... ......................... ......................... .........................
41.7 42.4 46.6 50.8 50.7
33.8 34.4 38.5 42.7 42.6
25.3 25.4 28.7 32.7 32.4
45.9 50.8 56.5 65.7 58.1
7.1 7.1 8.2 9.7 10.2
60.8 58.5 66.2 73.3 73.3
57.0 59.4 65.5 68.8 69.7
87.5 91.6 96.5 93.8 87.7
56.2 58.7 62.6 67.5 70.9
44.0 46.6 54.2 59.8 61.5
78.9 79.6 82.6 84.7 84.3
1975 1976 1977 1978 1979
......................... ......................... ......................... ......................... .........................
45.2 49.2 52.6 55.2 56.8
36.6 40.8 44.2 47.1 48.4
27.1 30.3 33.1 35.7 36.9
46.8 59.8 65.5 69.3 65.5
8.8 9.5 10.8 12.1 13.4
61.3 65.8 69.7 74.3 76.1
62.5 69.2 74.2 77.0 78.4
85.9 95.7 102.0 100.9 100.1
61.7 67.8 70.9 74.3 77.3
51.5 59.0 65.6 69.5 72.3
83.5 85.4 88.1 89.1 91.6
1980 1981 1982 1983 1984
......................... ......................... ......................... ......................... .........................
54.6 54.9 50.7 52.1 57.0
45.5 45.7 41.2 44.0 49.1
34.2 34.3 29.9 31.9 37.1
50.5 48.0 40.8 49.6 58.9
13.7 14.1 12.9 13.2 15.9
70.4 70.5 59.5 62.3 68.9
75.9 76.4 72.4 77.6 81.0
97.7 95.5 87.2 97.8 97.6
77.9 79.4 80.1 85.2 90.4
66.9 67.4 60.4 66.8 71.0
92.3 93.2 89.2 86.4 91.8
1985 1986 1987 1988 1989
......................... ......................... ......................... ......................... .........................
57.0 57.0 60.0 63.3 63.8
49.1 50.1 53.4 56.8 57.2
37.3 37.8 40.5 43.7 43.9
61.3 60.8 62.4 67.5 64.0
16.0 16.3 17.8 19.4 20.1
68.5 69.8 74.6 80.0 80.3
80.3 82.8 87.8 91.1 91.9
92.3 96.2 108.0 107.0 109.3
89.9 93.8 98.4 101.7 101.6
69.7 73.1 79.5 84.3 85.4
91.3 87.7 89.8 92.9 93.8
1990 1991 1992 1993 1994
......................... ......................... ......................... ......................... .........................
64.2 63.3 65.4 67.6 72.1
57.3 56.1 58.9 61.6 66.7
44.0 42.8 45.7 48.8 54.4
59.7 56.4 63.3 71.9 83.3
20.8 20.8 22.1 23.5 26.8
80.8 77.3 81.3 84.5 90.8
92.1 91.1 93.4 94.5 97.2
103.9 103.8 109.8 114.3 121.3
102.0 99.8 102.2 102.2 106.1
86.3 85.0 87.2 87.7 90.4
95.7 95.8 94.9 95.1 96.7
1995 1996 1997 1998 1999
......................... ......................... ......................... ......................... .........................
76.3 80.0 86.7 92.0 98.0
71.4 75.6 83.9 90.3 97.8
60.3 66.3 75.8 84.3 94.4
86.6 89.0 95.8 98.8 108.8
33.1 40.0 51.3 63.6 78.9
94.2 97.0 101.9 104.7 106.3
98.2 97.3 101.9 103.3 104.8
119.3 116.0 121.4 120.4 117.4
108.8 105.3 106.5 107.4 109.5
91.1 91.5 98.1 98.5 101.6
98.1 99.6 99.5 99.9 99.7
2000 2001 2002 2003 2004
......................... ......................... ......................... ......................... .........................
103.7 99.0 100.0 100.4 104.6
104.5 98.6 100.0 100.6 106.5
104.5 99.0 100.0 102.3 110.4
108.8 95.9 100.0 97.7 99.9
100.1 99.6 100.0 109.6 125.8
107.4 99.9 100.0 98.7 103.7
104.7 98.1 100.0 97.8 100.1
112.6 99.6 100.0 94.4 89.2
108.3 101.8 100.0 95.0 96.7
102.4 95.4 100.0 99.4 104.2
101.1 100.0 100.0 99.6 99.6
2002 January ................ February ............... March ................... April ...................... May ...................... June .....................
97.6 98.0 98.8 99.9 100.2 101.2
97.0 97.5 98.5 99.6 100.2 101.3
96.6 97.0 98.2 99.5 99.7 101.2
96.5 98.0 99.0 100.9 100.6 101.3
95.9 95.6 96.6 98.5 98.9 100.4
97.3 97.9 99.2 99.7 100.0 101.8
97.9 98.2 99.2 99.9 101.0 101.6
96.2 97.1 98.9 100.1 100.9 102.0
98.7 98.5 98.3 100.3 101.1 100.1
96.9 97.6 99.2 100.0 101.9 102.8
99.4 99.6 99.7 100.6 100.4 100.7
July ....................... August .................. September ........... October ................ November ............ December ............
101.1 101.2 101.0 100.3 100.6 100.3
101.1 101.5 101.4 100.7 100.8 100.3
100.8 101.8 101.7 101.2 101.4 100.9
101.8 101.2 100.8 99.6 101.6 98.7
100.5 102.3 102.8 102.3 102.8 103.5
100.5 101.6 101.3 101.0 100.1 99.6
101.5 101.0 100.8 99.9 99.7 99.5
102.3 101.5 101.1 100.0 100.4 99.4
100.9 100.9 100.8 100.9 100.3 99.1
102.5 101.3 100.6 99.1 99.0 99.1
101.1 100.1 99.6 99.0 99.9 99.9
2003 January ................ February ............... March ................... April ...................... May ...................... June .....................
100.8 100.5 100.0 99.5 99.3 99.4
100.9 100.4 100.2 99.4 99.4 99.7
101.9 101.3 100.8 100.1 100.8 101.3
101.3 98.4 96.8 95.4 95.7 97.1
104.9 105.7 106.5 106.4 107.3 107.8
99.7 99.0 98.2 97.2 98.0 98.2
99.2 98.9 99.0 98.2 97.1 97.0
97.1 98.3 97.4 96.8 95.0 93.7
98.6 96.2 97.6 95.1 95.2 94.6
100.1 100.3 99.8 99.7 97.5 97.1
100.2 100.9 99.3 99.6 98.9 98.7
July ....................... August .................. September ........... October ................ November ............ December ............
99.8 99.8 100.6 101.1 101.7 102.1
99.9 99.7 100.8 101.5 102.6 103.1
101.7 101.6 102.8 103.9 105.3 106.0
97.3 95.4 99.0 97.7 98.9 99.7
109.3 110.3 111.8 113.5 115.3 116.3
97.7 97.7 97.7 99.2 100.6 100.9
96.9 96.5 97.4 97.5 98.1 98.3
90.8 90.9 92.1 92.8 93.8 93.7
94.3 93.3 93.6 93.0 93.7 94.2
98.2 98.1 99.6 100.1 100.6 101.1
99.3 100.0 99.8 100.0 99.3 99.3
2004 January ................ February ............... March ................... April ...................... May ...................... June .....................
102.5 103.2 103.1 103.8 104.9 104.5
103.2 104.3 104.6 105.2 106.3 106.3
106.3 107.7 108.1 108.6 109.9 110.1
100.4 101.6 100.4 99.8 99.6 98.4
117.2 119.6 120.7 121.5 124.0 125.5
100.6 101.5 102.1 102.9 104.1 104.0
98.2 98.7 98.8 99.7 100.3 100.1
93.0 90.5 90.0 88.9 88.3 88.7
94.4 94.6 94.6 95.9 96.8 97.2
100.8 101.3 102.3 103.4 104.3 104.6
100.6 100.2 99.3 99.8 101.0 99.8
July ....................... August .................. September ........... October ................ November ............ December ............
105.1 105.2 105.1 105.6 105.9 106.5
107.2 107.8 107.7 108.3 108.3 108.8
111.1 112.0 112.1 112.8 112.8 113.4
97.7 99.9 99.3 100.9 100.4 100.8
127.5 129.0 130.6 130.3 130.8 132.5
105.1 104.9 104.3 105.2 105.2 105.1
100.8 101.0 100.7 101.0 101.0 101.3
89.4 89.8 89.0 88.0 87.1 87.4
98.1 97.6 97.6 97.4 98.0 98.4
105.0 105.8 105.4 105.6 105.9 106.3
99.7 98.4 98.2 98.5 99.3 100.4
CHAPTER 2: INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
39
Table 2-1. Industrial Production Indexes by Market Groups—Continued (Seasonally adjusted, 2002 = 100.) Special aggregates Energy
Non-energy Selected high-tech
Year and month Total
Consumer energy products
Commercial energy products
Oil and gas well drilling
Converted fuels
Primary energy
Total
Computers and office equipment
Total
Communica- Semiconductors and tions related equipment components
Total non-energy, excluding high-tech
1967 ......................... 1968 ......................... 1969 .........................
57.5 60.6 63.9
43.1 46.1 49.4
30.7 33.3 35.1
... ... ...
57.1 61.2 65.4
79.0 81.2 84.0
35.9 37.9 39.6
0.3 0.3 0.3
... ... ...
... ... ...
... ... ...
52.7 55.6 57.9
1970 1971 1972 1973 1974
......................... ......................... ......................... ......................... .........................
66.9 68.2 71.3 73.1 73.5
52.2 54.7 57.7 58.8 60.3
37.7 39.7 41.8 44.1 44.2
... ... 97.2 91.5 106.3
68.8 70.7 75.1 78.0 76.9
88.1 87.4 88.8 89.9 90.2
37.8 38.4 42.4 46.3 46.0
0.3 0.3 0.4 0.4 0.5
... ... 0.1 0.1 0.2
... ... 11.1 12.1 12.3
... ... 0.1 0.2 0.2
55.1 56.2 61.8 67.1 66.3
1975 1976 1977 1978 1979
......................... ......................... ......................... ......................... .........................
73.7 76.1 79.1 80.4 82.8
61.6 64.8 67.4 68.6 70.4
45.8 48.1 49.8 51.3 53.7
119.9 135.0 171.5 191.0 203.7
74.2 78.3 81.1 80.5 83.5
91.0 91.1 93.7 96.0 98.1
41.1 44.7 48.5 51.6 53.2
0.5 0.6 0.8 1.0 1.3
0.2 0.3 0.4 0.6 0.8
10.7 10.9 13.4 14.7 17.6
0.2 0.2 0.3 0.4 0.5
59.2 64.1 69.0 72.8 74.1
1980 1981 1982 1983 1984
......................... ......................... ......................... ......................... .........................
83.1 84.4 81.3 78.9 83.6
67.8 67.4 67.8 68.4 70.5
52.8 54.2 54.9 56.0 59.0
240.9 289.4 254.7 197.3 214.9
81.8 80.7 74.2 74.1 78.8
100.1 102.1 99.2 94.9 100.9
51.4 52.0 49.1 51.3 56.5
1.5 1.8 2.1 2.5 3.3
1.2 1.6 1.9 2.7 3.9
19.3 20.1 21.3 20.7 23.4
0.5 0.6 0.7 0.8 1.1
70.6 70.8 66.0 68.4 74.3
1985 1986 1987 1988 1989
......................... ......................... ......................... ......................... .........................
83.3 80.5 82.8 86.0 86.9
70.4 71.8 74.5 78.4 78.8
61.2 62.9 66.2 68.5 71.0
196.8 95.9 92.5 111.0 96.7
78.5 75.7 79.6 83.2 86.3
100.3 96.1 96.8 99.4 98.8
57.5 58.8 62.1 65.4 66.0
3.5 3.6 4.3 5.0 5.3
4.5 4.9 6.3 7.7 8.1
23.6 22.2 22.7 24.1 24.2
1.2 1.3 1.6 1.8 2.0
75.3 77.0 80.6 84.2 84.6
1990 1991 1992 1993 1994
......................... ......................... ......................... ......................... .........................
88.3 88.8 87.6 89.2 91.0
78.3 80.7 79.6 83.1 84.2
73.0 74.1 73.6 75.8 78.8
102.3 79.7 55.6 77.5 91.9
87.1 87.1 88.7 90.4 91.8
101.5 101.6 99.0 98.2 99.9
66.4 65.1 67.6 70.0 74.3
6.0 6.4 7.7 9.1 11.8
8.7 9.0 11.3 14.0 17.4
26.9 26.8 30.8 35.2 43.6
2.3 2.7 3.3 3.8 5.1
84.7 82.5 84.7 86.9 90.7
1995 1996 1997 1998 1999
......................... ......................... ......................... ......................... .........................
92.9 95.2 95.6 96.0 96.8
86.4 90.2 89.6 89.6 92.7
81.6 84.2 87.6 89.1 92.6
89.5 96.0 110.1 102.9 80.7
93.2 94.8 96.3 97.5 99.1
101.4 102.8 101.6 101.7 100.1
78.2 81.8 88.9 94.9 99.8
16.6 23.3 34.6 48.4 70.5
24.3 34.4 48.7 67.1 88.1
51.5 62.5 82.1 94.4 118.3
7.9 11.8 18.9 29.1 48.2
93.0 94.5 99.2 102.8 104.1
2000 2001 2002 2003 2004
......................... ......................... ......................... ......................... .........................
99.2 99.3 100.0 100.8 101.5
94.9 96.0 100.0 100.6 101.9
96.4 98.1 100.0 105.1 107.4
114.4 138.6 100.0 116.2 126.9
101.5 97.7 100.0 99.9 101.6
101.0 101.2 100.0 99.5 98.6
104.4 100.0 100.0 100.6 105.4
100.7 102.6 100.0 117.6 141.2
102.8 103.7 100.0 108.9 110.7
158.9 142.8 100.0 100.1 116.7
77.4 85.2 100.0 130.7 168.8
105.0 99.8 100.0 99.4 103.2
2002 January ................ February ............... March ................... April ...................... May ...................... June .....................
98.0 97.9 99.0 100.8 100.5 100.8
94.9 94.3 97.8 101.7 100.8 101.6
96.3 96.8 98.1 100.9 100.8 100.3
107.4 102.3 97.5 93.4 97.7 100.0
96.2 97.6 99.5 100.5 100.1 100.8
101.3 100.7 99.8 100.6 100.6 100.6
98.7 98.5 99.4 99.5 100.0 101.0
97.7 97.2 97.7 98.1 97.9 99.4
106.5 105.5 102.8 99.3 96.6 95.7
108.6 107.1 107.0 104.7 101.1 102.0
88.8 88.9 91.1 94.4 97.0 100.0
98.8 98.7 99.5 99.6 100.1 101.1
July ....................... August .................. September ........... October ................ November ............ December ............
101.2 100.0 99.9 100.4 101.0 100.5
101.2 99.8 99.9 102.0 103.9 102.0
101.8 100.0 101.2 103.2 100.9 99.8
99.4 99.4 101.0 101.2 98.8 102.4
102.4 100.4 102.4 100.7 99.8 99.6
100.3 100.0 97.9 98.1 100.0 100.1
100.6 100.8 100.8 100.2 100.4 100.0
98.9 100.8 101.4 101.6 103.7 105.7
96.0 96.8 97.6 98.7 100.7 103.8
95.8 96.3 94.7 91.9 95.3 95.6
101.6 104.7 106.3 107.4 108.9 111.1
100.7 100.8 100.8 100.1 100.2 99.6
2003 January ................ February ............... March ................... April ...................... May ...................... June .....................
101.3 102.5 100.7 100.2 100.3 99.0
100.1 104.4 101.4 98.7 100.6 97.2
107.8 105.7 104.7 103.5 104.2 101.3
103.0 107.7 110.5 113.4 117.2 118.9
102.5 103.0 98.5 98.4 96.7 97.1
99.0 99.7 99.7 100.3 100.0 99.5
100.4 100.2 100.3 99.5 99.4 100.0
107.4 110.9 112.6 112.9 114.1 115.7
107.2 109.1 109.1 108.2 108.1 109.7
92.3 97.8 99.9 99.0 98.9 100.5
114.7 117.9 120.2 121.9 124.5 126.1
99.9 99.4 99.5 98.6 98.4 98.9
July ....................... August .................. September ........... October ................ November ............ December ............
100.4 101.4 101.0 101.0 100.7 101.5
99.9 101.7 100.6 99.8 99.9 102.2
105.0 105.3 105.0 105.2 106.3 107.9
117.9 119.0 119.8 121.5 122.0 123.0
99.8 101.3 99.5 100.6 100.5 100.7
99.0 99.4 100.0 99.7 98.7 98.6
100.2 100.1 101.0 101.1 102.3 102.4
118.3 120.7 122.1 124.3 125.3 127.0
111.9 112.6 110.7 107.7 105.9 107.0
99.1 101.7 101.5 103.5 102.9 104.3
131.3 134.5 138.5 143.4 146.8 148.8
99.0 98.8 99.6 99.6 100.8 100.8
2004 January ................ February ............... March ................... April ...................... May ...................... June .....................
102.5 102.7 100.7 101.1 102.4 101.9
104.1 104.9 99.8 99.7 101.5 103.3
106.5 108.4 105.8 106.7 107.6 106.9
122.8 123.1 124.4 124.3 123.6 125.0
101.9 102.5 99.1 101.4 105.1 102.0
99.9 99.1 99.3 99.1 99.0 98.7
102.7 103.7 103.8 104.7 105.5 104.9
130.5 133.5 135.0 135.5 138.3 140.4
109.7 111.9 112.2 111.1 109.8 109.2
108.1 109.9 109.6 109.7 111.8 114.4
152.4 156.6 159.6 161.0 166.1 169.1
101.0 101.8 101.8 102.7 103.5 102.8
July ....................... August .................. September ........... October ................ November ............ December ............
101.4 100.1 100.4 100.6 101.7 103.1
101.5 100.0 100.4 101.0 102.1 104.1
106.3 105.5 107.2 107.1 109.0 111.2
126.6 127.6 128.2 128.9 133.2 134.7
100.9 98.9 100.5 100.8 102.2 103.6
99.1 98.1 97.1 97.3 97.8 98.8
105.8 106.5 106.1 107.0 107.0 107.5
142.4 145.7 147.6 147.0 147.8 151.0
109.2 109.7 110.3 110.9 111.7 112.6
117.1 119.3 120.9 123.7 126.9 129.3
171.7 177.0 179.6 176.4 175.9 180.5
103.6 104.1 103.6 104.6 104.5 104.9
. . . = Not available.
40
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 2-2. Industrial Production Indexes by NAICS Industry Groups (Seasonally adjusted, 2002 = 100.) Manufacturing (NAICS) Durable goods manufacturing Year and month
Total industrial production
Manufacturing (SIC)
Total Total
Wood products
Nonmetallic mineral products
Primary metals
Fabricated metal products
Machinery
Computer and electronic products
Electrical equipment, appliances, and components
Motor vehicles and parts
Aerospace and misc. transport equipment
1967 ........................ 1968 ........................ 1969 ........................
39.2 41.4 43.3
36.1 38.1 39.8
... ... ...
... ... ...
... ... ...
... ... ...
... ... ...
... ... ...
... ... ...
... ... ...
... ... ...
... ... ...
... ... ...
1970 1971 1972 1973 1974
........................ ........................ ........................ ........................ ........................
41.9 42.5 46.6 50.4 50.2
38.0 38.6 42.7 46.5 46.4
... ... 41.7 45.5 45.4
... ... 31.6 35.5 35.3
... ... 73.5 71.1 64.6
... ... 74.1 79.6 78.7
... ... 120.9 140.6 144.2
... ... 69.3 76.6 75.4
... ... 68.4 79.0 82.9
... ... 1.5 1.7 1.9
... ... 71.8 80.9 78.9
... ... 44.2 50.6 43.4
... ... 72.7 82.9 84.2
1975 1976 1977 1978 1979
........................ ........................ ........................ ........................ ........................
45.7 49.3 53.1 56.0 57.7
41.5 45.2 49.1 52.1 53.7
40.5 44.2 48.0 51.0 52.6
30.6 33.4 36.7 39.6 41.6
59.9 67.5 72.8 73.7 71.3
70.5 74.5 79.3 84.6 84.4
111.8 118.7 119.8 127.4 130.4
65.1 69.8 75.7 79.4 82.9
72.3 75.5 82.4 88.8 93.8
1.7 2.0 2.5 3.1 3.8
63.3 71.5 78.8 83.6 87.1
37.8 48.3 55.0 57.3 52.5
80.0 74.9 75.5 83.2 97.2
1980 1981 1982 1983 1984
........................ ........................ ........................ ........................ ........................
56.2 56.9 54.0 55.4 60.4
51.7 52.3 49.5 51.7 56.9
50.5 51.0 48.2 50.4 55.5
39.7 40.2 36.8 38.5 44.0
66.0 64.6 57.9 67.2 71.9
76.0 72.8 64.5 69.4 74.8
114.4 114.6 80.9 82.8 90.8
78.2 77.7 69.6 70.2 76.4
89.3 88.4 74.0 66.9 77.9
4.6 5.3 6.0 6.9 8.6
81.9 80.9 72.9 75.4 84.9
38.6 37.6 33.9 43.4 52.0
104.8 100.3 93.5 89.1 94.4
1985 1986 1987 1988 1989
........................ ........................ ........................ ........................ ........................
61.2 61.8 64.9 68.2 68.8
57.9 59.1 62.4 65.6 66.1
56.4 57.7 60.9 64.2 64.8
45.0 45.8 48.4 51.8 52.4
72.7 79.0 86.2 86.1 84.8
76.2 79.4 83.7 85.4 84.6
83.9 81.9 88.2 98.8 96.6
77.5 77.0 78.4 82.4 81.7
78.2 76.9 78.3 86.2 89.3
9.2 9.6 10.8 11.9 12.2
83.6 85.1 86.3 90.4 89.0
54.0 53.9 55.9 59.7 59.1
101.0 106.2 110.0 115.7 122.7
1990 1991 1992 1993 1994
........................ ........................ ........................ ........................ ........................
69.4 68.3 70.3 72.6 76.5
66.6 65.3 67.7 70.1 74.3
65.3 64.1 66.7 69.1 73.5
52.5 50.9 53.5 56.5 61.5
83.9 78.5 82.8 83.7 88.7
83.4 76.8 80.2 82.0 86.5
95.4 89.6 91.7 96.1 103.5
80.7 77.0 79.4 82.4 89.6
87.1 81.8 81.6 87.6 96.0
13.2 13.7 15.5 17.1 20.3
86.8 82.2 87.2 92.7 99.5
55.5 53.1 60.4 66.8 76.7
123.2 118.9 110.0 102.6 92.1
1995 1996 1997 1998 1999
........................ ........................ ........................ ........................ ........................
80.2 83.6 89.7 94.9 99.2
78.3 81.8 88.8 94.8 99.7
77.6 81.4 88.3 94.2 99.2
66.8 72.4 81.2 89.8 97.6
90.8 93.8 96.6 100.9 105.1
89.1 94.8 98.0 102.9 103.8
104.5 107.0 111.6 113.5 113.2
95.1 98.6 103.0 106.3 107.1
102.7 106.2 112.2 115.0 112.7
26.4 33.6 45.2 58.3 77.2
101.7 104.9 108.8 112.8 114.8
79.0 79.6 85.8 90.2 100.1
87.5 90.9 101.5 117.6 113.4
2000 2001 2002 2003 2004
........................ ........................ ........................ ........................ ........................
103.5 99.9 100.0 100.6 104.7
104.3 99.9 100.0 100.5 105.4
104.0 99.7 100.0 100.7 105.8
105.3 100.2 100.0 102.3 109.8
103.6 97.0 100.0 98.8 104.9
103.8 99.9 100.0 100.1 105.4
109.5 99.1 100.0 97.6 103.4
111.3 103.2 100.0 98.6 103.2
118.4 104.8 100.0 99.0 110.7
102.5 103.6 100.0 112.6 130.7
120.6 108.3 100.0 97.8 101.5
99.4 90.6 100.0 104.0 108.0
99.7 105.9 100.0 97.2 100.7
2002 January ............... February .............. March .................. April ..................... May ..................... June ....................
98.6 98.4 99.3 99.7 100.1 101.0
98.7 98.6 99.4 99.5 100.0 101.0
98.5 98.5 99.3 99.5 100.0 101.1
97.8 97.9 98.8 99.4 99.8 100.9
99.6 99.3 101.3 100.9 100.8 101.9
99.5 99.9 100.0 100.3 99.7 100.7
97.1 97.0 99.0 99.4 100.7 102.1
98.1 98.6 99.5 99.6 100.2 101.1
97.4 97.6 98.5 99.3 100.3 100.9
99.0 98.3 98.4 98.1 98.3 99.7
99.7 99.6 101.5 101.1 101.8 101.8
93.8 94.5 95.7 99.0 99.4 101.7
104.0 103.1 102.0 100.3 99.3 99.0
July ...................... August ................. September .......... October ............... November ........... December ...........
100.7 100.7 100.7 100.3 100.5 100.1
100.6 100.8 100.8 100.2 100.4 100.0
100.6 100.9 100.8 100.2 100.5 100.1
100.5 101.2 101.1 100.6 101.3 100.7
100.4 100.5 99.6 99.7 98.1 97.7
100.0 100.1 100.9 100.4 99.5 98.8
99.4 103.2 101.4 101.1 102.1 97.6
100.5 100.8 100.8 100.6 100.0 100.1
100.5 102.0 101.8 101.3 100.9 99.4
99.1 100.5 101.0 100.6 102.5 104.4
99.8 99.3 98.3 98.5 99.3 99.6
103.2 103.4 103.0 100.9 104.5 100.9
98.9 98.9 98.9 99.2 98.0 98.4
2003 January ............... February .............. March .................. April ..................... May ..................... June ....................
100.5 100.6 100.4 99.6 99.5 99.8
100.3 100.1 100.3 99.4 99.4 99.9
100.4 100.2 100.4 99.6 99.5 100.0
101.5 100.9 100.7 100.0 100.4 101.4
97.9 97.6 96.2 96.4 96.6 97.3
99.2 98.0 99.3 97.9 100.4 100.3
100.8 98.7 94.0 95.2 94.7 98.5
99.8 98.8 98.6 97.6 98.2 98.1
98.3 98.7 99.0 97.5 97.6 97.6
106.2 107.8 108.8 108.5 109.7 110.9
97.7 98.4 97.7 96.8 97.8 98.5
105.2 101.8 101.4 100.5 99.9 101.8
97.5 97.0 97.1 96.9 96.5 96.5
July ...................... August ................. September .......... October ............... November ........... December ...........
100.3 100.4 101.0 101.1 102.0 102.3
100.2 100.1 101.0 101.1 102.3 102.3
100.4 100.3 101.3 101.4 102.6 102.7
102.0 102.1 103.6 103.7 105.3 105.6
98.9 98.3 99.1 100.6 103.9 102.9
100.1 100.8 100.0 101.3 102.2 101.7
95.4 95.6 94.2 98.5 101.0 104.2
98.2 97.7 98.4 99.0 99.7 99.8
97.1 98.5 99.4 98.5 102.6 103.4
112.6 114.8 116.0 117.7 118.7 119.4
96.2 98.1 97.0 98.2 98.7 98.2
104.9 102.3 109.2 105.9 107.0 107.6
96.9 97.2 97.0 97.4 98.6 98.4
2004 January ............... February .............. March .................. April ..................... May ..................... June ....................
102.7 103.5 103.2 104.0 105.0 104.4
102.6 103.6 103.7 104.6 105.5 104.9
103.1 104.0 104.1 105.0 105.9 105.3
106.2 107.4 107.6 108.4 109.2 109.0
103.2 103.9 103.4 105.2 106.3 104.3
102.7 102.2 104.7 104.9 105.1 104.5
98.5 101.2 101.6 101.6 103.2 103.4
100.7 101.2 100.9 102.3 103.4 103.5
104.1 107.4 108.0 109.3 110.6 111.0
121.3 123.6 125.0 125.3 128.2 129.8
99.0 99.1 98.6 100.4 101.0 101.6
109.0 109.3 108.6 108.9 107.2 104.9
98.0 99.4 98.9 99.6 99.6 99.6
July ...................... August ................. September .......... October ............... November ........... December ...........
105.0 105.3 105.1 105.8 106.0 106.7
105.7 106.4 106.0 106.9 106.9 107.5
106.2 106.8 106.4 107.4 107.4 107.9
110.2 111.0 110.9 112.1 112.1 112.9
106.1 105.6 103.7 105.9 105.3 105.4
106.0 106.6 107.1 107.0 106.0 107.7
106.4 104.7 105.2 105.3 105.8 104.4
104.0 104.3 103.8 104.8 104.6 104.6
113.5 111.8 112.8 113.3 113.1 113.1
131.9 134.4 136.1 136.4 136.9 139.7
102.1 102.7 102.8 103.2 103.6 103.6
104.5 108.4 106.5 109.8 109.2 110.0
101.4 101.3 100.9 102.2 103.6 104.2
. . . = Not available.
CHAPTER 2: INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
41
Table 2-2. Industrial Production Indexes by NAICS Industry Groups—Continued (Seasonally adjusted, 2002 = 100.) Manufacturing (NAICS)—Continued Durable goods manufacturing—Continued
Nondurable goods manufacturing
Year and month Furniture and related products
1967 ........................ 1968 ........................ 1969 ........................
Miscellaneous manufacturing
Food, beverage, Textile and Apparel and and tobacco product mills leather products
Total
Paper
Printing and support
Petroleum and coal products
Chemical
Other manufacturing Plastics and (non-NAICS) rubber products
... ... ...
... ... ...
... ... ...
... ... ...
... ... ...
... ... ...
... ... ...
... ... ...
... ... ...
... ... ...
... ... ...
... ... ...
1970 1971 1972 1973 1974
........................ ........................ ........................ ........................ ........................
... ... 54.2 56.7 52.2
... ... 41.2 42.4 41.5
... ... 61.0 63.8 64.1
... ... 65.8 66.5 67.5
... ... 86.8 85.9 79.0
... ... 179.5 182.6 171.7
... ... 66.1 71.4 74.5
... ... 51.5 54.1 52.5
... ... 73.6 72.3 78.0
... ... 48.3 52.9 55.0
... ... 35.2 39.6 38.6
... ... 65.6 67.6 68.0
1975 1976 1977 1978 1979
........................ ........................ ........................ ........................ ........................
44.5 49.6 56.9 61.4 60.9
38.8 42.2 45.8 46.8 46.9
59.5 64.9 69.4 71.8 72.2
66.3 70.8 72.4 75.0 74.6
76.4 85.1 93.0 92.7 92.6
167.2 176.0 184.5 188.6 177.1
64.6 71.1 74.2 77.6 78.7
49.0 52.6 57.0 60.3 62.1
76.9 85.2 91.2 92.1 98.4
48.3 54.1 58.8 61.7 63.1
33.0 36.5 43.0 44.4 43.8
64.8 66.8 73.2 75.7 77.2
1980 1981 1982 1983 1984
........................ ........................ ........................ ........................ ........................
58.8 58.4 55.0 60.2 67.6
44.4 46.1 46.6 46.5 50.4
70.0 70.6 69.6 72.8 76.2
75.8 76.6 78.8 79.0 80.1
88.8 86.9 80.6 90.9 93.2
180.5 180.4 179.3 184.2 184.0
78.6 79.6 78.4 83.4 87.6
62.6 64.2 69.0 74.2 80.8
87.2 83.2 79.5 80.8 82.6
59.6 60.5 56.6 60.6 64.1
39.0 41.3 40.5 44.1 50.9
79.9 81.8 82.8 85.0 88.9
1985 1986 1987 1988 1989
........................ ........................ ........................ ........................ ........................
68.0 71.1 76.1 75.2 74.8
51.1 52.3 56.4 61.8 62.6
76.6 78.9 83.1 85.9 86.4
82.7 83.7 85.4 87.8 87.3
90.0 93.8 103.4 102.6 104.4
175.9 175.1 176.8 173.5 165.9
85.9 89.4 92.4 96.1 97.1
84.0 88.2 94.8 97.8 98.2
81.3 80.9 84.8 87.4 86.5
63.6 66.5 71.8 75.8 77.3
52.9 55.1 61.0 63.7 65.9
92.4 94.2 99.7 99.3 97.8
1990 1991 1992 1993 1994
........................ ........................ ........................ ........................ ........................
73.2 67.6 73.0 76.1 78.6
65.7 67.0 69.9 73.9 74.4
87.8 87.4 89.7 91.0 94.1
89.7 90.4 91.6 91.3 94.4
100.2 98.8 104.2 108.2 114.2
162.0 160.9 165.2 168.6 170.5
97.0 97.3 99.6 100.8 105.1
101.9 98.7 104.1 104.4 105.5
86.6 85.3 84.9 85.5 87.9
79.1 78.8 80.0 81.0 83.0
67.7 67.0 72.1 77.2 83.6
96.7 92.8 91.0 91.8 90.9
1995 1996 1997 1998 1999
........................ ........................ ........................ ........................ ........................
80.0 80.6 89.3 95.7 98.9
77.2 81.0 83.2 88.1 90.0
95.8 96.1 99.6 101.1 101.8
97.1 96.4 98.4 101.3 99.5
113.1 110.5 116.6 115.7 115.5
169.3 165.3 164.6 155.2 148.6
106.7 103.3 105.5 106.4 107.2
107.1 107.9 110.0 111.2 112.3
89.5 91.6 94.6 92.8 96.7
84.4 86.1 91.2 92.7 94.6
85.7 88.6 94.0 97.4 102.5
90.9 90.2 97.7 104.1 107.4
2000 2001 2002 2003 2004
........................ ........................ ........................ ........................ ........................
100.4 94.0 100.0 98.3 101.4
94.9 93.7 100.0 102.0 105.5
102.4 99.0 100.0 98.9 101.0
100.9 100.7 100.0 100.5 102.3
113.3 101.6 100.0 95.9 93.1
141.7 120.4 100.0 92.1 88.4
105.0 99.0 100.0 95.9 98.0
113.0 106.0 100.0 95.8 96.0
96.6 96.0 100.0 98.3 103.7
96.0 94.3 100.0 99.7 102.8
103.6 97.6 100.0 99.4 102.5
109.5 103.1 100.0 97.0 98.8
2002 January ............... February .............. March .................. April ..................... May ..................... June ....................
96.8 98.0 99.9 101.2 101.8 101.4
95.0 96.4 97.6 98.5 99.6 101.6
99.4 99.1 100.0 99.8 100.3 101.3
101.5 100.5 101.4 100.1 99.7 100.7
97.6 97.9 99.7 100.6 100.8 102.3
102.1 100.2 99.2 97.7 99.2 101.7
97.4 97.7 97.5 99.6 100.6 100.4
100.8 100.4 101.2 101.3 100.9 100.7
99.1 100.6 100.5 100.6 100.6 100.3
98.5 98.1 99.2 99.1 100.8 102.4
96.7 97.6 99.8 99.7 100.4 101.5
101.7 100.7 101.2 99.7 99.7 99.5
July ...................... August ................. September .......... October ............... November ........... December ...........
101.8 100.7 99.6 99.2 98.7 100.7
101.1 101.0 102.0 102.3 102.5 102.5
100.7 100.4 100.4 99.7 99.6 99.2
99.2 99.8 99.6 99.7 98.8 99.1
100.8 100.6 100.4 99.4 100.0 99.7
102.1 99.9 101.5 98.8 99.9 97.8
101.0 101.4 101.8 101.4 101.5 99.9
100.1 100.2 99.5 99.2 98.1 97.6
100.3 99.6 99.6 96.9 100.8 100.9
102.2 100.9 100.8 99.5 99.6 99.1
101.4 101.1 101.0 100.7 100.2 99.9
99.6 100.0 100.6 99.8 98.8 98.6
2003 January ............... February .............. March .................. April ..................... May ..................... June ....................
98.4 98.0 97.3 95.3 97.1 98.1
102.0 101.4 101.6 100.7 100.9 102.5
99.1 99.4 99.8 99.1 98.4 98.3
98.5 100.0 101.2 101.2 100.3 100.4
97.1 98.1 98.3 97.9 95.7 95.2
97.1 95.3 95.2 94.2 93.8 92.2
99.4 96.9 98.3 96.0 95.8 95.6
97.0 96.9 97.4 95.6 95.8 95.6
99.2 98.3 99.6 96.6 98.5 95.6
100.3 100.6 100.0 100.0 98.2 98.9
99.7 99.8 99.9 98.4 99.2 98.5
98.6 98.7 99.5 96.7 96.6 98.4
July ...................... August ................. September .......... October ............... November ........... December ...........
99.1 98.4 98.8 99.4 100.4 99.7
102.3 101.4 101.8 102.1 104.0 103.0
98.4 98.2 98.6 98.6 99.3 99.2
100.6 100.3 100.8 100.5 101.1 100.9
93.9 93.8 93.6 94.8 96.4 95.3
91.6 88.2 88.6 89.5 89.9 89.2
95.1 94.5 94.7 93.9 94.8 95.7
95.4 94.8 95.1 95.6 95.4 94.8
96.1 97.6 98.9 99.4 99.6 100.6
99.2 99.2 99.6 99.4 100.3 100.6
98.5 98.9 99.3 99.7 100.8 99.7
96.8 95.8 94.9 95.8 96.6 96.1
2004 January ............... February .............. March .................. April ..................... May ..................... June ....................
100.1 99.5 100.2 101.7 103.0 101.9
103.9 104.0 103.7 104.9 105.9 105.1
99.3 99.8 100.0 100.8 101.8 100.8
100.8 102.2 101.7 102.6 104.2 101.8
97.4 94.1 91.6 92.5 93.2 92.3
89.4 89.8 90.4 90.9 90.0 89.0
95.5 95.9 95.7 97.5 98.4 98.5
95.2 95.4 94.9 95.3 95.9 96.2
100.3 100.3 102.5 101.7 102.8 103.8
100.5 100.8 101.5 102.5 102.9 102.3
100.1 100.9 101.0 102.3 103.6 103.5
95.5 97.6 97.5 98.6 99.2 98.2
July ...................... August ................. September .......... October ............... November ........... December ...........
101.6 102.0 101.1 101.5 102.0 102.7
105.9 106.0 105.2 106.6 107.0 107.5
101.3 101.6 101.1 101.8 101.8 101.9
101.8 102.6 102.2 102.4 102.6 102.6
94.5 93.3 92.4 93.6 91.4 90.5
86.7 85.4 86.9 87.2 88.2 87.4
99.5 98.6 98.7 99.2 99.1 99.0
96.7 96.6 95.6 96.2 96.8 97.2
105.4 105.8 103.1 104.7 106.4 107.2
103.1 103.8 103.4 104.4 104.1 104.5
103.5 103.0 102.3 103.6 102.8 103.3
99.0 101.1 99.3 99.0 99.1 101.1
. . . = Not available.
42
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 2-2. Industrial Production Indexes by NAICS Industry Groups—Continued (Seasonally adjusted, 2002 = 100.) Utilities Year and month
Mining Total
1967 ............................. 1968 ............................. 1969 .............................
Electric
Natural gas
Excluding selected high-tech industries
Selected high-tech industries
Stage-of-process groups Primary and semi-finished
Crude
Finished
... ... ...
... ... ...
... ... ...
... ... ...
0.3 0.3 0.3
53.9 56.8 59.3
71.8 77.6 83.0
... ... ...
... ... ...
1970 1971 1972 1973 1974
............................. ............................. ............................. ............................. .............................
... ... 106.8 107.4 105.8
... ... 50.3 53.2 53.0
... ... 40.9 44.6 44.8
... ... 110.2 105.8 102.3
0.3 0.3 0.4 0.4 0.5
57.2 58.3 63.6 68.6 67.9
85.0 86.2 93.4 97.2 98.7
... ... 44.8 48.9 48.3
... ... 39.1 42.2 42.4
1975 1976 1977 1978 1979
............................. ............................. ............................. ............................. .............................
103.3 104.0 106.4 109.8 113.1
54.0 56.4 58.7 60.2 61.6
46.8 49.7 52.9 54.6 55.8
95.6 94.6 91.4 92.2 94.6
0.5 0.6 0.8 1.0 1.3
61.9 66.5 71.0 74.4 76.0
91.4 95.5 100.2 102.8 105.5
42.8 46.7 50.4 52.8 54.0
39.9 42.7 46.4 49.9 52.1
1980 1981 1982 1983 1984
............................. ............................. ............................. ............................. .............................
115.1 118.1 112.3 106.4 113.3
62.0 62.9 60.9 61.4 65.0
56.7 58.2 56.8 58.5 61.8
92.6 90.5 85.0 79.6 84.5
1.5 1.8 2.1 2.5 3.3
73.3 73.7 69.3 70.6 76.1
106.2 108.9 102.8 99.8 106.7
50.5 50.5 46.4 48.7 53.5
52.7 54.0 53.5 55.0 60.0
1985 1986 1987 1988 1989
............................. ............................. ............................. ............................. .............................
111.1 103.0 103.9 106.5 105.3
66.4 67.0 70.1 74.1 76.4
64.1 65.4 68.5 72.4 74.6
81.0 77.0 80.6 85.5 88.6
3.5 3.6 4.3 5.0 5.3
76.9 77.6 80.9 84.4 84.9
104.5 99.2 102.4 105.8 105.9
54.0 55.0 58.2 61.3 61.7
61.9 63.5 66.4 69.9 70.8
1990 1991 1992 1993 1994
............................. ............................. ............................. ............................. .............................
106.9 104.6 102.2 102.2 104.6
77.9 79.8 79.7 82.6 84.2
76.7 78.5 78.1 80.9 82.7
85.6 87.9 90.4 93.8 94.4
6.0 6.4 7.7 9.1 11.8
85.2 83.5 85.1 87.2 90.7
107.5 104.7 103.8 102.5 104.7
61.8 60.9 63.4 66.4 71.0
72.0 71.1 72.8 74.9 78.1
1995 1996 1997 1998 1999
............................. ............................. ............................. ............................. .............................
104.4 106.2 108.0 106.4 101.2
87.2 89.7 89.7 92.0 94.7
85.7 87.9 88.2 91.8 94.5
96.9 101.5 99.5 93.1 95.7
16.6 23.3 34.6 48.4 70.5
92.9 94.5 98.5 101.5 102.8
105.2 104.9 107.6 105.8 104.2
75.2 79.2 85.6 91.3 97.7
81.7 84.9 91.4 97.5 100.2
2000 2001 2002 2003 2004
............................. ............................. ............................. ............................. .............................
103.5 104.5 100.0 99.8 99.5
97.4 97.0 100.0 102.0 103.1
97.2 96.9 100.0 102.1 104.1
98.6 97.2 100.0 101.2 98.2
100.8 102.6 100.0 117.6 141.2
103.9 99.7 100.0 99.7 102.9
104.2 101.4 100.0 98.7 99.7
103.2 98.6 100.0 100.5 105.1
103.8 101.1 100.0 101.2 105.6
2002 January .................... February ................... March ....................... April .......................... May .......................... June .........................
101.5 101.0 99.9 99.8 100.7 100.7
95.6 95.6 98.2 101.2 100.3 101.1
96.5 96.2 98.4 101.2 99.9 101.0
90.2 92.3 97.2 101.6 103.6 101.6
97.7 97.2 97.7 98.1 97.9 99.4
98.6 98.5 99.4 99.8 100.2 101.1
100.2 100.0 99.4 100.2 101.3 101.0
97.1 97.4 98.8 100.0 100.2 101.1
100.1 99.3 99.9 99.3 99.6 100.9
July ........................... August ...................... September ................ October .................... November ................. December .................
100.0 100.1 98.4 98.1 99.5 100.2
101.8 100.1 101.1 102.3 101.9 100.7
102.0 100.4 101.7 102.0 100.7 100.0
99.9 98.2 97.6 104.2 109.0 104.7
98.9 100.8 101.4 101.6 103.7 105.6
100.8 100.7 100.6 100.2 100.3 99.7
100.8 100.4 99.0 98.6 99.3 99.9
100.9 101.1 101.3 101.0 101.0 100.1
100.3 100.3 100.3 99.7 100.3 100.0
2003 January .................... February ................... March ....................... April .......................... May .......................... June .........................
99.7 100.1 100.0 99.8 99.2 99.6
102.8 104.5 101.2 100.7 101.2 99.1
102.8 103.5 101.1 100.8 101.2 98.9
102.7 109.7 101.8 100.1 101.4 99.8
107.4 110.9 112.6 112.9 114.1 115.7
100.1 99.9 99.7 98.8 98.7 98.9
99.3 99.6 99.7 99.0 98.1 98.4
100.9 100.8 100.2 99.1 99.6 99.3
100.4 100.4 100.8 100.3 99.8 100.7
July ........................... August ...................... September ................ October .................... November ................. December .................
99.1 99.6 100.7 100.4 99.6 99.4
102.0 103.2 101.6 101.8 101.9 103.5
102.3 103.9 101.9 102.0 102.5 104.0
100.1 99.4 99.7 100.1 98.8 101.4
118.3 120.7 122.1 124.3 125.4 127.0
99.3 99.2 99.9 99.9 100.8 100.9
97.9 98.1 98.9 98.7 98.2 98.0
99.9 100.2 100.4 101.2 102.1 102.7
101.3 101.1 102.2 101.7 103.0 102.8
2004 January .................... February ................... March ....................... April .......................... May .......................... June .........................
101.0 99.8 100.0 99.7 99.8 99.4
104.2 105.4 101.0 102.0 104.4 103.8
104.4 105.0 102.5 103.1 105.9 105.4
103.4 107.8 93.3 96.2 96.3 96.0
130.4 133.6 135.0 135.5 138.3 140.4
101.2 102.0 101.6 102.4 103.3 102.6
99.2 98.7 99.3 99.6 100.0 99.9
102.9 104.0 103.3 104.0 105.4 105.2
103.3 104.2 104.2 105.1 105.8 104.5
July ........................... August ...................... September ................ October .................... November ................. December .................
100.3 99.3 97.2 97.9 99.9 100.4
102.2 100.4 103.1 102.8 103.0 105.2
103.0 100.8 104.1 104.4 104.1 106.2
97.8 98.5 97.9 94.6 97.1 99.8
142.4 145.7 147.6 147.0 147.8 151.0
103.1 103.3 103.0 103.8 104.0 104.6
100.7 100.0 98.6 99.2 100.8 101.1
105.5 105.7 105.8 106.2 106.2 107.2
105.6 106.2 105.9 107.2 107.3 107.7
. . . = Not available.
CHAPTER 2: INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
43
Table 2-3. Capacity Utilization by NAICS Industry Groups (Output as a percentage of capacity, seasonally adjusted.) Manufacturing (NAICS) Durable goods manufacturing Year and month
Total industry
Total manufacturing (SIC)
Total Total
Wood products
Nometallic mineral products
Primary metals
Fabricated metal products
Machinery
Electrical Computer equipment, and appliances, electronic and products components
Motor vehicles and parts
Aircraft and miscellaneous transportation equipment
1967 ................................. 1968 ................................. 1969 .................................
87.0 87.3 87.4
87.2 87.1 86.6
... ... ...
87.5 87.3 86.9
... ... ...
75.7 78.4 79.7
85.0 84.8 88.2
86.4 87.3 86.2
90.4 85.1 86.8
... ... ...
... ... ...
78.9 90.0 86.5
94.1 89.2 83.6
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
81.2 79.6 84.6 88.4 85.2
79.4 77.9 83.3 87.6 84.4
... ... 83.2 87.7 84.5
77.5 75.1 81.8 88.5 84.7
... ... 92.2 87.7 77.9
73.9 75.6 79.7 84.4 82.3
79.3 72.8 82.7 94.6 96.5
78.5 78.5 85.1 91.0 85.9
79.9 74.0 83.1 92.3 91.9
... ... 81.0 85.1 83.1
... ... 89.8 97.7 91.5
66.1 78.6 84.1 91.7 76.6
71.4 62.2 64.0 72.9 74.2
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
75.6 79.6 83.1 84.8 85.0
73.5 78.1 82.2 84.3 84.2
73.4 78.1 82.2 84.3 84.1
71.6 76.2 80.9 83.9 84.5
71.1 80.4 86.4 85.3 80.6
73.3 77.8 82.4 85.9 83.9
75.0 78.5 79.1 84.2 86.0
71.9 75.4 79.6 80.6 81.6
77.7 79.7 84.9 88.7 90.9
68.4 71.2 77.4 81.6 86.0
70.6 78.9 85.6 87.9 89.3
65.6 81.9 90.0 90.7 81.1
70.4 65.5 65.5 71.5 81.3
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
80.7 79.7 73.7 74.7 80.4
78.7 77.1 71.0 73.4 79.4
78.4 76.7 70.5 72.9 79.0
77.6 75.3 66.6 68.4 76.7
73.1 70.9 63.3 74.0 78.9
74.5 71.1 63.4 69.3 75.3
76.1 77.2 55.3 59.0 69.2
75.5 73.5 65.4 66.4 73.3
84.4 81.4 67.2 61.1 71.8
86.0 83.9 80.7 80.1 87.1
82.3 79.3 69.8 72.7 82.1
59.1 57.3 51.4 67.4 81.3
84.6 77.6 70.0 66.4 69.2
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
79.4 78.6 81.2 84.2 83.6
78.3 78.3 81.0 84.0 83.1
77.8 77.9 80.5 83.8 83.0
75.8 75.3 77.6 82.0 81.4
78.2 83.1 87.8 86.4 84.1
75.6 78.2 81.5 83.3 82.2
67.1 69.5 79.5 90.2 86.5
74.0 73.7 75.3 79.9 79.7
71.5 70.8 72.3 80.4 83.6
81.0 77.5 79.5 80.8 78.3
78.8 79.9 82.0 86.8 85.9
83.1 78.2 77.2 82.3 79.2
71.8 73.4 74.9 79.4 84.9
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
82.4 79.6 80.4 81.4 83.6
81.6 78.3 79.6 80.4 82.8
81.4 78.2 79.5 80.3 82.8
79.1 75.0 77.1 78.8 82.1
82.1 76.8 81.1 81.5 84.2
80.0 73.6 77.2 78.7 82.3
84.2 78.9 81.6 86.2 91.7
77.6 74.0 76.3 77.2 81.6
80.9 76.0 75.4 79.2 84.3
78.4 76.8 78.7 78.0 80.3
83.6 78.9 82.1 86.6 91.9
70.6 63.6 72.4 78.6 87.2
85.7 83.5 77.4 73.0 66.7
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
83.9 83.0 83.9 82.7 81.9
83.0 81.8 83.0 81.7 80.8
83.0 81.8 82.8 81.4 80.5
82.4 81.4 82.5 80.9 80.5
83.1 82.8 82.3 83.5 83.3
83.3 86.9 86.5 86.6 83.6
89.4 88.0 87.6 85.5 83.4
83.7 83.3 82.2 80.2 77.9
85.8 83.7 82.7 80.3 76.8
82.9 80.2 82.8 77.8 80.3
91.5 90.4 88.7 86.5 84.5
83.4 80.8 82.5 79.5 85.5
64.3 67.1 74.1 83.6 77.9
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
81.8 76.3 75.1 75.7 78.6
80.3 74.1 73.3 73.7 77.1
79.9 73.6 72.9 73.3 76.8
80.3 71.7 70.0 70.7 75.0
79.2 72.6 75.0 75.3 80.5
81.3 77.2 77.7 78.2 81.7
80.2 73.9 77.3 77.0 83.4
78.8 72.4 70.3 69.4 72.8
78.9 69.3 66.8 67.2 76.3
84.7 69.2 60.5 64.7 71.2
86.9 77.1 73.4 74.6 79.1
83.4 74.0 79.6 79.5 79.8
66.5 69.2 64.4 61.8 63.8
2002 January ........................ February ...................... March ........................... April .............................. May .............................. June .............................
74.3 74.1 74.7 74.9 75.2 75.8
72.5 72.3 72.9 73.0 73.3 74.0
71.9 71.8 72.4 72.5 72.9 73.6
68.7 68.7 69.3 69.6 69.9 70.6
74.3 74.1 75.6 75.4 75.5 76.3
76.8 77.2 77.3 77.7 77.3 78.2
74.0 74.2 76.0 76.4 77.7 78.9
68.9 69.3 69.9 70.1 70.5 71.1
64.7 64.9 65.6 66.2 66.9 67.4
61.4 60.6 60.4 59.9 59.7 60.4
71.7 71.8 73.5 73.5 74.3 74.5
75.7 76.1 76.8 79.3 79.5 81.1
67.4 66.7 66.0 64.8 64.1 63.8
July .............................. August .......................... September ................... October ........................ November .................... December ....................
75.6 75.6 75.6 75.3 75.5 75.2
73.7 73.9 73.9 73.4 73.6 73.3
73.3 73.5 73.4 72.9 73.2 72.8
70.3 70.8 70.6 70.2 70.6 70.1
75.4 75.6 75.0 75.2 74.1 73.9
77.7 77.9 78.6 78.3 77.7 77.2
77.0 80.1 78.8 78.8 79.6 76.2
70.7 70.9 70.9 70.7 70.3 70.4
67.2 68.3 68.2 68.0 67.7 66.8
59.8 60.4 60.5 60.0 60.9 61.7
73.4 73.3 72.8 73.2 74.1 74.6
82.2 82.1 81.6 79.7 82.3 79.2
63.6 63.5 63.5 63.5 62.7 62.9
2003 January ........................ February ...................... March ........................... April .............................. May .............................. June .............................
75.5 75.6 75.4 74.9 74.9 75.1
73.5 73.4 73.5 72.9 72.8 73.2
73.1 72.9 73.0 72.4 72.4 72.7
70.6 70.1 69.9 69.3 69.5 70.1
74.2 74.0 73.1 73.3 73.6 74.1
77.5 76.6 77.7 76.6 78.5 78.5
78.8 77.3 73.7 74.8 74.5 77.6
70.2 69.5 69.3 68.6 69.0 69.0
66.2 66.5 66.8 65.9 66.1 66.1
62.5 63.2 63.5 63.0 63.4 63.8
73.4 74.2 73.9 73.4 74.4 75.1
82.3 79.4 78.7 77.7 76.9 78.0
62.2 61.8 61.8 61.6 61.4 61.3
July .............................. August .......................... September ................... October ........................ November .................... December ....................
75.4 75.5 76.0 76.1 76.8 76.9
73.4 73.4 74.0 74.1 75.0 75.1
73.0 72.9 73.7 73.7 74.6 74.7
70.4 70.4 71.4 71.5 72.5 72.7
75.5 75.1 75.7 77.0 79.6 78.8
78.3 78.9 78.2 79.2 79.8 79.3
75.3 75.6 74.7 78.2 80.5 83.2
69.0 68.7 69.2 69.6 70.1 70.3
66.0 67.0 67.7 67.2 70.1 70.8
64.5 65.5 66.0 66.7 67.0 67.2
73.5 75.1 74.4 75.5 76.0 75.8
80.1 77.7 82.7 79.9 80.4 80.5
61.6 61.7 61.6 61.8 62.6 62.5
2004 January ........................ February ...................... March ........................... April .............................. May .............................. June .............................
77.2 77.8 77.6 78.1 78.8 78.4
75.3 76.0 76.1 76.7 77.3 76.9
74.9 75.6 75.7 76.3 76.9 76.5
73.0 73.8 73.9 74.4 74.9 74.7
79.1 79.6 79.3 80.7 81.6 80.1
80.1 79.6 81.5 81.6 81.7 81.1
78.8 81.1 81.6 81.8 83.2 83.4
70.9 71.3 71.1 72.1 72.9 73.0
71.4 73.8 74.3 75.2 76.3 76.6
68.0 69.1 69.6 69.5 70.7 71.3
76.6 76.8 76.5 78.0 78.6 79.1
81.3 81.3 80.6 80.7 79.4 77.5
62.2 63.1 62.8 63.2 63.2 63.1
July .............................. August .......................... September ................... October ........................ November .................... December ....................
78.8 79.0 78.7 79.2 79.3 79.7
77.4 77.9 77.5 78.1 78.0 78.3
77.1 77.5 77.2 77.8 77.7 77.9
75.4 75.9 75.6 76.3 76.1 76.4
81.5 81.0 79.6 81.3 80.8 80.9
82.2 82.6 82.8 82.6 81.7 82.9
85.9 84.6 85.1 85.1 85.6 84.4
73.4 73.6 73.3 74.0 73.8 73.9
78.4 77.3 78.0 78.4 78.3 78.3
72.0 72.9 73.3 72.8 72.5 73.3
79.7 80.2 80.4 80.8 81.2 81.3
77.1 79.9 78.4 80.7 80.2 80.6
64.2 64.1 63.8 64.5 65.3 65.7
. . . = Not available.
44
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 2-3. Capacity Utilization by NAICS Industry Groups—Continued (Output as a percentage of capacity, seasonally adjusted.) Manufacturing (NAICS)—Continued
Year and month
Durable goods manufacturing —Continued Furniture and related products
Nondurable goods manufacturing
Miscellaneous manufacturing
Total
Food, and beverage, Textile product and tobacco mills products
Apparel and leather
Paper
Printing and support
Petroleum and coal products
Chemical
Plastics and rubber products
Other manufacturing (nonNAICS)
1967 ................................. 1968 ................................. 1969 .................................
91.9 91.5 93.0
... ... ...
86.3 86.5 86.2
85.0 84.8 85.1
... ... ...
... ... ...
89.7 89.3 91.0
... ... ...
94.9 95.8 96.4
78.9 80.1 79.1
88.3 91.2 90.4
... ... ...
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
84.5 85.5 94.2 95.4 82.3
... ... 80.4 79.3 74.4
82.2 81.9 85.3 86.6 84.2
84.1 84.0 85.1 84.8 83.8
... ... 89.3 86.2 76.0
... ... 81.8 82.0 76.2
86.1 86.8 91.4 94.9 95.1
... ... 92.4 94.0 88.1
96.8 95.7 93.6 90.4 92.8
76.1 75.4 80.2 83.9 84.3
79.5 80.1 88.8 92.5 84.2
... ... 85.7 84.7 82.7
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
68.0 75.6 83.9 85.1 79.5
67.9 72.4 77.5 79.1 78.9
76.0 80.9 84.1 84.9 83.6
80.1 83.3 82.8 83.5 81.3
72.1 80.6 88.1 87.8 87.5
74.5 77.7 81.8 84.1 79.0
80.8 87.6 90.1 92.2 91.0
79.6 82.2 86.0 87.4 86.0
83.6 86.0 87.7 86.4 89.8
71.7 77.5 80.8 81.7 81.6
70.0 77.2 88.5 88.4 83.4
77.2 77.4 83.4 85.1 85.3
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
74.0 71.7 66.9 73.1 80.1
74.4 75.9 73.6 70.5 75.6
79.4 78.8 76.7 79.8 82.4
81.2 80.9 81.9 81.3 81.6
83.4 80.7 74.6 83.9 85.5
80.5 79.9 79.7 83.6 83.8
88.2 86.8 84.0 88.2 90.7
83.8 81.2 82.3 84.7 87.7
76.7 73.5 73.6 77.8 81.6
75.6 75.4 69.0 73.0 76.1
73.1 76.3 72.9 79.9 90.0
87.3 87.7 86.8 87.4 89.6
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
77.9 79.8 83.3 80.4 78.5
74.1 73.5 76.9 81.6 79.6
80.8 81.8 84.8 86.3 85.2
82.9 82.8 83.6 85.0 83.5
81.4 83.6 91.1 88.7 88.3
80.0 81.2 82.8 82.8 80.9
87.2 89.2 90.4 92.1 91.2
86.1 86.4 89.6 90.2 88.4
81.9 81.6 84.4 87.1 86.8
73.6 75.9 81.1 84.3 83.8
86.1 84.6 89.1 88.8 86.4
90.5 88.8 90.7 88.5 85.4
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
75.5 70.5 77.3 80.2 81.8
79.9 78.3 77.2 78.3 78.6
84.4 82.3 82.5 82.2 83.8
84.3 83.2 82.2 80.4 82.2
83.3 81.5 85.5 87.7 89.7
79.5 81.2 83.6 84.9 86.1
89.2 87.2 87.5 87.0 88.8
89.1 84.2 86.0 85.0 85.3
86.7 84.4 85.0 86.8 88.7
83.3 81.0 79.8 78.9 79.5
82.9 77.9 81.2 85.6 90.4
83.9 81.6 80.8 82.5 82.2
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
81.5 79.9 83.6 83.7 81.4
80.4 81.4 79.4 79.8 76.4
83.9 82.4 83.3 82.1 80.5
83.1 81.3 81.8 82.7 79.2
86.4 83.4 85.7 83.0 81.7
85.6 83.4 82.2 77.8 76.7
88.8 84.3 85.1 85.8 86.5
84.9 84.0 82.8 80.7 79.4
89.3 90.6 92.2 86.9 88.2
79.7 79.2 81.2 79.1 77.5
88.8 87.6 88.2 86.7 86.2
82.1 80.9 85.1 86.8 86.9
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
78.8 71.5 73.9 72.4 74.9
76.4 72.3 73.9 74.2 76.0
79.4 76.2 76.9 76.7 79.1
78.8 77.9 77.5 78.0 79.2
79.8 72.8 74.0 73.6 74.8
75.9 68.4 63.5 65.7 70.6
84.8 80.9 83.5 81.8 84.4
79.6 75.9 73.2 71.4 73.5
87.5 86.4 87.0 86.6 91.5
76.3 72.6 75.3 74.3 76.4
82.5 76.5 78.6 79.7 84.1
87.5 82.7 81.9 82.1 84.4
2002 January ........................ February ...................... March ........................... April .............................. May .............................. June .............................
72.3 73.1 74.3 75.0 75.3 74.9
71.3 72.1 72.8 73.2 73.8 75.1
76.3 76.1 76.8 76.6 77.1 77.8
78.5 77.7 78.5 77.5 77.2 78.0
71.1 71.6 73.1 74.0 74.3 75.6
61.3 60.7 60.7 60.4 62.0 64.3
80.5 80.9 80.9 82.8 83.8 83.8
73.1 72.9 73.6 73.9 73.7 73.7
87.2 88.2 87.8 87.6 87.4 87.0
74.8 74.4 75.1 74.9 76.1 77.2
75.8 76.6 78.2 78.2 78.8 79.7
82.4 81.7 82.3 81.2 81.3 81.4
July .............................. August .......................... September ................... October ........................ November .................... December ....................
75.0 74.1 73.3 72.9 72.5 73.9
74.6 74.3 74.9 75.0 75.0 74.9
77.4 77.2 77.2 76.7 76.7 76.5
76.9 77.3 77.2 77.3 76.7 76.9
74.7 74.8 74.8 74.2 74.9 74.9
65.2 64.4 66.1 65.1 66.5 65.7
84.4 84.9 85.4 85.1 85.4 84.2
73.3 73.5 73.2 73.0 72.3 72.1
86.9 86.3 86.3 84.1 87.6 87.8
76.9 75.8 75.7 74.6 74.6 74.1
79.6 79.4 79.4 79.3 79.0 78.9
81.7 82.1 82.9 82.5 81.9 82.0
2003 January ........................ February ...................... March ........................... April .............................. May .............................. June .............................
72.2 71.9 71.5 70.0 71.4 72.2
74.5 73.9 74.0 73.3 73.5 74.5
76.4 76.7 77.2 76.7 76.2 76.2
76.5 77.7 78.6 78.6 77.9 78.0
73.2 74.2 74.5 74.5 73.1 73.0
65.9 65.3 65.8 65.7 66.1 65.6
83.9 82.0 83.3 81.5 81.6 81.5
71.7 71.7 72.2 71.0 71.2 71.2
86.6 86.0 87.3 84.9 86.7 84.3
75.0 75.1 74.7 74.6 73.2 73.7
78.9 79.1 79.4 78.4 79.3 78.9
82.2 82.5 83.5 81.4 81.6 83.3
July .............................. August .......................... September ................... October ........................ November .................... December ....................
73.0 72.5 72.9 73.4 74.2 73.7
74.4 73.7 73.9 74.1 75.5 74.7
76.4 76.3 76.7 76.7 77.4 77.4
78.1 77.9 78.3 78.0 78.5 78.2
72.2 72.4 72.5 73.7 75.3 74.7
65.7 63.9 64.8 66.0 67.0 67.1
81.2 80.8 81.1 80.5 81.4 82.2
71.2 70.8 71.2 71.7 71.7 71.4
84.9 86.3 87.5 88.0 88.2 89.1
73.9 73.8 74.1 73.9 74.6 74.8
79.2 79.7 80.2 80.8 81.8 81.1
82.1 81.5 80.8 81.7 82.5 82.2
2004 January ........................ February ...................... March ........................... April .............................. May .............................. June .............................
74.0 73.6 74.1 75.2 76.1 75.3
75.3 75.3 75.1 75.9 76.5 75.9
77.5 78.0 78.1 78.8 79.7 78.9
78.1 79.2 78.8 79.5 80.8 78.8
76.6 74.4 72.7 73.7 74.6 74.1
67.8 68.8 69.9 70.9 70.9 70.7
82.2 82.5 82.4 84.0 84.8 84.9
71.9 72.2 72.1 72.5 73.2 73.6
88.8 88.8 90.6 89.8 90.8 91.6
74.7 74.9 75.5 76.2 76.5 76.0
81.7 82.4 82.6 83.8 85.0 84.9
81.7 83.6 83.5 84.4 84.9 84.0
July .............................. August .......................... September ................... October ........................ November .................... December ....................
75.0 75.2 74.5 74.8 75.1 75.5
76.3 76.3 75.6 76.5 76.7 76.9
79.4 79.6 79.2 79.8 79.8 80.0
78.9 79.5 79.2 79.3 79.4 79.4
76.2 75.5 75.0 76.2 74.7 74.2
69.6 69.2 71.0 72.0 73.4 73.5
85.8 85.0 85.1 85.6 85.5 85.3
74.2 74.3 73.7 74.3 75.0 75.4
93.0 93.3 90.9 92.2 93.6 94.3
76.5 77.1 76.7 77.5 77.2 77.4
85.0 84.6 84.1 85.2 84.6 85.1
84.6 86.3 84.7 84.3 84.4 86.0
. . . = Not available.
45
CHAPTER 2: INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Table 2-3. Capacity Utilization by NAICS Industry Groups— Continued (Output as a percentage of capacity, seasonally adjusted.) Selected high-technology industries Year and month
Mining
Utilities Total
Computers and office equipment
Measures excluding selected high-technology Semiconducindustries Communicators and tions related Manufacequipment electronic Total industry turing components
Stage-of-process groups
Crude
Primary and semi-finished
Finished
1967 ................................. 1968 ................................. 1969 .................................
81.2 83.6 86.8
94.5 95.1 96.8
89.4 87.6 89.5
... ... ...
... ... ...
... ... ...
86.9 87.2 87.1
86.8 87.0 86.4
81.1 83.4 85.7
85.0 86.8 88.1
88.2 87.0 85.4
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
89.3 88.0 90.9 92.0 91.1
96.3 94.7 95.2 94.3 87.4
83.1 73.9 79.0 81.7 82.0
... ... 84.5 81.9 88.3
... ... 72.5 75.3 73.5
... ... 85.1 91.6 87.7
80.9 79.9 84.8 88.6 85.3
79.2 78.2 83.5 87.9 84.5
85.2 84.4 88.6 90.6 91.3
81.5 81.6 88.1 92.2 87.4
77.9 75.3 79.4 83.0 80.2
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
89.2 89.7 89.7 89.8 91.1
84.5 85.2 85.3 84.2 85.5
64.7 67.8 75.4 80.9 86.0
69.1 73.6 74.3 82.3 81.5
62.0 61.8 72.9 77.0 87.7
63.7 70.0 79.8 83.6 90.3
76.0 80.0 83.4 85.0 84.9
73.9 78.6 82.6 84.5 84.1
83.9 87.1 89.0 88.3 89.3
75.1 80.0 84.3 85.9 85.8
73.5 76.4 79.5 82.1 82.0
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
91.5 91.4 83.7 78.5 84.7
85.1 84.3 80.4 79.7 82.9
86.0 85.1 78.3 78.4 87.6
84.4 86.3 70.5 74.7 86.0
89.9 87.3 87.2 80.4 86.0
84.2 81.7 81.3 80.9 90.4
80.5 79.5 73.5 74.5 80.0
78.3 76.6 70.6 73.0 78.8
89.1 89.5 82.0 78.7 84.9
78.6 77.1 70.4 74.2 81.1
79.6 78.0 73.6 73.4 77.6
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
83.3 76.5 79.6 83.6 84.9
83.1 82.3 83.9 86.1 86.6
78.8 73.4 77.1 79.3 77.6
78.2 73.9 74.8 77.2 74.7
82.7 76.8 77.5 79.7 78.1
76.3 70.5 79.3 81.1 79.7
79.4 78.9 81.4 84.5 84.0
78.3 78.7 81.3 84.4 83.6
83.1 78.4 82.7 86.5 87.2
79.9 79.9 83.0 86.0 84.9
77.1 77.1 78.5 81.3 81.0
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
86.9 84.9 84.4 85.8 87.6
86.0 86.8 85.2 87.7 88.8
77.1 75.9 80.1 80.3 83.4
70.9 71.9 80.4 80.1 81.4
80.6 74.4 79.3 78.5 82.8
80.8 79.8 79.9 81.2 84.7
82.7 79.8 80.4 81.5 83.6
81.9 78.5 79.5 80.4 82.8
88.2 85.3 85.2 85.3 87.4
82.6 79.7 81.3 83.6 86.7
80.3 77.9 78.1 78.0 79.1
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
87.9 90.3 91.3 89.1 86.3
89.9 90.4 89.1 91.1 92.4
85.0 81.3 85.0 78.9 83.7
81.3 80.6 86.0 81.6 84.2
79.7 76.7 79.5 79.9 84.5
89.2 84.1 87.9 76.9 83.0
83.8 83.2 83.8 83.1 81.8
82.8 81.8 82.7 81.9 80.5
88.5 88.2 89.7 87.0 86.6
86.7 85.6 85.8 83.9 84.1
79.4 78.7 80.2 80.4 78.5
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
90.9 90.9 86.7 88.0 88.1
92.2 88.7 87.5 86.2 84.7
89.5 68.9 58.2 63.0 71.3
77.7 68.1 68.7 76.4 76.5
91.3 69.9 44.9 45.2 53.7
94.5 69.0 62.1 69.7 79.8
81.2 76.9 76.5 76.5 79.0
79.4 74.6 74.7 74.6 77.6
88.4 85.6 84.0 84.9 86.8
84.4 77.5 77.1 77.4 80.6
77.3 72.8 71.2 71.7 74.3
2002 January ........................ February ...................... March ........................... April .............................. May .............................. June .............................
87.5 87.1 86.1 86.2 87.0 87.2
85.4 85.1 87.0 89.4 88.2 88.5
59.1 58.2 58.1 57.9 57.5 58.0
71.6 71.3 69.8 67.8 66.2 65.8
49.6 48.6 48.3 47.1 45.4 45.7
59.6 58.6 59.2 60.4 61.3 62.5
75.6 75.4 76.1 76.3 76.6 77.3
73.8 73.7 74.3 74.4 74.8 75.5
83.8 83.6 83.2 83.8 84.8 84.6
75.1 75.3 76.3 77.1 77.3 77.9
71.5 70.9 71.3 70.8 71.0 71.9
July .............................. August .......................... September ................... October ........................ November .................... December ....................
86.7 87.0 85.6 85.6 87.0 87.9
88.8 87.1 87.7 88.4 87.8 86.5
57.4 58.1 58.1 57.8 58.6 59.3
66.3 67.0 67.7 68.6 70.2 72.5
42.9 43.1 42.3 41.1 42.6 42.8
62.8 64.0 64.2 64.1 64.2 64.6
77.0 77.0 76.9 76.6 76.8 76.3
75.2 75.3 75.3 74.8 74.9 74.5
84.6 84.4 83.5 83.3 84.1 84.8
77.7 77.8 78.0 77.8 77.7 77.1
71.4 71.4 71.4 70.9 71.3 71.1
2003 January ........................ February ...................... March ........................... April .............................. May .............................. June .............................
87.6 88.0 88.1 88.0 87.6 88.0
88.1 89.3 86.3 85.6 85.9 83.8
59.8 61.3 61.7 61.4 61.6 62.1
74.9 76.4 76.5 75.9 75.8 77.0
41.4 43.9 44.9 44.5 44.5 45.3
65.8 66.7 67.1 67.1 67.6 67.5
76.7 76.6 76.4 75.8 75.8 76.0
74.7 74.4 74.5 73.9 73.8 74.2
84.6 85.0 85.3 84.9 84.3 84.7
77.7 77.7 77.1 76.4 76.7 76.5
71.3 71.3 71.5 71.1 70.8 71.4
July .............................. August .......................... September ................... October ........................ November .................... December ....................
87.6 88.0 89.0 88.7 88.0 87.8
86.1 86.9 85.3 85.3 85.2 86.3
63.1 64.0 64.4 65.3 65.6 66.2
78.6 79.0 77.7 75.5 74.3 74.9
44.8 46.0 46.0 47.0 46.8 47.5
69.5 70.3 71.6 73.4 74.5 74.9
76.3 76.3 76.8 76.8 77.5 77.6
74.3 74.1 74.8 74.8 75.7 75.8
84.4 84.6 85.4 85.3 84.9 84.9
77.0 77.2 77.4 78.0 78.7 79.1
71.7 71.6 72.3 71.9 72.8 72.6
2004 January ........................ February ...................... March ........................... April .............................. May .............................. June .............................
89.2 88.2 88.3 88.1 88.2 87.9
86.7 87.4 83.6 84.1 85.9 85.3
67.7 69.1 69.7 69.6 70.8 71.5
76.8 78.2 78.3 77.4 76.3 75.7
49.3 50.2 50.2 50.3 51.3 52.6
76.1 77.6 78.5 78.5 80.4 81.1
77.8 78.4 78.1 78.7 79.3 78.8
75.9 76.5 76.6 77.2 77.8 77.3
85.9 85.6 86.1 86.5 86.9 86.9
79.3 80.0 79.5 80.0 81.0 80.8
72.9 73.5 73.4 74.1 74.5 73.6
July .............................. August .......................... September ................... October ........................ November .................... December ....................
88.8 88.0 86.2 86.9 88.7 89.3
83.7 82.1 84.2 83.8 83.9 85.6
72.2 73.4 73.7 72.8 72.5 73.2
75.6 75.6 75.8 76.0 76.3 76.6
54.0 55.0 55.8 57.2 58.8 59.9
81.5 83.0 83.1 80.3 78.7 79.2
79.2 79.3 79.0 79.6 79.7 80.2
77.8 78.2 77.8 78.5 78.5 78.8
87.7 87.2 86.0 86.6 88.2 88.5
80.9 81.0 81.0 81.2 81.0 81.7
74.2 74.7 74.3 75.2 75.2 75.5
. . . = Not available.
46
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
tion. The resulting indexes are shown annually for the full 31 years (37 for aggregate levels) in Tables 2-1 through 2-3.
NOTES AND DEFINITIONS TABLES 2-1 THROUGH 2-3 AND 20-1 INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION SOURCE: BOARD SYSTEM.
OF
GOVERNORS
OF THE
FEDERAL RESERVE
The industrial production index measures changes in the physical volume or quantity of output of manufacturing, mining, and electric and gas utilities. Capacity utilization is calculated by dividing a seasonally adjusted industrial production index for an industry or group of industries by a related index of productive capacity. Around the 15th day of each month, the Federal Reserve issues estimates of industrial production and capacity utilization for the previous month. The production estimates are in the form of index numbers (currently 2002 = 100) that reflect the monthly levels of total output of the nation’s factories, mines, and gas and electric utilities expressed as a percent of the monthly average in the 2002 base year. Capacity estimates are expressed as index numbers, 2002 output = 100 (not 2002 capacity), and capacity utilization is measured by the production index as a percent of the capacity index. Since the bases of those two indexes are the same for each industry, this procedure yields production as a percent of capacity. Monthly estimates are subject to revision in each of the three subsequent months, as well as to annual and comprehensive revisions in subsequent years. Monthly series are seasonally adjusted using the Census X-12 ARIMA program. Definitions and notes on the data The index of industrial production measures a large portion of the goods output of the national economy on a monthly basis. That portion, together with construction, has also accounted for the bulk of the variation in output over the course of many historical business cycles. The substantial industrial detail included in the index illuminates structural developments in the economy. The total industrial production index and indexes for its major components are constructed from individual industry series (300 series for data from 1997 forward) based on the 2002 North American Industry Classification System (NAICS). See Chapter 14 of this volume for a description of NAICS and a table outlining its structure. The Federal Reserve has been able to provide a much longer continuous historical series on the NAICS basis than other government agencies. In a major research effort, the Fed and the Census Bureau’s Center for Economic Studies re-coded data from seven Censuses of Manufactures, beginning in 1963, to establish benchmark NAICS data for output, value added, and capacity utiliza-
The Fed’s featured indexes for total industry and total manufacturing (SIC) do not observe the reclassifications under NAICS of the logging industry to the Agriculture sector and the publishing industry to the Information sector. (The reason cited by the Fed was to avoid “changing the scope or historical continuity” of these statistics. “Industrial Production and Capacity Utilization: The 2002 Historial and Annual Revision,” Federal Reserve Bulletin, April 2003, Federal Reserve Web site.) One advantage of the SIC index for capacity utilization is that it is a continuous series back to 1947 (shown in Table 201). Production and capacity utilization are also shown on the new NAICS basis back to 1967 in Tables 2-2 and 2-3. The individual series are grouped in two ways: market groups and industry groups. Market groups. For analyzing market trends and product flows, the individual series are grouped into two major divisions: final products and nonindustrial supplies, and materials. Final products are those purchased by consumers, businesses, or government for final use. Nonindustrial supplies are expected to become inputs in nonindustrial sectors: the two major subgroups are construction supplies and business supplies. Materials comprise industrial output requiring further processing within the industrial sector. This twofold division distinguishes between products that are ready to ship outside the industrial sector and those that will stay within the sector for further processing. Final products are divided into consumer goods and equipment, and equipment is divided into business equipment and defense and space equipment. Further subdivisions of each market group are based on type of product and the market destination for the product. Industry groups are typically groupings by 3-digit NAICS industries and major aggregates of these industries—for example, durable goods and nondurable goods manufacturing, mining, and utilities. Indexes are also calculated for stage-of-process industry groups—crude, primary and semifinished, and finished processing. The stage-of-process grouping was a new feature in the 2002 revision, replacing the narrower and less refined “primary processing manufacturing” and “advanced processing manufacturing” groups that were previously published. Crude processing consists of logging, much of mining, and certain basic manufacturing activities in the chemical, paper, and metals industries. Primary and semifinished processing represents industries producing materials and parts used as inputs by other industries. Finished processing includes industries producing goods in their finished form for use by consumers, business investments, or government. The indexes of industrial production are constructed with data from a variety of sources. Current monthly estimates
CHAPTER 2: INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
47
of production are based on measures of physical output where possible and appropriate. For a few high-tech industries, the estimated value of nominal output is deflated by a corresponding price index. For industries in which such direct measurement is not possible on a monthly basis, output is inferred from production-worker hours, adjusted for trends in worker productivity derived from annual and benchmark revisions. (Between the 1960s and 1997, electric power consumption was used as a monthly output indicator for some industries instead of hours. The coverage of the survey declined, however, and in the 2005 revision, the decision was made to resume the use of hours in those industries, beginning with the data for 1997.)
Capacity utilization is calculated for the manufacturing, mining, and electric and gas utilities industries. Output is measured by seasonally adjusted indexes of industrial production. The capacity indexes attempt to capture the concept of sustainable maximum output, which is defined as the greatest level of output that a plant can maintain within the framework of a realistic work schedule, taking account of normal downtime and assuming sufficient availability of inputs to operate the machinery and equipment in place. The 85 individual industry capacity indexes are based on a variety of data, including capacity data measured in physical units compiled by government agencies and trade associations, Census Bureau surveys of utilization rates and investment, and estimates of growth of the capital stock.
In annual and benchmark revisions, the individual indexes are revised using data from the quinquennial Censuses of Manufactures and Mineral Industries and the Annual Survey of Manufactures and Survey of Plant Capacity, prepared by the Bureau of the Census; deflators from the Producer Price Indexes and other sources; the Minerals Yearbook, prepared by the Department of the Interior; Department of Energy publications; and other sources.
Revisions
The weights used in computing the indexes are based on Census value added—the difference between the value of production and the cost of materials and supplies consumed. (Census value added differs in some respects from the economic concept of industry value added used in the national income and product accounts (NIPAs). Industry value added as defined in the NIPAs is not available in sufficient detail for the industrial production indexes. See Chapter 15 for data and description of value added by industry.) Before 1972, a linked-Laspeyres formula is used. Beginning with 1972, the index uses a version of the Fisher-ideal index formula—a chain-weighting system similar to that in the NIPAs. See notes and definitions to Chapter 1. Chain-weighting keeps the index from being distorted by the use of obsolete relative prices.
A previous comprehensive revision in 1997 moved the reference year from 1987 to 1992 = 100 and introduced annual (instead of quinquennial) updating of the valueadded weights for each industry. In the January 2001 revision, recalculation of the value-added weights each month was introduced.
For the purpose of these value-added weights, value added per unit of output is based on data from the Censuses of Manufacturing and Mineral Industries, the Census Bureau’s Annual Survey of Manufactures, and revenue and expense data reported by the Department of Energy and the American Gas Association, projected into recent years by using changes in relevant Producer Price Indexes.
Revisions normally occur annually, late in the year, and incorporate additional source data that have become available. In November 2005, the latest annual revision was released, and its results are presented in this volume. In addition to the usual revisions of recent years, the indexes were all rebased from 1997 = 100 to 2002 = 100.
Data availability Data are available monthly in Federal Reserve release G.17. Selected data are subsequently published monthly in the Statistical Supplement to the Federal Reserve Bulletin. Historical data may be purchased on diskette from Publications Services, Board of Governors of the Federal Reserve System (full address shown below). Current and historical data and background information are available on the Federal Reserve Web site at . The total Industrial Production Index extends back to 1919. Chain-weighting makes it difficult for the user to analyze in detail the sources of aggregate output change. An “Explanatory Note” included in each month’s index release provides some assistance for the user, including a reference to a Web site location representing the exact contribution of a monthly change in a component index to the monthly change in the total index.
To separate seasonal movements from cyclical patterns and underlying trends, each component of the index is seasonally adjusted by the Census X-12 ARIMA method.
References
The index does not cover production on farms, in the construction industry, in transportation, or in various trade and service industries. A number of groups and subgroups include data for individual series not published separately.
The G.17 release each month contains extensive explanatory material, as well as references for further detail. The 2005 revision is described in “Industrial Production and Capacity Utilization: The 2005 Annual Revision,” issued November 7, 2005. An expanded version of this release will be published in a forthcoming article in the Federal
48
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Reserve Bulletin, which will be available on the Federal Reserve Web site. An earlier detailed description of the industrial production index, together with a history of the index, a glossary of terms, and a bibliography is presented in Industrial Production—1986 Edition, available from Publication Services, Mail Stop 127, Board of Governors of the Federal Reserve System, Washington, DC 20551.
CHAPTER 3: INCOME DISTRIBUTION AND POVERTY Section 3a: Household and Family Income
Figure 3-1. Median and Mean Household Income, 1967–2004 (2004 dollars) 65,000
2004 dollars
Median household income
55,000 Mean household income
45,000
35,000
25,000 1967
1972
1977
1982
1987
1992
1997
2004
Year
• Measured as cash income before taxes, median household income in 2004 was $44,389, down 3.8 percent in constant (2004) dollars from the 1999 all-time high of $46,129. Between the 1969 business cycle peak and 1999, real median household income rose an average 0.7 percent per year. (Table 3-1) • The Census Bureau also tabulates “mean income,” which is the sum of all the reported household incomes divided by the number of households. The mean is higher than the median when the distribution of income is skewed upward, with very large incomes at the top of the distribution. It rises faster than the median when the income distribution becomes more unequal. (See “Whose Standard of Living?” in the article “Using the Data: The U.S. Economy in the New Century” at the beginning of this book.) Mean household income peaked one year later, in 2000; rose at a 1.3 percent annual rate from 1969 to 2000; and declined 3.4 percent from 2000 to 2004. (Table 3-4) • Measures of household income distribution confirm an increase in income inequality. The “Gini coefficient” rose from 0.386 in 1968 to a high of 0.466 in 2001, and returned to that level by 2004 after a slight decline in 2002. (Table 3-4) • In earlier postwar years, the Census Bureau did not tabulate household income but did measure median family income. (“Households” is the larger group, including not only families but also individuals living apart from any family member.) In constant dollars, median family income rose at a 3.3 percent annual rate between cycle peaks in 1948 and 1969 and slowed to 0.9 percent from 1969 to 2000. Thus, family income over the latest three decades rose faster than household income, but there was a marked slowdown from the first two postwar decades in the rate of increase in the standard of living for the typical family. (Table 3-3) • In another contrast to the more recent period, inequality in family incomes declined between 1947 and 1968. (Table 3-5) • The ratio of women’s to men’s earnings for year-round, full-time workers increased from 0.607 in 1960 to 0.765 in 2004. Since 1973, men’s earnings have stagnated in real terms, while those of women increased. (Table 3-1)
49
50
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 3-1. Median Household Income and Median Earnings (2004 dollars.) Median household income Year
Median earnings of year-round, full-time workers
White All races
Asian 1
Black Total
Not Hispanic
Hispanic (of any race)
Male workers
Female workers
Ratio, female to male
1960 1961 1962 1963 1964
................................................................. ................................................................. ................................................................. ................................................................. .................................................................
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
29 013 29 945 30 500 31 276 32 016
17 603 17 742 18 086 18 436 18 937
0.607 0.592 0.593 0.589 0.591
1965 1966 1967 1968 1969
................................................................. ................................................................. ................................................................. ................................................................. .................................................................
... ... 34 234 35 680 37 044
... ... 35 701 37 150 38 660
... ... ... ... ...
... ... 20 728 21 907 23 368
... ... ... ... ...
... ... ... ... ...
32 423 33 862 34 421 35 316 37 335
19 430 19 489 19 890 20 538 21 977
0.599 0.576 0.578 0.582 0.589
1970 1971 1972 1973 1974
................................................................. ................................................................. ................................................................. ................................................................. .................................................................
36 795 36 416 37 947 38 713 37 519
38 324 38 090 39 809 40 573 39 238
... ... 40 377 40 930 39 573
23 327 22 500 23 237 23 883 23 335
... ... ... ... ...
... ... 30 042 29 992 29 842
37 773 37 913 39 923 41 195 39 750
22 425 22 561 23 100 23 330 23 355
0.594 0.595 0.579 0.566 0.588
1975 1976 1977 1978 1979
................................................................. ................................................................. ................................................................. ................................................................. .................................................................
36 515 37 127 37 337 39 733 39 688
38 186 38 892 39 262 41 305 41 612
38 474 39 685 40 041 42 083 42 198
22 924 23 126 23 169 24 822 24 431
... ... ... ... ...
27 433 28 005 29 290 31 131 31 445
39 479 39 377 40 236 41 489 41 021
23 221 23 702 23 708 24 661 24 474
0.588 0.602 0.589 0.594 0.597
1980 1981 1982 1983 1984
................................................................. ................................................................. ................................................................. ................................................................. .................................................................
38 453 37 859 37 800 37 577 38 782
40 568 40 001 39 573 39 406 40 914
41 287 40 578 40 236 ... 41 763
23 372 22 447 22 428 22 362 23 307
... ... ... ... ...
29 640 30 368 28 443 28 618 29 399
40 412 40 213 39 498 39 369 40 172
24 312 23 820 24 388 25 036 25 572
0.602 0.592 0.617 0.636 0.637
1985 1986 1987 1988 1989
................................................................. ................................................................. ................................................................. ................................................................. .................................................................
39 545 40 939 41 442 41 771 42 524
41 705 43 041 43 663 44 159 44 731
42 643 44 019 44 864 45 375 45 693
24 813 24 797 24 921 25 173 26 602
... ... 51 245 49 507 53 110
29 243 30 177 30 748 31 237 32 248
40 512 41 530 41 259 40 898 40 207
26 160 26 691 26 891 27 013 27 612
0.646 0.643 0.652 0.660 0.687
1990 1991 1992 1993 1994
................................................................. ................................................................. ................................................................. ................................................................. .................................................................
41 963 40 746 40 422 40 217 40 677
43 768 42 697 42 497 42 430 42 901
44 769 43 717 43 924 43 992 44 286
26 173 25 437 24 746 25 145 26 510
53 885 49 298 49 876 49 365 51 038
31 294 30 690 29 815 29 462 29 528
38 789 39 792 39 843 39 143 38 900
27 779 27 798 28 203 27 995 27 995
0.716 0.699 0.708 0.715 0.720
1995 1996 1997 1998 1999
................................................................. ................................................................. ................................................................. ................................................................. .................................................................
41 943 42 544 43 430 45 003 46 129
44 023 44 545 45 739 47 349 47 975
45 761 46 494 47 623 49 116 50 052
27 563 28 148 29 400 29 340 31 636
49 991 51 875 53 106 53 975 57 763
28 138 29 855 31 252 32 787 34 851
38 768 38 531 39 521 40 906 41 249
27 691 28 421 29 309 29 931 29 829
0.714 0.738 0.742 0.732 0.723
2000 2001 2002 2003 2004
................................................................. ................................................................. ................................................................. ................................................................. .................................................................
46 058 45 062 44 546 44 482 44 389
48 171 47 504 ... ... ...
50 043 49 412 ... ... ...
32 541 31 448 ... ... ...
61 159 57 234 ... ... ...
36 382 35 817 34 771 33 884 34 241
40 861 40 843 41 416 41 761 40 798
30 123 31 176 31 725 31 550 31 223
0.737 0.763 0.766 0.755 0.765
... ... ...
47 358 46 857 46 697
49 264 49 061 48 977
30 489 30 442 30 134
55 278 57 196 57 518
... ... ...
... ... ...
... ... ...
... ... ...
... ... ...
... ... ...
... ... ...
30 648 30 487 30 268
54 920 56 747 57 475
... ... ...
... ... ...
... ... ...
... ... ...
By race: Race alone: 2002 ......................................................... 2003 ......................................................... 2004 ......................................................... Race alone or in combination: 2002 ......................................................... 2003 ......................................................... 2004 ......................................................... 1For
1987 through 2001, Asian and Pacific Islander. . . . = Not available.
51
CHAPTER 3: INCOME DISTRIBUTION AND POVERTY Table 3-2. Median Income of Households by Race and Hispanic Origin Using 2- and 3-Year Averages 1 (Income in 2004 dollars.) 3-year average 2002–2004 (dollars)
2-year average (dollars) 2003–2004
Race 1 and Hispanic Origin Median income
90-percent confidence interval (±)
Median income
Change in real median income (2003–2004 average less 2002–2003 average)
2002–2003
90-percent confidence interval (±)
Median income
90-percent confidence interval (±)
Percentage change
Dollars
All races .....................................................................
44 473
208
44 436
263
44 514
230
-79
-0.2
White ........................................................................... White, not Hispanic .................................................
46 971 49 101
214 253
46 777 49 019
248 312
47 108 49 162
254 292
*-331
*-0.7
-143
-0.3
Black ...........................................................................
30 355
430
30 288
475
30 465
545
-177
-0.6
American Indian and Alaska Native ............................
33 132
1 477
32 510
1 732
33 749
1 785
-1 239
-3.7
Asian ...........................................................................
56 664
1 273
57 357
1 581
56 237
1 415
1 120
2.0
Native Hawaiian and Other Pacific Islander ................
51 687
4 044
54 378
4 423
52 311
4 903
2 068
4.0
Hispanic origin (any race) ...........................................
34 299
558
34 062
643
34 328
661
-265
-0.8
1Respondents reporting one race alone, excluding those reporting combinations *Statistically different from zero at the 90-percent confidence level.
of more than one race. See notes and definitions.
52
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 3-3. Median Family Income by Type of Family (2004 dollars.) Married couples Year
All families
Wife in paid labor force
Total
Wife not in paid labor force
Male householder 1
Female householder 1
4-person families
1947 ........................................................... 1948 ........................................................... 1949 ...........................................................
21 771 21 177 20 898
... ... ...
... ... ...
... ... ...
... ... ...
... ... ...
23 646 23 045 22 721
1950 1951 1952 1953 1954
........................................................... ........................................................... ........................................................... ........................................................... ...........................................................
22 055 22 827 23 468 25 424 24 759
22 898 23 614 24 500 26 197 25 745
26 600 28 501 29 561 32 395 31 705
22 028 22 365 22 997 24 675 24 070
20 699 21 245 21 809 24 651 23 850
12 772 13 663 13 484 14 714 13 630
24 420 25 368 26 382 ... ...
1955 1956 1957 1958 1959
........................................................... ........................................................... ........................................................... ........................................................... ...........................................................
26 364 28 098 28 285 28 158 29 804
27 444 29 232 29 372 29 420 31 152
33 549 35 016 34 977 34 396 36 891
25 815 27 304 27 527 27 582 29 254
25 004 24 494 26 092 23 580 25 381
14 746 16 189 15 737 15 172 15 208
29 354 31 266 31 258 31 468 33 397
1960 1961 1962 1963 1964
........................................................... ........................................................... ........................................................... ........................................................... ...........................................................
30 374 30 695 31 570 32 683 33 905
31 742 32 311 33 198 34 482 35 778
37 293 38 471 39 548 40 737 42 168
29 834 29 929 30 553 31 584 32 713
26 267 27 130 30 272 29 864 29 895
16 041 16 019 16 596 16 794 17 848
34 023 34 452 35 811 37 332 38 648
1965 1966 1967 1968 1969
........................................................... ........................................................... ........................................................... ........................................................... ...........................................................
35 311 37 200 38 020 39 777 41 654
36 875 38 712 40 455 42 136 44 162
43 635 45 666 47 716 49 242 51 351
33 459 35 205 36 477 37 855 39 207
31 205 31 767 32 657 33 735 36 827
17 927 19 805 20 580 20 630 21 293
39 590 41 196 43 105 45 315 46 908
1970 1971 1972 1973 1974
........................................................... ........................................................... ........................................................... ........................................................... ...........................................................
41 568 41 487 43 499 44 381 43 232
44 302 44 331 46 579 47 979 46 653
51 717 51 845 54 382 56 114 54 353
39 196 39 305 41 308 42 049 40 984
37 966 35 182 40 326 39 560 39 064
21 456 20 628 20 904 21 349 21 740
47 045 46 896 50 121 50 490 50 158
1975 1976 1977 1978 1979
........................................................... ........................................................... ........................................................... ........................................................... ...........................................................
42 453 43 776 44 041 46 527 47 225
46 006 47 420 48 462 51 011 51 666
53 340 54 818 55 757 58 314 59 941
39 461 40 770 41 438 42 613 42 690
40 213 37 636 39 939 42 112 40 525
21 179 21 104 21 362 22 517 23 821
49 041 50 674 51 507 53 881 54 277
1980 1981 1982 1983 1984
........................................................... ........................................................... ........................................................... ........................................................... ...........................................................
45 647 44 437 43 913 44 225 45 734
50 245 49 750 48 759 49 093 51 234
58 362 58 051 56 860 57 767 59 982
41 193 40 342 39 914 39 385 40 801
38 038 39 477 37 742 39 304 40 357
22 599 21 754 21 521 21 211 22 152
52 831 52 150 51 757 52 508 53 804
1985 1986 1987 1988 1989
........................................................... ........................................................... ........................................................... ........................................................... ...........................................................
46 439 48 439 49 248 49 391 50 332
52 073 53 943 55 464 55 832 56 707
60 999 63 054 64 801 65 528 66 592
41 116 42 429 42 362 41 764 42 290
37 878 41 046 40 085 41 161 40 966
22 872 22 440 23 349 23 545 24 188
54 881 57 085 58 973 59 916 59 967
1990 1991 1992 1993 1994
........................................................... ........................................................... ........................................................... ........................................................... ...........................................................
49 545 48 608 48 255 47 578 48 895
55 910 55 446 55 271 55 361 56 683
65 555 65 149 65 674 65 916 67 210
42 414 40 677 39 812 38 900 39 306
40 706 38 345 36 384 34 071 34 988
23 729 22 576 22 463 22 455 22 991
58 091 58 234 58 386 58 137 59 271
1995 1996 1997 1998 1999
........................................................... ........................................................... ........................................................... ........................................................... ...........................................................
49 987 50 705 52 307 54 091 55 350
57 927 59 583 60 549 62 705 64 044
68 711 69 981 71 203 73 782 75 353
39 849 40 453 42 283 43 008 43 617
37 367 37 879 38 683 41 295 42 324
24 237 23 867 24 673 25 650 26 934
61 158 61 754 62 613 64 882 67 732
2000 2001 2002 2003 2004
........................................................... ........................................................... ........................................................... ........................................................... ...........................................................
55 647 54 857 54 285 54 096 54 061
64 825 64 384 64 211 63 955 63 630
75 943 75 587 76 475 77 190 76 814
43 856 43 519 42 123 42 227 42 221
41 382 39 045 39 641 39 054 40 293
28 208 27 473 27 755 27 264 26 964
68 742 67 524 65 894 66 842 66 111
1No
spouse present. . . . = Not available.
CHAPTER 3: INCOME DISTRIBUTION AND POVERTY
53
Table 3-4. Shares of Aggregate Income Received by Each Fifth and Top 5 Percent of Households Upper limit of each fifth (2004 dollars) Year
Number (thousands)
Lowest fifth
Second fifth
Third fifth
Fourth fifth
Lower limit of top 5 percent (2004 dollars)
Share of aggregate income (percent) Lowest fifth
Second fifth
Third fifth
Fourth fifth
Highest fifth
Top 5 percent
Mean income (2004 dollars)
Gini coefficient
1967 ....................................... 1968 ....................................... 1969 .......................................
60 813 62 214 63 401
14 378 15 313 15 786
28 037 29 031 30 292
39 794 41 611 43 808
56 745 58 467 61 379
91 061 91 470 96 263
4.0 4.2 4.1
10.8 11.1 10.9
17.3 17.6 17.5
24.2 24.5 24.5
43.6 42.6 43.0
17.2 16.3 16.6
38 289 40 366 42 144
0.397 0.386 0.391
1970 1971 1972 1973 1974
....................................... ....................................... ....................................... ....................................... .......................................
64 778 66 676 68 251 69 859 71 163
15 537 15 328 15 849 16 193 16 285
29 764 29 220 30 523 31 137 30 207
43 291 43 000 45 112 46 071 44 636
61 765 61 313 64 568 66 333 64 781
97 633 97 366 103 916 106 615 102 534
4.1 4.1 4.1 4.2 4.3
10.8 10.6 10.4 10.4 10.6
17.4 17.3 17.0 17.0 17.0
24.5 24.5 24.5 24.5 24.6
43.3 43.5 43.9 43.9 43.5
16.6 16.7 17.0 16.9 16.5
42 133 41 882 44 165 44 771 43 875
0.394 0.396 0.401 0.400 0.395
1975 1976 1977 1978 1979
....................................... ....................................... ....................................... ....................................... .......................................
72 867 74 142 76 030 77 330 80 776
15 472 15 818 15 774 16 664 16 877
29 039 29 471 29 711 31 509 31 344
43 880 44 894 45 287 47 674 48 223
63 004 64 590 66 024 69 337 69 920
99 423 102 431 104 538 110 924 112 981
4.3 4.3 4.2 4.2 4.1
10.4 10.3 10.2 10.2 10.2
17.0 17.0 16.9 16.8 16.8
24.7 24.7 24.7 24.7 24.6
43.6 43.7 44.0 44.1 44.2
16.5 16.6 16.8 16.8 16.9
42 639 43 671 44 291 46 764 47 146
0.397 0.398 0.402 0.402 0.404
1980 1981 1982 1983 1984
....................................... ....................................... ....................................... ....................................... .......................................
82 368 83 527 83 918 85 407 86 789
16 237 15 926 15 741 16 101 16 437
30 450 29 773 29 939 29 939 30 763
46 682 46 048 45 744 45 950 47 395
68 352 68 080 68 213 69 443 71 595
109 999 109 564 112 600 114 250 118 518
4.2 4.1 4.0 4.0 4.0
10.2 10.1 10.0 9.9 9.9
16.8 16.7 16.5 16.4 16.3
24.7 24.8 24.5 24.6 24.6
44.1 44.3 45.0 45.1 45.2
16.5 16.5 17.0 17.0 17.1
45 733 45 229 45 555 45 702 47 518
0.403 0.406 0.412 0.414 0.415
1985 1986 1987 1988 1989
....................................... ....................................... ....................................... ....................................... .......................................
88 458 89 479 91 124 92 830 93 347
16 645 16 850 17 174 17 463 17 795
31 318 32 229 32 599 32 987 33 836
48 515 50 020 50 886 51 408 52 004
72 966 75 611 76 906 77 625 79 014
120 562 126 789 128 690 131 397 134 976
3.9 3.8 3.8 3.8 3.8
9.8 9.7 9.6 9.6 9.5
16.2 16.2 16.1 16.0 15.8
24.4 24.3 24.3 24.2 24.0
45.6 46.1 46.2 46.3 46.8
17.6 18.0 18.2 18.3 18.9
48 667 50 579 51 538 52 192 53 725
0.419 0.425 0.426 0.426 0.431
1990 1991 1992 1993 1994
....................................... ....................................... ....................................... ....................................... .......................................
94 312 95 669 96 426 97 107 98 990
17 518 17 029 16 625 16 693 16 927
33 161 32 460 31 851 31 770 31 771
50 732 50 137 50 006 49 939 50 557
77 366 76 767 76 536 77 625 79 228
132 782 130 382 130 649 134 704 138 459
3.8 3.8 3.8 3.6 3.6
9.6 9.6 9.4 9.0 8.9
15.9 15.9 15.8 15.1 15.0
24.0 24.2 24.2 23.5 23.4
46.6 46.5 46.9 48.9 49.1
18.5 18.1 18.6 21.0 21.2
52 418 51 290 51 246 53 331 54 381
0.428 0.428 0.433 0.454 0.456
1995 1996 1997 1998 1999
....................................... ....................................... ....................................... ....................................... .......................................
99 627 101 018 102 528 103 874 106 434
17 725 17 702 18 074 18 652 19 424
33 128 33 276 34 270 35 192 36 181
51 699 52 750 53 987 55 942 57 110
80 159 81 529 83 915 86 801 89 809
139 089 143 292 148 523 152 999 160 957
3.7 3.6 3.6 3.6 3.6
9.1 9.0 8.9 9.0 8.9
15.2 15.1 15.0 15.0 14.9
23.3 23.3 23.2 23.2 23.2
48.7 49.0 49.4 49.2 49.4
21.0 21.4 21.7 21.4 21.5
55 313 56 486 58 320 60 014 62 044
0.450 0.455 0.459 0.456 0.458
2000 2001 2002 2003 2004
....................................... ....................................... ....................................... ....................................... .......................................
108 209 109 297 111 278 112 000 113 146
19 656 19 176 18 819 18 467 18 500
36 197 35 550 35 059 34 914 34 738
57 229 56 557 55 841 55 916 55 325
89 688 89 103 88 250 89 202 88 029
159 290 160 598 157 562 158 262 157 185
3.6 3.5 3.5 3.4 3.4
8.9 8.7 8.8 8.7 8.7
14.8 14.6 14.8 14.8 14.7
23.0 23.0 23.3 23.4 23.2
49.8 50.1 49.7 49.8 50.1
22.1 22.4 21.7 21.4 21.8
62 671 62 114 60 768 60 654 60 528
0.462 0.466 0.462 0.464 0.466
54
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 3-5. Shares of Aggregate Income Received by Each Fifth and Top 5 Percent of Families Year
Number of families (thousands)
Share of aggregate income (percent) Lowest fifth
Second fifth
Third fifth
Fourth fifth
Highest fifth
Mean family income (2004 dollars) Top 5 percent
Lowest fifth
Second fifth
Third fifth
Fourth fifth
Highest fifth
Top 5 percent
Gini coefficient
1947 ....................................... 1948 ....................................... 1949 .......................................
37 237 38 624 39 303
5.0 4.9 4.5
11.9 12.1 11.9
17.0 17.3 17.3
23.1 23.2 23.5
43.0 42.4 42.7
17.5 17.1 16.9
... ... ...
... ... ...
... ... ...
... ... ...
... ... ...
... ... ...
0.376 0.371 0.378
1950 1951 1952 1953 1954
....................................... ....................................... ....................................... ....................................... .......................................
39 929 40 578 40 832 41 202 41 951
4.5 5.0 4.9 4.7 4.5
12.0 12.4 12.3 12.5 12.1
17.4 17.6 17.4 18.0 17.7
23.4 23.4 23.4 23.9 23.9
42.7 41.6 41.9 40.9 41.8
17.3 16.8 17.4 15.7 16.3
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
0.379 0.363 0.368 0.359 0.371
1955 1956 1957 1958 1959
....................................... ....................................... ....................................... ....................................... .......................................
42 889 43 497 43 696 44 232 45 111
4.8 5.0 5.1 5.0 4.9
12.3 12.5 12.7 12.5 12.3
17.8 17.9 18.1 18.0 17.9
23.7 23.7 23.8 23.9 23.8
41.3 41.0 40.4 40.6 41.1
16.4 16.1 15.6 15.4 15.9
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
0.363 0.358 0.351 0.354 0.361
1960 1961 1962 1963 1964
....................................... ....................................... ....................................... ....................................... .......................................
45 539 46 418 47 059 47 540 47 956
4.8 4.7 5.0 5.0 5.1
12.2 11.9 12.1 12.1 12.0
17.8 17.5 17.6 17.7 17.7
24.0 23.8 24.0 24.0 24.0
41.3 42.2 41.3 41.2 41.2
15.9 16.6 15.7 15.8 15.9
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
0.364 0.374 0.362 0.362 0.361
1965 1966 1967 1968 1969
....................................... ....................................... ....................................... ....................................... .......................................
48 509 49 214 50 111 50 823 51 586
5.2 5.6 5.4 5.6 5.6
12.2 12.4 12.2 12.4 12.4
17.8 17.8 17.5 17.7 17.7
23.9 23.8 23.5 23.7 23.7
40.9 40.5 41.4 40.5 40.6
15.5 15.6 16.4 15.6 15.6
... 11 582 11 771 12 677 13 093
... 25 712 26 321 27 648 28 914
... 36 790 37 833 39 500 41 375
... 49 251 50 740 52 827 55 426
... 84 056 89 594 90 267 94 925
... 129 070 141 753 139 149 145 799
0.356 0.349 0.358 0.348 0.349
1970 1971 1972 1973 1974
....................................... ....................................... ....................................... ....................................... .......................................
52 227 53 296 54 373 55 053 55 698
5.4 5.5 5.5 5.5 5.7
12.2 12.0 11.9 11.9 12.0
17.6 17.6 17.5 17.5 17.6
23.8 23.8 23.9 24.0 24.1
40.9 41.1 41.4 41.1 40.6
15.6 15.7 15.9 15.5 14.8
12 908 12 912 13 465 13 818 14 073
28 542 28 107 29 381 29 930 29 708
41 269 41 124 43 155 43 975 43 373
55 669 55 694 58 933 60 098 59 423
95 729 95 926 102 210 103 113 100 128
145 769 146 263 156 694 155 614 146 048
0.353 0.355 0.359 0.356 0.355
1975 1976 1977 1978 1979
....................................... ....................................... ....................................... ....................................... .......................................
56 245 56 710 57 215 57 804 59 550
5.6 5.6 5.5 5.4 5.4
11.9 11.9 11.7 11.7 11.6
17.7 17.7 17.6 17.6 17.5
24.2 24.2 24.3 24.2 24.1
40.7 40.7 40.9 41.1 41.4
14.9 14.9 14.9 15.1 15.3
13 514 13 843 13 774 14 312 14 461
28 568 29 295 29 444 31 036 31 266
42 478 43 700 44 283 46 603 47 153
58 161 59 708 61 086 64 209 64 917
98 012 100 493 102 909 108 956 111 347
143 776 147 082 150 026 159 664 164 819
0.357 0.358 0.363 0.363 0.365
1980 1981 1982 1983 1984
....................................... ....................................... ....................................... ....................................... .......................................
60 309 61 019 61 393 62 015 62 706
5.3 5.3 5.0 4.9 4.8
11.6 11.4 11.3 11.2 11.1
17.6 17.5 17.2 17.2 17.1
24.4 24.6 24.4 24.5 24.5
41.1 41.2 42.2 42.4 42.5
14.6 14.4 15.3 15.3 15.4
13 920 13 503 12 752 12 571 13 013
30 302 29 364 28 934 28 924 29 794
45 777 44 911 44 181 44 502 45 968
63 510 63 055 62 675 63 424 65 733
106 931 105 798 108 299 109 972 114 243
152 011 147 835 154 948 158 558 165 174
0.365 0.369 0.380 0.382 0.383
1985 1986 1987 1988 1989
....................................... ....................................... ....................................... ....................................... .......................................
63 558 64 491 65 204 65 837 66 090
4.8 4.7 4.6 4.6 4.6
11.0 10.9 10.7 10.7 10.6
16.9 16.9 16.8 16.7 16.5
24.3 24.1 24.0 24.0 23.7
43.1 43.4 43.8 44.0 44.6
16.1 16.5 17.2 17.2 17.9
13 176 13 546 13 528 13 648 13 923
30 234 31 277 31 662 31 781 32 391
46 680 48 456 49 165 49 457 50 321
66 911 69 235 70 365 71 027 72 398
118 913 124 704 128 594 130 323 136 319
177 703 189 372 201 306 203 626 218 371
0.389 0.392 0.393 0.395 0.401
1990 1991 1992 1993 1994
....................................... ....................................... ....................................... ....................................... .......................................
66 322 67 173 68 216 68 506 69 313
4.6 4.5 4.3 4.1 4.2
10.8 10.7 10.5 9.9 10.0
16.6 16.6 16.5 15.7 15.7
23.8 24.1 24.0 23.3 23.3
44.3 44.2 44.7 47.0 46.9
17.4 17.1 17.6 20.3 20.1
13 780 13 165 12 648 12 537 13 096
32 142 31 250 30 506 30 110 30 983
49 501 48 489 48 195 47 716 48 928
71 188 70 326 70 054 70 733 72 325
132 300 129 205 130 362 142 914 145 755
207 585 199 924 205 246 246 666 250 056
0.396 0.397 0.404 0.429 0.426
1995 1996 1997 1998 1999
....................................... ....................................... ....................................... ....................................... .......................................
69 597 70 241 70 884 71 551 73 206
4.4 4.2 4.2 4.2 4.3
10.1 10.0 9.9 9.9 9.9
15.8 15.8 15.7 15.7 15.6
23.2 23.1 23.0 23.0 23.0
46.5 46.8 47.2 47.3 47.2
20.0 20.3 20.7 20.7 20.3
13 866 13 651 14 151 14 497 15 085
31 947 32 181 33 158 34 121 35 064
50 019 50 905 52 315 54 004 55 345
73 184 74 381 76 712 79 197 81 688
147 031 150 588 157 602 163 007 167 420
252 160 260 542 275 829 285 308 288 662
0.421 0.425 0.429 0.430 0.429
2000 2001 2002 2003 2004
....................................... ....................................... ....................................... ....................................... .......................................
73 778 74 340 75 616 76 232 77 019
4.3 4.2 4.2 4.1 4.0
9.8 9.7 9.7 9.6 9.6
15.4 15.4 15.5 15.5 15.4
22.7 22.9 23.0 23.2 23.0
47.7 47.7 47.6 47.6 47.9
21.1 21.0 20.8 20.5 20.9
15 490 14 962 14 723 14 244 14 209
35 417 34 645 34 160 33 780 33 802
55 664 54 997 54 483 54 441 54 244
82 037 81 789 81 033 81 855 81 024
172 123 170 357 167 327 167 711 168 733
305 005 299 123 292 841 289 032 294 257
0.433 0.435 0.434 0.436 0.438
. . . = Not available.
CHAPTER 3: INCOME DISTRIBUTION AND POVERTY
Section 3b: Poverty
Figure 3-2. Poverty Rates: Total, Children, and Seniors, 1959–2004 (percent of population in age group; age groups not available 1960–1965) 40 Total 65 and older
Percent
30
Under 18
20
10
0 1959
1964
1969
1974
1979
1984
1989
1994
1999
2004
Year
• The percent of Americans with family incomes below the poverty line increased from 11.3 percent in 2000 (which was near the all-time low reached in 1973) to 12.7 percent in 2004. (Table 3-7) • The poverty rate for senior citizens (65 and older) was 9.8 percent in 2004, lower than the rate for people aged 18 to 64. This has not always been the case. In 1959, the first poverty rate calculations showed more than one-third of all seniors as living in poverty, compared with 17 percent of working-age adults. But between 1959 and 1974, ad hoc legislative changes raised Social Security benefits by a cumulative 104 percent—exceeding the 69 percent increase in consumer prices—and since then, each year’s payments have been indexed to the rate of change in the CPI-W (see Chapter 8). As workers’ earnings and incomes have not always kept up with inflation in the period since 1974, while Social Security cost-of-living adjustments have done so, the gap between senior poverty and working-age poverty has continued to narrow, and in some years been zero or negative. (Table 3-8) However, it should be noted that when medical expenses are taken into account, recent estimates indicate that redefining income and poverty would raise the poverty rate of the elderly above that of working-age adults. (Table 3-13) • The poverty rate for children, on the other hand, has always been higher than the average. The gap between the poverty rates for children and for working-age adults has been as high as 10 percentage points (in 1959 and 1993, for example) and as low as 6.1 points (in 2002). (Table 3-8) • Poverty among Hispanics was 21.9 percent in 2004, compared with 8.6 percent for nonHispanic Whites. Poverty among Blacks was 24.7 percent, and poverty among Asians was 9.8 percent. For both of those groups, poverty rates including persons who reported more than one race (permitted for the first time in the survey for 2002) were identical with those reporting one race only. (Table 3-7)
55
56
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 3-6. Average Poverty Thresholds by Family Size (Dollars.) Unrelated individuals Year All ages
Families of 2 people
Under 65 years 65 years and older All ages
HouseHouseholder holder under 65 years 65 years and over
Families, all ages
3 people
4 people
5 people
6 people
7 people or more (before 1980)
7 people
8 people
9 people
CPI-U, all items (1982– 1984 = 100)
1959 ........................................
1 467
1 503
1 397
1 894
1 952
1 761
2 324
2 973
3 506
3 944
4 849
...
...
...
29.2
1960 1961 1962 1963 1964
........................................ ........................................ ........................................ ........................................ ........................................
1 490 1 506 1 519 1 539 1 558
1 526 1 545 1 562 1 581 1 601
1 418 1 433 1 451 1 470 1 488
1 924 1 942 1 962 1 988 2 015
1 982 2 005 2 027 2 052 2 079
1 788 1 808 1 828 1 850 1 875
2 359 2 383 2 412 2 442 2 473
3 022 3 054 3 089 3 128 3 169
3 560 3 597 3 639 3 685 3 732
4 002 4 041 4 088 4 135 4 193
4 921 4 967 5 032 5 092 5 156
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
29.6 29.9 30.3 30.6 31.0
1965 1966 1967 1968 1969
........................................ ........................................ ........................................ ........................................ ........................................
1 582 1 628 1 675 1 748 1 840
1 626 1 674 1 722 1 797 1 893
1 512 1 556 1 600 1 667 1 757
2 048 2 107 2 168 2 262 2 383
2 114 2 175 2 238 2 333 2 458
1 906 1 961 2 017 2 102 2 215
2 514 2 588 2 661 2 774 2 924
3 223 3 317 3 410 3 553 3 743
3 797 3 908 4 019 4 188 4 415
4 264 4 388 4 516 4 706 4 958
5 248 5 395 5 550 5 789 6 101
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
31.5 32.5 33.4 34.8 36.7
1970 1971 1972 1973 1974
........................................ ........................................ ........................................ ........................................ ........................................
1 954 2 040 2 109 2 247 2 495
2 010 2 098 2 168 2 307 2 562
1 861 1 940 2 005 2 130 2 364
2 525 2 633 2 724 2 895 3 211
2 604 2 716 2 808 2 984 3 312
2 348 2 448 2 530 2 688 2 982
3 099 3 229 3 339 3 548 3 936
3 968 4 137 4 275 4 540 5 038
4 680 4 880 5 044 5 358 5 950
5 260 5 489 5 673 6 028 6 699
6 468 6 751 6 983 7 435 8 253
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
38.8 40.5 41.8 44.4 49.3
1975 1976 1977 1978 1979
........................................ ........................................ ........................................ ........................................ ........................................
2 724 2 884 3 075 3 311 3 689
2 797 2 959 3 152 3 392 3 778
2 581 2 730 2 906 3 127 3 479
3 506 3 711 3 951 4 249 4 725
3 617 3 826 4 072 4 383 4 878
3 257 3 445 3 666 3 944 4 390
4 293 4 540 4 833 5 201 5 784
5 500 5 815 6 191 6 662 7 412
6 499 6 876 7 320 7 880 8 775
7 316 7 760 8 261 8 891 9 914
9 022 9 588 10 216 11 002 12 280
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
53.8 56.9 60.6 65.2 72.6
1980 1981 1982 1983 1984
........................................ ........................................ ........................................ ........................................ ........................................
4 190 4 620 4 901 5 061 5 278
4 290 4 729 5 019 5 180 5 400
3 949 4 359 4 626 4 775 4 979
5 363 5 917 6 281 6 483 6 762
5 537 6 111 6 487 6 697 6 983
4 983 5 498 5 836 6 023 6 282
6 565 7 250 7 693 7 938 8 277
8 414 9 287 9 862 10 178 10 609
9 966 11 007 11 684 12 049 12 566
11 269 12 449 13 207 13 630 14 207
13 955 ... ... ... ...
12 761 14 110 15 036 15 500 16 096
14 199 15 655 16 719 17 170 17 961
16 896 18 572 19 698 20 310 21 247
82.4 90.9 96.5 99.6 103.9
1985 1986 1987 1988 1989
........................................ ........................................ ........................................ ........................................ ........................................
5 469 5 572 5 778 6 022 6 310
5 593 5 701 5 909 6 155 6 451
5 156 5 255 5 447 5 674 5 947
6 998 7 138 7 397 7 704 8 076
7 231 7 372 7 641 7 958 8 343
6 503 6 630 6 872 7 157 7 501
8 573 8 737 9 056 9 435 9 885
10 989 11 203 11 611 12 092 12 674
13 007 13 259 13 737 14 304 14 990
14 696 14 986 15 509 16 146 16 921
... ... ... ... ...
16 656 17 049 17 649 18 232 19 162
18 512 18 791 19 515 20 253 21 328
22 083 22 497 23 105 24 129 25 480
107.6 109.6 113.6 118.3 124.0
1990 1991 1992 1993 1994
........................................ ........................................ ........................................ ........................................ ........................................
6 652 6 932 7 143 7 363 7 547
6 800 7 086 7 299 7 518 7 710
6 268 6 532 6 729 6 930 7 108
8 509 8 865 9 137 9 414 9 661
8 794 9 165 9 443 9 728 9 976
7 905 8 241 8 487 8 740 8 967
10 419 10 860 11 186 11 522 11 821
13 359 13 924 14 335 14 763 15 141
15 792 16 456 16 952 17 449 17 900
17 839 18 587 19 137 19 718 20 235
... ... ... ... ...
20 241 21 058 21 594 22 383 22 923
22 582 23 582 24 053 24 838 25 427
26 848 27 942 28 745 29 529 30 300
130.7 136.2 140.3 144.5 148.2
1995 1996 1997 1998 1999
........................................ ........................................ ........................................ ........................................ ........................................
7 763 7 995 8 183 8 316 9 035
7 929 8 163 8 350 8 480 9 214
7 309 7 525 7 698 7 818 8 494
9 933 10 233 10 473 10 634 11 549
10 259 10 564 10 805 10 972 11 920
9 219 9 491 9 712 9 862 10 710
12 158 12 516 12 802 13 003 14 126
15 569 16 036 16 400 16 660 18 103
18 408 18 952 19 380 19 680 21 396
20 804 21 389 21 886 22 228 24 163
... ... ... ... ...
23 552 24 268 24 802 25 257 27 551
26 237 27 091 27 593 28 166 30 796
31 280 31 971 32 566 33 339 36 606
152.4 156.9 160.5 163.0 166.6
2000 2001 2002 2003 2004
........................................ ........................................ ........................................ ........................................ ........................................
8 791 9 039 9 183 9 393 9 645
8 959 9 214 9 359 9 573 9 827
8 259 8 494 8 628 8 825 9 060
11 235 11 569 11 756 12 015 12 334
11 589 11 920 12 110 12 321 12 649
10 418 10 715 10 885 11 122 11 418
13 740 14 128 14 348 14 680 15 067
17 604 18 104 18 392 18 810 19 307
20 815 21 405 21 744 22 245 22 831
23 533 24 195 24 576 25 122 25 788
... ... ... ... ...
26 750 27 517 28 001 28 544 29 236
29 701 30 627 30 907 31 589 32 641
35 150 36 286 37 062 37 656 39 048
172.2 177.1 179.9 184.0 188.9
. . . = Not available.
57
CHAPTER 3: INCOME DISTRIBUTION AND POVERTY Table 3-7. Poverty Status by Type of Family, Race, and Hispanic Origin (Thousands of people or families, percent of population.) Married-couple families 1
All people Year, race, and Hispanic origin
Below poverty level Number of people
Number
Percent
Female householder, no husband present 1
Unrelated individuals
Below poverty level Number of families
Number
Percent
Below poverty level Number of families
Below poverty level Number
Number of people
Percent
Number
Percent
All Races 1959 .................................
176 557
39 490
22.4
39 335
...
...
4 493
1 916
42.6
10 699
4 928
46.1
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
179 503 181 277 184 276 187 258 189 710
39 851 39 628 38 625 36 436 36 055
22.2 21.9 21.0 19.5 19.0
39 624 40 405 40 923 41 311 41 648
... ... ... ... ...
... ... ... ... ...
4 609 4 643 4 741 4 882 5 006
1 955 1 954 2 034 1 972 1 822
42.4 42.1 42.9 40.4 36.4
10 888 11 146 11 013 11 182 12 057
4 926 5 119 5 002 4 938 5 143
45.2 45.9 45.4 44.2 42.7
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
191 413 193 388 195 672 197 628 199 517
33 185 28 510 27 769 25 389 24 147
17.3 14.7 14.2 12.8 12.1
42 107 42 553 43 292 43 842 44 436
... ... ... ... ...
... ... ... ... ...
4 992 5 171 5 333 5 441 5 591
1 916 1 721 1 774 1 755 1 827
38.4 33.1 33.3 32.3 32.7
12 132 12 271 13 114 13 803 14 626
4 827 4 701 4 998 4 694 4 972
39.8 38.3 38.1 34.0 34.0
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
202 183 204 554 206 004 207 621 209 362
25 420 25 559 24 460 22 973 23 370
12.6 12.5 11.9 11.1 11.2
44 739 45 752 46 314 46 812 47 069
... ... ... 2 482 2 474
... ... ... 5.3 5.3
6 001 6 191 6 607 6 804 7 230
1 952 2 100 2 158 2 193 2 324
32.5 33.9 32.7 32.2 32.1
15 491 16 311 16 811 18 260 18 926
5 090 5 154 4 883 4 674 4 553
32.9 31.6 29.0 25.6 24.1
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
210 864 212 303 213 867 215 656 222 903
25 877 24 975 24 720 24 497 26 072
12.3 11.8 11.6 11.4 11.7
47 318 47 497 47 385 47 692 49 112
2 904 2 606 2 524 2 474 2 640
6.1 5.5 5.3 5.2 5.4
7 482 7 713 8 236 8 458 8 705
2 430 2 543 2 610 2 654 2 645
32.5 33.0 31.7 31.4 30.4
20 234 21 459 23 110 24 585 26 170
5 088 5 344 5 216 5 435 5 743
25.1 24.9 22.6 22.1 21.9
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
225 027 227 157 229 412 231 700 233 816
29 272 31 822 34 398 35 303 33 700
13.0 14.0 15.0 15.2 14.4
49 294 49 630 49 908 50 081 50 350
3 032 3 394 3 789 3 815 3 488
6.2 6.8 7.6 7.6 6.9
9 082 9 403 9 469 9 896 10 129
2 972 3 252 3 434 3 564 3 498
32.7 34.6 36.3 36.0 34.5
27 133 27 714 27 908 29 158 30 268
6 227 6 490 6 458 6 740 6 609
22.9 23.4 23.1 23.1 21.8
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
236 594 238 554 240 982 243 530 245 992
33 064 32 370 32 221 31 745 31 528
14.0 13.6 13.4 13.0 12.8
50 933 51 537 51 675 52 100 52 317
3 438 3 123 3 011 2 897 2 931
6.7 6.1 5.8 5.6 5.6
10 211 10 445 10 696 10 890 10 890
3 474 3 613 3 654 3 642 3 504
34.0 34.6 34.2 33.4 32.2
31 351 31 679 32 992 34 340 35 185
6 725 6 846 6 857 7 070 6 760
21.5 21.6 20.8 20.6 19.2
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
248 644 251 192 256 549 259 278 261 616
33 585 35 708 38 014 39 265 38 059
13.5 14.2 14.8 15.1 14.5
52 147 52 457 53 090 53 181 53 865
2 981 3 158 3 385 3 481 3 272
5.7 6.0 6.4 6.5 6.1
11 268 11 693 12 061 12 411 12 220
3 768 4 161 4 275 4 424 4 232
33.4 35.6 35.4 35.6 34.6
36 056 36 845 36 842 38 038 38 538
7 446 7 773 8 075 8 388 8 287
20.7 21.1 21.9 22.1 21.5
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
263 733 266 218 268 480 271 059 276 208
36 425 36 529 35 574 34 476 32 791
13.8 13.7 13.3 12.7 11.9
53 570 53 604 54 321 54 778 56 290
2 982 3 010 2 821 2 879 2 748
5.6 5.6 5.2 5.3 4.9
12 514 12 790 12 652 12 796 12 818
4 057 4 167 3 995 3 831 3 559
32.4 32.6 31.6 29.9 27.8
39 484 40 727 41 672 42 539 43 977
8 247 8 452 8 687 8 478 8 400
20.9 20.8 20.8 19.9 19.1
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
278 944 281 475 285 317 287 699 290 605
31 581 32 907 34 570 35 861 36 997
11.3 11.7 12.1 12.5 12.7
56 598 56 755 57 327 57 725 58 118
2 637 2 760 3 052 3 115 3 222
4.7 4.9 5.3 5.4 5.5
12 903 13 146 13 626 13 791 14 009
3 278 3 470 3 613 3 856 3 973
25.4 26.4 26.5 28.0 28.4
45 624 46 392 47 156 47 594 48 198
8 653 9 226 9 618 9 713 9 864
19.0 19.9 20.4 20.4 20.5
1959 .................................
156 956
28 484
18.1
36 217
...
...
3 547
1 233
34.8
9 154
4 041
44.1
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
158 863 160 306 162 842 165 309 167 313
28 309 27 890 26 672 25 238 24 957
17.8 17.4 16.4 15.3 14.9
36 400 37 185 37 657 37 799 38 171
... ... ... ... ...
... ... ... ... ...
3 673 3 608 3 627 3 797 3 882
1 252 1 208 1 230 1 191 1 125
34.0 33.5 33.9 31.4 29.0
9 405 9 589 9 494 9 725 10 415
4 047 4 143 4 059 4 089 4 241
43.0 43.2 42.7 42.0 40.7
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
168 732 170 247 172 038 173 732 175 349
22 496 19 290 18 983 17 395 16 659
13.3 11.3 11.0 10.0 9.5
38 632 39 007 39 821 40 355 40 802
... ... ... ... ...
... ... ... ... ...
3 860 4 010 4 008 4 053 4 165
1 196 1 036 1 037 1 021 1 069
31.0 25.7 25.9 25.2 25.7
10 477 10 686 11 318 11 955 12 570
3 988 3 860 4 132 3 849 4 036
38.1 36.1 36.5 32.2 32.1
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
177 376 179 398 180 125 181 185 182 376
17 484 17 780 16 203 15 142 15 736
9.9 9.9 9.0 8.4 8.6
41 092 42 039 42 585 43 805 43 049
... ... ... 2 306 1 977
... ... ... 5.3 4.6
4 408 4 489 4 672 4 853 5 208
1 102 1 191 1 135 1 190 1 289
25.0 26.5 24.3 24.5 24.8
13 500 14 214 14 495 15 761 16 295
4 161 4 214 3 935 3 730 3 555
30.8 29.6 27.1 23.7 21.8
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
183 164 184 165 185 254 186 450 191 742
17 770 16 713 16 416 16 259 17 214
9.7 9.1 8.9 8.7 9.0
43 311 43 397 43 423 43 636 44 751
2 363 2 071 2 028 2 033 2 099
5.5 4.8 4.7 4.7 4.7
5 380 5 467 5 828 5 918 6 052
1 394 1 379 1 400 1 391 1 350
25.9 25.2 24.0 23.5 22.3
17 503 18 594 19 869 21 257 22 587
3 972 4 213 4 051 4 209 4 452
22.7 22.7 20.4 19.8 19.7
White
1These
numbers and rates refer to families rather than people. . . . = Not available.
58
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 3-7. Poverty Status by Type of Family, Race, and Hispanic Origin—Continued (Thousands of people or families, percent of population.) Married-couple families 1
All people Year, race, and Hispanic origin
Below poverty level Number of people
Number
Percent
Female householder, no husband present 1
Unrelated individuals
Below poverty level Number of families
Number
Percent
Below poverty level Number of families
Below poverty level Number
Number of people
Percent
Number
Percent
White—Continued 1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
192 912 194 504 195 919 197 496 198 941
19 699 21 553 23 517 23 984 22 955
10.2 11.1 12.0 12.1 11.5
44 860 45 007 45 252 45 470 45 643
2 437 2 712 3 104 3 125 2 858
5.4 6.0 6.9 6.9 6.3
6 266 6 620 6 507 6 796 6 941
1 609 1 814 1 813 1 926 1 878
25.7 27.4 27.9 28.3 27.1
23 370 23 913 24 300 25 206 26 094
4 760 5 061 5 041 5 189 5 181
20.4 21.2 20.7 20.6 19.9
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
200 918 202 282 203 605 205 235 206 853
22 860 22 183 21 195 20 715 20 785
11.4 11.0 10.4 10.1 10.0
45 924 46 410 46 510 46 877 46 981
2 815 2 591 2 382 2 294 2 329
6.1 5.6 5.1 4.9 5.0
7 111 7 227 7 297 7 342 7 306
1 950 2 041 1 961 1 945 1 858
27.4 28.2 26.9 26.5 25.4
27 067 27 143 28 290 29 315 29 993
5 299 5 198 5 174 5 314 5 063
19.6 19.2 18.3 18.1 16.9
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
208 611 210 133 213 060 214 899 216 460
22 326 23 747 25 259 26 226 25 379
10.7 11.3 11.9 12.2 11.7
47 014 47 124 47 383 47 452 47 905
2 386 2 573 2 677 2 757 2 629
5.1 5.5 5.7 5.8 5.5
7 512 7 727 7 868 8 131 8 031
2 010 2 192 2 245 2 376 2 329
26.8 28.4 28.5 29.2 29.0
30 833 31 207 31 170 32 112 32 569
5 739 5 872 6 147 6 443 6 292
18.6 18.8 19.7 20.1 19.3
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
218 028 219 656 221 200 222 837 225 361
24 423 24 650 24 396 23 454 22 169
11.2 11.2 11.0 10.5 9.8
47 877 47 650 48 070 48 461 49 493
2 443 2 416 2 312 2 400 2 207
5.1 5.1 4.8 5.0 4.5
8 284 8 339 8 308 8 529 8 462
2 200 2 276 2 305 2 123 1 901
26.6 27.3 27.7 24.9 22.5
33 399 34 247 34 858 35 563 36 441
6 336 6 463 6 593 6 386 6 411
19.0 18.9 18.9 18.0 17.6
2000 ................................. 2001 .................................
227 846 229 675
21 645 22 739
9.5 9.9
49 473 49 612
2 181 2 242
4.4 4.5
8 574 8 641
1 820 1 939
21.2 22.4
37 699 38 294
6 454 6 996
17.1 18.3
230 376 231 866 233 702
23 466 24 272 25 301
10.2 10.5 10.8
49 923 50 025 50 265
2 510 2 504 2 591
5.0 5.0 5.2
8 885 9 058 9 236
2 004 2 171 2 288
22.6 24.0 24.8
38 575 38 913 39 328
7 105 7 225 7 356
18.4 18.6 18.7
1973 ................................. 1974 .................................
170 488 171 463
12 864 13 217
7.5 7.7
... 41 155
... 1 700
... 4.1
... 4 676
... 1 005
... 21.5
15 158 15 699
3 602 3 364
23.8 21.4
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
172 417 173 235 173 563 174 731 178 814
14 883 14 025 13 802 13 755 14 419
8.6 8.1 8.0 7.9 8.1
41 447 41 437 41 338 41 574 42 527
2 036 1 759 1 750 1 790 1 810
4.9 4.2 4.2 4.3 4.3
4 786 4 849 5 156 5 236 5 473
1 079 1 059 1 039 1 047 1 062
22.5 21.8 20.2 20.0 19.4
16 879 17 912 19 114 20 410 21 638
3 746 3 959 3 825 3 957 4 179
22.2 22.1 20.0 19.4 19.3
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
179 798 180 909 181 903 181 393 182 469
16 365 17 987 19 362 19 538 18 300
9.1 9.9 10.6 10.8 10.0
42 564 42 653 42 847 42 768 42 872
2 083 2 353 2 648 2 649 2 400
4.9 5.5 6.2 6.2 5.6
5 593 5 910 5 778 5 982 6 081
1 264 1 436 1 413 1 501 1 422
22.6 24.3 24.5 25.1 23.4
22 455 22 950 23 329 23 894 24 671
4 474 4 769 4 701 4 746 4 659
19.9 20.8 20.2 19.9 18.9
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
183 455 184 119 184 936 185 961 186 979
17 839 17 244 16 029 15 565 15 599
9.7 9.4 8.7 8.4 8.3
43 036 43 370 43 422 43 591 43 710
2 316 2 081 1 847 1 763 1 798
5.4 4.8 4.3 4.0 4.1
6 180 6 255 6 287 6 287 6 255
1 460 1 542 1 443 1 426 1 355
23.6 24.7 23.0 22.7 21.7
25 544 25 525 26 439 27 552 28 055
4 789 4 668 4 613 4 746 4 466
18.7 18.3 17.4 17.2 15.9
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
188 129 189 116 189 001 190 843 192 543
16 622 17 741 18 202 18 882 18 110
8.8 9.4 9.6 9.9 9.4
43 682 43 724 43 661 43 745 44 178
1 799 1 918 1 978 2 042 1 915
4.1 4.4 4.5 4.7 4.3
6 408 6 553 6 629 6 798 6 764
1 480 1 610 1 637 1 699 1 678
23.1 24.6 24.7 25.0 24.8
28 688 29 215 28 775 29 681 30 157
5 002 5 261 5 350 5 570 5 500
17.4 18.0 18.6 18.8 18.2
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
190 951 191 459 191 859 192 754 192 565
16 267 16 462 16 491 15 799 14 735
8.5 8.6 8.6 8.2 7.7
43 771 43 276 43 427 43 669 44 443
1 664 1 628 1 501 1 639 1 474
3.8 3.8 3.5 3.8 3.3
6 792 6 875 6 826 6 909 6 770
1 463 1 538 1 598 1 428 1 248
21.5 22.4 23.4 20.7 18.4
30 586 31 410 32 049 32 573 33 189
5 303 5 455 5 632 5 352 5 412
17.3 17.4 17.6 16.4 16.3
2000 ................................. 2001 .................................
193 691 194 538
14 366 15 271
7.4 7.8
44 278 44 124
1 435 1 477
3.2 3.3
6 891 6 886
1 226 1 305
17.8 19.0
33 943 34 603
5 356 5 882
15.8 17.0
194 144 194 595 195 054
15 567 15 902 16 870
8.0 8.2 8.6
44 109 44 200 44 300
1 628 1 575 1 711
3.7 3.6 3.9
7 072 7 121 7 200
1 374 1 455 1 505
19.4 20.4 20.9
34 614 34 683 34 797
5 947 6 015 6 189
17.2 17.3 17.8
White Alone 2002 ................................. 2003 ................................. 2004 ................................. White, Not Hispanic
White Alone, Not Hispanic 2002 ................................. 2003 ................................. 2004 ................................. 1These
numbers and rates refer to families rather than people. . . . = Not available.
59
CHAPTER 3: INCOME DISTRIBUTION AND POVERTY Table 3-7. Poverty Status by Type of Family, Race, and Hispanic Origin—Continued (Thousands of people or families, percent of population.) Married-couple families 1
All people Year, race, and Hispanic origin
Below poverty level Number of people
Number
Percent
Female householder, no husband present 1
Unrelated individuals
Below poverty level Number of families
Number
Percent
Below poverty level Number of families
Below poverty level Number
Number of people
Percent
Number
Percent
Black 1959 .................................
18 013
9 927
55.1
...
...
...
...
...
...
1 430
815
57.0
1966 1967 1968 1969
................................. ................................. ................................. .................................
21 206 21 590 21 944 22 011
8 867 8 486 7 616 7 095
41.8 39.3 34.7 32.2
... 3 118 3 141 3 323
... ... ... ...
... ... ... ...
... 1 272 1 327 1 384
... 716 706 737
... 56.3 53.2 53.3
... ... ... 1 819
777 809 777 850
54.4 49.3 46.3 46.7
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
22 515 22 784 23 144 23 512 23 699
7 548 7 396 7 710 7 388 7 182
33.5 32.5 33.3 31.4 30.3
3 301 3 289 3 233 3 360 3 357
... ... ... ... 435
... ... ... ... 13.0
1 535 1 642 1 822 1 849 1 934
834 879 972 974 1 010
54.3 53.5 53.3 52.7 52.2
1 791 1 884 2 028 2 183 2 359
865 866 870 828 927
48.3 46.0 42.9 37.9 39.3
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
24 089 24 399 24 710 24 956 25 944
7 545 7 595 7 726 7 625 8 050
31.3 31.1 31.3 30.6 31.0
3 352 3 406 3 260 3 244 3 433
479 450 429 366 453
14.3 13.2 13.1 11.3 13.2
2 004 2 151 2 277 2 390 2 495
1 004 1 122 1 162 1 208 1 234
50.1 52.2 51.0 50.6 49.4
2 402 2 559 2 860 2 929 3 127
1 011 1 019 1 059 1 132 1 168
42.1 39.8 37.0 38.6 37.3
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
26 408 26 834 27 216 27 678 28 087
8 579 9 173 9 697 9 882 9 490
32.5 34.2 35.6 35.7 33.8
3 392 3 535 3 486 3 454 3 469
474 543 543 535 479
14.0 15.4 15.6 15.5 13.8
2 634 2 605 2 734 2 871 2 964
1 301 1 377 1 535 1 541 1 533
49.4 52.9 56.2 53.7 51.7
3 208 3 277 3 051 3 287 3 501
1 314 1 296 1 229 1 338 1 255
41.0 39.6 40.3 40.7 35.8
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
28 485 28 871 29 362 29 849 30 332
8 926 8 983 9 520 9 356 9 302
31.3 31.1 32.4 31.3 30.7
3 680 3 742 3 681 3 722 3 750
447 403 439 421 443
12.2 10.8 11.9 11.3 11.8
2 874 2 967 3 089 3 223 3 275
1 452 1 488 1 577 1 579 1 524
50.5 50.1 51.1 49.0 46.5
3 641 3 714 3 977 4 095 4 180
1 264 1 431 1 471 1 509 1 471
34.7 38.5 37.0 36.8 35.2
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
30 806 31 313 32 411 32 910 33 353
9 837 10 242 10 827 10 877 10 196
31.9 32.7 33.4 33.1 30.6
3 569 3 631 3 777 3 715 3 842
448 399 490 458 336
12.6 11.0 13.0 12.3 8.7
3 430 3 582 3 738 3 828 3 716
1 648 1 834 1 878 1 908 1 715
48.1 51.2 50.2 49.9 46.2
4 244 4 505 4 410 4 608 4 649
1 491 1 590 1 569 1 541 1 617
35.1 35.3 35.6 33.4 34.8
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
33 740 34 110 34 458 34 877 35 756
9 872 9 694 9 116 9 091 8 441
29.3 28.4 26.5 26.1 23.6
3 713 3 851 3 921 3 979 4 150
314 352 312 290 295
8.5 9.1 8.0 7.3 7.1
3 769 3 947 3 926 3 813 3 797
1 701 1 724 1 563 1 557 1 487
45.1 43.7 39.8 40.8 39.2
4 756 4 989 5 316 5 390 5 668
1 551 1 606 1 645 1 752 1 562
32.6 32.2 31.0 32.5 27.5
2000 ................................. 2001 .................................
35 425 35 871
7 982 8 136
22.5 22.7
4 214 4 234
266 328
6.3 7.8
3 785 3 838
1 300 1 351
34.3 35.2
5 885 5 873
1 702 1 692
28.9 28.8
35 678 35 989 36 423
8 602 8 781 9 000
24.1 24.4 24.7
4 165 4 146 4 183
331 321 380
7.9 7.8 9.1
4 003 3 986 3 991
1 433 1 473 1 500
35.8 36.9 37.6
5 858 6 034 6 200
1 800 1 781 1 790
30.7 29.5 28.9
37 207 37 503 38 016
8 884 9 108 9 393
23.9 24.3 24.7
4 268 4 259 4 275
340 331 388
8.0 7.8 9.1
4 072 4 068 4 084
1 454 1 496 1 535
35.7 36.8 37.6
6 034 6 194 6 395
1 851 1 814 1 836
30.7 29.3 28.7
1987 ................................. 1988 ................................. 1989 .................................
6 322 6 447 6 673
1 021 1 117 939
16.1 17.3 14.1
... ... ...
... ... ...
... ... ...
... ... ...
... ... ...
... ... ...
516 651 712
138 160 144
26.8 24.5 20.2
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
7 014 7 192 7 779 7 434 6 654
858 996 985 1 134 974
12.2 13.8 12.7 15.3 14.6
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
668 785 828 791 696
124 209 193 228 179
18.5 26.6 23.3 28.8 25.7
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
9 644 10 054 10 482 10 873 11 955
1 411 1 454 1 468 1 360 1 285
14.6 14.5 14.0 12.5 10.7
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
1 013 1 120 1 134 1 266 1 415
260 255 327 257 270
25.6 22.8 28.9 20.3 19.1
2000 ................................. 2001 .................................
12 672 12 465
1 258 1 275
9.9 10.2
... ...
... ...
... ...
... ...
... ...
... ...
1 588 1 682
350 393
22.0 23.4
11 541 11 856 12 301
1 161 1 401 1 209
10.1 11.8 9.8
2 286 2 497 2 560
135 200 147
5.9 8.0 5.7
337 348 347
48 83 48
14.2 23.8 13.8
1 613 1 494 1 479
390 375 391
24.2 25.1 26.4
12 487 12 891 13 356
1 243 1 527 1 303
10.0 11.8 9.8
2 344 2 576 2 649
137 203 150
5.9 7.9 5.7
354 378 385
51 89 54
14.3 23.5 14.1
1 708 1 590 1 603
417 402 420
24.4 25.3 26.2
Black Alone 2002 ................................. 2003 ................................. 2004 ................................. Black Alone or in Combination 2002 ................................. 2003 ................................. 2004 ................................. Asian and Pacific Islander
Asian Alone 2002 ................................. 2003 ................................. 2004 ................................. Asian Alone or in Combination 2002 ................................. 2003 ................................. 2004 .................................
1These numbers and rates refer to families rather than people.
. . . = Not available.
60
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 3-7. Poverty Status by Type of Family, Race, and Hispanic Origin—Continued (Thousands of people or families, percent of population.) Married-couple families 1
All people Year, race, and Hispanic origin
Below poverty level Number of people
Number
Percent
Female householder, no husband present 1
Unrelated individuals
Below poverty level Number of families
Number
Percent
Below poverty level Number of families
Below poverty level Number
Number of people
Percent
Number
Percent
Hispanic (of any race) 1972 ................................. 1973 ................................. 1974 .................................
10 588 10 795 11 201
2 414 2 366 2 575
22.8 21.9 23.0
... 1 876 1 926
... 239 278
... 12.7 14.4
... 411 462
... 211 229
... 51.4 49.6
488 526 617
162 157 201
33.2 29.9 32.6
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
11 117 11 269 12 046 12 079 13 371
2 991 2 783 2 700 2 607 2 921
26.9 24.7 22.4 21.6 21.8
1 896 1 978 2 104 2 089 2 282
335 312 280 248 298
17.7 15.8 13.3 11.9 13.1
522 517 561 542 610
279 275 301 288 300
53.6 53.1 53.6 53.1 49.2
645 716 797 886 991
236 266 237 264 286
36.6 37.2 29.8 29.8 28.8
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
13 600 14 021 14 385 16 544 16 916
3 491 3 713 4 301 4 633 4 806
25.7 26.5 29.9 28.0 28.4
2 365 2 414 2 448 2 752 2 824
363 366 465 437 469
15.3 15.1 19.0 17.7 16.6
706 750 767 860 905
362 399 425 454 483
51.3 53.2 55.4 52.8 53.4
970 1 005 1 018 1 364 1 481
312 313 358 457 545
32.2 31.1 35.1 33.5 36.8
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
18 075 18 758 19 395 20 064 20 746
5 236 5 117 5 422 5 357 5 430
29.0 27.3 28.0 26.7 26.2
2 962 3 118 3 196 3 398 3 395
505 518 556 547 549
17.0 16.6 17.4 16.1 16.2
980 1 032 1 082 1 112 1 116
521 528 565 546 530
53.1 51.2 52.2 49.1 47.5
1 602 1 685 1 933 1 864 2 045
532 553 598 597 634
33.2 32.8 31.0 32.0 31.0
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
21 405 22 070 25 646 26 559 27 442
6 006 6 339 7 592 8 126 8 416
28.1 28.7 29.6 30.6 30.7
3 454 3 532 3 940 4 038 4 236
605 674 743 770 827
17.5 19.1 18.8 19.1 19.5
1 186 1 261 1 348 1 498 1 485
573 627 664 772 773
48.3 49.7 49.3 51.6 52.1
2 254 2 146 2 577 2 717 2 798
774 667 881 972 926
34.3 31.1 34.2 35.8 33.1
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
28 344 29 614 30 637 31 515 34 632
8 574 8 697 8 308 8 070 7 876
30.3 29.4 27.1 25.6 22.7
4 247 4 520 4 804 4 945 5 273
803 815 836 775 758
18.9 18.0 17.4 15.7 14.4
1 604 1 617 1 612 1 728 1 827
792 823 767 756 717
49.4 50.9 47.6 43.7 39.3
2 947 2 985 2 976 3 218 3 481
1 092 1 066 1 017 1 097 1 068
37.0 35.7 34.2 34.1 30.7
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
35 955 37 312 39 216 40 300 41 688
7 747 7 997 8 555 9 051 9 132
21.5 21.4 21.8 22.5 21.9
5 426 5 778 6 189 6 228 6 367
772 799 927 976 939
14.2 13.8 15.0 15.7 14.7
1 826 1 922 2 033 2 138 2 240
664 711 717 792 871
36.4 37.0 35.3 37.0 38.9
3 978 3 981 4 364 4 620 4 927
1 163 1 211 1 255 1 325 1 280
29.2 30.4 28.8 28.7 26.0
1These
numbers and rates refer to families rather than people. . . . = Not available.
CHAPTER 3: INCOME DISTRIBUTION AND POVERTY
61
Table 3-8. Poverty Status of People by Sex and Age (Thousands of people, percent of population.) Poverty status of people by sex Males below poverty level
Poverty status of people by age
Females below poverty level
Year Number (thousands)
1959 ......................................................
Poverty rate
Number (thousands)
Poverty rate
Children under 18 below poverty level Number (thousands)
Poverty rate
People 18 to 64 years old below poverty level Number (thousands)
Poverty rate
People 65 years and older below poverty level Number (thousands)
Poverty rate
...
...
...
...
17 552
27.3
16 457
17.0
5 481
35.2
1966 1967 1968 1969
...................................................... ...................................................... ...................................................... ......................................................
12 225 11 813 10 793 10 292
13.0 12.5 11.3 10.6
16 265 15 951 14 578 13 978
16.3 15.8 14.3 13.6
12 389 11 656 10 954 9 691
17.6 16.6 15.6 14.0
11 007 10 725 9 803 9 669
10.5 10.0 9.0 8.7
5 114 5 388 4 632 4 787
28.5 29.5 25.0 25.3
1970 1971 1972 1973 1974
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
10 879 10 708 10 190 9 642 10 313
11.1 10.8 10.2 9.6 10.2
14 632 14 841 14 258 13 316 13 881
14.0 14.1 13.4 12.5 12.9
10 440 10 551 10 284 9 642 10 156
15.1 15.3 15.1 14.4 15.4
10 187 10 735 10 438 9 977 10 132
9.0 9.3 8.8 8.3 8.3
4 793 4 273 3 738 3 354 3 085
24.6 21.6 18.6 16.3 14.6
1975 1976 1977 1978 1979
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
10 908 10 373 10 340 10 017 10 535
10.7 10.1 10.0 9.6 10.0
14 970 14 603 14 381 14 480 14 810
13.8 13.4 13.0 13.0 13.2
11 104 10 273 10 288 9 931 10 377
17.1 16.0 16.2 15.9 16.4
11 456 11 389 11 316 11 332 12 014
9.2 9.0 8.8 8.7 8.9
3 317 3 313 3 177 3 233 3 682
15.3 15.0 14.1 14.0 15.2
1980 1981 1982 1983 1984
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
12 207 13 360 14 842 15 182 14 537
11.2 12.1 13.4 13.5 12.8
17 065 18 462 19 556 20 084 19 163
14.7 15.8 16.5 16.8 15.9
11 543 12 505 13 647 13 911 13 420
18.3 20.0 21.9 22.3 21.5
13 858 15 464 17 000 17 767 16 952
10.1 11.1 12.0 12.4 11.7
3 871 3 853 3 751 3 625 3 330
15.7 15.3 14.6 13.8 12.4
1985 1986 1987 1988 1989
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
14 140 13 721 14 029 13 599 13 366
12.3 11.8 12.0 11.5 11.2
18 923 18 649 18 518 18 146 18 162
15.6 15.2 15.0 14.5 14.4
13 010 12 876 12 843 12 455 12 590
20.7 20.5 20.3 19.5 19.6
16 598 16 017 15 815 15 809 15 575
11.3 10.8 10.6 10.5 10.2
3 456 3 477 3 563 3 481 3 363
12.6 12.4 12.5 12.0 11.4
1990 1991 1992 1993 1994
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
14 211 15 082 16 222 16 900 16 316
11.7 12.3 12.9 13.3 12.8
19 373 20 626 21 792 22 365 21 744
15.2 16.0 16.6 16.9 16.3
13 431 14 341 15 294 15 727 15 289
20.6 21.8 22.3 22.7 21.8
16 496 17 586 18 793 19 781 19 107
10.7 11.4 11.9 12.4 11.9
3 658 3 781 3 928 3 755 3 663
12.2 12.4 12.9 12.2 11.7
1995 1996 1997 1998 1999
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
15 683 15 611 15 187 14 712 14 079
12.2 12.0 11.6 11.1 10.4
20 742 20 918 20 387 19 764 18 712
15.4 15.4 14.9 14.3 13.2
14 665 14 463 14 113 13 467 12 280
20.8 20.5 19.9 18.9 17.1
18 442 18 638 18 085 17 623 17 289
11.4 11.4 10.9 10.5 10.1
3 318 3 428 3 376 3 386 3 222
10.5 10.8 10.5 10.5 9.7
2000 2001 2002 2003 2004
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
13 536 14 327 15 162 15 783 16 381
9.9 10.4 10.9 11.2 11.5
18 045 18 580 19 408 20 078 20 617
12.6 12.9 13.3 13.7 13.9
11 587 11 733 12 133 12 866 13 027
16.2 16.3 16.7 17.6 17.8
16 671 17 760 18 861 19 443 20 514
9.6 10.1 10.6 10.8 11.3
3 323 3 414 3 576 3 552 3 457
9.9 10.1 10.4 10.2 9.8
. . . = Not available.
62
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 3-9. Poverty Status of People Inside and Outside Metropolitan Areas, and People In and Near Poverty (Thousands of people, percent of population.) Inside metropolitan areas Year
1959 ........................................
Central city Number Poverty rate (thousands)
Outside metropolitan areas Outside central city
Total in and near poverty Near-poor (income below 1.25 times (income between 1 and the poverty level) 1.25 times poverty level)
Number Number Number Poverty rate Number Poverty rate Poverty rate (thousands) (thousands) (thousands) (thousands)
Percent
Number (thousands)
Percent
17 019
15.3
10 437
18.3
6 582
12.2
21 747
33.2
54 942
31.1
15 452
8.7
1960 1961 1962 1963 1964
........................................ ........................................ ........................................ ........................................ ........................................
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
54 560 54 280 53 119 50 778 49 819
30.4 30.0 28.8 27.1 26.3
14 709 14 652 14 494 14 342 13 764
8.2 8.1 7.9 7.7 7.3
1965 1966 1967 1968 1969
........................................ ........................................ ........................................ ........................................ ........................................
... ... 13 832 12 871 13 084
... ... 10.9 10.0 9.5
... ... 8 649 7 754 7 993
... ... 15.0 13.4 12.7
... ... 5 183 5 117 5 091
... ... 7.5 7.3 6.8
... ... 13 936 12 518 11 063
... ... 20.2 18.0 17.9
46 163 41 267 39 206 35 905 34 665
24.1 21.3 20.0 18.2 17.4
12 978 12 757 11 437 10 516 10 518
6.8 6.6 5.8 5.3 5.3
1970 1971 1972 1973 1974
........................................ ........................................ ........................................ ........................................ ........................................
13 317 14 561 14 508 13 759 13 851
10.2 10.4 10.3 9.7 9.7
8 118 8 912 9 179 8 594 8 373
14.2 14.2 14.7 14.0 13.7
5 199 5 649 5 329 5 165 5 477
7.1 7.2 6.8 6.4 6.7
12 103 10 999 9 952 9 214 9 519
16.9 17.2 15.3 14.0 14.2
35 624 36 501 34 653 32 828 33 666
17.6 17.8 16.8 15.8 16.1
10 204 10 942 10 193 9 855 10 296
5.0 5.3 4.9 4.7 4.9
1975 1976 1977 1978 1979
........................................ ........................................ ........................................ ........................................ ........................................
15 348 15 229 14 859 15 090 16 135
10.8 10.7 10.4 10.4 10.7
9 090 9 482 9 203 9 285 9 720
15.0 15.8 15.4 15.4 15.7
6 259 5 747 5 657 5 805 6 415
7.6 6.9 6.8 6.8 7.2
10 529 9 746 9 861 9 407 9 937
15.4 14.0 13.9 13.5 13.8
37 182 35 509 35 659 34 155 36 616
17.6 16.7 16.7 15.8 16.4
11 305 10 534 10 939 9 658 10 544
5.4 5.0 5.1 4.5 4.7
1980 1981 1982 1983 1984
........................................ ........................................ ........................................ ........................................ ........................................
18 021 19 347 21 247 21 750 ...
11.9 12.6 13.7 13.8 ...
10 644 11 231 12 696 12 872 ...
17.2 18.0 19.9 19.8 ...
7 377 8 116 8 551 8 878 ...
8.2 8.9 9.3 9.6 ...
11 251 12 475 13 152 13 516 ...
15.4 17.0 17.8 18.3 ...
40 658 43 748 46 520 47 150 45 288
18.1 19.3 20.3 20.3 19.4
11 386 11 926 12 122 11 847 11 588
5.1 5.3 5.3 5.1 5.0
1985 1986 1987 1988 1989
........................................ ........................................ ........................................ ........................................ ........................................
23 275 22 657 23 054 23 059 22 917
12.7 12.3 12.3 12.2 12.0
14 177 13 295 13 697 13 615 13 592
19.0 18.0 18.3 18.1 18.1
9 097 9 362 9 357 9 444 9 326
8.4 8.4 8.3 8.3 8.0
9 789 9 712 9 167 8 686 8 611
18.3 18.1 17.0 16.0 15.7
44 166 43 486 43 032 42 551 42 653
18.7 18.2 17.9 17.5 17.3
11 102 11 116 10 811 10 806 11 125
4.7 4.7 4.5 4.4 4.5
1990 1991 1992 1993 1994
........................................ ........................................ ........................................ ........................................ ........................................
24 510 26 827 28 380 29 615 29 610
12.7 13.7 14.2 14.6 14.2
14 254 15 314 16 346 16 805 16 098
19.0 20.2 20.9 21.5 20.9
10 255 11 513 12 034 12 810 13 511
8.7 9.6 9.9 10.3 10.3
9 075 8 881 9 634 9 650 8 449
16.3 16.1 16.9 17.2 16.0
44 837 47 527 50 592 51 801 50 401
18.0 18.9 19.7 20.0 19.3
11 252 11 819 12 578 12 536 12 342
4.5 4.7 4.9 4.8 4.7
1995 1996 1997 1998 1999
........................................ ........................................ ........................................ ........................................ ........................................
28 342 28 211 27 273 26 997 25 278
13.4 13.2 12.6 12.3 11.3
16 269 15 645 15 018 14 921 13 404
20.6 19.6 18.8 18.5 16.5
12 072 12 566 12 255 12 076 11 874
9.1 9.4 9.0 8.7 8.3
8 083 8 318 8 301 7 479 7 513
15.6 15.9 15.9 14.4 14.3
48 761 49 310 47 853 46 036 45 030
18.5 18.5 17.8 17.0 16.3
12 336 12 781 12 280 11 560 12 239
4.7 4.8 4.6 4.3 4.4
2000 2001 2002 2003 2004
........................................ ........................................ ........................................ ........................................ ........................................
24 603 25 446 27 096 28 367 ...
10.8 11.1 11.6 12.1 ...
13 257 13 394 13 784 14 551 ...
16.3 16.5 16.7 17.5 ...
11 346 12 052 13 311 13 816 ...
7.8 8.2 8.9 9.1 ...
6 978 7 460 7 474 7 495 ...
13.4 14.2 14.2 14.2 ...
43 612 45 320 47 084 48 687 49 666
15.6 16.1 16.5 16.9 17.1
12 030 12 413 12 514 12 826 12 669
4.3 4.4 4.4 4.5 4.4
. . . = Not available.
63
CHAPTER 3: INCOME DISTRIBUTION AND POVERTY Table 3-10. Poor People 16 Years and Over by Work Experience (Thousands of people, percent of total poor people.) Worked Year
Total number of poor people, 16 years and over
Did not work
Worked year-round, full-time Number
Percent of total poor
Number
Percent of total poor
Worked less than year-round or full-time Number Number
Percent of total poor
Percent of total poor
1978 ...................................................... 1979 ......................................................
16 914 16 803
6 599 6 601
39.0 39.3
1 309 1 394
7.7 8.3
5 290 5 207
31.3 31.0
10 315 10 202
61.0 60.7
1980 1981 1982 1983 1984
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
18 892 20 571 22 100 22 741 21 541
7 674 8 524 9 013 9 329 8 999
40.6 41.4 40.8 41.0 41.8
1 644 1 881 1 999 2 064 2 076
8.7 9.1 9.0 9.1 9.6
6 030 6 643 7 014 7 265 6 923
31.9 32.3 31.7 31.9 32.1
11 218 12 047 13 087 13 412 12 542
59.4 58.6 59.2 59.0 58.2
1985 1986 1987 1988 1989
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
21 243 20 688 20 546 20 323 19 952
9 008 8 743 8 258 8 363 8 376
42.4 42.3 40.2 41.2 42.0
1 972 2 007 1 821 1 929 1 908
9.3 9.7 8.9 9.5 9.6
7 036 6 736 6 437 6 434 6 468
33.1 32.6 31.3 31.7 32.4
12 235 11 945 12 288 11 960 11 576
57.6 57.7 59.8 58.8 58.0
1990 1991 1992 1993 1994
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
21 242 22 530 23 951 24 832 24 108
8 716 9 208 9 739 10 144 9 829
41.0 40.9 40.6 40.8 40.8
2 076 2 103 2 211 2 408 2 520
9.8 9.3 9.2 9.7 10.5
6 640 7 105 7 528 7 736 7 309
31.3 31.5 31.4 31.2 30.3
12 526 13 322 14 212 14 688 14 279
59.0 59.1 59.3 59.1 59.2
1995 1996 1997 1998 1999
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
23 077 23 472 22 753 22 256 21 762
9 484 9 586 9 444 9 133 9 251
41.1 40.8 41.5 41.0 42.5
2 418 2 263 2 345 2 804 2 559
10.5 9.6 10.3 12.6 11.8
7 066 7 323 7 099 6 329 6 692
30.6 31.2 31.2 28.4 30.8
13 593 13 886 13 309 13 123 12 511
58.9 59.2 58.5 59.0 57.5
2000 2001 2002 2003 2004
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
21 080 22 245 23 601 24 266 25 228
8 511 8 530 8 954 8 820 9 383
40.4 38.3 37.9 36.3 37.2
2 439 2 567 2 635 2 636 2 896
11.6 11.5 11.2 10.9 11.5
6 072 5 963 6 318 6 183 6 487
28.8 26.8 26.8 25.5 25.7
12 569 13 715 14 647 15 446 15 845
59.6 61.7 62.1 63.7 62.8
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Section 3c: Alternative Measures and State Data Figure 3-3. Median Household Income: Official and Alternative, 1979–2003 (2003 dollars) 46,000
43,000
2003 dollars
64
40,000
37,000
1979
1984
1989
1994
1999
2003
Year Official Census cash income After-tax, including capital gains, health benefits, owner-occupied housing, noncash transfers, and tax credits
• The official income statistics just quoted are based on cash income before taxes. The Census Bureau has also developed a model and associated data to calculate alternative measures that define income more broadly and include the effects of taxes and in-kind transfer payments, such as food stamps. These estimates are available for the years 1979–2003 in 2003 dollars. The broadest alternative income measure is compared with the official measure (also in 2003 dollars) in Table 3-11 and Figure 3-3. As the graph indicates, other income sources, taxes, and transfers have mitigated some of the cyclical fluctuations in income during the period from 1979 to 2003. These sources have improved the record of real median income growth over that period, from 0.5 percent per year in the official numbers to 0.7 percent per year in the comprehensive numbers. (Table 3-11) • Cash transfers, which are dominated by Social Security, play a greater role in the reduction of poverty than the tax system, including the Earned Income Tax Credit, and noncash transfers, as can be seen by comparing the poverty rates using Definitions 1, 4, and 14. Using Definition 1, poverty is 12.5 percent under the official income definition, which includes cash transfers; it is 19.5 percent in Definition 4, which excludes cash transfers and includes only incomes generated by the economy as labor earnings and property incomes. Thus, the cash transfers accomplish a 7.0 percentage point reduction in poverty. The inclusion of tax payments and credits and noncash transfers, as in Definition 14, only lowers poverty from 12.5 percent to 9.7 percent, a reduction of 2.8 percentage points. (Table 3-11)
CHAPTER 3: INCOME DISTRIBUTION AND POVERTY
65
Table 3-11. Median Household Income and Poverty Rates for People, Based on Alternative Definitions of Income Definition 1, MI: Money income excluding capital gains (current official measure) Year
Definition 4: Money income before taxes and cash transfers, plus realized capital gains (losses) and health insurance supplements
Poverty rate (percent) Median income (2003 dollars)
Official threshold
Poverty rate (percent)
CPI-U-RS threshold 1
Gini coefficient
Median income (2003 dollars) 2
Official threshold
CPI-U-RS threshold 1
Gini coefficient
1979 ............................................................................
38 649
11.7
10.6
0.403
38 259
18.8
17.8
0.460
1980 1981 1982 1983 1984
............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................
37 447 36 868 36 811 36 826 37 767
13.0 14.0 15.0 15.2 14.4
11.5 12.2 13.2 13.7 12.8
0.401 0.404 0.409 0.412 0.413
36 346 35 544 35 118 35 570 36 739
20.1 21.1 22.0 21.8 20.8
19.0 19.8 20.6 20.6 19.5
0.462 0.466 0.475 0.478 0.477
1985 1986 1987 1988 1989
............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................
38 510 39 868 40 357 40 678 41 411
14.0 13.6 13.4 13.0 12.8
12.5 12.2 12.1 11.7 11.3
0.418 0.423 0.424 0.425 0.429
37 418 38 937 39 188 39 727 40 466
20.4 19.9 19.7 19.7 19.4
19.1 18.7 18.7 18.5 18.1
0.486 0.505 0.488 0.489 0.492
1990 1991 1992 1993 1994
............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................
40 865 39 679 39 364 39 165 39 613
13.5 14.2 14.8 15.1 14.5
11.9 12.4 13.1 13.4 12.6
0.426 0.425 0.430 0.448 0.450
39 348 38 086 37 679 37 554 38 438
19.9 21.1 22.1 22.6 22.0
18.7 19.7 20.6 21.1 20.3
0.487 0.490 0.497 0.514 0.515
1995 1996 1997 1998 1999
............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................
40 845 41 431 42 294 43 825 44 922
13.8 13.7 13.3 12.7 11.9
11.7 11.6 11.3 10.6 9.9
0.444 0.447 0.448 0.446 0.445
39 509 40 300 41 294 42 643 44 112
21.1 20.8 20.3 19.3 18.7
19.5 19.1 18.7 17.4 16.9
0.509 0.511 0.513 0.509 0.508
2000 2001 2002 2003
............................................................................ ............................................................................ ............................................................................ ............................................................................
44 853 43 882 43 381 43 318
11.3 11.7 12.1 12.5
9.7 9.9 10.1 10.5
0.447 0.450 0.448 0.450
44 197 43 151 42 422 42 295
18.0 18.5 19.0 19.5
16.5 16.9 17.4 17.8
0.506 0.510 ... ...
Definition 14, MI - Tx + NC: Income after all taxes and transfers Year
Definition 15, MI - Tx + NC + HE: Income after all taxes and transfers, plus net imputed return on equity in own home
Poverty rate (percent) Median income (2003 dollars)
Official threshold
Poverty rate (percent)
CPI-U-RS threshold 1
Gini coefficient 3
Median income (2003 dollars)
Official threshold
CPI-U-RS threshold 1
Gini coefficient 3
1979 ............................................................................
35 435
8.9
7.9
0.359
37 776
7.5
6.7
0.352
1980 1981 1982 1983 1984
............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................
34 290 33 505 33 831 34 359 35 049
10.1 11.5 12.3 12.7 12.0
8.6 9.8 10.6 11.0 10.4
0.354 0.358 0.366 0.374 0.378
37 804 39 199 38 398 38 203 39 262
8.2 8.7 9.9 10.4 9.9
7.0 7.3 8.5 9.0 8.6
0.347 0.350 0.359 0.368 0.372
1985 1986 1987 1988 1989
............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................
35 709 37 197 37 696 37 796 38 556
11.7 11.3 11.0 10.8 10.4
10.1 9.8 9.5 9.4 8.8
0.385 0.409 0.382 0.385 0.389
39 410 40 026 41 065 41 195 41 662
9.9 10.1 9.7 9.4 9.1
8.6 8.6 8.2 8.2 7.6
0.381 0.404 0.380 0.384 0.387
1990 1991 1992 1993 1994
............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................
37 960 37 443 37 741 38 104 38 740
10.9 11.4 11.9 12.1 11.1
9.3 9.7 10.2 10.3 9.2
0.382 0.380 0.385 0.398 0.400
40 526 40 127 40 026 40 230 41 113
9.8 10.3 10.7 11.2 10.0
8.3 8.6 9.1 9.4 8.3
0.381 0.379 0.381 0.395 0.395
1995 1996 1997 1998 1999
............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................
39 922 40 295 40 985 42 459 43 328
10.3 10.2 10.0 9.5 8.9
8.5 8.4 8.2 7.7 7.2
0.394 0.398 0.403 0.405 0.408
42 263 42 444 43 000 44 302 45 354
9.4 9.3 9.2 8.8 8.2
7.6 7.6 7.5 7.1 6.5
0.388 0.392 0.397 0.399 0.402
2000 2001 2002 2003
............................................................................ ............................................................................ ............................................................................ ............................................................................
43 285 43 369 43 155 43 629
8.8 9.0 9.3 9.7
7.2 7.3 7.7 7.9
0.410 0.412 0.394 0.394
45 634 45 126 44 884 45 154
8.0 8.3 8.6 9.0
6.5 6.7 7.1 7.4
0.402 0.407 0.388 0.390
Note: See notes and definitions for explanation of alternative definitions and thresholds and of the Gini coefficient. 1Before 1987, threshold based on CPI-U-X1. 2Years before 2002 linked by editor to Census 2002 figure based on changes in earlier Census 3Earlier years not comparable with 2002 and 2003 because of change in tax estimating model.
. . . = Not available.
estimates.
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Figure 3-4. Poverty Rate: Official, Alternative, and NAS-based Definitions of Income, 1979–2003 16
Percent of population
66
13
10
7
Official Census cash income NAS-based, MIT-GA-CPI After-tax, including capital gains, health benefits, owner-occupied housing, noncash transfers, and tax credits
1979
1984
1989
1994
1999
2003
Year
• Including the broader income definition and the effects of the earned income tax credit and noncash transfers, the poverty rate relative to the official poverty threshold is lower, as shown in Figure 3-4. (Table 3-11) • A panel of the National Academy of Sciences (NAS) has recommended that both thresholds and income definitions be adjusted, reflecting redefined poverty standards and comprehensive resources data. Census Bureau research following these recommendations has resulted in several alternative poverty rates, one of which is shown in Figure 3-4. This variation uses a poverty threshold calculated for 1999 and updated for each subsequent year using the CPI. It adds an estimated value for medical out-ofpocket expenses to the threshold, and it adjusts housing costs for geographic variation. It is slightly higher than the official rate and rises less between 1999 and 2003. (Table 3-12)
67
CHAPTER 3: INCOME DISTRIBUTION AND POVERTY
Table 3-12. Official and National Academy of Sciences (NAS)-Based Poverty Rates, 1999–2003 (Percent of population.) Measurement method
1999
2000
2001
2002 (old tax model) 2002 (new tax model)
2003
Official measure ..........................................................
11.9
11.3
11.7
12.1
12.1
12.5
MSI-GA-CPI ................................................................ MIT-GA-CPI ................................................................ CMB-GA-CPI ..............................................................
12.1 12.7 12.8
12.0 12.5 12.6
12.2 12.5 12.8
12.2 12.6 12.8
12.1 12.6 12.7
12.6 13.0 13.2
MSI-NGA-CPI ............................................................. MIT-NGA-CPI .............................................................. CMB-NGA-CPI ............................................................
12.2 12.8 12.9
12.1 12.7 12.8
12.3 12.7 12.9
12.3 12.9 12.9
12.3 12.8 12.9
12.7 13.2 13.3
MSI-GA-CE ................................................................. MIT-GA-CE ................................................................. CMB-GA-CE ...............................................................
12.1 12.7 12.8
12.3 12.8 12.8
12.9 13.2 13.1
13.3 13.9 13.6
13.2 13.7 13.4
13.7 14.2 14.1
MSI-NGA-CE .............................................................. MIT-NGA-CE ............................................................... CMB-NGA-CE .............................................................
12.2 12.8 12.9
12.5 13.0 13.0
13.0 13.4 13.2
13.5 14.1 13.8
13.4 13.9 13.7
13.9 14.5 14.3
Note: The Census Bureau changed the way it modeled taxes, effective with the revised 2002 estimates. Consequently, comparisons of 2002 and 2003 data with earlier years may be affected. MSI means "Medical out-of-pocket expenses subtracted from income." MIT means "Medical out-of-pocket expenses in the thresholds." CMB means "Combined method." GA means "Geographic adjustment (of poverty thresholds)." NGA means "No geographic adjustment (of poverty thresholds)." CPI means "Thresholds were adjusted since 1999 using the Consumer Price Index for All Urban Consumers." CE means "Thresholds were recomputed since 1999 using data from the Consumer Expenditure Survey." See notes and definitions for further explanation.
68
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 3-13. Comparison of NAS-Based and Official Poverty Rates by Selected Characteristics, 2003 (Percent of population.) Characteristic
Official poverty rate (no geographic adjustment)
NAS-based rate, MIT, CPI adjustment of 1999 thresholds Without geographic adjustment
With geographic adjustment
All people ..............................................................................................................
12.5
13.2
13.0
People in: Married-couple families ...................................................................................... Female householder, no husband present .........................................................
6.2 30.0
7.1 28.2
7.1 27.3
By age: Under 18 years ................................................................................................... 18 to 64 years .................................................................................................... 65 years and over ..............................................................................................
17.6 10.8 10.2
16.0 11.9 14.0
15.8 11.8 13.3
Race and Hispanic origin: White alone ........................................................................................................ Non-Hispanic White alone .............................................................................. Black alone ......................................................................................................... Asian alone ........................................................................................................ Hispanic (of any race) ........................................................................................
10.5 8.2 24.4 11.8 22.5
11.7 9.3 22.5 12.0 23.7
11.4 8.6 21.3 15.1 26.2
Region: Northeast ............................................................................................................ Midwest .............................................................................................................. South .................................................................................................................. West ...................................................................................................................
11.3 10.7 14.1 12.6
10.6 11.3 15.6 13.3
12.7 9.7 13.0 16.4
Note: MIT means "Medical out-of-pocket expenses in the thresholds."
CHAPTER 3: INCOME DISTRIBUTION AND POVERTY
69
Table 3-14. Median Income and Poverty Rates by State Median household money income (2004 dollars) State
3-year average median, 2002–2004
Poverty rate (percent)
2-year average 2002–2003
2003–2004
3-year average, 2002–2004
2-year average 2002–2003
2003–2004
United States ......................................................
44 473
44 514
44 436
12.4
12.3
12.6
Alabama ............................................................. Alaska ................................................................ Arizona ............................................................... Arkansas ............................................................ California ............................................................
38 111 54 627 42 590 33 948 49 894
38 877 54 332 42 004 33 441 50 226
37 418 54 224 43 017 33 913 49 927
15.5 9.2 13.8 17.6 13.2
14.7 9.2 13.5 18.8 13.1
16.0 9.4 13.9 16.4 13.2
Colorado ............................................................. Connecticut ........................................................ Delaware ............................................................ District of Columbia ............................................ Florida ................................................................
51 022 55 970 50 152 43 573 40 171
51 005 56 260 51 244 43 647 39 980
51 170 55 916 49 152 44 840 40 287
9.8 8.8 8.5 16.8 12.3
9.7 8.2 8.2 16.9 12.6
9.9 9.1 8.2 16.7 12.2
Georgia .............................................................. Hawaii ................................................................ Idaho .................................................................. Illinois ................................................................. Indiana ...............................................................
43 217 53 123 42 519 45 787 43 003
44 341 51 457 41 563 45 615 43 341
42 274 54 841 43 970 46 249 42 946
12.0 9.7 10.5 12.5 10.2
11.5 10.3 10.8 12.7 9.5
12.5 8.9 10.0 12.4 10.8
Iowa .................................................................... Kansas ............................................................... Kentucky ............................................................ Louisiana ............................................................ Maine .................................................................
43 042 43 725 37 396 35 523 39 395
42 807 45 094 38 272 35 065 38 410
43 004 43 204 36 786 35 424 39 737
9.7 10.7 15.4 17.0 12.2
9.1 10.4 14.3 17.2 12.5
9.9 11.1 16.0 16.8 11.6
Maryland ............................................................ Massachusetts ................................................... Michigan ............................................................. Minnesota ........................................................... Mississippi ..........................................................
56 763 52 354 44 476 55 914 33 659
56 485 52 346 45 550 55 809 33 023
55 519 52 347 44 280 55 184 34 269
8.6 9.8 12.1 7.0 17.7
8.0 10.1 11.5 6.9 17.2
9.2 9.7 12.3 7.2 17.3
Missouri .............................................................. Montana ............................................................. Nebraska ............................................................ Nevada .............................................................. New Hampshire ..................................................
43 988 35 201 44 623 46 984 57 352
44 935 35 808 45 054 46 811 57 585
43 516 34 506 44 458 46 864 56 973
10.9 14.3 9.9 10.2 5.7
10.3 14.3 10.2 9.9 5.8
11.5 14.6 9.6 10.9 5.6
New Jersey ........................................................ New Mexico ........................................................ New York ............................................................ North Carolina .................................................... North Dakota ......................................................
56 772 37 587 44 228 39 000 39 594
57 435 36 646 44 010 38 318 39 760
56 499 37 758 44 301 39 323 40 379
8.2 17.5 14.4 14.8 10.3
8.3 18.0 14.2 15.0 10.6
8.3 17.3 14.6 15.1 9.7
Ohio .................................................................... Oklahoma ........................................................... Oregon ............................................................... Pennsylvania ...................................................... Rhode Island ......................................................
44 160 38 281 42 617 44 286 46 199
44 762 37 581 43 333 44 363 45 234
43 822 38 274 41 971 44 109 47 021
10.8 12.6 11.7 10.4 11.3
10.3 13.5 11.7 10.0 11.3
11.3 11.8 12.1 10.9 11.5
South Carolina ................................................... South Dakota ..................................................... Tennessee ......................................................... Texas ................................................................. Utah ....................................................................
39 326 40 518 38 550 41 275 50 614
39 615 40 183 38 714 41 249 50 436
39 130 40 887 38 377 40 826 50 785
14.0 12.5 14.9 16.4 9.6
13.5 12.1 14.4 16.3 9.5
13.8 13.0 15.0 16.7 9.5
Vermont .............................................................. Virginia ............................................................... Washington ........................................................ West Virginia ...................................................... Wisconsin ........................................................... Wyoming ............................................................
45 692 53 275 48 688 32 589 47 220 43 641
44 795 54 194 48 123 32 241 47 865 42 733
45 955 53 847 49 302 33 465 46 722 44 577
8.8 9.8 11.7 16.1 10.2 9.6
9.2 10.0 11.8 17.1 9.2 9.4
8.2 9.7 12.0 15.8 11.0 9.9
70
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
category shown as “Asian” in Table 3-1 included Native Hawaiians and Other Pacific Islanders.
NOTES AND DEFINITIONS TABLES 3-1 THROUGH 3-14 INCOME DISTRIBUTION AND POVERTY SOURCE: U.S. DEPARTMENT CENSUS
OF
COMMERCE, BUREAU
OF THE
All data in this chapter are derived from the Current Population Survey (CPS), which is also the source of data on labor force, employment, and unemployment. (See the notes and definitions for Tables 10-1 through 10-5.) Early each year, the 60,000 households in this monthly survey are asked additional questions concerning earnings and other income in the previous year. This survey, informally known as the “March Supplement,” is now formally known as the Current Population Survey Annual Social and Economic Supplement (ASEC). It was previously called the Annual Demographic Supplement. The population represented by the survey is the civilian noninstitutional population of the United States and members of the armed forces in the United States living off post or with their families on post, but excluding all other members of the armed forces. As it is a survey of households, homeless persons are not included. Racial classification and Hispanic origin In 2002 and all earlier years, the CPS required respondents to report identification with only one race group. Since 2003, the CPS has allowed respondents to choose more than one race group. Income data for 2002 were collected in early 2003. Thus, in the data for 2002 and all subsequent years, one individual could report identification with more than one race group. In the 2000 census, about 2.6 percent of people reported more than one race. Therefore, data from 2002 onward that are classified by race are not strictly comparable with race-classified data for 2001 and earlier years. As alternative approaches to dealing with this problem, the Census Bureau has, in a number of cases, tabulated two different race concepts for each racial category. In the case of Blacks, for example, this means there is one income measure for “Black alone,” consisting of persons who report Black and no other race, and one for “Black alone or in combination” which includes all the “Black alone” reporters plus those who report Black in combination with any other race. The tables in this volume show separately both the “alone” and the “alone or in combination” values, where available. The racial classifications now used in the CPS are White; Black; Asian; American Indian and Alaska Native; and Native Hawaiian and Other Pacific Islander. The last two groups are too small to provide reliable data for a single year, but in a new Census Bureau table (reproduced here as Table 3-2), household income data for all five groups are presented in 2- and 3-year averages. Before 2002, the
Hispanic origin is a separate question in the survey—not a racial classification—and Hispanics may be of any race. A subgroup of White non-Hispanic is shown in some tables. According to the Census Bureau, “Being Hispanic was reported by 12.1 percent of White householders who reported only one race, 2.9 percent of Black householders who reported only one race, 27.7 percent of American Indian and Alaska Native householders who reported only one race, and 9.5 percent of Native Hawaiian and Other Pacific Islander householders who reported only one race.” (“Income, Poverty, and Health Insurance Coverage in the United States: 2004,” p. 1) In an earlier report, the Bureau also said, “Data users should exercise caution when interpreting aggregate results for the Hispanic population or for race groups, because these populations consist of many distinct groups that differ in socioeconomic characteristics, culture, and recency of immigration.” (“Income, Poverty, and Health Insurance Coverage in the United States: 2003,” pp. 1-2.) Definitions Households consists of all persons who occupy a housing unit. A household includes the related family members and all the unrelated persons, if any, such as lodgers, foster children, wards, or employees who share the housing unit. A person living alone in a housing unit or a group of unrelated persons sharing a housing unit as partners is also counted as a household. The count of households excludes group quarters. Earnings includes all income from work, including wages, salaries, armed forces pay, commissions, tips, piece-rate payments, and cash bonuses, before deductions such as taxes, bonds, pensions, and union dues. This category also includes net income from nonfarm self-employment and farm self-employment. Wage and salary supplements that are paid directly by the employer, such as Social Security taxes and the cost of employer-provided health insurance, are not included. A year-round, full-time worker is a person who worked 35 or more hours per week and 50 or more weeks during the previous calendar year. A family is a group of two or more persons related by birth, marriage, or adoption who reside together. Unrelated individuals are persons 15 years and over who are not living with any relatives. The poverty status of unrelated individuals is determined independently of income of other persons with whom they may share a household. Median income is the amount of income that divides the ranked income distribution into two equal groups, half having incomes above the median, half having incomes
CHAPTER 3: INCOME DISTRIBUTION AND POVERTY
below the median. The medians for persons are based on persons 15 years old and over with income. Where available, historical income figures are shown in constant 2004 dollars. Some data are shown in 2003 dollars because 2003 is the latest year for which the Census Bureau has provided the data. All constant-dollar figures are converted from current-dollar values using the CPIU-RS, which measures changes in prices for past periods using the methodologies of the current CPI, and is similar in concept and behavior to the deflators used in the NIPAs for consumer income and spending. See Chapter 8 for data and the notes and definitions on the CPI-U-RS. Mean income is the amount obtained by dividing the total aggregate income of a group by the number of units in that group. Income means are higher than medians because of the skewed nature of the income distribution; see the section “Whose standard of living?” in the article “Using the Data: The U.S. Economy in the New Century” at the beginning of this book. Income, in the official definition used in the survey, is money income, including earnings from work as defined earlier; unemployment compensation; workers’ compensation; Social Security; Supplemental Security Income; cash public assistance (welfare payments); veterans’ payments; survivor benefits; disability benefits; pension or retirement income; interest income; dividends (but not capital gains); rents, royalties, and payments from estates or trusts; educational assistance, such as scholarships or grants; child support; alimony; financial assistance from outside of the household; and other cash income regularly received, such as foster child payments, military family allotments, and foreign government pensions. Receipts not counted as income include capital gains or losses, withdrawals of bank deposits, money borrowed, tax refunds, gifts, and lump-sum inheritances or insurance payments. Income distribution Income distribution is portrayed by dividing the total ranked distribution of families or households into fifths or quintiles, and also by separately tabulating the top 5 percent (which is included in the highest fifth). The households or families are arrayed from those with the lowest income to those with the highest income, then divided into five groups each containing one-fifth of the total number of households. In Table 3-4, the upper limit of each household income quintile and the lower limit of the top 5 percent are shown. Within each quintile, incomes are summed and calculated as a share of total income for all quintiles, and can be averaged to show the average or mean income within that quintile; these means are shown for the family income distribution in Table 3-5. A statistical measure that summarizes the dispersion of income across the entire income distribution is the Gini
71
coefficient (also known as Gini ratio, Gini index, or index of income concentration), which can take values ranging from 0 to 1. A Gini value of 1 indicates “perfect” inequality: i.e., one household having all the income and the rest having none. A value of 0 indicates “perfect” equality: i.e., all households having equal shares of income. There are small differences between the Gini coefficients presented in the report’s main tables and those presented in the tables comparing alternative definitions of income. In the latter, the coefficients were recalculated, for comparability with the other income definitions, using a slightly different method. The poverty population is the number of people with family or individual incomes below a specified level that is intended to measure the cost of a minimum standard of living. These minimum levels vary by size and composition of family and are known as poverty thresholds. The official poverty thresholds are based on a definition developed by Mollie Orshansky of the Social Security Administration in 1964. They are adjusted each year for price increase, using the percent change in the Consumer Price Index for all urban consumers (CPI-U). For more information, see Gordon Fisher, “The Development of the Orshansky Thresholds and Their Subsequent History as the Official U.S. Poverty Measure,” available on the Census Bureau Web site at . The poverty rate for a demographic group is the number of poor people or families in that group expressed as a percentage of the total number of people or families in the group. Average poverty thresholds. The actual poverty thresholds used to calculate poverty rates vary not only with the size of the family but with the number of children in the family. For example, the threshold for a three-person family in 2004 was $14,776 if there were no children in the family but $15,219 if the family consisted of one adult and two children. For 2004, there are 48 different threshold values depending on size of household, number of children, and whether the householder is 65 or older (with lower thresholds for the older householders). The full matrix of thresholds is shown in the report referenced below. To give a general sense of the “poverty line,” the Census Bureau also publishes the average threshold for each size family, based on the actual mix of family types in that year. These are the values shown in Table 3-6 to represent the history of poverty thresholds. The average value for three-person families, as shown in Table 3-6, was $15,067, a weighted average of the values actually used for the three different possible family compositions. Metropolitan area status. Poverty status by residence, for people inside metropolitan areas and outside metropolitan areas, and with the metropolitan area group subdivided into central city and outside central city, is shown in Table 3-9. Data for 2004 are not available because the sample for that year is a mixture of both 1990-based sample
72
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
design and Census 2000-based sample design, which use different definitions of metropolitan areas. A person with work experience (Table 3-10) is one who, during the preceding calendar year, did any work for pay or profit or worked without pay on a family-operated farm or business at any time during the year, on a part-time or full-time basis. A year-round worker is one who worked for 50 weeks or more during the preceding calendar year. A person is classified as having worked full time if he or she worked 35 hours or more per week during a majority of the weeks worked. A year-round, full-time worker is a person who worked 35 or more hours per week and 50 or more weeks during the previous calendar year. Toward better measures of income and poverty The official poverty rate is defined by the Office of Management of Budget in the Executive Office of the President. Criticisms of this definition have been legion, and the Census Bureau has published extensive research work illustrating the effects of various ways of modifying income definitions and poverty thresholds. Some of the results of this work are published here in Tables 3-11 through 3-13 and explained in the notes and definitions below. Major types of criticism One strand of criticism has been to accept the general concept of the “Orshansky” threshold but to make the income definition more realistic by including capital gains, taxes and tax credits, noncash benefits provided by government and employers, and the value of homeownership. There is some debate whether it is appropriate to use income data augmented in this way in conjunction with the official thresholds. The original 1964 threshold was calculated by costing out a minimum food budget and multiplying its value by 3, based on a 1955 Department of Agriculture survey indicating that families spent roughly one-third of their income on food. This was based on cash income and did not take account of home ownership or employer-provided health benefits. Nevertheless, the Census Bureau now publishes (with some lag time) income and poverty figures based on broadened income definitions and the official thresholds; some of these are presented in Table 3-11 and described below. Still accepting the validity of the Orshansky threshold concept, some have argued that use of the CPI-U in the official measure to update the thresholds each year has overstated the price increase, and that an inflator such as the CPI-U-RS should be used instead. (See notes and definitions to Chapter 8.) Use of the CPI-U-RS leads to lower poverty thresholds beginning in the late 1970s, when the CPI began to be distorted by housing and other biases subsequently corrected by new methods. Table 3-11 also shows poverty rates using the lower CPI-U-RS thresholds.
A second strand of criticism argues that the official thresholds are no longer relevant to today’s needs, and that the concepts of both income or resources and the threshold levels depicting adequate standards of living need to be rethought. The Consumer Expenditure Survey (CEX), originally designed to provide the weights for the Consumer Price Index, is now conducted annually and provides extensive data on consumer spending patterns. It indicates that food now accounts for one-sixth, not one-third, of total family expenditures, even those of lowincome families. (For data and notes on the CEX, see Bernan Press, Handbook of U.S. Labor Statistics.) A special panel of the National Academy of Sciences (NAS) initiated such a study, and the Census Bureau now calculates and publishes poverty rates based on its recommendations, which are presented in Tables 3-12 and 3-13 and described below. Alternative definitions of income with Orshansky poverty thresholds The Census Bureau calculates “alternative” income and poverty measures based on a number of different definitions of income. In many cases, these measures require simulation—use of data from sources other than the CPS to estimate elements of family and individual income as reported in the CPS. Business Statistics shows in Table 3-11 median household income and poverty rates according to three of these alternative definitions, with the statistics according to the official definition also shown for comparison in the same table. They were updated through 2003 in two reports issued in June 2005 (see references below) and the income data are expressed in 2003 dollars. Definition 1, also known as “MI,” is the official Census definition of money income described above. Definition 4 is Definition 1 income minus government cash transfers (Social Security, unemployment compensation, workers’ compensation, veterans’ payments, railroad retirement, Black Lung payments, government education assistance, Supplemental Security Income, and welfare payments), plus realized capital gains and employers’ payments for health insurance coverage. Capital gains and health insurance are not collected in the CPS but are simulated using statistical data from the Internal Revenue Service and the National Medical Care Expenditure Survey. Definition 4 is, in effect, the income generated by the workings of the economy before government interventions in the form of taxes and transfer payments. Income according to this definition is only published for 2002 and 2003 by the Census Bureau in its latest report. It has been extended back to 1979 on an estimated 2003-dollar basis by the editor, using estimates published in earlier Census reports. Definition 14, also known as “MI – Tx + NC,” is income after all government income and earnings tax and transfer interventions. It consists of Definition 4 income minus payroll taxes and federal and state income taxes, plus the
CHAPTER 3: INCOME DISTRIBUTION AND POVERTY
Earned Income Credit; plus all of the cash transfers listed above as being subtracted from money income to yield Definition 4; plus the “fungible” value of Medicare and Medicaid (see below for definition); the value of regularprice school lunches provided by government; and the value of noncash transfers, including food stamps, rent subsidies, and free and reduced-price school lunches. The tax information is not collected in the CPS but is simulated using statistical data from the Internal Revenue Service, Social Security payroll tax formulas, and a model of each state’s income tax regulations. The “fungible” value approach to medical benefits counts such benefits as income only to the extent that they free up resources that would have been spent on medical care. Therefore, if family income is not sufficient to cover the family’s basic food and housing requirements, Medicare and Medicaid are treated as having no income value. Data on average Medicare and Medicaid outlays per enrollee are used in the valuation process. Food stamp values are reported in the March CPS. Estimates of other government subsidy payments use data from the Department of Agriculture (for school lunches) and the 1985 American Housing Survey. Definition 15 (“MI – Tx + NC + HE”) is Definition 14 income plus the net imputed return on equity in owneroccupied housing—the calculated annual benefit of converting one’s home equity into an annuity, net of property taxes. This concept can be thought of as measuring the extent to which equity in the home relieves the owner of the need for rental or mortgage payments. Information from the 1987 American Housing Survey is used to assign values of home equity and amounts of property taxes. Since disposable personal income in the NIPAs includes the imputed rent on owner-occupied housing plus most of the cash and in-kind transfers included in Definitions 14 and 15, Definition 15 is the Census income definition closest to the NIPA concept. For each of these income definitions, poverty rates are also calculated and shown in this table for the years through 2003 using poverty thresholds that have been adjusted for price increase using the CPI-U-RS. This eliminates a presumed upward bias in the poverty rate relative to the poverty rates estimated before the bias emerged. This is a bias in the behavior of the time series, not necessarily a bias in the level of poverty. As detailed below, there are other factors that can bias poverty thresholds and rates relative to some “real” definition of poverty. Measures based on NAS recommendations The alternative poverty rates shown in Table 3-11, using broader definitions of income and/or eliminating some price-index bias, seem to remedy some of the shortcomings of the official definition. However, they do not reflect the improved data now available that can be used
73
to measure need in a much more precise way than Mollie Orshansky’s method. The most recent calculations of experimental poverty measures that redefine both income and need are presented in “Alternative Poverty Estimates in the United States: 2003” (see below for complete reference), including data on experimental measures for 1999 through 2003 that use 12 different definitions. To derive these estimates, a baseline set of poverty thresholds for the year 1999, based on data from the CEX for the years 1997–1999, was developed as follows: • A reference family type was selected: a two-adult, twochild family falling between the 30th and 35th percentile of the distribution of expenditures in the CEX. The value of expenditures on the total of food, clothing, shelter, and utilities by such families was multiplied by about 1.23 to account for other necessities, not including health care. For health care, three different treatments were developed, which are described below. • Equivalence scale adjustments were used to convert the threshold for the reference family to thresholds for other family sizes and compositions, accounting for the differing needs of adults and children and the economies of scale of living in larger families. • For some of the experimental measures, thresholds were adjusted geographically to reflect differences in the cost of living (in practice, difference in housing costs) in different areas. The family incomes to be compared with these poverty thresholds were defined and measured to include the effects of all taxes, tax credits, and in-kind benefits such as food stamps, but not the value of homeownership, and to allow for expenses such as child care that are necessary to hold a job. The 12 measures shown in Table 3-12 are reprinted from Table B-3 in “Alternative Poverty Estimates in the United States: 2003.” The abbreviations in that table are as follows: • MSI indicates that in calculating the poverty rate, medical out-of-pocket expenses are subtracted from family income before comparing that income to the family’s threshold. • MIT indicates that poverty thresholds were increased to take the family’s potential medical out-of-pocket expenses into account, using the CEX and the 1996 Medical Expenditures Panel Survey, with the amounts depending on family size, age, and health insurance coverage. • CMB indicates that expected medical out-of-pocket expenses were included in the thresholds, and the difference between each family’s spending and the expected spending was subtracted from family income—and if the difference was negative, the amount added to income. This way, families that were “unexpectedly healthy” are classified as better off.
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BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
• GA indicates that the thresholds were adjusted geographically. Measures labeled NGA were not. • CPI indicates that the thresholds established for 1999 were updated to the four succeeding years using the percent change in the CPI-U. This means that the threshold is held constant in real (inflation-adjusted) terms since 1999, just as the official threshold is intended to be held constant in real terms since 1964. • CE indicates that the thresholds were updated using median expenditures from the latest available 12 quarters of CEX data. This means that as the actual real living standards of the reference lower-middle income family rises (or falls) the real standard of living represented by the poverty thresholds will rise (or fall) commensurately.
With 1995 data, the 1990 census-based sample design was implemented and the sample was reduced by 7,000 households.
In Table 3-13, poverty rates for 2003 using one of the NAS-based concepts—adjustment with the CPI, with medical out-of-pocket expenses in the threshold—are shown with and without the geographic adjustment to demonstrate the impact of the new methods and the geographic adjustment.
Data availability
Notes on the data The following are the principal changes that may affect year-to-year comparability of income and poverty data from the CPS. Beginning in 1952, the estimates were based on 1950 census population controls. Earlier figures were based on the 1940 census. Beginning in 1962, 1960 census sample design and population controls were fully implemented. With 1971 and 1972 data, 1970 census sample design and population controls were introduced. With 1983–1985 data, 1980 census sample design was introduced; 1980 population controls were introduced, and these were extended back to 1979 data. With 1993 data, there was a major redesign of the CPS, including computer-assisted interviewing. The limits used to “code” reported income amounts were changed, resulting in reporting of higher income values for the highest income families and, consequently, an exaggerated year-to-year increase in income inequality. (It is possible that this jump actually reflects in one year an increase that had emerged more gradually, so that the distribution measures for 1993 and later years may be properly comparable with data for decades earlier even if they should not be directly compared with 1992.) In addition, 1990 census population controls were introduced, and these were extended back to the 1992 data.
Data for 2001 implemented population controls based on Census 2000, which were carried back to 1999. Data from 2000 forward also incorporate results from a 28,000household sample expansion. For more information on these and other changes that could affect comparability, see “Current Population Survey Technical Paper 63RV: Design and Methodology” (March 2002) and footnotes to CPS historical income tables, both available on the Census Web site at .
Data following the official definitions of income and poverty are published annually in late summer or early fall by the Bureau of the Census, as part of a series with the general title Current Population Reports: Consumer Income, P60. Most of the data in this chapter were derived from P60-229, “Income, Poverty, and Health Insurance Coverage in the United States, 2004,” August 2005. Alternative income and poverty estimates through 2003 were published in two reports, both issued in June 2005: P60-228, “Alternative Income Estimates in the United States: 2003,” and P60-227, “Alternative Poverty Estimates in the United States: 2003.” These reports and related data, including historical tabulations, used in Business Statistics are available on the Census Web site at , under the general headings of “Income” and “Poverty.” References Definitions and descriptions of the concepts and data of the official and alternative series are provided in the source documents listed above and in the references contained therein. Additional descriptive material on the NAS-based experimental poverty measures is found in the Census report P60-216, “Experimental Poverty Measures: 1999,” issued October 2001, available at , and in Kathleen S. Short and Thesia I. Garner, “A Decade of Experimental Poverty Thresholds 1990 to 2000, June 27, 2002,” available at .
CHAPTER 4: CONSUMER INCOME AND SPENDING
Figure 4-1. Personal Saving Rate, 1946–2004 (saving as a percent of disposable personal income) 12 10
Percent
8 6 4 2 0 1946
1951
1956
1961
1966
1971
1976
1981
1986
1991
1996
2004
Year
• The personal saving rate—saving as a percent of disposable income—averaged 8 percent to 10 percent for much of the postwar period, but commenced a marked downtrend around 1987, reaching 2.4 percent or less from 1999 through 2004. (Table 4-1) It should be noted that personal income does not, by definition, include any capital gains. Nevertheless, the taxes on realized capital gains are deducted to get after-tax income, along with all other income taxes. Capital gains are a source of spending power in addition to current disposable income; they can be converted into cash by asset sales, by refinancing, and by home equity loans. Capital gains on common stock and housing have been particularly strong in recent years. (Table 12-10) However, the smaller saving flow still contributes to the need for foreign financing to fill the gap between investment and national saving—even if individuals have accumulated more wealth than the saving data shown here suggest. (Table 5-1) • Labor compensation, excluding social insurance taxes, made up 60.4 percent of total personal income in 2004. This was about the same as in 2000 but down from 65.4 percent in 1948. (“Contributions for social insurance,” such as Social Security taxes, are excluded from both the numerator and the denominator of this percentage.) Transfer payments accounted for a rising share of personal income over the period. It should be noted that just as “consumption expenditures” in the national income and product accounts includes all spending financed by government health insurance programs such as Medicare and Medicaid, the transfer payment component of income (as defined here) includes the equivalent payments on behalf of persons by these same programs. Proprietors’ and rental income made up a declining share of personal income, while the shares of dividends and especially interest rose. (Table 4-1)
75
76
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 4-1. Personal Income and Its Disposition (Billions of current dollars, except as noted; quarterly data are at seasonally adjusted annual rates.)
NIPA Table 2.1
Personal income Personal income receipts on assets Year and quarter Total
Compensation of employees, received
PropriRental etors’ income of income persons with IVA with and CCAdj CCAdj
Personal current transfer receipts Government social benefits to persons
Total
Personal interest income
Personal dividend income
Total Total
Social Security and Medicare
Government unemployment insurance
Veterans
Family assistance
Other
1946 1947 1948 1949
......................... ......................... ......................... .........................
178.6 191.0 209.8 207.1
119.6 130.1 141.9 141.9
35.6 34.5 39.3 34.7
7.1 7.2 7.9 8.2
12.3 13.9 15.1 16.0
6.7 7.6 8.1 8.8
5.6 6.3 7.0 7.2
10.6 10.8 10.3 11.2
10.1 10.4 9.9 10.9
0.4 0.5 0.6 0.7
1.1 0.8 0.9 1.9
7.0 7.0 5.9 5.3
1.1 0.3 0.4 0.5
0.6 1.9 2.2 2.6
1950 1951 1952 1953 1954
......................... ......................... ......................... ......................... .........................
229.0 258.0 275.4 291.9 294.5
155.3 181.4 196.2 210.3 209.2
37.6 42.7 43.1 42.1 42.3
9.2 10.1 11.2 12.5 13.5
18.6 19.1 19.9 21.6 23.2
9.7 10.5 11.3 12.7 14.0
8.8 8.6 8.6 8.9 9.3
14.0 11.4 11.9 12.5 14.3
13.4 10.5 11.0 11.7 13.7
1.0 1.9 2.2 3.0 3.6
1.5 0.9 1.1 1.0 2.2
7.7 4.6 4.3 4.1 4.2
0.6 0.6 0.5 0.5 0.6
2.7 2.6 2.9 3.0 3.2
1955 1956 1957 1958 1959
......................... ......................... ......................... ......................... .........................
316.1 339.6 358.7 369.0 392.8
225.7 244.5 257.5 259.5 281.0
44.3 45.8 47.9 50.1 50.7
13.9 14.2 14.6 15.4 16.2
25.7 28.2 30.6 31.9 34.6
15.2 16.9 18.9 20.3 22.0
10.5 11.3 11.7 11.6 12.6
15.7 16.8 19.5 23.5 24.2
14.8 15.6 18.1 22.2 22.9
4.9 5.7 7.3 8.5 10.2
1.5 1.5 1.9 4.1 2.8
4.4 4.4 4.5 4.7 4.6
0.6 0.6 0.7 0.8 0.9
3.3 3.4 3.7 4.1 4.5
1960 1961 1962 1963 1964
......................... ......................... ......................... ......................... .........................
411.5 429.0 456.7 479.6 514.6
296.4 305.3 327.1 345.2 370.7
50.8 53.2 55.4 56.5 59.4
17.1 17.9 18.8 19.5 19.6
37.9 40.1 44.1 47.9 53.8
24.5 26.2 29.1 31.7 35.6
13.4 13.9 15.0 16.2 18.2
25.7 29.5 30.4 32.2 33.5
24.4 28.1 28.8 30.3 31.3
11.1 12.6 14.3 15.2 16.0
3.0 4.3 3.1 3.0 2.7
4.6 5.0 4.7 4.8 4.7
1.0 1.1 1.3 1.4 1.5
4.7 5.1 5.5 5.9 6.4
1965 1966 1967 1968 1969
......................... ......................... ......................... ......................... .........................
555.7 603.9 648.3 712.0 778.5
399.5 442.7 475.1 524.3 577.6
63.9 68.2 69.8 74.3 77.4
20.2 20.8 21.2 20.9 21.2
59.4 64.1 69.0 75.2 84.1
39.2 43.4 47.5 51.6 59.9
20.2 20.7 21.5 23.5 24.2
36.2 39.6 48.0 56.1 62.3
33.9 37.5 45.8 53.3 59.0
18.1 20.8 25.8 30.5 33.1
2.3 1.9 2.2 2.1 2.2
4.9 4.9 5.6 5.9 6.7
1.7 1.9 2.3 2.8 3.5
7.0 8.1 9.9 11.9 13.4
1970 1971 1972 1973 1974
......................... ......................... ......................... ......................... .........................
838.8 903.5 992.7 1 110.7 1 222.6
617.2 658.3 725.1 811.3 890.7
78.4 84.8 95.9 113.5 113.1
21.4 22.4 23.4 24.3 24.3
93.5 101.0 109.6 124.7 146.4
69.2 75.9 82.8 94.8 113.2
24.3 25.0 26.8 29.9 33.2
74.7 88.1 97.9 112.6 133.3
71.7 85.4 94.8 108.6 128.6
38.6 44.7 49.8 60.9 70.3
4.0 5.8 5.7 4.4 6.8
7.7 8.8 9.7 10.4 11.8
4.8 6.2 6.9 7.2 8.0
16.6 20.0 22.7 25.7 31.7
1975 1976 1977 1978 1979
......................... ......................... ......................... ......................... .........................
1 335.0 1 474.8 1 633.2 1 837.7 2 062.2
949.0 1 059.2 1 180.4 1 335.8 1 501.0
119.5 132.2 145.7 166.6 180.1
23.7 22.3 20.7 22.1 23.8
162.2 178.4 205.3 234.8 274.7
129.3 139.5 160.6 184.0 217.3
32.9 39.0 44.7 50.7 57.4
170.0 184.0 194.2 209.6 235.3
163.1 177.3 189.1 203.2 227.1
81.5 93.3 105.3 116.9 132.5
17.6 15.8 12.7 9.1 9.4
14.5 14.4 13.8 13.9 14.4
9.3 10.1 10.6 10.8 11.1
40.2 43.7 46.7 52.5 59.6
1980 1981 1982 1983 1984
......................... ......................... ......................... ......................... .........................
2 307.9 2 591.3 2 775.3 2 960.7 3 289.5
1 651.8 1 825.7 1 925.9 2 043.0 2 255.4
174.1 183.0 176.3 192.5 243.3
30.0 38.0 38.8 37.8 40.2
338.7 421.9 488.4 529.6 607.9
274.7 348.3 410.8 446.3 517.2
64.0 73.6 77.6 83.3 90.6
279.5 318.4 354.8 383.7 400.1
270.8 307.2 342.4 369.9 380.4
154.8 182.1 204.6 222.2 237.8
15.7 15.6 25.1 26.2 15.9
15.0 16.1 16.4 16.6 16.4
12.5 13.1 12.9 13.8 14.5
72.8 80.2 83.4 91.0 95.9
1985 1986 1987 1988 1989
......................... ......................... ......................... ......................... .........................
3 526.7 3 722.4 3 947.4 4 253.7 4 587.8
2 424.9 2 570.1 2 750.2 2 967.2 3 145.2
262.3 275.7 302.2 341.6 363.3
41.9 33.5 33.5 40.6 43.1
654.0 695.5 717.0 769.3 878.0
556.6 589.5 604.9 639.5 720.2
97.4 106.0 112.2 129.7 157.8
424.9 451.0 467.6 496.6 543.4
402.6 428.0 447.4 476.0 519.9
253.0 268.9 282.6 300.2 325.6
15.7 16.3 14.5 13.2 14.3
16.7 16.7 16.6 16.9 17.3
15.2 16.1 16.4 16.9 17.5
102.0 109.9 117.3 128.8 145.3
1990 1991 1992 1993 1994
......................... ......................... ......................... ......................... .........................
4 878.6 5 051.0 5 362.0 5 558.5 5 842.5
3 338.2 3 445.3 3 651.2 3 794.9 3 979.6
380.6 377.1 427.6 453.8 473.3
50.7 60.3 78.0 95.6 119.7
924.0 932.0 910.9 901.8 950.8
755.2 751.7 723.4 699.6 716.8
168.8 180.3 187.4 202.2 234.0
595.2 666.4 749.4 790.1 827.3
573.1 648.5 729.8 775.7 812.2
351.8 381.7 414.4 443.4 475.4
18.0 26.6 38.9 34.1 23.5
17.8 18.3 19.3 20.1 20.1
19.2 21.1 22.2 22.8 23.2
166.2 200.8 234.9 255.3 270.0
1995 1996 1997 1998 1999
......................... ......................... ......................... ......................... .........................
6 152.3 6 520.6 6 915.1 7 423.0 7 802.4
4 177.0 4 386.9 4 664.6 5 020.1 5 352.0
492.1 543.2 576.0 627.8 678.3
122.1 131.5 128.8 137.5 147.3
1 016.4 1 089.2 1 181.7 1 283.2 1 264.2
763.2 793.0 848.7 933.2 928.6
253.2 296.2 333.0 349.9 335.6
877.4 925.0 951.2 978.6 1 022.1
858.4 902.1 931.8 952.6 988.0
506.8 537.7 563.2 575.1 588.9
21.4 22.0 19.9 19.5 20.3
20.9 21.7 22.5 23.4 24.3
22.6 20.3 17.9 17.4 17.9
286.7 300.4 308.3 317.3 336.7
2000 2001 2002 2003 2004
......................... ......................... ......................... ......................... .........................
8 429.7 8 724.1 8 881.9 9 169.1 9 713.3
5 782.7 5 942.1 6 091.2 6 321.1 6 687.6
728.4 771.9 768.4 810.2 889.6
150.3 167.4 152.9 131.7 134.2
1 387.0 1 380.0 1 333.2 1 338.7 1 396.5
1 011.0 1 011.0 936.1 917.6 905.9
376.1 369.0 397.2 421.1 490.6
1 084.0 1 193.9 1 286.2 1 344.0 1 427.5
1 041.6 1 143.9 1 248.9 1 313.5 1 394.5
620.8 668.5 707.5 739.3 789.3
20.3 31.7 53.2 52.8 36.0
25.1 26.7 29.6 32.0 34.2
18.4 18.1 17.7 18.4 18.5
357.0 398.9 440.9 471.1 516.5
2002 1st quarter ............ 2nd quarter ........... 3rd quarter ............ 4th quarter ............
8 814.7 8 892.0 8 895.4 8 925.5
6 025.3 6 091.5 6 114.5 6 133.4
763.0 763.5 769.1 778.1
172.1 167.7 142.9 129.2
1 340.6 1 336.5 1 327.4 1 328.5
960.1 942.4 923.3 918.4
380.5 394.1 404.1 410.0
1 260.9 1 284.0 1 292.7 1 307.1
1 218.6 1 245.4 1 257.3 1 274.2
698.4 704.5 710.3 716.7
42.8 60.1 56.8 53.1
28.8 29.4 29.9 30.4
17.7 17.6 17.6 17.8
430.9 433.8 442.7 456.2
2003 1st quarter ............ 2nd quarter ........... 3rd quarter ............ 4th quarter ............
9 013.7 9 118.6 9 215.4 9 328.7
6 209.0 6 288.0 6 360.1 6 427.4
778.3 801.4 821.1 840.0
137.7 125.4 120.4 143.2
1 334.6 1 340.5 1 337.6 1 342.1
920.6 922.6 915.1 912.2
414.0 417.9 422.4 429.9
1 319.8 1 336.9 1 356.8 1 362.3
1 288.2 1 306.1 1 326.7 1 333.0
726.6 736.0 742.6 751.9
51.1 54.5 54.4 51.3
31.5 31.9 32.2 32.3
18.1 18.3 18.5 18.5
460.8 465.4 479.1 478.9
2004 1st quarter ............ 2nd quarter ........... 3rd quarter ............ 4th quarter ............
9 484.8 9 614.3 9 729.2 10 024.8
6 526.7 6 603.6 6 724.2 6 895.8
870.2 898.4 889.1 900.9
144.2 141.8 122.1 128.7
1 350.4 1 363.9 1 378.2 1 493.6
906.6 905.1 904.7 907.4
443.9 458.8 473.5 586.2
1 399.6 1 419.8 1 441.5 1 449.2
1 370.6 1 390.8 1 397.1 1 419.5
772.9 784.9 793.7 805.5
43.1 35.3 33.3 32.4
33.8 34.0 34.4 34.8
18.4 18.5 18.5 18.6
502.4 518.3 517.1 528.2
CHAPTER 4: CONSUMER INCOME AND SPENDING
77
Table 4-1. Personal Income and Its Disposition—Continued (Billions of current dollars, except as noted; quarterly data are at seasonally adjusted annual rates.) Personal income —Continued
NIPA Table 2.1
Less: Personal outlays
Equals: Personal saving
Personal current transfer payments
Year and quarter
Personal current transfer receipts —Cont. From business (net)
Less: Contributions for government social insurance
Less: Personal current taxes
Equals: Disposable personal income
Total
Personal consumption expenditures
Personal interest payments
Total
To the rest To of the world government (net)
Billions of dollars
Disposable personal income, Percent of billions of disposable chained personal (2000) income dollars
1946 1947 1948 1949
......................... ......................... ......................... .........................
0.4 0.4 0.4 0.4
6.6 5.6 4.6 4.9
17.2 19.8 19.2 16.7
161.4 171.2 190.6 190.4
145.9 163.8 177.3 180.9
144.3 162.0 175.0 178.5
0.7 0.9 1.3 1.6
0.9 0.9 1.0 0.8
0.2 0.2 0.3 0.3
0.7 0.7 0.7 0.5
15.5 7.4 13.4 9.5
9.6 4.3 7.0 5.0
1 132.7 1 090.3 1 148.4 1 155.8
1950 1951 1952 1953 1954
......................... ......................... ......................... ......................... .........................
0.6 0.9 0.9 0.8 0.6
5.5 6.6 6.9 7.1 8.1
18.9 27.1 32.0 33.2 30.2
210.1 231.0 243.4 258.6 264.3
195.0 211.5 222.9 237.1 244.3
192.2 208.5 219.5 233.1 240.0
2.0 2.2 2.6 3.2 3.4
0.8 0.7 0.8 0.9 0.9
0.3 0.3 0.4 0.4 0.4
0.4 0.4 0.4 0.5 0.5
15.1 19.5 20.5 21.5 20.0
7.2 8.4 8.4 8.3 7.6
1 260.0 1 297.3 1 339.4 1 404.5 1 422.1
1955 1956 1957 1958 1959
......................... ......................... ......................... ......................... .........................
0.9 1.2 1.4 1.2 1.3
9.1 10.0 11.4 11.4 13.8
32.9 36.6 38.9 38.5 42.3
283.3 303.0 319.8 330.5 350.5
263.6 277.2 292.8 302.2 323.9
258.8 271.7 286.9 296.2 317.6
4.0 4.6 4.9 5.0 5.5
0.8 1.0 1.1 1.0 0.8
0.4 0.5 0.6 0.6 0.3
0.4 0.5 0.5 0.4 0.5
19.7 25.8 27.0 28.3 26.7
6.9 8.5 8.5 8.6 7.6
1 516.7 1 589.7 1 628.5 1 642.6 1 715.5
1960 1961 1962 1963 1964
......................... ......................... ......................... ......................... .........................
1.3 1.4 1.5 1.9 2.2
16.4 17.0 19.1 21.7 22.4
46.1 47.3 51.6 54.6 52.1
365.4 381.8 405.1 425.1 462.5
338.8 349.6 371.3 391.8 421.7
331.7 342.1 363.3 382.7 411.4
6.2 6.5 7.0 7.9 8.9
0.8 1.0 1.1 1.2 1.3
0.3 0.5 0.5 0.5 0.6
0.5 0.5 0.5 0.7 0.7
26.7 32.2 33.8 33.3 40.8
7.3 8.4 8.3 7.8 8.8
1 759.7 1 819.2 1 908.2 1 979.1 2 122.8
1965 1966 1967 1968 1969
......................... ......................... ......................... ......................... .........................
2.3 2.1 2.3 2.8 3.3
23.4 31.3 34.9 38.7 44.1
57.7 66.4 73.0 87.0 104.5
498.1 537.5 575.3 625.0 674.0
455.1 493.1 520.9 572.2 621.4
443.8 480.9 507.8 558.0 605.2
9.9 10.7 11.1 12.2 14.0
1.4 1.6 2.0 2.0 2.2
0.6 0.8 1.0 1.0 1.1
0.8 0.8 1.0 1.0 1.1
43.0 44.4 54.4 52.8 52.5
8.6 8.3 9.5 8.4 7.8
2 253.3 2 371.9 2 475.9 2 588.0 2 668.7
1970 1971 1972 1973 1974
......................... ......................... ......................... ......................... .........................
2.9 2.7 3.1 3.9 4.7
46.4 51.2 59.2 75.5 85.2
103.1 101.7 123.6 132.4 151.0
735.7 801.8 869.1 978.3 1 071.6
666.2 721.2 791.9 875.6 958.0
648.5 701.9 770.6 852.4 933.4
15.2 16.6 18.1 19.8 21.2
2.6 2.8 3.1 3.4 3.4
1.3 1.5 1.8 1.8 2.1
1.3 1.3 1.4 1.5 1.3
69.5 80.6 77.2 102.7 113.6
9.4 10.1 8.9 10.5 10.6
2 781.7 2 907.9 3 046.5 3 252.3 3 228.5
1975 1976 1977 1978 1979
......................... ......................... ......................... ......................... .........................
6.8 6.7 5.1 6.5 8.2
89.3 101.3 113.1 131.3 152.7
147.6 172.3 197.5 229.4 268.7
1 187.4 1 302.5 1 435.7 1 608.3 1 793.5
1 061.9 1 180.2 1 310.4 1 465.8 1 634.4
1 034.4 1 151.9 1 278.6 1 428.5 1 592.2
23.7 23.9 27.0 31.9 36.2
3.8 4.4 4.8 5.4 5.9
2.5 3.0 3.5 3.9 4.3
1.3 1.3 1.3 1.5 1.6
125.6 122.3 125.3 142.5 159.1
10.6 9.4 8.7 8.9 8.9
3 302.6 3 432.2 3 552.9 3 718.8 3 811.2
1980 1981 1982 1983 1984
......................... ......................... ......................... ......................... .........................
8.6 11.2 12.4 13.8 19.7
166.2 195.7 208.9 226.0 257.5
298.9 345.2 354.1 352.3 377.4
2 009.0 2 246.1 2 421.2 2 608.4 2 912.0
1 807.5 2 001.8 2 150.4 2 374.8 2 597.3
1 757.1 1 941.1 2 077.3 2 290.6 2 503.3
43.6 49.3 59.5 69.2 77.0
6.8 11.4 13.6 15.0 16.9
5.0 6.0 7.1 8.1 9.2
1.8 5.5 6.6 6.9 7.8
201.4 244.3 270.8 233.6 314.8
10.0 10.9 11.2 9.0 10.8
3 857.7 3 960.0 4 044.9 4 177.7 4 494.1
1985 1986 1987 1988 1989
......................... ......................... ......................... ......................... .........................
22.3 22.9 20.2 20.6 23.5
281.4 303.4 323.1 361.5 385.2
417.4 437.3 489.1 505.0 566.1
3 109.3 3 285.1 3 458.3 3 748.7 4 021.7
2 829.3 3 016.7 3 216.9 3 475.8 3 734.5
2 720.3 2 899.7 3 100.2 3 353.6 3 598.5
90.4 96.1 93.6 96.8 108.2
18.6 20.9 23.1 25.4 27.8
10.4 12.0 13.2 14.8 16.5
8.2 9.0 9.9 10.6 11.4
280.0 268.4 241.4 272.9 287.1
9.0 8.2 7.0 7.3 7.1
4 645.2 4 791.0 4 874.5 5 082.6 5 224.8
1990 1991 1992 1993 1994
......................... ......................... ......................... ......................... .........................
22.2 17.9 19.6 14.4 15.1
410.1 430.2 455.0 477.7 508.2
592.8 586.7 610.6 646.6 690.7
4 285.8 4 464.3 4 751.4 4 911.9 5 151.8
3 986.4 4 140.1 4 385.4 4 627.9 4 902.4
3 839.9 3 986.1 4 235.3 4 477.9 4 743.3
116.1 118.5 111.8 107.3 112.8
30.4 35.6 38.3 42.7 46.3
18.4 22.6 26.0 28.5 30.9
12.0 13.0 12.3 14.2 15.4
299.4 324.2 366.0 284.0 249.5
7.0 7.3 7.7 5.8 4.8
5 324.2 5 351.7 5 536.3 5 594.2 5 746.4
1995 1996 1997 1998 1999
......................... ......................... ......................... ......................... .........................
19.0 22.9 19.4 26.0 34.1
532.8 555.2 587.2 624.2 661.4
744.1 832.1 926.3 1 027.0 1 107.5
5 408.2 5 688.5 5 988.8 6 395.9 6 695.0
5 157.3 5 460.0 5 770.5 6 119.1 6 536.4
4 975.8 5 256.8 5 547.4 5 879.5 6 282.5
132.7 150.3 163.9 174.5 181.0
48.9 52.9 59.2 65.2 73.0
32.6 34.9 38.2 40.6 44.7
16.2 18.0 21.0 24.6 28.3
250.9 228.4 218.3 276.8 158.6
4.6 4.0 3.6 4.3 2.4
5 905.7 6 080.9 6 295.8 6 663.9 6 861.3
2000 2001 2002 2003 2004
......................... ......................... ......................... ......................... .........................
42.4 50.0 37.3 30.5 33.0
702.7 731.1 750.0 776.6 822.2
1 235.7 1 237.3 1 051.8 999.9 1 049.1
7 194.0 7 486.8 7 830.1 8 169.2 8 664.2
7 025.6 7 354.5 7 645.3 7 996.3 8 512.5
6 739.4 7 055.0 7 350.7 7 709.9 8 214.3
204.7 212.2 196.4 183.2 186.7
81.5 87.2 98.2 103.3 111.5
50.0 54.2 58.2 62.1 68.6
31.5 33.0 40.0 41.2 42.9
168.5 132.3 184.7 172.8 151.8
2.3 1.8 2.4 2.1 1.8
7 194.0 7 333.3 7 562.2 7 741.8 8 004.3
2002 1st quarter ............ 2nd quarter ........... 3rd quarter ............ 4th quarter ............
42.3 38.6 35.4 32.9
747.1 751.1 751.1 750.9
1 063.2 1 050.3 1 050.0 1 043.8
7 751.5 7 841.7 7 845.4 7 881.7
7 526.1 7 620.5 7 692.4 7 742.4
7 230.3 7 323.0 7 396.6 7 453.1
199.2 200.6 197.0 188.8
96.6 96.8 98.9 100.5
57.0 57.8 58.6 59.4
39.5 39.0 40.2 41.1
225.4 221.2 153.0 139.3
2.9 2.8 2.0 1.8
7 549.9 7 585.2 7 555.5 7 559.3
2003 1st quarter ............ 2nd quarter ........... 3rd quarter ............ 4th quarter ............
31.6 30.8 30.1 29.3
765.8 773.6 780.7 786.3
1 024.3 1 026.9 940.8 1 007.6
7 989.4 8 091.7 8 274.6 8 321.0
7 835.4 7 922.1 8 069.5 8 158.4
7 555.2 7 635.3 7 782.4 7 866.6
179.3 184.8 185.2 183.4
101.0 102.0 101.9 108.4
60.2 61.3 62.6 64.2
40.8 40.7 39.3 44.2
154.0 169.6 205.1 162.6
1.9 2.1 2.5 2.0
7 605.5 7 690.5 7 826.2 7 844.8
2004 1st quarter ............ 2nd quarter ........... 3rd quarter ............ 4th quarter ............
29.0 28.9 44.4 29.8
806.3 813.0 825.9 843.5
1 009.6 1 034.0 1 058.4 1 094.3
8 475.3 8 580.3 8 670.9 8 930.4
8 319.4 8 439.1 8 566.3 8 725.0
8 032.3 8 145.6 8 263.2 8 416.1
178.0 182.2 190.3 196.2
109.2 111.3 112.8 112.7
66.1 67.8 69.4 71.0
43.0 43.5 43.4 41.7
155.8 141.2 104.6 205.4
1.8 1.6 1.2 2.3
7 915.1 7 938.8 7 993.3 8 169.2
78
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 4-2. Personal Consumption Expenditures: Current Dollars, Constant Dollars, and Price Indexes (Billions of dollars, except as noted; quarterly data are at seasonally adjusted annual rates.)
NIPA Tables 2.3.4, 2.3.5, 2.3.6
Personal consumption expenditures Current dollars
Year and quarter Total
Durable goods
Chained (2000) dollars
Nondurable goods
Services
Durable goods
Total
Nondurable goods
Chain-type price indexes (2000 = 100) Services
Total
Durable goods
Nondurable goods
Services
1946 1947 1948 1949
................................. ................................. ................................. .................................
144.3 162.0 175.0 178.5
15.8 20.4 22.9 25.1
82.7 90.9 96.6 94.9
45.8 50.7 55.6 58.6
... ... ... ...
... ... ... ...
... ... ... ...
... ... ... ...
14.2 15.7 16.6 16.5
34.3 37.2 39.1 39.6
16.8 18.9 20.1 19.4
9.8 10.4 10.9 11.2
1950 1951 1952 1953 1954
................................. ................................. ................................. ................................. .................................
192.2 208.5 219.5 233.1 240.0
30.7 29.9 29.3 32.7 31.9
98.2 109.2 114.7 117.8 119.7
63.3 69.5 75.4 82.5 88.4
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
16.7 17.8 18.2 18.4 18.6
39.8 42.5 42.9 42.5 41.6
19.5 21.1 21.3 21.2 21.3
11.6 12.1 12.6 13.2 13.6
1955 1956 1957 1958 1959
................................. ................................. ................................. ................................. .................................
258.8 271.7 286.9 296.2 317.6
38.8 38.1 40.0 37.4 42.7
124.7 130.8 137.1 141.7 148.5
95.2 102.8 109.8 117.0 126.5
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
18.7 19.1 19.6 20.1 20.4
41.4 42.5 44.1 44.9 45.7
21.2 21.5 22.1 22.6 22.8
13.9 14.3 14.7 15.1 15.5
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
331.7 342.1 363.3 382.7 411.4
43.3 41.8 46.9 51.6 56.7
152.8 156.6 162.8 168.2 178.6
135.6 143.8 153.6 162.9 176.1
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
20.8 21.0 21.2 21.5 21.8
45.4 45.6 45.8 45.9 46.1
23.1 23.2 23.4 23.7 24.0
15.9 16.2 16.5 16.7 17.0
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
443.8 480.9 507.8 558.0 605.2
63.3 68.3 70.4 80.8 85.9
191.5 208.7 217.1 235.7 253.1
189.0 203.8 220.3 241.6 266.1
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
22.1 22.7 23.2 24.2 25.3
45.7 45.5 46.2 47.7 49.1
24.4 25.2 25.8 26.8 28.1
17.3 17.8 18.3 19.1 20.1
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
648.5 701.9 770.6 852.4 933.4
85.0 96.9 110.4 123.5 122.3
272.0 285.5 308.0 343.1 384.5
291.5 319.5 352.2 385.8 426.6
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
26.4 27.6 28.5 30.1 33.2
50.1 52.0 52.5 53.3 56.7
29.4 30.4 31.4 33.8 38.7
21.2 22.3 23.3 24.4 26.3
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
1 034.4 1 151.9 1 278.6 1 428.5 1 592.2
133.5 158.9 181.2 201.7 214.4
420.7 458.3 497.1 550.2 624.5
480.2 534.7 600.2 676.6 753.3
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
36.0 37.9 40.4 43.2 47.1
61.8 65.3 68.1 72.0 76.8
41.7 43.3 45.9 49.0 54.1
28.6 30.6 32.9 35.5 38.3
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
1 757.1 1 941.1 2 077.3 2 290.6 2 503.3
214.2 231.3 240.2 280.8 326.5
696.1 758.9 787.6 831.2 884.6
846.9 950.8 1 049.4 1 178.6 1 292.2
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
52.1 56.7 59.9 62.4 64.8
83.3 88.9 92.4 94.2 95.6
60.4 65.1 67.0 68.4 70.0
42.3 46.7 50.5 53.8 56.7
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
2 720.3 2 899.7 3 100.2 3 353.6 3 598.5
363.5 403.0 421.7 453.6 471.8
928.7 958.4 1 015.3 1 083.5 1 166.7
1 428.1 1 538.3 1 663.3 1 816.5 1 960.0
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
66.9 68.6 70.9 73.8 77.0
96.6 97.7 100.5 101.9 103.7
71.5 71.3 73.7 76.2 79.8
59.3 62.0 64.3 67.5 70.7
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
3 839.9 3 986.1 4 235.3 4 477.9 4 743.3
474.2 453.9 483.6 526.7 582.2
1 249.9 1 284.8 1 330.5 1 379.4 1 437.2
2 115.9 2 247.4 2 421.2 2 571.8 2 723.9
4 770.3 4 778.4 4 934.8 5 099.8 5 290.7
453.5 427.9 453.0 488.4 529.4
1 484.0 1 480.5 1 510.1 1 550.4 1 603.9
2 851.7 2 900.0 3 000.8 3 085.7 3 176.6
80.5 83.4 85.8 87.8 89.7
104.6 106.1 106.8 107.8 110.0
84.2 86.8 88.1 89.0 89.6
74.2 77.5 80.7 83.3 85.7
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
4 975.8 5 256.8 5 547.4 5 879.5 6 282.5
611.6 652.6 692.7 750.2 817.6
1 485.1 1 555.5 1 619.0 1 683.6 1 804.8
2 879.1 3 048.7 3 235.8 3 445.7 3 660.0
5 433.5 5 619.4 5 831.8 6 125.8 6 438.6
552.6 595.9 646.9 720.3 804.6
1 638.6 1 680.4 1 725.3 1 794.4 1 876.6
3 259.9 3 356.0 3 468.0 3 615.0 3 758.0
91.6 93.5 95.1 96.0 97.6
110.7 109.5 107.1 104.2 101.6
90.6 92.6 93.8 93.8 96.2
88.3 90.8 93.3 95.3 97.4
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
6 739.4 7 055.0 7 350.7 7 709.9 8 214.3
863.3 883.7 923.9 950.1 987.8
1 947.2 2 017.1 2 079.6 2 189.0 2 368.3
3 928.8 4 154.3 4 347.2 4 570.8 4 858.2
6 739.4 6 910.4 7 099.3 7 306.6 7 588.6
863.3 900.7 964.8 1 028.5 1 089.9
1 947.2 1 986.7 2 037.1 2 101.8 2 200.4
3 928.8 4 023.2 4 100.4 4 183.9 4 310.9
100.0 102.1 103.5 105.5 108.2
100.0 98.1 95.8 92.4 90.6
100.0 101.5 102.1 104.2 107.6
100.0 103.3 106.0 109.2 112.7
2002 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
7 230.3 7 323.0 7 396.6 7 453.1
915.2 918.9 940.1 921.5
2 044.9 2 078.9 2 085.1 2 109.7
4 270.2 4 325.2 4 371.4 4 421.8
7 042.2 7 083.5 7 123.2 7 148.2
948.4 956.9 983.4 970.4
2 026.8 2 033.4 2 035.0 2 053.1
4 069.4 4 095.7 4 109.0 4 127.4
102.7 103.4 103.8 104.3
96.5 96.0 95.6 94.9
100.9 102.2 102.5 102.8
104.9 105.6 106.4 107.1
2003 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
7 555.2 7 635.3 7 782.4 7 866.6
919.7 942.2 974.7 963.6
2 156.0 2 153.1 2 213.5 2 233.6
4 479.5 4 540.0 4 594.2 4 669.5
7 192.2 7 256.8 7 360.7 7 416.4
979.1 1 014.0 1 061.0 1 060.0
2 069.5 2 079.1 2 121.2 2 137.3
4 146.5 4 169.7 4 190.2 4 229.4
105.1 105.2 105.7 106.1
93.9 92.9 91.8 90.9
104.2 103.6 104.4 104.5
108.0 108.9 109.6 110.4
2004 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
8 032.3 8 145.6 8 263.2 8 416.1
974.2 974.6 993.8 1 008.6
2 302.7 2 355.2 2 378.4 2 437.1
4 755.4 4 815.9 4 891.0 4 970.4
7 501.4 7 536.6 7 617.5 7 698.8
1 071.6 1 072.5 1 100.4 1 115.1
2 171.9 2 186.1 2 206.9 2 236.5
4 269.0 4 288.6 4 324.0 4 362.1
107.1 108.1 108.5 109.3
90.9 90.9 90.3 90.4
106.0 107.7 107.8 109.0
111.4 112.3 113.1 114.0
. . . = Not available.
CHAPTER 4: CONSUMER INCOME AND SPENDING
79
Table 4-3. Personal Consumption Expenditures by Major Type of Product (Billions of dollars, quarterly data are at seasonally adjusted annual rates.)
NIPA Table 2.3.5
Durable goods Year and quarter
Personal consumption expenditures, total
Total
Nondurable goods
Motor Furniture and Other durable vehicles and household goods parts equipment
Total
Food
Clothing and Gasoline and shoes oil
Fuel oil and coal
Other nondurable goods
1946 1947 1948 1949
................................. ................................. ................................. .................................
144.3 162.0 175.0 178.5
15.8 20.4 22.9 25.1
4.1 6.6 8.0 10.6
8.4 10.6 11.5 11.3
3.2 3.3 3.4 3.2
82.7 90.9 96.6 94.9
47.4 52.3 54.2 52.5
18.2 18.8 20.1 19.3
3.4 4.0 4.8 5.3
2.5 3.0 3.4 3.1
11.3 12.8 14.1 14.7
1950 1951 1952 1953 1954
................................. ................................. ................................. ................................. .................................
192.2 208.5 219.5 233.1 240.0
30.7 29.9 29.3 32.7 31.9
13.7 12.2 11.4 13.9 12.8
13.7 14.1 14.0 14.7 14.8
3.3 3.6 3.9 4.1 4.3
98.2 109.2 114.7 117.8 119.7
53.9 60.7 64.1 65.4 66.8
19.6 21.3 22.0 22.2 22.3
5.5 6.1 6.8 7.4 7.8
3.4 3.5 3.5 3.4 3.5
15.8 17.6 18.4 19.4 19.3
1955 1956 1957 1958 1959
................................. ................................. ................................. ................................. .................................
258.8 271.7 286.9 296.2 317.6
38.8 38.1 40.0 37.4 42.7
17.7 15.8 17.6 15.1 18.9
16.4 17.3 17.2 16.9 18.1
4.6 5.0 5.2 5.4 5.7
124.7 130.8 137.1 141.7 148.5
68.6 71.4 75.1 77.9 80.6
23.3 24.4 24.5 24.9 26.4
8.6 9.4 10.2 10.6 11.3
3.8 3.9 4.1 4.2 4.0
20.4 21.7 23.2 24.2 26.1
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
331.7 342.1 363.3 382.7 411.4
43.3 41.8 46.9 51.6 56.7
19.7 17.8 21.5 24.4 26.0
18.0 18.3 19.3 20.7 23.2
5.7 5.7 6.1 6.6 7.5
152.8 156.6 162.8 168.2 178.6
82.3 84.0 86.1 88.2 93.5
27.0 27.6 29.0 29.8 32.4
12.0 12.0 12.6 13.0 13.6
3.8 3.8 3.8 4.0 4.1
27.7 29.2 31.4 33.1 35.0
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
443.8 480.9 507.8 558.0 605.2
63.3 68.3 70.4 80.8 85.9
29.9 30.3 30.0 36.1 38.4
25.1 28.2 30.0 32.9 34.7
8.2 9.8 10.4 11.8 12.9
191.5 208.7 217.1 235.7 253.1
100.7 109.3 112.4 122.2 131.5
34.1 37.4 39.2 43.2 46.5
14.8 16.0 17.1 18.6 20.5
4.4 4.7 4.8 4.7 4.6
37.6 41.4 43.5 47.0 50.2
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
648.5 701.9 770.6 852.4 933.4
85.0 96.9 110.4 123.5 122.3
35.5 44.5 51.1 56.1 49.5
35.7 37.8 42.4 47.9 51.5
13.7 14.6 16.9 19.5 21.3
272.0 285.5 308.0 343.1 384.5
143.8 149.7 161.4 179.6 201.8
47.8 51.7 56.4 62.5 66.0
21.9 23.2 24.4 28.1 36.1
4.4 4.6 5.1 6.3 7.8
54.1 56.4 60.8 66.6 72.7
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
1 034.4 1 151.9 1 278.6 1 428.5 1 592.2
133.5 158.9 181.2 201.7 214.4
54.8 71.3 83.5 93.1 93.5
54.5 60.2 67.2 74.3 82.7
24.2 27.4 30.5 34.3 38.2
420.7 458.3 497.1 550.2 624.5
223.2 242.5 262.6 289.6 324.7
70.8 76.6 84.1 94.3 101.2
39.7 43.0 46.9 50.1 66.2
8.4 10.1 11.1 11.5 14.4
78.5 86.0 92.4 104.7 118.0
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
1 757.1 1 941.1 2 077.3 2 290.6 2 503.3
214.2 231.3 240.2 280.8 326.5
87.0 95.8 102.9 126.5 152.1
86.7 92.1 93.4 106.6 119.0
40.5 43.4 43.9 47.7 55.4
696.1 758.9 787.6 831.2 884.6
356.0 383.5 403.4 423.8 447.4
107.3 117.2 120.5 130.9 142.5
86.7 97.9 94.1 93.1 94.6
15.4 15.8 14.5 13.6 13.9
130.6 144.5 155.2 169.8 186.3
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
2 720.3 2 899.7 3 100.2 3 353.6 3 598.5
363.5 403.0 421.7 453.6 471.8
175.9 194.1 195.0 209.4 215.3
128.5 143.0 153.4 163.7 171.6
59.0 66.0 73.2 80.5 84.9
928.7 958.4 1 015.3 1 083.5 1 166.7
467.6 492.0 515.2 553.5 591.6
152.1 163.1 174.4 185.5 198.9
97.2 80.1 85.4 88.3 98.6
13.6 11.3 11.2 11.7 11.9
198.2 211.9 229.1 244.5 265.7
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
3 839.9 3 986.1 4 235.3 4 477.9 4 743.3
474.2 453.9 483.6 526.7 582.2
212.8 193.5 213.0 234.0 260.5
171.6 171.7 178.7 193.4 213.4
89.8 88.7 91.9 99.3 108.3
1 249.9 1 284.8 1 330.5 1 379.4 1 437.2
636.8 657.5 669.3 691.9 720.6
204.1 208.7 221.9 229.9 238.1
111.2 108.5 112.4 114.1 116.2
12.9 12.4 12.2 12.4 12.8
285.0 297.8 314.7 331.1 349.5
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
4 975.8 5 256.8 5 547.4 5 879.5 6 282.5
611.6 652.6 692.7 750.2 817.6
266.7 284.9 305.1 336.1 370.8
228.6 242.9 256.2 273.1 293.9
116.3 124.8 131.4 141.0 153.0
1 485.1 1 555.5 1 619.0 1 683.6 1 804.8
740.9 768.7 796.2 829.8 873.1
241.7 250.2 258.1 270.9 286.3
120.2 130.4 134.4 122.4 137.9
13.1 14.3 13.3 11.5 11.9
369.2 391.9 416.9 449.0 495.6
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
6 739.4 7 055.0 7 350.7 7 709.9 8 214.3
863.3 883.7 923.9 950.1 987.8
386.5 407.9 429.3 439.1 441.8
312.9 312.1 323.1 330.3 354.1
163.9 163.7 171.6 180.7 191.9
1 947.2 2 017.1 2 079.6 2 189.0 2 368.3
925.2 967.9 1 001.9 1 048.5 1 134.7
297.7 297.7 303.5 310.8 329.0
175.7 171.6 164.5 192.6 230.4
15.8 15.4 14.2 17.0 19.5
532.9 564.4 595.5 620.0 654.8
2002 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
7 230.3 7 323.0 7 396.6 7 453.1
915.2 918.9 940.1 921.5
422.8 422.4 446.6 425.2
322.0 324.9 322.2 323.3
170.4 171.6 171.4 173.0
2 044.9 2 078.9 2 085.1 2 109.7
993.3 1 000.3 1 002.4 1 011.6
303.6 303.8 300.2 306.5
146.7 167.2 170.1 174.1
12.7 14.1 14.4 15.8
588.7 593.5 598.0 601.7
2003 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
7 555.2 7 635.3 7 782.4 7 866.6
919.7 942.2 974.7 963.6
427.2 438.1 454.6 436.4
319.5 325.9 335.3 340.6
173.1 178.3 184.8 186.6
2 156.0 2 153.1 2 213.5 2 233.6
1 026.6 1 033.7 1 058.9 1 074.9
302.8 307.0 316.1 317.3
199.9 185.2 194.9 190.6
18.1 16.1 16.7 17.3
608.6 611.1 626.9 633.5
2004 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
8 032.3 8 145.6 8 263.2 8 416.1
974.2 974.6 993.8 1 008.6
437.0 432.4 444.9 452.8
347.2 351.7 356.9 360.6
189.9 190.5 192.0 195.2
2 302.7 2 355.2 2 378.4 2 437.1
1 106.5 1 124.8 1 141.0 1 166.4
326.7 325.7 328.3 335.2
211.3 234.9 229.0 246.5
18.0 18.2 20.3 21.4
640.1 651.5 659.9 667.6
80
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 4-3. Personal Consumption Expenditures by Major Type of Product—Continued (Billions of dollars, quarterly data are at seasonally adjusted annual rates.)
NIPA Table 2.3.5 Services
Household operation
Year and quarter Total
Housing
Electricity and gas
Total
Other household operation
Transportation
Medical care
Recreation
Other services
1946 1947 1948 1949
................................. ................................. ................................. .................................
45.8 50.7 55.6 58.6
14.2 16.0 17.9 19.6
6.8 7.5 8.1 8.6
2.1 2.3 2.6 2.9
4.7 5.1 5.5 5.6
4.9 5.2 5.7 5.8
4.9 5.7 6.5 6.7
3.7 3.8 3.8 3.8
11.3 12.5 13.6 14.0
1950 1951 1952 1953 1954
................................. ................................. ................................. ................................. .................................
63.3 69.5 75.4 82.5 88.4
21.7 24.3 27.0 29.9 32.3
9.5 10.4 11.2 12.1 12.7
3.3 3.7 4.1 4.5 5.0
6.2 6.7 7.1 7.6 7.7
6.0 7.0 7.4 8.0 8.2
7.2 7.7 8.5 9.5 10.5
3.9 4.0 4.3 4.5 4.8
15.0 16.0 17.1 18.5 20.0
1955 1956 1957 1958 1959
................................. ................................. ................................. ................................. .................................
95.2 102.8 109.8 117.0 126.5
34.4 36.7 39.3 42.0 45.0
14.2 15.4 16.4 17.5 18.7
5.5 6.1 6.5 7.1 7.6
8.7 9.3 9.9 10.4 11.1
8.6 9.2 9.7 9.9 10.6
11.2 12.1 13.4 14.8 16.4
5.2 5.6 5.6 5.8 6.4
21.7 23.8 25.4 27.0 29.4
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
135.6 143.8 153.6 162.9 176.1
48.2 51.2 54.7 58.0 61.4
20.3 21.2 22.4 23.6 25.0
8.3 8.8 9.4 9.9 10.4
12.0 12.4 13.0 13.8 14.6
11.2 11.6 12.3 12.9 13.8
17.7 19.0 21.2 23.0 26.4
6.9 7.4 8.0 8.5 9.1
31.3 33.3 35.0 36.9 40.4
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
189.0 203.8 220.3 241.6 266.1
65.4 69.5 74.1 79.8 86.9
26.5 28.1 30.0 32.3 35.0
10.9 11.5 12.2 13.0 14.1
15.6 16.6 17.8 19.2 21.0
14.7 15.9 17.4 19.3 21.6
28.6 31.5 34.7 40.1 45.8
9.6 10.4 11.1 12.5 13.8
44.2 48.4 53.0 57.7 62.9
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
291.5 319.5 352.2 385.8 426.6
94.1 102.8 112.6 123.3 134.8
37.8 41.1 45.4 49.9 55.8
15.3 16.9 18.8 20.4 24.0
22.4 24.2 26.7 29.5 31.8
24.0 26.8 29.6 31.6 34.1
51.7 58.4 65.6 73.3 82.3
15.1 16.3 17.6 19.7 22.5
68.8 74.0 81.4 88.0 97.1
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
480.2 534.7 600.2 676.6 753.3
147.7 162.2 180.2 202.4 227.3
64.0 72.5 81.8 91.2 100.3
29.2 33.2 38.5 43.0 47.8
34.8 39.3 43.3 48.2 52.5
37.9 42.5 48.7 53.4 59.9
95.6 109.1 125.3 143.1 161.0
25.4 28.4 31.4 34.7 38.8
109.7 120.1 132.8 151.8 166.2
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
846.9 950.8 1 049.4 1 178.6 1 292.2
256.2 289.7 315.2 341.0 374.5
113.7 126.8 142.5 157.0 169.4
57.5 64.8 74.2 82.4 86.5
56.2 62.0 68.3 74.6 82.9
65.2 70.3 72.9 81.1 93.2
184.4 216.7 243.3 274.3 303.2
43.6 50.6 56.8 63.6 69.7
183.8 196.7 218.8 261.6 282.1
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
1 428.1 1 538.3 1 663.3 1 816.5 1 960.0
412.7 448.4 483.7 521.5 557.4
181.8 187.7 195.4 207.3 221.1
90.8 89.2 90.9 96.3 101.0
91.1 98.5 104.5 111.0 120.0
104.5 111.1 120.9 133.4 142.0
331.5 357.5 392.2 442.8 492.5
77.7 83.7 90.0 102.1 114.3
319.8 349.9 381.2 409.4 432.8
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
2 115.9 2 247.4 2 421.2 2 571.8 2 723.9
597.9 631.1 658.5 683.9 726.1
227.3 238.6 250.7 269.9 286.2
101.0 107.4 108.9 118.2 120.7
126.2 131.2 141.9 151.7 165.5
147.7 145.3 157.7 172.7 190.6
556.0 608.9 672.2 715.1 752.9
125.9 132.9 146.6 160.4 171.4
461.0 490.6 535.5 569.8 596.7
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
2 879.1 3 048.7 3 235.8 3 445.7 3 660.0
764.4 800.1 842.6 894.6 948.4
298.7 318.5 337.0 350.5 364.8
122.2 129.4 131.3 129.8 130.6
176.5 189.1 205.6 220.7 234.1
207.7 226.5 245.7 259.5 276.4
797.9 833.5 873.0 921.4 961.1
187.9 202.5 215.1 229.3 248.6
622.5 667.6 722.4 790.5 860.7
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
3 928.8 4 154.3 4 347.2 4 570.8 4 858.2
1 006.5 1 073.7 1 123.1 1 158.0 1 221.1
390.1 409.0 407.7 428.8 446.2
143.3 156.7 152.5 166.6 175.9
246.8 252.3 255.2 262.2 270.2
291.3 292.8 288.4 296.8 306.9
1 026.8 1 113.8 1 206.2 1 299.4 1 401.1
268.3 284.1 299.1 318.0 338.8
945.9 980.7 1 022.7 1 069.8 1 144.1
2002 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
4 270.2 4 325.2 4 371.4 4 421.8
1 112.9 1 121.1 1 126.2 1 132.2
400.0 406.9 407.9 415.9
146.5 153.0 151.3 159.1
253.4 253.9 256.6 256.8
287.7 289.0 287.7 289.4
1 169.4 1 193.4 1 218.0 1 244.0
292.3 297.0 300.3 306.6
1 007.9 1 017.8 1 031.2 1 033.8
2003 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
4 479.5 4 540.0 4 594.2 4 669.5
1 141.8 1 149.5 1 162.4 1 178.4
424.7 428.2 427.9 434.3
164.2 167.1 165.1 169.8
260.4 261.1 262.9 264.5
293.0 294.9 298.4 300.8
1 265.2 1 288.6 1 308.1 1 335.9
310.2 315.6 319.4 326.6
1 044.6 1 063.2 1 078.0 1 093.5
2004 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
4 755.4 4 815.9 4 891.0 4 970.4
1 195.8 1 213.9 1 230.0 1 244.7
440.0 440.7 445.9 457.9
172.9 171.8 173.2 185.9
267.1 269.0 272.8 272.1
304.8 305.6 308.0 309.2
1 360.1 1 387.1 1 415.4 1 441.6
333.9 336.1 341.0 344.3
1 120.8 1 132.4 1 150.7 1 172.6
CHAPTER 4: CONSUMER INCOME AND SPENDING
81
Table 4-4. Chain-Type Quantity Indexes for Personal Consumption Expenditures by Major Type of Product (Index numbers, 2000 = 100, seasonally adjusted.)
NIPA Table 2.3.3
Durable goods Year and quarter
Personal consumption expenditures, total
Nondurable goods
Motor Furniture and Other durable vehicles and household goods parts equipment
Total
Total
Food
Clothing and Gasoline and shoes oil
Fuel oil and coal
Other nondurable goods
1946 1947 1948 1949
................................. ................................. ................................. .................................
15.0 15.3 15.6 16.1
5.3 6.4 6.8 7.3
5.3 7.7 8.7 11.2
3.9 4.5 4.7 4.6
7.1 6.7 6.8 6.4
25.3 24.6 24.7 25.1
35.1 33.8 33.4 33.6
15.1 14.4 14.5 14.6
16.0 17.1 18.2 19.7
231.0 243.3 244.5 215.7
14.3 14.2 14.8 15.8
1950 1951 1952 1953 1954
................................. ................................. ................................. ................................. .................................
17.1 17.4 17.9 18.8 19.2
8.9 8.1 7.9 8.9 8.9
14.4 12.2 11.0 13.6 13.0
5.6 5.3 5.4 5.6 5.8
6.8 6.9 7.4 7.7 8.1
25.9 26.6 27.6 28.5 28.9
34.3 35.2 36.4 37.7 38.5
15.0 14.9 15.7 15.9 15.9
20.5 22.3 24.1 25.4 26.2
231.8 231.2 224.7 217.2 221.4
17.0 17.7 18.5 19.2 19.1
1955 1956 1957 1958 1959
................................. ................................. ................................. ................................. .................................
20.6 21.2 21.7 21.8 23.1
10.8 10.4 10.5 9.7 10.8
17.8 15.1 15.8 13.1 15.6
6.5 6.8 6.6 6.5 7.0
8.9 9.6 9.7 9.9 10.5
30.3 31.3 31.9 32.2 33.5
40.1 41.4 42.2 42.2 43.7
16.7 17.1 17.0 17.1 18.0
28.5 30.2 31.4 32.9 34.6
235.3 235.8 233.8 242.7 231.8
20.1 21.0 21.7 22.2 23.5
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
23.7 24.2 25.4 26.4 28.0
11.0 10.6 11.9 13.0 14.2
16.6 14.9 17.7 20.0 21.1
6.9 7.0 7.5 8.0 9.0
10.4 10.3 11.0 11.7 13.1
34.0 34.6 35.7 36.5 38.2
44.0 44.5 45.1 45.6 47.4
18.2 18.5 19.4 19.7 21.3
35.8 36.1 37.7 38.8 40.9
222.0 211.4 210.9 221.3 230.0
24.6 25.9 27.7 29.0 30.3
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
29.8 31.5 32.4 34.3 35.6
16.0 17.4 17.6 19.6 20.3
24.5 25.0 24.4 28.4 29.6
9.9 11.2 11.7 12.4 12.8
14.5 17.2 18.0 19.6 20.5
40.3 42.5 43.2 45.1 46.3
50.0 52.1 52.8 55.4 56.8
22.1 23.6 23.8 24.8 25.2
42.9 45.5 47.0 50.3 53.7
240.8 247.8 247.9 234.7 222.4
32.1 34.7 35.6 37.1 38.2
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
36.4 37.8 40.1 42.0 41.7
19.6 21.6 24.3 26.8 25.0
26.6 31.7 36.3 39.6 32.8
12.9 13.4 14.9 16.5 16.7
21.5 21.8 24.6 27.7 28.5
47.4 48.3 50.4 52.1 51.0
58.5 59.1 61.0 61.2 60.2
24.9 26.1 27.9 29.8 29.4
57.0 59.8 62.2 65.4 62.2
206.9 199.9 219.7 238.6 188.3
39.5 39.7 41.8 44.6 44.5
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
42.7 45.0 47.0 49.0 50.2
25.0 28.2 30.8 32.4 32.3
33.0 40.0 44.2 46.1 43.1
16.3 17.4 18.9 20.0 21.1
29.6 31.9 34.2 36.5 37.9
51.8 54.3 55.6 57.7 59.2
61.7 64.9 66.1 66.8 68.1
30.4 31.8 33.6 36.9 38.8
64.1 66.6 68.7 70.3 69.3
184.8 207.5 200.9 199.3 185.2
43.0 44.6 45.3 48.6 51.4
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
50.1 50.8 51.5 54.4 57.3
29.8 30.1 30.1 34.5 39.6
37.3 38.1 39.1 46.7 54.5
20.7 20.7 20.3 23.1 25.8
35.1 35.6 35.0 37.0 42.4
59.1 59.8 60.4 62.4 64.9
68.7 68.8 69.9 71.9 73.5
39.7 42.2 42.8 46.0 49.9
65.4 66.3 67.2 68.7 70.8
143.2 120.1 111.5 111.6 111.2
52.2 53.3 53.0 54.3 57.4
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
60.3 62.7 64.8 67.5 69.4
43.6 47.8 48.6 51.5 52.7
61.6 66.2 63.8 67.4 67.3
28.1 31.6 33.9 36.2 38.1
44.4 48.9 52.0 54.8 56.0
66.7 69.1 70.7 73.0 75.0
75.2 77.0 78.0 81.1 82.5
52.2 56.4 58.4 60.2 63.6
72.2 75.7 77.8 79.8 81.5
112.5 116.7 115.1 119.4 116.5
58.8 60.5 62.9 64.3 66.4
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
70.8 70.9 73.2 75.7 78.5
52.5 49.6 52.5 56.6 61.3
66.3 58.6 63.4 67.1 71.5
38.3 38.7 40.8 45.1 50.1
56.6 54.1 55.0 59.2 63.6
76.2 76.0 77.6 79.6 82.4
84.8 84.7 85.2 86.7 88.8
63.2 63.4 66.9 69.7 73.4
80.8 79.9 83.1 85.2 86.3
105.8 104.8 107.3 109.6 114.9
67.7 67.4 68.7 71.1 74.6
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
80.6 83.4 86.5 90.9 95.5
64.0 69.0 74.9 83.4 93.2
70.4 73.8 78.8 87.7 96.4
55.4 61.8 69.1 78.2 89.7
67.8 73.0 77.7 83.9 92.6
84.2 86.3 88.6 92.2 96.4
89.4 90.2 91.4 93.6 96.6
76.4 80.2 82.6 88.4 95.0
87.9 89.9 92.7 96.9 100.4
118.2 116.5 107.0 101.3 103.7
77.7 81.3 85.7 90.3 95.4
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
100.0 102.5 105.3 108.4 112.6
100.0 104.3 111.8 119.1 126.2
100.0 105.0 111.0 116.3 118.2
100.0 106.0 116.4 126.6 141.5
100.0 99.6 105.2 112.6 119.4
100.0 102.0 104.6 107.9 113.0
100.0 101.6 103.2 105.9 111.2
100.0 102.0 106.9 112.2 119.3
100.0 101.5 103.6 104.3 105.9
100.0 95.8 98.1 98.1 97.9
100.0 103.1 106.4 110.6 115.7
2002 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
104.5 105.1 105.7 106.1
109.9 110.8 113.9 112.4
109.2 109.3 115.3 110.2
114.1 116.2 116.7 118.8
103.9 105.0 105.4 106.4
104.1 104.4 104.5 105.4
102.7 103.2 103.2 103.7
106.1 106.5 106.0 109.0
103.2 103.6 104.3 103.2
92.6 98.8 98.1 103.1
106.0 106.0 106.3 107.4
2003 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
106.7 107.7 109.2 110.0
113.4 117.5 122.9 122.8
111.7 115.4 120.8 117.6
119.1 123.8 130.2 133.5
107.4 111.1 115.0 116.7
106.3 106.8 108.9 109.8
104.8 104.9 106.8 107.3
108.6 111.2 114.3 114.7
103.4 103.4 104.8 105.5
99.1 93.1 98.3 102.0
108.8 109.2 111.6 113.1
2004 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
111.3 111.8 113.0 114.2
124.1 124.2 127.5 129.2
117.4 115.9 119.4 120.2
136.9 139.7 143.6 146.0
118.2 117.8 119.6 122.2
111.5 112.3 113.3 114.9
109.8 110.5 111.4 113.2
118.4 117.5 119.2 121.9
105.2 105.6 105.5 107.1
98.5 97.5 101.0 94.5
113.6 115.3 116.7 117.4
82
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 4-4. Chain-Type Quantity Indexes for Personal Consumption Expenditures by Major Type of Product —Continued (Index numbers, 2000 = 100, seasonally adjusted.)
NIPA Table 2.3.3 Services Household operation
Year and quarter Total
Housing
Electricity and gas
Total
Other household operation
Transportation
Medical care
Recreation
Other services
1946 1947 1948 1949
................................. ................................. ................................. .................................
11.9 12.5 12.9 13.3
11.5 12.5 13.2 14.0
11.2 12.0 12.6 13.1
9.2 10.3 11.4 12.4
11.8 12.3 12.6 12.8
19.8 19.6 19.6 18.9
7.7 8.2 9.0 9.4
11.1 10.5 10.2 10.1
14.3 14.5 14.8 14.9
1950 1951 1952 1953 1954
................................. ................................. ................................. ................................. .................................
13.9 14.6 15.3 15.9 16.6
15.0 16.0 17.1 18.0 18.9
14.2 15.1 15.6 16.3 17.0
14.1 15.8 17.2 18.5 20.3
13.6 14.1 14.0 14.5 14.5
18.7 20.3 20.6 21.2 20.9
10.0 10.5 11.0 11.5 12.3
10.0 10.1 10.3 10.4 10.6
15.4 15.5 16.1 16.7 17.4
1955 1956 1957 1958 1959
................................. ................................. ................................. ................................. .................................
17.4 18.3 19.0 19.8 20.8
19.8 20.8 21.8 22.9 24.1
18.6 19.9 20.7 21.4 22.3
21.9 23.8 25.3 26.7 28.3
16.1 17.1 17.5 17.9 18.4
21.7 22.6 23.0 22.6 23.5
12.8 13.6 14.4 15.3 16.5
11.1 11.7 11.3 11.3 12.0
18.1 18.8 19.4 20.2 21.2
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
21.7 22.6 23.7 24.8 26.3
25.4 26.6 28.1 29.4 30.8
23.4 24.2 25.4 26.5 27.8
29.9 31.4 33.6 35.2 37.1
19.2 19.7 20.4 21.1 22.1
24.3 24.6 25.5 26.6 28.0
17.1 17.9 19.4 20.7 23.0
12.7 13.3 14.0 14.6 15.2
21.9 22.8 23.3 24.2 25.8
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
27.7 29.1 30.6 32.1 33.7
32.5 34.0 35.6 37.4 39.4
29.2 30.6 32.2 33.6 35.3
38.8 41.0 43.3 45.8 48.5
23.2 24.3 25.5 26.3 27.5
29.2 30.8 32.5 34.5 36.3
24.1 25.4 26.4 28.4 30.4
15.6 16.3 16.8 17.8 18.8
27.5 28.9 30.7 31.8 32.4
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
35.0 36.4 38.5 40.3 41.2
40.8 42.6 45.1 47.4 49.8
36.6 37.2 39.2 41.1 41.6
50.8 52.4 55.5 57.1 57.8
28.3 28.5 29.9 31.8 32.1
37.3 38.7 41.1 42.2 42.5
32.1 34.1 36.5 39.1 40.5
19.6 20.3 21.3 23.1 24.7
33.7 34.6 36.2 37.0 36.1
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
42.7 44.5 46.4 48.6 50.0
51.3 52.8 54.2 56.8 59.1
43.5 45.3 47.7 50.2 51.7
61.0 63.2 66.3 69.2 69.7
33.4 34.9 36.9 39.1 41.2
42.9 44.2 47.4 49.0 50.4
42.5 44.5 46.7 48.9 50.9
26.1 27.9 29.7 31.1 32.5
37.4 39.1 40.8 42.6 42.8
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
50.9 51.8 52.9 55.8 58.0
60.9 62.5 62.8 64.1 66.8
53.1 52.6 53.0 54.7 56.1
71.6 70.4 71.3 73.4 73.8
42.2 42.1 42.3 43.7 45.8
47.9 46.5 45.9 48.9 53.6
52.7 55.4 56.2 58.5 60.2
34.1 37.1 39.7 42.7 44.8
42.5 41.9 44.5 50.1 52.0
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
61.3 63.1 65.8 68.5 70.6
69.5 71.3 73.5 75.8 77.8
58.4 59.4 62.1 65.0 67.6
75.8 75.0 77.7 81.6 83.3
48.3 50.5 53.2 55.4 58.7
58.4 60.7 63.1 66.3 67.2
62.7 65.2 68.6 72.0 74.0
48.1 49.9 51.9 56.7 60.7
56.7 58.0 61.0 62.5 64.3
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
72.6 73.8 76.4 78.5 80.9
79.7 81.5 82.7 83.6 86.4
68.3 69.2 71.1 74.6 77.8
81.9 84.5 84.0 88.5 89.9
60.5 60.4 63.8 66.8 70.9
67.2 64.0 66.7 69.5 75.0
77.7 80.3 84.1 85.4 86.4
63.6 64.0 68.6 72.8 76.3
65.7 66.7 69.1 72.0 73.6
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
83.0 85.4 88.3 92.0 95.7
88.2 89.5 91.7 94.3 97.2
80.2 83.9 87.2 91.5 95.3
90.8 94.0 93.3 95.4 96.4
74.2 78.2 83.9 89.4 94.7
79.6 85.0 90.4 93.4 97.3
88.3 89.8 91.8 94.5 96.3
81.7 85.2 87.8 91.3 96.1
74.5 77.2 80.8 86.9 92.8
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
100.0 102.4 104.4 106.5 109.7
100.0 102.7 103.5 104.2 107.1
100.0 100.2 100.8 102.1 104.0
100.0 98.3 101.1 102.4 104.1
100.0 101.4 100.6 101.8 103.9
100.0 98.9 96.2 96.2 97.3
100.0 104.7 110.7 115.4 120.1
100.0 102.5 104.8 108.5 112.7
100.0 101.5 102.2 103.7 106.4
2002 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
103.6 104.2 104.6 105.1
103.8 103.7 103.4 103.3
99.5 101.3 100.6 101.8
97.5 101.8 100.5 104.5
100.6 101.0 100.6 100.2
96.8 96.5 95.8 95.8
108.4 110.0 111.4 112.9
103.8 104.4 104.8 106.3
101.8 102.1 102.6 102.3
2003 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
105.5 106.1 106.7 107.6
103.5 103.8 104.3 105.1
102.0 101.6 101.5 103.1
103.7 101.5 100.4 104.1
100.9 101.7 102.2 102.5
96.4 95.9 96.1 96.3
113.9 114.9 115.7 117.1
106.7 108.0 108.7 110.7
102.6 103.5 104.1 104.6
2004 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
108.7 109.2 110.1 111.0
106.1 106.8 107.5 108.3
103.6 103.1 103.4 105.7
104.5 102.5 101.6 107.9
103.0 103.5 104.6 104.2
97.4 97.3 97.3 97.2
118.0 119.4 120.9 122.3
112.2 112.2 113.2 113.3
105.7 105.8 106.7 107.5
CHAPTER 4: CONSUMER INCOME AND SPENDING
83
Table 4-5. Personal Consumption Expenditures by Type of Expenditure (Billions of dollars.)
Year
1939 .............................
NIPA Table 2.5.5 Personal consumption expenditures
Food and tobacco
Clothing, accessories, and jewelry
Personal care
Housing
Household operation
Medical care
Personal business
Transportation
Recreation
Education Religious Foreign and and welfare travel and research activities other, net
67.2
20.9
8.4
1.0
9.4
9.6
3.1
3.0
6.5
3.5
0.7
1.0
0.2
1940 1941 1942 1943 1944
............................. ............................. ............................. ............................. .............................
71.3 81.1 89.0 99.9 108.7
22.0 25.4 30.7 35.8 39.3
8.9 10.5 13.1 16.0 17.5
1.0 1.2 1.4 1.6 1.8
9.7 10.4 11.2 11.8 12.3
10.4 11.8 12.7 13.1 14.0
3.3 3.6 4.1 4.5 5.1
3.1 3.2 3.3 3.7 3.9
7.3 8.6 5.6 5.6 5.9
3.8 4.3 4.7 5.0 5.4
0.8 0.8 0.9 1.1 1.1
1.0 1.1 1.2 1.5 1.7
0.1 0.1 0.2 0.3 0.6
1945 1946 1947 1948 1949
............................. ............................. ............................. ............................. .............................
120.0 144.3 162.0 175.0 178.5
43.5 50.7 56.1 58.2 56.6
19.6 22.0 22.8 24.2 23.3
2.0 2.1 2.2 2.3 2.3
12.8 14.2 16.0 17.9 19.6
15.5 19.9 23.7 26.1 25.7
5.4 6.6 7.4 8.4 8.7
4.1 4.7 5.2 5.6 5.8
6.8 12.4 15.8 18.4 21.7
6.2 8.6 9.3 9.7 10.0
1.1 1.2 1.5 1.7 1.8
1.8 2.0 2.1 2.3 2.3
1.2 -0.1 0.0 0.3 0.6
1950 1951 1952 1953 1954
............................. ............................. ............................. ............................. .............................
192.2 208.5 219.5 233.1 240.0
58.1 65.2 69.0 70.5 71.7
23.7 25.6 26.6 27.0 27.2
2.4 2.7 2.9 3.1 3.4
21.7 24.3 27.0 29.9 32.3
29.1 31.1 31.5 33.0 33.7
9.4 10.2 11.2 12.2 13.3
6.4 6.9 7.2 8.0 8.8
25.2 25.3 25.6 29.4 28.8
11.2 11.7 12.3 13.1 13.6
1.9 2.1 2.2 2.3 2.5
2.4 2.6 3.0 3.1 3.3
0.7 0.9 1.1 1.5 1.5
1955 1956 1957 1958 1959
............................. ............................. ............................. ............................. .............................
258.8 271.7 286.9 296.2 317.6
73.6 76.7 80.7 83.9 87.2
28.4 29.7 30.0 30.3 32.0
3.7 4.1 4.6 4.9 5.2
34.4 36.7 39.3 42.0 45.0
37.3 39.8 41.2 42.4 45.0
14.2 15.5 17.1 18.7 20.6
9.8 10.7 11.4 12.2 13.1
35.0 34.4 37.4 35.5 40.7
14.6 15.5 15.9 16.3 17.7
2.7 3.0 3.4 3.7 4.0
3.5 3.9 4.1 4.4 5.1
1.6 1.7 1.7 1.9 2.0
1960 1961 1962 1963 1964
............................. ............................. ............................. ............................. .............................
331.7 342.1 363.3 382.7 411.4
89.2 91.1 93.3 95.7 101.1
32.7 33.5 35.0 36.0 39.1
5.6 6.1 6.7 7.0 7.5
48.2 51.2 54.7 58.0 61.4
46.7 48.2 51.0 54.0 58.4
22.2 23.9 26.5 28.7 32.3
14.1 15.3 15.9 16.7 18.4
42.8 41.5 46.4 50.2 53.3
18.5 19.3 20.8 22.4 24.6
4.4 4.7 5.1 5.6 6.2
5.2 5.3 5.5 5.7 6.6
2.1 2.0 2.3 2.5 2.6
1965 1966 1967 1968 1969
............................. ............................. ............................. ............................. .............................
443.8 480.9 507.8 558.0 605.2
108.8 117.8 121.4 131.6 141.3
41.4 45.5 47.8 52.5 56.2
8.1 9.0 9.8 10.5 10.9
65.4 69.5 74.1 79.8 86.9
62.1 67.2 70.8 76.3 81.1
34.7 38.0 41.4 47.7 54.2
20.1 22.0 23.7 26.0 28.9
59.4 62.2 64.5 73.9 80.4
26.9 30.9 33.1 36.7 40.0
7.0 8.0 8.9 10.1 11.3
7.1 7.7 8.5 9.3 10.0
2.9 3.1 3.8 3.7 4.0
1970 1971 1972 1973 1974
............................. ............................. ............................. ............................. .............................
648.5 701.9 770.6 852.4 933.4
154.6 161.0 173.6 192.9 215.9
57.6 61.8 67.1 74.7 79.3
11.5 11.7 12.3 13.6 14.8
94.1 102.8 112.6 123.3 134.8
84.8 90.1 99.5 111.4 123.6
61.3 68.5 76.7 85.3 95.5
31.8 34.3 37.7 41.3 46.6
81.5 94.5 105.1 115.8 119.7
43.1 46.0 51.5 57.6 63.4
12.7 13.9 15.3 16.9 18.5
11.0 12.5 14.0 15.0 16.7
4.5 4.8 5.2 4.7 4.7
1975 1976 1977 1978 1979
............................. ............................. ............................. ............................. .............................
1 034.4 1 151.9 1 278.6 1 428.5 1 592.2
238.3 259.3 279.6 307.8 343.9
85.6 93.7 102.8 115.1 123.4
16.1 17.5 19.9 21.9 23.8
147.7 162.2 180.2 202.4 227.3
135.7 152.0 170.5 189.6 212.0
109.9 124.7 142.1 162.3 183.3
54.9 60.5 67.2 78.9 85.9
132.4 156.8 179.1 196.7 219.6
70.5 78.2 85.5 96.1 108.9
20.6 22.5 24.2 26.8 29.8
18.3 20.8 23.2 26.6 30.3
4.4 3.8 4.3 4.3 4.1
1980 1981 1982 1983 1984
............................. ............................. ............................. ............................. .............................
1 757.1 1 941.1 2 077.3 2 290.6 2 503.3
376.8 406.3 427.7 451.3 476.6
132.3 143.8 147.0 161.1 175.8
25.5 27.1 28.0 32.2 35.5
256.2 289.7 315.2 341.0 374.5
233.3 254.5 271.9 296.7 322.8
209.6 245.2 274.8 310.0 343.7
95.2 102.3 115.1 143.6 151.8
238.9 264.0 270.0 300.7 339.9
117.5 130.8 140.9 156.9 174.8
33.5 37.6 41.3 45.4 49.4
34.8 39.2 43.0 46.1 51.8
3.5 0.4 2.5 5.4 6.6
1985 1986 1987 1988 1989
............................. ............................. ............................. ............................. .............................
2 720.3 2 899.7 3 100.2 3 353.6 3 598.5
498.4 524.2 549.8 588.2 630.3
188.3 204.1 218.9 235.7 252.5
38.8 42.3 46.5 50.1 53.8
412.7 448.4 483.7 521.5 557.4
343.6 359.6 376.3 398.6 423.2
376.4 407.4 447.6 505.0 561.9
177.5 198.3 213.6 224.2 236.3
377.7 385.2 401.3 431.1 455.9
189.7 206.9 226.8 251.7 272.4
53.9 58.1 63.2 70.2 77.7
55.7 61.9 66.7 74.4 81.0
7.7 3.3 6.1 2.8 -3.7
1990 1991 1992 1993 1994
............................. ............................. ............................. ............................. .............................
3 839.9 3 986.1 4 235.3 4 477.9 4 743.3
677.8 699.9 717.3 740.6 767.9
261.5 263.5 280.9 293.4 306.3
56.9 58.5 62.0 64.4 68.1
597.9 631.1 658.5 683.9 726.1
433.3 444.3 466.0 497.5 529.6
635.1 692.9 761.1 809.0 853.3
250.9 279.7 306.7 330.0 336.1
471.7 447.3 483.2 520.8 567.3
290.2 302.0 321.3 351.0 383.4
83.7 89.3 96.0 101.5 107.3
88.7 92.9 102.3 106.5 115.3
-7.7 -15.2 -20.0 -20.6 -17.4
1995 1996 1997 1998 1999
............................. ............................. ............................. ............................. .............................
4 975.8 5 256.8 5 547.4 5 879.5 6 282.5
790.1 820.1 850.0 888.7 944.8
314.5 327.2 337.4 356.3 379.6
72.8 77.0 82.9 86.2 89.5
764.4 800.1 842.6 894.6 948.4
553.5 586.6 616.2 641.8 675.2
905.0 950.7 1 002.8 1 069.4 1 130.8
349.6 376.0 412.9 446.1 491.6
594.6 641.8 685.2 718.0 785.0
418.1 448.4 474.5 505.8 546.1
114.3 122.6 129.7 140.0 150.5
120.4 130.5 134.2 146.0 154.5
-21.4 -24.2 -21.1 -13.3 -13.5
2000 2001 2002 2003 2004
............................. ............................. ............................. ............................. .............................
6 739.4 7 055.0 7 350.7 7 709.9 8 214.3
1 003.7 1 052.0 1 091.1 1 136.5 1 222.3
397.0 397.1 407.0 419.7 445.5
93.4 94.5 96.7 98.5 103.1
1 006.5 1 073.7 1 123.1 1 158.0 1 221.1
719.3 740.3 747.4 779.2 821.0
1 218.3 1 327.3 1 441.2 1 555.6 1 677.2
539.1 536.5 547.0 568.5 612.2
853.4 872.4 882.2 928.5 979.1
585.7 604.0 629.9 658.8 702.4
163.8 178.1 190.2 200.4 211.3
172.3 186.5 200.1 206.7 219.0
-13.0 -7.4 -5.1 -0.5 0.1
84
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Figure 4-2. Personal Consumption Expenditures by Type of Expenditure, 1948 and 2004 1948 All other 11.2%
2004 Medical care goods and services 4.8%
All other 21.2%
Medical care goods and services 20.4%
Food and tobacco 33.3%
Transportation 10.5%
Food and tobacco
Transportation 11.9% Household operation 14.9% Housing 10.2%
14.9%
Household operation 10.0% Clothing and personal care 15.1%
Housing 14.9%
Clothing and personal care 6.7%
• Spending for medical care goods and services in 2004 made up 20.4 percent of personal consumption spending—more than four times the 1948 percentage. This includes medical care payments made by government and private insurance on behalf of individuals as well as out-of-pocket consumer payments. (Table 4-5) • In 2004, much smaller shares were required for food and tobacco and for clothing and personal care than in 1948, as can be seen on the graph. Household operation claimed a smaller share, but housing itself took a larger one. Transportation rose slightly, and the “all other” share nearly doubled. It should be noted that the nonprofit sector is included in this tabulation, and its spending on education, research, religious, and welfare activities is included in the “all other” category. (Table 4-5)
CHAPTER 4: CONSUMER INCOME AND SPENDING
NOTES AND DEFINITIONS SOURCE: U.S. DEPARTMENT ECONOMIC ANALYSIS
OF
COMMERCE, BUREAU
OF
All personal income and personal consumption expenditure series are from the national income and product accounts (NIPAs). All quarterly series are shown at a seasonally adjusted annual rate. Current and constant dollar values are in billions of dollars. Indexes of price and quantity are based on the average for the year 2000 = 100. In all these tables, the personal sector includes nonprofit institutions serving households. On an annual basis only, tables are now also available in which income, spending, and saving are estimated separately for households and for nonprofit institutions. These data are available for the years 1992 through 2004 and are discussed in the article at the beginning of this book, “New Data for the U.S. Economy.” The data are also available on the BEA Web site as Table 2.9. In several cases, the notes and definitions below will refer to imputations or imputed values. See the notes and definitions to Chapter 1 for an explanation of imputation and the role it plays in national and personal income measurement. TABLES 4-1 THROUGH 4-4 AND 19-6 SOURCES AND DISPOSITION OF PERSONAL INCOME; PERSONAL CONSUMPTION EXPENDITURE BY MAJOR TYPE OF PRODUCT Definitions Personal income is the income received by persons residing in the United States from participation in production; from government and business transfer payments; and from government interest, which is treated like a transfer payment rather than as income from participation in production. Persons refers to individuals, nonprofit institutions that primarily serve individuals, private noninsured welfare funds, and private trust funds. Proprietors’ income is treated in its entirety as received by individuals. Life insurance carriers and private noninsured pension funds are not counted as persons, but their saving is credited to persons. Personal income is the sum of compensation received by employees, proprietors’ income with inventory valuation and capital consumption adjustments, rental income of persons with capital consumption adjustment, personal receipts on assets, and personal current transfer receipts, less contributions for social insurance. Personal income differs from national income in that it includes current transfer payments and interest received by persons, regardless of source, but excludes employee and employer contributions for social insurance; business transfer payments, interest payments, and other payments
85
on assets other than to persons; taxes on production and imports less subsidies; the current surplus of government enterprises; and undistributed corporate profits with IVA and CCAdj. Compensation of employees, received is the sum of wage and salary accruals and supplements to wages and salaries, both as defined in the national income account (see Table 1-7 and the notes and definitions to Chapter 1), minus an adjustment item wage accruals less disbursements (the effect of which is to put retroactive wage payments into the quarter in which the wages were paid rather than the quarter for which they were paid). This adjustment item is zero in most quarters. It is shown in Table 1-7 but not in Tables 4-1 or 19-6. As in national income, this component refers to compensation received by residents of the United States, including compensation from the rest of the world, but excludes compensation from domestic industries to workers residing in the rest of the world. Wage and salary disbursements consists of the monetary remuneration of employees, including the compensation of corporate officers; corporate directors’ fees paid to directors who are also employees of the corporation; the value of employee exercise of “nonqualified stock options”; commissions, tips, and bonuses; voluntary employee contributions to certain deferred compensation plans, such as 401(k) plans; receipts in kind that represent income; and judicial fees to jurors and witnesses, compensation of prison inmates, and marriage fees to justices of the peace, all of which were formerly included in “other labor income.” Supplements to wages and salaries consists of employer contributions to employee pension and insurance funds and to government social insurance funds. Proprietors’ income with inventory valuation and capital consumption adjustments is the current-production income (including income-in-kind) of sole proprietors and partnerships and of tax-exempt cooperatives. The imputed net rental income of owner-occupants of farm dwellings is included. Dividends and monetary interest received by proprietors of nonfinancial business and rental incomes received by persons not primarily engaged in the real estate business are excluded. These incomes are included in rental income of persons and personal income receipts on assets. Fees paid to outside directors of corporations are included. The two valuation adjustments are designed to obtain income measures that exclude any element of capital gains: inventory withdrawals are valued at replacement, rather than historical, cost, and charges for depreciation are on a consistent accounting basis and are valued at replacement cost. Rental income of persons with capital consumption adjustment is the net current-production income of persons from the rental of real property (other than income of persons primarily engaged in the real estate business);
86
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
the imputed net rental income of owner-occupants of nonfarm dwellings; and the royalties received by persons from patents, copyrights, and rights to natural resources. The capital consumption adjustment converts charges for depreciation to a consistent accounting basis valued at replacement cost. Personal income receipts on assets consists of personal interest income and personal dividend income. Personal interest income is the interest income (monetary and imputed) of persons from all sources, including interest paid by government to government employee retirement plans as well as government interest paid directly to persons. Personal dividend income is the dividend income of persons from all sources, excluding capital gains distributions. It equals net dividends paid by corporations (dividends paid by corporations minus dividends received by corporations) less a small amount of corporate dividends received by general government. Dividends received by government employee retirement systems are included in personal dividend income. Personal current transfer receipts is income payments to persons for which no current services are performed. It consists of government social benefits to persons and net receipts from business. Government social benefits to persons consists of benefits from the following social insurance funds: • Social Security and Medicare, consisting of federal oldage, survivors, disability, and health insurance; • Unemployment insurance; • Veterans’ benefits; • Family assistance, which consists of Aid to Families with Dependent Children and (beginning with 1996) assistance programs operating under the Personal Responsibility and Work Opportunity Reconciliation Act of 1996; • Other, which includes pension benefit guaranty, workers’ compensation, military medical insurance, temporary disability insurance, food stamps, Black Lung benefits, Supplemental Security Income, public assistance (including Medicaid), and educational assistance. Government payments to nonprofit institutions, other than for work under research and development contracts, also are included. Payments from government employee retirement plans are not included. Contributions for government social insurance, which is subtracted to arrive at personal income, includes payments by employers, employees, the self-employed, and other individuals who participate in the following programs: old-age, survivors, and disability insurance (Social Security); hospital insurance and supplementary medical insurance (Medicare); unemployment insurance; railroad retirement; veterans’ life insurance; and temporary dis-
ability insurance. Contributions to government employee retirement plans are not included in this item. In the 2003 revision, there was a change in the tabular presentation of contributions for government social insurance but not in the concept of personal income. Before the revision, the components of personal income included only wages and salaries and “other labor income.” Personal contributions for social insurance were subtracted from that total. In the revision, the total compensation concept presented in the table includes wages and salaries and all supplements, including the employer social insurance payments. Both the employer and employee contributions are then subtracted to arrive at personal income. In either case, the effect is to end up with a personal income figure that is net of all social insurance taxes but not net of personal income taxes. Personal current taxes is tax payments (net of refunds) by persons residing in the United States that are not chargeable to business expense, including taxes on income, on realized net capital gains, and on personal property. As of the 1999 revisions, estate and gift taxes are classified as capital transfers and are not included in personal current taxes. Disposable personal income is personal income minus personal current taxes. It is the income from current production that is available to persons for spending or saving, but it is not the cash flow available since it excludes capital gains. Disposable personal income in chained (2000) dollars represents the inflation-adjusted value of disposable personal income. Personal outlays is the sum of personal consumption expenditures (defined below), personal interest payments, and personal current transfer payments. Personal current transfer payments to government includes donations, fees, and fines paid to federal, state, and local governments. These were formerly classified as “personal nontax payments” and included in the old “personal tax and nontax payments” total. Personal current transfer payments to the rest of the world (net) is personal remittances in cash and in kind to the rest of the world less such remittances from the rest of the world. Personal saving is derived by subtracting personal outlays from disposable personal income. It is the current saving of individuals (including proprietors), nonprofit institutions that primarily serve individuals, life insurance carriers, retirement funds (including those of government employees), private noninsured welfare funds, and private trust funds. Conceptually, personal saving may also be viewed as the sum of the net acquisition of financial assets and the change in physical assets less the sum of net borrowing and consumption of fixed capital. In either case, it is defined to exclude capital gains, whether realized or unrealized.
CHAPTER 4: CONSUMER INCOME AND SPENDING
Note that, in the context of national income accounting, the term just defined is saving, not “savings.” Saving refers to a flow of income during a particular time span (a year or a quarter, for example) that is not consumed. It is therefore available to finance a commensurate flow of investment during that time span. Strictly defined, “savings” denotes an accumulated stock of monetary funds—possibly the cumulative effects of successive periods of saving—available to the owner in asset form, such as a bank savings account. Personal consumption expenditures (PCE) is goods and services purchased by persons residing in the United States. Persons are defined as individuals and nonprofit institutions that primarily serve individuals. Most of PCE consists of purchases of new goods and services by individuals from businesses, including purchases financed by insurance (for example, by medical insurance). In addition, PCE includes purchases of new goods and services by nonprofit institutions, net purchases of used goods by individuals and nonprofit institutions, and purchases abroad of goods and services by U.S. residents traveling or working in foreign countries. PCE also includes purchases for certain goods and services provided by the government, primarily tuition payments for higher education, charges for medical care, and charges for water and sanitary services. Finally, PCE includes imputed purchases that keep PCE invariant to changes in the way that certain activities are carried out. For example, to take account of the value of the services provided by owneroccupied housing, PCE includes an imputation equal to what (estimated) rent homeowners would pay if they rented their houses from themselves. (Actual purchases of residential structures by individuals are classified as gross private domestic investment.) Tables 4-3 and 4-4 present personal consumption expenditures classified by major type of product: durable goods, nondurable goods, and services. Each of these three major categories is then subdivided according to the major type of expenditure. In general, durable goods are commodities that can be stored or inventoried and that have an average life of at least three years. Nondurable goods are all other commodities that can be stored or inventoried. This classification system is not always helpful with respect to the objective of spending. For example, the medical care component of services does not include drugs and medicines, which are included in nondurable goods. For a more precise classification of consumption spending by objective, see Table 4-5 and its description below. This classification is only available on an annual basis. Revisions Data in this book reflect the 2003 comprehensive revisions to the NIPAs and all further revisions available through August 2005.
87
See the notes and definitions to Chapter 1 for an explanation of a new revision schedule for wages and salaries and related components of the income side of the NIPAs. This will mean quarterly revisions for as much as seven months of previous data, affecting incomes and saving while leaving PCE and other components of GDP untouched. An important conceptual change was made in the 1999 comprehensive revision of the NIPAs. It affected the concepts of personal income and saving, as the retirement plans of federal, state, and local employees began to be treated like private pensions. Previously, these programs were treated as government social insurance programs. The most significant differences are that employer contributions to, and the dividends and interest received by, these retirement funds are now treated as a component of personal income, but benefits paid by the plans are treated as transactions within the personal sector rather than as transfer payments. In other words, this conceptual revision raised employer contributions for employee pension and insurance funds and dividends and interest, while reducing transfer payments received and personal contributions for social insurance. The effect was to move the accumulation of assets in these pension funds from the government surplus to the personal saving sector. Data availability Monthly data are made available in a BEA press release, normally distributed on the first business day following the monthly release of the latest national income and product account (NIPA) estimates. Monthly and quarterly data are subsequently published each month in the BEA’s Survey of Current Business. Current and historical data are available on the BEA Web site at , and may also be obtained from the STAT-USA subscription Web site at . References The latest revision is presented and described in an article on the national income and product accounts in the August 2005 Survey of Current Business. The preceding annual revision was described in the August 2004 issue, and the comprehensive revision is covered by the references to be found in the notes and definitions to Chapter 1. A discussion of monthly estimates of personal income and its disposition appears in the November 1979 Survey of Current Business. A more detailed description of concepts, sources, and methods used in estimating personal consumption expenditures appears in Personal Consumption Expenditures (NIPA Methodology Paper No. 6, 1990), available on the BEA Web site from the National Technical Information Service (NTIS Accession No. PB 90-254244). Additional and more recent information can be found in the articles listed in the notes and definitions for Tables 1-1 through 1-7 and Tables 1-9 through 1-13.
88
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
TABLE 4-5 PERSONAL CONSUMPTION EXPENDITURES BY TYPE OF EXPENDITURE SOURCE: BUREAU
OF
ECONOMIC ANALYSIS
In this table, also derived from the NIPA accounts, annual estimates of the current-dollar value of PCE are presented “by type of expenditure” instead of “by type of product.” The latter is the classification scheme used in Tables 4-3 and 4-4. The “type of expenditure” tabulations provide a more precise delineation of consumer spending by its ultimate objective. They cut across the categories of durable goods, nondurable goods, and services that are used in the quarterly estimates. The definitions of the expenditure types given below explain the relationship of each to the categories used in the “type of product” tables. Definitions Food and tobacco includes food, beverages (including alcoholic), and tobacco products, whether purchased for home consumption or on the premises of eating and drinking places. All the components are included in nondurable goods in the “major type of product” classification system. Clothing, accessories, and jewelry includes clothing and shoes from the nondurable goods category, jewelry and watches from the durables category, and cleaning, storage, and repair of clothing and shoes from the services category. Personal care includes toilet articles and preparations from nondurable goods and barbershops, beauty parlors, and health clubs from the services sector. Housing includes rents paid for rental housing, imputed rent of owner-occupied dwellings, and rent of hotels, motels, clubs, schools, and other group housing. All components are from the services group. Household operation includes furniture, appliances, and other durable household goods from durable goods; “semidurable” furnishings (such as textile goods), household supplies, and stationery from nondurable goods; and utilities, communications, domestic service, maintenance, insurance, and miscellaneous services from services. Medical care includes drug preparations and sundries from nondurable goods, ophthalmic and orthopedic products from durable goods, and the services of medical professionals, hospitals, nursing homes, and health insurance. Personal business includes financial, legal, funeral, and miscellaneous services.
Transportation includes the purchase of motor vehicles and parts from the durable goods category; gasoline and oil from nondurables; and tolls, insurance, transit, taxi, rail, bus, airline, and other transportation services. Recreation includes books, “wheel goods” (other than those classified in transportation), photo equipment, boats, pleasure aircraft, video, audio, musical instruments, computers, and software, all from durable goods; toys, sports supplies, flowers, seeds, and potted plants from nondurables; and a long list of recreational and cultural services, including legal gambling. (Activities that are illegal are outside the scope of the national income and product accounts.) Education and research includes all education and research expenditures in the service category, including the research of nonprofit institutions. Religious and welfare activities are all classified as services in the “major type of product” system. For nonprofits, this category equals current expenditures (including consumption of fixed capital) of religious, social welfare, foreign relief, and political organizations, and those of museums, libraries, and foundations. The expenditures are net of receipts—such as those from meals, rooms, and entertainments—accounted for separately in consumer expenditures. They exclude relief payments within the United States and expenditures by foundations for education and research. For proprietary and government institutions, the value for this category equals receipts from users. Foreign travel and other, net consists of foreign travel spending (services) and other expenditures abroad (nondurables) by U.S. residents minus expenditures in the United States by nonresidents (services) and personal remittances in kind to nonresidents (nondurables). Negative figures indicate that the sum of the first two terms is less than the sum of the second two terms. In practice, spending in the United States by foreigners exceeds spending on foreign travel by U.S. residents. Beginning with 1981, foreign travel spending by U.S. residents includes U.S. students’ expenditures abroad, and expenditures in the United States by nonresidents includes nonresidents’ student and medical care expenditures in the United States. Data availability and revisions Data are published once a year in supplemental NIPA tables in the Survey of Current Business, most recently in August 2005, reflecting the most recent NIPA revisions. They are also available on the BEA Web site at .
CHAPTER 5: SAVING AND INVESTMENT; BUSINESS SALES AND INVENTORIES Figure 5-1. National Saving, Investment, and Borrowing, 1946–2004 (percent of gross national income) 15
Percent
10
5
0
-5
-10 1946
1951
1956
1961
1966
1971
1976
1981
1986
1991
1996
2004
Year Net saving
Net domestic investment
Net lending or net borrowing (-)
• The current-dollar amount of net saving in the U.S. economy (excluding allowances for capital consumption) fell to 1.2 percent of gross national income (GNI) in 2004—a postwar record low and the lowest national saving rate since 1934. In 2000, the national net saving rate was 5.8 percent, which was already significantly lower than rates between the end of World War II and the early 1970s. Since 2000, the federal budget position has swung from saving into borrowing by nearly 600 billion dollars. Personal saving also declined, but was offset by an increase in retained corporate profits. (Tables 1-9 and 5-1) • While net saving declined consistently from 2000 through 2004, net domestic investment (gross investment minus depreciation) recovered to the 2000 level in 2004 after declining for two years. The excess of investment over saving was financed by an increase in borrowing overseas (a larger negative entry on the graph above) from 4.0 percent of GNI in 2000 to 5.6 percent of GNI in 2004. (Tables 1-9 and 5-1) • In terms of physical quantities, total gross private fixed investment rose 4.5 percent between 2000 and 2004. Nonresidential investment fell 3.7 percent, with structures down 20.7 percent while equipment and software rose 3.1 percent. Residential investment rose 25.7 percent. (Tables 5-3 and 5-4)
89
90
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 5-1. Saving and Investment (Billions of dollars, except as noted; quarterly data are at seasonally adjusted annual rates.)
NIPA Tables 1.7.5, 5.1
Gross saving Net saving
Consumption of fixed capital
Private Year and quarter Total Total Total
Personal saving
Government Undistributed corporate profits with IVA and CCAdj
Federal
Private
State and local
Total Total
Government
Domestic business
Households and institutions
Federal
State and local
1946 1947 1948 1949
................................. ................................. ................................. .................................
38.4 46.6 58.0 45.6
15.1 20.2 29.9 16.9
18.6 13.5 25.1 21.1
15.5 7.4 13.4 9.5
3.2 6.1 11.7 11.6
-5.0 5.3 3.6 -5.7
1.5 1.4 1.2 1.5
23.3 26.4 28.1 28.7
12.5 15.7 18.4 20.0
10.5 13.2 15.5 16.9
1.9 2.5 2.9 3.1
9.3 8.8 7.6 6.6
1.5 1.8 2.1 2.1
1950 1951 1952 1953 1954
................................. ................................. ................................. ................................. .................................
60.6 75.0 74.2 75.1 73.4
31.2 41.8 38.5 37.4 33.5
24.4 29.6 31.8 32.1 31.9
15.1 19.5 20.5 21.5 20.0
9.3 10.1 11.3 10.6 11.9
5.5 9.6 3.7 1.8 -1.6
1.3 2.6 3.0 3.5 3.2
29.4 33.2 35.7 37.8 39.9
21.5 24.6 26.1 27.3 28.7
18.1 20.7 21.9 22.9 24.1
3.3 3.8 4.2 4.4 4.7
5.8 6.1 6.8 7.6 8.3
2.1 2.6 2.7 2.8 2.9
1955 1956 1957 1958 1959
................................. ................................. ................................. ................................. .................................
88.0 99.4 99.6 90.8 106.2
45.9 53.0 49.7 38.8 53.2
36.7 41.0 42.2 41.3 46.0
19.7 25.8 27.0 28.3 26.7
17.0 15.3 15.2 13.0 19.4
5.7 7.6 3.3 -5.4 3.3
3.5 4.4 4.2 2.9 3.8
42.1 46.4 49.9 52.0 53.0
30.3 33.6 36.3 38.1 38.6
25.3 28.1 30.4 32.1 32.2
5.0 5.5 5.8 6.1 6.4
8.7 9.3 9.8 9.9 10.2
3.1 3.5 3.9 4.0 4.2
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
111.3 114.3 124.9 133.2 143.4
55.8 57.1 65.7 70.8 78.4
44.3 50.2 57.9 59.7 71.0
26.7 32.2 33.8 33.3 40.8
17.6 18.1 24.1 26.4 30.1
7.2 2.6 2.5 5.4 1.0
4.3 4.3 5.2 5.7 6.4
55.6 57.2 59.3 62.4 65.0
40.5 41.6 42.8 44.9 46.9
33.9 34.7 35.6 37.5 39.0
6.7 6.9 7.2 7.5 7.9
10.6 10.9 11.5 12.1 12.3
4.4 4.7 5.0 5.4 5.7
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
158.5 168.7 170.5 182.0 198.3
89.1 93.1 89.0 93.6 100.4
79.2 83.1 91.4 88.4 83.7
43.0 44.4 54.4 52.8 52.5
36.2 38.7 36.9 35.6 31.2
3.3 2.3 -9.4 -2.3 8.7
6.5 7.8 7.0 7.5 8.0
69.4 75.6 81.5 88.4 97.9
50.5 55.5 59.9 65.2 73.1
41.9 46.3 50.0 54.4 61.2
8.5 9.2 9.9 10.8 12.0
12.7 13.2 14.0 14.8 15.5
6.2 6.9 7.5 8.3 9.3
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
192.7 208.9 237.5 292.0 301.5
86.0 93.9 111.0 152.7 139.0
94.0 115.8 119.8 148.3 143.4
69.5 80.6 77.2 102.7 113.6
24.6 34.8 42.9 45.6 29.8
-15.2 -28.4 -24.4 -11.3 -13.8
7.1 6.5 15.6 15.7 9.3
106.7 115.0 126.5 139.3 162.5
80.0 86.7 97.1 107.9 126.6
67.2 72.5 80.9 89.9 105.9
12.9 14.2 16.2 18.0 20.7
16.1 16.5 16.6 17.1 18.2
10.6 11.8 12.8 14.3 17.7
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
297.0 342.1 397.5 478.0 536.7
109.2 137.0 167.5 215.7 236.6
175.8 181.3 198.5 223.5 234.9
125.6 122.3 125.3 142.5 159.1
50.2 59.0 73.2 81.0 75.7
-69.0 -51.7 -44.1 -26.5 -11.3
2.5 7.4 13.1 18.7 13.0
187.7 205.2 230.0 262.3 300.1
147.8 162.5 184.3 212.8 245.7
124.4 136.9 155.3 179.3 206.9
23.4 25.6 29.0 33.6 38.8
19.7 21.4 23.1 25.0 27.0
20.2 21.3 22.6 24.5 27.5
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
549.4 654.7 629.1 609.4 773.4
206.5 266.6 202.2 165.6 300.9
251.3 312.3 336.2 333.7 445.0
201.4 244.3 270.8 233.6 314.8
49.9 68.0 65.4 100.1 130.3
-53.6 -53.3 -131.9 -173.0 -168.1
8.8 7.6 -2.2 4.9 23.9
343.0 388.1 426.9 443.8 472.6
281.1 317.9 349.8 362.1 385.6
236.8 268.9 297.3 307.4 328.0
44.3 49.0 52.5 54.7 57.6
30.1 33.8 37.6 40.8 44.6
31.8 36.3 39.5 40.9 42.3
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
767.5 733.5 796.8 915.0 944.7
260.7 202.2 234.9 317.4 300.4
413.4 372.0 367.4 434.0 409.7
280.0 268.4 241.4 272.9 287.1
133.4 103.7 126.1 161.1 122.6
-175.0 -190.8 -145.0 -134.5 -130.1
22.3 21.0 12.4 17.9 20.8
506.7 531.3 561.9 597.6 644.3
414.0 431.8 455.3 483.5 522.1
353.0 366.9 385.7 408.9 440.6
61.0 64.9 69.5 74.6 81.5
48.1 51.6 55.2 59.3 63.5
44.6 47.9 51.4 54.8 58.7
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
940.4 964.1 948.2 962.4 1 070.7
258.0 238.2 196.3 186.0 237.1
422.7 456.1 493.0 458.6 438.9
299.4 324.2 366.0 284.0 249.5
123.3 131.9 142.7 168.1 171.8
-172.0 -213.7 -297.4 -273.5 -212.3
7.2 -4.2 0.7 0.9 10.5
682.5 725.9 751.9 776.4 833.7
551.6 586.9 607.3 624.7 675.1
466.4 497.4 510.5 524.6 568.0
85.1 89.5 96.8 100.1 107.1
67.9 72.2 74.7 77.9 80.2
63.0 66.9 69.9 73.8 78.5
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
1 184.5 1 291.1 1 461.1 1 598.7 1 674.3
306.2 373.0 486.6 568.6 573.0
491.1 489.0 503.3 477.8 419.0
250.9 228.4 218.3 276.8 158.6
223.8 256.9 287.9 201.7 255.3
-197.0 -141.8 -55.8 38.8 103.6
12.0 25.8 39.1 52.0 50.4
878.4 918.1 974.4 1 030.2 1 101.3
713.4 748.8 800.3 851.2 914.3
600.2 630.7 675.2 718.3 769.8
113.2 118.2 125.1 132.9 144.5
81.9 82.0 82.5 82.8 84.8
83.1 87.2 91.6 96.2 102.1
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
1 770.5 1 657.6 1 489.1 1 474.1 1 572.0
582.7 376.1 197.1 142.7 136.8
343.3 324.6 479.2 549.3 549.1
168.5 132.3 184.7 172.8 151.8
174.8 192.3 294.5 376.5 397.3
189.5 46.7 -247.9 -382.7 -406.5
50.0 4.8 -34.2 -23.8 -5.9
1 187.8 1 281.5 1 292.0 1 331.3 1 435.3
990.8 1 075.5 1 080.3 1 112.8 1 206.2
836.1 903.7 893.6 911.5 973.3
154.8 171.7 186.8 201.3 232.8
87.2 88.2 88.9 90.3 93.8
109.8 117.8 122.7 128.3 135.3
2002 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
1 535.7 1 512.6 1 461.5 1 446.6
253.7 224.4 166.7 143.8
497.4 500.9 445.4 473.3
225.4 221.2 153.0 139.3
272.0 279.7 292.4 334.0
-208.5 -241.4 -247.3 -294.6
-35.3 -35.1 -31.4 -34.9
1 282.0 1 288.2 1 294.9 1 302.7
1 073.1 1 077.5 1 082.4 1 088.4
892.3 892.5 893.5 896.0
180.8 184.9 188.8 192.5
88.6 88.6 88.8 89.4
120.3 122.1 123.7 124.9
2003 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
1 413.3 1 456.8 1 470.0 1 556.2
101.4 133.0 132.8 203.7
465.2 532.9 602.8 596.2
154.0 169.6 205.1 162.6
311.3 363.4 397.7 433.6
-296.0 -373.8 -456.2 -405.0
-67.8 -26.1 -13.8 12.5
1 311.8 1 323.8 1 337.2 1 352.5
1 095.7 1 105.8 1 117.8 1 131.8
900.6 906.8 914.5 924.0
195.1 199.0 203.3 207.8
89.6 90.4 90.5 90.6
126.5 127.7 128.9 130.0
2004 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
1 534.7 1 546.4 1 590.1 1 617.0
163.6 152.6 56.0 174.9
599.4 567.6 486.9 542.6
155.8 141.2 104.6 205.4
443.5 426.4 382.3 337.2
-429.3 -413.4 -411.6 -371.6
-6.5 -1.6 -19.3 4.0
1 371.1 1 393.8 1 534.1 1 442.0
1 147.8 1 165.8 1 303.5 1 207.6
935.1 947.9 1 032.0 978.4
212.7 217.9 271.5 229.2
91.8 93.4 94.2 95.9
131.5 134.6 136.4 138.6
CHAPTER 5: SAVING AND INVESTMENT; BUSINESS SALES AND INVENTORIES
91
Table 5-1. Saving and Investment—Continued (Billions of dollars, except as noted; quarterly data are at seasonally adjusted annual rates.)
NIPA Tables 1.7.5, 5.1
Gross domestic investment, capital account transactions, and net lending, NIPAs Gross domestic investment
Year and quarter Total Total
Private
Government
Capital account transactions (net)
Net lending or net borrowing (-), NIPAs
Statistical discrepancy
Net domestic investment
Gross national income
Gross saving Net saving as as a a percentage percentage of of gross gross national national income income
1946 1947 1948 1949
................................. ................................. ................................. .................................
39.6 48.8 57.5 47.4
34.6 39.6 55.1 46.6
31.1 35.0 48.1 36.9
3.5 4.6 7.0 9.7
... ... ... ...
4.9 9.3 2.4 0.9
1.2 2.3 -0.5 1.8
11.3 13.2 27.0 17.9
221.8 243.0 271.1 266.7
17.3 19.2 21.4 17.1
6.8 8.3 11.0 6.3
1950 1951 1952 1953 1954
................................. ................................. ................................. ................................. .................................
62.0 78.7 77.0 79.2 76.6
63.9 77.8 76.3 80.4 76.3
54.1 60.2 54.0 56.4 53.8
9.8 17.6 22.3 24.0 22.5
... ... ... ... ...
-1.8 0.9 0.6 -1.3 0.2
1.4 3.6 2.8 4.0 3.2
34.4 44.5 40.6 42.7 36.4
293.8 337.6 357.5 377.2 379.3
20.6 22.2 20.7 19.9 19.3
10.6 12.4 10.8 9.9 8.8
1955 1956 1957 1958 1959
................................. ................................. ................................. ................................. .................................
90.5 97.7 99.6 91.9 106.7
90.0 94.9 94.8 91.0 107.8
69.0 72.0 70.5 64.5 78.5
21.0 22.9 24.4 26.5 29.3
... ... ... ... ...
0.4 2.8 4.8 0.9 -1.2
2.5 -1.7 0.0 1.0 0.5
47.9 48.5 45.0 38.9 54.8
414.8 441.9 464.1 468.8 508.9
21.2 22.5 21.5 19.4 20.9
11.1 12.0 10.7 8.3 10.4
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
110.4 113.8 125.3 132.4 144.2
107.2 109.5 121.4 127.4 136.7
78.9 78.2 88.1 93.8 102.1
28.3 31.3 33.3 33.6 34.6
... ... ... ... ...
3.2 4.3 3.9 5.0 7.5
-0.9 -0.6 0.4 -0.8 0.8
51.6 52.3 62.2 65.0 71.7
530.4 548.8 589.4 623.0 667.7
21.0 20.8 21.2 21.4 21.5
10.5 10.4 11.1 11.4 11.7
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
160.0 175.0 175.1 186.6 201.5
153.8 171.1 171.6 184.8 199.7
118.2 131.3 128.6 141.2 156.4
35.6 39.8 43.0 43.6 43.3
... ... ... ... ...
6.2 3.9 3.6 1.7 1.8
1.6 6.3 4.6 4.6 3.2
84.4 95.5 90.1 96.5 101.8
722.8 786.6 833.4 911.5 987.6
21.9 21.4 20.5 20.0 20.1
12.3 11.8 10.7 10.3 10.2
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
200.0 220.5 246.6 300.7 312.3
196.0 219.9 250.2 291.3 305.7
152.4 178.2 207.6 244.5 249.4
43.6 41.8 42.6 46.8 56.3
... ... ... ... ...
4.0 0.6 -3.6 9.3 6.6
7.3 11.6 9.1 8.6 10.9
89.3 104.9 123.7 152.1 143.2
1 037.6 1 123.1 1 237.7 1 386.7 1 504.6
18.6 18.6 19.2 21.1 20.0
8.3 8.4 9.0 11.0 9.2
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
314.7 367.2 419.8 504.6 582.8
293.3 358.4 428.8 515.0 581.4
230.2 292.0 361.3 438.0 492.9
63.1 66.4 67.5 77.1 88.5
... ... ... ... ...
21.4 8.9 -9.0 -10.4 1.4
17.7 25.1 22.3 26.6 46.0
105.6 153.2 198.8 252.7 281.2
1 633.6 1 817.0 2 028.9 2 289.7 2 549.2
18.2 18.8 19.6 20.9 21.1
6.7 7.5 8.3 9.4 9.3
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
590.9 685.6 629.4 655.1 788.0
579.5 679.3 629.5 687.2 875.0
479.3 572.4 517.2 564.3 735.6
100.3 106.9 112.3 122.9 139.4
... ... -0.2 -0.2 -0.2
11.4 6.3 0.0 -31.8 -86.7
41.4 30.9 0.3 45.7 14.6
236.6 291.2 202.6 243.4 402.4
2 782.3 3 130.4 3 291.2 3 528.0 3 954.9
19.7 20.9 19.1 17.3 19.6
7.4 8.5 6.1 4.7 7.6
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
784.1 780.5 818.5 895.5 984.3
895.0 919.7 969.2 1 007.7 1 072.6
736.2 746.5 785.0 821.6 874.9
158.8 173.2 184.3 186.1 197.7
-0.3 -0.3 -0.4 -0.5 -0.3
-110.5 -138.9 -150.4 -111.7 -88.0
16.7 47.0 21.7 -19.5 39.7
388.3 388.4 407.3 410.1 428.4
4 230.1 4 433.6 4 735.7 5 147.0 5 470.9
18.1 16.5 16.8 17.8 17.3
6.2 4.6 5.0 6.2 5.5
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
1 006.7 1 036.6 1 051.0 1 102.0 1 213.2
1 076.7 1 023.2 1 087.9 1 172.4 1 318.4
861.0 802.9 864.8 953.4 1 097.1
215.7 220.3 223.1 219.0 221.4
6.6 4.5 0.6 1.3 1.7
-76.6 9.0 -37.5 -71.7 -106.9
66.2 72.5 102.7 139.5 142.5
394.2 297.3 336.0 395.9 484.7
5 771.6 5 953.8 6 264.7 6 549.8 6 955.9
16.3 16.2 15.1 14.7 15.4
4.5 4.0 3.1 2.8 3.4
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
1 285.7 1 384.8 1 531.7 1 584.1 1 638.5
1 376.7 1 485.2 1 641.9 1 771.5 1 912.4
1 144.0 1 240.3 1 389.8 1 509.1 1 625.7
232.7 244.9 252.2 262.4 286.8
0.9 0.7 1.0 0.7 4.8
-91.9 -101.0 -111.3 -188.1 -278.7
101.2 93.7 70.7 -14.6 -35.7
498.4 567.1 667.5 741.3 811.2
7 332.3 7 758.2 8 266.6 8 783.0 9 337.9
16.2 16.6 17.7 18.2 17.9
4.2 4.8 5.9 6.5 6.1
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
1 643.3 1 567.9 1 468.1 1 521.1 1 648.9
2 040.0 1 938.3 1 926.4 2 025.6 2 300.6
1 735.5 1 614.3 1 582.1 1 670.4 1 928.1
304.5 324.0 344.3 355.3 372.5
0.8 1.1 1.4 3.2 1.6
-397.4 -371.5 -459.7 -507.7 -653.4
-127.2 -89.6 -21.0 47.1 76.8
852.1 656.9 634.4 694.3 865.3
9 983.1 10 261.3 10 521.2 10 992.3 11 711.2
17.7 16.2 14.2 13.4 13.4
5.8 3.7 1.9 1.3 1.2
2002 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
1 482.1 1 455.9 1 476.1 1 458.3
1 903.1 1 915.4 1 939.7 1 947.4
1 564.1 1 571.4 1 592.9 1 600.1
339.0 343.9 346.8 347.4
1.2 1.2 1.5 1.6
-422.2 -460.7 -465.1 -490.7
-53.6 -56.7 14.6 11.7
621.1 627.2 644.8 644.7
10 413.1 10 499.9 10 542.4 10 629.4
14.7 14.4 13.9 13.6
2.4 2.1 1.6 1.4
2003 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
1 429.8 1 471.2 1 555.3 1 628.2
1 958.9 1 974.5 2 054.4 2 114.7
1 610.0 1 619.3 1 694.2 1 757.9
349.0 355.2 360.1 356.8
1.7 6.4 3.3 1.4
-530.8 -509.6 -502.4 -487.9
16.6 14.4 85.3 72.0
647.1 650.6 717.2 762.2
10 745.4 10 897.0 11 069.4 11 257.2
13.2 13.4 13.3 13.8
0.9 1.2 1.2 1.8
2004 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
1 612.5 1 654.5 1 680.9 1 647.6
2 178.7 2 303.4 2 334.0 2 386.2
1 818.2 1 928.5 1 961.2 2 004.5
360.4 375.0 372.9 381.7
1.7 1.5 1.6 1.8
-567.9 -650.4 -654.7 -740.4
77.8 108.1 90.8 30.6
807.5 909.6 799.9 944.2
11 462.3 11 604.7 11 776.5 12 001.4
13.4 13.3 13.5 13.5
1.4 1.3 0.5 1.5
. . . = Not available.
92
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 5-2. Gross Private Fixed Investment by Type (Billions of dollars, quarterly data are at seasonally adjusted annual rates.)
NIPA Table 5.3.5 Nonresidential
Structures Year and quarter
Total gross private fixed investment
Total
Commercial and health care
Total
Manufacturing
Equipment and software
Power and communication
Information processing equipment and software
Mining exploration, shafts, and wells
Other nonresidential structures
Computers and peripheral equipment
Total Total
1947 ................................. 1948 ................................. 1949 .................................
35.5 42.4 39.6
23.5 26.8 24.9
8.1 9.5 9.2
1.1 1.5 1.4
1.7 1.4 1.0
1.8 2.4 2.7
0.9 1.2 1.2
2.6 2.9 2.9
15.3 17.3 15.7
1.7 1.8 1.6
... ... ...
1950 1951 1952 1953 1954
................................. ................................. ................................. ................................. .................................
48.3 50.3 50.5 54.5 55.8
27.8 31.8 31.9 35.1 34.7
10.0 12.0 12.2 13.6 13.9
1.8 1.9 1.6 2.1 2.6
1.1 2.1 2.3 2.2 2.0
2.8 3.0 3.1 3.6 3.3
1.4 1.7 2.0 2.1 2.3
2.9 3.2 3.3 3.5 3.6
17.8 19.9 19.7 21.5 20.8
1.8 2.1 2.4 2.7 2.4
... ... ... ... ...
1955 1956 1957 1958 1959
................................. ................................. ................................. ................................. .................................
64.0 68.1 69.7 64.9 74.6
39.0 44.5 47.5 42.5 46.5
15.2 18.2 19.0 17.6 18.1
3.4 4.2 4.1 4.2 4.6
2.3 3.2 3.6 2.4 2.1
3.3 4.1 4.5 4.4 4.3
2.5 2.7 2.6 2.4 2.5
3.7 4.0 4.1 4.2 4.7
23.9 26.3 28.6 24.9 28.4
2.8 3.4 4.0 3.6 4.0
... ... ... ... 0.0
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
75.7 75.2 82.0 88.1 97.2
49.4 48.8 53.1 56.0 63.0
19.6 19.7 20.8 21.2 23.7
4.8 5.5 6.2 6.1 6.8
2.9 2.8 2.8 2.9 3.6
4.4 4.1 4.1 4.4 4.8
2.3 2.3 2.5 2.3 2.4
5.2 5.0 5.2 5.6 6.2
29.8 29.1 32.3 34.8 39.2
4.9 5.3 5.7 6.5 7.4
0.2 0.3 0.3 0.7 0.9
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
109.0 117.7 118.7 132.1 147.3
74.8 85.4 86.4 93.4 104.7
28.3 31.3 31.5 33.6 37.7
8.2 8.3 8.2 9.4 11.7
5.1 6.6 6.0 6.0 6.8
5.4 6.3 7.1 8.3 8.7
2.4 2.5 2.4 2.6 2.8
7.2 7.8 7.8 7.3 7.8
46.5 54.0 54.9 59.9 67.0
8.5 10.7 11.3 11.9 14.6
1.2 1.7 1.9 1.9 2.4
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
150.4 169.9 198.5 228.6 235.4
109.0 114.1 128.8 153.3 169.5
40.3 42.7 47.2 55.0 61.2
12.5 14.9 17.6 19.8 20.6
7.0 6.3 5.9 7.9 10.0
10.2 11.0 12.1 13.8 15.1
2.8 2.7 3.1 3.5 5.2
7.8 7.9 8.6 9.9 10.3
68.7 71.5 81.7 98.3 108.2
16.6 17.3 19.5 23.1 27.0
2.7 2.8 3.5 3.5 3.9
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
236.5 274.8 339.0 412.2 474.9
173.7 192.4 228.7 280.6 333.9
61.4 65.9 74.6 93.6 117.7
17.7 18.1 20.3 25.3 33.5
10.6 10.1 11.1 16.2 22.0
15.7 18.2 19.3 21.4 24.6
7.4 8.6 11.5 15.4 19.0
10.1 11.0 12.5 15.2 18.5
112.4 126.4 154.1 187.0 216.2
28.5 32.7 39.2 48.7 58.5
3.6 4.4 5.7 7.6 10.2
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
485.6 542.6 532.1 570.1 670.2
362.4 420.0 426.5 417.2 489.6
136.2 167.3 177.6 154.3 177.4
41.0 48.3 55.8 55.8 70.6
20.5 25.4 26.1 19.5 20.9
27.3 30.0 29.6 25.8 26.5
27.4 42.5 44.8 30.0 31.3
20.0 21.2 21.3 23.3 28.1
226.2 252.7 248.9 262.9 312.2
68.8 81.5 88.3 100.1 121.5
12.5 17.1 18.9 23.9 31.6
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
714.4 739.9 757.8 803.1 847.3
526.2 519.8 524.1 563.8 607.7
194.5 176.5 174.2 182.8 193.7
84.1 80.9 80.8 86.3 88.3
24.1 21.0 21.2 23.2 28.8
26.5 28.3 25.4 25.0 27.5
27.9 15.7 13.1 15.7 14.9
31.8 30.7 33.7 32.5 34.3
331.7 343.3 349.9 381.0 414.0
130.3 136.8 141.2 154.9 172.6
33.7 33.4 35.8 38.0 43.1
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
846.4 803.3 848.5 932.5 1 033.3
622.4 598.2 612.1 666.6 731.4
202.9 183.6 172.6 177.2 186.8
87.5 68.9 64.5 69.4 75.4
33.6 31.4 29.0 23.6 28.9
26.3 31.6 33.9 33.2 31.2
17.9 18.5 14.2 16.6 16.4
37.6 33.2 31.0 34.5 34.9
419.5 414.6 439.6 489.4 544.6
177.2 182.9 199.9 217.6 235.2
38.6 37.7 44.0 47.9 52.4
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
1 112.9 1 209.5 1 317.8 1 438.4 1 558.8
810.0 875.4 968.7 1 052.6 1 133.9
207.3 224.6 250.3 275.2 282.2
83.1 91.5 104.3 115.4 124.3
35.5 38.2 37.6 40.5 32.6
33.1 29.2 28.8 33.6 39.5
15.0 16.8 22.4 23.4 20.6
40.6 49.0 57.3 62.3 65.2
602.8 650.8 718.3 777.3 851.7
263.0 290.1 330.3 363.4 411.0
66.1 72.8 81.4 87.2 96.0
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
1 679.0 1 646.1 1 570.2 1 654.9 1 872.6
1 232.1 1 176.8 1 066.3 1 082.4 1 198.8
313.2 322.6 279.2 276.9 298.4
137.6 134.9 116.8 112.4 121.9
31.8 29.5 17.8 16.7 18.4
46.8 49.6 49.5 43.6 40.0
27.2 39.2 35.6 45.5 56.2
69.9 69.4 59.5 58.7 61.9
918.9 854.2 787.1 805.6 900.4
467.6 437.0 399.4 405.7 447.0
101.4 85.4 77.2 77.6 91.6
2002 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
1 572.4 1 568.8 1 566.8 1 572.8
1 085.2 1 067.8 1 061.4 1 050.7
292.2 280.9 272.1 271.7
122.9 117.9 114.1 112.2
20.4 18.4 16.3 16.1
55.8 50.2 45.7 46.5
32.0 33.4 38.0 39.1
61.2 61.0 58.0 57.9
793.0 787.0 789.3 779.0
402.9 400.3 403.7 390.6
79.7 76.4 78.1 74.8
2003 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
1 588.2 1 619.7 1 683.7 1 728.2
1 048.2 1 066.8 1 098.8 1 116.0
268.4 277.1 279.0 283.0
110.1 110.9 113.3 115.2
15.9 17.1 17.0 17.0
45.1 43.3 41.8 44.1
40.5 45.7 47.8 48.0
56.8 60.0 59.2 58.6
779.8 789.7 819.8 833.0
392.0 395.3 412.9 422.8
73.9 75.0 79.1 82.3
2004 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
1 772.7 1 856.6 1 908.7 1 952.6
1 140.7 1 182.7 1 219.0 1 252.9
285.3 296.3 302.1 309.8
115.9 123.2 124.9 123.8
17.1 16.9 17.9 21.5
42.6 38.2 39.6 39.6
51.5 56.2 56.0 61.1
58.3 61.8 63.7 63.8
855.3 886.5 916.9 943.1
436.5 444.3 450.9 456.3
86.6 90.0 92.3 97.5
. . . = Not available.
CHAPTER 5: SAVING AND INVESTMENT; BUSINESS SALES AND INVENTORIES
93
Table 5-2. Gross Private Fixed Investment by Type—Continued (Billions of dollars, quarterly data are at seasonally adjusted annual rates.)
Year and quarter
NIPA Table 5.3.5
Nonresidential—Continued
Residential
Equipment and software—Continued
Residential structures
Information processing equipment and software —Continued
Permanent site Industrial equipment
Transportation equipment
Other nonresidential equipment
Total
Residential equipment
Multifamily
Other residential structures
... ... ...
... ... ...
3.5 4.2 3.7
0.3 0.3 0.3
16.1 13.8 13.4 13.9 15.4
... ... ... ... ...
... ... ... ... ...
4.0 4.3 4.9 5.1 5.3
0.4 0.4 0.4 0.4 0.4
24.6 23.1 21.7 21.9 27.5
18.6 16.5 15.1 15.4 19.7
... ... ... 13.1 16.7
... ... ... 2.3 3.0
6.0 6.6 6.6 6.4 7.9
0.4 0.5 0.5 0.5 0.6
26.3 26.4 29.0 32.1 34.3
25.8 25.9 28.4 31.5 33.6
17.5 17.4 19.9 22.4 24.1
14.9 14.1 15.1 16.0 17.6
2.6 3.3 4.8 6.4 6.4
8.3 8.5 8.5 9.1 9.5
0.5 0.5 0.5 0.6 0.6
11.0 12.7 12.4 13.0 14.4
34.2 32.3 32.4 38.7 42.6
33.5 31.6 31.6 37.9 41.6
23.8 21.8 21.5 26.7 29.2
17.8 16.6 16.8 19.5 19.7
6.0 5.2 4.7 7.2 9.5
9.7 9.8 10.1 11.1 12.4
0.7 0.7 0.7 0.9 1.0
16.2 18.4 21.8 26.6 26.3
15.6 16.3 19.0 22.6 24.3
41.4 55.8 69.7 75.3 66.0
40.2 54.5 68.1 73.6 64.1
27.1 38.7 50.1 54.6 43.4
17.5 25.8 32.8 35.2 29.7
9.5 12.9 17.2 19.4 13.7
13.2 15.8 18.0 19.0 20.7
1.1 1.3 1.5 1.7 1.9
31.3 34.1 39.4 47.7 56.2
25.2 30.0 39.3 47.3 53.6
27.4 29.6 36.3 43.2 47.9
62.7 82.5 110.3 131.6 141.0
60.8 80.4 107.9 128.9 137.8
36.3 50.8 72.2 85.6 89.3
29.6 43.9 62.2 72.8 72.3
6.7 6.9 10.0 12.8 17.0
24.5 29.6 35.7 43.3 48.6
1.9 2.1 2.4 2.7 3.2
46.4 52.5 55.3 59.8 69.6
60.7 65.5 62.7 58.9 68.1
48.4 50.6 46.8 53.5 64.4
48.3 55.2 51.2 50.4 58.1
123.2 122.6 105.7 152.9 180.6
119.8 118.9 102.0 148.6 175.9
69.6 69.4 57.0 95.0 114.6
52.9 52.0 41.5 72.5 86.4
16.7 17.5 15.5 22.4 28.2
50.2 49.5 45.0 53.7 61.3
3.4 3.6 3.7 4.2 4.7
23.8 25.6 29.0 34.2 41.9
72.9 77.7 76.4 82.8 87.6
72.5 75.4 76.7 84.2 93.3
69.0 70.5 68.1 72.9 67.9
59.9 60.7 63.9 69.0 80.2
188.2 220.1 233.7 239.3 239.5
183.1 214.6 227.9 233.2 233.4
115.9 135.2 142.7 142.4 143.2
87.4 104.1 117.2 120.1 120.9
28.5 31.0 25.5 22.3 22.3
67.2 79.4 85.2 90.9 90.1
5.1 5.5 5.8 6.1 6.1
................................. ................................. ................................. ................................. .................................
47.6 53.7 57.9 64.3 68.3
90.9 91.5 98.1 105.4 114.6
92.1 89.3 93.0 102.2 113.6
70.0 71.5 74.7 89.4 107.7
80.2 70.8 72.0 80.2 88.1
224.0 205.1 236.3 266.0 301.9
218.0 199.4 230.4 259.9 295.6
132.1 114.6 135.1 150.9 176.4
112.9 99.4 122.0 140.1 162.3
19.3 15.1 13.1 10.8 14.1
85.8 84.8 95.3 109.0 119.2
6.0 5.7 5.9 6.1 6.2
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
74.6 85.5 107.5 124.0 152.6
122.3 131.9 141.4 152.2 162.4
129.0 136.5 140.4 146.4 147.0
116.1 123.2 135.5 144.0 167.6
94.7 101.0 112.1 123.5 126.0
302.8 334.1 349.1 385.8 424.9
296.5 327.8 342.8 379.3 417.8
171.4 191.1 198.1 224.0 251.3
153.5 170.8 175.2 199.4 223.8
17.9 20.3 22.9 24.6 27.4
125.1 136.7 144.8 155.3 166.6
6.3 6.3 6.3 6.6 7.0
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
176.2 174.7 167.6 170.0 178.5
190.0 177.0 154.5 158.2 176.9
159.2 146.7 135.7 137.1 145.3
160.8 141.7 126.3 127.9 151.9
131.2 128.8 125.7 134.8 156.2
446.9 469.3 503.9 572.5 673.8
439.5 461.9 496.3 564.7 665.4
265.0 279.4 298.8 345.7 416.1
236.8 249.1 265.9 310.6 377.6
28.3 30.3 33.0 35.1 38.5
174.5 182.5 197.5 219.0 249.4
7.4 7.4 7.6 7.8 8.4
2002 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
165.9 167.7 171.0 166.0
157.3 156.2 154.7 149.9
136.7 133.6 136.0 136.4
130.6 126.9 123.1 124.7
122.8 126.1 126.5 127.3
487.2 501.0 505.4 522.1
479.6 493.3 497.8 514.5
286.6 297.2 301.0 310.7
254.3 264.0 267.9 277.4
32.2 33.2 33.1 33.3
193.0 196.2 196.9 203.8
7.6 7.7 7.6 7.6
2003 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
165.6 166.7 173.0 174.6
152.5 153.6 160.8 165.9
140.7 137.6 136.9 133.3
119.0 127.2 131.6 133.7
128.1 129.5 138.4 143.3
540.0 552.9 584.9 612.2
532.4 545.2 576.9 604.1
326.2 330.4 349.4 376.8
291.4 296.2 313.8 341.0
34.9 34.2 35.6 35.8
206.2 214.8 227.5 227.3
7.5 7.7 8.0 8.1
2004 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
176.1 176.9 179.9 181.1
173.9 177.4 178.6 177.8
139.9 139.5 149.3 152.6
133.3 150.3 155.6 168.4
145.6 152.4 161.0 165.8
632.0 673.9 689.7 699.7
623.8 665.5 681.3 691.1
390.8 414.6 427.6 431.2
354.5 376.7 388.1 390.9
36.3 37.9 39.5 40.3
233.0 251.0 253.7 259.8
8.2 8.3 8.4 8.6
Total
Software 1
Other information processing
1947 ................................. 1948 ................................. 1949 .................................
... ... ...
1.7 1.8 1.6
4.6 4.6 3.7
4.9 5.5 5.7
4.1 5.4 4.7
12.1 15.6 14.6
11.8 15.3 14.3
8.3 11.2 10.7
1950 1951 1952 1953 1954
................................. ................................. ................................. ................................. .................................
... ... ... ... ...
1.8 2.1 2.4 2.7 2.4
4.5 5.7 5.9 6.7 7.1
6.4 6.6 5.7 6.6 6.0
5.1 5.5 5.6 5.6 5.3
20.5 18.4 18.6 19.4 21.1
20.2 18.1 18.2 19.0 20.7
1955 1956 1957 1958 1959
................................. ................................. ................................. ................................. .................................
... ... ... ... 0.0
2.8 3.4 4.0 3.6 4.0
7.3 8.8 9.6 8.2 8.5
7.5 7.4 8.3 6.1 8.3
6.3 6.7 6.7 6.9 7.6
25.0 23.6 22.2 22.3 28.1
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
0.1 0.2 0.2 0.4 0.5
4.6 4.8 5.1 5.4 5.9
9.4 8.8 9.3 10.0 11.4
8.5 8.0 9.8 9.4 10.6
7.1 7.0 7.5 8.8 9.9
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
0.7 1.0 1.2 1.3 1.8
6.7 8.0 8.2 8.7 10.4
13.7 16.2 16.9 17.3 19.1
13.2 14.5 14.3 17.6 18.9
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
2.3 2.4 2.8 3.2 3.9
11.6 12.2 13.2 16.3 19.2
20.3 19.5 21.4 26.0 30.7
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
4.8 5.2 5.5 6.3 8.1
20.2 23.1 28.0 34.8 40.2
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
9.8 11.8 14.0 16.4 20.4
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
1990 1991 1992 1993 1994
1Excludes
software "embedded," or bundled, in computers and other equipment. . . . = Not available.
Total
Single family
94
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Figure 5-2. Private Fixed Investment by Type, 1948 and 2004 1948
2004
Information processing 4.2% Other nonresidential equipment 36.6%
Residential investment 36.8% Nonresidential structures 22.4%
Information processing 23.9%
Residential investment 36%
Other nonresidential equipment 24.2%
Nonresidential structures 15.9%
• The boom in residential fixed investment during the first years of the new century brought that category of spending almost back to its share in 1948. Within nonresidential investment spending, information processing took a much larger share, while the shares for structures and other types of equipment declined. (Table 5-2)
95
CHAPTER 5: SAVING AND INVESTMENT; BUSINESS SALES AND INVENTORIES Table 5-3. Real Gross Private Fixed Investment by Type (Billions of chained [2000] dollars, quarterly data are at seasonally adjusted annual rates.)
NIPA Table 5.3.6
Nonresidential Structures Year and quarter
Total gross private fixed investment
Total Total
Commercial and health care
Manufacturing
Equipment and software
Power and communication
Information processing equipment and software
Mining exploration, shafts, and wells
Other nonresidential structures
Total Total
Computers and peripheral equipment 1
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
886.6 829.1 878.3 953.5 1 042.3
595.1 563.2 581.3 631.9 689.9
275.2 244.6 229.9 228.3 232.3
119.6 92.9 86.4 89.9 94.1
45.4 41.8 38.4 30.2 35.7
33.4 39.6 42.0 39.3 35.6
26.6 26.0 21.5 24.8 23.9
50.4 43.8 40.6 43.8 42.8
355.0 345.9 371.1 417.4 467.2
100.7 105.9 122.2 138.2 155.7
... ... ... ... ...
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
1 109.6 1 209.2 1 320.6 1 455.0 1 576.3
762.5 833.6 934.2 1 037.8 1 133.3
247.1 261.1 280.1 294.5 293.2
99.7 107.4 118.6 125.4 129.4
42.1 44.2 42.3 43.7 33.9
36.3 31.3 30.1 34.7 40.8
20.3 21.5 25.3 23.3 21.3
47.9 56.4 63.9 67.4 67.9
523.1 578.7 658.3 745.6 840.2
182.7 218.9 269.9 328.9 398.5
... ... ... ... ...
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
1 679.0 1 629.4 1 544.6 1 600.0 1 755.1
1 232.1 1 180.5 1 071.5 1 085.0 1 186.7
313.2 306.1 253.8 243.1 248.4
137.6 130.3 109.8 102.8 105.0
31.8 28.5 16.7 15.4 16.2
46.8 48.2 47.1 40.5 35.7
27.2 32.0 24.5 28.8 33.5
69.9 66.6 55.9 53.6 53.9
918.9 874.2 820.2 846.8 947.6
467.6 459.0 437.4 459.7 522.4
... ... ... ... ...
1993 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
919.1 939.7 956.3 998.7
609.6 625.9 632.8 659.3
226.9 226.6 227.7 231.9
89.3 89.8 88.5 92.0
30.6 28.9 30.5 30.6
41.6 39.4 38.2 37.9
24.1 23.6 24.5 27.0
40.7 44.4 45.6 44.5
398.3 413.1 418.6 439.7
132.1 134.8 141.8 144.4
... ... ... ...
1994 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
1 011.6 1 036.0 1 046.4 1 075.1
665.9 679.3 692.0 722.6
222.4 235.0 234.7 237.1
87.7 96.9 96.0 95.8
31.4 35.6 36.6 39.1
36.2 35.2 35.4 35.6
23.7 23.3 23.8 25.0
43.1 43.8 42.7 41.7
452.1 455.7 467.4 493.7
149.0 152.7 157.1 164.0
... ... ... ...
1995 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
1 099.6 1 095.5 1 110.1 1 133.3
752.1 757.4 762.5 777.9
243.1 247.9 249.8 247.7
99.0 100.3 100.1 99.3
40.0 43.3 43.0 42.0
37.2 37.3 36.4 34.4
22.0 20.0 19.6 19.6
44.4 46.1 49.7 51.5
516.5 517.8 521.2 537.0
171.6 180.2 184.1 194.8
... ... ... ...
1996 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
1 161.8 1 199.7 1 227.4 1 247.8
797.1 820.0 847.3 870.1
252.1 257.6 260.7 273.8
99.6 106.0 109.4 114.5
44.3 43.4 42.5 46.8
32.8 31.2 30.1 30.9
20.4 21.9 21.9 22.1
54.4 54.9 56.8 59.3
551.6 568.7 591.8 602.9
205.1 214.1 224.3 232.0
... ... ... ...
1997 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
1 272.0 1 299.4 1 349.6 1 361.4
892.2 914.3 961.1 969.0
276.2 273.7 284.2 286.3
119.4 114.6 120.9 119.4
42.4 40.9 43.6 42.2
29.1 29.5 30.6 31.3
24.8 25.6 25.1 25.7
60.7 63.2 64.1 67.8
621.8 644.7 680.5 686.3
246.6 260.7 280.6 291.5
... ... ... ...
1998 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
1 402.4 1 444.5 1 465.1 1 507.7
1 001.6 1 032.5 1 042.4 1 074.7
286.7 298.0 295.5 297.6
120.8 126.7 124.7 129.5
44.8 44.6 43.2 42.1
34.0 34.9 35.1 35.0
23.6 24.0 23.9 21.8
63.5 67.9 68.6 69.5
717.2 737.3 749.1 778.6
309.9 322.7 332.2 350.7
... ... ... ...
1999 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
1 531.0 1 568.6 1 598.6 1 606.9
1 094.0 1 127.3 1 154.4 1 157.3
292.0 294.1 291.8 294.8
128.4 129.5 129.9 129.9
38.1 34.3 32.6 30.5
36.7 39.2 42.6 44.8
20.0 21.7 20.5 22.8
68.9 69.6 66.2 66.9
802.7 833.5 862.4 862.3
369.5 395.8 412.8 415.8
... ... ... ...
2000 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
1 651.1 1 689.1 1 686.4 1 689.4
1 196.7 1 238.6 1 245.2 1 247.9
299.9 312.5 319.7 320.6
130.8 136.7 140.8 141.9
31.0 33.0 31.6 31.6
44.7 45.7 47.8 49.0
24.2 26.9 28.2 29.4
69.2 70.2 71.3 68.8
896.7 926.0 925.5 927.3
442.9 465.7 473.8 488.1
... ... ... ...
2001 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
1 678.2 1 640.5 1 621.9 1 577.0
1 234.4 1 190.2 1 169.3 1 128.2
313.8 310.6 315.1 284.9
140.8 135.4 126.1 118.9
32.4 30.2 28.9 22.6
44.1 47.6 49.1 52.2
31.7 32.6 34.1 29.7
64.6 64.4 76.1 61.1
920.8 879.2 852.9 843.8
485.7 461.4 447.3 441.7
... ... ... ...
2002 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
1 551.5 1 545.9 1 543.2 1 537.8
1 090.3 1 073.3 1 068.0 1 054.5
270.3 256.4 245.8 242.5
116.5 111.2 107.3 104.2
19.3 17.3 15.2 14.9
53.5 47.9 43.2 43.8
24.0 23.4 25.4 25.4
57.9 57.4 54.5 53.8
820.9 819.0 825.7 815.4
435.0 437.1 444.2 433.3
... ... ... ...
2003 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
1 540.9 1 573.7 1 629.0 1 656.3
1 051.6 1 072.9 1 101.8 1 113.7
237.3 244.8 244.7 245.5
101.1 102.0 103.8 104.2
14.6 15.8 15.7 15.6
42.1 40.3 38.7 40.8
26.2 29.4 30.0 29.6
52.1 55.1 54.2 53.1
818.7 832.0 862.4 874.0
439.4 445.3 469.0 485.3
... ... ... ...
2004 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
1 684.4 1 744.5 1 780.2 1 811.3
1 135.1 1 171.6 1 204.8 1 235.1
243.4 248.5 249.4 252.3
102.7 106.9 106.4 104.1
15.5 15.1 15.6 18.5
39.2 34.3 35.0 34.5
31.0 33.9 33.4 35.9
52.1 54.2 55.0 54.5
899.1 931.4 965.6 994.2
504.8 517.4 527.9 539.7
... ... ... ...
1See
notes and definitions. . . . = Not available.
96
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 5-3. Real Gross Private Fixed Investment by Type—Continued (Billions of chained [2000] dollars, quarterly data are at seasonally adjusted annual rates.)
Year and quarter
NIPA Table 5.3.6
Nonresidential—Continued
Residential
Equipment and software—Continued
Residential structures
Information processing equipment and software —Continued Software 2
Other information processing
Permanent site Industrial equipment
Transportation equipment
Other nonresidential equipment
Total Total Total
Single family
Multifamily
Other residential structures
Residential equipment
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
39.9 45.1 53.0 59.3 65.1
80.1 79.6 84.4 90.9 99.4
109.2 102.2 104.0 112.9 122.9
81.0 78.8 80.2 95.1 111.4
96.0 82.0 81.6 89.3 96.5
298.9 270.2 307.6 332.7 364.8
292.6 264.0 301.4 326.4 358.6
181.3 156.1 182.0 194.3 217.6
154.2 135.1 164.1 179.7 198.9
26.7 20.6 17.5 14.1 18.2
111.6 107.8 119.5 132.1 141.2
6.0 5.8 6.0 6.1 6.1
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
71.6 84.1 108.8 129.4 157.2
107.0 117.2 127.3 143.2 158.0
134.9 139.9 143.0 148.1 147.9
120.6 125.4 135.9 145.4 167.7
101.7 105.6 115.8 125.7 126.7
353.1 381.3 388.6 418.3 443.6
346.8 375.1 382.4 411.9 436.6
203.2 222.3 223.5 244.7 262.9
180.6 197.3 196.6 218.1 234.2
22.6 25.0 26.9 26.6 28.7
143.4 152.8 158.8 167.1 173.6
6.2 6.2 6.1 6.4 7.0
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
176.2 173.8 169.7 175.7 188.8
190.0 181.7 161.1 166.2 188.9
159.2 145.7 134.5 134.9 139.4
160.8 142.8 126.0 123.1 138.7
131.2 126.9 122.9 130.7 150.0
446.9 448.5 469.9 509.4 561.8
439.5 441.1 462.2 501.3 552.9
265.0 266.6 277.3 304.5 340.9
236.8 237.1 246.3 272.6 307.5
28.3 29.5 31.0 31.9 33.2
174.5 174.5 184.9 196.8 211.8
7.4 7.4 7.7 8.1 8.9
1993 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
57.5 58.6 60.0 61.1
87.2 88.7 93.1 94.8
110.0 110.6 112.1 118.8
86.1 98.5 91.5 104.3
87.6 88.5 89.3 92.0
320.1 323.8 335.0 351.9
313.8 317.5 328.7 345.7
188.6 188.8 194.5 205.4
174.3 174.8 179.3 190.5
13.8 13.5 14.7 14.4
125.3 128.8 134.1 140.3
6.1 6.1 6.2 6.0
1994 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
63.0 64.4 66.0 67.1
96.5 98.0 100.1 102.9
119.7 120.6 123.9 127.6
109.3 105.2 108.0 123.2
94.1 95.7 97.0 99.3
358.8 370.9 367.0 362.3
352.8 364.8 360.9 355.9
213.3 222.5 219.7 214.8
197.5 204.6 199.7 193.8
15.2 17.4 19.6 20.7
139.6 142.5 141.4 141.3
6.0 6.1 6.1 6.3
1995 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
68.1 70.2 72.7 75.6
106.6 107.6 105.8 108.0
133.2 135.3 136.2 135.0
130.5 117.7 115.4 118.6
102.3 101.5 101.1 102.1
354.2 342.9 353.6 361.6
347.9 336.6 347.2 355.3
208.2 196.4 200.5 207.9
186.2 174.7 177.2 184.1
21.8 21.6 23.2 23.8
139.8 140.1 146.6 147.3
6.2 6.1 6.2 6.2
1996 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
78.6 81.9 85.4 90.3
113.0 116.2 119.6 120.1
138.2 140.8 139.5 141.2
117.1 120.8 132.0 131.8
103.0 104.3 107.1 108.0
371.1 386.8 385.7 381.8
364.9 380.5 379.6 375.5
215.2 227.0 225.1 221.9
190.4 200.2 201.1 197.4
24.8 26.9 23.8 24.5
149.7 153.5 154.5 153.6
6.1 6.3 6.1 6.2
1997 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
99.8 105.1 111.8 118.7
120.9 124.1 131.1 133.1
140.5 143.2 143.9 144.2
132.2 135.2 142.3 133.8
110.6 112.4 119.4 120.8
383.1 387.9 389.7 393.6
377.0 381.8 383.5 387.5
221.4 224.2 222.2 226.2
195.1 197.0 196.0 198.4
26.3 27.3 26.2 27.9
155.5 157.5 161.1 161.1
6.1 6.1 6.1 6.2
1998 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
122.1 126.2 131.5 137.8
139.5 142.2 143.1 148.1
151.1 149.4 145.9 146.2
134.7 140.3 146.8 159.8
125.0 127.8 126.5 123.8
401.8 412.9 424.1 434.3
395.5 406.5 417.7 427.7
232.9 239.5 249.3 257.2
205.0 213.5 223.3 230.6
27.9 26.1 26.0 26.6
162.6 166.9 168.4 170.6
6.3 6.4 6.5 6.6
1999 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
144.9 154.5 162.2 167.2
149.8 157.0 162.8 162.4
145.6 147.4 149.2 149.3
161.4 165.7 174.6 169.1
127.5 125.1 126.1 128.2
438.1 441.8 444.5 449.9
431.3 434.9 437.3 442.7
261.1 260.3 262.0 268.4
232.5 231.8 232.8 239.6
28.6 28.4 29.2 28.8
170.3 174.6 175.3 174.4
6.7 7.0 7.2 7.2
2000 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
171.4 175.8 176.2 181.2
179.9 187.7 192.3 200.2
156.3 159.7 161.9 159.0
166.1 167.0 159.5 150.7
131.3 133.6 130.4 129.6
454.5 450.4 441.2 441.6
447.1 443.1 433.8 434.2
272.6 268.8 259.3 259.5
243.5 239.7 232.4 231.5
29.0 29.1 26.8 28.0
174.6 174.3 174.5 174.6
7.3 7.3 7.4 7.4
2001 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
181.4 174.1 172.3 167.4
193.7 182.9 177.8 172.2
159.3 147.3 140.6 135.4
145.3 144.5 137.6 144.0
130.9 126.3 127.6 122.8
444.0 450.1 452.1 447.8
436.6 442.7 444.8 440.4
263.7 268.4 269.7 264.6
234.6 239.1 240.3 234.5
29.1 29.3 29.4 30.1
172.8 174.3 175.1 175.8
7.4 7.4 7.3 7.5
2002 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
166.3 170.2 173.4 168.7
162.9 162.6 161.7 157.1
135.8 132.7 134.7 134.9
130.4 126.1 124.1 123.5
120.3 123.8 123.6 124.1
459.0 469.5 471.8 479.3
451.4 461.8 464.2 471.6
268.7 277.3 280.1 283.3
238.0 245.9 248.9 252.4
30.8 31.4 31.2 30.8
182.7 184.5 184.1 188.3
7.6 7.7 7.6 7.7
2003 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
169.8 171.0 178.9 183.2
159.7 161.1 169.1 174.9
138.8 135.6 134.5 130.7
116.7 126.3 126.6 122.6
124.5 125.5 134.0 138.8
484.8 496.0 521.2 535.7
477.1 488.0 512.9 527.1
289.3 293.6 308.9 326.0
257.8 262.4 276.4 293.8
31.6 31.2 32.5 32.2
187.7 194.4 204.0 201.0
7.7 7.9 8.3 8.5
2004 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
185.5 186.9 190.0 192.8
184.7 189.5 191.1 190.3
135.9 134.4 142.8 144.5
121.9 136.7 142.8 153.3
141.3 146.4 154.3 158.0
542.4 565.1 568.8 571.0
533.7 556.2 559.7 561.8
330.3 341.1 345.8 346.3
298.0 308.2 312.0 312.0
32.1 32.8 33.7 34.2
203.3 215.0 213.7 215.3
8.7 8.8 9.0 9.2
2Excludes
software "embedded," or bundled, in computers and other equipment.
97
CHAPTER 5: SAVING AND INVESTMENT; BUSINESS SALES AND INVENTORIES Table 5-4. Chain-Type Quantity Indexes for Private Fixed Investment by Type (Index numbers, 2000 = 100.)
NIPA Table 5.3.3 Nonresidential Structures
Year and quarter
Total gross private fixed investment
Total Total
Commercial and health care
Manufacturing
Equipment and software
Power and communication
Information processing equipment and software
Mining exploration, shafts, and wells
Other nonresidential structures
Computers and peripheral equipment
Total Total
1947 ................................. 1948 ................................. 1949 .................................
10.8 11.9 10.9
8.2 8.7 7.9
24.2 25.5 24.6
7.1 9.1 8.4
47.9 35.3 25.3
34.3 41.0 43.1
30.9 37.9 38.4
34.9 34.9 35.3
5.1 5.3 4.7
0.2 0.2 0.2
... ... ...
1950 1951 1952 1953 1954
................................. ................................. ................................. ................................. .................................
13.0 12.4 12.2 13.0 13.3
8.6 9.0 8.8 9.6 9.4
26.4 28.4 28.3 30.8 31.9
10.8 10.4 8.1 11.1 13.8
27.8 48.8 52.2 49.9 46.7
42.9 43.1 43.5 47.8 43.7
45.6 47.9 53.3 58.2 64.4
34.9 34.1 34.3 35.6 37.5
5.1 5.3 5.1 5.6 5.3
0.2 0.2 0.2 0.3 0.2
... ... ... ... ...
1955 1956 1957 1958 1959
................................. ................................. ................................. ................................. .................................
15.0 15.0 14.9 13.8 15.7
10.4 11.0 11.2 10.0 10.8
34.2 37.8 37.7 35.7 36.5
17.9 20.3 19.3 20.3 22.0
51.1 67.1 71.2 49.1 43.8
41.6 48.6 50.5 48.5 46.5
69.3 67.0 63.3 59.2 60.7
37.6 37.2 37.2 38.9 42.9
6.0 6.2 6.3 5.4 6.1
0.3 0.3 0.3 0.3 0.3
... ... ... ... 0.0
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
15.9 15.8 17.2 18.6 20.4
11.4 11.3 12.3 13.0 14.5
39.4 40.0 41.8 42.2 46.6
23.4 26.7 29.7 28.7 31.2
59.3 58.0 58.6 58.8 70.7
47.0 44.0 44.3 47.2 51.4
57.0 58.1 60.9 57.2 61.2
47.7 46.6 47.6 50.3 55.2
6.3 6.2 6.9 7.5 8.5
0.4 0.4 0.5 0.6 0.7
0.0 0.0 0.0 0.0 0.0
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
22.5 23.7 23.3 24.9 26.5
17.0 19.2 18.9 19.7 21.2
54.1 57.8 56.3 57.1 60.2
36.6 35.7 34.3 37.5 43.3
97.8 121.5 106.9 102.9 108.2
56.9 64.9 71.0 78.9 78.9
60.5 57.3 54.8 55.1 57.5
62.0 64.4 63.0 55.8 55.4
10.0 11.6 11.5 12.3 13.3
0.8 1.1 1.1 1.2 1.5
0.0 0.0 0.0 0.0 0.0
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
25.9 27.9 31.2 34.1 32.0
21.1 21.1 23.1 26.4 26.7
60.4 59.4 61.2 66.2 64.8
43.9 47.9 52.3 54.7 51.3
104.5 86.3 75.4 93.4 106.4
86.3 87.0 90.7 96.5 90.4
54.1 50.0 53.7 57.3 68.1
52.1 48.8 49.3 53.1 48.7
13.2 13.3 15.1 17.8 18.3
1.7 1.8 2.0 2.4 2.7
0.0 0.0 0.0 0.0 0.0
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
28.5 31.4 35.9 40.2 42.5
24.0 25.2 28.0 32.2 35.5
58.0 59.4 61.8 70.8 79.7
39.9 39.4 41.5 47.3 56.4
102.0 94.2 96.8 129.1 158.6
83.1 90.6 89.2 93.5 97.0
79.5 85.8 96.9 110.5 117.7
43.0 45.2 47.7 54.1 59.5
16.5 17.6 20.2 23.3 25.3
2.7 3.1 3.8 4.9 5.9
0.0 0.1 0.1 0.2 0.3
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
39.7 40.6 37.7 40.5 47.3
35.4 37.4 36.0 35.5 41.8
84.4 91.1 89.5 79.9 91.0
61.9 66.9 72.8 70.7 86.0
132.7 150.6 145.4 105.2 108.8
97.9 100.4 94.8 81.6 83.3
165.4 192.3 177.7 147.2 167.3
57.7 55.8 52.7 55.6 65.1
24.4 25.4 24.1 25.4 30.5
6.9 8.0 8.5 10.0 12.6
0.5 0.7 0.9 1.3 2.2
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
49.8 50.4 50.7 52.4 53.9
44.6 43.3 43.3 45.5 48.1
97.5 86.8 84.3 84.9 86.6
99.3 92.3 89.0 91.6 90.5
121.7 102.3 99.7 105.2 126.0
82.4 87.9 78.2 73.8 76.6
149.1 87.3 85.4 93.7 84.7
71.7 67.4 71.4 66.5 67.9
32.4 33.0 33.5 36.0 38.6
14.1 15.2 16.1 18.0 20.5
2.7 3.1 3.9 4.5 5.5
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
52.8 49.4 52.3 56.8 62.1
48.3 45.7 47.2 51.3 56.0
87.9 78.1 73.4 72.9 74.2
86.9 67.5 62.8 65.3 68.4
142.8 131.5 120.7 94.8 112.2
71.3 84.7 89.8 83.9 76.0
97.9 95.7 79.2 91.3 88.1
72.1 62.6 58.1 62.7 61.3
38.6 37.6 40.4 45.4 50.8
21.5 22.6 26.1 29.6 33.3
5.4 5.9 8.0 10.3 12.8
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
66.1 72.0 78.7 86.7 93.9
61.9 67.7 75.8 84.2 92.0
78.9 83.4 89.4 94.0 93.6
72.5 78.1 86.2 91.2 94.1
132.3 139.1 132.9 137.4 106.5
77.6 66.8 64.4 74.2 87.2
74.7 79.3 93.0 85.8 78.3
68.6 80.7 91.5 96.4 97.2
56.9 63.0 71.6 81.1 91.4
39.1 46.8 57.7 70.3 85.2
19.3 27.8 40.3 58.2 82.5
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
100.0 97.0 92.0 95.3 104.5
100.0 95.8 87.0 88.1 96.3
100.0 97.7 81.0 77.6 79.3
100.0 94.7 79.8 74.7 76.4
100.0 89.7 52.4 48.5 50.9
100.0 103.0 100.6 86.4 76.3
100.0 117.8 90.3 106.0 123.5
100.0 95.3 80.0 76.8 77.2
100.0 95.1 89.3 92.2 103.1
100.0 98.2 93.5 98.3 111.7
100.0 102.4 107.3 120.8 154.1
2002 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
92.4 92.1 91.9 91.6
88.5 87.1 86.7 85.6
86.3 81.9 78.5 77.4
84.7 80.8 78.0 75.8
60.5 54.3 47.9 46.8
114.3 102.2 92.2 93.6
88.3 86.3 93.4 93.3
82.9 82.2 78.0 77.0
89.3 89.1 89.9 88.7
93.0 93.5 95.0 92.7
106.4 104.2 110.0 108.7
2003 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
91.8 93.7 97.0 98.7
85.4 87.1 89.4 90.4
75.8 78.2 78.1 78.4
73.5 74.2 75.5 75.7
45.9 49.6 49.4 49.2
90.0 86.0 82.6 87.1
96.4 108.4 110.3 109.1
74.6 78.9 77.5 76.0
89.1 90.5 93.9 95.1
94.0 95.2 100.3 103.8
111.4 115.7 124.4 131.8
2004 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
100.3 103.9 106.0 107.9
92.1 95.1 97.8 100.2
77.7 79.4 79.6 80.6
74.6 77.7 77.4 75.7
48.8 47.4 49.2 58.1
83.6 73.2 74.7 73.6
114.1 124.8 123.0 132.0
74.5 77.5 78.7 78.0
97.9 101.4 105.1 108.2
108.0 110.6 112.9 115.4
140.7 148.9 156.6 170.4
. . . = Not available.
98
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 5-4. Chain-Type Quantity Indexes for Private Fixed Investment by Type—Continued (Index numbers, 2000 = 100.)
Year and quarter
NIPA Table 5.3.3 Nonresidential—Continued
Residential
Equipment and software—Continued
Residential structures
Information processing equipment and software —Continued
Permanent site Industrial equipment
Transportation equipment
Other nonresidential equipment
Total
Residential equipment
Multifamily
Other residential structures
... ... ...
... ... ...
15.4 17.0 14.8
7.3 7.6 7.1
45.3 36.2 34.1 35.2 38.7
... ... ... ... ...
... ... ... ... ...
15.9 15.7 17.4 18.1 18.9
9.0 8.3 8.3 8.7 8.9
35.6 32.6 30.5 30.8 38.7
45.7 39.6 36.0 36.9 47.0
... ... ... 34.6 44.0
... ... ... 51.8 66.6
20.9 22.3 22.5 21.9 26.6
10.2 11.3 11.3 12.0 13.8
35.1 35.2 38.6 43.2 45.7
36.0 36.1 39.5 44.2 46.8
41.5 41.3 47.1 53.4 57.0
38.9 36.8 39.3 41.9 46.0
58.6 73.9 107.4 144.2 143.2
27.7 28.3 28.5 30.7 31.8
13.0 13.0 13.8 15.4 16.5
39.7 44.7 42.2 42.7 45.6
44.3 40.4 39.1 44.4 45.7
45.3 41.1 39.8 45.2 46.4
54.5 47.8 45.6 53.6 55.1
45.0 40.0 39.2 43.1 41.0
128.7 107.9 93.7 135.4 168.5
31.7 31.3 31.2 32.8 33.5
18.4 18.8 19.3 23.0 26.2
32.4 35.0 40.7 48.9 44.3
47.6 47.5 53.8 62.8 62.0
43.0 54.8 64.5 64.1 50.9
43.4 55.5 65.4 64.8 51.1
49.9 67.2 81.3 80.9 58.6
35.6 49.4 58.7 57.4 44.1
164.9 209.9 262.8 270.2 174.0
33.9 38.5 42.2 41.3 40.2
28.6 32.0 38.4 43.2 44.0
55.4 55.7 59.0 65.7 70.4
38.2 42.4 51.6 57.0 59.5
57.4 57.9 65.2 71.8 73.2
44.3 54.7 66.4 70.6 68.0
44.3 55.0 67.0 71.2 68.4
44.8 58.9 76.0 79.5 74.4
40.2 56.0 72.0 74.4 65.9
77.6 75.2 99.6 112.2 137.1
43.6 49.3 53.9 59.1 59.7
41.0 43.1 47.2 51.3 56.2
28.0 29.6 29.8 31.3 35.7
67.4 66.3 60.5 55.7 63.8
48.6 47.2 41.8 47.1 56.1
65.8 67.6 58.5 56.3 63.8
53.6 49.3 40.4 57.1 65.6
53.6 49.2 40.0 57.0 65.6
52.3 48.2 37.6 61.4 72.1
43.3 39.4 30.2 52.5 60.9
122.7 118.0 96.2 131.8 161.0
55.7 50.8 43.8 50.8 56.1
56.3 56.2 54.0 60.3 66.8
9.8 11.0 12.5 14.9 19.2
36.8 38.3 36.8 39.3 41.1
66.7 66.4 64.8 68.0 72.8
58.3 56.1 53.3 56.2 50.6
64.4 63.2 65.0 68.1 76.1
66.6 74.8 76.3 75.5 73.2
66.5 74.7 76.2 75.3 73.0
71.2 79.5 80.6 77.7 75.7
60.4 69.1 74.7 73.8 71.7
156.9 161.5 127.4 108.7 108.5
59.8 67.9 69.9 72.0 69.1
72.1 78.0 81.2 83.9 84.4
................................. ................................. ................................. ................................. .................................
22.6 25.6 30.1 33.7 37.0
42.1 41.9 44.4 47.9 52.3
68.6 64.2 65.3 70.9 77.2
50.4 49.0 49.9 59.1 69.3
73.2 62.5 62.2 68.1 73.6
66.9 60.5 68.8 74.4 81.6
66.6 60.1 68.6 74.3 81.6
68.4 58.9 68.7 73.3 82.1
65.1 57.1 69.3 75.9 84.0
94.6 72.9 62.0 50.0 64.5
64.0 61.8 68.5 75.7 80.9
81.9 78.7 81.1 82.7 83.2
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
40.7 47.7 61.8 73.5 89.2
56.3 61.7 67.0 75.4 83.1
84.7 87.9 89.8 93.0 92.9
75.0 78.0 84.5 90.4 104.3
77.5 80.5 88.3 95.8 96.6
79.0 85.3 86.9 93.6 99.3
78.9 85.3 87.0 93.7 99.3
76.7 83.9 84.3 92.3 99.2
76.3 83.3 83.0 92.1 98.9
80.0 88.5 95.3 94.2 101.7
82.2 87.6 91.0 95.8 99.5
84.3 83.9 83.2 87.6 95.3
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
100.0 98.7 96.3 99.8 107.2
100.0 95.6 84.8 87.5 99.4
100.0 91.5 84.5 84.7 87.6
100.0 88.8 78.3 76.5 86.2
100.0 96.7 93.7 99.6 114.3
100.0 100.4 105.1 114.0 125.7
100.0 100.4 105.2 114.1 125.8
100.0 100.6 104.6 114.9 128.6
100.0 100.1 104.0 115.1 129.9
100.0 104.3 109.8 112.7 117.4
100.0 100.0 106.0 112.8 121.4
100.0 100.4 104.1 109.9 121.1
2002 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
94.4 96.6 98.4 95.8
85.7 85.6 85.1 82.7
85.3 83.4 84.6 84.7
81.1 78.4 77.2 76.8
91.7 94.3 94.2 94.6
102.7 105.1 105.6 107.2
102.7 105.1 105.6 107.3
101.4 104.6 105.7 106.9
100.5 103.9 105.1 106.6
108.9 111.1 110.4 109.0
104.7 105.7 105.5 107.9
103.5 105.0 103.8 104.1
2003 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
96.4 97.1 101.6 104.0
84.1 84.8 89.0 92.0
87.2 85.1 84.5 82.1
72.6 78.5 78.7 76.2
94.9 95.6 102.1 105.8
108.5 111.0 116.6 119.9
108.5 111.0 116.7 119.9
109.2 110.8 116.6 123.0
108.9 110.8 116.7 124.1
111.7 110.5 115.0 113.8
107.6 111.4 116.9 115.2
104.1 108.0 112.2 115.2
2004 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
105.3 106.1 107.8 109.5
97.2 99.7 100.6 100.2
85.3 84.4 89.7 90.8
75.8 85.0 88.8 95.3
107.7 111.6 117.6 120.4
121.4 126.4 127.3 127.8
121.4 126.5 127.3 127.8
124.6 128.7 130.5 130.7
125.9 130.2 131.7 131.7
113.6 115.9 119.1 121.1
116.5 123.2 122.5 123.4
117.7 119.3 122.4 125.0
Total
Software 1
Other information processing
1947 ................................. 1948 ................................. 1949 .................................
... ... ...
2.3 2.3 2.1
26.8 24.8 19.1
16.1 16.8 16.7
22.7 27.7 23.3
21.3 25.5 23.6
21.9 26.3 24.3
26.3 32.6 30.8
1950 1951 1952 1953 1954
................................. ................................. ................................. ................................. .................................
... ... ... ... ...
2.3 2.5 2.9 3.2 2.9
22.1 24.8 25.7 28.3 29.2
18.5 17.8 14.7 17.4 15.3
24.6 24.8 25.0 24.4 23.0
32.3 27.0 26.6 27.5 29.8
33.3 27.8 27.3 28.2 30.6
1955 1956 1957 1958 1959
................................. ................................. ................................. ................................. .................................
... ... ... ... 0.0
3.3 3.8 4.3 3.9 4.2
29.0 32.0 32.4 27.0 27.4
19.4 17.5 18.7 13.6 18.0
27.0 27.9 26.3 26.7 28.7
34.6 31.8 29.8 30.2 37.8
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
0.1 0.1 0.1 0.2 0.2
4.9 5.2 5.5 5.7 6.2
29.6 28.0 29.4 31.8 35.9
18.6 17.6 21.7 21.0 23.7
26.3 26.0 27.8 32.3 35.8
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
0.3 0.5 0.6 0.6 0.8
7.1 8.3 8.3 8.6 9.9
42.4 48.7 48.9 47.9 51.1
29.7 32.7 31.6 38.0 39.5
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
1.1 1.1 1.3 1.5 1.8
10.7 10.8 11.5 13.9 15.4
51.9 47.6 51.3 60.7 65.4
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
2.1 2.3 2.4 2.8 3.5
14.8 16.2 19.5 23.2 26.0
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
4.1 4.8 5.5 6.5 8.3
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
1990 1991 1992 1993 1994
1Excludes
software "embedded," or bundled, in computers and other equipment. . . . = Not available.
Total
Single family
CHAPTER 5: SAVING AND INVESTMENT; BUSINESS SALES AND INVENTORIES
99
Table 5-5. Current-Cost Net Stock of Fixed Assets (Billions of dollars, year-end estimates.)
Year
Government
Private and government fixed assets
Nonresidential
Nonresidential
Total Total
1947 ........................... 1948 ........................... 1949 ...........................
Private Nonresidential Equipment and software
Structures
Residential
Total
Equipment and software
Structures
Residential
Total
Equipment and software
Structures
Government, by level
Residential
Federal
State and local
709.5 753.6 756.1
495.0 539.0 556.3
65.2 79.1 82.7
162.4 171.9 171.1
267.4 288.0 302.5
214.4 214.6 199.8
62.0 52.2 44.3
146.8 157.4 150.3
5.6 5.0 5.2
709.5 753.6 756.1
127.2 131.3 127.1
309.2 329.3 321.3
273.0 293.0 307.7
121.1 113.0 102.8
93.3 101.6 96.9
1950 1951 1952 1953 1954
........................... ........................... ........................... ........................... ...........................
841.2 924.3 976.9 1 010.5 1 057.9
629.6 687.6 722.8 751.2 782.6
97.0 107.5 112.2 121.0 125.6
193.0 211.4 223.1 228.3 233.6
339.6 368.7 387.4 401.9 423.4
211.5 236.7 254.1 259.3 275.2
40.5 44.3 50.7 57.5 64.1
164.6 184.5 195.9 193.9 200.6
6.4 7.9 7.4 7.9 10.6
841.2 924.3 976.9 1 010.5 1 057.9
137.5 151.7 163.0 178.5 189.7
357.7 395.9 419.1 422.3 434.2
346.0 376.6 394.8 409.7 434.0
102.3 113.9 123.9 130.5 140.7
109.3 122.9 130.2 128.8 134.5
1955 1956 1957 1958 1959
........................... ........................... ........................... ........................... ...........................
1 150.9 1 249.5 1 310.0 1 351.8 1 405.6
854.1 920.4 966.9 990.6 1 034.0
139.2 156.6 169.7 174.6 183.4
258.7 285.5 303.0 306.8 319.3
456.2 478.2 494.2 509.2 531.3
296.9 329.1 343.2 361.3 371.6
69.5 74.1 76.2 77.9 82.4
219.7 246.1 257.5 273.2 278.1
7.6 8.9 9.4 10.2 11.1
1 150.9 1 249.5 1 310.0 1 351.8 1 405.6
208.7 230.7 245.9 252.5 265.8
478.5 531.6 560.5 580.0 597.3
463.8 487.2 503.6 519.4 542.4
147.5 159.8 165.7 171.7 175.9
149.4 169.3 177.4 189.5 195.7
1960 1961 1962 1963 1964
........................... ........................... ........................... ........................... ...........................
1 452.4 1 507.7 1 575.9 1 633.2 1 740.2
1 067.3 1 103.2 1 145.2 1 181.7 1 266.6
189.8 193.1 200.7 209.2 222.1
325.4 337.8 351.1 364.4 387.5
552.2 572.3 593.4 608.0 657.0
385.1 404.4 430.7 451.6 473.7
85.2 89.2 96.5 99.2 102.0
288.1 302.7 320.8 338.7 357.1
11.8 12.6 13.5 13.7 14.6
1 452.4 1 507.7 1 575.9 1 633.2 1 740.2
275.0 282.3 297.2 308.4 324.1
613.5 640.5 671.9 703.1 744.6
564.0 584.9 606.9 621.8 671.6
180.0 187.0 197.9 203.5 209.0
205.1 217.4 232.8 248.1 264.7
1965 1966 1967 1968 1969
........................... ........................... ........................... ........................... ...........................
1 856.8 2 015.0 2 170.5 2 385.4 2 601.8
1 352.8 1 470.0 1 581.9 1 746.5 1 898.6
239.6 266.5 292.5 323.5 358.0
415.5 449.1 483.7 532.8 588.2
697.6 754.4 805.7 890.2 952.3
504.0 544.9 588.6 638.9 703.2
104.6 109.8 116.4 120.9 125.1
384.1 418.7 454.9 498.6 556.5
15.3 16.4 17.3 19.4 21.6
1 856.8 2 015.0 2 170.5 2 385.4 2 601.8
344.3 376.3 408.9 444.4 483.1
799.6 867.8 938.6 1 031.4 1 144.7
712.9 770.8 823.0 909.6 973.9
216.0 226.7 240.9 253.0 267.4
288.0 318.2 347.7 385.9 435.8
1970 1971 1972 1973 1974
........................... ........................... ........................... ........................... ...........................
2 835.2 3 133.7 3 449.4 3 914.9 4 665.8
2 052.8 2 286.2 2 526.0 2 876.1 3 389.2
393.9 422.5 455.6 511.4 634.9
650.8 730.5 803.0 912.3 1 101.5
1 008.2 1 133.2 1 267.4 1 452.3 1 652.7
782.4 847.5 923.4 1 038.8 1 276.6
131.1 132.2 134.0 136.2 149.7
628.2 689.5 760.4 869.9 1 090.3
23.1 25.9 29.0 32.8 36.6
2 835.2 3 133.7 3 449.4 3 914.9 4 665.8
525.0 554.6 589.6 647.6 784.6
1 279.0 1 419.9 1 563.4 1 782.2 2 191.8
1 031.2 1 159.1 1 296.4 1 485.0 1 689.4
285.3 299.5 322.5 349.5 403.3
497.1 548.0 600.9 689.3 873.3
1975 1976 1977 1978 1979
........................... ........................... ........................... ........................... ...........................
5 047.9 5 504.7 6 171.0 6 988.9 8 064.5
3 706.8 4 086.6 4 663.8 5 340.9 6 187.5
726.2 804.3 906.9 1 034.8 1 202.0
1 188.7 1 293.5 1 435.7 1 629.1 1 877.2
1 791.8 1 988.9 2 321.2 2 677.0 3 108.2
1 341.1 1 418.1 1 507.1 1 648.0 1 877.0
164.4 178.7 195.0 207.8 225.2
1 136.6 1 194.6 1 260.6 1 380.7 1 581.0
40.1 44.8 51.5 59.6 70.9
5 047.9 5 504.7 6 171.0 6 988.9 8 064.5
890.6 983.1 1 101.9 1 242.6 1 427.2
2 325.4 2 488.1 2 696.3 3 009.7 3 458.2
1 832.0 2 033.6 2 372.7 2 736.5 3 179.1
426.6 462.8 485.7 524.0 583.9
914.5 955.3 1 021.4 1 124.0 1 293.1
1980 1981 1982 1983 1984
........................... ........................... ........................... ........................... ...........................
9 198.0 10 142.0 10 697.0 11 046.5 11 646.7
7 049.0 7 781.3 8 205.7 8 495.6 8 996.4
1 395.9 1 553.2 1 644.0 1 700.7 1 797.3
2 148.5 2 458.5 2 621.1 2 695.2 2 868.0
3 504.6 3 769.7 3 940.6 4 099.7 4 331.1
2 148.9 2 360.7 2 491.3 2 550.9 2 650.3
251.5 282.9 307.5 337.9 360.9
1 819.7 1 992.6 2 093.4 2 112.2 2 184.7
77.8 85.2 90.3 100.8 104.6
9 198.0 10 142.0 10 697.0 11 046.5 11 646.7
1 647.4 1 836.1 1 951.5 2 038.6 2 158.2
3 968.2 4 451.1 4 714.6 4 807.4 5 052.8
3 582.3 3 854.9 4 030.9 4 200.5 4 435.7
648.0 697.1 735.5 772.4 810.6
1 501.0 1 663.6 1 755.8 1 778.5 1 839.7
1985 ........................... 12 277.5 1986 ........................... 13 077.6 1987 ........................... 13 842.8
9 511.0 10 141.4 10 750.2
1 914.3 2 042.3 2 151.8
3 032.0 3 169.2 3 349.8
4 564.7 4 929.9 5 248.5
2 766.5 2 936.2 3 092.6
383.7 411.5 437.2
2 277.0 2 414.9 2 535.8
105.8 109.7 119.6
12 277.5 13 077.6 13 842.8
2 297.9 2 453.8 2 589.1
5 309.0 5 584.1 5 885.6
4 670.6 5 039.6 5 368.2
842.4 885.2 921.5
1 924.1 2 051.0 2 171.1
19871 ......................... 13 803.5 19881 ......................... 14 642.9 19891 ......................... 15 480.2
10 710.8 11 391.6 12 051.7
2 071.2 2 198.7 2 335.2
3 391.1 3 618.5 3 832.9
5 248.5 5 574.3 5 883.6
3 092.6 3 251.3 3 428.5
437.2 471.1 508.3
2 535.8 2 645.0 2 775.8
119.6 135.2 144.4
13 803.5 14 642.9 15 480.2
2 508.4 2 669.9 2 843.4
5 926.9 6 263.5 6 608.7
5 368.2 5 709.5 6 028.0
921.5 977.3 1 031.2
2 171.1 2 274.0 2 397.4
19901 19911 19921 19931 19941
......................... ......................... ......................... ......................... .........................
16 211.5 16 602.8 17 323.9 18 231.0 19 352.0
12 610.9 12 880.7 13 438.8 14 166.8 15 056.7
2 469.1 2 541.1 2 613.9 2 728.2 2 880.6
4 030.8 4 091.4 4 224.9 4 433.7 4 670.7
6 111.0 6 248.3 6 599.9 7 004.9 7 505.4
3 600.7 3 722.1 3 885.1 4 064.3 4 295.2
551.1 583.9 613.3 637.0 665.8
2 900.4 2 988.0 3 112.8 3 257.0 3 447.7
149.2 150.2 159.0 170.3 181.7
16 211.5 16 602.8 17 323.9 18 231.0 19 352.0
3 020.2 3 125.0 3 227.2 3 365.2 3 546.4
6 931.1 7 079.4 7 337.8 7 690.7 8 118.4
6 260.2 6 398.5 6 758.9 7 175.1 7 687.1
1 078.9 1 122.5 1 169.4 1 209.0 1 260.7
2 521.8 2 599.6 2 715.7 2 855.2 3 034.5
19951 19961 19971 19981 19991
......................... ......................... ......................... ......................... .........................
20 298.9 21 299.9 22 450.5 23 721.6 25 246.1
15 794.3 16 618.1 17 549.3 18 620.5 19 847.2
3 067.4 3 233.1 3 394.6 3 583.8 3 822.1
4 887.1 5 114.3 5 424.1 5 736.6 6 038.4
7 839.8 8 270.6 8 730.6 9 300.1 9 986.7
4 504.7 4 681.8 4 901.2 5 101.1 5 398.9
674.8 674.8 671.4 677.1 698.2
3 641.7 3 810.5 4 032.9 4 217.1 4 480.7
188.2 196.5 196.8 206.9 219.9
20 298.9 21 299.9 22 450.5 23 721.6 25 246.1
3 742.1 3 907.9 4 066.1 4 260.9 4 520.3
8 528.8 8 924.9 9 457.0 9 953.7 10 519.1
8 028.0 8 467.1 8 927.5 9 507.0 10 206.7
1 291.3 1 315.5 1 334.7 1 355.8 1 398.9
3 213.4 3 366.3 3 566.5 3 745.3 4 000.0
20001 20011 20021 20031 20041
......................... ......................... ......................... ......................... .........................
26 902.2 28 464.7 29 788.3 31 290.0 34 032.2
21 189.5 22 484.8 23 522.7 24 762.8 27 042.8
4 077.3 4 203.2 4 270.8 4 391.3 4 616.2
6 436.5 6 816.8 7 058.8 7 283.4 7 953.2
10 675.7 11 464.8 12 193.1 13 088.1 14 473.3
5 712.7 5 979.9 6 265.6 6 527.3 6 989.5
703.0 711.3 723.2 739.3 790.5
4 778.0 5 021.9 5 278.8 5 505.0 5 899.3
231.7 246.7 263.6 282.9 299.7
26 902.2 28 464.7 29 788.3 31 290.0 34 032.2
4 780.3 4 914.5 4 994.0 5 130.7 5 406.7
11 214.5 11 838.7 12 337.6 12 788.4 13 852.5
10 907.4 11 711.5 12 456.7 13 371.0 14 773.0
1 424.6 1 446.8 1 469.9 1 499.7 1 594.8
4 288.1 4 533.1 4 795.7 5 027.6 5 394.7
1Revised
2005, not continuous with previous years.
100
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 5-6. Chain-Type Quantity Indexes for Net Stock of Fixed Assets (Index numbers, 2000 = 100.)
Year
Private
Government
Private and government fixed assets
Nonresidential
Nonresidential
Nonresidential
Total Total
Equipment and software
Structures
Residential
Total
Equipment and software
Structures
Residential
Total
Equipment and software
Structures
Government, by level
Residential
Federal
State and local
1947 ........................... 1948 ........................... 1949 ...........................
19.90 20.21 20.63
17.23 18.02 18.67
8.18 9.04 9.57
21.57 22.13 22.65
19.72 20.58 21.35
30.41 28.75 28.20
50.31 39.61 34.02
26.11 26.36 26.89
16.38 16.68 17.69
19.90 20.21 20.63
13.89 13.21 12.93
23.52 23.96 24.48
19.85 20.71 21.47
67.76 60.14 56.26
17.25 17.59 18.16
1950 1951 1952 1953 1954
........................... ........................... ........................... ........................... ...........................
21.26 22.09 22.96 23.90 24.79
19.55 20.32 21.02 21.80 22.57
10.20 10.80 11.28 11.89 12.28
23.28 23.98 24.63 25.38 26.18
22.48 23.35 24.19 25.06 26.01
27.75 28.84 30.36 31.96 33.33
28.55 30.49 34.06 37.84 39.80
27.56 28.42 29.44 30.52 31.77
18.59 19.98 21.55 22.96 23.60
21.26 22.09 22.96 23.90 24.79
12.77 13.55 14.45 15.48 16.09
25.13 25.89 26.70 27.60 28.58
22.58 23.45 24.29 25.15 26.09
52.49 54.62 58.42 62.30 64.62
18.86 19.57 20.29 21.10 22.13
1955 1956 1957 1958 1959
........................... ........................... ........................... ........................... ...........................
25.77 26.72 27.64 28.46 29.49
23.50 24.40 25.26 25.95 26.84
12.85 13.42 14.00 14.20 14.58
27.07 28.11 29.11 29.98 30.85
27.15 28.15 29.04 29.93 31.14
34.48 35.61 36.76 38.10 39.66
40.62 41.37 41.86 42.56 44.36
33.03 34.27 35.56 37.01 38.45
24.11 24.76 25.94 28.03 30.38
25.77 26.72 27.64 28.46 29.49
16.69 17.29 17.87 18.13 18.71
29.62 30.75 31.88 32.99 34.10
27.22 28.21 29.11 30.01 31.24
65.80 66.87 67.73 68.97 71.02
23.26 24.40 25.63 27.01 28.40
1960 1961 1962 1963 1964
........................... ........................... ........................... ........................... ...........................
30.49 31.50 32.65 33.86 35.22
27.73 28.58 29.58 30.68 31.94
15.02 15.37 15.92 16.57 17.45
31.86 32.88 33.97 35.04 36.29
32.20 33.25 34.43 35.78 37.22
41.07 42.74 44.49 46.15 47.83
45.53 47.39 49.61 50.98 52.13
39.89 41.47 43.04 44.78 46.60
32.12 34.22 36.59 37.81 39.13
30.49 31.50 32.65 33.86 35.22
19.25 19.80 20.58 21.33 22.25
35.29 36.55 37.84 39.19 40.69
32.31 33.37 34.55 35.90 37.34
72.52 74.65 76.97 78.53 79.79
29.78 31.28 32.82 34.52 36.36
1965 1966 1967 1968 1969
........................... ........................... ........................... ........................... ...........................
36.69 38.23 39.69 41.20 42.72
33.37 34.82 36.15 37.59 39.12
18.71 20.26 21.61 23.04 24.62
37.86 39.53 41.10 42.68 44.36
38.58 39.73 40.82 42.10 43.42
49.50 51.36 53.30 55.04 56.52
52.65 53.71 55.11 55.30 54.95
48.54 50.60 52.66 54.76 56.63
40.54 42.05 43.76 45.44 47.56
36.69 38.23 39.69 41.20 42.72
23.42 24.92 26.28 27.55 28.88
42.42 44.25 46.03 47.83 49.60
38.69 39.84 40.92 42.20 43.51
80.58 81.74 82.85 82.96 82.58
38.33 40.44 42.67 44.99 47.12
1970 1971 1972 1973 1974
........................... ........................... ........................... ........................... ...........................
44.06 45.44 47.04 48.80 50.29
40.49 42.00 43.79 45.78 47.41
25.91 27.04 28.57 30.76 32.76
46.00 47.55 49.15 50.90 52.50
44.60 46.25 48.26 50.23 51.60
57.76 58.66 59.53 60.46 61.52
54.35 52.16 50.40 49.06 48.77
58.23 59.76 61.15 62.50 63.79
49.73 51.83 53.58 55.25 56.83
44.06 45.44 47.04 48.80 50.29
29.92 30.58 31.66 33.34 35.02
51.22 52.76 54.26 55.84 57.29
44.69 46.34 48.35 50.32 51.70
81.95 80.39 79.14 78.21 77.84
49.00 50.74 52.35 53.93 55.46
1975 1976 1977 1978 1979
........................... ........................... ........................... ........................... ...........................
51.43 52.75 54.35 56.24 58.22
48.58 49.98 51.76 53.86 56.03
33.96 35.26 37.12 39.51 42.10
53.77 55.02 56.34 58.05 60.11
52.68 54.17 56.14 58.25 60.22
62.58 63.64 64.56 65.64 66.86
48.76 49.10 49.37 49.69 50.70
65.02 66.19 67.21 68.44 69.70
58.72 60.20 61.60 62.76 63.89
51.43 52.75 54.35 56.24 58.22
36.05 37.22 38.87 40.98 43.35
58.54 59.75 60.95 62.45 64.18
52.78 54.28 56.25 58.36 60.32
77.68 77.76 77.87 78.06 78.50
56.93 58.32 59.53 60.93 62.43
1980 1981 1982 1983 1984
........................... ........................... ........................... ........................... ...........................
59.85 61.44 62.66 64.07 65.99
57.77 59.47 60.76 62.24 64.29
43.94 45.76 46.81 47.98 50.17
62.35 64.85 67.20 68.99 71.31
61.56 62.67 63.40 64.83 66.60
68.11 69.21 70.21 71.34 72.77
51.92 53.32 55.11 57.86 61.47
70.93 71.95 72.76 73.53 74.50
65.32 67.01 68.58 70.46 72.06
59.85 61.44 62.66 64.07 65.99
45.11 46.88 48.04 49.43 51.82
65.99 67.86 69.56 70.92 72.67
61.66 62.77 63.51 64.94 66.72
79.11 80.01 81.08 82.69 84.70
63.90 65.07 66.03 66.99 68.22
1985 ........................... 1986 ........................... 1987 ...........................
68.07 70.16 72.19
66.45 68.59 70.64
52.34 54.48 56.28
74.00 76.08 78.11
68.40 70.52 72.69
74.54 76.48 78.45
66.21 71.37 76.59
75.66 76.97 78.34
74.03 76.12 78.31
68.07 70.16 72.19
54.35 56.91 59.16
74.71 76.46 78.20
68.51 70.64 72.82
87.32 90.20 93.23
69.67 71.27 72.87
19871 ......................... 19881 ......................... 19891 .........................
72.64 74.56 76.44
71.18 73.13 75.04
56.77 58.50 60.40
79.20 81.07 82.87
72.72 74.81 76.75
78.13 79.90 81.70
76.59 80.59 84.95
78.40 79.77 81.12
78.25 80.19 81.89
72.64 74.56 76.44
59.64 61.68 63.92
78.85 80.52 82.12
72.87 74.95 76.89
93.45 95.43 97.24
72.87 74.57 76.36
19901 19911 19921 19931 19941
......................... ......................... ......................... ......................... .........................
78.22 79.60 81.05 82.72 84.54
76.77 78.03 79.39 81.12 83.08
61.91 62.87 64.08 66.22 69.09
84.85 86.21 87.16 88.23 89.15
78.41 79.76 81.41 83.32 85.44
83.67 85.52 87.28 88.74 90.03
89.40 92.68 95.38 96.57 96.91
82.66 84.27 85.86 87.36 88.83
83.79 85.42 87.21 88.73 89.98
78.22 79.60 81.05 82.72 84.54
65.84 67.11 68.53 70.55 73.06
83.92 85.38 86.60 87.86 89.01
78.55 79.91 81.57 83.46 85.57
99.10 100.45 101.57 101.92 101.70
78.37 80.38 82.36 84.21 86.04
19951 19961 19971 19981 19991
......................... ......................... ......................... ......................... .........................
86.57 88.88 91.35 94.08 96.99
85.27 87.76 90.47 93.50 96.69
72.66 76.72 81.60 87.20 93.46
90.48 92.08 93.89 95.88 97.80
87.47 89.75 92.04 94.58 97.29
91.45 93.11 94.63 96.24 98.08
97.11 97.40 97.23 97.75 98.94
90.46 92.35 94.17 95.95 97.92
91.48 93.04 95.82 97.32 98.81
86.57 88.88 91.35 94.08 96.99
76.16 79.70 83.86 88.74 94.27
90.47 92.19 94.01 95.91 97.85
87.59 89.85 92.12 94.64 97.32
101.56 102.02 101.35 100.84 100.54
88.01 90.08 92.36 94.68 97.26
20001 20011 20021 20031 20041
......................... ......................... ......................... ......................... .........................
100.00 102.54 104.76 107.11 109.85
100.00 102.67 104.89 107.28 110.13
100.00 103.88 106.00 108.25 112.21
100.00 101.91 103.14 104.23 105.28
100.00 102.68 105.53 108.73 112.27
100.00 102.03 104.27 106.49 108.77
100.00 101.17 102.92 104.72 107.70
100.00 102.18 104.52 106.86 109.10
100.00 101.43 102.99 104.25 105.38
100.00 102.54 104.76 107.11 109.85
100.00 103.48 105.55 107.74 111.56
100.00 102.03 103.73 105.34 106.90
100.00 102.66 105.48 108.64 112.12
100.00 99.46 99.36 99.43 99.94
100.00 102.88 105.89 108.81 111.67
1Revised
2005, not continuous with previous years.
CHAPTER 5: SAVING AND INVESTMENT; BUSINESS SALES AND INVENTORIES
101
Table 5-7. Inventories to Sales Ratios (Seasonally adjusted, ratio of inventories at end of quarter to monthly rate of sales during the quarter, annual data are for fourth quarter.) NIPA Tables 5.7.5A, 5.7.5B, 5.7.6A, 5.7.6B Total private inventories to final sales of domestic business
Nonfarm inventories to:
Year and quarter
Final sales of domestic business Current dollars
Chained (2000) dollars
Current dollars
Final sales of goods and structures
Chained (2000) dollars
Current dollars
Chained (2000) dollars
1947 ........................................................... 1948 ........................................................... 1949 ...........................................................
6.16 5.62 5.12
3.60 3.77 3.60
2.77 2.96 2.73
2.19 2.30 2.17
3.38 3.63 3.36
3.34 3.51 3.30
1950 1951 1952 1953 1954
........................................................... ........................................................... ........................................................... ........................................................... ...........................................................
5.70 5.76 5.16 4.96 4.67
3.53 3.62 3.61 3.61 3.40
3.00 3.11 3.02 3.04 2.85
2.24 2.40 2.39 2.39 2.23
3.68 3.78 3.69 3.75 3.54
3.39 3.61 3.59 3.59 3.35
1955 1956 1957 1958 1959
........................................................... ........................................................... ........................................................... ........................................................... ...........................................................
4.36 4.41 4.39 4.44 4.20
3.33 3.33 3.36 3.33 3.26
2.91 2.99 2.98 2.87 2.87
2.24 2.30 2.32 2.25 2.27
3.61 3.74 3.74 3.62 3.67
3.36 3.48 3.52 3.42 3.48
1960 1961 1962 1963 1964
........................................................... ........................................................... ........................................................... ........................................................... ...........................................................
4.17 4.07 4.09 3.91 3.75
3.27 3.20 3.21 3.15 3.07
2.86 2.78 2.79 2.75 2.73
2.29 2.24 2.29 2.27 2.26
3.67 3.58 3.60 3.56 3.54
3.51 3.45 3.51 3.49 3.49
1965 1966 1967 1968 1969
........................................................... ........................................................... ........................................................... ........................................................... ...........................................................
3.73 3.88 3.87 3.76 3.85
2.99 3.16 3.25 3.23 3.30
2.70 2.89 2.96 2.87 2.95
2.24 2.44 2.54 2.53 2.62
3.47 3.74 3.86 3.76 3.89
3.42 3.75 3.92 3.91 4.08
1970 1971 1972 1973 1974
........................................................... ........................................................... ........................................................... ........................................................... ...........................................................
3.78 3.73 3.72 4.18 4.49
3.29 3.24 3.09 3.13 3.37
2.94 2.86 2.75 2.96 3.52
2.63 2.59 2.50 2.57 2.82
3.92 3.83 3.66 3.91 4.73
4.13 4.07 3.90 4.01 4.50
1975 1976 1977 1978 1979
........................................................... ........................................................... ........................................................... ........................................................... ...........................................................
4.02 3.93 3.86 3.95 4.17
3.17 3.14 3.13 3.06 3.08
3.14 3.17 3.14 3.12 3.33
2.62 2.63 2.62 2.58 2.60
4.24 4.32 4.29 4.20 4.47
4.17 4.21 4.18 4.06 4.08
1980 1981 1982 1983 1984
........................................................... ........................................................... ........................................................... ........................................................... ...........................................................
4.23 4.15 3.95 3.68 3.70
3.05 3.20 3.15 2.91 2.98
3.42 3.47 3.28 3.07 3.14
2.60 2.71 2.64 2.49 2.56
4.69 4.80 4.67 4.39 4.50
4.13 4.31 4.26 3.98 4.07
1985 1986 1987 1988 1989
........................................................... ........................................................... ........................................................... ........................................................... ...........................................................
3.49 3.23 3.31 3.27 3.22
2.92 2.84 2.84 2.75 2.75
2.99 2.80 2.88 2.84 2.82
2.50 2.44 2.47 2.43 2.44
4.36 4.12 4.25 4.22 4.22
4.03 3.92 3.99 3.92 3.94
1990 1991 1992 1993 1994
........................................................... ........................................................... ........................................................... ........................................................... ...........................................................
3.21 3.04 2.90 2.83 2.87
2.77 2.77 2.67 2.63 2.67
2.81 2.69 2.55 2.50 2.54
2.46 2.46 2.36 2.35 2.38
4.27 4.17 3.99 3.92 3.99
4.02 4.07 3.90 3.86 3.88
1995 1996 1997 1998 1999
........................................................... ........................................................... ........................................................... ........................................................... ...........................................................
2.86 2.74 2.68 2.56 2.59
2.63 2.56 2.60 2.59 2.60
2.56 2.45 2.41 2.33 2.37
2.38 2.30 2.34 2.35 2.37
4.05 3.87 3.82 3.67 3.76
3.88 3.74 3.78 3.75 3.79
2000 2001 2002 2003 2004
........................................................... ........................................................... ........................................................... ........................................................... ...........................................................
2.63 2.44 2.51 2.46 2.51
2.62 2.55 2.58 2.48 2.47
2.41 2.23 2.28 2.22 2.29
2.40 2.33 2.37 2.28 2.27
3.85 3.57 3.73 3.61 3.72
3.86 3.74 3.85 3.66 3.61
2002 1st quarter ............................................. 2nd quarter ............................................ 3rd quarter ............................................. 4th quarter .............................................
2.45 2.45 2.48 2.51
2.56 2.55 2.56 2.58
2.24 2.25 2.26 2.28
2.34 2.34 2.35 2.37
3.61 3.64 3.68 3.73
3.77 3.78 3.79 3.85
2003 1st quarter ............................................. 2nd quarter ............................................ 3rd quarter ............................................. 4th quarter .............................................
2.53 2.49 2.45 2.46
2.57 2.54 2.49 2.48
2.31 2.27 2.21 2.22
2.36 2.33 2.28 2.28
3.77 3.70 3.59 3.61
3.83 3.78 3.65 3.66
2004 1st quarter ............................................. 2nd quarter ............................................ 3rd quarter ............................................. 4th quarter .............................................
2.47 2.50 2.51 2.51
2.47 2.48 2.47 2.47
2.23 2.25 2.28 2.29
2.28 2.28 2.27 2.27
3.64 3.66 3.69 3.72
3.65 3.65 3.61 3.61
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Figure 5-3. Private Nonfarm Inventory/Sales Ratios, 1947–2004 (ratio of current-dollar inventories at end of year to monthly rate of final sales in the fourth quarter) 5
4
Ratio
102
3
2 Inventories to final sales of goods and structures 1 Inventories to final sales of domestic business 0 1947
1952
1957
1962
1967
1972
1977
1982
1987
1992
1997 2002 2004
Year
• Inventories play a key role in the business cycle, and ratios of inventories to sales (I/S ratios) are important cyclical indicators. During business expansions, if production and sales are rising at sustainable rates, inventory-building proceeds in line with sales increases and ratios of inventories to sales are stable; they may even decline if sales run ahead of production and expectations. On the other hand, if production gets ahead of sales, or sales take an unexpected dip, there can be “involuntary” inventory accumulation. In that case, I/S ratios would rise and production would have to be cut back. In the graph above, this can be seen most strikingly in the high ratios associated with the severe 1974–1975 and 1981–1982 recessions. By contrast, the 2001 recession was preceded by a very modest increase in I/S ratios. (Table 5-7) • In addition to these cyclical movements, the broadest ratios of inventories to monthly business sales rates for total GDP show a downtrend over the postwar period. The lower line on the graph shows an example of such a broad ratio. The downtrend is summarized in the decline between the earliest and latest pre-recession ratios, which occurred in 1947 and 1999, respectively. (Table 5-7) • However, this decline may simply reflect the shift in the composition of GDP toward services, which require relatively less inventory support. When nonfarm inventories are compared with final sales of goods and structures only, as in the higher line on the graph, 1999 ratios are actually higher than those of 1947, whether measured in current or 2000 dollars. This seems to suggest that inventory efficiencies achieved by individual firms may not have translated into inventory efficiency for the economy as a whole. (Table 5-7) • Interrupting the general downtrend in both ratios is a period of increase extending from about 1966 through the early 1980s. This coincides with a period of high and rising inflation, which may have given firms incentives to hold inventory in excess of production needs as a hedge against—or a speculation on—price increases. (Table 5-7 and Chapter 8)
CHAPTER 5: SAVING AND INVESTMENT; BUSINESS SALES AND INVENTORIES
103
Table 5-8. Manufacturing and Trade Sales and Inventories Sales, billions of dollars Classification basis, Not year and month seasonally adjusted, total
SIC Basis 1973 .................... 1974 ....................
Inventories, billions of dollars, end of period, seasonally adjusted
Ratios, inventories to monthly sales, seasonally adjusted
Seasonally adjusted Total
Manufacturing
Retail trade
Merchant wholesalers
Total
Manufacturing
Merchant Retail trade wholesalers
Total
Manufacturing
Merchant Retail trade wholesalers
1 844.1 2 134.9
1 844.1 2 134.9
875.2 1 017.5
511.6 541.7
457.4 575.8
... ...
... ...
... ...
... ...
... ...
... ...
... ...
... ...
1975 1976 1977 1978 1979
.................... .................... .................... .................... ....................
2 186.4 2 449.8 2 754.2 3 123.8 3 572.4
2 186.4 2 449.8 2 754.2 3 123.8 3 572.4
1 039.1 1 185.6 1 358.4 1 522.9 1 727.2
587.7 655.9 722.1 804.0 896.6
559.6 608.4 673.6 797.0 948.6
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
1980 1981 1982 1983 1984
.................... .................... .................... .................... ....................
3 926.8 4 269.9 4 171.5 4 431.4 4 921.5
3 926.8 4 269.9 4 171.5 4 431.4 4 921.5
1 852.7 2 017.5 1 960.2 2 070.6 2 288.2
956.9 1 038.2 1 068.7 1 170.2 1 286.9
1 117.2 1 214.2 1 142.5 1 190.7 1 346.4
... ... 573.9 590.3 649.8
... ... 311.9 312.4 339.5
121.1 132.7 134.6 147.8 167.8
122.6 129.7 127.4 130.1 142.5
... ... 1.67 1.56 1.53
... ... 1.95 1.78 1.73
... 1.48 1.49 1.44 1.49
... 1.25 1.36 1.28 1.23
1985 1986 1987 1988 1989
.................... .................... .................... .................... ....................
5 071.0 5 165.0 5 492.8 5 965.9 6 324.5
5 071.0 5 165.0 5 492.8 5 965.9 6 324.5
2 334.5 2 335.9 2 475.9 2 695.4 2 840.4
1 375.0 1 449.6 1 541.3 1 656.2 1 759.0
1 361.5 1 379.5 1 475.6 1 614.2 1 725.1
664.0 662.7 709.8 767.2 815.5
334.7 322.7 338.1 369.4 391.2
181.9 186.5 207.8 219.0 237.2
147.4 153.6 163.9 178.8 187.0
1.55 1.55 1.50 1.49 1.52
1.73 1.68 1.59 1.57 1.63
1.52 1.56 1.55 1.54 1.58
1.28 1.32 1.29 1.30 1.28
1990 .................... 1991 .................... 1992 ....................
6 550.9 6 513.8 6 806.1
6 550.9 6 513.8 6 806.1
2 912.2 2 878.2 3 004.7
1 844.6 1 855.9 1 951.6
1 794.1 1 779.7 1 849.8
840.7 834.7 842.9
405.1 391.0 382.5
239.8 243.4 252.2
195.8 200.4 208.2
1.52 1.53 1.48
1.65 1.65 1.54
1.56 1.54 1.52
1.29 1.33 1.32
NAICS Basis 1992 .................... 1993 .................... 1994 ....................
6 492.2 6 815.4 7 326.1
6 492.2 6 815.4 7 326.1
2 904.0 3 020.5 3 238.1
1 804.5 1 930.1 2 096.2
1 783.7 1 864.9 1 991.8
836.6 863.5 926.6
378.7 379.7 399.9
258.9 277.0 302.7
198.9 206.8 224.0
1.52 1.50 1.47
1.57 1.51 1.45
1.67 1.69 1.67
1.31 1.31 1.29
1995 1996 1997 1998 1999
.................... .................... .................... .................... ....................
7 863.6 8 250.7 8 688.1 8 914.0 9 439.2
7 863.6 8 250.7 8 688.1 8 914.0 9 439.2
3 479.7 3 597.2 3 834.7 3 899.8 4 031.9
2 207.5 2 350.3 2 456.0 2 572.3 2 797.9
2 176.4 2 303.2 2 397.5 2 441.9 2 609.4
985.4 1 004.7 1 045.8 1 078.4 1 138.6
424.9 430.6 443.7 449.2 463.7
320.0 330.9 341.4 355.3 383.6
240.5 243.2 260.7 273.9 291.3
1.48 1.45 1.42 1.44 1.41
1.44 1.43 1.37 1.39 1.35
1.73 1.67 1.65 1.63 1.60
1.30 1.27 1.26 1.32 1.30
2000 2001 2002 2003 2004
.................... .................... .................... .................... ....................
10 012.2 9 876.0 9 886.4 10 201.7 11 233.6
10 012.2 9 876.0 9 886.4 10 201.7 11 233.6
4 208.6 4 022.9 3 920.6 3 979.8 4 373.6
2 983.0 3 069.8 3 141.5 3 275.4 3 521.7
2 820.6 2 783.3 2 824.4 2 946.5 3 338.4
1 197.8 1 140.0 1 142.5 1 160.1 1 250.0
481.7 447.6 423.3 418.5 450.6
406.3 395.3 418.6 435.0 459.7
309.8 297.2 300.7 306.6 339.6
1.41 1.43 1.38 1.36 1.30
1.36 1.40 1.31 1.28 1.20
1.60 1.59 1.56 1.58 1.54
1.30 1.33 1.26 1.23 1.16
2001 January ............... February ............. March .................. April .................... May ..................... June ....................
771.4 777.0 864.8 806.4 864.6 853.7
837.0 839.1 827.9 823.0 834.9 820.4
344.9 348.7 342.7 335.0 344.9 335.4
253.1 252.8 251.0 255.1 255.8 255.3
239.0 237.6 234.2 232.8 234.2 229.8
1 201.7 1 195.6 1 192.2 1 193.0 1 192.4 1 184.6
485.2 481.4 478.2 477.4 474.9 470.4
407.0 404.9 404.6 404.9 405.9 404.9
309.5 309.3 309.4 310.7 311.7 309.3
1.44 1.42 1.44 1.45 1.43 1.44
1.41 1.38 1.40 1.42 1.38 1.40
1.61 1.60 1.61 1.59 1.59 1.59
1.29 1.30 1.32 1.33 1.33 1.35
July ..................... August ................ September .......... October ............... November ........... December ...........
783.7 856.5 800.9 847.3 812.1 837.5
818.7 823.6 807.8 822.5 813.0 810.6
333.7 336.8 325.4 326.1 324.7 326.4
253.8 255.2 250.8 269.2 260.4 257.2
231.2 231.6 231.6 227.3 227.9 227.1
1 178.6 1 179.1 1 173.8 1 157.1 1 145.8 1 140.0
466.4 463.1 459.7 456.4 452.0 447.6
405.8 409.8 409.1 397.5 394.3 395.3
306.4 306.1 305.0 303.2 299.6 297.2
1.44 1.43 1.45 1.41 1.41 1.41
1.40 1.38 1.41 1.40 1.39 1.37
1.60 1.61 1.63 1.48 1.51 1.54
1.33 1.32 1.32 1.33 1.31 1.31
2002 January ............... February ............. March .................. April .................... May ..................... June ....................
749.0 749.3 832.3 822.3 855.9 839.0
811.0 811.6 812.8 823.3 823.3 825.6
325.2 323.3 325.0 327.1 330.9 327.8
257.4 258.5 258.4 262.9 258.2 261.9
228.4 229.8 229.4 233.3 234.1 235.8
1 136.8 1 129.0 1 123.2 1 120.2 1 122.8 1 123.7
442.8 435.7 431.1 429.1 426.6 425.6
397.7 399.8 398.4 398.8 403.4 404.1
296.3 293.5 293.7 292.4 292.8 294.0
1.40 1.39 1.38 1.36 1.36 1.36
1.36 1.35 1.33 1.31 1.29 1.30
1.54 1.55 1.54 1.52 1.56 1.54
1.30 1.28 1.28 1.25 1.25 1.25
July ..................... August ................ September .......... October ............... November ........... December ...........
809.3 860.5 829.1 857.9 820.5 861.3
827.4 835.6 829.6 830.8 831.7 827.0
326.9 329.8 329.3 329.4 326.6 322.4
264.2 266.2 261.3 263.0 264.0 265.9
236.3 239.6 239.0 238.4 241.1 238.7
1 128.6 1 129.2 1 135.6 1 135.9 1 136.9 1 142.5
424.5 424.1 424.3 423.4 421.7 423.3
407.9 407.7 412.8 414.8 417.1 418.6
296.2 297.3 298.5 297.7 298.1 300.7
1.36 1.35 1.37 1.37 1.37 1.38
1.30 1.29 1.29 1.29 1.29 1.31
1.54 1.53 1.58 1.58 1.58 1.57
1.25 1.24 1.25 1.25 1.24 1.26
2003 January ............... February ............. March .................. April .................... May ..................... June ....................
777.7 769.5 861.3 829.0 853.3 863.7
835.9 833.7 841.9 830.1 830.2 842.1
326.1 328.1 329.2 322.4 324.3 327.7
268.0 263.6 268.8 268.8 267.5 272.3
241.8 241.9 243.8 238.9 238.4 242.1
1 143.4 1 152.6 1 154.6 1 155.9 1 151.8 1 149.5
422.7 427.0 425.6 425.5 425.1 422.8
420.7 424.6 426.7 427.6 425.6 426.1
299.9 301.0 302.3 302.8 301.1 300.5
1.37 1.38 1.37 1.39 1.39 1.36
1.30 1.30 1.29 1.32 1.31 1.29
1.57 1.61 1.59 1.59 1.59 1.57
1.24 1.24 1.24 1.27 1.26 1.24
July ..................... August ................ September .......... October ............... November ........... December ...........
837.8 863.3 874.2 898.6 842.2 931.2
854.5 853.6 861.3 867.5 871.3 879.5
335.5 329.7 337.1 339.6 338.1 343.9
274.7 279.1 276.9 275.9 279.6 279.0
244.3 244.8 247.3 252.0 253.6 256.6
1 148.1 1 142.5 1 147.6 1 153.1 1 156.9 1 160.1
420.8 419.9 418.3 419.0 418.6 418.5
426.8 422.5 427.7 430.2 433.7 435.0
300.4 300.0 301.6 303.9 304.6 306.6
1.34 1.34 1.33 1.33 1.33 1.32
1.25 1.27 1.24 1.23 1.24 1.22
1.55 1.51 1.54 1.56 1.55 1.56
1.23 1.23 1.22 1.21 1.20 1.19
2004 January ............... February ............. March .................. April .................... May ..................... June ....................
811.2 836.0 969.9 922.2 932.5 969.5
882.1 889.0 919.9 917.7 928.0 927.9
342.7 342.3 358.3 357.8 359.4 363.5
281.3 283.2 289.7 286.1 293.2 288.6
258.0 263.5 271.9 273.8 275.4 275.9
1 160.6 1 169.5 1 178.6 1 186.2 1 194.4 1 206.9
419.0 421.1 423.2 425.1 429.2 433.1
435.3 437.8 442.7 448.2 448.2 453.4
306.4 310.6 312.8 313.0 317.0 320.4
1.32 1.32 1.28 1.29 1.29 1.30
1.22 1.23 1.18 1.19 1.19 1.19
1.55 1.55 1.53 1.57 1.53 1.57
1.19 1.18 1.15 1.14 1.15 1.16
July ..................... August ................ September .......... October ............... November ........... December ...........
911.0 963.9 963.9 963.5 957.8 1 032.2
935.2 945.8 948.7 959.5 964.4 975.7
365.2 372.0 368.5 373.3 375.7 380.5
292.3 292.7 297.7 299.9 300.0 303.7
277.7 281.1 282.5 286.3 288.7 291.5
1 219.2 1 230.2 1 228.3 1 233.7 1 247.5 1 250.0
437.5 440.5 441.2 445.4 450.1 450.6
456.4 460.6 456.7 453.9 458.8 459.7
325.4 329.0 330.5 334.5 338.5 339.6
1.30 1.30 1.29 1.29 1.29 1.28
1.20 1.18 1.20 1.19 1.20 1.18
1.56 1.57 1.53 1.51 1.53 1.51
1.17 1.17 1.17 1.17 1.17 1.17
. . . = Not available.
104
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 5-9. Real Manufacturing and Trade Sales and Inventories (Billions of chained [1996 or 2000] dollars, ratios; seasonally adjusted; annual figures are averages of seasonally adjusted monthly data.) Sales, monthly average Classification basis, year and month
SIC Basis (1996 dollars) 1973 .......................................... 1974 ..........................................
Inventories, end of period
Manufacturing
Retail trade
Merchant wholesalers
408.3 405.8
203.8 199.0
114.8 109.4
90.6 97.3
Total
Ratios, end-of-period inventories to monthly average sales
Manufacturing
Retail trade
Merchant wholesalers
537.1 567.5
281.6 302.8
144.4 142.3
103.5 113.7
Total
Manufacturing
Retail trade
Merchant wholesalers
1.32 1.40
1.38 1.52
1.26 1.30
1.14 1.17
Total
1975 1976 1977 1978 1979
.......................................... .......................................... .......................................... .......................................... ..........................................
376.2 403.5 431.8 458.5 469.5
179.0 195.4 211.2 221.3 224.2
110.1 117.4 123.2 129.1 131.3
87.5 91.4 98.0 108.4 114.0
546.6 578.9 607.3 645.7 666.7
295.2 309.3 317.9 332.5 345.3
135.3 145.7 153.9 164.1 164.1
107.1 115.0 127.2 141.3 148.9
1.45 1.43 1.41 1.41 1.42
1.65 1.58 1.51 1.50 1.54
1.23 1.24 1.25 1.27 1.25
1.22 1.26 1.30 1.30 1.31
1980 1981 1982 1983 1984
.......................................... .......................................... .......................................... .......................................... ..........................................
454.9 457.7 439.1 460.7 499.3
211.5 213.1 202.9 212.4 229.3
126.5 127.0 125.8 135.1 144.8
116.4 117.1 110.3 113.5 125.4
669.2 685.7 663.4 675.3 740.6
345.7 350.3 334.6 334.2 363.2
159.5 168.4 164.5 177.9 199.7
155.7 159.5 157.8 157.9 172.6
1.47 1.50 1.51 1.47 1.48
1.63 1.64 1.65 1.57 1.58
1.26 1.33 1.31 1.32 1.38
1.34 1.36 1.43 1.39 1.38
1985 1986 1987 1988 1989
.......................................... .......................................... .......................................... .......................................... ..........................................
513.8 533.6 553.2 579.1 590.5
233.5 237.6 248.0 259.4 261.9
151.2 159.6 164.2 171.3 175.6
129.4 136.6 141.3 148.6 153.1
755.3 762.4 799.5 832.7 864.6
356.9 353.1 361.6 378.5 392.7
215.1 218.5 239.7 247.4 261.9
180.6 189.2 197.6 205.9 209.2
1.47 1.43 1.45 1.44 1.46
1.53 1.49 1.46 1.46 1.50
1.42 1.37 1.46 1.44 1.49
1.40 1.38 1.40 1.39 1.37
1990 1991 1992 1993 1994
.......................................... .......................................... .......................................... .......................................... ..........................................
593.9 586.4 607.7 632.7 670.3
261.4 257.1 266.4 274.5 290.1
177.3 174.0 179.9 188.7 201.0
155.3 155.3 161.5 169.4 179.2
880.1 878.2 886.6 912.0 959.2
401.6 394.9 390.1 393.7 405.8
260.2 260.8 265.4 280.8 301.4
217.1 221.9 230.9 237.3 252.0
1.48 1.50 1.46 1.44 1.43
1.54 1.54 1.46 1.43 1.40
1.47 1.50 1.48 1.49 1.50
1.40 1.43 1.43 1.40 1.41
1995 .......................................... 1996 ..........................................
699.5 726.0
301.1 309.5
208.2 218.5
190.2 198.0
996.4 1 016.4
419.9 430.0
313.6 321.0
263.0 265.4
1.42 1.40
1.39 1.39
1.51 1.47
1.38 1.34
NAICS Basis (2000 dollars) 1997 .......................................... 1998 .......................................... 1999 ..........................................
737.1 774.7 819.4
324.1 335.6 346.2
219.8 234.2 253.6
190.2 203.2 218.9
1 025.1 1 081.4 1 143.8
430.7 449.3 466.3
340.6 357.9 385.5
254.1 274.4 292.0
1.39 1.40 1.40
1.33 1.34 1.35
1.55 1.53 1.52
1.34 1.35 1.33
.......................................... .......................................... .......................................... .......................................... ..........................................
844.8 834.8 845.0 861.8 913.1
350.2 331.2 327.7 328.3 346.3
265.9 274.0 284.5 298.4 317.2
228.7 228.7 232.9 235.8 252.2
1 188.3 1 147.9 1 168.4 1 179.0 1 221.5
474.2 452.8 447.0 439.4 445.6
407.1 396.3 420.6 437.3 452.7
307.0 298.6 300.5 302.0 323.1
1.41 1.38 1.38 1.37 1.34
1.35 1.37 1.36 1.34 1.29
1.53 1.45 1.48 1.47 1.43
1.34 1.31 1.29 1.28 1.28
2001 January ..................................... February ................................... March ........................................ April .......................................... May ........................................... June ..........................................
836.5 845.6 837.9 830.3 838.1 827.5
335.1 344.1 339.8 329.4 336.1 329.7
269.4 269.6 268.2 272.0 272.4 271.2
231.4 231.5 229.2 227.9 228.7 225.3
1 189.9 1 186.0 1 182.1 1 184.2 1 184.5 1 178.5
476.6 475.5 472.0 471.7 469.5 466.1
406.5 403.5 402.9 404.2 405.0 404.3
306.8 306.9 307.2 308.3 309.9 308.0
1.42 1.40 1.41 1.43 1.41 1.42
1.42 1.38 1.39 1.43 1.40 1.41
1.51 1.50 1.50 1.49 1.49 1.49
1.33 1.33 1.34 1.35 1.36 1.37
July ........................................... August ...................................... September ................................ October ..................................... November ................................. December .................................
832.2 834.0 817.9 842.9 836.3 838.7
331.0 330.6 319.5 325.4 325.0 328.2
271.4 273.6 268.4 289.5 281.7 280.6
228.8 228.8 228.1 227.2 228.6 228.7
1 174.4 1 173.6 1 169.6 1 157.5 1 147.9 1 147.9
464.0 461.7 458.9 457.8 455.5 452.8
404.4 406.0 405.7 396.5 391.9 396.3
305.9 305.8 304.9 303.2 300.6 298.6
1.41 1.41 1.43 1.37 1.37 1.37
1.40 1.40 1.44 1.41 1.40 1.38
1.49 1.48 1.51 1.37 1.39 1.41
1.34 1.34 1.34 1.33 1.32 1.31
2002 January ..................................... February ................................... March ........................................ April .......................................... May ........................................... June ..........................................
841.8 840.5 833.4 845.4 843.9 845.4
330.6 326.7 323.3 329.4 330.7 326.4
280.7 282.6 281.2 284.2 280.2 284.4
229.9 230.9 228.3 232.1 233.1 234.8
1 149.0 1 146.2 1 146.4 1 145.2 1 147.8 1 151.2
451.1 449.7 449.1 448.3 446.8 446.3
399.5 400.9 401.6 402.4 406.0 408.7
298.2 295.4 295.5 294.2 294.7 295.9
1.37 1.36 1.38 1.36 1.36 1.36
1.37 1.38 1.39 1.36 1.35 1.37
1.42 1.42 1.43 1.42 1.45 1.44
1.30 1.28 1.30 1.27 1.26 1.26
July ........................................... August ...................................... September ................................ October ..................................... November ................................. December .................................
851.0 852.1 843.4 846.6 849.9 846.4
331.0 328.8 326.3 329.1 326.6 323.3
286.7 288.5 283.5 285.6 287.2 289.7
233.7 235.6 234.0 232.2 236.4 233.6
1 154.5 1 154.1 1 159.3 1 159.2 1 162.9 1 168.4
446.4 446.6 447.1 446.8 445.5 447.0
410.0 409.0 413.4 414.9 419.3 420.6
297.8 298.1 298.5 297.2 297.7 300.5
1.36 1.35 1.37 1.37 1.37 1.38
1.35 1.36 1.37 1.36 1.36 1.38
1.43 1.42 1.46 1.45 1.46 1.45
1.27 1.27 1.28 1.28 1.26 1.29
2003 January ..................................... February ................................... March ........................................ April .......................................... May ........................................... June ..........................................
851.9 835.3 844.3 843.2 848.0 859.1
326.9 319.6 323.3 319.9 323.1 325.8
291.4 284.8 289.8 291.8 293.1 298.6
233.8 230.4 231.2 231.4 232.2 235.2
1 168.7 1 173.3 1 174.3 1 175.0 1 172.2 1 172.7
446.6 447.5 445.8 446.1 445.2 444.0
422.3 425.3 427.2 427.2 426.9 429.2
299.5 300.0 300.9 301.3 299.8 299.1
1.37 1.41 1.39 1.39 1.38 1.37
1.37 1.40 1.38 1.40 1.38 1.36
1.45 1.49 1.47 1.46 1.46 1.44
1.28 1.30 1.30 1.30 1.29 1.27
July ........................................... August ...................................... September ................................ October ..................................... November ................................. December .................................
871.2 868.1 873.0 877.5 882.5 887.1
333.6 327.2 332.7 334.0 334.4 339.5
301.6 305.7 303.0 303.7 308.9 308.3
237.0 236.2 238.4 241.1 241.1 241.4
1 174.1 1 169.6 1 174.7 1 178.2 1 179.9 1 179.0
442.8 442.0 440.7 440.7 439.5 439.4
432.0 428.8 434.0 435.7 439.0 437.3
299.0 298.5 299.8 301.4 301.2 302.0
1.35 1.35 1.35 1.34 1.34 1.33
1.33 1.35 1.33 1.32 1.31 1.29
1.43 1.40 1.43 1.44 1.42 1.42
1.26 1.26 1.26 1.25 1.25 1.25
2004 January ..................................... February ................................... March ........................................ April .......................................... May ........................................... June ..........................................
886.1 889.7 913.7 905.7 910.1 910.2
337.4 336.7 349.5 345.4 344.8 347.7
309.2 309.9 315.9 311.5 317.0 312.3
241.0 245.0 251.1 251.1 250.9 252.6
1 178.6 1 184.3 1 190.3 1 194.8 1 197.5 1 203.3
439.8 441.2 441.7 441.8 442.1 443.5
437.8 439.0 443.9 449.2 449.4 451.0
300.7 303.8 304.5 303.8 306.0 308.7
1.33 1.33 1.30 1.32 1.32 1.32
1.30 1.31 1.26 1.28 1.28 1.28
1.42 1.42 1.41 1.44 1.42 1.44
1.25 1.24 1.21 1.21 1.22 1.22
July ........................................... August ...................................... September ................................ October ..................................... November ................................. December .................................
916.0 920.7 921.1 922.9 924.6 936.9
349.2 351.3 345.8 348.1 347.8 352.2
317.7 317.5 322.4 322.5 323.0 327.7
252.1 254.6 255.7 255.2 256.7 260.5
1 207.3 1 212.0 1 210.4 1 216.1 1 222.5 1 221.5
445.9 446.9 445.2 445.9 447.5 445.6
448.3 448.5 448.5 450.6 452.4 452.7
312.9 316.3 316.5 319.3 322.5 323.1
1.32 1.32 1.31 1.32 1.32 1.30
1.28 1.27 1.29 1.28 1.29 1.27
1.41 1.41 1.39 1.40 1.40 1.38
1.24 1.24 1.24 1.25 1.26 1.24
2000 2001 2002 2003 2004
CHAPTER 5: SAVING AND INVESTMENT; BUSINESS SALES AND INVENTORIES
105
Table 5-10. Capital Expenditures, 1996–2003 (Millions of dollars.) All companies Capital expenditures 1996
1997
1998
1999
2000
2001
2002
2003
TOTAL ..............................................................................................
807 070
871 765
970 897
1 046 952
1 161 029
1 109 004
997 894
983 815
Structures ......................................................................................... New .............................................................................................. Used ............................................................................................. Equipment ........................................................................................ New .............................................................................................. Used ............................................................................................. Not distributed as structures or equipment .......................................
243 427 223 588 19 839 563 641 526 016 37 625 2
273 298 254 451 18 849 598 466 562 019 36 447 0
329 111 284 491 44 620 641 786 606 210 35 577 0
320 078 296 496 23 583 726 874 689 553 37 321 0
364 407 329 525 34 882 796 622 750 626 45 996 0
363 748 335 538 28 210 745 256 706 617 38 639 0
358 484 321 191 37 293 639 410 598 668 40 741 0
343 721 304 094 39 627 640 094 589 643 50 451 0
15 675 ...
16 066 ...
16 533 ...
17 140 ...
19 545 ...
15 529 ...
15 334 ...
15 641 ...
CAPITAL LEASE AND CAPITALIZED INTEREST EXPENSES 1 Capital leases ................................................................................... Capitalized interest ...........................................................................
Companies with employees Capital expenditures 1996
1997
1998
1999
2000
2001
2002
2003
TOTAL ..............................................................................................
707 110
772 343
896 452
974 631
1 089 862
1 052 344
917 490
895 646
Structures ......................................................................................... New .............................................................................................. Used ............................................................................................. Equipment ........................................................................................ New .............................................................................................. Used ............................................................................................. Not distributed as structures or equipment .......................................
204 345 191 867 12 478 502 762 481 785 20 977 2
236 166 225 107 11 060 536 177 515 965 20 212 0
300 283 260 008 40 275 596 169 570 397 25 773 0
293 787 276 094 17 693 680 843 656 344 24 499 0
338 120 309 541 28 579 751 742 718 227 33 515 0
346 221 323 871 22 349 706 123 679 090 27 033 0
325 168 299 941 25 227 592 321 564 218 28 103 0
313 101 280 695 32 406 582 546 550 841 31 705 0
13 023 6 827
14 549 7 273
15 631 9 799
16 594 9 591
19 184 11 423
15 500 11 969
15 092 ...
15 137 ...
CAPITAL LEASE AND CAPITALIZED INTEREST EXPENSES 1 Capital leases ................................................................................... Capitalized interest ...........................................................................
Companies without employees Capital expenditures 1996
1997
1998
1999
2000
2001
2002
2003
TOTAL ..............................................................................................
99 960
99 422
74 445
72 322
71 168
56 660
80 404
88 169
Structures ......................................................................................... New .............................................................................................. Used ............................................................................................. Equipment ........................................................................................ New .............................................................................................. Used ............................................................................................. Not distributed as structures or equipment .......................................
39 082 31 721 7 361 60 878 44 231 16 648 0
37 132 29 344 7 789 62 289 46 054 16 235 0
28 828 24 483 4 345 45 617 35 813 9 804 0
26 291 20 402 5 889 46 030 33 209 12 821 0
26 287 19 984 6 303 44 880 32 399 12 481 0
17 527 11 667 5 860 39 133 27 528 11 605 0
33 316 21 250 12 066 47 088 34 450 12 638 0
30 621 23 399 7 222 57 549 38 803 18 746 0
2 652 ...
1 517 ...
902 ...
546 ...
361 ...
29 ...
242 ...
504 ...
CAPITAL LEASE AND CAPITALIZED INTEREST EXPENSES 1 Capital leases ................................................................................... Capitalized interest ........................................................................... 1Included
in data shown above. . . . = Not available.
106
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 5-11. Capital Expenditures for Structures and Equipment for Companies with Employees by Major NAICS Industry Sector, 1998–2003 (Millions of dollars.) Manufacturing (31–33) Year and type of expenditure
Total
Forestry, fishing, and agricultural Mining (21) Utilities (22) services (113–115)
Construction (23)
Total
Durable goods industries (321, 327, 33)
Nondurable goods industries (31, 322–326)
Wholesale trade (42)
Retail trade (44–45)
Transportation and Information ware(51) housing (48–49)
1998 Total expenditures .............. Structures, total .............. New ............................ Used ........................... Equipment, total ............. New ............................ Used ...........................
896 452 300 283 260 008 40 275 596 169 570 397 25 773
854 206 158 49 648 603 46
40 424 26 503 24 714 1 789 13 921 12 625 1 296
36 010 18 574 17 771 804 17 436 17 266 170
26 867 7 062 4 749 2 313 19 805 15 346 4 458
203 587 39 028 37 122 1 906 164 559 159 363 5 196
117 901 19 406 18 449 957 98 496 95 571 2 925
85 685 19 622 18 673 949 66 063 63 792 2 271
29 169 7 480 6 738 742 21 690 20 470 1 220
57 276 25 105 23 104 2 001 32 171 30 359 1 812
51 287 13 036 12 365 671 38 251 33 409 4 842
96 487 24 721 24 218 503 71 766 70 827 939
1999 Total expenditures .............. Structures, total .............. New ............................ Used ........................... Equipment, total ............. New ............................ Used ...........................
974 631 293 787 276 094 17 693 680 843 656 344 24 499
1 716 344 331 13 1 371 1 190 182
30 586 17 626 17 039 587 12 960 12 167 793
42 802 21 241 20 784 457 21 561 20 545 1 016
23 110 1 753 1 505 248 21 356 18 600 2 756
196 399 33 985 32 814 1 171 162 414 157 715 4 699
117 005 17 320 16 581 739 99 685 96 434 3 251
79 394 16 665 16 233 432 62 729 61 281 1 448
32 442 7 264 6 508 756 25 179 23 714 1 465
64 063 29 494 28 670 824 34 569 33 567 1 002
57 299 14 122 13 859 263 43 178 40 425 2 752
122 827 34 924 33 733 1 191 87 903 85 310 2 593
2000 Total expenditures .............. Structures, total .............. New ............................ Used ........................... Equipment, total ............. New ............................ Used ...........................
1 089 862 338 120 309 541 28 579 751 742 718 227 33 515
1 488 139 134 5 1 350 1 086 264
42 522 28 620 25 500 3 120 13 902 12 854 1 048
61 302 29 472 29 258 214 31 830 27 937 3 893
25 049 2 803 2 583 220 22 245 17 788 4 458
214 827 39 434 36 643 2 791 175 393 169 454 5 939
133 786 21 228 19 748 1 480 112 558 108 703 3 856
81 041 18 207 16 895 1 312 62 835 60 751 2 083
33 579 8 923 8 364 559 24 656 23 610 1 046
69 791 32 037 30 413 1 624 37 754 36 428 1 326
59 851 13 457 13 190 267 46 394 43 455 2 938
160 177 41 502 40 062 1 440 118 675 117 835 841
2001 Total expenditures .............. Structures, total .............. New ............................ Used ........................... Equipment, total ............. New ............................ Used ...........................
1 052 344 346 221 323 871 22 349 706 123 679 090 27 033
1 532 226 149 77 1 306 1 091 215
51 278 32 678 31 825 853 18 600 17 567 1 033
82 823 38 093 36 504 1 588 44 731 42 939 1 792
24 802 3 859 3 389 470 20 943 17 432 3 511
192 835 39 815 38 001 1 814 153 019 148 397 4 623
118 875 22 032 20 701 1 331 96 844 94 251 2 592
73 959 17 784 17 301 483 56 176 54 145 2 030
29 981 6 932 5 357 1 575 23 049 20 757 2 292
66 917 30 010 29 118 892 36 906 35 074 1 833
57 756 16 594 14 479 2 116 41 161 38 521 2 640
144 793 41 742 41 384 358 103 051 102 410 641
2002 Total expenditures .............. Structures, total .............. New ............................ Used ........................... Equipment, total ............. New ............................ Used ...........................
917 490 325 168 299 941 25 227 592 321 564 218 28 103
1 910 184 118 66 1 726 1 319 407
42 467 30 685 29 775 910 11 783 10 262 1 520
65 502 29 893 29 008 886 35 609 34 816 793
24 773 1 890 1 254 456 23 063 19 257 3 806
157 243 32 643 31 022 1 622 124 600 118 621 5 978
84 062 15 133 14 396 737 68 929 66 112 2 817
73 181 17 510 16 626 885 55 671 52 510 3 161
26 789 5 885 5 447 438 20 904 18 562 2 342
59 316 26 286 25 051 1 234 33 030 31 157 1 873
47 124 14 498 13 870 628 32 626 29 178 3 447
88 156 33 607 33 472 135 54 550 54 247 303
2003 Total expenditures .............. Structures, total .............. New ............................ Used ........................... Equipment, total ............. New ............................ Used ...........................
895 646 313 101 280 695 32 406 582 546 550 841 31 705
1 894 202 177 25 1 692 1 267 425
50 513 36 361 35 641 720 14 152 12 265 1 887
54 748 24 747 24 487 261 30 001 29 316 685
23 136 1 665 141 251 21 471 16 193 5 278
149 509 30 490 28 668 1 823 119 018 113 156 5 862
81 116 13 535 12 806 730 67 581 63 476 4 105
68 393 16 955 15 862 1 093 51 438 49 680 1 757
28 420 6 000 5 061 939 22 420 20 450 1 970
65 548 29 530 27 255 2 275 36 018 31 987 4 031
44 892 12 919 11 692 1 226 31 973 27 361 4 612
81 658 30 750 30 391 358 50 908 50 463 445
Note: Detail may not add up to total because of rounding.
CHAPTER 5: SAVING AND INVESTMENT; BUSINESS SALES AND INVENTORIES
107
Table 5-11. Capital Expenditures for Structures and Equipment for Companies with Employees by Major NAICS Industry Sector, 1998–2003 —Continued (Millions of dollars.) AdminisManagement Professional, trative and of companies scientific, support and Educational and services (61) and technical waste enterprises services (54) management (55) (56)
Structure and Other Accommoequipment services, dation and expenditures except public food services serving adminis(72) multiple tration (81) industries
Real estate and rental and leasing (53)
1998 Total expenditures .............. Structures, total .............. New ............................ Used ........................... Equipment, total ............. New ............................ Used ...........................
118 173 27 221 16 858 10 362 90 952 90 058 894
85 184 36 775 24 109 12 666 48 409 46 877 1 532
22 277 4 886 4 572 314 17 390 16 868 522
1 821 753 502 251 1 068 1 030 38
13 110 4 288 3 745 543 8 822 8 346 476
12 983 9 109 8 734 374 3 874 3 825 49
47 109 23 971 21 328 2 643 23 138 22 465 672
8 994 5 045 4 838 206 3 949 3 752 197
20 822 12 045 10 402 1 643 8 777 8 005 772
20 627 13 737 13 280 457 6 890 6 296 594
3 392 738 699 39 2 654 2 609 46
1999 Total expenditures .............. Structures, total .............. New ............................ Used ........................... Equipment, total ............. New ............................ Used ...........................
130 101 20 080 17 918 2 162 110 021 109 577 444
100 629 33 903 30 295 3 608 66 726 63 555 3 171
29 546 6 780 6 168 613 22 766 22 153 613
6 065 1 668 1 509 159 4 397 4 319 78
16 227 2 875 2 773 102 13 353 12 323 1 029
13 532 9 767 9 140 627 3 766 3 668 97
51 342 25 922 24 159 1 763 25 420 24 945 475
13 355 8 119 7 971 148 5 236 5 125 111
23 328 13 431 11 391 2 040 9 897 9 324 573
16 902 9 975 9 033 941 6 928 6 370 558
2 359 516 495 21 1 843 1 752 91
2000 Total expenditures .............. Structures, total .............. New ............................ Used ........................... Equipment, total ............. New ............................ Used ...........................
133 684 23 010 20 298 2 712 110 675 109 678 997
92 456 24 815 17 793 7 022 67 641 62 175 5 466
34 055 8 141 7 470 671 25 914 24 847 1 067
5 054 1 570 955 615 3 484 3 403 81
17 506 4 032 3 504 528 13 475 12 723 752
18 223 13 699 12 965 735 4 523 4 338 186
52 166 26 868 23 999 2 869 25 299 24 407 892
19 125 12 245 11 627 618 6 880 6 161 719
26 307 13 873 12 879 993 12 434 11 501 933
21 125 13 274 11 705 1 569 7 852 7 192 659
1 572 206 200 6 1 366 1 357 10
2001 Total expenditures .............. Structures, total .............. New ............................ Used ........................... Equipment, total ............. New ............................ Used ...........................
131 105 22 744 19 571 3 173 108 361 107 268 1 093
82 674 20 489 17 325 3 164 62 185 60 295 1 891
30 464 7 258 6 793 465 23 206 22 330 876
3 035 933 869 64 2 102 2 019 83
15 785 3 527 3 367 160 12 258 11 644 613
17 377 12 852 11 860 991 4 525 4 238 287
52 932 27 030 25 241 1 789 25 902 24 573 1 329
14 974 8 998 8 157 841 5 976 5 590 386
21 365 12 248 11 402 846 9 117 7 921 1 196
29 006 20 031 18 918 1 112 8 976 8 300 676
911 163 162 0 749 725 24
2002 Total expenditures .............. Structures, total .............. New ............................ Used ........................... Equipment, total ............. New ............................ Used ...........................
128 444 24 308 19 748 4 739 103 956 103 421 535
94 529 35 579 30 227 5 352 58 949 56 847 2 102
25 864 7 129 6 424 706 18 735 18 021 714
3 430 933 913 21 2 497 2 481 16
14 719 3 276 2 948 328 11 443 10 585 857
19 532 14 655 13 601 1 055 4 876 4 690 186
59 311 30 291 27 273 3 018 29 021 28 196 825
13 169 7 758 7 332 425 5 412 5 132 280
22 409 12 157 10 848 1 309 10 252 9 290 962
21 269 13 261 11 363 1 899 8 007 6 858 1 149
1 532 250 248 2 1 282 1 276 6
2003 Total expenditures .............. Structures, total .............. New ............................ Used ........................... Equipment, total ............. New ............................ Used ...........................
125 109 25 012 17 267 7 745 100 097 99 714 383
89 392 26 216 17 086 9 130 63 176 61 585 1 591
24 877 5 314 4 667 648 19 562 18 848 714
3 397 980 924 56 2 417 2 411 5
15 600 3 907 3 139 768 11 693 10 431 1 262
16 601 11 918 11 503 415 4 683 4 569 114
60 776 30 921 28 810 2 111 29 855 29 205 650
11 029 6 800 6 532 268 4 229 4 038 192
21 036 10 568 9 417 1 151 10 468 9 684 783
26 118 18 528 16 297 2 230 7 591 6 779 811
1 394 272 265 7 1 122 1 118 4
Year and type of expenditure
Note: Detail may not add up to total because of rounding.
Health care and social assistance (62)
Arts, entertainment, and recreation (71)
Finance and insurance (52)
108
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
NOTES AND DEFINITIONS TABLES 5-1 THROUGH 5-4 AND 5-7 GROSS SAVING AND INVESTMENT ACCOUNTS; INVENTORIES TO SALES RATIOS SOURCE: U.S. DEPARTMENT ECONOMIC ANALYSIS
OF
COMMERCE, BUREAU
OF
Revisions Data in these tables reflect revisions to the national income and product accounts (NIPAs) available through August 2005. Definitions: Table 5-1 Gross saving is saving before the deduction of allowances for the consumption, or the using-up, of fixed capital. It represents the amount of saving available to finance gross investment. Net saving is gross saving less allowances for fixed capital consumption. It represents the amount of saving available for financing new capital spending. Personal saving is derived by subtracting personal outlays from disposable personal income (see Chapter 4 for more information). It is the current net saving of individuals (including proprietors of unincorporated businesses), nonprofit institutions that primarily serve individuals, life insurance carriers, retirement funds, private noninsured welfare funds, and private trust funds. Conceptually, personal saving may also be viewed as the sum for all persons (including institutions as just defined) of the net acquisition of financial assets and the change in physical assets, less the sum of net borrowing and consumption of fixed capital. In either case, it is defined to exclude capital gains. That is, it excludes profits on the sale of homes, securities, and other property—whether realized or unrealized—and includes the noncorporate inventory valuation and capital consumption adjustments (IVA and CCAdj). (See notes and definitions to Tables 1-1 through 1-13.) Undistributed profits is corporate profits after tax less dividends, with the corporate IVA and corporate CCAdj. (See notes and definitions to Tables 1-1 through 1-13.) Government net saving was formerly called “current surplus (deficit-) of general government.” See Chapter 6 for further detail from the government accounts. Where current receipts of government exceed current expenditures, government has a current surplus (indicated by a positive value) and saving is made available to finance investment by government or other sectors—for example, by the repayment of debt, which can free up funds for private investment. Where current expenditures exceed current receipts, there is a government deficit (indicated by a negative value) and government must borrow, drawing on funds that would otherwise be available for private investment.
Consumption of fixed capital is an accounting charge for the using-up of private and government fixed capital, including software, located in the United States. It is based on studies of prices of used equipment and structures in resale markets. For general government and for nonprofit institutions primarily serving individuals, it is recorded in government consumption expenditures and in personal consumption expenditures, respectively, as the value of the current services of the fixed capital assets owned and used by these entities. Private consumption of fixed capital consists of tax-return-based depreciation charges for corporations and nonfarm proprietorships and of historical-cost depreciation (calculated by the Bureau of Economic Analysis [BEA] using a geometric pattern of price declines) for farm proprietorships, rental income of persons, and nonprofit institutions, minus the capital consumption adjustments. (In other words, in the NIPA treatment of saving, the amount of the CCAdj is taken out of book depreciation and added to income and profits—a reallocation from one form of gross saving to another.) Gross private domestic investment consists of gross private fixed investment and change in private inventories. See the notes and definitions for Chapter 1. Gross government investment consists of federal, state, and local general government and government enterprise expenditures for fixed assets (structures, equipment, and software). Government inventory investment is included in government consumption expenditures. For more detail, see Chapter 6. Capital account transactions, net are net cash or in-kind transfers between the United States and the rest of the world that are linked to the acquisition or disposition of an asset rather than the purchase or sale of currentlyproduced goods and services. When positive, it represents a net transfer from the United States to the rest of the world; when negative, it represents a net transfer to the United States from the rest of the world. This is a definitional category introduced in the 1999 revision. Estimates are available only from 1982 forward. Net lending or net borrowing (-), NIPAs is equal to the international balance on current account as measured in the NIPAs (see Chapter 7) less capital account transactions, net. When positive, this represents net investment by the United States in the rest of the world; when negative, it represents net borrowing by the United States from the rest of the world. Before 1982, net lending or net borrowing equals the NIPA balance on current account, as estimates of capital account transactions are not available. By definition, gross national saving must equal the sum of gross domestic investment, capital account transactions, and net international lending or borrowing. In practice, due to differences in measurement, they differ by the same statistical discrepancy calculated in the national
CHAPTER 5: SAVING AND INVESTMENT; BUSINESS SALES AND INVENTORIES
income and product accounts (see Chapter 1). Where the statistical discrepancy is negative, measured investment, capital transactions, and net international transactions have fallen short of measured saving. Gross national income is national income plus the consumption of fixed capital. (See Chapter 1 for further information.) This is a new concept introduced in the 2003 revision. It is conceptually equal to gross national product, but differs by the statistical discrepancy. It is an appropriate denominator for the national saving ratios. Saving was previously shown as a percent of gross national product; in the revision, it is instead shown as a percent of the income-side equivalent of gross national product. Since saving is measured as a residual from income, it seems more appropriate to involve the same measurement imperfections in both the numerator and the denominator of the fraction. Definitions: Tables 5-2 through 5-4 Gross private fixed investment comprises both nonresidential and residential fixed investment. It consists of purchases of fixed assets, which are commodities that will be used in a production process for more than one year, including replacements and additions to the capital stock. It is “gross” because it is measured before a deduction for consumption of fixed capital. It covers all investment by private businesses and nonprofit institutions in the United States, regardless of whether the investment is owned by U.S. residents. It does not include purchases of the same types of equipment and structures by government agencies, which are included in government gross investment, or investment by U.S. residents in other countries. Gross nonresidential fixed investment consists of structures, equipment, and software not related to personal residences. Nonresidential structures consists of new construction, brokers’ commissions on sales of structures, and net purchases (purchases less sales) of used structures by private business and by nonprofit institutions from government agencies. New construction includes hotels, motels, and mining exploration, shafts, and wells. Nonresidential equipment and software consists of private business purchases, on capital account, of new machinery, equipment, and vehicles; purchases and in-house production of software; dealers’ margins on sales of used equipment; and net purchases (purchases less sales) of used equipment from government agencies, persons, and the rest of the world. (It does not, however, include the personal-use portion of equipment purchased for both business and personal use. This is included in PCE.) Residential private fixed investment consists of both structures and residential producers’ durable equipment—that is, equipment owned by landlords and rented to tenants.
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Investment in structures consists of new units, improvements to existing units, manufactured homes, brokers’ commissions on the sale of residential property, and net purchases (purchases less sales) of used structures from government agencies. Real gross private investment (Table 5-3) and chain-type quantity indexes for private fixed investment (Table 5-4) are defined and explained in the notes and definitions to Chapter 1. The chained-dollar (2000) estimates in Table 5-3 are constructed by applying the changes in the chaintype quantity indexes, as shown in Table 5-4, to the 2000 current-dollar values. Thus, they do not contain any information about time trends that is not already present in the quantity indexes. As the quantity indexes are chain-weighted at the basic level of aggregation, chained constant-dollar components generally do not add to the chained constant-dollar totals. For this reason, BEA only makes available 2000dollar estimates back to 1990 (except for the very highest levels of aggregation of GDP), since the addition problem is less severe for years around the base year. However, the addition problem is so severe for computers that BEA does not even publish recent 2000-dollar values for this component. BEA notes that “The quantity index for computers can be used to accurately measure the real growth rate of this component. However, because computers exhibit rapid changes in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component’s relative importance or its contribution to the growth rate of more aggregate series….” (Footnote to BEA Table 5.3.6, Survey of Current Business on the BEA Web site.) Accurate estimates of these contributions are shown in BEA Table 5.3.2, which is published in the Survey of Current Business and can be found on the BEA Web site at . Definitions: Table 5-7 Inventories to sales ratios. The ratios shown in Table 5-7 are based on the inventory estimates underlying the measurement of inventory change in the NIPAs. They include data and estimates for not only the inventories held in manufacturing and trade (see the following Tables 5-8 and 5-9), but also stocks held by all other businesses in the U.S. economy. For the current-dollar ratios, inventories at the end of each quarter are valued in the prices that prevailed at the end of that quarter. For the constant-dollar ratios, they are valued in chained (2000) dollars. In both cases, the inventory/sales ratio is the value of the inventories at the end of the quarter divided by quarterly total sales at monthly rates (quarterly totals divided by 3). In other words, they represent how many months’ supply businesses had on hand at the end of the period. Annual data are those for the fourth quarter.
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BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Data availability Current data for some of these series are included in the monthly release of the latest NIPA estimates. All of the series are subsequently published each month in the BEA’s Survey of Current Business. Current and historical data may be obtained from the BEA Web site at or the STAT-USA subscription Web site at . References Sources of information about the NIPAs are listed in the notes and definitions for Tables 1-1 through 1-13. TABLE 5-5 AND 5-6 CURRENT-COST NET STOCK OF FIXED ASSETS; CHAIN-TYPE QUANTITY INDEXES FOR NET STOCK OF FIXED ASSETS BEA calculates measures, integrated with the NIPAs, of the level of the stock of fixed assets in the U.S. economy, or what is commonly called the “capital stock.” (The fixed investment component of the GDP is a flow, or the increment of new capital goods into the capital stock.) These two tables present two measures of the capital stock. At the time Business Statistics went to press, new and revised data for the years 1987–2004 were available, but previous years’ data had not yet been revised for comparability. Data for the overlap year 1987 are shown on both the old and the new basis to help users link old and new data into a continuous series. Definitions and methods The definitions of capital stock categories are the same as used in GDP investment categories (see the above notes and definitions to Tables 5-2 through 5-4). The values of fixed capital and depreciation typically reported by businesses are inadequate for economic analysis and are not typically used in these measures. In business reports, capital is generally valued at historical costs—each year’s capital acquisition in the prices of the year acquired—and the totals therefore represent a mixture of pricing bases. Reported depreciation is generally based on historical cost and on depreciation rates allowable by federal income tax law, rather than on a realistic rate of economic depreciation. In these data, the net stock of fixed assets is measured by a perpetual inventory method. In other words, net stock at any given time is the cumulative value of past gross investment less the cumulative value of past depreciation, including damages from disasters and war losses that exceed normal depreciation (such as the terrorist attack on September 11, 2001).
Gross investment is the gross fixed investment component of GDP. Depreciation for privately-owned assets is the value of “consumption of fixed capital” in the NIPAs, which is subtracted from gross domestic product in order to yield net domestic product. For government assets, the published NIPA value of consumption of fixed capital does not include disaster and war loss damage. The value of these damages is calculated by BEA and subtracted from capital stock assets for the purpose of fixed asset measurement. The initial calculations using this perpetual inventory method are performed in real terms for each type of asset. They are then aggregated to higher levels using an annual-weighted Fisher-type index; see the definition of real or chained-dollar estimates in the notes and definitions to Chapter 1. This provides the chain-type quantity indexes shown in Table 5-6. Growth rates in these indexes measure real growth in the capital stock. The real values are then converted to a current-cost basis to yield the values shown in Table 5-5. They are converted by multiplying the real values by the appropriate price index for the period under consideration. A major use of the current-cost net stock figures is comparison with the value of output in that year; for example, the current-cost net stock of fixed assets for the total economy divided by the current-dollar value of GDP yields a capital/output ratio for the entire economy. Growth rates in current-cost values will reflect both the real growth measured by the quantity indexes and the increase in the value at current prices of the existing stock. Data availability The fixed asset values are revised and updated periodically in articles in the Survey of Current Business. The 1994–2004 values shown here are from the September 2005 issue. The data for 1987 through 1993 were revised and published on the BEA Web site in March 2005. Data for earlier years and for the overlap year 1987 are from the May 2004 Survey of Current Business and are not directly comparable, since they do not reflect the 2005 revisions, which affected historical data for private nonresidential fixed assets. Further revisions to historical data and updates will be posted on the BEA Web site at . References The latest revision is presented and described in “Fixed Assets and Consumer Durable Goods for 1994–2004,” Survey of Current Business, September 2005. Data for earlier years are presented and described in “Fixed Assets and Consumer Durable Goods: Preliminary Estimates for 2002 and Revised Estimates for 1925–2001,” Survey of Current Business, May 2004. The fixed asset measures are described in Fixed Assets and Consumer Durable Goods in the United States, 1925–97
CHAPTER 5: SAVING AND INVESTMENT; BUSINESS SALES AND INVENTORIES
(September 2003), available on the BEA Web site at . TABLES 5-8 AND 5-9 MANUFACTURING AND TRADE SALES AND INVENTORIES SOURCES: U.S. DEPARTMENT OF COMMERCE, BUREAU OF THE CENSUS (CURRENT DOLLAR SERIES) AND U.S. DEPARTMENT OF COMMERCE, BUREAU OF ECONOMIC ANALYSIS (CONSTANT DOLLAR SERIES) The current dollar data on these pages draw together summary data from the separate series on manufacturers’ shipments, inventories, and orders; merchant wholesalers’ sales and inventories; and retail sales and inventories, all of which are included in Part B of this book. Generally, current-dollar inventories are collected on a current cost (or pre-LIFO) basis. See the notes to Tables 17-4, 17-5, and 17-9 through 17-11 for further information about these data. Data for recent years are compiled using the new North American Industry Classification System (NAICS), replacing the old Standard Industrial Classification (SIC). The Census Bureau has restated the current-dollar historical data on the NAICS basis back to January 1992. To allow the user to observe the difference between the two systems, and to “link” the new data to older data if a longer time series is required, Business Statistics republishes the previous SIC-based annual data up through 1992 to provide an overlap with the new data in that year. The Bureau of Economic Analysis has restated the constant-dollar data on the NAICS basis back to the beginning of 1997. Business Statistics is publishing the previous SIC-based annual data through 1996. BEA provides overlapping data on its Web site at . In the NAICS, a few major industries have been entirely taken out of manufacturing and trade. Publishing and aerospace research activities have been reclassified from manufacturing to the new information industry, and food services and drinking places have been reclassified from retail trade to a new services category, accommodation and food services, which also includes hotels and similar establishments. A number of other activities have been moved within the broad category of manufacturing and trade. Food items made in retail establishments have been reclassified into manufacturing. A significant number of businesses previously classified as wholesale have been shifted to retail. Finally, the retail trade data, and therefore the total manufacturing and trade data, are no longer subdivided into durable and nondurable goods. Based on these current-dollar values and relevant price data, the BEA makes estimates of real sales, inventories,
111
and inventory-sales ratios. Note, however, that annual figures for sales are shown as annual totals in Table 5-8 but as averages of the monthly data in Table 5-9. Inventory values are as of the end of the month or year. In Table 5-8, annual values for monthly current-dollar inventory-sales ratios are averages of seasonally adjusted monthly data. However, for the real ratios in Table 5-9, annual figures for inventory/sales ratios are calculated by BEA as year-end (December) inventories divided by the monthly average of sales for the entire year. In all cases, the ratios in these two tables, like those in Table 5-7, represent the number of months’ sales on hand as inventory at the end of the reporting period. Data availability Sales, inventories, and inventory-sales ratios for manufacturers, merchant wholesalers, and retailers are published monthly by the Census Bureau in a press release entitled “Manufacturing and Trade Inventories and Sales”; recent data are available on the Web site at . Sales and inventories in constant dollars are available on the BEA Web site at . To locate these data on that site, click on “Gross Domestic Product.” Then, under “Supplemental Estimates,” click “Underlying Detail Tables,” and then on “List of Underlying Detail Tables.” For the most recent data, select the last table where there is more than one table with the same title. References Further information comparing NAICS and SIC industries can be found on the Census Web site at . For information about the 1996 historical revisions to sales and inventories in constant dollars, see “Real Inventories, Sales, and Inventory-Sales Ratios for Manufacturing and Trade, 1977–95,” Survey of Current Business, May 1996. TABLES 5-10 AND 5-11 ANNUAL CAPITAL EXPENDITURES SOURCE: U.S. DEPARTMENT
OF
COMMERCE, CENSUS BUREAU
These data are from the Census Bureau’s Annual Capital Expenditures Survey (ACES). The survey provides detailed information on capital investment in new and used structures and equipment by nonfarm businesses for 1996 through 2003. The survey is based on a sample of approximately 46,000 companies with employees and 15,000 non-employer businesses (businesses with an owner but no employees). For companies with employees, the Census Bureau reports data for the years 1998 through 2003 for 132 sep-
112
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
arate industry categories from the North American Industry Classification System (NAICS); Table 5-11 shows these data for the major NAICS sectors. Total capital expenditures, with no industry detail, are reported for the nonemployer businesses and are shown in Table 5-10, where they can be compared with the totals for companies with employees for the years 1996 through 2003. Capital expenditures include all capitalized costs during the year for both new and used structures and equipment, including software, chargeable to fixed asset accounts for which depreciation or amortization accounts are ordinarily maintained. For projects lasting longer than one year, this definition includes gross additions to construction-in-progress accounts, even if the asset was not in use and not yet depreciated. For capital leases, the company using the asset (lessee) is asked to include the cost or present value of the leased assets for the year in
which the lease was entered into. Also included in capital expenditures are capitalized leasehold improvements and capitalized interest charges on loans used to finance capital projects. Data availability The Annual Capital Expenditure Survey: 2003 was published by the Census Bureau in February 2005 and, in addition to new data for 2003, contains revised data for 2002 and 2001. Previous surveys using NAICS, each containing the latest year’s data and revisions for the preceding year, were issued in February 2004, January 2003, April 2002, and May 2001. The 1998 and 1997 surveys show data by industry using the 1987 Standard Industrial Classification (SIC) system. Current and past surveys are available on the Census Web site at .
CHAPTER 6: GOVERNMENT Section 6a: Federal Government in the National Income and Product Accounts
Figure 6-1. Federal Government Saving and Dis-saving, 1946–2004 (surplus + / deficit -, as percent of GDP) 4 Total
Social insurance funds
Other
Percent
2
0
-2
-4
-6 1946
1951
1956
1961
1966
1971
1976
1981
1986
1991
1996
2001 2004
Year
• Since the changes enacted in 1983 in Social Security funding, the federal government’s social insurance funds have made a modest positive contribution to national saving. The remainder of the federal current budget has swung from large deficits to significant positive saving and back to deficit since the early 1980s. Periods of economic slack (recessions and early recoveries) tend to increase deficits more or less automatically, as existing tax laws and spending programs produce different rates of receipts and spending in response to the changes in economic activity. Spending changes and changes in tax law also have significant effects. (Tables 6-1 and 1-1) • Total federal government current expenditures have changed little as a percent of GDP: they were 20.0 percent in 1946 and 20.2 percent in 2004. However, the composition of those expenditures changed over that period. The interest share was little changed, but consumption expenditures fell from 60 percent to 30 percent of total federal spending, while social benefits (such as Medicare and Social Security) rose from 20 percent to 43 percent. Grants to state and local governments increased from 2 percent to 15 percent. (Tables 6-1 and 1-1) • Federal government nondefense consumption spending, in real terms (as measured by the quantity index), increased 566 percent from 1946 to 2004, for an annual rate of increase of 3.3 percent per year. Real federal nondefense gross investment spending was up 1,687 percent, or 5.1 percent per year. (Table 6-6) • Real defense consumption spending jumped 29 percent in the four years since 2000, but is still only 77 percent above the rate for 1946, largely reflecting the fact that the armed forces were far larger in 1946 than they are now. Real defense investment spending is up 40 percent from 2000 and 663 percent from 1946, as defense spending shifted from manpower to equipment. (Table 6-6)
113
114
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 6-1. Federal Government Current Receipts and Expenditures (National income and product accounts, calendar years, billions of dollars, quarterly data are at seasonally adjusted annual rates.) NIPA Table 3.2 Current receipts Tax receipts Year and quarter Total Total 1
Personal current taxes
Taxes on production and imports Total 1
Excise taxes
Income receipts on assets Taxes on corporate income
Total
Federal Reserve banks
Other
Contributions for government social insurance
Total
Interest receipts
Rents and royalties
Current transfer receipts
Current surplus of government enterprises
1946 1947 1948 1949
........................... ........................... ........................... ...........................
39.5 42.8 42.4 37.9
32.7 37.1 37.6 32.8
16.4 18.8 18.1 15.4
7.7 7.7 7.8 7.9
7.2 7.2 7.4 7.5
8.6 10.7 11.8 9.6
0.0 0.1 0.2 0.2
8.6 10.6 11.6 9.4
6.5 5.4 4.4 4.7
... ... ... ...
... ... ... ...
... ... ... ...
0.3 0.3 0.3 0.3
... ... ... ...
1950 1951 1952 1953 1954
........................... ........................... ........................... ........................... ...........................
48.8 62.9 65.8 68.6 62.5
43.3 56.3 58.9 61.5 54.4
17.4 25.4 30.2 31.3 28.1
8.7 9.2 10.1 10.7 9.5
8.2 8.6 9.6 10.2 9.0
17.2 21.7 18.6 19.5 16.9
0.2 0.3 0.3 0.3 0.3
17.0 21.4 18.3 19.1 16.6
5.3 6.4 6.6 6.8 7.8
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
0.2 0.3 0.3 0.3 0.3
... ... ... ... ...
1955 1956 1957 1958 1959
........................... ........................... ........................... ........................... ...........................
71.1 75.8 79.3 76.0 87.0
62.0 65.9 67.9 64.7 73.3
30.5 33.9 36.0 35.5 38.5
10.4 11.0 11.5 11.2 12.2
9.8 10.3 10.8 10.4 11.2
21.1 20.9 20.4 18.0 22.5
0.3 0.4 0.5 0.5 0.9
20.8 20.5 19.9 17.4 21.6
8.8 9.6 11.0 11.0 13.4
... ... ... ... 0.0
... ... ... ... ...
... ... ... ... 0.0
0.3 0.4 0.4 0.4 0.4
... ... ... ... -0.1
1960 1961 1962 1963 1964
........................... ........................... ........................... ........................... ...........................
93.9 95.5 103.6 111.8 111.8
76.5 77.5 83.3 88.6 87.8
41.8 42.7 46.5 49.1 46.0
13.1 13.2 14.2 14.7 15.5
12.0 12.2 13.0 13.5 14.2
21.4 21.5 22.5 24.6 26.1
0.9 0.7 0.8 0.9 1.6
20.6 20.8 21.7 23.7 24.6
16.0 16.5 18.6 21.0 21.7
1.4 1.5 1.7 1.8 1.8
1.3 1.4 1.6 1.7 1.7
0.0 0.1 0.1 0.1 0.1
0.4 0.5 0.5 0.6 0.7
-0.3 -0.5 -0.5 -0.3 -0.3
1965 1966 1967 1968 1969
........................... ........................... ........................... ........................... ...........................
120.9 137.9 146.9 171.2 192.5
95.7 104.8 109.9 129.8 146.1
51.1 58.6 64.4 76.4 91.7
15.5 14.5 15.2 17.0 17.9
13.9 12.6 13.3 14.7 15.5
28.9 31.4 30.0 36.1 36.1
1.3 1.6 1.9 2.5 3.0
27.6 29.8 28.1 33.6 33.0
22.7 30.5 34.0 37.8 43.1
1.9 2.1 2.5 2.9 2.7
1.8 2.0 2.3 2.7 2.5
0.1 0.1 0.2 0.2 0.2
1.1 1.2 1.1 1.1 1.1
-0.3 -0.6 -0.6 -0.3 -0.5
1970 1971 1972 1973 1974
........................... ........................... ........................... ........................... ...........................
186.0 191.7 220.1 250.4 279.5
138.0 138.7 158.4 173.1 192.2
88.9 85.8 102.8 109.6 126.5
18.2 19.1 18.6 19.9 20.2
15.7 16.0 15.6 16.7 16.5
30.6 33.5 36.6 43.3 45.1
3.5 3.4 3.2 4.3 5.6
27.1 30.1 33.4 38.9 39.6
45.3 50.0 57.9 74.0 83.5
3.1 3.5 3.6 3.8 4.2
2.8 3.1 3.3 3.4 3.6
0.2 0.3 0.4 0.4 0.5
1.1 1.1 1.3 1.3 1.4
-1.5 -1.6 -1.1 -1.8 -1.8
1975 1976 1977 1978 1979
........................... ........................... ........................... ........................... ...........................
277.2 322.5 363.4 423.5 486.2
187.0 218.1 247.4 286.9 326.2
120.7 141.2 162.2 188.9 224.6
22.2 21.6 22.9 25.6 26.0
16.4 17.0 17.5 18.5 18.5
43.6 54.6 61.6 71.4 74.4
5.4 5.9 5.9 7.0 9.3
38.2 48.7 55.7 64.4 65.1
87.5 99.1 110.3 127.9 148.9
4.9 5.9 6.7 8.5 10.7
4.3 5.2 5.8 7.4 9.2
0.6 0.7 0.9 1.1 1.5
1.5 1.6 1.9 2.4 2.8
-3.6 -2.2 -2.9 -2.1 -2.3
1980 1981 1982 1983 1984
........................... ........................... ........................... ........................... ...........................
532.1 619.4 616.6 642.3 709.0
355.9 408.1 386.8 393.6 425.7
250.0 290.6 295.0 286.2 301.4
34.0 50.3 41.4 44.8 47.8
26.9 41.7 32.8 35.7 35.9
70.3 65.7 49.0 61.3 75.2
11.7 14.0 15.2 14.2 16.1
58.6 51.7 33.8 47.1 59.2
162.6 191.8 204.9 221.8 252.8
13.7 18.3 22.2 23.8 26.6
11.3 14.8 18.3 20.4 22.8
2.3 3.5 3.8 3.5 3.9
3.5 3.8 5.2 6.0 7.3
-3.6 -2.5 -2.4 -2.9 -3.4
1985 1986 1987 1988 1989
........................... ........................... ........................... ........................... ...........................
773.3 815.2 896.6 958.2 1 037.4
460.6 479.6 544.0 566.7 621.7
336.0 350.1 392.5 402.9 451.5
46.4 44.0 46.3 50.3 50.2
34.3 30.3 30.7 33.9 32.7
76.3 83.8 103.2 111.1 117.2
17.8 17.8 17.7 17.4 21.6
58.5 66.0 85.4 93.8 95.6
276.5 297.5 315.9 353.1 376.3
29.1 31.4 27.9 30.0 28.6
25.7 29.0 25.6 28.0 26.5
3.5 2.4 2.3 2.0 2.1
9.4 8.2 10.7 10.8 12.4
-2.4 -1.5 -2.0 -2.3 -1.6
1990 1991 1992 1993 1994
........................... ........................... ........................... ........................... ...........................
1 081.5 1 101.3 1 147.2 1 222.5 1 320.8
642.8 636.1 660.4 713.4 781.9
470.2 461.3 475.3 505.5 542.7
51.4 62.2 63.7 66.7 79.4
33.9 45.3 45.4 46.9 57.9
118.1 109.9 118.8 138.5 156.7
23.6 20.8 16.8 16.0 20.5
94.5 89.2 102.0 122.5 136.3
400.1 418.6 441.8 463.6 493.7
30.2 30.1 25.7 26.2 23.4
27.6 27.4 23.1 23.5 20.6
2.6 2.8 2.6 2.7 2.7
13.5 17.9 19.4 21.1 22.3
-5.1 -1.4 -0.1 -1.8 -0.4
1995 1996 1997 1998 1999
........................... ........................... ........................... ........................... ...........................
1 406.5 1 524.0 1 653.1 1 773.8 1 891.2
845.1 932.4 1 030.6 1 116.8 1 195.7
586.0 663.4 744.3 825.8 893.0
75.9 73.2 78.2 81.1 83.9
56.1 54.0 58.6 61.5 64.7
179.3 190.6 203.0 204.2 213.0
23.4 20.1 20.7 26.6 25.4
155.9 170.5 182.3 177.7 187.6
519.2 542.8 576.4 613.8 651.6
23.7 26.9 25.9 21.5 21.5
21.2 23.0 21.4 17.7 18.0
2.5 4.0 4.5 3.8 3.5
19.1 23.1 19.9 21.5 22.7
-0.6 -1.2 0.3 0.1 -0.3
2000 2001 2002 2003 2004
........................... ........................... ........................... ........................... ...........................
2 053.8 2 016.2 1 853.2 1 868.6 1 974.8
1 313.6 1 252.2 1 075.5 1 059.2 1 122.4
999.1 994.5 830.5 774.3 801.8
87.8 85.8 87.3 89.7 94.0
66.7 65.2 67.4 68.3 70.7
219.4 164.7 150.5 186.7 217.4
25.3 27.1 24.5 22.0 18.1
194.1 137.6 126.0 164.7 199.3
691.7 717.5 734.3 759.1 802.5
25.2 24.9 20.2 22.7 21.9
20.1 18.4 15.4 16.2 15.3
5.1 6.5 4.9 6.5 6.6
25.7 27.1 24.8 25.7 28.6
-2.3 -5.5 -1.6 1.9 -0.5
2002 1st quarter ............. 2nd quarter ............ 3rd quarter ............. 4th quarter .............
1 845.9 1 854.1 1 856.1 1 856.6
1 071.3 1 077.5 1 075.4 1 078.0
843.1 835.2 825.8 818.0
84.9 87.7 88.5 88.0
66.3 68.0 67.9 67.2
136.3 147.4 153.9 164.2
25.0 25.3 24.4 23.2
111.3 122.1 129.5 141.0
732.1 735.5 735.0 734.4
21.1 20.1 19.8 19.9
15.8 15.0 15.2 15.5
5.3 5.1 4.7 4.4
25.7 24.9 24.5 24.0
-4.3 -3.9 1.4 0.3
2003 1st quarter ............. 2nd quarter ............ 3rd quarter ............. 4th quarter .............
1 881.4 1 896.3 1 808.9 1 887.9
1 084.4 1 089.6 994.5 1 068.2
806.7 811.2 708.8 770.6
90.1 89.7 88.8 90.2
68.6 68.5 67.4 68.6
180.7 178.8 189.1 198.1
23.9 22.7 21.2 20.2
156.7 156.1 167.9 177.9
749.0 756.4 762.9 768.0
19.5 22.8 24.0 24.6
14.8 16.4 16.7 17.0
4.7 6.4 7.3 7.6
24.8 25.5 26.2 26.5
3.7 2.1 1.4 0.6
2004 1st quarter ............. 2nd quarter ............ 3rd quarter ............. 4th quarter .............
1 917.8 1 951.4 1 975.4 2 054.6
1 080.7 1 108.1 1 119.4 1 181.3
771.3 786.3 810.0 839.7
93.4 93.4 94.0 95.1
71.0 70.4 70.7 70.7
206.9 219.9 207.5 235.3
17.3 17.2 18.0 19.9
189.7 202.7 189.5 215.4
787.2 793.5 806.0 823.4
22.0 21.5 21.8 22.2
15.0 15.0 15.5 15.6
6.9 6.5 6.3 6.6
27.6 28.1 28.7 30.0
0.3 0.3 -0.4 -2.3
1Includes components not shown separately.
. . . = Not available.
115
CHAPTER 6: GOVERNMENT Table 6-1. Federal Government Current Receipts and Expenditures—Continued (National income and product accounts, calendar years, billions of dollars, quarterly data are at seasonally adjusted annual rates.)
NIPA Table 3.2 Current expenditures 1 Government social benefits Year and quarter Total
Consumption expenditures
Total 1
To persons
Net federal government saving, NIPA (surplus + / deficit -)
Other current transfer payments
Total 1
Grants-inaid to state and local governments
Interest payments
Total
To persons To the rest and of the world business
Subsidies
Total
Social insurance funds
Other
1946 1947 1948 1949
........................... ........................... ........................... ...........................
44.5 37.6 38.8 43.5
27.0 20.9 21.2 23.3
8.7 8.4 7.2 8.2
8.7 8.4 7.2 8.2
3.3 3.6 5.6 7.0
1.0 1.6 1.7 1.9
4.0 4.1 4.2 4.3
... ... ... ...
0.0 0.0 0.0 0.0
1.6 0.6 0.6 0.7
-5.0 5.3 3.6 -5.7
3.2 3.2 2.4 1.5
-8.2 2.1 1.2 -7.2
1950 1951 1952 1953 1954
........................... ........................... ........................... ........................... ...........................
43.3 53.3 62.1 66.8 64.2
22.1 34.4 44.2 48.3 43.9
10.2 7.9 8.1 8.7 10.7
10.2 7.9 8.1 8.7 10.7
5.5 5.2 4.3 4.3 4.1
1.9 2.0 2.2 2.3 2.3
4.5 4.6 4.6 4.7 4.8
... ... ... ... ...
0.0 0.0 0.1 0.1 0.1
1.0 1.2 0.9 0.7 0.6
5.5 9.6 3.7 1.8 -1.6
-0.3 2.6 2.6 2.1 1.2
5.8 7.0 1.1 -0.3 -2.8
1955 1956 1957 1958 1959
........................... ........................... ........................... ........................... ...........................
65.3 68.3 76.0 81.4 83.6
43.9 45.1 49.5 50.9 50.0
11.5 12.3 14.5 18.2 18.6
11.5 12.3 14.5 18.2 18.6
4.5 4.4 4.7 5.2 7.6
2.4 2.5 2.9 3.3 3.8
4.8 5.2 5.7 5.4 6.3
... ... ... ... ...
0.1 0.2 0.2 0.1 0.3
0.6 1.2 1.6 1.8 1.1
5.7 7.6 3.3 -5.4 3.3
1.5 1.7 1.1 -2.7 -0.7
4.2 5.9 2.2 -2.7 4.0
1960 1961 1962 1963 1964
........................... ........................... ........................... ........................... ...........................
86.7 92.8 101.1 106.4 110.8
49.8 51.6 57.8 60.8 62.8
20.1 23.3 23.7 24.9 25.4
19.9 23.1 23.5 24.6 25.2
7.4 8.0 8.6 9.2 9.8
4.0 4.5 5.0 5.6 6.5
8.4 7.9 8.6 9.3 10.0
8.0 7.6 8.3 8.9 9.6
0.3 0.3 0.3 0.4 0.5
1.1 2.0 2.3 2.2 2.7
7.2 2.6 2.5 5.4 1.0
0.4 -2.3 -0.6 0.8 1.3
6.8 5.0 3.1 4.5 -0.2
1965 1966 1967 1968 1969
........................... ........................... ........................... ........................... ...........................
117.6 135.7 156.2 173.5 183.8
65.7 75.9 87.1 95.4 98.4
27.6 30.2 36.9 42.2 46.1
27.3 29.9 36.5 41.9 45.8
10.7 14.0 15.7 17.1 19.0
7.2 10.1 11.7 12.7 14.6
10.6 11.6 12.7 14.6 15.8
10.1 11.1 12.1 13.9 15.0
0.5 0.5 0.6 0.7 0.8
3.0 3.9 3.8 4.1 4.5
3.3 2.3 -9.4 -2.3 8.7
0.5 6.0 4.1 3.2 5.7
2.9 -3.7 -13.5 -5.5 3.0
1970 1971 1972 1973 1974
........................... ........................... ........................... ........................... ...........................
201.1 220.0 244.4 261.7 293.3
98.6 102.0 107.7 108.9 118.0
56.1 66.6 73.3 85.2 103.9
55.6 66.1 72.9 84.5 103.3
23.9 29.0 38.6 39.7 41.8
19.3 23.2 31.7 34.8 36.3
17.7 17.9 18.8 22.8 26.0
16.7 16.1 16.1 19.0 21.7
1.0 1.8 2.7 3.8 4.3
4.8 4.6 6.6 5.1 3.2
-15.2 -28.4 -24.4 -11.3 -13.8
1.0 -3.0 -0.6 5.8 3.2
-16.2 -25.3 -23.8 -17.1 -17.0
1975 1976 1977 1978 1979
........................... ........................... ........................... ........................... ...........................
346.2 374.3 407.5 450.0 497.5
129.6 137.2 150.7 163.3 179.0
133.0 143.9 152.9 163.3 183.7
132.3 143.1 152.1 162.4 182.8
50.5 54.6 60.0 69.4 70.8
45.1 50.7 56.6 65.5 66.3
28.9 33.8 37.1 45.3 55.7
24.4 29.3 31.6 36.7 44.6
4.5 4.5 5.5 8.7 11.1
4.3 4.9 6.9 8.7 8.2
-69.0 -51.7 -44.1 -26.5 -11.3
-16.2 -15.6 -13.8 -4.6 0.2
-52.9 -36.1 -30.2 -21.9 -11.4
1980 1981 1982 1983 1984
........................... ........................... ........................... ........................... ...........................
585.7 672.7 748.5 815.4 877.1
207.5 238.3 263.3 286.5 310.0
220.7 251.4 282.4 304.3 310.5
219.6 250.1 281.2 303.0 309.2
78.4 78.2 76.4 78.7 86.0
72.3 72.5 69.5 71.6 76.7
69.7 93.9 111.8 124.6 150.3
57.0 76.6 92.5 105.6 129.1
12.7 17.3 19.3 19.0 21.2
9.4 11.1 14.5 20.8 20.6
-53.6 -53.3 -131.9 -173.0 -168.1
-15.5 -13.8 -33.8 -37.3 -8.7
-38.1 -39.5 -98.1 -135.7 -159.4
1985 1986 1987 1988 1989
........................... ........................... ........................... ........................... ...........................
948.2 1 006.0 1 041.6 1 092.7 1 167.5
338.4 358.2 374.3 382.5 399.2
326.6 345.3 358.2 379.1 412.2
325.4 343.7 356.7 377.5 410.6
92.7 99.9 94.7 102.8 109.8
80.9 87.6 83.9 91.6 98.3
169.4 178.2 184.6 199.3 219.3
146.3 153.5 158.4 167.6 181.0
23.1 24.6 26.2 31.7 38.4
20.9 24.5 29.9 29.0 26.8
-175.0 -190.8 -145.0 -134.5 -130.1
1.7 6.4 15.2 39.7 43.1
-176.7 -197.2 -160.2 -174.1 -173.2
1990 1991 1992 1993 1994
........................... ........................... ........................... ........................... ...........................
1 253.5 1 315.0 1 444.6 1 496.0 1 533.1
419.8 439.5 445.2 441.9 440.8
447.2 494.2 551.7 582.4 607.6
445.4 492.0 549.8 580.5 605.5
122.7 103.5 167.0 182.3 191.6
111.4 131.6 149.1 163.7 174.7
237.5 250.9 251.3 253.4 261.3
196.7 210.1 212.2 214.0 217.1
40.8 40.9 39.1 39.4 44.2
26.4 26.9 29.5 36.0 31.8
-172.0 -213.7 -297.4 -273.5 -212.3
43.0 25.7 6.5 5.6 17.9
-215.0 -239.4 -303.9 -279.1 -230.3
1995 1996 1997 1998 1999
........................... ........................... ........................... ........................... ...........................
1 603.5 1 665.8 1 708.9 1 734.9 1 787.6
440.5 446.3 457.7 454.6 475.1
642.7 680.0 706.3 719.2 738.0
640.8 677.9 704.2 716.9 735.7
196.3 208.2 212.5 227.4 248.0
184.1 191.2 198.6 212.8 232.9
290.4 297.3 300.0 298.8 282.7
236.6 232.0 221.3 219.6 208.1
53.8 65.3 78.6 79.3 74.5
33.7 34.0 32.4 35.0 43.8
-197.0 -141.8 -55.8 38.8 103.6
19.0 13.9 30.6 59.0 94.1
-216.0 -155.7 -86.4 -20.2 9.6
2000 2001 2002 2003 2004
........................... ........................... ........................... ........................... ...........................
1 864.4 1 969.5 2 101.1 2 251.4 2 381.3
499.3 531.9 591.5 661.9 725.7
772.5 841.4 919.6 965.0 1 017.1
770.0 838.7 916.9 962.2 1 014.0
265.6 290.0 323.4 362.7 374.1
247.3 276.1 304.6 339.1 348.3
283.3 258.6 229.1 215.2 221.5
200.3 176.2 152.4 141.7 131.7
83.0 82.4 76.6 73.5 89.7
43.8 47.6 37.5 46.5 43.0
189.5 46.7 -247.9 -382.7 -406.5
112.3 87.0 48.9 40.8 52.1
77.1 -40.3 -296.8 -423.5 -458.6
2002 1st quarter ............. 2nd quarter ............ 3rd quarter ............. 4th quarter .............
2 054.4 2 095.5 2 103.4 2 151.1
571.3 585.0 591.4 618.5
896.4 922.8 927.0 932.2
893.7 920.1 924.3 929.5
318.7 317.9 320.6 336.3
291.4 303.1 306.6 317.2
229.9 233.3 227.7 225.4
150.8 155.6 151.8 151.5
79.1 77.7 76.0 73.9
38.1 36.5 36.7 38.7
-208.5 -241.4 -247.3 -294.6
64.9 46.1 44.0 40.6
-273.4 -287.5 -291.3 -335.1
2003 1st quarter ............. 2nd quarter ............ 3rd quarter ............. 4th quarter .............
2 177.4 2 270.1 2 265.1 2 292.9
634.7 667.6 668.4 676.8
946.7 962.3 971.1 980.1
943.9 959.5 968.2 977.2
338.3 369.8 368.0 374.7
313.2 344.6 344.4 354.0
217.0 214.9 212.2 216.8
144.7 143.6 138.5 140.3
72.3 71.3 73.7 76.6
42.0 54.2 45.5 44.4
-296.0 -373.8 -456.2 -405.0
45.4 39.6 39.6 38.4
-341.4 -413.5 -495.7 -443.4
2004 1st quarter ............. 2nd quarter ............ 3rd quarter ............. 4th quarter .............
2 347.2 2 364.9 2 387.0 2 426.2
710.7 721.1 735.7 735.1
1 003.2 1 010.3 1 019.9 1 034.9
1 000.2 1 007.3 1 017.0 1 031.7
376.1 372.3 364.1 384.1
342.6 349.9 341.9 358.7
216.9 218.4 224.5 226.1
136.2 130.4 131.4 128.9
80.7 88.0 93.1 97.2
41.8 41.3 42.8 46.1
-429.3 -413.4 -411.6 -371.6
45.0 47.8 54.3 61.5
-474.3 -461.2 -465.9 -433.2
1Includes components not shown separately.
. . . = Not available.
116
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 6-2. Federal Government Consumption Expenditures and Gross Investment (National income and product accounts, calendar years, billions of dollars, quarterly data are at seasonally adjusted annual rates.) NIPA Tables 3.9.5, 3.10.5 Federal government consumption expenditures and gross investment Consumption expenditures Year and quarter Total Total
Gross investment
Compen- ConsumpLess: Intersation of tion of own-account mediate general general investment goods and governgovernand sales to services ment ment fixed other purchased 1 employees capital sectors
National defense
Structures
Equipment and software
Total Total
Nondefense
Total
Structures
Equipment and software
1946 1947 1948 1949
............................. ............................. ............................. .............................
28.9 22.7 24.2 27.7
27.0 20.9 21.2 23.3
16.2 10.3 9.6 10.7
9.3 8.8 7.6 6.6
5.3 2.5 4.6 6.4
3.7 0.6 0.5 0.3
1.9 1.8 3.0 4.4
1.5 0.9 2.0 2.9
0.3 0.2 0.4 0.4
1.2 0.8 1.6 2.6
0.4 0.8 1.0 1.4
0.0 0.3 0.7 1.1
0.4 0.5 0.4 0.3
1950 1951 1952 1953 1954
............................. ............................. ............................. ............................. .............................
26.0 45.1 59.2 64.4 57.3
22.1 34.4 44.2 48.3 43.9
11.1 16.6 19.3 19.1 18.3
5.8 6.1 6.8 7.6 8.2
5.7 12.6 18.7 22.3 18.1
0.4 0.9 0.6 0.6 0.7
3.9 10.7 15.0 16.1 13.3
2.4 9.1 13.4 14.7 12.1
0.5 2.0 3.3 3.3 2.7
1.9 7.1 10.1 11.4 9.4
1.6 1.5 1.6 1.4 1.2
1.2 1.1 1.1 1.1 0.9
0.4 0.4 0.5 0.3 0.3
1955 1956 1957 1958 1959
............................. ............................. ............................. ............................. .............................
54.9 56.7 61.3 63.8 65.4
43.9 45.1 49.5 50.9 50.0
19.0 19.6 20.2 21.3 21.7
8.6 9.2 9.7 9.8 10.1
17.7 17.1 20.8 21.1 19.3
1.3 0.8 1.3 1.3 1.2
10.9 11.6 11.9 12.9 15.4
10.1 10.5 10.5 11.3 13.7
2.1 2.1 2.3 2.6 2.5
8.0 8.4 8.2 8.7 11.2
0.9 1.2 1.4 1.6 1.7
0.6 0.9 1.1 1.4 1.5
0.2 0.3 0.2 0.2 0.2
1960 1961 1962 1963 1964
............................. ............................. ............................. ............................. .............................
64.1 67.9 75.3 76.9 78.5
49.8 51.6 57.8 60.8 62.8
22.6 23.7 25.2 26.5 28.5
10.5 10.7 11.3 11.9 12.2
17.8 18.2 22.4 23.5 23.3
1.1 1.0 1.1 1.2 1.2
14.3 16.3 17.4 16.1 15.6
12.3 13.9 14.5 12.6 11.5
2.2 2.4 2.0 1.6 1.3
10.1 11.5 12.5 11.0 10.2
2.0 2.4 2.9 3.5 4.2
1.7 1.9 2.1 2.3 2.5
0.3 0.6 0.8 1.2 1.6
1965 1966 1967 1968 1969
............................. ............................. ............................. ............................. .............................
80.4 92.5 104.8 111.4 113.4
65.7 75.9 87.1 95.4 98.4
30.0 34.3 37.9 41.9 44.9
12.5 13.0 13.8 14.5 15.2
24.6 30.3 36.8 40.3 39.8
1.3 1.7 1.3 1.3 1.4
14.7 16.7 17.7 16.0 15.0
10.0 11.8 13.5 12.2 11.3
1.1 1.3 1.2 1.2 1.5
8.9 10.5 12.3 10.9 9.9
4.7 4.9 4.2 3.8 3.6
2.8 2.8 2.2 2.1 1.9
1.9 2.1 1.9 1.7 1.7
1970 1971 1972 1973 1974
............................. ............................. ............................. ............................. .............................
113.5 113.7 119.7 122.5 134.6
98.6 102.0 107.7 108.9 118.0
48.3 51.7 55.4 57.4 62.0
15.8 16.1 16.2 16.5 17.6
35.9 35.7 38.4 37.7 41.7
1.4 1.5 2.3 2.8 3.4
14.8 11.7 12.0 13.6 16.6
11.1 7.5 7.5 8.7 11.1
1.3 1.8 1.8 2.1 2.2
9.8 5.7 5.7 6.6 8.9
3.8 4.2 4.5 4.9 5.6
2.1 2.5 2.7 3.1 3.4
1.7 1.7 1.8 1.8 2.2
1975 1976 1977 1978 1979
............................. ............................. ............................. ............................. .............................
149.1 159.7 175.4 190.9 210.6
129.6 137.2 150.7 163.3 179.0
68.4 73.3 79.9 85.8 91.8
19.0 20.5 22.1 24.0 25.8
45.2 46.2 52.4 58.2 66.9
3.0 2.8 3.8 4.5 5.6
19.5 22.6 24.7 27.6 31.6
13.0 15.3 16.7 17.8 21.4
2.3 2.1 2.4 2.5 2.5
10.7 13.2 14.4 15.3 18.9
6.5 7.3 8.0 9.8 10.2
4.1 4.6 5.0 6.1 6.3
2.4 2.7 3.0 3.7 4.0
1980 1981 1982 1983 1984
............................. ............................. ............................. ............................. .............................
243.8 280.2 310.8 342.9 374.4
207.5 238.3 263.3 286.5 310.0
102.5 115.1 125.3 132.3 149.4
28.7 32.3 36.0 39.0 42.8
82.3 97.0 108.2 121.3 124.5
6.2 6.2 6.1 6.1 6.7
36.3 41.9 47.5 56.4 64.4
24.3 28.9 34.7 41.9 48.7
3.2 3.2 4.0 4.8 4.9
21.1 25.7 30.8 37.1 43.8
12.0 13.0 12.7 14.5 15.7
7.1 7.7 6.8 6.7 7.0
4.9 5.3 6.0 7.8 8.7
1985 1986 1987 1988 1989
............................. ............................. ............................. ............................. .............................
412.8 438.6 460.1 462.3 482.2
338.4 358.2 374.3 382.5 399.2
159.0 163.1 170.3 178.0 185.7
46.1 49.6 53.1 56.9 60.9
140.2 152.4 158.7 156.4 162.1
6.9 6.9 7.9 8.7 9.4
74.4 80.4 85.8 79.8 83.0
57.5 62.9 66.4 61.3 62.7
6.2 6.8 7.7 7.4 6.4
51.3 56.1 58.8 53.9 56.3
16.9 17.5 19.4 18.6 20.3
7.3 8.0 9.0 6.8 6.9
9.6 9.5 10.4 11.7 13.4
1990 1991 1992 1993 1994
............................. ............................. ............................. ............................. .............................
508.3 527.7 533.9 525.2 519.1
419.8 439.5 445.2 441.9 440.8
193.9 205.9 210.7 211.9 209.8
65.1 69.1 71.4 74.4 76.4
171.2 175.9 174.3 166.6 167.6
10.3 11.3 11.3 11.0 13.0
88.5 88.2 88.8 83.3 78.3
65.9 63.4 61.6 55.2 52.9
6.1 4.6 5.2 5.1 5.7
59.8 58.8 56.3 50.1 47.2
22.6 24.8 27.2 28.1 25.4
8.0 9.2 10.3 11.2 10.5
14.6 15.7 16.9 16.9 14.9
1995 1996 1997 1998 1999
............................. ............................. ............................. ............................. .............................
519.2 527.4 530.9 530.4 555.8
440.5 446.3 457.7 454.6 475.1
206.8 210.7 212.9 215.1 221.3
77.9 78.0 78.0 78.0 79.6
166.4 168.8 175.9 171.5 182.7
10.6 11.1 9.1 9.9 8.5
78.8 81.1 73.2 75.8 80.7
51.4 52.1 44.9 45.0 47.7
6.3 6.7 5.7 5.1 5.0
45.1 45.4 39.2 39.9 42.8
27.3 29.1 28.3 30.8 33.0
10.8 11.2 9.8 10.6 10.6
16.5 17.9 18.5 20.2 22.4
2000 2001 2002 2003 2004
............................. ............................. ............................. ............................. .............................
578.8 612.9 679.7 754.8 827.6
499.3 531.9 591.5 661.9 725.7
233.8 242.9 269.4 297.7 319.8
81.6 82.8 83.5 84.9 88.4
193.8 215.3 248.0 289.2 327.9
9.8 9.1 9.4 9.9 10.5
79.5 81.0 88.1 92.9 101.9
48.8 50.2 55.4 60.1 68.5
5.0 4.6 4.4 5.1 5.1
43.8 45.6 51.0 55.0 63.4
30.7 30.8 32.7 32.8 33.4
8.3 8.3 9.9 10.3 9.4
22.3 22.5 22.8 22.6 24.0
2002 1st quarter ................ 2nd quarter ............... 3rd quarter ................ 4th quarter ................
654.9 675.2 682.0 706.6
571.3 585.0 591.4 618.5
266.2 267.8 268.3 275.1
83.2 83.2 83.5 84.1
231.5 242.0 250.3 268.0
9.7 8.1 10.8 8.7
83.6 90.2 90.6 88.1
51.4 55.7 58.3 56.3
4.2 4.4 4.5 4.6
47.3 51.3 53.7 51.7
32.1 34.5 32.3 31.8
9.7 9.7 9.8 10.3
22.5 24.8 22.5 21.5
2003 1st quarter ................ 2nd quarter ............... 3rd quarter ................ 4th quarter ................
724.0 763.4 761.8 770.0
634.7 667.6 668.4 676.8
293.1 298.1 299.3 300.2
84.2 85.0 85.1 85.3
266.2 295.4 294.3 300.8
8.8 10.9 10.3 9.4
89.3 95.9 93.4 93.1
57.3 60.2 61.0 61.9
4.7 5.0 5.5 5.3
52.6 55.2 55.5 56.6
32.0 35.7 32.4 31.2
10.2 10.9 10.6 9.3
21.8 24.7 21.9 21.9
2004 1st quarter ................ 2nd quarter ............... 3rd quarter ................ 4th quarter ................
808.3 824.6 836.5 840.8
710.7 721.1 735.7 735.1
316.9 319.1 320.6 322.7
86.4 88.0 88.8 90.4
316.5 323.7 338.5 333.1
9.2 9.7 12.1 11.0
97.7 103.5 100.8 105.7
66.2 67.6 68.3 71.9
5.1 4.7 5.2 5.2
61.1 62.9 63.1 66.7
31.5 35.9 32.5 33.8
9.1 9.6 9.5 9.6
22.4 26.4 23.0 24.2
1Includes
general government intermediate inputs for goods and services sold to other sectors and for own-account investment.
CHAPTER 6: GOVERNMENT
117
Table 6-3. Federal Government Defense and Nondefense Consumption Expenditures by Type (National income and product accounts, calendar years, billions of dollars, quarterly data are at seasonally adjusted annual rates.) NIPA Table 3.10.5 Defense consumption expenditures Year and quarter Total
CompenConsumption sation of of general general government government fixed capital employees
1
Nondefense consumption expenditures 1
Intermediate goods and services purchased 2
CompenConsumption sation of of general general government government fixed capital employees
Total Durable goods
Nondurable goods
Services
Intermediate goods and services purchased 2 Durable goods
Nondurable goods
Services
1946 1947 1948 1949
............................. ............................. ............................. .............................
23.7 17.3 16.3 16.9
14.1 7.8 6.9 7.8
8.8 8.2 7.0 6.0
0.5 0.3 0.8 1.0
0.7 0.3 0.7 0.8
2.2 0.7 1.1 1.5
3.3 3.6 4.9 6.4
2.1 2.5 2.6 2.9
0.5 0.6 0.6 0.6
0.1 0.1 0.1 0.1
0.4 0.4 0.8 2.1
1.2 0.7 1.1 1.0
1950 1951 1952 1953 1954
............................. ............................. ............................. ............................. .............................
17.2 30.1 38.9 41.2 37.1
8.0 13.5 16.1 16.0 15.4
5.2 5.4 6.2 6.9 7.6
1.7 4.4 8.0 9.1 6.8
0.9 2.3 2.8 4.2 3.2
1.5 5.0 6.1 5.1 4.2
4.9 4.3 5.3 7.1 6.9
3.1 3.1 3.2 3.1 2.9
0.6 0.6 0.6 0.6 0.6
0.1 0.1 0.1 0.1 0.1
0.5 0.1 0.5 2.4 2.2
0.9 0.7 1.3 1.3 1.4
1955 1956 1957 1958 1959
............................. ............................. ............................. ............................. .............................
36.9 38.8 43.2 44.1 40.1
15.8 16.1 16.5 17.0 17.3
8.0 8.5 9.0 9.1 9.5
6.0 6.1 6.7 7.1 5.1
1.7 1.7 2.2 2.1 1.8
5.9 6.7 9.3 9.5 6.9
7.1 6.3 6.3 6.8 9.8
3.2 3.5 3.7 4.3 4.4
0.6 0.6 0.6 0.7 0.7
0.1 0.1 0.1 0.0 0.0
2.5 0.8 0.8 0.7 3.3
1.6 1.7 1.8 1.7 2.1
1960 1961 1962 1963 1964
............................. ............................. ............................. ............................. .............................
41.0 42.7 46.6 48.3 48.8
17.7 18.3 19.4 20.1 21.6
9.8 10.0 10.6 11.1 11.2
4.4 3.6 4.6 4.7 4.0
1.9 2.3 2.9 2.7 2.9
7.7 8.8 9.6 10.2 9.7
8.7 9.0 11.3 12.4 14.0
5.0 5.4 5.8 6.4 7.0
0.7 0.7 0.8 0.9 1.0
0.1 0.1 0.2 0.3 0.4
1.1 0.4 1.5 1.2 1.1
2.5 3.0 3.6 4.5 5.3
1965 1966 1967 1968 1969
............................. ............................. ............................. ............................. .............................
50.6 60.0 70.0 77.2 78.2
22.6 26.3 29.3 32.4 34.7
11.3 11.6 12.1 12.7 13.2
4.2 6.2 6.2 7.5 6.5
3.2 4.7 7.3 8.4 7.6
9.9 12.2 15.5 16.4 16.5
15.1 15.9 17.1 18.3 20.2
7.4 8.0 8.6 9.5 10.1
1.2 1.5 1.7 1.8 2.0
0.5 0.5 0.4 0.4 0.3
1.1 0.4 1.2 1.9 3.0
5.7 6.4 6.2 5.7 5.9
1970 1971 1972 1973 1974
............................. ............................. ............................. ............................. .............................
76.6 77.1 79.5 79.4 84.5
36.6 38.2 40.5 41.4 44.1
13.6 13.8 13.8 14.0 14.7
6.1 4.6 5.7 5.5 5.2
5.4 4.4 4.7 4.3 5.2
15.2 16.3 15.5 15.3 16.9
22.1 24.9 28.2 29.4 33.4
11.7 13.4 14.8 16.0 18.0
2.1 2.3 2.4 2.5 2.8
0.3 0.3 0.3 0.2 0.2
2.0 2.1 2.4 1.9 2.6
7.1 8.1 9.9 10.4 11.7
1975 1976 1977 1978 1979
............................. ............................. ............................. ............................. .............................
90.9 95.8 104.2 112.7 123.8
47.9 50.3 53.6 57.5 61.7
15.7 17.1 18.4 20.0 21.3
6.0 5.8 8.0 9.6 11.3
5.1 4.5 4.5 4.9 6.2
17.4 18.8 20.4 21.7 24.2
38.7 41.4 46.5 50.6 55.1
20.5 23.1 26.3 28.3 30.1
3.2 3.4 3.7 4.0 4.5
0.2 0.3 0.3 0.4 0.5
2.8 3.5 4.4 4.9 5.2
13.7 13.3 14.7 16.7 19.4
1980 1981 1982 1983 1984
............................. ............................. ............................. ............................. .............................
143.7 167.3 191.2 208.8 232.9
68.6 78.8 87.4 92.4 107.5
23.5 26.3 29.2 31.7 34.8
12.8 16.2 19.6 25.1 27.1
10.0 11.8 11.5 11.3 10.4
30.2 35.8 45.4 49.5 54.7
63.8 71.0 72.1 77.7 77.1
34.0 36.3 37.9 39.9 41.8
5.2 6.0 6.7 7.3 7.9
0.7 0.6 0.6 0.9 0.9
7.4 11.2 9.1 10.6 6.4
21.3 21.4 22.1 23.9 24.9
1985 1986 1987 1988 1989
............................. ............................. ............................. ............................. .............................
253.7 268.0 283.6 293.6 299.5
115.3 118.8 123.5 126.9 131.7
37.5 40.2 43.0 46.0 49.1
29.3 31.9 33.8 33.5 32.0
10.0 10.2 10.3 10.6 10.8
63.4 68.7 75.1 79.0 78.3
84.7 90.3 90.6 88.9 99.7
43.6 44.3 46.8 51.1 54.0
8.7 9.3 10.1 10.9 11.8
1.0 1.0 1.1 1.2 1.3
9.5 12.4 6.9 -0.1 5.7
27.1 28.2 31.6 32.2 33.9
1990 1991 1992 1993 1994
............................. ............................. ............................. ............................. .............................
308.1 319.8 315.3 307.6 300.7
134.5 141.8 143.0 138.7 134.7
52.4 55.5 57.3 59.5 61.0
31.6 31.0 28.4 26.4 22.9
11.0 10.7 9.4 8.5 7.6
81.8 84.3 81.3 78.8 80.5
111.7 119.7 129.8 134.2 140.1
59.3 64.0 67.7 73.3 75.1
12.7 13.6 14.2 14.8 15.3
1.5 1.6 1.7 1.6 1.6
5.7 6.3 6.9 7.4 7.0
39.6 42.1 46.7 43.9 48.1
1995 1996 1997 1998 1999
............................. ............................. ............................. ............................. .............................
297.3 302.5 304.7 300.7 312.9
130.8 133.3 132.8 131.6 133.5
61.8 61.2 60.4 59.6 59.8
20.9 20.8 20.9 21.0 22.3
6.3 7.6 7.6 7.0 8.2
81.1 83.6 86.5 84.7 92.2
143.2 143.8 153.0 153.9 162.2
76.0 77.3 80.1 83.5 87.8
16.1 16.7 17.6 18.4 19.8
1.7 1.8 1.8 1.7 1.7
7.3 7.2 8.2 8.2 6.7
49.1 47.8 51.0 49.0 51.6
2000 2001 2002 2003 2004
............................. ............................. ............................. ............................. .............................
321.5 342.4 381.7 436.6 484.2
138.9 145.7 163.1 183.0 198.2
60.2 60.4 60.5 61.6 64.5
22.3 22.5 23.4 25.5 28.8
10.4 10.3 11.5 13.1 15.0
92.7 107.2 127.4 157.9 182.2
177.8 189.5 209.9 225.3 241.4
94.8 97.2 106.3 114.6 121.7
21.4 22.4 22.9 23.3 23.9
1.8 1.9 2.2 2.1 2.4
8.5 9.9 11.3 12.7 14.2
58.1 63.6 72.2 77.9 85.2
2002 1st quarter ................ 2nd quarter ............... 3rd quarter ................ 4th quarter ................
366.8 375.4 379.8 404.8
160.2 162.1 162.5 167.4
60.4 60.3 60.5 60.9
22.1 23.3 24.9 23.3
10.2 11.6 11.3 13.0
117.5 121.3 126.7 144.2
204.5 209.6 211.6 213.7
106.0 105.7 105.8 107.7
22.8 22.9 23.0 23.1
2.1 2.1 2.2 2.2
10.4 12.1 11.5 11.1
69.1 71.5 73.8 74.2
2003 1st quarter ................ 2nd quarter ............... 3rd quarter ................ 4th quarter ................
409.9 447.0 439.4 450.0
179.4 183.1 184.3 185.3
61.0 61.7 61.8 61.8
22.9 26.8 26.1 26.0
15.0 14.0 11.2 12.1
135.8 166.3 160.9 168.8
224.9 220.6 229.0 226.8
113.8 115.1 114.9 114.8
23.2 23.3 23.3 23.5
2.1 2.1 2.1 2.1
10.9 12.6 13.4 13.9
79.5 73.5 80.5 77.9
2004 1st quarter ................ 2nd quarter ............... 3rd quarter ................ 4th quarter ................
472.5 479.6 494.6 490.1
195.7 197.0 199.5 200.4
62.8 64.2 64.8 66.2
26.9 29.1 29.3 30.0
13.9 14.5 16.3 15.4
177.3 179.2 190.4 182.2
238.1 241.5 241.1 245.1
121.3 122.1 121.1 122.2
23.6 23.8 24.0 24.2
2.2 2.4 2.4 2.6
13.8 14.3 13.2 15.5
82.4 84.1 86.9 87.4
1Excludes government sales to other sectors and government own-account investment (construction and software). 2Includes general government intermediate inputs for goods and services sold to other sectors and for own-account
investment.
118
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 6-4. National Defense Consumption Expenditures and Gross Investment: Selected Detail (National income and product accounts, calendar years, billions of dollars, quarterly data are at seasonally adjusted annual rates.) NIPA Table 3.11.5 Consumption expenditures
Year and quarter
Compensation of general government employees
Military
Civilian
Intermediate goods and services purchased 1 Durable goods Aircraft
Nondurable goods
Gross investment
Services
Equipment and software
Petroleum products
Ammunition
Research and development
Installation support
Weapons support
Personnel support
Aircraft
Missiles
Ships
Electronics and software
1972 ................................. 1973 ................................. 1974 .................................
27.0 27.6 29.1
13.5 13.8 15.0
2.7 2.4 2.0
1.8 1.7 2.8
2.0 1.7 1.4
5.1 5.3 5.7
4.4 4.3 4.7
1.6 1.6 1.8
1.7 1.5 1.8
2.6 2.3 2.3
1.5 1.5 1.7
1.8 1.6 2.2
0.8 0.9 1.0
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
31.1 32.4 34.0 36.2 38.7
16.8 17.8 19.7 21.3 22.9
2.1 2.0 3.3 3.5 4.8
2.9 2.5 2.4 2.5 3.6
1.1 0.6 0.8 1.0 1.2
5.9 6.4 6.8 7.1 7.7
4.9 5.4 6.2 6.3 7.3
1.7 1.9 2.1 2.4 2.9
2.1 2.3 2.2 2.6 2.7
3.6 3.4 3.7 3.7 4.8
1.3 1.4 1.2 1.1 1.8
2.2 2.4 3.1 3.9 4.3
1.2 1.3 1.5 1.8 2.1
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
43.5 50.5 56.6 59.8 72.8
25.1 28.3 30.8 32.7 34.8
5.6 7.8 10.2 13.6 14.0
6.8 7.7 6.8 6.4 5.9
1.4 1.6 2.1 2.5 2.2
10.2 12.4 14.1 14.5 16.2
8.5 9.3 13.7 15.5 17.0
4.4 5.2 6.0 7.3 8.6
3.0 4.0 5.8 6.4 6.7
6.1 7.5 8.4 10.1 10.9
2.3 2.8 3.4 4.6 5.7
4.1 5.1 6.2 7.1 8.0
2.6 3.2 3.8 4.6 5.6
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
78.2 80.6 83.7 85.2 87.4
37.2 38.1 39.8 41.7 44.3
15.4 17.2 18.2 17.9 16.4
5.8 3.6 3.9 3.5 4.2
1.3 3.6 2.8 3.5 3.1
21.7 23.8 27.0 31.5 28.6
17.2 18.5 19.1 19.0 19.0
9.8 10.4 11.0 9.8 10.3
8.4 9.4 10.9 11.4 12.4
13.4 17.9 17.6 13.5 12.2
6.6 7.9 8.7 7.8 8.8
9.0 8.9 8.8 8.6 10.0
7.0 7.8 8.7 9.2 9.6
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
89.1 93.8 93.2 88.0 84.3
45.4 48.0 49.8 50.7 50.4
14.8 13.6 12.2 10.7 9.2
5.3 4.7 3.5 3.2 3.0
2.8 2.7 2.6 2.5 1.8
26.1 21.9 23.7 22.9 22.5
22.1 23.8 23.2 25.4 26.3
11.7 10.2 8.5 7.5 8.6
13.0 12.7 14.4 13.7 14.7
12.0 9.2 8.3 9.3 10.5
11.2 10.8 10.6 7.9 5.7
10.8 10.2 10.1 8.7 8.1
9.9 9.7 9.8 9.9 9.3
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
81.3 84.0 83.8 83.4 85.2
49.5 49.4 49.0 48.2 48.3
8.9 8.8 9.4 9.9 10.5
2.8 3.4 2.9 2.1 2.6
1.2 1.4 1.7 1.9 1.9
21.7 24.8 26.3 23.6 26.6
25.8 26.0 25.3 24.7 25.0
9.1 7.2 8.4 8.7 9.3
16.1 17.0 18.5 19.3 22.4
9.0 9.2 5.8 5.8 7.0
4.7 4.1 2.9 3.3 2.8
8.0 6.8 6.1 6.4 6.8
8.8 9.0 9.0 9.1 9.8
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
89.4 95.4 108.6 125.8 134.8
49.5 50.3 54.4 57.2 63.3
9.8 9.8 9.8 10.5 11.5
4.1 4.2 4.6 5.0 5.1
1.8 2.1 2.5 2.6 3.6
26.3 30.6 38.4 47.1 55.3
24.9 27.3 30.7 34.8 37.2
9.6 12.0 13.8 16.6 20.2
22.9 27.5 34.0 43.2 53.0
7.8 8.5 9.4 9.2 12.6
2.7 3.3 3.1 3.3 3.8
6.6 7.2 8.7 9.5 10.1
10.1 9.8 9.9 10.4 11.3
1997 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
84.6 83.9 83.8 82.8
49.6 49.2 48.9 48.5
9.2 10.2 8.5 9.5
3.3 3.0 2.7 2.7
1.9 1.5 1.7 1.7
22.8 28.9 26.0 27.4
25.6 25.5 25.5 24.5
7.7 8.5 8.5 8.8
18.0 19.1 18.5 18.4
4.4 3.6 6.9 8.4
2.7 2.7 3.0 3.0
5.6 6.7 6.4 5.8
9.1 9.1 9.1 8.8
1998 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
83.9 83.4 83.5 82.9
49.0 48.1 48.3 47.4
9.1 9.6 10.0 10.8
2.3 2.1 2.0 1.8
1.6 1.4 2.5 2.0
20.1 24.8 22.6 26.8
24.4 24.7 25.4 24.3
7.5 8.5 8.6 10.0
17.0 19.7 20.2 20.1
4.2 5.0 6.7 7.2
2.9 2.6 4.6 2.9
6.3 6.0 6.5 6.9
9.0 9.3 9.2 9.0
1999 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
85.0 84.7 85.1 85.9
48.2 48.5 48.7 48.0
9.5 10.9 11.5 10.0
1.7 2.4 3.5 2.6
1.7 1.8 2.3 1.8
27.4 21.0 25.6 32.1
24.4 24.7 25.0 26.0
8.2 8.4 9.0 11.4
20.9 20.8 22.4 25.5
5.9 6.7 8.7 6.6
2.8 2.7 2.8 3.1
6.8 6.6 6.5 7.1
8.6 10.2 10.4 9.9
2000 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
88.6 88.7 90.5 90.0
49.4 49.5 49.7 49.5
10.5 9.6 10.2 9.1
4.1 3.6 4.1 4.4
1.6 1.6 2.1 1.9
23.7 27.8 24.1 29.4
23.9 25.2 25.5 25.1
6.8 10.2 10.3 11.0
20.5 24.9 23.8 22.6
9.3 6.9 8.1 6.8
2.3 2.4 2.2 3.9
6.1 6.8 6.7 6.8
9.9 10.2 9.9 10.3
2001 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
94.2 94.3 95.3 97.9
49.3 49.7 50.9 51.2
8.8 9.6 11.2 9.4
4.4 4.2 4.2 4.0
1.9 2.1 2.2 2.1
30.2 30.2 28.9 33.2
27.3 26.3 26.8 28.6
12.3 11.6 10.9 13.3
27.2 25.5 26.8 30.6
6.8 7.0 10.7 9.5
3.6 3.5 3.0 3.1
7.2 7.4 6.9 7.3
9.8 9.8 9.7 9.8
2002 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
106.0 107.5 108.0 113.0
54.2 54.6 54.5 54.4
9.2 9.9 10.2 9.9
3.6 4.5 4.3 5.9
2.4 2.6 2.7 2.4
33.8 36.5 35.7 47.5
29.4 29.6 31.2 32.6
12.5 12.3 14.1 16.1
31.0 32.3 35.2 37.7
7.3 9.4 10.2 10.5
3.4 3.1 2.9 3.1
8.1 8.5 8.9 9.0
9.9 10.0 10.2 9.6
2003 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
122.4 126.7 127.0 127.2
57.0 56.3 57.3 58.2
9.4 11.4 10.4 10.8
8.0 5.6 2.9 3.4
2.1 2.7 2.8 2.9
37.4 54.0 45.0 52.0
32.2 35.6 35.7 35.9
13.5 17.6 17.7 17.6
36.9 43.0 44.9 47.8
9.4 9.1 8.4 10.0
2.7 2.8 3.3 4.3
8.5 10.1 10.1 9.4
10.3 10.1 10.9 10.4
2004 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
133.8 134.3 135.0 136.1
61.9 62.8 64.4 64.3
10.6 11.2 12.1 12.0
4.5 4.6 6.1 5.4
3.4 3.6 3.8 3.8
53.9 54.9 56.6 55.9
37.0 36.6 38.2 36.9
19.4 19.0 22.3 20.0
51.2 51.9 56.0 52.8
12.3 12.4 11.7 13.9
3.7 3.5 4.2 4.0
10.0 9.2 11.5 9.6
10.6 11.9 11.4 11.4
1Includes
general government intermediate inputs for goods and services sold to other sectors and for own-account investment.
119
CHAPTER 6: GOVERNMENT Table 6-5. Federal Government Output, Lending and Borrowing, and Net Investment (National income and product accounts, calendar years, billions of dollars, quarterly data are at seasonally adjusted annual rates.)
NIPA Tables 3.2, 3.10.5 Output Gross
Net lending (net borrowing -)
Value added
Intermediate goods and services purchased 1
Year and quarter Defense
Nondefense
Defense
Nondefense
Defense
Nondefense
Minus Net saving, current (surplus +, deficit -)
Plus: capital transfer receipts
Plus: consumpNet tion of purchases Capital Gross transfer fixed of noninvestment capital payments produced assets
Equals: Net lending (borrowing -)
Net investment
1946 1947 1948 1949
........................... ........................... ........................... ...........................
26.4 17.3 16.4 17.0
4.4 4.3 5.2 6.6
22.9 16.0 13.9 13.8
2.6 3.1 3.2 3.5
3.5 1.3 2.6 3.2
1.8 1.2 2.0 3.2
-5.0 5.3 3.6 -5.7
0.7 0.8 0.9 0.7
1.9 1.8 3.0 4.4
0.1 0.1 0.3 0.4
... ... ... ...
9.3 8.8 7.6 6.6
... ... ... ...
-7.4 -7.0 -4.6 -2.2
1950 1951 1952 1953 1954
........................... ........................... ........................... ........................... ...........................
17.3 30.6 39.1 41.5 37.3
5.3 4.6 5.7 7.5 7.3
13.2 18.9 22.3 23.0 23.0
3.7 3.7 3.8 3.7 3.5
4.1 11.7 16.9 18.5 14.3
1.6 0.9 1.9 3.8 3.8
5.5 9.6 3.7 1.8 -1.6
0.6 0.7 0.8 0.9 0.9
3.9 10.7 15.0 16.1 13.3
0.4 0.4 0.5 0.6 0.6
... ... ... ... ...
5.8 6.1 6.8 7.6 8.3
... ... ... ... ...
-1.9 4.6 8.2 8.5 5.0
1955 1956 1957 1958 1959
........................... ........................... ........................... ........................... ...........................
37.3 39.1 43.7 44.7 40.5
7.9 6.7 7.1 7.4 10.6
23.7 24.7 25.5 26.1 26.7
3.8 4.1 4.4 5.0 5.1
13.6 14.5 18.1 18.6 13.8
4.1 2.6 2.7 2.4 5.5
5.7 7.6 3.3 -5.4 3.3
1.0 1.3 1.4 1.3 1.4
10.9 11.6 11.9 12.9 15.4
0.7 0.8 1.3 2.3 3.1
... ... ... ... ...
8.7 9.3 9.8 9.9 10.2
... ... ... ... ...
2.2 2.3 2.1 3.0 5.2
1960 1961 1962 1963 1964
........................... ........................... ........................... ........................... ...........................
41.5 43.1 47.0 48.7 49.3
9.4 9.6 11.9 13.2 14.8
27.4 28.3 30.0 31.1 32.7
5.6 6.1 6.6 7.3 8.0
14.0 14.7 17.0 17.6 16.5
3.7 3.5 5.3 5.9 6.8
7.2 2.6 2.5 5.4 1.0
1.8 2.0 2.1 2.2 2.6
14.3 16.3 17.4 16.1 15.6
2.6 2.9 3.1 3.6 4.1
0.5 0.5 0.6 0.5 0.6
10.6 10.9 11.5 12.1 12.3
2.1 -4.2 -5.0 -0.5 -4.4
3.7 5.4 5.9 4.0 3.3
1965 1966 1967 1968 1969
........................... ........................... ........................... ........................... ...........................
51.2 60.9 70.4 77.4 78.4
15.9 16.7 18.0 19.3 21.3
33.9 37.9 41.4 45.1 47.9
8.6 9.5 10.2 11.3 12.1
17.3 23.0 29.0 32.3 30.5
7.3 7.2 7.8 8.0 9.2
3.3 2.3 -9.4 -2.3 8.7
2.8 3.0 3.1 3.1 3.6
14.7 16.7 17.7 16.0 15.0
4.0 4.4 4.3 6.0 5.9
0.5 0.6 -0.2 -0.9 0.1
12.7 13.2 14.0 14.8 15.5
-0.4 -3.2 -14.0 -5.4 6.8
2.0 3.5 3.7 1.2 -0.5
1970 1971 1972 1973 1974
........................... ........................... ........................... ........................... ...........................
76.8 77.3 80.2 80.5 86.1
23.2 26.1 29.8 31.2 35.2
50.3 52.0 54.3 55.4 58.8
13.8 15.7 17.2 18.6 20.8
26.6 25.3 25.8 25.1 27.3
9.3 10.4 12.6 12.6 14.4
-15.2 -28.4 -24.4 -11.3 -13.8
3.7 4.6 5.4 5.1 4.8
14.8 11.7 12.0 13.6 16.6
5.3 5.9 6.0 6.0 7.9
-0.3 -0.4 -0.7 -3.2 -5.7
16.1 16.5 16.6 17.1 18.2
-15.2 -24.5 -19.7 -5.5 -9.6
-1.3 -4.8 -4.6 -3.5 -1.6
1975 1976 1977 1978 1979
........................... ........................... ........................... ........................... ...........................
92.1 96.4 105.0 113.6 124.8
40.4 43.6 49.5 54.3 59.7
63.7 67.3 72.1 77.5 83.0
23.7 26.5 30.0 32.3 34.7
28.5 29.1 32.9 36.2 41.8
16.8 17.1 19.5 22.0 25.1
-69.0 -51.7 -44.1 -26.5 -11.3
4.9 5.6 7.2 5.2 5.5
19.5 22.6 24.7 27.6 31.6
9.7 10.6 11.1 11.9 14.4
-0.4 -2.4 -1.4 -0.6 -2.8
19.7 21.4 23.1 25.0 27.0
-73.1 -55.5 -48.3 -35.1 -22.0
-0.2 1.2 1.6 2.6 4.6
1980 1981 1982 1983 1984
........................... ........................... ........................... ........................... ...........................
145.0 168.9 193.1 210.1 234.6
68.6 75.5 76.4 82.5 82.0
92.1 105.1 116.7 124.2 142.4
39.2 42.3 44.6 47.1 49.8
52.9 63.8 76.4 85.9 92.2
29.4 33.2 31.8 35.4 32.2
-53.6 -53.3 -131.9 -173.0 -168.1
6.5 6.9 7.5 5.8 6.0
36.3 41.9 47.5 56.4 64.4
16.6 15.6 14.6 15.5 17.7
-4.0 -5.5 -3.6 -4.9 -3.9
30.1 33.8 37.6 40.8 44.6
-65.9 -64.6 -145.1 -193.5 -195.6
6.2 8.1 9.9 15.6 19.8
1985 1986 1987 1988 1989
........................... ........................... ........................... ........................... ...........................
255.5 269.8 285.8 296.0 302.0
89.8 95.3 96.4 95.3 106.7
152.8 159.0 166.6 172.9 180.8
52.3 53.7 56.8 62.0 65.8
102.7 110.8 119.2 123.1 121.1
37.5 41.6 39.6 33.3 40.9
-175.0 -190.8 -145.0 -134.5 -130.1
6.4 7.0 7.2 7.6 8.9
74.4 80.4 85.8 79.8 83.0
19.4 20.0 19.0 19.6 20.1
-1.1 -3.0 -0.4 -0.1 -0.7
48.1 51.6 55.2 59.3 63.5
-213.2 -229.6 -186.9 -166.9 -160.1
26.3 28.8 30.6 20.5 19.5
1990 1991 1992 1993 1994
........................... ........................... ........................... ........................... ...........................
311.4 323.2 319.4 311.9 306.7
118.7 127.7 137.1 141.0 147.1
186.9 197.3 200.3 198.2 195.7
72.0 77.7 81.8 88.1 90.5
124.5 125.9 119.1 113.7 111.0
46.7 50.0 55.3 52.9 56.7
-172.0 -213.7 -297.4 -273.5 -212.3
11.6 11.0 11.3 12.9 15.1
88.5 88.2 88.8 83.3 78.3
28.1 26.3 22.4 24.5 25.9
-0.7 0.2 0.2 0.2 0.2
67.9 72.2 74.7 77.9 80.2
-208.3 -245.3 -322.9 -290.7 -221.4
20.6 16.0 14.1 5.4 -1.9
1995 1996 1997 1998 1999
........................... ........................... ........................... ........................... ...........................
301.0 306.6 308.1 303.9 315.9
150.2 150.9 158.6 160.7 167.6
192.6 194.6 193.2 191.3 193.3
92.1 94.1 97.7 101.8 107.6
108.3 112.0 115.0 112.6 122.7
58.1 56.8 60.9 58.9 60.0
-197.0 -141.8 -55.8 38.8 103.6
14.9 17.5 20.6 25.2 28.8
78.8 81.1 73.2 75.8 80.7
27.7 28.2 29.1 28.8 36.1
-7.4 -3.8 -7.6 -5.6 -0.9
81.9 82.0 82.5 82.8 84.8
-199.2 -147.8 -47.4 47.8 101.3
-3.1 -0.9 -9.3 -7.0 -4.1
2000 2001 2002 2003 2004
........................... ........................... ........................... ........................... ...........................
324.6 345.9 386.0 441.1 488.8
184.6 195.1 214.9 230.7 247.4
199.2 206.0 223.6 244.6 262.6
116.2 119.6 129.3 138.0 145.6
125.4 139.9 162.4 196.5 226.1
68.4 75.4 85.6 92.7 101.8
189.5 46.7 -247.9 -382.7 -406.5
28.1 28.0 25.3 22.0 24.6
79.5 81.0 88.1 92.9 101.9
36.2 40.8 48.4 62.4 62.6
-0.3 -0.7 0.3 -0.2 0.0
87.2 88.2 88.9 90.3 93.8
189.4 41.8 -270.6 -425.6 -452.6
-7.7 -7.2 -0.8 2.6 8.1
2002 1st quarter ............. 2nd quarter ............ 3rd quarter ............. 4th quarter .............
370.5 378.8 385.8 408.8
210.5 214.3 216.3 218.4
220.6 222.5 223.0 228.4
128.8 128.6 128.8 130.9
149.9 156.3 162.8 180.5
81.7 85.7 87.5 87.5
-208.5 -241.4 -247.3 -294.6
27.1 25.0 26.4 22.7
83.6 90.2 90.6 88.1
47.0 44.3 43.8 58.6
0.3 0.0 0.6 0.2
88.6 88.6 88.8 89.4
-223.7 -262.3 -267.0 -329.4
-5.0 1.6 1.8 -1.3
2003 1st quarter ............. 2nd quarter ............ 3rd quarter ............. 4th quarter .............
414.1 451.9 444.3 454.0
229.5 226.6 234.3 232.2
240.4 244.8 246.1 247.2
137.0 138.4 138.2 138.3
173.7 207.2 198.2 206.9
92.5 88.2 96.1 93.9
-296.0 -373.8 -456.2 -405.0
22.9 20.3 20.7 24.0
89.3 95.9 93.4 93.1
54.3 68.8 65.4 60.9
-2.8 -0.7 3.4 -0.7
89.6 90.4 90.5 90.6
-324.3 -427.0 -507.3 -443.8
-0.3 5.5 2.9 2.5
2004 1st quarter ............. 2nd quarter ............ 3rd quarter ............. 4th quarter .............
476.5 484.1 500.2 494.2
243.2 246.8 247.6 252.0
258.5 261.2 264.3 266.6
144.9 145.9 145.1 146.5
218.1 222.9 236.0 227.6
98.4 100.8 102.5 105.5
-429.3 -413.4 -411.6 -371.6
23.8 24.0 26.8 23.9
97.7 103.5 100.8 105.7
61.4 59.8 67.6 61.8
0.0 -0.7 1.8 -1.0
91.8 93.4 94.2 95.9
-472.8 -458.6 -460.7 -418.2
5.9 10.1 6.6 9.8
1Includes
general government intermediate inputs for goods and services sold to other sectors and for own-account investment. . . . = Not available.
120
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 6-6. Chain-Type Quantity Indexes for Federal Government Defense and Nondefense Consumption Expenditures and Gross Investment (Index numbers, 2000 = 100.)
NIPA Table 3.9.3, 3.10.3 Defense consumption expenditures
1
Nondefense consumption expenditures 1
Intermediate goods and services purchased 2 Year and quarter Total
Compen- Consumpsation of tion of general general governgovernment ment fixed employees capital
Durable goods
Nondurable goods
Intermediate goods and services purchased 2 Defense gross investment
Total
Services
Compen- Consumpsation of tion of general general governgovernment ment fixed employees capital
Durable goods
Nondefense gross investment
Nondurable goods excluding CCC inventory change
Services
1946 1947 1948 1949
........................... ........................... ........................... ...........................
72.4 49.4 47.2 47.3
159.6 86.9 84.5 89.4
92.7 75.8 61.7 52.3
16.0 8.0 18.5 22.8
64.9 24.1 46.3 55.1
16.8 4.5 6.8 8.9
18.4 9.9 19.3 28.2
17.6 19.0 26.7 32.6
41.9 51.2 57.9 55.1
11.4 11.6 11.8 12.0
17.7 19.5 14.3 12.2
77.5 18.1 34.6 39.7
19.5 8.5 12.0 11.1
6.1 12.2 14.8 19.9
1950 1951 1952 1953 1954
........................... ........................... ........................... ........................... ...........................
48.3 82.1 106.1 110.8 96.5
94.4 163.5 188.2 184.3 172.8
45.7 44.7 49.7 55.5 59.4
39.0 93.4 165.6 185.4 134.9
58.3 153.0 200.0 321.2 211.2
8.6 24.7 33.3 26.8 22.5
22.2 78.8 114.0 127.7 104.1
25.3 21.1 24.8 32.3 31.1
61.3 56.3 55.0 50.4 47.8
12.2 12.4 12.4 12.4 12.4
12.4 12.3 11.3 10.4 11.7
17.8 31.3 19.5 19.5 18.9
10.5 7.7 13.1 13.1 14.2
22.6 20.3 19.7 17.3 15.6
1955 1956 1957 1958 1959
........................... ........................... ........................... ........................... ...........................
90.2 90.4 96.5 94.3 87.2
164.0 159.7 157.5 148.3 144.3
60.6 60.9 61.2 61.2 62.5
114.4 108.2 113.3 117.4 83.9
97.0 95.7 115.7 117.8 98.5
29.4 33.0 44.3 43.6 39.2
84.1 80.5 76.3 81.3 97.0
30.5 26.8 25.9 25.9 37.5
48.4 49.5 50.9 52.5 52.6
12.3 12.1 12.0 12.1 12.0
9.7 9.9 9.1 7.1 5.4
21.8 33.9 46.9 20.9 57.5
14.7 16.1 15.8 14.6 19.1
11.1 14.2 15.9 18.8 18.9
1960 1961 1962 1963 1964
........................... ........................... ........................... ........................... ...........................
88.2 90.4 96.6 97.6 95.1
144.2 147.1 153.4 150.7 150.6
64.2 65.4 67.4 69.1 69.9
71.3 58.5 72.4 73.0 61.7
105.6 130.3 165.1 153.6 169.6
44.5 48.7 51.0 54.8 50.1
87.4 96.9 100.3 86.6 78.6
32.9 32.5 39.6 43.2 46.2
56.9 58.3 61.4 65.0 66.5
11.9 12.1 12.8 14.1 15.7
6.5 11.7 19.0 26.4 34.2
45.5 53.1 52.8 58.8 63.2
22.4 26.5 30.8 38.7 44.4
22.2 26.9 31.4 36.9 42.4
1965 1966 1967 1968 1969
........................... ........................... ........................... ........................... ...........................
95.4 108.9 123.1 128.4 123.3
150.8 166.1 180.7 183.1 183.3
69.8 70.0 71.3 72.4 72.1
63.9 93.1 91.9 106.4 88.8
183.2 261.3 401.9 460.2 408.4
49.7 59.2 70.4 71.6 67.7
68.6 79.3 89.5 78.5 69.5
48.3 48.6 50.8 50.9 53.5
67.7 70.4 73.9 75.6 76.3
18.0 20.5 22.5 23.8 24.7
43.7 45.4 39.8 31.8 27.7
63.5 74.4 80.4 64.5 81.1
45.8 49.8 45.9 40.6 39.6
48.4 49.8 40.4 35.4 32.1
1970 1971 1972 1973 1974
........................... ........................... ........................... ........................... ...........................
112.1 103.4 97.1 90.0 87.1
170.0 157.1 145.1 137.6 135.5
71.0 68.0 64.3 61.3 59.3
79.5 57.2 73.1 67.6 58.4
284.3 232.4 236.8 176.0 152.1
61.8 61.8 54.9 51.4 52.1
63.3 40.3 30.1 33.9 41.4
53.3 55.8 60.1 59.4 62.7
77.3 79.9 82.2 82.4 86.5
25.3 25.5 25.6 25.9 26.3
22.1 21.2 22.8 18.0 15.6
83.1 79.1 88.9 76.8 84.5
45.0 49.1 58.1 58.3 59.0
30.4 31.9 33.0 34.0 35.0
1975 1976 1977 1978 1979
........................... ........................... ........................... ........................... ...........................
85.0 83.5 84.4 85.3 86.4
133.6 130.9 129.8 130.6 129.5
58.5 58.5 58.8 59.1 59.7
60.7 54.5 69.0 77.1 83.3
126.0 102.8 96.0 96.8 99.7
48.9 49.7 50.4 49.7 51.5
46.0 50.1 51.2 50.9 58.1
64.8 64.7 67.4 70.2 71.4
88.0 92.4 94.5 96.9 96.8
26.8 27.5 28.3 29.6 31.2
16.7 18.0 20.7 26.1 31.5
63.9 80.9 92.5 108.1 108.2
62.1 55.7 59.0 63.4 67.9
36.3 39.0 41.0 48.5 47.3
1980 1981 1982 1983 1984
........................... ........................... ........................... ........................... ...........................
89.7 94.8 101.2 106.6 109.8
130.3 134.3 137.4 139.5 141.5
60.8 62.3 64.4 67.5 71.8
87.3 101.8 111.7 132.0 133.4
109.0 115.3 114.8 120.2 113.8
58.0 63.8 76.5 81.0 87.2
62.2 68.6 77.1 90.5 103.3
75.1 76.3 73.0 75.7 73.0
99.4 96.5 94.7 96.0 96.1
33.1 35.2 37.2 39.8 43.2
36.8 32.7 28.1 42.8 46.4
106.8 177.1 126.2 132.1 138.1
67.5 61.4 59.1 62.0 62.6
51.0 50.8 47.2 53.6 57.6
1985 1986 1987 1988 1989
........................... ........................... ........................... ........................... ...........................
116.4 121.8 126.3 127.7 126.8
144.1 144.8 146.1 144.3 144.3
77.5 84.1 90.6 95.9 100.1
143.2 153.0 162.5 167.1 160.4
111.8 141.1 138.2 133.2 129.0
99.1 104.7 111.1 114.0 110.3
124.4 142.5 155.6 144.0 144.9
77.1 80.0 78.8 75.0 81.4
96.3 94.9 96.6 99.0 99.6
46.6 50.0 53.2 56.5 59.8
47.4 47.8 53.5 55.9 61.5
121.1 107.0 121.9 120.0 106.5
65.5 65.5 72.2 71.8 72.8
61.5 63.0 69.1 64.7 69.0
1990 1991 1992 1993 1994
........................... ........................... ........................... ........................... ...........................
125.9 125.8 119.3 114.2 109.0
143.4 142.9 134.5 128.7 122.1
104.0 107.0 108.8 109.2 108.3
154.6 147.6 132.8 120.8 103.7
115.2 117.3 108.5 99.5 90.6
110.3 110.0 103.7 98.4 98.2
149.3 140.7 135.3 118.3 110.2
88.0 89.1 94.6 93.4 94.1
104.5 104.2 106.1 106.0 103.0
63.3 66.9 69.7 72.2 74.1
70.0 72.1 78.1 76.0 76.2
113.6 96.8 118.6 118.5 115.0
82.4 84.8 92.7 85.6 92.0
75.3 81.5 90.0 92.1 82.2
1995 1996 1997 1998 1999
........................... ........................... ........................... ........................... ...........................
105.2 103.3 102.1 99.5 101.0
115.4 110.5 106.5 103.2 100.7
106.7 105.1 103.5 101.8 100.8
94.2 93.5 93.9 94.9 100.8
74.3 82.1 82.7 85.6 95.3
96.6 97.9 99.2 95.3 102.2
104.3 105.1 92.4 93.4 97.6
92.6 90.6 93.7 92.7 94.5
98.9 96.3 95.7 96.8 97.0
76.3 79.7 83.6 88.1 94.3
78.4 87.3 92.4 92.5 92.3
112.7 108.4 116.8 114.9 91.8
92.0 88.6 92.3 87.8 91.0
87.1 93.3 92.0 101.8 108.9
2000 2001 2002 2003 2004
........................... ........................... ........................... ........................... ...........................
100.0 103.9 110.9 120.8 128.5
100.0 100.7 103.4 107.1 109.0
100.0 99.8 99.7 100.4 102.2
100.0 100.9 104.8 113.3 126.9
100.0 104.7 125.6 136.3 156.6
100.0 112.2 130.1 155.9 173.9
100.0 104.1 116.1 125.6 140.4
100.0 104.5 111.0 115.2 117.3
100.0 99.9 101.9 104.4 103.3
100.0 103.9 107.1 108.9 110.3
100.0 112.5 130.3 129.6 149.2
100.0 118.6 144.6 158.9 180.9
100.0 107.3 119.0 126.0 132.8
100.0 100.3 107.3 108.0 109.0
2002 1st quarter ............. 2nd quarter ............ 3rd quarter ............. 4th quarter .............
107.8 109.9 110.5 115.6
102.6 103.5 104.0 103.5
99.7 99.7 99.7 99.8
99.1 104.5 111.3 104.1
120.9 137.0 115.4 129.1
121.5 124.5 128.9 145.7
107.9 116.7 122.0 117.6
107.9 110.7 112.2 113.1
100.3 101.0 102.3 103.9
106.1 106.8 107.5 108.0
127.3 128.5 132.0 133.4
140.5 147.9 144.1 145.8
114.9 118.3 121.4 121.6
105.0 113.2 106.4 104.7
2003 1st quarter ............. 2nd quarter ............ 3rd quarter ............. 4th quarter .............
114.1 124.0 121.5 123.9
105.9 107.4 107.6 107.5
100.0 100.3 100.6 100.9
102.0 119.1 116.4 115.8
140.8 150.2 123.3 130.9
135.7 164.7 158.1 165.0
119.8 125.8 127.5 129.4
115.6 112.9 116.8 115.4
104.4 104.8 104.3 104.0
108.3 108.7 109.1 109.4
128.8 126.5 131.5 131.4
138.5 154.7 168.7 173.6
129.5 119.2 130.1 125.2
105.0 117.2 106.7 103.0
2004 1st quarter ............. 2nd quarter ............ 3rd quarter ............. 4th quarter .............
127.4 127.6 130.6 128.6
108.8 108.3 109.3 109.8
101.4 101.9 102.5 103.1
119.1 128.4 129.0 130.9
165.9 152.4 161.1 146.9
171.3 171.8 180.8 171.7
137.4 138.8 139.7 145.8
116.9 117.4 116.9 118.1
103.4 103.4 102.9 103.7
109.7 110.1 110.5 111.0
137.1 149.9 151.2 158.6
183.4 179.5 178.0 182.9
130.6 131.7 134.7 134.1
103.3 117.3 106.0 109.5
1Excludes government sales to other sectors and government own-account investment (construction and software). 2Includes general government intermediate inputs for goods and services sold to other sectors and for own-account
investment.
CHAPTER 6: GOVERNMENT
121
Table 6-7. Chain-Type Quantity Indexes for National Defense Consumption Expenditures and Gross Investment: Selected Detail (Index numbers, 2000 = 100.)
NIPA Table 3.11.3 Consumption expenditures
Year and quarter
Compensation of general government employees
Military
Civilian
Gross investment
Intermediate goods and services purchased 1 Durable goods Aircraft
Nondurable goods
Equipment and software
Services
Petroleum products
Ammunition
Research and development
Installation support
Weapons support
Personnel support
Aircraft
Missiles
Ships
Electronics and software
1972 ................................. 1973 ................................. 1974 .................................
147.9 139.5 134.5
139.5 133.7 137.2
82.6 69.0 53.6
414.8 262.5 238.6
336.9 262.8 179.7
45.7 45.7 45.4
60.6 55.2 55.5
61.7 58.0 62.1
43.1 34.8 39.5
50.4 44.3 44.4
51.5 53.8 59.6
99.5 84.0 103.6
7.6 8.3 8.3
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
131.6 128.4 127.3 126.1 124.1
137.2 135.5 134.2 139.0 139.6
49.4 41.4 63.2 64.6 80.4
200.8 166.4 141.5 140.8 143.2
125.1 62.8 85.8 99.2 110.2
43.5 45.1 46.6 46.0 47.6
52.9 54.3 57.1 53.3 56.9
54.1 57.0 56.7 61.7 67.8
39.4 38.8 34.2 35.8 34.2
67.2 62.9 65.7 62.0 77.7
43.5 37.0 29.0 23.9 48.1
92.7 95.0 110.9 124.8 128.4
9.6 10.1 11.2 13.8 15.1
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
125.4 129.4 131.7 134.0 135.6
139.4 143.4 148.0 149.8 152.3
87.3 112.5 131.6 160.2 151.4
158.5 155.7 146.5 156.9 156.5
110.5 124.8 153.8 180.4 152.7
58.7 68.0 73.2 72.3 78.1
60.5 62.1 85.0 93.1 99.1
91.3 97.6 106.0 123.2 140.5
33.7 41.3 56.7 60.6 62.0
93.0 107.6 108.2 122.9 132.1
69.4 80.5 103.9 131.5 158.1
112.9 128.7 150.0 166.7 176.6
18.5 22.0 25.4 31.0 39.0
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
137.6 138.9 140.6 139.6 138.9
156.4 155.6 156.0 152.6 154.1
162.7 179.9 192.7 199.5 188.1
159.2 159.1 163.4 137.6 151.1
91.1 245.1 186.0 214.7 179.6
103.1 110.7 124.6 146.7 130.9
97.3 100.1 99.9 95.6 94.8
155.5 162.9 168.4 146.9 148.4
75.7 80.3 87.5 81.8 83.6
180.4 275.1 315.6 259.3 237.2
180.3 228.6 260.0 236.7 271.1
194.1 187.4 182.3 172.7 191.7
49.9 57.0 65.2 68.9 72.1
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
139.2 140.7 128.7 122.1 116.2
150.5 145.8 145.0 141.0 132.9
165.3 147.9 129.0 111.8 94.9
149.8 148.0 123.8 119.0 122.5
162.0 152.8 145.1 144.0 99.2
117.1 96.6 101.8 96.8 93.6
104.5 110.6 106.5 114.9 116.1
162.7 135.6 108.3 91.4 102.3
81.3 74.6 80.3 74.4 76.8
218.8 157.4 137.7 148.8 148.6
352.0 354.0 350.1 254.0 186.9
202.3 181.5 175.4 147.9 133.1
74.8 73.6 77.7 78.3 74.8
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
110.2 106.1 103.3 100.9 99.1
125.0 118.6 112.4 107.2 103.4
90.4 89.7 95.8 101.7 107.4
111.2 112.3 100.9 99.2 108.5
63.5 74.3 91.3 103.4 105.2
90.0 102.4 105.9 93.3 103.4
109.8 109.0 105.2 101.6 101.9
106.1 81.6 92.9 94.7 99.3
81.0 83.0 88.5 89.9 101.5
120.1 117.3 81.6 82.1 85.4
158.1 140.9 104.2 117.7 105.7
125.3 105.8 93.8 99.1 105.0
71.6 77.0 80.9 86.5 95.7
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
100.0 102.0 105.8 111.5 112.8
100.0 98.3 99.0 98.8 102.0
100.0 98.6 99.0 104.6 112.4
100.0 122.0 157.5 154.1 168.3
100.0 114.3 140.9 143.7 188.6
100.0 114.5 141.1 168.1 190.1
100.0 106.4 117.2 128.1 131.1
100.0 122.2 136.9 161.6 192.2
100.0 115.3 137.9 169.4 202.0
100.0 116.8 134.2 133.0 181.9
100.0 126.9 119.2 122.2 141.0
100.0 109.6 131.0 142.0 137.5
100.0 99.0 103.5 111.5 123.5
1997 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
104.1 103.1 103.4 102.5
114.7 113.4 112.1 109.6
93.5 104.6 87.2 98.0
101.6 104.9 100.1 96.9
103.5 81.0 89.7 91.0
93.2 116.8 104.0 109.5
106.8 106.6 105.9 101.6
86.0 94.2 94.5 97.0
87.0 91.5 88.4 87.1
59.2 49.6 97.6 119.8
100.1 98.4 108.5 109.6
86.2 102.3 98.2 88.5
80.4 80.9 81.9 80.5
1998 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
101.9 100.9 101.0 100.0
108.8 107.7 107.2 105.1
93.8 99.0 102.7 111.5
102.7 101.0 99.9 93.1
86.1 78.5 137.4 111.6
80.1 98.4 89.4 105.5
101.7 102.3 103.8 98.8
82.5 93.5 94.0 108.6
80.6 92.7 93.9 92.5
61.9 70.8 97.1 98.4
106.4 94.7 163.2 106.6
96.9 92.7 100.3 106.6
83.9 87.8 87.4 87.0
1999 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
99.1 98.6 99.6 99.3
104.3 103.6 102.9 102.9
97.7 111.6 118.2 102.2
99.2 112.4 136.6 85.7
92.8 99.6 127.8 100.6
107.8 82.2 99.6 124.0
99.8 101.0 101.4 105.2
88.8 90.1 96.9 121.5
95.8 94.8 101.5 113.8
72.3 81.6 106.7 81.1
101.6 102.2 104.3 114.5
106.4 103.4 100.8 109.5
83.9 99.3 102.1 97.6
2000 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
99.2 99.2 100.6 101.1
100.5 102.0 99.6 98.0
106.9 97.3 103.4 92.4
110.5 99.6 97.6 92.3
90.1 86.9 116.1 107.0
91.2 106.0 91.6 111.2
96.9 101.7 101.6 99.8
72.3 106.4 107.1 114.1
90.4 108.9 103.4 97.2
116.6 88.8 105.8 88.8
83.4 89.0 80.6 147.0
92.6 102.8 101.0 103.6
98.5 101.6 97.7 102.3
2001 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
101.8 102.1 101.7 102.5
98.0 98.0 99.3 98.0
89.0 97.2 113.5 94.9
111.3 111.2 116.0 149.3
103.5 116.8 119.4 117.4
113.6 112.9 107.9 123.5
107.4 103.3 104.0 111.0
125.5 118.8 110.4 134.2
115.4 107.5 111.9 126.3
91.4 93.1 144.7 137.9
136.6 135.3 115.4 120.2
109.0 112.9 104.4 112.0
98.4 98.7 99.0 100.1
2002 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
105.3 105.9 106.2 105.8
97.6 99.2 100.0 99.4
93.0 99.7 103.0 100.3
148.9 187.7 127.1 166.4
133.8 145.7 148.9 135.1
125.2 134.7 131.0 173.4
114.3 113.6 118.0 122.8
125.5 122.6 140.4 159.3
126.9 131.2 142.2 151.4
105.8 136.2 145.5 149.5
129.1 118.9 110.8 117.8
124.2 129.5 134.5 135.9
102.0 104.0 107.2 100.8
2003 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
109.6 112.7 112.3 111.6
99.1 97.3 98.8 100.0
94.0 113.9 103.6 106.8
200.1 187.1 109.1 120.0
116.4 149.9 153.5 155.1
135.0 193.2 159.9 184.1
119.8 131.1 131.0 130.4
132.6 172.1 172.0 169.9
146.3 169.5 175.9 185.8
135.4 130.9 120.8 145.0
103.0 103.4 122.1 160.3
127.3 150.5 150.5 139.7
109.0 107.7 116.6 112.5
2004 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
113.4 112.3 112.2 113.3
100.1 100.8 103.8 103.5
104.5 109.7 118.3 117.1
215.9 152.0 168.2 137.3
180.1 185.7 194.6 193.9
188.1 190.1 193.2 189.0
132.3 129.8 134.3 128.1
186.3 181.5 212.0 189.0
196.9 198.8 212.6 199.6
178.2 179.2 170.9 199.3
137.4 126.9 155.4 144.1
143.3 125.8 154.8 125.8
114.8 129.1 124.3 125.7
1Includes
general government intermediate inputs for goods and services sold to other sectors and for own-account investment.
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Section 6b: State and Local Government in the National Income and Product Accounts
Figure 6-2. State and Local Government Current Receipts and Expenditures, 1946–2004 (percent of GDP)
14 12 10
Percent
122
8 6
Current receipts Current expenditures
4 2 0 1946
1951
1956
1961
1966
1971
1976
1981
1986
1991
1996
2001 2004
Year
• Both the current receipts and the current spending of state and local governments have increased as a share of GDP over the postwar period. However, the trend of the increase slowed over the 1970s, reflecting the weaker economy and the “tax revolt” associated with California’s Proposition 13 in 1978. Since state governments, unlike the federal government, are bound by constraints on deficit spending, they have generally run modest surpluses (“net saving”) in their current accounts, including small but consistent surpluses in their social insurance funds. (Tables 1-1 and 6-8) • State and local governments, responsible for much of the infrastructure of the national transportation, education, and justice systems, do eight times as much gross nondefense investment spending as the federal government. State and local gross investment rose 1,807 percent in real terms from 1946 to 2004, for an annual rate of increase of 5.2 percent. (Tables 6-2, 6-9, and 6-11) • Though they are constrained against deficits in their annual budgets, state and local governments can and do borrow for investment by issuing bonds. Their gross investment generally exceeds their current surpluses, so that they are usually net borrowers from the rest of the economy. (Table 6-10) • Looking at the accounts for state and local governments separately, both levels have been net borrowers of funds during most postwar years, financing new investment in excess of the using up of old capital. (Tables 6-12 and 6-13) • For both state and local governments, transportation spending dominates the economic affairs function. For states, transportation and higher education together made up 43 percent of all spending in 2001. For local governments, transportation and elementary and secondary education accounted for 59 percent of their total spending. (Tables 6-14 and 6-15)
CHAPTER 6: GOVERNMENT
123
Table 6-8. State and Local Government Current Receipts and Expenditures (National income and product accounts, calendar years, billions of dollars, quarterly data are at seasonally adjusted annual rates.) NIPA Table 3.3 Current receipts Current tax receipts Year and quarter
Personal current taxes
Total Total
Total
Income taxes
Taxes on production and imports Total
Sales taxes
Property taxes
Other
Taxes on corporate income
Contributions for government social insurance
Income receipts on assets
Total
Interest receipts
Rents and royalties
1946 1947 1948 1949
................................. ................................. ................................. .................................
12.6 14.9 16.8 18.3
10.5 12.0 13.7 15.0
0.9 1.0 1.1 1.4
0.4 0.5 0.6 0.7
9.1 10.4 11.9 13.0
2.9 3.5 4.1 4.3
4.8 5.3 5.9 6.6
1.4 1.6 1.8 2.1
0.5 0.6 0.7 0.6
0.2 0.2 0.2 0.2
0.4 0.4 0.5 0.5
0.3 0.3 0.3 0.3
0.1 0.1 0.2 0.2
1950 1951 1952 1953 1954
................................. ................................. ................................. ................................. .................................
20.0 21.9 23.7 25.5 26.9
16.5 18.1 19.7 21.1 22.2
1.5 1.7 1.8 1.9 2.1
0.8 0.9 1.0 1.0 1.1
14.2 15.6 17.0 18.4 19.4
4.8 5.4 5.8 6.3 6.5
7.1 7.7 8.4 9.1 9.7
2.3 2.5 2.8 3.0 3.2
0.8 0.9 0.8 0.8 0.8
0.2 0.2 0.3 0.3 0.3
0.5 0.6 0.7 0.7 0.8
0.3 0.4 0.4 0.5 0.5
0.2 0.2 0.2 0.3 0.3
1955 1956 1957 1958 1959
................................. ................................. ................................. ................................. .................................
29.4 32.4 35.0 37.1 40.6
24.4 27.0 29.0 30.6 33.8
2.4 2.7 2.9 3.1 3.8
1.3 1.6 1.7 1.8 2.2
21.0 23.3 25.1 26.5 28.8
7.1 8.0 8.6 10.0 11.1
10.4 11.5 12.6 13.8 14.8
3.5 3.8 3.9 2.8 2.9
1.0 1.0 1.0 1.0 1.2
0.3 0.4 0.4 0.4 0.4
0.9 1.0 1.1 1.1 1.1
0.6 0.7 0.7 0.8 0.9
0.3 0.3 0.3 0.4 0.3
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
44.5 48.1 52.0 56.0 61.3
37.0 39.7 42.8 45.8 49.8
4.2 4.6 5.0 5.4 6.1
2.5 2.8 3.2 3.4 4.0
31.5 33.8 36.3 38.7 41.8
12.2 13.0 14.0 15.0 16.5
16.2 17.6 19.0 20.2 21.7
3.1 3.2 3.3 3.5 3.7
1.2 1.3 1.5 1.7 1.8
0.5 0.5 0.5 0.6 0.7
1.3 1.4 1.5 1.6 1.9
1.0 1.1 1.1 1.2 1.5
0.3 0.4 0.4 0.4 0.4
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
66.5 74.9 82.5 93.5 105.5
53.9 58.8 64.0 73.4 82.5
6.6 7.8 8.6 10.6 12.8
4.4 5.4 6.1 7.8 9.8
45.3 48.8 52.8 59.5 66.0
18.2 20.0 21.4 25.1 28.6
23.2 24.5 27.0 29.9 32.8
3.9 4.3 4.4 4.6 4.7
2.0 2.2 2.6 3.3 3.6
0.8 0.8 0.9 0.9 1.0
2.2 2.6 3.0 3.5 4.3
1.8 2.1 2.4 2.8 3.6
0.4 0.5 0.6 0.7 0.8
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
120.1 134.9 158.4 174.3 188.1
91.3 101.7 115.6 126.3 136.0
14.2 15.9 20.9 22.8 24.5
10.9 12.4 17.2 18.9 20.4
73.3 81.5 89.4 97.4 104.8
31.6 35.4 39.8 44.1 48.2
36.7 40.4 43.2 46.4 49.0
5.0 5.7 6.4 7.0 7.7
3.7 4.3 5.3 6.0 6.7
1.1 1.2 1.3 1.5 1.7
5.2 5.5 5.9 7.8 10.2
4.3 4.6 4.9 6.6 8.9
0.8 0.9 1.0 1.1 1.3
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
209.6 233.7 259.9 287.6 308.4
147.4 165.7 183.7 198.2 212.0
26.9 31.1 35.4 40.5 44.0
22.5 26.3 30.4 35.0 38.2
113.2 125.0 136.9 145.6 154.4
51.7 57.8 64.0 71.0 77.3
53.4 58.2 63.2 63.7 64.4
8.1 9.0 9.7 10.9 12.7
7.3 9.6 11.4 12.1 13.6
1.8 2.2 2.8 3.4 3.9
11.2 10.4 11.7 14.7 20.1
9.8 9.0 10.4 13.3 18.1
1.3 1.3 1.3 1.3 1.9
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
338.2 370.2 391.4 428.6 480.2
230.0 255.8 273.2 300.9 337.3
48.9 54.6 59.1 66.1 76.0
42.6 47.9 51.9 58.3 67.5
166.7 185.7 200.0 218.9 242.5
82.9 90.7 96.2 107.7 121.0
68.8 77.1 85.3 91.9 99.7
15.0 17.9 18.5 19.4 21.8
14.5 15.4 14.0 15.9 18.8
3.6 3.9 4.0 4.1 4.7
26.3 32.0 36.7 41.4 47.7
23.1 28.5 33.1 37.0 42.6
3.1 3.3 3.5 4.3 4.9
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
521.1 561.6 590.6 635.5 687.3
363.7 389.5 422.1 452.8 488.0
81.4 87.2 96.6 102.1 114.6
72.1 77.4 86.0 90.6 102.3
262.1 279.7 301.6 324.6 349.1
131.1 139.9 150.3 162.4 172.3
107.5 116.2 126.4 136.5 149.9
23.5 23.7 24.9 25.7 26.9
20.2 22.7 23.9 26.0 24.2
4.9 6.0 7.2 8.4 9.0
54.9 58.4 58.1 60.5 65.7
49.4 52.0 52.6 55.9 61.4
5.4 6.2 5.3 4.4 4.1
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
737.8 789.2 845.7 886.9 942.9
519.1 544.3 579.8 604.7 644.2
122.6 125.3 135.3 141.1 148.0
109.6 111.7 120.4 126.2 132.2
374.1 395.3 420.1 436.8 466.3
184.3 190.7 204.3 216.4 231.4
161.5 176.1 184.7 187.3 199.4
28.3 28.6 31.1 33.1 35.5
22.5 23.6 24.4 26.9 30.0
10.0 11.6 13.1 14.1 14.5
68.4 68.0 64.8 61.4 63.2
64.1 63.1 59.6 56.2 57.9
4.2 4.5 4.8 4.5 4.5
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
990.2 1 043.3 1 097.4 1 163.2 1 236.7
672.1 709.6 749.9 794.9 840.4
158.1 168.7 182.0 201.2 214.5
141.7 152.3 164.7 183.0 195.5
482.4 507.9 533.8 558.8 590.2
242.7 256.2 268.7 283.9 301.6
202.6 212.4 223.5 231.0 242.8
37.0 39.4 41.6 43.9 45.8
31.7 33.0 34.1 34.9 35.8
13.6 12.5 10.8 10.4 9.8
68.4 73.3 77.8 80.9 85.3
62.9 67.3 71.5 74.6 78.4
4.5 4.6 4.8 4.6 5.1
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
1 319.5 1 373.0 1 410.1 1 488.6 1 581.7
893.2 915.8 929.0 972.6 1 047.6
236.6 242.7 221.3 225.6 247.2
217.3 223.1 200.8 203.7 224.0
621.1 642.8 675.5 711.7 758.8
316.6 321.1 330.2 347.9 370.4
254.6 269.3 290.1 303.4 322.8
49.9 52.4 55.2 60.4 65.5
35.5 30.2 32.2 35.3 41.5
11.0 13.6 15.8 17.5 19.7
92.2 88.8 78.2 74.9 77.1
84.0 80.3 69.6 65.4 67.0
6.3 6.5 6.6 7.3 7.7
2001 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
1 379.7 1 396.4 1 422.7 1 441.7
910.3 916.5 940.1 949.0
220.1 215.1 224.2 225.8
200.3 194.6 203.5 204.9
661.1 670.2 683.2 687.5
324.2 328.1 333.9 334.5
282.9 288.3 292.9 296.5
54.0 53.8 56.4 56.6
29.1 31.2 32.8 35.6
15.0 15.6 16.1 16.5
82.3 79.0 76.5 75.0
73.8 70.5 67.9 66.2
6.4 6.5 6.6 6.8
2002 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
1 433.1 1 474.6 1 507.6 1 539.0
944.7 954.1 985.8 1 005.7
217.7 215.8 231.9 237.0
196.5 194.2 209.7 214.2
693.7 705.0 717.8 730.5
338.0 344.2 351.2 358.2
297.8 301.2 305.1 309.6
57.9 59.6 61.6 62.6
33.4 33.4 36.0 38.2
16.7 17.2 17.7 18.3
75.1 74.6 74.7 75.0
65.8 65.3 65.2 65.4
7.1 7.2 7.4 7.5
2003 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
1 546.8 1 579.7 1 574.5 1 625.7
1 021.5 1 044.2 1 049.3 1 075.2
238.3 247.7 248.4 254.6
215.4 224.9 224.9 230.9
743.7 754.3 761.5 775.8
364.5 368.6 370.1 378.6
315.7 320.6 325.3 329.7
63.5 65.1 66.1 67.5
39.5 42.2 39.4 44.8
19.1 19.6 19.9 20.1
75.6 76.7 77.4 78.8
66.0 66.8 67.3 67.8
7.6 7.7 7.8 7.9
124
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 6-8. State and Local Government Current Receipts and Expenditures—Continued (National income and product accounts, calendar years, billions of dollars, quarterly data are at seasonally adjusted annual rates.) NIPA Table 3.3 Current receipts—Continued
Current expenditures
Current transfer receipts Year and quarter Total
Federal grants-inaid
From business (net)
From persons
Current surplus of government enterprises
Total
Net state and local government saving, NIPA (surplus + / deficit -)
GovernConsumpment social Interest tion expenbenefits to payments ditures persons
Subsidies
Total
Social insurance funds
Other
1946 1947 1948 1949
................................. ................................. ................................. .................................
1.2 1.8 2.0 2.2
1.0 1.6 1.7 1.9
0.1 0.1 0.1 0.1
0.2 0.2 0.2 0.3
0.4 0.4 0.3 0.4
11.1 13.5 15.5 16.8
9.2 10.9 12.3 13.7
1.5 2.0 2.7 2.7
0.5 0.5 0.5 0.5
... ... ... ...
1.5 1.4 1.2 1.5
0.1 0.1 0.1 0.1
1.4 1.4 1.1 1.4
1950 1951 1952 1953 1954
................................. ................................. ................................. ................................. .................................
2.3 2.5 2.6 2.8 2.9
1.9 2.0 2.2 2.3 2.3
0.1 0.1 0.1 0.1 0.2
0.3 0.3 0.3 0.3 0.4
0.4 0.5 0.5 0.6 0.7
18.6 19.4 20.7 22.0 23.7
14.9 16.1 17.1 18.2 19.7
3.2 2.6 2.9 3.0 3.1
0.6 0.6 0.7 0.8 0.9
... ... ... ... ...
1.3 2.6 3.0 3.5 3.2
0.1 0.1 0.1 0.1 0.1
1.2 2.5 2.9 3.4 3.1
1955 1956 1957 1958 1959
................................. ................................. ................................. ................................. .................................
3.0 3.2 3.6 4.1 4.2
2.4 2.5 2.9 3.3 3.8
0.2 0.2 0.2 0.2 0.1
0.4 0.4 0.5 0.5 0.3
0.8 0.9 0.9 0.9 1.1
25.9 28.0 30.8 34.2 36.9
21.6 23.4 25.8 28.6 30.7
3.3 3.3 3.6 4.0 4.3
1.1 1.2 1.4 1.5 1.8
... ... ... ... 0.0
3.5 4.4 4.2 2.9 3.8
0.1 0.1 0.1 0.0 0.0
3.4 4.3 4.1 2.8 3.8
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
4.5 5.2 5.8 6.4 7.3
4.0 4.5 5.0 5.6 6.5
0.2 0.2 0.2 0.3 0.3
0.3 0.4 0.5 0.5 0.5
1.2 1.3 1.4 1.6 1.6
40.2 43.8 46.8 50.3 54.9
33.5 36.6 39.0 41.9 45.8
4.6 5.0 5.3 5.7 6.2
2.1 2.2 2.4 2.7 2.9
0.0 0.0 0.0 0.0 0.0
4.3 4.3 5.2 5.7 6.4
0.0 0.0 0.0 0.0 0.0
4.3 4.3 5.2 5.7 6.3
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
8.0 11.1 13.1 14.2 16.2
7.2 10.1 11.7 12.7 14.6
0.3 0.3 0.5 0.5 0.5
0.5 0.7 0.9 1.0 1.1
1.7 1.6 1.5 1.5 1.5
60.0 67.2 75.5 86.0 97.5
50.2 56.1 62.6 70.4 79.9
6.7 7.6 9.2 11.4 13.2
3.1 3.4 3.7 4.2 4.4
0.0 0.0 0.0 0.0 0.0
6.5 7.8 7.0 7.5 8.0
0.1 0.1 0.1 0.1 0.2
6.4 7.6 6.9 7.3 7.8
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
21.1 25.2 34.0 37.3 39.3
19.3 23.2 31.7 34.8 36.3
0.6 0.6 0.7 0.9 1.1
1.2 1.4 1.7 1.7 2.0
1.5 1.4 1.6 1.5 0.9
113.0 128.5 142.8 158.6 178.7
91.5 102.7 113.2 126.0 143.7
16.1 19.3 22.0 24.1 25.3
5.3 6.5 7.5 8.5 9.6
0.0 0.0 0.1 0.1 0.1
7.1 6.5 15.6 15.7 9.3
0.2 0.2 0.3 0.3 0.4
6.9 6.2 15.4 15.4 9.0
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
48.7 55.0 61.4 71.1 72.7
45.1 50.7 56.6 65.5 66.3
1.2 1.4 1.6 1.9 2.2
2.4 2.9 3.3 3.7 4.1
0.4 0.4 0.3 0.3 -0.3
207.1 226.3 246.8 268.9 295.4
165.1 179.5 195.9 213.2 233.3
30.8 34.1 37.0 40.8 44.3
11.1 12.5 13.7 14.9 17.2
0.2 0.2 0.2 0.2 0.3
2.5 7.4 13.1 18.7 13.0
0.5 0.6 1.0 1.5 1.8
2.0 6.8 12.2 17.2 11.2
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
79.5 81.0 79.1 82.4 89.0
72.3 72.5 69.5 71.6 76.7
2.5 2.9 3.2 3.6 4.2
4.7 5.7 6.4 7.2 8.1
-1.2 -2.4 -1.6 -0.2 1.5
329.4 362.7 393.6 423.7 456.2
258.4 282.3 304.9 324.1 347.7
51.2 57.1 61.2 66.9 71.2
19.4 22.8 27.1 32.3 37.0
0.4 0.4 0.5 0.4 0.4
8.8 7.6 -2.2 4.9 23.9
1.3 1.3 1.2 1.2 1.4
7.5 6.3 -3.4 3.7 22.5
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
94.5 105.0 100.0 109.0 118.1
80.9 87.6 83.9 91.6 98.3
4.4 6.7 4.9 5.4 6.4
9.2 10.6 11.2 12.0 13.4
3.2 2.8 3.1 4.8 6.5
498.7 540.7 578.1 617.6 666.5
381.8 417.9 440.9 470.4 502.1
77.3 84.3 90.7 98.5 109.3
39.4 38.2 46.2 48.4 54.6
0.3 0.3 0.3 0.4 0.4
22.3 21.0 12.4 17.9 20.8
1.3 1.9 2.2 2.5 2.3
21.0 19.1 10.2 15.4 18.5
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
133.5 158.2 180.3 197.7 211.9
111.4 131.6 149.1 163.7 174.7
7.1 7.9 9.2 10.5 12.0
14.9 18.7 21.9 23.5 25.2
6.7 7.1 7.7 9.0 9.0
730.5 793.3 845.0 886.0 932.4
544.6 574.6 602.7 630.3 663.3
127.7 156.5 180.0 195.2 206.7
57.9 61.7 61.9 60.2 62.0
0.4 0.4 0.4 0.4 0.3
7.2 -4.2 0.7 0.9 10.5
2.0 2.4 3.1 4.2 4.6
5.3 -6.5 -2.4 -3.3 5.8
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
224.1 234.1 246.6 266.8 290.8
184.1 191.2 198.6 212.8 232.9
13.5 15.2 17.7 22.1 23.0
26.5 27.8 30.3 31.9 34.9
12.0 13.9 12.3 10.2 10.4
978.2 1 017.5 1 058.3 1 111.2 1 186.3
696.1 724.8 758.9 801.4 858.9
217.6 224.3 227.6 235.8 252.4
64.2 68.1 71.4 73.6 74.6
0.3 0.3 0.4 0.4 0.4
12.0 25.8 39.1 52.0 50.4
4.0 2.8 1.2 1.7 1.7
8.0 23.0 38.0 50.3 48.7
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
315.4 350.8 384.7 424.3 439.8
247.3 276.1 304.6 339.1 348.3
28.8 31.4 32.6 34.1 35.5
39.2 43.3 47.5 51.1 56.0
7.7 4.0 2.5 -0.6 -2.5
1 269.5 1 368.2 1 444.3 1 512.4 1 587.5
917.8 969.8 1 025.3 1 074.8 1 117.7
271.7 305.2 332.0 351.3 380.5
79.5 85.5 86.0 86.2 88.9
0.5 7.7 0.9 0.1 0.5
50.0 4.8 -34.2 -23.8 -5.9
2.0 2.6 1.7 1.3 1.8
47.9 2.2 -35.9 -25.1 -7.7
2001 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
369.5 382.5 387.4 399.3
291.4 303.1 306.6 317.2
32.0 32.4 32.9 33.3
46.1 47.0 47.9 48.8
2.7 2.7 2.6 2.0
1 415.0 1 431.5 1 454.2 1 476.6
1 001.8 1 019.4 1 033.6 1 046.7
324.9 325.4 333.0 344.7
86.5 86.2 85.9 85.7
1.8 0.6 1.7 -0.4
-35.3 -35.1 -31.4 -34.9
2.1 1.8 1.6 1.4
-37.4 -36.9 -33.0 -36.2
2002 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
396.1 428.9 430.4 441.7
313.2 344.6 344.4 354.0
33.3 33.8 34.4 35.0
49.5 50.5 51.6 52.7
0.4 -0.3 -1.0 -1.7
1 500.9 1 500.7 1 521.4 1 526.5
1 070.8 1 067.8 1 077.7 1 082.9
344.3 346.7 358.5 355.8
85.8 85.8 86.2 86.9
0.1 0.4 -0.9 1.0
-67.8 -26.1 -13.8 12.5
1.2 1.2 1.3 1.4
-69.0 -27.3 -15.0 11.0
2003 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
432.5 441.8 430.5 454.5
342.6 349.9 341.9 358.7
35.8 36.5 31.9 37.7
54.1 55.4 56.7 58.0
-1.9 -2.5 -2.6 -2.9
1 553.2 1 581.3 1 593.8 1 621.7
1 095.1 1 108.9 1 123.9 1 143.1
370.4 383.5 380.2 387.7
87.3 88.4 89.3 90.4
0.5 0.5 0.5 0.5
-6.5 -1.6 -19.3 4.0
1.9 2.0 1.9 1.6
-8.3 -3.6 -21.2 2.3
. . . = Not available.
125
CHAPTER 6: GOVERNMENT Table 6-9. State and Local Government Consumption Expenditures and Gross Investment (National income and product accounts, calendar years, billions of dollars, quarterly data are at seasonally adjusted annual rates.)
NIPA Tables 3.9.5, 3.10.5 State and local government consumption expenditures and gross investment Consumption expenditures 1
Gross investment Less
Year and quarter Total Total
CompenConsumpIntermediate sation of tion of goods and general general services government government purchased 2 employees fixed capital
Sales to other sectors Ownaccount investment
Total
Total
Tuition and related educational charges
Health and hospital charges
Structures
Equipment and software
1946 1947 1948 1949
................................. ................................. ................................. .................................
10.8 13.7 16.3 19.0
9.2 10.9 12.3 13.7
6.2 7.3 8.5 9.4
1.2 1.5 1.7 1.7
2.8 3.4 3.6 4.2
0.1 0.1 0.2 0.2
0.9 1.1 1.3 1.4
0.1 0.1 0.1 0.1
0.2 0.2 0.3 0.3
1.6 2.8 4.0 5.3
1.4 2.5 3.6 4.9
0.2 0.3 0.4 0.5
1950 1951 1952 1953 1954
................................. ................................. ................................. ................................. .................................
20.7 23.0 24.4 26.1 28.9
14.9 16.1 17.1 18.2 19.7
10.1 11.2 12.3 13.3 14.7
1.7 2.0 2.2 2.2 2.2
4.9 4.9 4.9 4.9 5.2
0.3 0.3 0.4 0.4 0.4
1.6 1.7 1.8 1.9 2.0
0.1 0.1 0.2 0.2 0.2
0.3 0.3 0.3 0.4 0.4
5.9 7.0 7.3 7.9 9.2
5.4 6.4 6.7 7.3 8.5
0.5 0.5 0.6 0.6 0.7
1955 1956 1957 1958 1959
................................. ................................. ................................. ................................. .................................
31.6 34.7 38.3 42.2 44.7
21.6 23.4 25.8 28.6 30.7
15.8 17.6 19.6 21.6 23.1
2.4 2.8 3.0 3.1 3.3
6.0 5.9 6.4 7.5 8.3
0.4 0.5 0.5 0.6 0.8
2.2 2.4 2.6 3.0 3.2
0.2 0.2 0.3 0.3 0.4
0.5 0.6 0.7 0.9 1.0
10.0 11.3 12.5 13.5 13.9
9.3 10.4 11.5 12.5 12.8
0.8 0.9 1.1 1.1 1.1
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
47.5 51.6 54.9 59.5 64.8
33.5 36.6 39.0 41.9 45.8
25.5 27.9 30.2 32.9 35.9
3.5 3.7 3.9 4.2 4.5
8.9 9.7 10.1 10.8 11.9
0.8 0.8 0.9 1.0 1.0
3.5 3.9 4.4 4.9 5.5
0.4 0.5 0.6 0.7 0.8
1.0 1.0 1.3 1.3 1.5
13.9 15.0 15.9 17.5 19.0
12.7 13.8 14.5 16.0 17.2
1.2 1.3 1.3 1.5 1.8
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
71.0 79.2 87.9 98.0 108.2
50.2 56.1 62.6 70.4 79.9
39.3 44.1 49.5 55.9 62.6
4.9 5.5 6.0 6.6 7.4
13.4 14.9 16.5 18.7 21.8
1.1 1.2 1.2 1.3 1.4
6.3 7.2 8.2 9.5 10.6
1.0 1.2 1.4 1.6 1.9
1.8 2.1 2.5 3.2 3.5
20.8 23.1 25.3 27.7 28.3
19.0 21.0 23.0 25.2 25.6
1.9 2.1 2.3 2.4 2.7
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
120.3 132.8 143.8 159.2 183.4
91.5 102.7 113.2 126.0 143.7
71.1 79.2 87.7 98.0 107.7
8.4 9.4 10.2 11.3 14.1
25.4 29.2 32.2 35.4 42.7
1.5 1.6 1.7 1.7 2.1
11.8 13.5 15.2 17.0 18.7
2.4 2.9 3.2 3.7 4.0
3.8 4.6 5.6 6.6 7.4
28.7 30.1 30.6 33.2 39.6
25.8 27.0 27.1 29.1 34.7
3.0 3.1 3.5 4.1 4.9
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
208.7 223.3 238.7 262.6 290.2
165.1 179.5 195.9 213.2 233.3
121.2 133.0 145.1 158.9 174.3
15.9 16.6 17.5 18.9 21.1
50.7 55.2 61.1 66.9 74.3
2.1 2.0 2.0 2.3 2.9
20.6 23.3 25.8 29.2 33.4
4.3 4.7 5.2 5.8 6.4
8.5 9.9 10.9 12.7 15.2
43.6 43.8 42.8 49.5 56.8
38.1 38.1 36.9 42.8 49.0
5.5 5.7 5.9 6.6 7.8
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
322.4 347.3 369.7 390.5 422.6
258.4 282.3 304.9 324.1 347.7
193.0 210.1 227.4 243.0 261.1
24.3 27.8 30.3 31.2 32.0
82.0 91.6 100.6 109.6 119.0
3.3 3.5 3.7 4.0 4.6
37.6 43.7 49.7 55.7 59.8
7.2 8.3 9.4 10.7 11.7
17.3 21.0 24.5 27.8 29.4
64.0 65.0 64.8 66.4 75.0
55.1 55.4 54.2 54.2 60.5
8.9 9.5 10.6 12.2 14.4
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
466.2 510.7 539.4 576.7 616.9
381.8 417.9 440.9 470.4 502.1
284.7 307.3 328.8 353.7 380.5
33.7 36.2 39.0 41.5 44.4
134.0 151.6 156.2 166.0 178.8
5.2 5.7 6.1 6.7 7.8
65.4 71.5 76.9 84.1 93.8
12.8 13.9 15.0 16.6 18.4
32.0 34.8 37.0 40.3 45.0
84.4 92.8 98.4 106.3 114.7
67.6 74.2 78.8 84.8 88.7
16.8 18.6 19.6 21.5 26.0
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
671.9 706.7 737.0 766.0 806.3
544.6 574.6 602.7 630.3 663.3
414.6 439.8 463.9 486.7 511.2
48.0 51.1 53.4 56.3 59.5
194.0 208.4 224.0 239.7 256.0
8.6 9.3 9.5 9.7 10.1
103.5 115.4 129.1 142.7 153.3
20.3 22.7 25.5 27.5 29.4
50.0 57.0 65.3 73.1 78.8
127.2 132.1 134.3 135.7 143.0
98.5 103.2 104.2 104.5 108.7
28.7 28.9 30.1 31.2 34.3
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
850.0 888.6 937.8 987.9 1 065.0
696.1 724.8 758.9 801.4 858.9
533.5 552.7 575.5 603.3 633.1
63.4 66.7 70.2 73.9 78.7
274.8 289.6 308.5 331.4 364.6
10.6 11.0 12.2 12.6 13.5
165.0 173.2 183.2 194.6 203.9
31.2 33.0 35.5 38.1 40.9
85.0 86.6 89.9 95.9 98.4
154.0 163.8 178.9 186.5 206.0
117.3 126.8 139.5 143.6 159.7
36.7 36.9 39.4 43.0 46.4
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
1 142.8 1 212.8 1 281.5 1 337.1 1 388.3
917.8 969.8 1 025.3 1 074.8 1 117.7
669.4 710.8 754.2 795.2 827.9
84.8 89.9 94.8 98.6 103.6
399.0 428.3 452.9 477.4 509.2
14.9 16.7 17.0 17.2 17.8
220.6 242.7 259.5 279.1 305.1
44.3 49.7 53.6 58.7 64.1
105.5 118.5 128.4 139.7 155.0
225.0 243.0 256.1 262.3 270.6
176.0 192.4 205.9 211.6 217.6
49.0 50.6 50.2 50.8 53.0
2002 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
1 257.2 1 273.1 1 289.8 1 305.9
1 001.8 1 019.4 1 033.6 1 046.7
739.3 749.2 759.2 769.1
92.9 94.3 95.5 96.4
440.8 449.9 456.9 463.9
17.1 16.9 17.0 17.1
254.2 257.1 261.0 265.5
52.4 53.0 53.9 55.0
125.3 127.0 129.2 131.9
255.4 253.7 256.2 259.3
204.8 203.5 206.0 209.5
50.6 50.2 50.2 49.8
2003 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
1 330.4 1 327.1 1 344.4 1 346.5
1 070.8 1 067.8 1 077.7 1 082.9
783.4 790.2 800.2 806.8
97.4 98.1 99.0 99.7
477.4 472.3 477.8 482.0
17.0 17.0 17.5 17.3
270.5 275.9 281.8 288.3
56.6 58.0 59.4 60.9
134.8 137.9 141.3 145.1
259.7 259.3 266.7 263.6
209.6 209.0 215.6 212.0
50.1 50.2 51.1 51.7
2004 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
1 357.9 1 380.4 1 395.9 1 419.1
1 095.1 1 108.9 1 123.9 1 143.1
814.1 822.8 832.5 842.0
100.8 103.1 104.4 106.0
493.2 503.1 512.7 528.0
17.3 17.9 17.9 18.1
295.7 302.2 307.9 314.8
62.4 63.6 64.7 65.8
149.3 153.1 156.7 160.9
262.8 271.5 272.1 276.1
210.7 218.7 218.8 222.0
52.1 52.7 53.3 54.0
1Excludes government sales to other sectors and government own-account investment (construction and software). 2Includes general government intermediate inputs for goods and services sold to other sectors and for own-account
investment.
126
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 6-10. State and Local Government Output, Lending and Borrowing, and Net Investment (National income and product accounts, calendar years, billions of dollars, quarterly data are at seasonally adjusted annual rates.) NIPA Tables 3.3, 3.10.5 Output
Net lending (net borrowing -) Minus
Value added
Intermediate goods and services purchased 1
Year and quarter Gross
Net saving, current (surplus +, deficit -)
Plus: capital transfer receipts
Gross investment
Capital transfer payments
Plus: Net consumption of fixed purchases of capital nonproduced assets
Equals: Net lending (borrowing -)
Net investment
1946 1947 1948 1949
................................. ................................. ................................. .................................
10.2 12.2 13.8 15.3
7.4 8.8 10.2 11.1
2.8 3.4 3.6 4.2
1.5 1.4 1.2 1.5
0.2 0.3 0.4 0.5
1.6 2.8 4.0 5.3
... ... ... ...
0.1 0.1 0.1 0.2
1.5 1.8 2.1 2.1
1.6 0.6 -0.4 -1.4
0.1 1.0 1.9 3.2
1950 1951 1952 1953 1954
................................. ................................. ................................. ................................. .................................
16.7 18.1 19.3 20.5 22.1
11.8 13.2 14.4 15.5 16.9
4.9 4.9 4.9 4.9 5.2
1.3 2.6 3.0 3.5 3.2
0.6 0.7 0.7 0.8 0.8
5.9 7.0 7.3 7.9 9.2
... ... ... ... ...
0.3 0.3 0.3 0.3 0.4
2.1 2.6 2.7 2.8 2.9
-2.1 -1.5 -1.1 -1.1 -2.6
3.8 4.4 4.6 5.1 6.3
1955 1956 1957 1958 1959
................................. ................................. ................................. ................................. .................................
24.2 26.3 29.0 32.2 34.8
18.2 20.4 22.6 24.7 26.5
6.0 5.9 6.4 7.5 8.3
3.5 4.4 4.2 2.9 3.8
1.0 1.1 1.6 2.7 3.5
10.0 11.3 12.5 13.5 13.9
... ... ... ... ...
0.6 0.7 0.7 0.8 0.8
3.1 3.5 3.9 4.0 4.2
-3.1 -2.9 -3.5 -4.7 -3.2
6.9 7.8 8.6 9.5 9.7
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
37.9 41.3 44.3 47.9 52.3
28.9 31.6 34.2 37.1 40.4
8.9 9.7 10.1 10.8 11.9
4.3 4.3 5.2 5.7 6.4
3.0 3.3 3.5 4.1 4.7
13.9 15.0 15.9 17.5 19.0
... ... ... ... ...
0.9 1.0 1.1 1.2 1.3
4.4 4.7 5.0 5.4 5.7
-3.1 -3.8 -3.2 -3.5 -3.4
9.5 10.3 10.9 12.1 13.3
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
57.6 64.5 72.0 81.2 91.9
44.2 49.6 55.5 62.5 70.0
13.4 14.9 16.5 18.7 21.8
6.5 7.8 7.0 7.5 8.0
4.7 5.1 5.1 6.8 6.8
20.8 23.1 25.3 27.7 28.3
... ... ... ... ...
1.3 1.4 1.4 1.4 1.0
6.2 6.9 7.5 8.3 9.3
-4.6 -4.7 -7.1 -6.4 -5.1
14.6 16.2 17.8 19.4 19.0
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
104.9 117.9 130.0 144.7 164.5
79.5 88.6 97.9 109.3 121.8
25.4 29.2 32.2 35.4 42.7
7.1 6.5 15.6 15.7 9.3
6.2 7.0 7.3 7.3 9.2
28.7 30.1 30.6 33.2 39.6
... ... ... ... ...
1.1 1.6 1.7 1.7 1.9
10.6 11.8 12.8 14.3 17.7
-6.0 -6.4 3.4 2.4 -5.3
18.1 18.3 17.8 18.9 21.9
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
187.9 204.8 223.7 244.7 269.6
137.1 149.7 162.6 177.8 195.4
50.7 55.2 61.1 66.9 74.3
2.5 7.4 13.1 18.7 13.0
11.0 12.0 13.1 13.7 16.2
43.6 43.8 42.8 49.5 56.8
... ... ... ... ...
1.9 1.7 1.6 1.6 1.7
20.2 21.3 22.6 24.5 27.5
-11.9 -4.9 4.5 5.8 -1.8
23.4 22.5 20.2 25.0 29.3
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
299.3 329.5 358.3 383.7 412.1
217.3 237.9 257.7 274.1 293.1
82.0 91.6 100.6 109.6 119.0
8.8 7.6 -2.2 4.9 23.9
18.6 17.8 16.9 18.0 20.1
64.0 65.0 64.8 66.4 75.0
... ... ... ... ...
1.8 2.0 2.0 2.2 2.6
31.8 36.3 39.5 40.9 42.3
-6.6 -5.3 -12.6 -4.9 8.8
32.2 28.7 25.3 25.5 32.7
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
452.4 495.1 524.0 561.1 603.7
318.4 343.5 367.8 395.2 424.9
134.0 151.6 156.2 166.0 178.8
22.3 21.0 12.4 17.9 20.8
22.0 23.0 22.3 23.1 23.4
84.4 92.8 98.4 106.3 114.7
... ... ... ... ...
3.1 3.7 4.2 4.3 4.9
44.6 47.9 51.4 54.8 58.7
1.5 -4.6 -16.4 -14.8 -16.6
39.8 44.9 47.0 51.5 56.0
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
656.7 699.4 741.3 782.7 826.7
462.6 490.9 517.3 543.0 570.7
194.0 208.4 224.0 239.7 256.0
7.2 -4.2 0.7 0.9 10.5
25.0 25.8 26.9 28.6 29.9
127.2 132.1 134.3 135.7 143.0
... ... ... ... ...
5.7 5.8 5.9 5.8 6.2
63.0 66.9 69.9 73.8 78.5
-37.7 -49.4 -42.8 -38.2 -30.4
64.2 65.2 64.4 61.9 64.5
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
871.7 908.9 954.3 1 008.6 1 076.4
596.9 619.3 645.8 677.2 711.8
274.8 289.6 308.5 331.4 364.6
12.0 25.8 39.1 52.0 50.4
32.4 33.9 35.3 36.0 39.9
154.0 163.8 178.9 186.5 206.0
... ... ... ... ...
6.6 6.1 5.8 7.5 8.6
83.1 87.2 91.6 96.2 102.1
-33.0 -22.9 -18.7 -9.9 -22.3
70.9 76.6 87.3 90.3 103.9
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
1 153.2 1 229.1 1 301.8 1 371.1 1 440.7
754.2 800.8 848.9 893.7 931.4
399.0 428.3 452.9 477.4 509.2
50.0 4.8 -34.2 -23.8 -5.9
43.7 48.6 52.1 51.5 51.9
225.0 243.0 256.1 262.3 270.6
... ... ... ... ...
8.8 9.2 10.6 11.3 11.7
109.8 117.8 122.7 128.3 135.3
-30.4 -81.1 -126.1 -117.7 -101.0
115.2 125.2 133.4 134.0 135.3
2002 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
1 273.0 1 293.4 1 311.6 1 329.3
832.2 843.5 854.6 865.5
440.8 449.9 456.9 463.9
-35.3 -35.1 -31.4 -34.9
54.8 51.8 50.8 50.9
255.4 253.7 256.2 259.3
... ... ... ...
10.0 10.5 10.8 11.1
120.3 122.1 123.7 124.9
-125.6 -125.3 -123.9 -129.5
135.1 131.6 132.5 134.4
2003 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
1 358.3 1 360.7 1 376.9 1 388.5
880.9 888.4 899.1 906.5
477.4 472.3 477.8 482.0
-67.8 -26.1 -13.8 12.5
45.9 54.9 54.3 50.8
259.7 259.3 266.7 263.6
... ... ... ...
11.1 11.2 11.3 11.4
126.5 127.7 128.9 130.0
-166.2 -114.1 -108.6 -81.8
133.2 131.6 137.8 133.6
2004 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
1 408.1 1 429.0 1 449.7 1 475.9
914.9 925.9 936.9 948.0
493.2 503.1 512.7 528.0
-6.5 -1.6 -19.3 4.0
50.9 49.3 56.7 50.7
262.8 271.5 272.1 276.1
... ... ... ...
11.5 11.7 11.8 12.0
131.5 134.6 136.4 138.6
-98.3 -100.8 -110.1 -94.8
131.3 136.9 135.7 137.5
1Includes
general government intermediate inputs for goods and services sold to other sectors and for own-account investment. . . . = Not available.
127
CHAPTER 6: GOVERNMENT
Table 6-11. Chain-Type Quantity Indexes for State and Local Government Consumption Expenditures and Gross Investment (Index numbers, 2000 = 100.)
NIPA Tables 3.9.3, 3.10.3 State and local government consumption expenditures and gross investment Consumption expenditures 1
Gross investment Less
Year and quarter Total Total
CompenConsumpIntermediate sation of tion of goods and general general Ownservices government government account 2 purchased employees fixed capital investment
Sales to other sectors
Total
Total
Tuition and related educational charges
Health and hospital charges
Structures
Equipment and software
1946 1947 1948 1949
................................. ................................. ................................. .................................
11.6 13.2 14.0 16.2
14.2 15.2 15.3 16.7
18.4 19.8 20.3 21.8
10.7 10.8 11.0 11.4
5.8 6.5 6.4 7.6
6.1 10.3 12.9 17.2
6.6 7.5 7.7 8.8
3.8 4.2 5.0 5.7
4.8 4.6 5.4 6.1
5.8 8.9 11.3 15.3
7.8 12.0 15.2 21.1
1.4 2.0 2.6 2.7
1950 1951 1952 1953 1954
................................. ................................. ................................. ................................. .................................
17.5 17.6 17.9 18.8 20.5
17.7 17.7 17.9 18.5 19.3
22.5 23.0 23.8 24.8 25.9
11.9 12.4 12.9 13.4 14.1
8.7 8.1 7.9 7.9 8.2
18.1 20.2 23.8 22.6 23.6
9.6 9.4 9.6 10.0 10.6
5.6 5.6 5.9 6.3 6.9
5.8 5.9 6.0 6.3 6.9
17.3 17.9 18.3 19.9 23.8
24.2 25.0 25.5 27.8 33.4
2.7 2.9 3.1 3.3 3.6
1955 1956 1957 1958 1959
................................. ................................. ................................. ................................. .................................
21.9 22.6 24.0 26.0 27.0
20.6 21.3 22.4 24.2 25.2
27.0 28.8 30.3 32.2 33.4
14.9 15.7 16.7 17.7 18.7
9.3 9.0 9.4 10.8 11.6
23.3 26.1 26.4 28.3 38.3
11.7 12.2 12.9 14.4 15.2
7.7 8.8 10.1 11.5 12.3
7.7 8.8 10.0 12.6 13.2
25.9 26.5 28.4 31.2 32.1
36.6 37.2 39.3 43.6 44.8
3.5 4.0 4.9 4.9 5.2
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
28.2 29.9 30.8 32.7 34.9
26.6 28.1 28.9 30.3 32.3
35.2 37.0 38.2 40.2 42.6
19.8 20.9 22.0 23.3 24.7
12.2 13.1 13.6 14.5 15.8
35.9 37.6 40.0 44.9 44.4
15.7 16.8 18.7 20.5 22.5
13.6 14.9 16.9 19.3 22.6
12.2 12.5 14.6 15.2 16.4
32.5 35.1 36.4 39.6 42.4
44.9 48.6 50.2 54.4 58.0
5.9 6.0 6.5 7.4 8.4
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
37.3 39.6 41.6 44.0 45.5
34.4 36.5 38.2 40.7 43.3
45.2 47.9 49.7 52.7 55.1
26.3 28.0 29.8 31.6 33.3
17.4 18.8 20.3 22.3 24.7
45.6 48.1 46.7 49.2 49.5
25.0 27.3 30.1 33.0 34.5
26.2 29.7 33.1 37.2 41.0
18.7 21.3 24.2 28.3 29.3
45.4 48.4 51.4 53.7 51.5
62.1 66.0 70.2 73.4 69.5
9.0 9.9 10.3 10.8 11.6
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
46.8 48.2 49.3 50.7 52.6
45.9 48.1 49.9 51.7 54.0
57.5 59.8 61.9 64.1 66.4
34.9 36.3 37.6 38.9 40.3
27.2 29.7 31.5 32.6 34.4
50.1 50.1 48.8 47.4 50.5
36.2 39.5 42.3 44.2 44.2
47.7 53.7 57.0 61.5 61.3
29.8 34.7 39.8 44.1 45.5
48.3 46.9 45.4 45.6 46.0
64.4 62.2 59.2 58.7 58.5
12.1 12.3 13.7 15.3 16.7
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
54.5 54.9 55.1 56.9 57.8
56.7 57.5 58.6 59.7 60.1
68.4 69.2 70.2 71.8 73.0
41.6 42.8 43.8 44.7 45.8
37.1 38.2 39.3 40.3 40.3
47.6 42.0 38.3 41.3 47.7
44.6 47.1 48.6 50.9 53.2
61.4 63.4 66.0 69.6 71.5
46.7 49.7 50.6 54.1 58.7
45.6 44.8 42.1 45.9 48.2
58.1 57.0 53.2 58.3 60.8
16.4 16.1 15.8 16.7 18.3
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
57.7 56.6 56.6 57.3 59.3
60.0 59.8 60.7 61.4 62.5
73.9 73.7 74.0 73.5 73.8
47.0 48.0 48.9 49.8 51.1
39.0 39.3 41.0 43.6 45.4
49.7 47.5 47.9 47.5 52.8
54.1 56.4 58.1 60.2 60.0
73.9 75.5 75.4 77.8 77.7
59.2 62.9 64.8 66.4 64.9
48.4 44.3 41.6 42.1 47.3
60.5 54.6 50.1 49.6 55.0
19.5 19.4 20.6 23.5 27.5
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
63.0 67.1 68.0 70.6 73.0
65.8 69.9 70.8 73.2 75.4
75.8 77.9 79.2 81.9 84.2
52.9 55.0 57.1 59.5 62.4
50.1 56.7 56.6 58.1 59.9
57.0 61.0 62.3 65.2 72.8
62.0 64.1 65.1 66.4 68.2
77.7 78.3 78.8 81.3 83.8
66.4 68.1 68.1 68.2 68.7
52.4 56.0 57.4 60.4 63.7
60.3 64.1 65.5 68.4 69.8
31.9 34.9 36.4 39.4 46.8
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
76.0 77.6 79.3 80.5 82.5
77.8 79.4 81.3 83.0 85.1
86.5 87.3 88.5 89.5 90.8
65.7 68.9 71.9 74.7 77.4
61.8 64.7 68.1 71.4 74.9
76.3 79.7 78.9 78.5 79.3
69.5 71.8 75.0 78.6 81.4
85.6 87.0 88.7 87.6 87.7
69.4 72.4 76.6 81.1 84.3
68.7 70.3 71.2 70.5 72.5
75.0 77.5 77.8 76.0 76.6
51.1 50.5 52.9 54.7 60.2
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
84.7 86.7 89.8 93.0 97.4
87.0 88.6 91.0 94.4 98.1
92.4 93.6 95.3 96.9 98.3
80.3 83.3 86.8 90.9 95.4
77.7 79.5 83.4 90.0 96.6
80.4 81.4 89.0 90.7 94.6
84.4 86.0 88.9 92.9 95.2
88.0 88.2 90.3 92.9 96.1
88.1 87.7 89.8 94.9 95.6
75.7 79.1 84.9 87.4 94.6
79.2 83.1 88.5 88.4 94.9
64.7 66.7 73.7 84.1 93.7
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
100.0 103.2 106.4 107.0 107.5
100.0 102.6 105.6 106.3 106.7
100.0 102.1 103.8 104.5 105.0
100.0 104.5 109.0 112.3 115.6
100.0 105.5 110.8 111.8 113.8
100.0 109.1 108.8 106.3 106.6
100.0 106.8 110.3 112.9 117.3
100.0 106.6 107.7 108.9 108.7
100.0 108.9 114.2 118.1 125.4
100.0 105.7 109.4 110.3 110.6
100.0 105.7 109.9 110.4 109.5
100.0 105.5 107.1 109.9 115.4
2002 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
105.8 106.0 106.5 107.1
104.8 105.5 105.9 106.3
103.5 103.7 103.9 104.1
107.4 108.6 109.6 110.4
109.5 110.5 111.3 111.9
110.5 108.6 108.2 108.1
109.8 110.1 110.4 110.9
108.2 107.5 107.3 107.8
113.5 114.0 114.4 114.8
109.8 108.4 109.1 110.2
110.4 108.8 109.5 111.0
107.2 106.8 107.5 106.7
2003 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
106.9 106.8 107.4 107.1
106.3 106.3 106.2 106.3
104.4 104.4 104.5 104.7
111.1 111.9 112.7 113.5
111.5 111.7 111.9 112.1
105.9 105.5 107.6 106.3
111.5 112.4 113.2 114.3
109.0 109.3 108.6 108.7
115.8 117.1 118.8 120.5
109.4 109.1 112.1 110.5
109.9 109.2 112.4 110.1
107.7 108.7 110.9 112.4
2004 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
106.9 107.4 107.6 108.1
106.3 106.5 106.9 107.3
104.7 104.8 105.1 105.5
114.3 115.2 116.1 116.9
112.6 113.3 114.2 115.1
105.3 107.7 106.6 107.0
115.7 116.7 117.8 119.1
109.0 108.9 108.5 108.3
122.4 124.3 126.3 128.4
109.5 111.1 110.6 111.2
108.6 110.3 109.4 109.8
113.5 114.7 116.0 117.5
1Excludes government sales to other sectors and government own-account investment (construction and software). 2Includes general government intermediate inputs for goods and services sold to other sectors and for own-account investment.
128
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 6-12. State Government Current Receipts and Expenditures (National income and product accounts, calendar years, billions of dollars.) Current receipts Current tax receipts Year
Personal current taxes
Total 1 Total
Total 1
Income taxes
Taxes on production and imports Total
Sales taxes
Property taxes
Other
Taxes on corporate income
Contributions for government social insurance
Income receipts on assets
Total 1
Interest receipts
Rents and royalties
1959 .................................
21.8
16.7
3.1
2.0
12.5
10.0
0.5
2.0
1.1
0.4
0.5
0.3
0.2
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
23.5 25.2 27.5 29.6 32.3
18.1 19.3 21.0 22.4 24.5
3.4 3.7 4.0 4.3 4.9
2.3 2.5 2.8 3.1 3.6
13.5 14.4 15.4 16.4 17.7
10.8 11.6 12.6 13.4 14.5
0.5 0.5 0.6 0.6 0.6
2.2 2.3 2.3 2.4 2.6
1.2 1.3 1.5 1.6 1.8
0.5 0.5 0.5 0.6 0.7
0.5 0.6 0.6 0.6 0.7
0.4 0.4 0.4 0.4 0.4
0.2 0.2 0.2 0.2 0.2
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
35.8 42.3 46.5 54.7 62.6
26.9 30.2 32.7 38.6 44.0
5.4 6.4 7.0 8.8 10.8
3.9 4.8 5.3 6.9 8.6
19.6 21.7 23.3 26.7 29.9
16.1 18.0 19.4 22.8 25.7
0.7 0.7 0.7 0.8 0.9
2.8 3.0 3.1 3.2 3.3
1.9 2.2 2.5 3.1 3.4
0.8 0.8 0.9 0.9 1.0
0.8 0.9 1.1 1.7 2.1
0.5 0.6 0.8 1.4 1.8
0.3 0.3 0.3 0.3 0.3
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
70.1 79.4 96.3 104.5 113.5
48.1 53.8 63.5 70.2 75.9
12.0 13.4 17.9 19.8 21.1
9.6 11.0 15.2 16.8 18.0
32.7 36.3 40.7 44.7 48.4
28.2 31.4 35.2 38.8 42.0
0.9 1.0 1.1 1.2 1.1
3.6 3.9 4.4 4.7 5.3
3.5 4.0 5.0 5.7 6.3
1.1 1.2 1.3 1.5 1.7
2.5 2.7 2.9 3.9 5.0
2.2 2.3 2.5 3.3 4.4
0.3 0.4 0.4 0.5 0.6
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
127.4 143.4 160.0 179.3 197.3
81.9 93.8 105.1 117.4 128.9
23.2 27.0 30.9 35.6 38.9
19.9 23.4 27.2 31.6 34.6
51.8 57.7 63.4 70.3 77.1
44.7 49.9 55.0 60.8 65.7
1.4 1.5 1.5 1.9 2.3
5.6 6.3 6.9 7.6 9.0
6.9 9.1 10.8 11.5 12.9
1.8 2.2 2.8 3.4 3.9
5.6 5.3 6.1 7.4 10.3
5.0 4.7 5.4 6.7 9.2
0.6 0.6 0.6 0.6 1.1
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
218.7 239.5 247.9 272.9 308.2
140.9 155.6 162.3 180.5 205.4
43.7 48.5 52.3 58.9 68.2
39.1 43.6 47.0 53.2 61.9
83.4 92.7 97.0 106.8 119.7
70.0 76.5 80.3 90.0 100.9
2.6 2.7 2.8 3.0 3.4
10.8 13.6 13.9 13.8 15.5
13.7 14.5 13.1 14.9 17.4
3.6 3.9 4.0 4.1 4.7
13.4 15.6 17.5 19.5 22.4
11.2 13.2 15.3 17.2 19.8
2.0 2.2 2.1 2.2 2.5
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
333.1 359.3 380.4 408.8 441.4
220.9 234.1 253.6 269.5 288.1
73.2 78.3 87.5 90.4 102.4
66.1 70.7 79.1 81.5 92.9
129.0 134.9 144.3 155.2 163.5
109.0 115.8 124.6 135.1 142.3
3.5 3.6 3.7 3.8 4.3
16.5 15.6 16.0 16.3 17.0
18.7 20.8 21.8 23.8 22.2
4.9 6.0 7.2 8.4 9.0
25.9 27.3 28.2 30.5 32.4
23.1 24.5 25.5 27.7 29.8
2.6 2.7 2.6 2.7 2.4
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
476.5 512.3 559.7 593.9 630.1
305.4 314.1 338.6 356.9 380.2
109.6 111.8 120.6 126.3 132.1
99.6 101.4 109.0 114.9 120.2
175.4 180.8 195.9 206.3 220.8
152.5 157.5 169.7 179.4 191.7
4.6 4.9 6.1 5.9 7.0
18.3 18.3 20.1 21.0 22.1
20.4 21.5 22.1 24.3 27.3
10.0 11.6 13.1 14.1 14.5
33.9 34.4 33.9 32.6 33.8
31.3 31.4 30.7 29.5 30.5
2.3 2.6 2.7 2.5 2.5
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
662.8 696.0 731.1 777.5 826.2
401.4 425.9 449.0 480.7 508.0
140.9 150.9 162.7 180.4 192.5
128.4 138.6 149.7 166.8 178.4
231.3 245.0 255.4 268.8 283.0
200.5 211.8 221.3 233.3 245.9
7.2 8.2 8.1 8.5 9.1
23.6 25.0 26.0 27.0 27.9
29.1 30.0 30.8 31.6 32.5
13.6 12.5 10.8 10.4 9.8
36.6 39.2 41.6 43.1 46.7
33.1 35.1 37.4 39.0 42.4
2.6 2.7 2.7 2.4 2.6
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
884.5 922.0 938.4 989.1 1 062.5
540.7 547.2 536.1 561.7 609.1
213.6 219.9 198.5 201.9 221.3
199.2 205.5 183.7 185.9 204.4
294.8 300.1 308.6 328.2 350.6
255.5 259.6 267.3 281.9 300.2
7.8 7.9 7.6 8.9 9.2
31.6 32.6 33.6 37.5 41.2
32.3 27.2 29.0 31.7 37.2
11.0 13.6 15.8 17.5 19.7
48.7 46.6 42.4 41.4 42.7
43.2 41.0 36.7 35.0 35.8
3.6 3.7 3.7 4.2 4.5
1Includes
components not shown separately.
CHAPTER 6: GOVERNMENT
129
Table 6-12. State Government Current Receipts and Expenditures—Continued (National income and product accounts, calendar years, billions of dollars.) Current receipts—Continued
Current expenditures
Net state government saving, NIPA (surplus + / deficit -)
Current transfer receipts Year Total
Federal grants-inaid
Local grants-inaid
From business (net)
From persons
Total 1
GovernGrants-inConsumpment social aid to local tion expenbenefits to governditures persons ments
Interest payments
Total
Social insurance funds
Other
1959 .................................
3.8
3.4
0.2
0.0
0.1
20.8
8.6
3.6
7.7
0.8
1.0
0.0
1.0
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
3.9 4.4 4.9 5.4 5.9
3.5 4.0 4.4 4.9 5.4
0.2 0.3 0.3 0.3 0.3
0.0 0.0 0.1 0.1 0.1
0.1 0.1 0.2 0.2 0.2
22.6 24.5 26.6 28.9 31.4
9.3 9.9 10.7 11.6 12.5
3.8 4.1 4.4 4.7 5.1
8.6 9.4 10.3 11.3 12.4
0.9 0.9 1.0 1.1 1.2
0.9 0.8 0.9 0.7 0.9
0.0 0.0 0.0 0.0 0.0
0.9 0.8 0.9 0.6 0.9
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
6.7 9.6 11.1 12.6 14.6
6.1 8.9 10.3 11.6 13.3
0.3 0.4 0.5 0.6 0.8
0.1 0.1 0.1 0.1 0.1
0.3 0.3 0.3 0.3 0.4
35.1 40.2 46.4 53.6 61.4
13.9 15.6 17.9 20.2 23.2
5.5 6.4 7.7 9.5 10.8
14.3 16.7 19.1 22.0 25.4
1.3 1.4 1.6 1.8 1.8
0.6 2.1 0.0 1.0 1.1
0.1 0.1 0.1 0.1 0.2
0.5 2.0 -0.1 0.9 1.0
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
17.6 21.0 27.6 27.9 30.0
16.2 19.4 25.8 25.8 27.6
0.9 1.0 1.1 1.2 1.3
0.1 0.1 0.2 0.2 0.2
0.4 0.4 0.5 0.7 0.8
71.3 81.1 90.6 101.2 114.3
26.7 29.8 32.5 36.5 43.6
12.9 15.3 17.5 19.4 19.9
29.2 33.0 36.9 41.1 45.9
2.2 2.8 3.2 3.6 4.1
-1.2 -1.7 5.8 3.3 -0.8
0.2 0.2 0.3 0.3 0.4
-1.3 -2.0 5.5 3.0 -1.1
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
36.9 40.8 44.6 49.5 52.4
33.9 37.1 40.6 45.2 48.3
1.7 2.3 2.4 2.5 2.2
0.2 0.3 0.3 0.3 0.4
1.0 1.2 1.4 1.5 1.6
132.3 145.1 157.4 171.8 191.9
51.0 55.6 60.6 64.7 72.0
24.2 26.9 29.1 32.0 35.4
51.4 56.2 60.7 67.3 75.4
4.7 5.3 5.8 6.3 7.3
-4.9 -1.8 2.5 7.5 5.3
0.5 0.6 1.0 1.5 1.8
-5.4 -2.4 1.6 6.0 3.6
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
59.2 62.8 61.9 66.0 72.1
54.7 57.7 56.0 58.6 63.3
2.3 2.7 3.1 4.2 5.0
0.4 0.5 0.6 0.6 0.8
1.7 2.0 2.3 2.6 3.0
216.5 238.7 255.9 273.7 297.3
81.2 89.8 96.6 102.6 110.2
41.3 46.7 51.0 55.9 59.8
83.8 90.4 94.5 99.0 108.7
8.2 9.4 11.3 13.5 15.5
2.2 0.8 -8.0 -0.8 10.9
1.3 1.3 1.2 1.2 1.4
0.9 -0.5 -9.2 -2.0 9.5
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
76.9 86.7 85.8 93.9 104.6
67.3 74.5 74.9 82.1 91.5
5.2 5.3 5.5 5.6 5.8
0.9 2.8 0.9 1.1 1.3
3.6 4.1 4.5 5.2 5.9
326.0 350.2 375.2 404.6 437.7
121.2 131.3 138.2 148.8 158.1
65.2 71.4 77.4 84.4 94.4
120.0 128.9 137.8 148.1 159.5
16.3 15.0 17.6 18.4 20.6
7.1 9.0 5.2 4.3 3.6
1.3 1.9 2.2 2.5 2.3
5.8 7.2 3.1 1.7 1.3
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
119.5 144.2 165.4 180.9 191.7
104.7 124.6 141.8 155.8 164.9
6.2 7.6 9.0 10.1 11.0
1.6 2.0 2.6 2.9 3.4
6.9 10.0 12.1 12.1 12.4
479.6 528.4 570.4 604.3 639.5
171.4 179.0 186.1 195.9 206.5
111.0 137.6 159.5 173.6 184.4
169.4 181.9 194.8 206.0 218.9
22.3 24.1 24.0 22.9 23.5
-3.1 -16.1 -10.7 -10.4 -9.4
2.0 2.4 3.1 4.2 4.6
-5.1 -18.5 -13.8 -14.6 -14.0
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
200.4 206.8 217.5 231.3 250.0
173.0 177.7 184.5 194.9 212.5
11.1 12.0 13.5 13.3 12.9
4.1 5.0 6.6 9.8 9.9
12.2 12.0 13.0 13.2 14.7
672.6 699.4 729.1 773.5 837.6
215.2 221.2 232.1 249.0 273.3
194.8 202.5 206.8 214.6 230.3
231.6 242.4 255.1 273.9 297.2
24.3 25.6 26.5 27.1 27.6
-9.8 -3.4 2.0 4.0 -11.4
4.0 2.8 1.2 1.7 1.7
-13.9 -6.2 0.8 2.3 -13.2
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
273.4 304.2 334.3 358.7 380.9
227.4 254.3 280.6 302.5 320.6
14.0 14.9 15.5 16.4 17.1
14.7 15.5 16.3 16.4 17.2
17.3 19.5 21.9 23.4 26.0
898.7 977.4 1 029.3 1 071.6 1 130.4
291.5 309.0 326.2 332.6 341.0
248.7 281.3 306.6 324.6 352.6
319.4 337.5 352.6 370.9 391.8
29.3 32.2 32.2 31.5 31.8
-14.2 -55.4 -90.9 -82.5 -67.8
2.0 2.6 1.7 1.3 1.8
-16.2 -58.0 -92.6 -83.7 -69.7
1Includes
components not shown separately.
130
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 6-13. Local Government Current Receipts and Expenditures (National income and product accounts, calendar years, billions of dollars.) Current receipts Current tax receipts Year
Personal current taxes
Total 1 Total
Total 1
Income taxes
Taxes on production and imports Total
Sales taxes
Property taxes
Other
Taxes on corporate income
Contributions for government social insurance
Income receipts on assets
Total 1
Interest receipts
Rents and royalties
1959 .................................
26.9
17.1
0.8
0.2
16.4
1.2
14.3
0.9
0.0
...
0.7
0.5
0.1
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
29.9 32.6 35.2 38.2 41.8
18.8 20.3 21.8 23.4 25.3
0.8 0.9 1.0 1.1 1.2
0.3 0.3 0.3 0.4 0.5
18.0 19.4 20.8 22.3 24.1
1.3 1.4 1.5 1.6 1.9
15.7 17.0 18.4 19.7 21.1
0.9 1.0 1.0 1.0 1.1
0.0 0.0 0.0 0.0 0.0
... ... ... ... ...
0.8 0.9 1.0 1.0 1.3
0.7 0.7 0.8 0.9 1.1
0.1 0.2 0.2 0.2 0.2
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
45.5 49.9 55.8 61.7 69.2
27.0 28.5 31.3 34.8 38.4
1.2 1.4 1.6 1.7 2.0
0.5 0.6 0.8 0.9 1.1
25.7 27.1 29.5 32.8 36.1
2.1 2.0 1.9 2.3 2.9
22.5 23.8 26.2 29.1 31.9
1.1 1.3 1.3 1.4 1.4
0.0 0.0 0.2 0.3 0.3
... ... ... ... ...
1.4 1.7 2.0 1.7 2.2
1.2 1.4 1.6 1.4 1.8
0.2 0.3 0.3 0.4 0.4
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
80.3 89.8 100.5 112.8 122.6
43.2 47.9 52.0 56.1 60.2
2.3 2.5 3.0 3.0 3.4
1.3 1.5 2.0 2.0 2.3
40.6 45.2 48.8 52.7 56.4
3.5 4.0 4.6 5.2 6.1
35.7 39.5 42.2 45.2 47.9
1.5 1.8 2.0 2.3 2.4
0.2 0.3 0.3 0.3 0.3
... ... ... ... ...
2.6 2.8 3.0 3.9 5.2
2.2 2.3 2.4 3.3 4.5
0.5 0.5 0.6 0.6 0.7
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
136.5 150.1 164.5 179.6 190.4
65.5 71.9 78.6 80.8 83.1
3.7 4.1 4.5 4.9 5.1
2.5 2.8 3.2 3.4 3.6
61.4 67.3 73.6 75.3 77.3
7.0 7.9 9.0 10.2 11.5
51.9 56.7 61.7 61.8 62.1
2.5 2.7 2.9 3.3 3.7
0.4 0.5 0.6 0.6 0.6
... ... ... ... ...
5.6 5.1 5.6 7.2 9.8
4.9 4.4 4.9 6.5 8.9
0.7 0.7 0.7 0.7 0.9
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
207.6 226.1 243.7 261.7 288.9
89.1 100.2 110.8 120.4 131.9
5.1 6.2 6.9 7.2 7.8
3.5 4.3 4.9 5.1 5.6
83.3 93.0 103.0 112.1 122.7
12.8 14.3 15.9 17.7 20.1
66.2 74.4 82.5 88.9 96.3
4.2 4.3 4.6 5.5 6.3
0.7 1.0 1.0 1.0 1.4
... ... ... ... ...
12.9 16.4 19.2 21.9 25.2
11.8 15.3 17.8 19.8 22.8
1.1 1.1 1.4 2.1 2.4
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
316.8 340.9 358.5 386.1 417.2
142.8 155.4 168.5 183.3 199.9
8.2 8.9 9.1 11.7 12.3
6.0 6.8 6.8 9.1 9.4
133.1 144.7 157.3 169.4 185.6
22.1 24.1 25.7 27.2 30.1
104.0 112.6 122.7 132.7 145.6
7.0 8.1 8.9 9.4 10.0
1.5 1.8 2.1 2.2 2.1
... ... ... ... ...
29.0 31.1 29.9 30.0 33.3
26.2 27.5 27.2 28.3 31.6
2.7 3.5 2.7 1.7 1.7
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
443.3 473.1 496.7 516.1 550.0
213.7 230.2 241.2 247.8 264.0
12.9 13.5 14.7 14.8 15.9
10.0 10.3 11.4 11.3 12.0
198.7 214.5 224.2 230.5 245.4
31.8 33.2 34.6 37.0 39.7
157.0 171.1 178.6 181.3 192.4
9.9 10.2 11.0 12.1 13.3
2.1 2.2 2.3 2.6 2.7
... ... ... ... ...
34.5 33.6 30.9 28.7 29.4
32.7 31.6 28.8 26.7 27.4
1.8 1.9 2.0 2.1 2.0
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
577.9 610.4 644.6 682.9 730.9
270.7 283.7 300.9 314.2 332.4
17.2 17.8 19.3 20.9 21.9
13.3 13.7 14.9 16.2 17.1
251.0 262.9 278.4 290.0 307.1
42.2 44.4 47.4 50.6 55.6
195.3 204.2 215.5 222.5 233.7
13.4 14.4 15.6 16.9 17.8
2.6 3.0 3.3 3.3 3.3
... ... ... ... ...
31.8 34.1 36.2 37.8 38.6
29.8 32.2 34.2 35.6 36.0
2.0 2.0 2.1 2.2 2.5
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
779.2 814.9 851.9 899.7 941.9
352.6 368.6 392.9 410.9 438.5
23.1 22.9 22.8 23.7 26.0
18.0 17.6 17.1 17.8 19.6
326.2 342.7 366.9 383.5 408.2
61.1 61.6 62.8 66.0 70.2
246.8 261.4 282.6 294.6 313.7
18.3 19.8 21.5 23.0 24.3
3.3 3.0 3.2 3.6 4.3
... ... ... ... ...
43.5 42.1 35.8 33.5 34.4
40.8 39.3 32.9 30.4 31.1
2.7 2.8 2.9 3.1 3.3
1Includes
components not shown separately. . . . = Not available.
CHAPTER 6: GOVERNMENT
131
Table 6-13. Local Government Current Receipts and Expenditures—Continued (National income and product accounts, calendar years, billions of dollars.) Current receipts—Continued
Current expenditures
Net local government saving, NIPA (surplus + / deficit -)
Current transfer receipts Year Total
1959 .................................
Federal grants-inaid
State grants-inaid
From business (net)
From persons
Total 1
GovernGrants-inConsumpment social aid to state tion expenbenefits to governditures persons ments
Interest payments
Total
Social insurance funds
Other
8.3
0.4
7.7
0.1
0.1
24.1
22.1
0.7
0.2
1.0
2.8
...
2.8
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
9.4 10.4 11.5 12.6 14.0
0.5 0.6 0.6 0.8 1.1
8.6 9.4 10.3 11.3 12.4
0.1 0.2 0.2 0.2 0.2
0.2 0.3 0.3 0.3 0.3
26.4 29.1 30.9 33.2 36.3
24.2 26.6 28.3 30.4 33.3
0.8 0.9 0.9 1.0 1.0
0.2 0.3 0.3 0.3 0.3
1.2 1.3 1.4 1.5 1.7
3.4 3.5 4.3 5.0 5.5
... ... ... ... ...
3.4 3.5 4.3 5.0 5.5
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
15.9 18.6 21.6 24.2 27.7
1.1 1.2 1.5 1.1 1.3
14.3 16.7 19.1 22.0 25.4
0.3 0.2 0.4 0.4 0.4
0.3 0.4 0.6 0.7 0.7
39.6 44.2 48.9 55.2 62.4
36.3 40.5 44.7 50.2 56.6
1.1 1.3 1.6 2.0 2.4
0.3 0.4 0.5 0.6 0.8
1.8 2.0 2.1 2.4 2.5
5.9 5.7 7.0 6.5 6.8
... ... ... ... ...
5.9 5.7 7.0 6.5 6.8
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
33.6 38.2 44.4 51.8 56.6
3.2 3.8 5.9 9.0 8.7
29.2 33.0 36.9 41.1 45.9
0.4 0.5 0.5 0.7 0.9
0.8 0.9 1.1 1.0 1.1
72.0 81.6 90.6 100.4 112.5
64.9 72.9 80.6 89.5 100.1
3.2 4.0 4.5 4.7 5.4
0.9 1.0 1.1 1.2 1.3
3.1 3.8 4.3 4.9 5.6
8.3 8.2 9.9 12.4 10.1
... ... ... ... ...
8.3 8.2 9.9 12.4 10.1
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
65.0 72.6 79.9 91.4 97.8
11.2 13.6 16.0 20.4 18.1
51.4 56.2 60.7 67.3 75.4
1.0 1.1 1.3 1.5 1.8
1.4 1.7 1.9 2.2 2.6
129.1 140.9 153.9 168.5 182.8
114.1 123.9 135.3 148.5 161.3
6.6 7.3 8.0 8.7 8.9
1.7 2.3 2.4 2.5 2.2
6.4 7.2 7.9 8.6 9.9
7.4 9.1 10.6 11.1 7.7
... ... ... ... ...
7.4 9.1 10.6 11.1 7.7
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
106.4 111.3 114.8 119.5 130.6
17.6 14.8 13.5 13.0 13.3
83.8 90.4 94.5 99.0 108.7
2.0 2.4 2.7 3.0 3.4
3.0 3.7 4.1 4.5 5.2
201.0 219.4 237.9 256.0 275.9
177.2 192.6 208.2 221.5 237.4
9.9 10.4 10.2 11.0 11.4
2.3 2.7 3.1 4.2 5.0
11.2 13.4 15.8 18.8 21.5
6.6 6.8 5.8 5.7 13.1
... ... ... ... ...
6.6 6.8 5.8 5.7 13.1
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
142.7 152.4 157.4 168.8 178.8
13.6 13.2 9.0 9.5 6.8
120.0 128.9 137.8 148.1 159.5
3.5 3.9 4.0 4.3 5.1
5.7 6.5 6.7 6.9 7.5
301.6 329.0 351.3 372.4 400.0
260.6 286.6 302.7 321.5 344.1
12.1 12.9 13.4 14.1 15.0
5.2 5.3 5.5 5.6 5.8
23.0 23.1 28.6 30.0 34.0
15.2 11.9 7.2 13.6 17.2
... ... ... ... ...
15.2 11.9 7.2 13.6 17.2
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
189.6 203.5 218.6 232.9 250.2
6.7 7.0 7.4 7.9 9.8
169.4 181.9 194.8 206.0 218.9
5.5 5.9 6.7 7.7 8.6
8.0 8.7 9.8 11.4 12.9
433.0 461.2 485.3 504.7 530.1
373.2 395.6 416.5 434.4 456.8
16.6 18.9 20.5 21.6 22.4
6.2 7.6 9.0 10.1 11.0
35.6 37.7 37.9 37.2 38.6
10.3 11.9 11.4 11.4 19.8
... ... ... ... ...
10.3 11.9 11.4 11.4 19.8
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
266.4 281.7 297.7 322.7 350.9
11.1 13.4 14.1 17.8 20.3
231.6 242.4 255.1 273.9 297.2
9.4 10.2 11.1 12.3 13.1
14.3 15.7 17.3 18.7 20.2
556.0 581.3 607.5 634.9 669.1
480.8 503.6 526.8 552.4 585.6
22.9 21.8 20.8 21.1 22.1
11.1 12.0 13.5 13.3 12.9
39.9 42.5 44.9 46.5 47.0
21.9 29.2 37.1 48.0 61.8
... ... ... ... ...
21.9 29.2 37.1 48.0 61.8
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
375.4 399.0 418.5 452.8 467.8
19.9 21.7 23.9 36.6 27.7
319.4 337.5 352.6 370.9 391.8
14.2 15.8 16.4 17.7 18.3
21.9 23.9 25.6 27.7 30.0
715.0 754.7 795.2 841.0 879.9
626.3 660.7 699.2 742.2 776.7
23.0 24.0 25.4 26.7 27.9
14.0 14.9 15.5 16.4 17.1
50.2 53.4 53.8 54.7 57.0
64.2 60.2 56.7 58.7 62.0
... ... ... ... ...
64.2 60.2 56.7 58.7 62.0
1Includes
components not shown separately. . . . = Not available.
132
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 6-14. State Government Consumption Expenditures and Gross Investment by Function (National income and product accounts, calendar years, billions of dollars.) Consumption expenditures and gross investment Public order and safety Year Total 1
General public service
Total 1
Prisons
Economic affairs Total 1
Transportation
Housing and community services
Education Health Total 1
Elementary and secondary
Income security Higher
Total 1
Welfare and social services
1959 .................................
15.4
1.2
0.8
0.5
8.7
7.2
0.0
1.8
2.6
0.2
2.1
0.4
0.3
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
15.5 17.0 18.2 20.1 21.6
1.3 1.4 1.4 1.5 1.8
0.9 0.9 1.0 1.1 1.2
0.5 0.5 0.5 0.6 0.6
8.3 9.2 9.8 10.7 11.2
6.7 7.4 8.0 8.9 9.1
0.0 0.0 0.0 0.0 0.0
1.8 2.0 2.0 2.2 2.4
2.8 3.2 3.6 4.2 4.7
0.2 0.2 0.2 0.2 0.2
2.3 2.6 3.0 3.6 4.0
0.4 0.3 0.4 0.4 0.4
0.3 0.3 0.3 0.3 0.4
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
23.6 26.6 29.7 32.6 36.2
2.0 2.4 2.6 3.1 3.9
1.3 1.4 1.6 1.8 2.1
0.7 0.7 0.8 0.9 1.0
11.9 13.2 14.1 15.1 16.0
9.7 10.8 11.3 12.2 12.8
0.0 0.0 0.0 0.0 0.0
2.5 2.7 3.0 3.3 3.8
5.3 6.4 7.6 8.4 9.4
0.2 0.3 0.4 0.4 0.4
4.4 5.2 6.2 6.7 7.5
0.5 0.6 0.7 0.8 1.0
0.4 0.5 0.6 0.8 0.9
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
40.8 44.9 48.1 52.8 61.3
4.0 4.4 4.8 5.8 6.9
2.4 2.7 3.1 3.5 4.1
1.2 1.3 1.5 1.7 2.0
17.9 19.3 19.8 20.7 24.2
14.4 15.4 15.7 16.3 19.2
0.0 0.0 0.0 0.0 0.0
4.4 5.0 5.3 5.5 6.5
10.8 11.9 13.1 14.7 16.4
0.5 0.5 0.5 0.5 0.5
8.5 9.3 10.2 11.7 13.0
1.2 1.5 1.8 2.4 2.9
1.1 1.4 1.7 2.2 2.7
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
68.9 73.4 77.8 86.1 97.6
7.9 8.3 9.0 9.9 11.6
4.7 5.2 5.8 6.9 8.2
2.3 2.7 3.1 3.6 4.2
26.4 26.6 27.1 29.9 34.4
20.8 20.3 20.5 22.6 26.3
0.3 0.2 0.2 0.3 0.3
7.4 8.1 9.0 9.9 11.0
18.2 20.2 21.3 22.9 25.3
0.7 0.7 0.7 0.9 1.0
14.1 15.8 16.7 18.1 20.1
3.5 4.1 4.7 5.4 6.0
3.3 3.9 4.4 5.1 5.7
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
110.0 119.1 125.9 133.1 146.3
13.6 14.4 15.2 16.9 19.3
9.5 10.6 12.1 13.5 15.2
4.8 5.5 6.5 7.4 8.4
38.6 41.3 42.8 44.7 49.3
29.3 31.1 31.9 33.6 37.5
0.4 0.3 0.3 0.2 0.2
12.7 13.6 14.2 13.9 14.7
28.1 31.0 33.1 34.5 37.2
1.1 1.2 1.2 1.1 1.2
22.4 25.1 27.0 28.4 30.9
6.3 7.0 7.4 8.5 9.3
6.0 6.6 7.0 8.1 8.8
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
161.5 174.1 185.4 198.0 210.8
21.4 24.0 25.8 26.6 28.6
17.5 19.3 21.5 23.9 26.6
10.0 11.3 12.7 14.2 16.1
53.8 57.6 60.7 64.1 65.4
41.2 43.9 46.2 48.7 48.9
0.2 0.3 0.5 0.8 1.1
16.0 17.0 18.3 19.7 20.7
41.2 43.9 45.7 48.8 52.7
1.3 1.4 1.5 1.6 1.8
34.3 36.6 37.7 40.4 43.4
10.1 10.7 11.4 12.5 13.7
9.6 10.1 10.7 11.7 12.8
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
228.8 238.4 246.9 258.9 274.2
30.5 31.8 33.0 34.2 36.5
30.3 32.5 34.0 36.2 39.4
18.6 20.1 21.0 22.6 25.0
70.7 72.9 75.6 78.9 82.9
52.9 54.4 56.0 58.4 61.9
1.4 1.7 1.9 2.0 2.2
22.3 22.4 21.7 21.8 21.6
56.2 57.9 60.1 63.5 66.7
2.0 2.2 2.4 2.4 2.3
46.3 47.9 49.6 52.6 55.4
15.3 16.9 18.5 20.2 22.6
14.2 15.6 17.0 18.5 20.8
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
287.1 295.8 310.3 323.9 351.4
37.4 37.7 40.9 43.4 47.4
42.8 45.5 48.5 50.5 55.1
27.2 28.8 30.4 31.1 33.7
85.9 89.1 93.6 98.0 106.6
64.1 67.1 71.1 75.4 82.3
2.5 2.3 2.2 2.3 2.6
22.0 21.8 20.5 18.9 21.2
69.6 71.2 74.5 78.5 83.6
2.7 3.0 3.2 3.4 3.6
57.3 58.2 61.1 64.3 68.5
24.4 25.3 27.1 29.3 31.7
22.2 22.9 24.4 26.3 28.8
2000 ................................. 2001 .................................
382.4 410.4
52.4 57.0
60.3 64.5
36.5 38.8
113.6 121.5
87.2 94.5
2.9 2.8
24.8 27.0
90.8 97.5
3.8 4.0
74.4 80.1
34.3 36.3
31.4 33.3
Note: These data have not been updated consistent with recent revisions in the NIPAs and are reprinted as they appeared in the 9th and 10th editions of Business Statistics. 1Includes
components not shown separately.
CHAPTER 6: GOVERNMENT
133
Table 6-15. Local Government Consumption Expenditures and Gross Investment by Function (National income and product accounts, calendar years, billions of dollars.) Consumption expenditures and gross investment Public order and safety Year Total 1
General public service
Total 1
Prisons
Economic affairs Total 1
Transportation
Housing and community services
Education Health Total 1
Elementary and secondary
Income security Higher
Total
Welfare and social services
1959 .................................
29.7
2.3
3.3
0.2
4.6
3.9
2.7
1.3
14.5
14.0
0.3
0.3
0.3
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
32.4 35.0 37.1 39.8 43.7
2.5 2.8 2.9 3.1 3.4
3.6 3.8 4.0 4.2 4.5
0.3 0.3 0.3 0.3 0.3
5.1 5.2 5.4 6.0 6.3
4.3 4.4 4.5 4.9 5.0
2.7 2.9 3.3 3.0 3.6
1.4 1.5 1.5 1.6 1.7
16.1 17.6 18.7 20.5 22.7
15.5 17.0 18.1 19.7 21.8
0.3 0.3 0.3 0.4 0.5
0.4 0.4 0.5 0.5 0.6
0.4 0.4 0.5 0.5 0.6
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
48.1 53.3 58.8 66.2 72.2
3.8 4.1 4.6 5.5 6.0
4.8 5.3 5.8 6.8 7.5
0.4 0.4 0.4 0.5 0.5
7.1 7.4 8.2 9.0 9.4
5.4 6.0 6.5 7.3 7.6
3.8 3.9 4.1 5.0 4.9
1.8 1.9 2.1 2.4 2.7
25.1 28.7 31.7 34.9 38.6
24.0 27.3 30.1 33.1 36.5
0.6 0.9 1.1 1.2 1.4
0.7 0.9 1.0 1.2 1.5
0.7 0.9 1.0 1.2 1.5
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
79.9 88.6 96.3 107.3 122.8
6.7 7.6 8.8 10.3 12.2
8.5 9.7 10.7 11.9 13.5
0.6 0.8 0.9 1.0 1.2
9.6 10.0 10.8 11.9 14.3
7.7 8.0 8.6 9.5 11.3
5.1 5.5 5.6 6.3 7.7
3.1 3.7 3.7 4.2 5.0
43.2 47.9 52.3 57.6 64.3
40.7 45.0 49.0 53.9 60.0
1.8 2.1 2.5 2.8 3.3
1.8 2.1 2.5 2.7 3.0
1.8 2.1 2.5 2.7 3.0
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
140.1 150.5 161.5 177.7 194.3
14.7 16.2 18.1 19.5 20.5
15.5 17.0 18.5 20.7 22.6
1.4 1.6 1.8 1.9 2.1
15.8 16.6 17.7 20.8 23.4
12.7 13.0 13.7 15.4 17.3
8.6 9.2 9.0 11.0 12.3
5.3 5.0 5.5 5.8 5.7
73.6 79.7 85.4 91.9 101.1
68.6 74.5 79.7 85.9 94.7
3.8 4.0 4.4 4.6 4.9
3.3 3.5 3.9 4.0 4.4
3.3 3.5 3.9 4.0 4.4
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
214.5 230.5 245.7 258.4 278.1
22.1 23.9 25.4 26.9 28.4
25.1 28.3 31.5 33.9 36.3
2.5 2.8 3.3 3.8 4.3
26.1 28.8 30.3 31.3 32.5
19.5 21.1 22.6 23.6 24.9
14.7 14.5 14.3 13.8 15.4
6.4 6.5 6.7 6.4 6.9
110.4 117.9 126.0 133.5 145.2
103.2 110.1 117.7 125.2 136.6
5.5 6.0 6.4 6.1 6.2
5.0 5.5 5.9 6.7 7.1
5.0 5.5 5.9 6.7 7.1
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
303.3 329.5 352.1 376.2 406.9
31.0 33.8 35.3 37.6 41.0
40.1 43.8 47.4 51.0 56.3
4.9 5.7 6.6 7.3 8.5
35.5 37.7 38.1 39.4 41.6
26.4 28.6 30.1 31.5 33.7
16.7 18.7 20.7 21.5 22.2
7.4 7.4 8.4 9.1 9.9
157.7 171.8 184.8 199.1 215.6
148.4 161.7 173.9 187.1 202.4
6.6 7.3 7.8 8.7 9.5
7.8 8.5 9.0 9.6 10.7
7.8 8.5 9.0 9.6 10.7
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
444.2 469.8 489.1 506.8 532.7
44.7 47.7 50.2 52.8 56.2
61.7 66.3 71.3 74.6 79.4
9.6 10.4 11.0 11.4 12.2
45.4 47.1 48.2 50.8 53.4
37.2 38.8 39.7 42.3 44.8
24.1 24.9 25.0 23.6 23.0
11.3 11.6 11.8 10.8 10.9
234.0 247.8 256.8 267.5 281.8
219.7 232.7 242.6 252.4 265.7
10.3 10.8 9.8 10.5 11.3
12.0 12.9 13.9 14.7 15.3
12.0 12.9 13.9 14.7 15.3
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
563.4 594.6 639.4 675.4 724.6
59.3 62.0 70.6 75.4 82.3
84.2 90.2 95.7 103.2 109.5
12.9 13.8 14.3 15.9 17.0
54.8 57.0 63.6 65.7 70.8
45.7 48.2 52.5 54.6 58.4
24.0 25.5 27.0 25.8 25.4
9.7 10.6 10.1 12.0 14.4
302.2 318.9 340.5 359.4 385.6
285.5 301.7 321.8 339.7 364.8
11.6 11.8 12.6 13.3 14.0
15.6 16.0 16.5 17.8 19.1
15.6 16.0 16.5 17.8 19.1
2000 ................................. 2001 .................................
779.3 819.5
89.9 90.5
118.5 127.9
18.4 19.6
76.2 77.4
61.3 64.9
23.9 25.4
16.4 16.9
415.1 439.8
392.8 416.5
15.0 15.6
21.1 22.5
21.1 22.5
Note: These data have not been updated consistent with recent revisions in the NIPAs and are reprinted as they appeared in the 9th and 10th editions of Business Statistics. 1Includes
components not shown separately.
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Section 6c: Federal Government Budget Accounts
Figure 6-3. Defense Spending as a Percent of GDP, 1945–2004 40
30
Percent
134
20
10
0 1945
1950
1955
1960
1965
1970
1975
1980
1985
1990
1995
2000 2004
Year • From fiscal year 2001 to fiscal year 2004, defense spending increased from 3.0 percent to 3.7 percent of GDP. This was similar to the increase at the beginning of the defense buildup of the 1980s, and less than the increases associated with the Korean and Vietnam Wars. The ratio remained low compared with the postwar “cold war” decades from 1950 through 1990. Defense outlays as defined in the budget data used in this table include both consumption and investment spending, but do not include an allowance for the consumption of fixed capital. (Table 6-16) • After declining between 1993 and 2001, federal debt held by the public as a percent of GDP increased in the subsequent three fiscal years. While the level of this ratio appears low by postwar standards, its direction of change may be more significant. Notably, the ratio was over 100 percent in 1945 and 1946, but its rapid decline in subsequent years meant that stability in the level of federal debt left room for the rapid expansion of private debt that financed the postwar boom. (Table 6-17) • Foreign and international investors financed the entire federal deficit incurred in fiscal year 2004 and, in addition, bought some of the debt from previous fiscal years. In other words, the increase in the amount of Treasury debt held by foreign investors in 2004 was greater than the amount of new debt financing securities sold by the Treasury during the year. At the end of 2004, foreign and international investors held $1.9 trillion of Treasury debt, 44 percent of the $4.3 trillion total debt held by the public. (Table 6-17)
CHAPTER 6: GOVERNMENT
135
Table 6-16. Federal Government Receipts and Outlays by Fiscal Year 1 (Budget accounts, millions of dollars.) Receipts, outlays, deficit, and financing Budget surplus or deficit (-) Year
1939 ..........................
Fiscal year GDP
Total receipts (net)
Total outlays (net)
Total
Receipts by source Social insurance taxes and contributions
Sources of financing, total
On-budget
Off-budget
Borrowing from the public
Other financing
Individual income taxes
Corporate income taxes
EmployUnemployment taxes ment and contriinsurance butions
Other retirement contributions
89 100
6 295
9 141
-2 846
-3 362
516
...
...
1 029
1 127
1940 1941 1942 1943 1944
.......................... .......................... .......................... .......................... ..........................
96 800 114 100 144 300 180 300 209 200
6 548 8 712 14 634 24 001 43 747
9 468 13 653 35 137 78 555 91 304
-2 920 -4 941 -20 503 -54 554 -47 557
-3 484 -5 594 -21 333 -55 595 -48 735
564 653 830 1 041 1 178
... 5 451 19 530 60 013 57 030
... -510 973 -5 459 -9 473
892 1 314 3 263 6 505 19 705
1 197 2 124 4 719 9 557 14 838
725 827 1 064 1 338 1 557
1 015 1 056 1 299 1 477 1 644
45 57 89 229 272
1945 1946 1947 1948 1949
.......................... .......................... .......................... .......................... ..........................
221 400 222 700 233 200 256 000 271 100
45 159 39 296 38 514 41 560 39 415
92 712 55 232 34 496 29 764 38 835
-47 553 -15 936 4 018 11 796 580
-48 720 -16 964 2 861 10 548 -684
1 167 1 028 1 157 1 248 1 263
50 386 6 679 -17 522 -8 069 -1 948
-2 833 9 257 13 504 -3 727 1 368
18 372 16 098 17 935 19 315 15 552
15 988 11 883 8 615 9 678 11 192
1 592 1 517 1 835 2 168 2 246
1 568 1 316 1 329 1 343 1 205
291 282 259 239 330
1950 1951 1952 1953 1954
.......................... .......................... .......................... .......................... ..........................
273 000 320 600 348 600 372 900 377 300
39 443 51 616 66 167 69 608 69 701
42 562 45 514 67 686 76 101 70 855
-3 119 6 102 -1 519 -6 493 -1 154
-4 702 4 259 -3 383 -8 259 -2 831
1 583 1 843 1 864 1 766 1 677
4 701 -4 697 432 3 625 6 116
-1 582 -1 405 1 087 2 868 -4 962
15 755 21 616 27 934 29 816 29 542
10 449 14 101 21 226 21 238 21 101
2 648 3 688 4 315 4 722 5 192
1 332 1 609 1 712 1 675 1 561
358 377 418 423 455
1955 1956 1957 1958 1959
.......................... .......................... .......................... .......................... ..........................
394 600 427 200 450 300 460 500 491 500
65 451 74 587 79 990 79 636 79 249
68 444 70 640 76 578 82 405 92 098
-2 993 3 947 3 412 -2 769 -12 849
-4 091 2 494 2 639 -3 315 -12 149
1 098 1 452 773 546 -700
2 117 -4 460 -2 836 7 016 8 365
876 513 -576 -4 247 4 484
28 747 32 188 35 620 34 724 36 719
17 861 20 880 21 167 20 074 17 309
5 981 7 059 7 405 8 624 8 821
1 449 1 690 1 950 1 933 2 131
431 571 642 682 770
1960 1961 1962 1963 1964
.......................... .......................... .......................... .......................... ..........................
517 900 530 800 567 600 598 700 640 400
92 492 94 388 99 676 106 560 112 613
92 191 97 723 106 821 111 316 118 528
301 -3 335 -7 146 -4 756 -5 915
510 -3 766 -5 881 -3 966 -6 546
-209 431 -1 265 -789 632
2 139 1 517 9 653 5 968 2 871
-2 440 1 818 -2 507 -1 212 3 044
40 715 41 338 45 571 47 588 48 697
21 494 20 954 20 523 21 579 23 493
11 248 12 679 12 835 14 746 16 959
2 667 2 903 3 337 4 112 3 997
768 857 875 946 1 007
1965 1966 1967 1968 1969
.......................... .......................... .......................... .......................... ..........................
687 100 752 900 811 800 866 600 948 600
116 817 130 835 148 822 152 973 186 882
118 228 134 532 157 464 178 134 183 640
-1 411 -3 698 -8 643 -25 161 3 242
-1 605 -3 068 -12 620 -27 742 -507
194 -630 3 978 2 581 3 749
3 929 2 936 2 912 22 919 -11 437
-2 518 762 5 731 2 242 8 195
48 792 55 446 61 526 68 726 87 249
25 461 30 073 33 971 28 665 36 678
17 358 20 662 27 823 29 224 34 236
3 803 3 755 3 575 3 346 3 328
1 081 1 129 1 221 1 354 1 451
1970 1971 1972 1973 1974
.......................... .......................... .......................... .......................... ..........................
1 012 200 1 079 900 1 178 300 1 307 600 1 439 300
192 807 187 139 207 309 230 799 263 224
195 649 210 172 230 681 245 707 269 359
-2 842 -23 033 -23 373 -14 908 -6 135
-8 694 -26 052 -26 068 -15 246 -7 198
5 852 3 019 2 695 338 1 063
5 090 19 839 19 340 18 533 2 789
-2 248 3 194 4 033 -3 625 3 346
90 412 86 230 94 737 103 246 118 952
32 829 26 785 32 166 36 153 38 620
39 133 41 699 46 120 54 876 65 888
3 464 3 674 4 357 6 051 6 837
1 765 1 952 2 097 2 187 2 347
1975 .......................... 1976 .......................... TQ 1 ........................... 1977 .......................... 1978 .......................... 1979 ..........................
1 560 700 1 736 500 456 700 1 974 300 2 217 000 2 500 700
279 090 298 060 81 232 355 559 399 561 463 302
332 332 371 792 95 975 409 218 458 746 504 028
-53 242 -73 732 -14 744 -53 659 -59 185 -40 726
-54 148 -69 427 -14 065 -49 933 -55 416 -39 633
906 -4 306 -679 -3 726 -3 770 -1 093
51 001 82 704 18 105 53 595 58 022 33 180
2 241 -8 972 -3 361 64 1 163 7 546
122 386 131 603 38 801 157 626 180 988 217 841
40 621 41 409 8 460 54 892 59 952 65 677
75 199 79 901 21 801 92 199 103 881 120 058
6 771 8 054 2 698 11 312 13 850 15 387
2 565 2 814 720 2 974 3 237 3 494
1980 1981 1982 1983 1984
.......................... .......................... .......................... .......................... ..........................
2 726 700 3 054 700 3 227 600 3 440 700 3 840 200
517 112 599 272 617 766 600 562 666 486
590 941 678 241 745 743 808 364 851 853
-73 830 -78 968 -127 977 -207 802 -185 367
-73 141 -73 859 -120 593 -207 692 -185 269
-689 -5 109 -7 384 -110 -98
71 617 77 487 135 165 212 693 169 707
2 213 1 481 -7 188 -4 891 15 660
244 069 285 917 297 744 288 938 298 415
64 600 61 137 49 207 37 022 56 893
138 748 162 973 180 686 185 766 209 658
15 336 15 763 16 600 18 799 25 138
3 719 3 984 4 212 4 429 4 580
1985 1986 1987 1988 1989
.......................... .......................... .......................... .......................... ..........................
4 141 500 4 412 400 4 647 100 5 008 600 5 400 500
734 088 769 215 854 353 909 303 991 190
946 396 990 430 1 004 082 1 064 455 1 143 646
-212 308 -221 227 -149 730 -155 178 -152 623
-221 529 -237 915 -168 357 -192 265 -205 377
9 222 16 688 18 627 37 087 52 754
200 285 233 363 149 130 161 863 139 100
12 023 -12 136 600 -6 685 13 523
334 531 348 959 392 557 401 181 445 690
61 331 63 143 83 926 94 508 103 291
234 646 255 062 273 028 305 093 332 859
25 758 24 098 25 575 24 584 22 011
4 759 4 742 4 715 4 658 4 546
1990 1991 1992 1993 1994
.......................... .......................... .......................... .......................... ..........................
5 735 400 5 935 100 6 239 900 6 575 500 6 961 300
1 031 969 1 055 041 1 091 279 1 154 401 1 258 627
1 253 165 1 324 369 1 381 655 1 409 489 1 461 877
-221 147 -269 269 -290 334 -255 085 -203 228
-277 738 -321 467 -340 422 -300 432 -258 882
56 590 52 198 50 087 45 347 55 654
220 842 277 441 310 738 248 659 184 669
305 -8 172 -20 404 6 426 18 559
466 884 467 827 475 964 509 680 543 055
93 507 98 086 100 270 117 520 140 385
353 891 370 526 385 491 396 939 428 810
21 635 20 922 23 410 26 556 28 004
4 522 4 568 4 788 4 805 4 661
1995 1996 1997 1998 1999
.......................... .......................... .......................... .......................... ..........................
7 325 800 7 694 100 8 182 400 8 627 900 9 125 300
1 351 830 1 453 062 1 579 292 1 721 798 1 827 454
1 515 802 1 560 535 1 601 250 1 652 585 1 701 891
-163 991 -107 473 -21 935 69 200 125 541
-226 406 -174 061 -103 299 -29 995 1 851
62 415 66 588 81 364 99 195 123 690
171 313 129 695 38 271 -51 245 -88 736
-7 322 -22 222 -16 336 -17 955 -36 805
590 244 656 417 737 466 828 586 879 480
157 004 171 824 182 293 188 677 184 680
451 045 476 361 506 751 540 014 580 880
28 878 28 584 28 202 27 484 26 480
4 550 4 469 4 418 4 333 4 473
2000 2001 2002 2003 2004
.......................... .......................... .......................... .......................... ..........................
9 709 800 10 057 900 10 389 200 10 838 800 11 552 800
2 025 218 1 991 194 1 853 173 1 782 342 1 880 071
1 789 067 1 863 033 2 010 972 2 159 917 2 292 215
236 151 128 161 -157 799 -377 575 -412 144
86 332 -32 520 -317 458 -538 408 -567 378
149 819 160 681 159 659 160 833 155 234
-222 559 -90 189 220 812 373 016 382 101
-13 592 -37 972 -63 013 4 559 30 043
1 004 462 994 339 858 345 793 699 808 959
207 289 151 075 148 044 131 778 189 371
620 451 661 442 668 547 674 981 689 360
27 640 27 812 27 619 33 366 39 453
4 761 4 713 4 594 4 631 4 594
1Fiscal
1 593
years through 1976 are from July 1 through June 30. Beginning with October 1976 (fiscal year 1977), fiscal years are from October 1 through September 30. The period from July 1 through September 30, 1976, is a separate fiscal period known as the transition quarter (TQ) and is not included in any fiscal year. . . . = Not available.
136
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 6-16. Federal Government Receipts and Outlays by Fiscal Year 1—Continued (Budget accounts, millions of dollars.) Receipts by source—Continued
Year Excise taxes
Estate and gift taxes
Customs deposits
Outlays by function
Miscellaneous receipts
International affairs
General science, space, and technology
Energy
Natural resources and environment
Agriculture
Commerce and housing credit
1939 ..........................
1 871
...
...
...
...
...
...
...
1940 1941 1942 1943 1944
.......................... .......................... .......................... .......................... ..........................
1 977 2 552 3 399 4 096 4 759
353 403 420 441 507
331 365 369 308 417
14 14 11 50 48
1 660 6 435 25 658 66 699 79 143
51 145 968 1 286 1 449
... ... 4 1 48
88 91 156 116 65
997 817 819 726 642
369 339 344 343 1 275
550 398 1 521 2 151 624
1945 1946 1947 1948 1949
.......................... .......................... .......................... .......................... ..........................
6 265 6 998 7 211 7 356 7 502
637 668 771 890 780
341 424 477 403 367
105 109 84 168 241
82 965 42 681 12 808 9 105 13 150
1 913 1 935 5 791 4 566 6 052
111 34 5 1 48
25 41 18 292 341
455 482 700 780 1 080
1 635 610 814 69 1 924
-2 630 -1 857 -923 306 800
1950 1951 1952 1953 1954
.......................... .......................... .......................... .......................... ..........................
7 550 8 648 8 852 9 877 9 945
698 708 818 881 934
407 609 533 596 542
247 261 359 379 429
13 724 23 566 46 089 52 802 49 266
4 673 3 647 2 691 2 119 1 596
55 51 49 49 46
327 383 474 425 432
1 308 1 310 1 233 1 289 1 007
2 049 -323 176 2 253 1 817
1 035 1 228 1 278 910 -184
1955 1956 1957 1958 1959
.......................... .......................... .......................... .......................... ..........................
9 131 9 929 10 534 10 638 10 578
924 1 161 1 365 1 393 1 333
585 682 735 782 925
341 427 573 787 662
42 729 42 523 45 430 46 815 49 015
2 223 2 414 3 147 3 364 3 144
74 79 122 141 294
325 174 240 348 382
940 870 1 098 1 407 1 632
3 514 3 486 2 288 2 411 4 509
92 506 1 424 930 1 933
1960 1961 1962 1963 1964
.......................... .......................... .......................... .......................... ..........................
11 676 11 860 12 534 13 194 13 731
1 606 1 896 2 016 2 167 2 394
1 105 982 1 142 1 205 1 252
1 212 918 843 1 022 1 086
48 130 49 601 52 345 53 400 54 757
2 988 3 184 5 639 5 308 4 945
599 1 042 1 723 3 051 4 897
464 510 604 530 572
1 559 1 779 2 044 2 251 2 364
2 623 2 641 3 562 4 384 4 609
1 618 1 203 1 424 62 418
1965 1966 1967 1968 1969
.......................... .......................... .......................... .......................... ..........................
14 570 13 062 13 719 14 079 15 222
2 716 3 066 2 978 3 051 3 491
1 442 1 767 1 901 2 038 2 319
1 594 1 876 2 107 2 491 2 909
50 620 58 111 71 417 81 926 82 497
5 273 5 580 5 566 5 301 4 600
5 823 6 717 6 233 5 524 5 020
699 612 782 1 037 1 010
2 531 2 719 2 869 2 988 2 900
3 954 2 447 2 990 4 544 5 826
1 157 3 245 3 979 4 280 -119
1970 1971 1972 1973 1974
.......................... .......................... .......................... .......................... ..........................
15 705 16 614 15 477 16 260 16 844
3 644 3 735 5 436 4 917 5 035
2 430 2 591 3 287 3 188 3 334
3 424 3 858 3 632 3 920 5 368
81 692 78 872 79 174 76 681 79 347
4 330 4 159 4 781 4 149 5 710
4 511 4 182 4 175 4 032 3 980
997 1 035 1 296 1 237 1 303
3 065 3 915 4 241 4 775 5 697
5 166 4 290 5 227 4 821 2 194
2 112 2 366 2 222 931 4 705
1975 .......................... 1976 .......................... TQ 1 ........................... 1977 .......................... 1978 .......................... 1979 ..........................
16 551 16 963 4 473 17 548 18 376 18 745
4 611 5 216 1 455 7 327 5 285 5 411
3 676 4 074 1 212 5 150 6 573 7 439
6 712 8 027 1 611 6 531 7 419 9 252
86 509 89 619 22 269 97 241 104 495 116 342
7 097 6 433 2 458 6 353 7 482 7 459
3 991 4 373 1 162 4 736 4 926 5 235
2 916 4 204 1 129 5 770 7 991 9 179
7 346 8 184 2 524 10 032 10 983 12 135
2 997 3 109 972 6 734 11 301 11 176
9 947 7 619 931 3 093 6 254 4 686
1980 1981 1982 1983 1984
.......................... .......................... .......................... .......................... ..........................
24 329 40 839 36 311 35 300 37 361
6 389 6 787 7 991 6 053 6 010
7 174 8 083 8 854 8 655 11 370
12 748 13 790 16 161 15 600 17 060
133 995 157 513 185 309 209 903 227 413
12 714 13 104 12 300 11 848 15 876
5 832 6 469 7 200 7 935 8 317
10 156 15 166 13 527 9 353 7 073
13 858 13 568 12 998 12 672 12 593
8 774 11 241 15 866 22 814 13 526
9 390 8 206 6 256 6 681 6 959
1985 1986 1987 1988 1989
.......................... .......................... .......................... .......................... ..........................
35 992 32 919 32 457 35 227 34 386
6 422 6 958 7 493 7 594 8 745
12 079 13 327 15 085 16 198 16 334
18 571 20 008 19 518 20 259 23 328
252 748 273 375 281 999 290 361 303 559
16 176 14 152 11 649 10 471 9 585
8 627 8 976 9 216 10 841 12 838
5 608 4 690 4 072 2 296 2 705
13 357 13 639 13 363 14 606 16 182
25 477 31 368 26 513 17 138 16 861
4 337 5 059 6 435 19 164 29 710
1990 1991 1992 1993 1994
.......................... .......................... .......................... .......................... ..........................
35 345 42 402 45 569 48 057 55 225
11 500 11 138 11 143 12 577 15 225
16 707 15 949 17 359 18 802 20 099
27 978 23 623 27 284 19 465 23 164
299 331 273 292 298 350 291 086 281 642
13 764 15 851 16 107 17 248 17 083
14 444 16 111 16 409 17 030 16 227
3 341 2 436 4 499 4 319 5 218
17 080 18 559 20 025 20 239 21 026
11 806 15 056 15 088 20 246 14 915
67 600 76 271 10 919 -21 853 -4 228
1995 1996 1997 1998 1999
.......................... .......................... .......................... .......................... ..........................
57 484 54 014 56 924 57 673 70 414
14 763 17 189 19 845 24 076 27 782
19 301 18 670 17 928 18 297 18 336
28 561 25 534 25 465 32 658 34 929
272 066 265 753 270 505 268 456 274 873
16 434 13 496 15 228 13 109 15 243
16 724 16 709 17 174 18 219 18 125
4 936 2 839 1 475 1 270 911
21 915 21 524 21 227 22 300 23 968
9 672 9 036 8 890 12 078 22 880
-17 808 -10 478 -14 639 1 010 2 642
2000 2001 2002 2003 2004
.......................... .......................... .......................... .......................... ..........................
68 865 66 232 66 989 67 524 69 855
29 010 28 400 26 507 21 959 24 831
19 914 19 369 18 602 19 862 21 083
42 826 37 812 33 926 34 542 32 565
294 495 304 882 348 555 404 920 455 908
17 216 16 493 22 351 21 209 26 891
18 633 19 784 20 767 20 873 23 053
-761 9 475 -735 -166
25 031 25 623 29 454 29 703 30 725
36 459 26 253 21 966 22 497 15 440
3 208 5 739 -390 735 5 273
1Fiscal
675
National defense
years through 1976 are from July 1 through June 30. Beginning with October 1976 (fiscal year 1977), fiscal years are from October 1 through September 30. The period from July 1 through September 30, 1976, is a separate fiscal period known as the transition quarter (TQ) and is not included in any fiscal year. . . . = Not available.
CHAPTER 6: GOVERNMENT
137
Table 6-16. Federal Government Receipts and Outlays by Fiscal Year 1—Continued (Budget accounts, millions of dollars.) Outlays by function—Continued
Year
1939 ..........................
Transportation
Community and regional development
Education, employment, and social services
Health
Medicare
Income security
Social Security
Veterans benefits and services
Administration of justice
General government
Net interest
...
...
...
...
...
...
...
...
...
...
...
1940 1941 1942 1943 1944
.......................... .......................... .......................... .......................... ..........................
392 353 1 283 3 220 3 901
285 123 113 219 238
1 972 1 592 1 062 375 160
55 60 71 92 174
... ... ... ... ...
1 514 1 855 1 828 1 739 1 503
28 91 137 177 217
570 560 501 276 -126
81 92 117 154 192
274 306 397 673 900
899 943 1 052 1 529 2 219
1945 1946 1947 1948 1949
.......................... .......................... .......................... .......................... ..........................
3 654 1 970 1 130 787 916
243 200 302 78 -33
134 85 102 191 178
211 201 177 162 197
... ... ... ... ...
1 137 2 384 2 820 2 499 3 174
267 358 466 558 657
110 2 465 6 344 6 457 6 599
178 176 176 170 184
581 825 1 114 1 045 824
3 112 4 111 4 204 4 341 4 523
1950 1951 1952 1953 1954
.......................... .......................... .......................... .......................... ..........................
967 956 1 124 1 264 1 229
30 47 73 117 100
241 235 339 441 370
268 323 347 336 307
... ... ... ... ...
4 097 3 352 3 655 3 823 4 434
781 1 565 2 063 2 717 3 352
8 834 5 526 5 341 4 519 4 613
193 218 267 243 257
986 1 097 1 163 1 209 799
4 812 4 665 4 701 5 156 4 811
1955 1956 1957 1958 1959
.......................... .......................... .......................... .......................... ..........................
1 246 1 450 1 662 2 334 3 655
129 92 135 169 211
445 591 590 643 789
291 359 479 541 685
... ... ... ... ...
5 071 4 734 5 427 7 535 8 239
4 427 5 478 6 661 8 219 9 737
4 675 4 891 5 005 5 350 5 443
256 302 303 325 356
651 1 201 1 360 655 926
4 850 5 079 5 354 5 604 5 762
1960 1961 1962 1963 1964
.......................... .......................... .......................... .......................... ..........................
4 126 3 987 4 290 4 596 5 242
224 275 469 574 933
968 1 063 1 241 1 458 1 555
795 913 1 198 1 451 1 788
... ... ... ... ...
7 378 9 683 9 207 9 311 9 657
11 602 12 474 14 365 15 788 16 620
5 441 5 705 5 619 5 514 5 675
366 400 429 465 489
1 184 1 354 1 049 1 230 1 518
6 947 6 716 6 889 7 740 8 199
1965 1966 1967 1968 1969
.......................... .......................... .......................... .......................... ..........................
5 763 5 730 5 936 6 316 6 526
1 114 1 105 1 108 1 382 1 552
2 140 4 363 6 453 7 634 7 548
1 791 2 543 3 351 4 390 5 162
... 64 2 748 4 649 5 695
9 469 9 678 10 261 11 816 13 076
17 460 20 694 21 725 23 854 27 298
5 716 5 916 6 735 7 032 7 631
536 564 618 659 766
1 499 1 603 1 719 1 757 1 939
8 591 9 386 10 268 11 090 12 699
1970 1971 1972 1973 1974
.......................... .......................... .......................... .......................... ..........................
7 008 8 052 8 392 9 066 9 172
2 392 2 917 3 423 4 605 4 229
8 634 9 849 12 529 12 745 12 457
5 907 6 843 8 674 9 356 10 733
6 213 6 622 7 479 8 052 9 639
15 655 22 946 27 650 28 276 33 713
30 270 35 872 40 157 49 090 55 867
8 669 9 768 10 720 12 003 13 374
959 1 307 1 684 2 174 2 505
2 320 2 442 2 960 9 774 10 032
14 380 14 841 15 478 17 349 21 449
1975 .......................... 1976 .......................... TQ 1 ........................... 1977 .......................... 1978 .......................... 1979 ..........................
10 918 13 739 3 358 14 829 15 521 18 079
4 322 5 442 1 569 7 021 11 841 10 480
16 022 18 910 5 169 21 104 26 710 30 223
12 930 15 734 3 924 17 302 18 524 20 494
12 875 15 834 4 264 19 345 22 768 26 495
50 176 60 799 14 985 61 060 61 505 66 376
64 658 73 899 19 763 85 061 93 861 104 073
16 584 18 419 3 960 18 022 18 961 19 914
3 028 3 434 915 3 705 3 919 4 286
10 374 9 702 3 882 12 787 11 965 12 240
23 244 26 727 6 949 29 901 35 458 42 633
1980 1981 1982 1983 1984
.......................... .......................... .......................... .......................... ..........................
21 329 23 379 20 625 21 334 23 669
11 252 10 568 8 347 7 564 7 673
31 843 33 151 26 611 26 196 26 921
23 169 26 866 27 445 28 641 30 417
32 090 39 149 46 567 52 588 57 540
86 557 100 299 108 155 123 031 113 352
118 547 139 584 155 964 170 724 178 223
21 169 22 973 23 938 24 824 25 588
4 702 4 908 4 842 5 246 5 811
12 975 11 374 10 861 11 182 11 758
52 533 68 766 85 032 89 808 111 102
1985 1986 1987 1988 1989
.......................... .......................... .......................... .......................... ..........................
25 838 28 117 26 222 27 272 27 608
7 680 7 233 5 051 5 294 5 362
28 593 29 777 28 922 30 933 35 330
33 542 35 936 39 967 44 487 48 390
65 822 70 164 75 120 78 878 84 964
128 979 120 633 124 088 130 377 137 426
188 623 198 757 207 353 219 341 232 542
26 262 26 327 26 750 29 386 30 031
6 426 6 735 7 715 9 397 9 644
11 521 12 495 7 494 9 404 9 307
129 478 136 017 138 611 151 803 168 981
1990 1991 1992 1993 1994
.......................... .......................... .......................... .......................... ..........................
29 485 31 099 33 332 35 004 38 066
8 532 6 813 6 841 9 149 10 625
37 176 41 234 42 743 47 376 43 277
57 716 71 183 89 497 99 415 107 122
98 102 104 489 119 024 130 552 144 747
148 655 172 441 199 527 209 934 217 114
248 623 269 015 287 585 304 585 319 565
29 058 31 305 34 064 35 671 37 584
10 185 12 487 14 650 15 193 15 516
10 490 11 582 12 896 12 968 11 200
184 347 194 448 199 344 198 713 202 932
1995 1996 1997 1998 1999
.......................... .......................... .......................... .......................... ..........................
39 350 39 565 40 767 40 343 42 533
10 749 10 745 11 055 9 776 11 870
51 020 48 310 48 961 50 503 50 591
115 418 119 378 123 843 131 442 141 074
159 855 174 225 190 016 192 822 190 447
223 736 229 663 234 952 237 663 242 356
335 846 349 671 365 251 379 215 390 037
37 890 36 985 39 313 41 781 43 212
16 509 17 898 20 619 23 370 26 539
13 834 11 788 12 586 15 324 15 312
232 134 241 053 243 984 241 118 229 755
2000 2001 2002 2003 2004
.......................... .......................... .......................... .......................... ..........................
46 853 54 447 61 833 67 069 64 626
10 623 11 773 12 981 18 850 15 797
53 754 57 143 70 544 82 568 87 945
154 533 172 270 196 544 219 576 240 134
197 113 217 384 230 855 249 433 269 360
253 575 269 615 312 530 334 432 332 837
409 423 432 958 455 980 474 680 495 548
47 083 45 039 50 984 57 022 59 779
28 501 30 205 35 081 35 323 45 535
12 960 14 260 16 905 23 071 21 822
222 949 206 167 170 949 153 073 160 245
1Fiscal
years through 1976 are from July 1 through June 30. Beginning with October 1976 (fiscal year 1977), fiscal years are from October 1 through September 30. The period from July 1 through September 30, 1976, is a separate fiscal period known as the transition quarter (TQ) and is not included in any fiscal year. . . . = Not available.
138
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 6-17. Federal Government Debt by Fiscal Year 1 (Billions of dollars, except as noted.) Federal government debt held by the public at end of fiscal year Year
Debt held by the public (billions of dollars)
Gross public debt at end of fiscal year held by: Private investors
Debt/GDP ratio (percent)
Social Security funds
Total
Other U.S. government accounts
Federal Reserve System
Foreign and international investors
Total
Domestic investors
1945 1946 1947 1948 1949
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
235 242 224 216 214
106.3 108.6 95.6 84.3 78.9
260 271 257 252 253
7 8 9 10 11
18 21 24 26 27
22 24 22 21 19
213 218 202 195 195
... ... ... ... ...
... ... ... ... ...
1950 1951 1952 1953 1954
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
219 214 215 218 224
80.1 66.8 61.6 58.5 59.4
257 255 259 266 271
13 15 17 18 20
25 26 28 29 26
18 23 23 25 25
201 191 192 194 199
... ... ... ... ...
... ... ... ... ...
1955 1956 1957 1958 1959
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
227 222 219 226 235
57.3 51.9 48.7 49.1 47.7
274 273 272 280 287
21 23 23 24 23
27 28 30 29 30
24 24 23 25 26
203 198 196 201 209
... ... ... ... ...
... ... ... ... ...
1960 1961 1962 1963 1964
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
237 238 248 254 257
45.6 44.8 43.6 42.4 40.1
291 293 303 310 316
23 23 22 21 22
31 31 33 35 37
27 27 30 32 35
210 211 218 222 222
... ... ... ... ...
... ... ... ... ...
1965 1966 1967 1968 1969
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
261 264 267 290 278
37.9 35.0 32.8 33.3 29.3
322 328 340 369 366
22 22 26 28 32
39 43 48 51 56
39 42 47 52 54
222 222 220 237 224
12 12 11 11 10
209 210 209 227 214
1970 1971 1972 1973 1974
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
283 303 322 341 344
28.0 28.0 27.3 26.1 23.8
381 408 436 466 484
38 41 44 44 46
60 64 70 81 94
58 66 71 75 81
225 238 251 266 263
14 32 49 59 57
211 206 202 206 206
1975 ...................................................... 1976 ...................................................... TQ 1 ....................................................... 1977 ...................................................... 1978 ...................................................... 1979 ......................................................
395 477 496 549 607 640
25.3 27.5 27.2 27.9 27.4 25.6
542 629 644 706 777 829
48 45 44 40 35 33
99 107 105 118 134 156
85 95 97 105 115 116
310 383 399 444 492 525
66 70 75 96 121 120
244 313 324 349 371 404
1980 1981 1982 1983 1984
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
712 789 925 1 137 1 307
26.1 25.8 28.6 33.1 34.0
909 995 1 137 1 372 1 565
32 27 19 32 32
165 178 193 202 225
121 124 134 156 155
591 665 790 982 1 152
122 131 141 160 176
469 534 649 822 976
1985 1986 1987 1988 1989
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
1 507 1 741 1 890 2 052 2 191
36.4 39.5 40.7 40.9 40.5
1 817 2 121 2 346 2 601 2 868
40 46 65 104 157
270 334 391 445 520
170 191 212 229 220
1 337 1 550 1 678 1 822 1 971
223 266 280 346 395
1 115 1 284 1 398 1 476 1 576
1990 1991 1992 1993 1994
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
2 412 2 689 3 000 3 248 3 433
42.0 45.3 48.2 49.5 49.4
3 206 3 598 4 002 4 351 4 643
215 268 319 366 423
580 641 683 737 788
234 259 296 326 355
2 177 2 430 2 703 2 923 3 078
440 477 535 591 656
1 737 1 953 2 168 2 331 2 422
1995 1996 1997 1998 1999
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
3 604 3 734 3 772 3 721 3 632
49.2 48.5 46.1 42.9 39.8
4 921 5 181 5 369 5 478 5 606
483 550 631 730 855
833 898 966 1 027 1 118
374 391 425 458 497
3 230 3 343 3 348 3 263 3 136
800 978 1 218 1 217 1 281
2 430 2 365 2 130 2 046 1 854
2000 2001 2002 2003 2004
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
3 410 3 320 3 540 3 913 4 296
35.1 33.0 34.1 36.1 37.2
5 629 5 770 6 198 6 760 7 355
1 007 1 170 1 329 1 485 1 635
1 212 1 280 1 329 1 362 1 424
511 534 604 656 700
2 898 2 785 2 936 3 257 3 595
1 058 1 006 1 200 1 459 1 886
1 840 1 780 1 736 1 798 1 709
1Fiscal
years through 1976 are from July 1 through June 30. Beginning with October 1976 (fiscal year 1977), fiscal years are from October 1 through September 30. The period from July 1 through September 30, 1976, is a separate fiscal period known as the transition quarter (TQ) and is not included in any fiscal year. . . . = Not available.
CHAPTER 6: GOVERNMENT
Section 6d: Government Output and Employment
Figure 6-4. Government Employment, 1955–2004 (ratio scale) 20.1
Millions of workers
12.2 7.4 4.5 2.7 Federal
1.6
State 1.0
Local
1955
1960
1965
1970
1975
1980
1985
1990
1995
2000 2004
Year
• Since 1955, total employment of civilians by all levels of government has increased 208 percent and risen from 13.8 percent to 16.4 percent of total payroll employment. Federal employment rose 19 percent; state government rose 327 percent, with half of the increase due to education; and local government rose 291 percent, with 58 percent of its rise due to education. (Tables 6-19 and 8-4) • Reported Department of Defense civilian employment has continued to decline in recent years, even as defense spending has been rising absolutely and as a percent of GDP. It should be noted that the figures shown here are for civilian employees only, as compiled by the Bureau of Labor Statistics, and exclude the active-duty armed forces, defense contractors, and employees of the Central Intelligence Agency and the National Security Agency. (Table 6-19 and its notes and definitions) • A more comprehensive picture of government activity in the context of GDP can be found in the new definition and presentation of the gross output and value added of government in the national income and product accounts. Current-dollar data are found in Tables 6-5 and 6-10, and quantity indexes are found in Table 6-18. Looking at the quantity indexes, from 1947 (the first year of relatively normal defense spending following World War II) to 2004, the real gross output of the federal government increased 220 percent, with nondefense activity rising faster than defense spending. For both defense and nondefense, the volume of intermediate goods and services purchased rose far faster than value added by government itself (where value added comprises the input of government employees and government-owned capital). The changes for defense were particularly striking, as gross output increased 162 percent, value added rose only 13 percent, and intermediate goods and services increased 2,215 percent. (Table 6-18) • Real gross output of state and local governments rose 683 percent over the same period, with value added rising 474 percent and goods and services purchased rising 1,651 percent. (Table 6-18)
139
140
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 6-18. Chain-Type Quantity Indexes for Government Output (Index numbers, 2000 = 100.)
NIPA Table 3.10.3 Federal government
Year and quarter
Gross output of general government Total
Defense
Nondefense
State and local government
Value added Total
Defense
Intermediate goods and services purchased 1 Nondefense
Total
Defense
Gross output of general Nondefense government
Value added
Intermediate goods and services purchased 1
1946 1947 1948 1949
................................. ................................. ................................. .................................
59.0 38.8 39.6 41.3
80.4 49.0 47.1 47.1
23.2 21.6 27.4 32.4
106.8 75.4 69.7 66.6
145.4 95.0 84.4 80.5
34.2 40.3 44.8 43.1
17.5 7.6 13.2 18.2
21.7 7.1 12.8 16.0
12.7 7.9 13.1 20.3
12.9 13.9 14.1 15.5
17.4 18.5 19.0 20.3
5.8 6.5 6.4 7.6
1950 1951 1952 1953 1954
................................. ................................. ................................. ................................. .................................
39.7 60.0 75.7 81.4 72.1
48.1 82.6 105.4 110.2 96.0
26.2 21.9 25.6 32.8 31.8
66.6 87.6 97.6 98.0 95.5
78.6 112.1 127.8 130.0 127.1
47.2 44.1 43.3 40.2 38.5
15.7 32.7 50.2 58.9 46.0
19.4 50.9 76.6 82.8 61.4
10.2 6.1 11.7 23.6 23.1
16.5 16.4 16.7 17.3 18.0
21.0 21.5 22.2 23.2 24.2
8.7 8.1 7.9 7.9 8.2
1955 1956 1957 1958 1959
................................. ................................. ................................. ................................. .................................
69.0 67.0 71.1 69.7 69.2
90.3 90.3 96.6 94.8 87.1
32.9 27.5 27.8 27.3 38.9
93.3 92.3 92.0 89.4 88.6
123.5 121.6 120.7 116.1 114.9
38.8 39.5 40.4 41.5 41.5
42.6 40.2 47.1 46.8 46.6
54.7 56.2 67.5 68.1 55.3
24.5 16.1 16.1 14.4 33.1
19.3 20.0 21.0 22.7 23.8
25.3 26.9 28.4 30.1 31.4
9.3 9.0 9.4 10.8 11.6
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
68.1 69.3 75.8 77.8 77.3
88.2 90.2 96.5 97.4 95.0
33.9 33.6 40.5 44.2 46.9
90.3 92.1 95.9 96.8 97.7
115.9 118.2 122.8 122.4 122.9
44.4 45.5 47.9 51.0 52.7
43.1 43.6 52.0 54.8 53.0
56.4 58.0 65.5 67.5 62.4
22.6 21.3 31.2 35.3 38.5
25.1 26.5 27.5 29.0 31.0
33.0 34.8 36.0 37.9 40.2
12.2 13.1 13.6 14.5 15.8
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
78.4 87.2 96.4 99.5 97.4
95.6 109.5 122.6 127.6 122.6
48.8 49.1 51.6 51.9 54.4
98.4 104.9 111.7 113.5 113.8
122.9 131.4 140.2 142.1 142.1
54.5 57.5 60.7 62.5 63.3
54.4 65.1 76.0 80.2 75.7
63.5 82.5 99.5 107.3 97.2
40.4 38.4 40.1 39.0 42.8
33.1 35.3 37.0 39.6 42.0
42.6 45.2 47.1 49.9 52.2
17.4 18.8 20.3 22.3 24.7
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
90.4 85.9 84.2 79.7 79.2
111.5 102.8 97.1 90.6 88.0
54.2 56.7 61.5 60.5 63.6
109.0 103.9 98.9 95.2 94.9
133.9 125.0 116.1 110.3 108.1
64.2 66.1 67.8 68.1 71.2
66.8 63.1 65.4 59.9 59.2
83.1 74.9 73.3 65.7 62.6
41.6 44.5 52.3 50.1 53.2
44.4 46.8 48.7 50.4 52.4
54.5 56.7 58.6 60.7 62.9
27.2 29.7 31.5 32.6 34.4
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
78.2 77.0 78.8 80.5 81.9
85.4 83.3 84.3 85.2 86.3
65.5 65.8 69.0 72.2 74.0
94.3 94.5 94.7 95.9 95.8
106.6 105.0 104.4 105.1 104.7
72.4 75.8 77.6 79.8 80.2
57.6 54.9 58.5 60.9 63.9
58.6 56.0 58.9 60.1 62.9
55.6 52.7 57.4 61.5 64.9
54.7 55.6 56.7 58.0 58.8
64.8 65.7 66.7 68.2 69.4
37.1 38.2 39.3 40.3 40.3
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
85.2 88.7 91.6 95.9 97.2
89.8 94.9 101.3 106.4 109.7
77.0 77.6 74.1 77.1 74.6
97.4 98.9 100.5 102.8 105.1
105.7 108.8 111.6 114.2 117.2
82.7 81.3 80.6 82.5 83.6
69.1 74.9 79.2 85.8 85.9
69.3 76.7 87.2 95.0 98.8
68.2 71.0 64.4 68.7 62.2
58.8 58.9 59.9 60.8 61.8
70.4 70.3 70.8 70.5 70.9
39.0 39.3 41.0 43.6 45.4
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
103.0 107.4 110.1 110.0 111.6
116.3 121.6 126.1 127.7 126.7
78.8 81.8 80.9 77.6 83.9
108.1 110.0 112.9 114.3 115.7
121.1 124.0 127.2 128.0 129.4
84.8 84.7 86.9 89.7 91.0
95.0 102.8 105.2 102.9 104.8
108.8 117.2 123.6 126.1 121.8
69.7 76.0 71.6 60.9 73.7
64.8 68.7 69.6 71.8 74.0
73.0 75.1 76.5 79.1 81.6
50.1 56.7 56.6 58.1 59.9
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
113.3 113.8 111.3 107.4 104.8
126.2 126.0 119.7 114.7 110.2
90.1 91.8 96.4 94.5 95.2
117.8 118.5 116.0 113.8 110.1
130.2 130.9 126.0 122.3 117.5
95.7 96.4 98.5 99.0 97.1
106.1 106.2 103.8 97.4 96.4
119.4 118.0 109.8 103.0 98.8
81.8 84.7 92.7 87.3 92.0
76.2 78.0 80.1 82.1 84.3
84.0 85.1 86.5 87.7 89.2
61.8 64.7 68.1 71.4 74.9
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
101.2 99.4 99.1 97.3 98.5
105.5 103.8 102.3 99.6 101.0
93.7 91.6 93.5 93.2 94.1
106.0 103.0 101.1 100.0 99.1
112.6 108.8 105.6 102.7 100.7
94.4 93.0 93.4 95.1 96.5
93.7 93.5 95.8 92.9 97.4
94.5 95.9 97.0 94.6 101.4
92.3 89.2 93.7 90.0 90.2
86.4 88.0 90.6 94.1 97.5
91.0 92.4 94.3 96.2 97.9
77.7 79.5 83.4 90.0 96.6
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
100.0 103.8 110.5 118.3 124.0
100.0 104.0 111.1 120.9 128.5
100.0 103.6 109.5 113.6 115.9
100.0 100.5 102.5 105.2 106.2
100.0 100.5 102.3 105.2 107.1
100.0 100.7 102.8 105.2 104.6
100.0 109.3 123.8 140.4 154.3
100.0 109.6 125.3 147.0 164.4
100.0 108.7 121.0 128.2 135.8
100.0 103.5 106.6 107.5 108.8
100.0 102.4 104.4 105.3 106.2
100.0 105.5 110.8 111.8 113.8
2002 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
107.5 109.6 110.9 114.1
107.8 109.9 111.1 115.6
107.0 109.1 110.5 111.4
101.6 102.3 102.9 103.3
101.7 102.4 102.8 102.5
101.4 102.0 103.2 104.7
117.2 121.7 124.2 132.2
117.5 121.9 124.7 137.2
116.7 121.3 123.1 123.0
105.8 106.4 106.8 107.2
103.9 104.3 104.5 104.8
109.5 110.5 111.3 111.9
2003 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
114.0 119.7 119.3 120.2
114.1 124.2 121.7 123.8
113.7 111.7 115.2 113.9
104.6 105.4 105.5 105.4
104.2 105.4 105.6 105.7
105.1 105.5 105.2 105.0
129.6 144.0 142.8 145.3
130.2 155.6 148.3 153.9
128.6 122.4 132.6 129.3
107.3 107.4 107.6 107.8
105.1 105.2 105.4 105.6
111.5 111.7 111.9 112.1
2004 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
122.9 123.3 125.4 124.3
127.3 127.5 130.8 128.4
115.1 115.7 115.7 117.0
105.9 105.8 106.2 106.9
106.7 106.5 107.4 107.9
104.5 104.6 104.2 105.0
151.9 153.1 158.3 154.1
161.8 162.8 170.4 162.8
133.7 135.2 136.1 138.1
108.1 108.5 109.0 109.6
105.7 105.9 106.3 106.7
112.6 113.3 114.2 115.1
1Includes general government intermediate inputs for goods and services sold to other sectors and for own-account investment.
CHAPTER 6: GOVERNMENT
141
Table 6-19. Government Employment (Calendar years; payroll employment, thousands, seasonally adjusted, except as noted.) Federal Year and month
Total government employment
Total
Department of Defense (not seasonally adjusted)
State
Postal Service
Total
Local
Education
State government hospitals (not seasonally adjusted)
Total
Education
Local government hospitals (not seasonally adjusted)
1946 1947 1948 1949
...................................................... ...................................................... ...................................................... ......................................................
5 705 5 567 5 742 5 950
2 365 1 985 1 954 2 001
746 499 511 531
473 471 498 527
... ... ... ...
... ... ... ...
... ... ... ...
... ... ... ...
... ... ... ...
... ... ... ...
1950 1951 1952 1953 1954
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
6 120 6 502 6 727 6 758 6 858
2 023 2 415 2 539 2 418 2 295
533 797 868 818 744
516 521 542 530 533
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
1955 1956 1957 1958 1959
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
7 021 7 386 7 724 7 946 8 192
2 295 2 318 2 326 2 298 2 342
744 749 729 695 699
534 539 555 567 578
1 168 1 249 1 328 1 415 1 484
308 334 363 389 420
... ... ... ... ...
3 558 3 819 4 071 4 232 4 366
1 751 1 884 2 026 2 115 2 198
... ... ... ... ...
1960 1961 1962 1963 1964
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
8 464 8 706 9 004 9 341 9 711
2 381 2 391 2 455 2 473 2 463
681 683 697 687 676
591 601 601 603 604
1 536 1 607 1 669 1 747 1 856
448 474 511 557 609
... ... ... ... ...
4 547 4 708 4 881 5 121 5 392
2 314 2 411 2 522 2 674 2 839
... ... ... ... ...
1965 1966 1967 1968 1969
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
10 191 10 910 11 525 11 972 12 330
2 495 2 690 2 852 2 871 2 893
679 741 802 801 815
619 686 719 729 737
1 996 2 141 2 302 2 442 2 533
679 775 873 958 1 042
... ... ... ... ...
5 700 6 080 6 371 6 660 6 904
3 031 3 297 3 490 3 649 3 785
... ... ... ... ...
1970 1971 1972 1973 1974
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
12 687 13 012 13 465 13 862 14 303
2 865 2 828 2 815 2 794 2 858
756 731 720 696 698
741 731 703 698 710
2 664 2 747 2 859 2 923 3 039
1 104 1 149 1 188 1 205 1 267
... ... 459 472 483
7 158 7 437 7 790 8 146 8 407
3 912 4 091 4 262 4 433 4 584
... ... 467 477 483
1975 1976 1977 1978 1979
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
14 820 15 001 15 258 15 812 16 068
2 882 2 863 2 859 2 893 2 894
704 693 676 661 649
699 676 657 660 673
3 179 3 273 3 377 3 474 3 541
1 323 1 371 1 385 1 367 1 378
503 518 538 541 538
8 758 8 865 9 023 9 446 9 633
4 722 4 786 4 859 4 958 4 989
489 492 494 535 571
1980 1981 1982 1983 1984
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
16 375 16 180 15 982 16 011 16 159
3 000 2 922 2 884 2 915 2 943
645 655 690 699 716
673 675 684 685 706
3 610 3 640 3 640 3 662 3 734
1 398 1 420 1 433 1 450 1 488
530 515 494 471 459
9 765 9 619 9 458 9 434 9 482
5 090 5 095 5 049 5 020 5 076
604 622 635 644 623
1985 1986 1987 1988 1989
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
16 533 16 838 17 156 17 540 17 927
3 014 3 044 3 089 3 124 3 136
738 736 736 719 735
750 792 815 835 838
3 832 3 893 3 967 4 076 4 182
1 540 1 561 1 586 1 621 1 668
449 438 439 446 442
9 687 9 901 10 100 10 339 10 609
5 221 5 358 5 469 5 590 5 740
608 601 606 619 632
1990 1991 1992 1993 1994
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
18 415 18 545 18 787 18 989 19 275
3 196 3 110 3 111 3 063 3 018
722 702 702 670 657
825 813 800 793 821
4 305 4 355 4 408 4 488 4 576
1 730 1 768 1 799 1 834 1 882
426 417 419 414 407
10 914 11 081 11 267 11 438 11 682
5 902 5 994 6 076 6 206 6 329
646 653 665 673 673
1995 1996 1997 1998 1999
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
19 432 19 539 19 664 19 909 20 307
2 949 2 877 2 806 2 772 2 769
627 597 588 550 525
850 867 866 881 890
4 635 4 606 4 582 4 612 4 709
1 919 1 911 1 904 1 922 1 983
395 376 360 346 344
11 849 12 056 12 276 12 525 12 829
6 453 6 592 6 759 6 921 7 120
669 648 632 630 626
2000 2001 2002 2003 2004
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
20 790 21 118 21 513 21 583 21 618
2 865 2 764 2 766 2 761 2 728
510 504 499 486 469
880 873 842 809 784
4 786 4 905 5 029 5 002 4 985
2 031 2 113 2 243 2 255 2 249
343 345 349 348 350
13 139 13 449 13 718 13 820 13 905
7 294 7 479 7 654 7 709 7 763
622 628 642 651 657
2004 January .............................................. February ............................................ March ................................................ April ................................................... May .................................................... June ...................................................
21 533 21 551 21 582 21 607 21 586 21 571
2 729 2 731 2 730 2 745 2 729 2 731
470 467 466 466 466 472
791 791 789 787 786 785
4 961 4 971 4 974 4 975 4 967 4 963
2 230 2 240 2 242 2 243 2 233 2 228
348 347 348 348 349 350
13 843 13 849 13 878 13 887 13 890 13 877
7 713 7 718 7 743 7 751 7 753 7 743
655 655 655 654 656 659
July .................................................... August ............................................... September ......................................... October .............................................. November .......................................... December ..........................................
21 586 21 645 21 677 21 700 21 706 21 700
2 726 2 730 2 730 2 723 2 728 2 706
473 473 470 468 470 471
786 784 783 783 781 766
4 976 4 987 5 000 5 007 5 015 5 020
2 241 2 249 2 264 2 268 2 271 2 278
351 349 351 354 353 352
13 884 13 928 13 947 13 970 13 963 13 974
7 758 7 786 7 793 7 811 7 806 7 811
658 659 658 659 661 661
. . . = Not available.
142
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
NOTES AND DEFINITIONS TABLES 6-1 THROUGH 6-11, 6-18, 19-8, AND 19-9 FEDERAL, STATE, AND LOCAL GOVERNMENT IN THE NATIONAL INCOME AND PRODUCT ACCOUNTS SOURCE: U.S. DEPARTMENT OF COMMERCE, BUREAU ECONOMIC ANALYSIS (BEA)
OF
These data are from the national income and product accounts (NIPAs), as published in the 2003 comprehensive NIPA revisions and as subsequently revised and updated through August 2005. For general information on the NIPAs and the 2003 revision, see the notes and definitions for Tables 1-1 through 1-7. A new framework for the government accounts In the 2003 revision, a new framework is used for government consumption expenditures—federal, state, and local—that explicitly recognizes the services produced by general government. Governments serve several functions in the economy. The functions recognized in the NIPAs are the production of nonmarket services; the consumption of these services, in that the value of the services provided to the general public is treated as government consumption expenditures; and the provision of transfer payments. These functions are financed through taxation, through contributions to social insurance funds, and in the world’s capital markets. In the new framework, the value of the government services (most of which are not sold in the market) is measured as the sum of the costs of the three major inputs: compensation, consumption of fixed capital (CFC), and intermediate goods and services purchased. The purchase from the private sector of goods and services by government, classified as final sales to government before the 2003 revision, is reclassified as intermediate purchases. The value of government final purchases of consumption expenditures and gross investment, which constitutes the contribution of government demand to the GDP, is not changed by this reclassification. It was previously defined as the sum of compensation, CFC, and goods and services purchased. However, the distribution of GDP by type of product is changed—final sales of goods are reduced, and services increased by the same amount. In addition to this change in the conceptual framework, a number of the categories of government receipts and expenditures have been redefined to make more precise distinctions. For example, items that used to be called “nontax payments” and were previously included with taxes are now classified as transfer or fee payments and not included in taxes. Finally, the concept previously known as “current surplus or deficit (-), national income and product accounts” has been renamed “net government saving.” This recognizes,
in part, the role of government in the capital markets. When government runs a current surplus, net government saving is positive and funds are made available (for example, by repayment of outstanding debt) to finance investment—both private-sector capital spending and government investment. When government runs a current deficit, or “dis-saves,” it must borrow funds that would otherwise be available to finance investment. However, net government saving does not give a complete picture of governments’ role in capital markets, because it is based on current receipts and expenditures alone and does not include government investment activity. The federal budget accounts (see Tables 6-16 and 6-17) do not draw a distinction between current and capital spending. The accounts of individual state and local governments typically separate capital from current spending, and allow capital spending to be financed by borrowing—even when deficit financing of current spending is constitutionally forbidden. However, neither federal nor state and local governments typically show depreciation as a current expense in the way standard to private-sector accounting. In the NIPAs, the capital spending of all levels of government is treated the same way as private investment spending is treated. A depreciation entry for existing capital (CFC) is calculated, using estimated replacement costs and realistic depreciation rates, and entered as one element of government current expenditures and output. Capital spending is excluded from current expenditures but appears in the account for “net lending or borrowing (-).” Net lending or borrowing (-) is shown along with its derivation in Business Statistics in Tables 6-5 and 6-10. It consists of current net saving as defined above, plus the consumption of fixed capital (CFC, from the current expenditure account), minus gross investment, plus capital transfer receipts, and minus capital transfer payments and net purchases of non-produced assets. The logic is that when CFC exceeds actual investment expenditures, governments have positive saving and can lend (or repay debt); if gross investment exceeds CFC, government must borrow to finance the difference, indicating negative saving and requiring borrowing. Notes on the data Government receipts and expenditures data are derived from the U.S. government accounts and from a Census Bureau survey of government finances covering state and local governments. However, BEA makes a number of adjustments to the data to convert them from fiscal year to calendar year and quarter bases and to agree with the concepts of national income accounting. Data are converted from the cash basis usually found in financial statements to the timing bases required for the NIPAs. In the NIPAs, receipts from businesses are generally on an accrual basis, purchases of goods and services are recorded when delivered, and receipts from and transfer pay-
CHAPTER 6: GOVERNMENT
ments to persons are on a cash basis. The federal receipts and expenditure data from the NIPAs in Tables 6-1 through 6-7 therefore differ from the federal receipts and outlay data in Table 6-16. Among other differences, the latter are by fiscal year and are on a modified cash basis. The NIPA data on government receipts and expenditures record transactions of governments (federal, state, and local) with other U.S. residents and foreigners. Each entry in the government receipts and expenditures account has a corresponding entry elsewhere in the NIPAs. Thus, for example, the sum of personal current taxes received by federal and state and local governments (Tables 6-1 and 6-8) is equal to personal current taxes paid, as shown in personal income. (Table 4-1) Definitions (general) In the 2003 revision of the NIPAs, several items appear separately that were previously treated as “negative expenditures” and netted against other items on the expenditures side. This grossing-up of the accounts raises both receipts and outlays and has no effect on net saving. Grossing-up has been applied to taxes from the rest of the world, interest receipts (back to 1960 for the federal government and back to 1946 for state and local governments), dividends, and subsidies and the current surplus of government enterprises (back to 1959). Definitions (current receipts) Current tax receipts includes personal current taxes, taxes on production and imports, taxes on corporate income and (for the federal government only) taxes from the rest of the world. The taxes from the rest of the world are mostly income taxes and are not shown in the tables here. Personal current taxes is personal tax payments from residents of the United States that are not chargeable to business expense. Personal taxes includes taxes on income, including on realized net capital gains, and on personal property. Personal contributions for social insurance are not included in this category. As of the 1999 revisions, estate and gift taxes are classified as capital transfers and are no longer included in personal current taxes. However, estate and gift taxes continue to be included in federal government receipts in Table 6-16. Taxes on production and imports consists of federal excise taxes and customs duties and of state and local sales taxes, property taxes (including residential real estate taxes), motor vehicle licenses, severance taxes, other taxes, and special assessments. Before the 2003 revision, these taxes were a component of “indirect business tax and nontax liabilities.” Taxes on corporate income covers federal, state, and local government income taxes on all corporate income subject to taxes. This income includes capital gains and other income excluded from NIPA profits. The taxes are measured on an accrual basis, net of applicable tax credits.
143
Contributions for social insurance includes employer and personal contributions for Social Security, Medicare, unemployment insurance, and other government social insurance programs. As of the 1999 revisions, contributions to government employee retirement plans are no longer included in this category; these plans are now treated the same as private pension plans. Income receipts on assets consists of interest, dividends (not shown separately here), and rents and royalties. Interest receipts (1960 to date for federal governments; 1946 to date for state and local governments) consists of monetary and imputed interest received on loans and investments. In the NIPAs, this no longer includes interest received by government employee retirement plans, which is now credited to personal income. However, such interest received is still deducted from interest paid in the budget accounts (shown in Table 6-16). In the NIPAs, before the indicated years, receipts are deducted from aggregate interest payments. Hence, they are not shown as receipts, and net interest is presented on the expenditure side. In the federal budget accounts in Table 6-16, net interest is the interest expenditure concept used throughout the period covered. Current transfer receipts includes receipts in categories other than those specified above from persons and business. In the case of state and local government accounts (Table 6-8), it also includes federal grants-in-aid, a component of federal transfer payments on the expenditure side. Receipts from business and persons were previously included with income taxes in “tax and nontax payments.” They consist of federal deposit insurance premiums and other nontaxes (largely fines and regulatory and inspection fees), state and local fines and other nontaxes (largely donations and tobacco settlements), and net insurance settlements paid to governments as policyholders. The current surplus of government enterprises is their current operating revenue and subsidies received from other levels of government less their current expenses. No deduction is made for depreciation charges and net interest paid. Before 1959, this category of receipts is treated as a deduction from subsidies. In the federal NIPA accounts before 1959, there is no entry shown for the current surplus on the receipts side, and on the expenditure side, there is an entry for subsidies net of the current surplus. (Subsidies are usually a larger amount than the enterprise surplus in the federal accounts.) In the state and local NIPA accounts before 1959, there is an entry for the surplus on the receipts side which is net of subsidies. (Subsidy payments are typically smaller than the enterprise surplus in state and local finance.) Definitions (consumption expenditures, saving, and gross investment) Government consumption expenditures is expenditures by governments (federal or state and local) on services for
144
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
current consumption. It includes compensation of general government employees (including employer contributions to retirement plans, as of the 1999 revision); an allowance for consumption of general government fixed capital including goods and services software (depreciation); and intermediate goods and services purchased. (See general discussion above for explanation.) The estimated value of own-account investment—investment goods, including software, produced by government resources and purchased inputs—is subtracted here, and added to government gross investment. Sales to other sectors—primarily tuition payments for higher education and charges for medical care—are also deducted. Government social benefits are payments to individuals for which the individuals do not render current services. Examples are Social Security benefits, Medicare, Medicaid, unemployment benefits, and public assistance. Retirement payments to retired government employees from their pension plans are no longer included in this category. Government social benefits to persons are payments to persons residing in the United States (with a corresponding entry of an equal amount in the personal income accounts). Government social benefits to the rest of the world—not shown separately here—appear only in the federal government account, and are transfers, mainly retirement benefits, to former residents of the United States. Other current transfer payments (federal account only) include grants-in-aid to state and local governments and military and nonmilitary grants to foreign governments, not shown separately. Federal grants-in-aid are net payments from federal to state and local governments to help finance programs such as health (Medicaid), public assistance (the former Aid to Families with Dependent Children and the new Temporary Assistance for Needy Families), and education. Investment grants to state and local governments for highways, transit, air transportation, and water treatment plants are now classified as capital transfers and are no longer included in this category. However, such investment grants continue to be included as federal government outlays in Table 6-16. Interest payments is monetary interest paid to U.S. and foreign persons and businesses and to foreign governments for public debt and other financial obligations. As noted above, from 1960 forward for the federal government and 1946 forward for state and local governments, this represents gross total (not net) interest payments. Before those dates in the NIPAs, and throughout the federal budget accounts presented in Table 6-16, net instead of aggregate interest is shown; that is, gross total interest paid less interest received.
Subsidies are monetary grants paid by government to business, including to government enterprises at another level of government. Subsidies no longer include federal maritime construction subsidies, which are now classified as a capital transfer. For years prior to 1959, subsidies continue to be presented net of the current surplus of government enterprises, because detailed data to separate the series are not available for this period. See the entry for current surplus of government enterprises, above, for explanation of the pre-1959 treatment of this item in the federal accounts, which differs from the treatment in the state and local accounts. Net saving, NIPA (surplus+/deficit-), is the sum of current receipts less the sum of current expenditures. This is shown separately for social insurance funds (which in the federal government case include the Social Security and other trust funds) and other (all other government). As of the 1999 revisions, net government saving—particularly that of state and local governments—is measured as being significantly smaller than before that revision, as the net accumulations of government employee retirement plans (not Social Security) are now classified as personal saving rather than in the government sector. Gross government investment consists of general government and government enterprise expenditures for fixed assets—structures, equipment, and software. The expenditures include the compensation of government employees and the purchase of goods and services as intermediate inputs associated with government production of fixed assets. Government inventory investment is included in government consumption expenditures. Capital consumption. Consumption of fixed capital (CFC; economic depreciation) is included in government consumption expenditures as a partial measure of the value of the services of general government fixed assets, including structures, equipment, and software. Definitions (output and net investment) In Tables 6-5 and 6-10, the gross output and value added of government are presented, as described in the general discussion above. Gross output of government is the sum of the intermediate goods and services purchased by government and the value added by government as a producing industry. Value added consists of compensation of general government employees and consumption of general government fixed capital. Since this depreciation allowance is the only entry on the product side of the accounts measuring the output associated with such capital, a zero net return on these assets is implicitly assumed. Gross output minus own-account investment and sales to other sectors (see above) yields government consumption expenditures, which represents the contribution of government consumption spending to final demands in the GDP.
CHAPTER 6: GOVERNMENT
The values of net investment shown in these tables are calculated by the editor as gross investment minus the consumption of fixed capital. Definitions (chain-type quantity indexes) Chain-type quantity indexes represent changes over time in real values, removing the effects of inflation. Indexes for key categories in the government expenditure accounts, as well as for government gross output, value added, and intermediate goods and services purchased, use the chain formula described in the notes and definitions to Chapter 1, and are expressed as index numbers with the average for the year 2000 equal to 100.
145
grants-in-aid but also local grants-in-aid, and state government expenditures include grants-in-aid to local governments. Local government receipts include not only federal grants-in-aid but also state grants-in-aid, and local government expenditures include grants-in-aid to state governments. To make room for these columns, the components current surplus of government enterprises and subsidies are not shown, though they are included in total current receipts and total current expenditures, respectively.
Data availability
These measures are described in “Receipts and Expenditures of State Governments and of Local Governments,” Survey of Current Business, October 2005; that article displays the estimates from 1990 through 2004. The data back to 1959 are available on the BEA Web site at .
The most recent data are published each month in the Survey of Current Business. Current and historical data may be obtained from the BEA Web site at and the STAT-USA subscription Web site at .
TABLES 6-14 AND 6-15 STATE GOVERNMENT CONSUMPTION EXPENDITURES AND GROSS INVESTMENT BY FUNCTION; LOCAL GOVERNMENT CONSUMPTION EXPENDITURES AND GROSS INVESTMENT BY FUNCTION
References See the references regarding the 2003 comprehensive revision of the NIPAs in the notes and definitions to Chapter 1. For information on the classification of government expenditures into current consumption and gross investment, first undertaken in the 1996 comprehensive revisions, see the Survey of Current Business article “Preview of the Comprehensive Revision of the National Income and Product Accounts: Recognition of Government Investment and Incorporation of a New Methodology for Calculating Depreciation,” September 1995. Other sources of information about the NIPAs are listed in the notes and definitions for Tables 1-1 through 1-10. TABLES 6-12 AND 6-13 STATE GOVERNMENT CURRENT RECEIPTS AND EXPENDITURES; LOCAL GOVERNMENT CURRENT RECEIPTS AND EXPENDITURES SOURCE: BUREAU
OF
ECONOMIC ANALYSIS (BEA)
In the standard presentation of the NIPAs, such as in Tables 6-8 through 6-11 above, state and local governments are combined. Annual measures for aggregate state governments and aggregate local governments have now been published in the October 2005 Survey of Current Business and on the BEA Web site for the years 1959–2004. These measures are shown in Tables 6-12 and 6-13. The definitions are the same as in the other NIPA tables described above. Two new categories appear in each table, detailing the inter-governmental flows that are consolidated in Table 6-8. State government receipts include not only federal
As Business Statistics went to press, these data had not been revised to reflect the 2003 comprehensive revision of the NIPAs as described in the notes and definitions to Chapter 1 and those to Tables 6-1 through 6-11 above. They are reprinted as they appeared in the previous two editions of Business Statistics. They cover the years 1959–2001 and do not reflect new source data made available in the last three years. They follow the pre-2003 framework for government accounts. These two tables present only the total of consumption expenditures and gross investment, which is little affected by the 2003 conceptual revisions. Definitions The functions defined in Tables 6-14 and 6-15, which include consumption expenditures and gross investment combined, are roughly similar to the federal government spending concept and functions displayed in Table 6-16. Specifically: General public service includes executive and legislative functions, tax collection and financial management, and other. Public order and safety includes police, fire, law courts, and prisons. Economic affairs includes general economic and labor affairs, agriculture, energy, natural resources, transportation, and other. Transportation includes highways, air transportation, water transportation, transit, and railroads. Housing and community services includes water, sewerage, sanitation, and other. Education includes elementary and secondary and higher education, libraries, and other.
146
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Income security includes disability, welfare and social services, and other transfer payments to individuals. Total consumption expenditures and gross investment includes the groups listed above, health, and recreation and culture. Data availability and references These data were described and published in “Receipts and Expenditures of State Government and of Local Governments, 1959–2001,” Survey of Current Business, June 2003. TABLE 6-16 FEDERAL GOVERNMENT RECEIPTS AND OUTLAYS BY FISCAL YEAR SOURCE: U.S. OFFICE
OF
MANAGEMENT
AND
BUDGET
These data on federal government receipts and outlays are on a modified cash basis and are from the Budget of the United States Government: Historical Tables. The data are by federal fiscal years: July 1–June 30 through 1976 and October 1–September 30 for 1977 and subsequent years. The period July 1–September 30, 1976, is a separate fiscal period known as the transition quarter (TQ) and is not included in any fiscal year. There are numerous differences in both timing and definition between these estimates and the NIPA estimates in Tables 6-1 through 6-7. See the notes and definitions for those tables for definitional differences that were introduced with the 1999 comprehensive revision. Definitions The definitions for these tables are not affected by the 2003 or 1999 changes in the government sectors of the NIPAs. Receipts are composed of gifts, taxes, and other compulsory payments to the government. Other types of payments to the government are netted against outlays. Outlays occur when the federal government liquidates an obligation through a cash payment or when interest accrues on public debt issues. Beginning with the data for 1992, outlays include the subsidy cost of direct and guaranteed loans made. Before 1992, the costs and repayments associated with such loans are recorded on a cash basis. As noted above, various types of nontax receipts are netted against cash outlays. These accounts do not distinguish between investment outlays and current consumption and do not include allowances for depreciation. The total surplus (deficit-) is receipts minus outlays. On-budget and off-budget. By law, two government programs that are included in the federal receipts and out-
lays totals are “off-budget”—old-age, survivors, and disability insurance (Social Security) and the Postal Service. The former accounts for nearly all of the off-budget activity. The surplus (deficit-) not accounted for by these two programs is the on-budget surplus or deficit. Sources of financing is the means by which the total deficit is financed or the surplus is distributed. By definition, sources of financing sum to the total deficit or surplus with the sign reversed. The principal source is borrowing from the public, shown as a positive number, that is, the increase in the debt held by the public. When there is a budget surplus, as in fiscal years 1998 to 2000, debt can be reduced, indicated by a minus sign in this column. Other financing includes drawdown (or buildup, shown here with a minus sign) in Treasury cash balances, seigniorage on coins, direct and guaranteed loan account cash transactions, and miscellaneous other transactions. Outlays by function presents outlays according to the major purpose of the spending. Functional classifications cut across departmental and agency lines. Most categories of offsetting receipts are netted against cash outlays in the appropriate function. There is also a category of undistributed offsetting receipts (not shown) that includes proceeds from the sale or lease of assets and payments from federal agencies to federal retirement funds and the Social Security and Medicare trust funds. In order to provide authoritative comparisons of these budget values with the overall size of the economy, a special calculation of gross domestic product by fiscal year (supplied to the Office of Management and Budget by the Bureau of Economic Analysis) is included in this table. Data availability The annual data are from the Budget of the United States Government: Historical Tables and are available on the GPO Web site at . Similarly defined data for the latest month, the year-ago month, and the current and year-ago fiscal year to date are published in the Monthly Treasury Statement prepared by the Financial Management Service, U.S. Department of the Treasury. For those who need up-todate budget information, this publication is available on the Financial Management Service Web site at . As these monthly figures are never revised to agree with the final annual data, they are not published in this volume. References Definitions and budget concepts are discussed in Budget of the United States: Historical Tables, available from the Government Printing Office (GPO) and on the Web site listed above.
CHAPTER 6: GOVERNMENT
TABLE 6-17 FEDERAL GOVERNMENT DEBT BY FISCAL YEAR Debt outstanding at the end of each fiscal year is from the Budget of the United States Government. Most securities are recorded at sales price plus amortized discount or less amortized premium. Definitions
147
funds is calculated by the editor as the sum of the OASI and DI trust fund balances in Table 13.1 of the same volume. Foreign and international investors is shown in the budget Analytical Perspectives volume in the chapter on “Federal borrowing and debt,” and is only available from 1965 to date. In the foreign investors series, some year-toyear comparisons are affected by benchmark and conceptual revisions, which have been made at the end of the years 1979, 1985, 1990, 1995, 1999, 2000, and 2002.
Federal government debt held by the public consists of all federal debt held outside the federal government accounts—by individuals, financial institutions including the Federal Reserve Banks, and foreign individuals, businesses, and central banks. It does not include federal debt held by federal government trust funds such as the Social Security trust fund. The level and change of the ratio of this debt to the value of GDP provide proportional measures of the impact of federal borrowing on credit markets.
The other column entries have been derived by the editor by subtraction. Private investors is debt held by the public minus the holdings of the Federal Reserve. Other U.S. government accounts is total holdings by federal government accounts minus Social Security holdings. Domestic investors is total private investors minus foreign and international investors.
Gross public debt—total. This is the total debt owed by the U.S. Treasury. It includes a small amount of matured debt. It consists of debt held by Social Security funds, debt held by other U.S. government accounts, debt held by Federal Reserve Banks, and debt held by private investors.
For the end-of-fiscal-year data see Historical Tables and Analytical Perspectives in the Budget of the United States Government, available on the GPO Web site at .
The “debt subject to statutory limitation,” not shown here, corresponds closely to the gross debt in concept and size, but there are some relatively minor definitional differences specified by law. The debt limit can only be changed by an Act of Congress. For information on the debt subject to limit and other debt subjects, see the latest Budget of the United States Government: Historical Statistics and Analytical Perspectives.
Recent quarterly data, but measured on a somewhat different basis, are found in the Treasury Bulletin in the chapter on “Ownership of Federal Securities (OFS),” tables OFS-1 and OFS-2. The Bulletin can be accessed on the Internet at . Holdings by Social Security funds are also available in the Bulletin in the chapter on “Federal Debt,” Table FD3. The Disability Fund is listed separately from the OldAge and Survivors Fund.
Debt held by Social Security funds shows the trust fund balances of the Old-Age, Survivors and Disability Insurance funds (OASDI). Debt held by other U.S. government accounts shows the holdings of all other trust fund accounts including the Medicare trust funds. Debt held by Federal Reserve System shows the investments of the Federal Reserve System, largely acquired in Federal Reserve System open market operations undertaken to implement monetary policy. Debt held by private investors. All Treasury debt not held by U.S. government funds or the Federal Reserve System, with a breakdown between domestic holdings and foreign and international holdings, which include holdings of international institutions. Notes on the data Gross federal debt, total debt held by federal government accounts, debt held by the public, and debt held by the Federal Reserve System are found in the budget Historical Statistics volume, Table 7.1. Social Security
Data availability
TABLE 6-19 GOVERNMENT EMPLOYMENT SOURCE: U.S. DEPARTMENT OF LABOR, BUREAU OF LABOR STATISTICS (SEE NOTES AND DEFINITIONS TO TABLE 10-5). Government payroll employment includes federal, state, and local activities such as legislative, executive, and judicial functions, as well as all government-owned and government-operated business enterprises, establishments, and institutions (arsenals, navy yards, hospitals, etc.), and government force account construction. The figures relate to civilian employment only. BLS considers regular full-time teachers (private and governmental) to be employed during the summer vacation period whether or not they are specifically paid in those months. Employment in federal government establishments reflects employee counts as of the pay period including the 12th of the month. Federal government employment excludes employees of the Central Intelligence Agency and the National Security Agency.
CHAPTER 7: U.S. FOREIGN TRADE AND FINANCE Section 7a: Foreign Transactions in the National Income and Product Accounts
Figure 7-1. Receipts, Payments, and Balance on Current Account, 1946–2004 2,500 Receipts from the rest of the world
Billions of dollars
2,000
Payments to the rest of the world
1,500
Balance on current account
1,000 500 0 -500 -1,000 1946
1951
1956
1961
1966
1971
1976
1981
1986
1991
1996
2004
Year
• For much of the earlier postwar period, U.S. current receipts from the rest of the world (exports and income receipts) and current payments to the rest of the world (imports, income payments, and net tax and transfer payments) were in rough balance. Indeed, in most of those years there was a surplus of receipts over payments—a positive balance on current account—that enabled the United States to invest in the economies of the rest of the world. (Table 7-1) • However, beginning in 1983, large current-account deficits emerged, requiring capital inflows from abroad to finance them in most years. The only current-account surplus since then occurred in 1991, when payments from other countries financed most of the cost of the Gulf War. (Table 7-1) • The NIPA current-account deficit of $652 billion in 2004 comprised a deficit of $678 billion on goods, a surplus of $54 billion on services, a surplus of $54 billion on income payments, and net payments of $82 billion in taxes and transfer payments. (Table 7-1) • All the major categories of goods and services in Table 7-5 show long-term growth in quantity of both exports and imports. Between 1967 and 2004, the slowest-growing category—imports of foods and feeds—tripled, and the fastest-growing—imports of capital goods, except automotive—was 141 times greater in real terms. The greatest growth in trade has been in capital goods and in “other private services” (financial, professional, and computer-related). In both of those categories, the quantity of imports has grown even faster than the quantity of exports. (Table 7-5)
149
150
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 7-1. Foreign Transactions in the National Income and Product Accounts (Billions of dollars, quarterly data are at seasonally adjusted annual rates.) Current receipts from the rest of the world
Current payments to the rest of the world
Exports of goods and services Year and quarter Total
Goods 1 Durable
Nondurable
Services 1
NIPA Table 4.1
Imports of goods and services Income receipts
Total
Goods 1 Durable
Nondurable
Services 1
Income payments
Current taxes and transfer payments (net)
Balance on Net lending current or net boraccount, rowing (-), NIPAs NIPAs
1946 1947 1948 1949
................................. ................................. ................................. .................................
15.2 20.3 17.6 16.4
5.0 8.5 6.6 6.1
6.7 7.6 6.6 6.1
2.4 2.6 2.3 2.3
1.1 1.6 2.0 1.9
10.3 11.1 15.2 15.6
1.5 1.8 2.4 2.1
3.6 4.2 5.2 4.8
1.9 2.0 2.5 2.4
0.4 0.5 0.6 0.7
2.9 2.6 4.5 5.6
4.9 9.3 2.4 0.9
4.9 9.3 2.4 0.9
1950 1951 1952 1953 1954
................................. ................................. ................................. ................................. .................................
14.5 19.9 19.3 18.2 18.9
5.1 6.6 6.9 6.9 7.1
5.1 7.6 6.5 5.5 5.8
2.1 2.9 3.0 2.9 2.9
2.2 2.8 2.9 2.8 3.0
16.4 19.0 18.7 19.4 18.6
3.0 3.8 4.1 4.1 3.6
6.1 7.4 6.7 6.9 6.7
2.5 3.4 4.5 5.0 5.1
0.7 0.9 0.9 0.9 0.9
4.0 3.5 2.5 2.5 2.3
-1.8 0.9 0.6 -1.3 0.2
-1.8 0.9 0.6 -1.3 0.2
1955 1956 1957 1958 1959
................................. ................................. ................................. ................................. .................................
21.2 25.2 28.3 24.4 27.0
8.2 9.8 10.9 9.0 8.9
6.2 7.8 8.6 7.4 7.5
3.3 3.7 4.5 4.1 6.3
3.5 3.9 4.3 3.9 4.3
20.7 22.5 23.5 23.5 28.2
4.5 5.2 5.3 5.0 6.6
7.1 7.6 8.0 8.0 8.7
5.7 6.1 6.7 7.1 7.0
1.1 1.1 1.2 1.2 1.5
2.5 2.4 2.3 2.3 4.3
0.4 2.8 4.8 0.9 -1.2
0.4 2.8 4.8 0.9 -1.2
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
31.9 32.9 35.0 37.6 42.3
11.3 11.5 12.0 12.7 14.7
9.2 9.4 9.7 10.7 12.0
6.6 6.7 7.4 7.7 8.3
4.9 5.3 5.9 6.5 7.2
28.7 28.6 31.1 32.6 34.7
6.4 6.0 6.9 7.4 8.4
8.9 9.0 9.9 10.3 11.0
7.6 7.6 8.1 8.4 8.7
1.8 1.8 1.8 2.1 2.3
4.1 4.2 4.3 4.4 4.3
3.2 4.3 3.9 5.0 7.5
3.2 4.3 3.9 5.0 7.5
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
45.0 49.0 52.1 58.0 63.7
15.8 17.5 18.4 21.0 23.7
12.0 13.2 13.7 14.3 14.6
9.4 10.2 11.3 12.6 13.7
7.9 8.1 8.7 10.1 11.8
38.8 45.1 48.6 56.3 61.9
10.4 13.3 14.5 18.8 20.8
11.8 13.1 13.2 15.1 16.1
9.3 10.7 12.2 12.6 13.7
2.6 3.0 3.3 4.0 5.7
4.7 5.0 5.4 5.7 5.8
6.2 3.9 3.6 1.7 1.8
6.2 3.9 3.6 1.7 1.8
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
72.5 77.0 87.1 118.8 156.5
27.1 27.5 31.0 41.4 56.5
17.4 18.0 20.8 32.6 44.5
15.2 17.4 19.0 21.3 25.7
12.8 14.0 16.3 23.5 29.8
68.5 76.4 90.7 109.5 149.8
22.8 26.6 33.3 40.8 50.3
18.1 19.9 23.6 31.0 54.2
14.9 15.8 17.3 19.3 22.9
6.4 6.4 7.7 10.9 14.3
6.3 7.6 8.8 7.4 8.1
4.0 0.6 -3.6 9.3 6.6
4.0 0.6 -3.6 9.3 6.6
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
166.7 181.9 196.6 233.1 298.5
63.8 69.0 72.0 85.3 108.0
45.8 48.7 51.6 60.1 76.0
29.1 31.7 35.7 41.5 46.1
28.0 32.4 37.2 46.3 68.3
145.4 173.0 205.6 243.6 297.0
45.6 56.8 69.2 89.0 100.4
53.4 67.8 83.4 88.4 112.3
23.7 26.5 29.8 34.8 39.9
15.0 15.5 16.9 24.7 36.4
7.6 6.3 6.2 6.7 8.0
21.4 8.9 -9.0 -10.4 1.4
21.4 8.9 -9.0 -10.4 1.4
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
359.9 397.3 384.2 378.9 424.2
133.3 140.1 124.7 120.4 132.4
92.5 99.0 90.3 86.9 93.2
55.0 66.1 68.2 69.7 76.7
79.1 92.0 101.0 101.9 121.9
348.5 390.9 384.4 410.9 511.2
111.9 126.0 125.1 147.3 192.4
136.6 141.8 125.4 125.4 143.9
45.3 49.9 52.6 56.0 68.8
44.9 59.1 64.5 64.8 85.6
9.8 14.1 16.7 17.5 20.5
11.4 6.3 -0.2 -32.1 -86.9
11.4 6.3 0.0 -31.8 -86.7
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
414.5 431.9 487.1 596.2 681.0
137.2 142.6 162.9 208.8 239.8
85.0 83.4 94.6 117.0 129.5
79.8 94.5 106.4 118.3 134.0
112.4 111.4 123.2 152.1 177.7
525.3 571.2 637.9 708.4 769.3
204.2 238.8 264.2 294.8 310.4
139.1 131.2 150.6 157.3 174.4
73.9 83.3 94.3 102.4 106.7
85.9 93.6 105.3 128.5 151.5
22.2 24.3 23.5 25.5 26.4
-110.8 -139.2 -150.8 -112.2 -88.3
-110.5 -138.9 -150.4 -111.7 -88.0
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
741.5 765.7 788.0 812.1 907.3
262.0 282.3 300.6 314.0 349.7
134.6 141.3 147.4 145.9 160.4
155.7 173.3 187.4 195.9 210.8
189.1 168.9 152.7 156.2 186.4
811.5 752.3 824.9 882.5 1 012.5
314.7 315.7 346.9 386.6 454.2
193.4 185.0 198.1 206.2 222.6
122.3 123.6 123.6 128.1 137.7
154.3 138.5 123.0 124.3 160.2
26.9 -10.6 33.4 37.3 37.8
-70.1 13.5 -36.9 -70.4 -105.2
-76.6 9.0 -37.5 -71.7 -106.9
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
1 046.1 1 117.3 1 242.0 1 243.1 1 312.1
394.1 421.8 483.0 487.1 503.3
189.2 196.6 204.7 193.8 193.9
228.9 250.2 267.6 275.1 294.0
233.9 248.7 286.7 287.1 320.8
1 137.1 1 217.6 1 352.2 1 430.5 1 585.9
511.0 533.6 588.3 636.5 714.7
246.5 273.8 297.1 292.5 330.8
146.1 157.4 171.5 186.9 206.3
198.1 213.7 253.7 265.8 287.0
35.4 39.1 41.6 48.8 47.2
-91.0 -100.3 -110.2 -187.4 -273.9
-91.9 -101.0 -111.3 -188.1 -278.7
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
1 478.9 1 355.2 1 311.6 1 389.3 1 589.2
569.2 521.1 487.2 496.1 561.4
215.1 210.1 210.4 228.2 256.7
311.9 301.6 308.4 321.3 355.7
382.7 322.4 305.7 343.7 415.4
1 875.6 1 725.6 1 769.9 1 893.8 2 240.9
820.7 754.7 770.0 801.2 930.2
422.8 413.2 419.4 482.7 565.7
232.3 231.9 241.0 262.6 301.9
343.7 278.8 275.0 275.6 361.7
56.1 47.0 64.5 71.7 81.5
-396.6 -370.4 -458.3 -504.5 -651.7
-397.4 -371.5 -459.7 -507.7 -653.4
2002 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
1 270.8 1 315.3 1 340.6 1 319.6
474.6 493.2 498.2 482.7
202.1 210.2 214.8 214.4
299.6 304.8 309.9 319.1
294.5 307.1 317.7 303.3
1 691.9 1 774.7 1 804.1 1 808.7
740.0 772.4 783.5 784.0
375.4 415.4 431.0 455.7
234.1 236.5 242.2 251.1
268.3 290.5 288.1 253.3
74.1 60.0 59.4 64.6
-421.0 -459.4 -463.6 -489.1
-422.2 -460.7 -465.1 -490.7
2003 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
1 335.2 1 345.1 1 390.9 1 486.0
480.0 485.3 494.5 524.5
225.7 223.3 228.6 235.3
313.0 307.5 323.5 341.3
316.5 329.1 344.3 384.9
1 864.4 1 848.4 1 889.9 1 972.5
777.1 790.1 794.0 843.4
489.7 474.2 480.9 486.1
254.6 252.3 266.9 276.6
271.5 262.2 277.0 291.7
71.5 69.5 71.0 74.7
-529.1 -503.3 -499.0 -486.5
-530.8 -509.6 -502.4 -487.9
2004 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
1 510.7 1 564.5 1 601.9 1 679.5
539.1 555.8 572.1 578.5
247.0 255.6 257.6 266.5
344.7 351.8 354.1 372.1
380.0 401.2 418.1 462.4
2 076.9 2 213.4 2 255.1 2 418.1
873.1 926.3 946.8 974.7
528.7 552.0 568.2 613.7
288.5 298.1 306.8 314.1
297.0 354.5 369.6 425.6
89.6 82.6 63.6 90.0
-566.2 -648.9 -653.2 -738.6
-567.9 -650.4 -654.7 -740.4
1Exports
and imports of certain goods, primarily military equipment purchased and sold by the federal government, are included in services. Beginning with 1986, repairs and alterations of equipment are reclassified from goods to services.
CHAPTER 7: U.S. FOREIGN TRADE AND FINANCE
151
Table 7-2. Chain-Type Quantity Indexes for Exports and Imports of Goods and Services (Index numbers, 2000 = 100.)
NIPA Table 4.2.3 Exports of goods and services
Imports of goods and services
Goods 1
Year and quarter
Goods 1 Services 1
Total Total
Durable
Services 1
Total
Nondurable
Total
Durable
Nondurable
1967 ................................. 1968 ................................. 1969 .................................
11.76 12.68 13.29
10.64 11.48 12.08
7.47 8.17 8.83
20.84 22.05 22.26
14.91 16.05 16.65
11.42 13.12 13.87
9.40 11.34 11.96
5.12 6.52 6.97
20.74 23.50 24.37
22.89 23.30 24.77
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
14.72 14.97 16.10 19.13 20.64
13.46 13.41 14.85 18.26 19.71
9.66 9.59 10.60 13.20 15.24
25.53 25.56 28.42 34.31 33.99
18.13 19.53 19.40 20.78 22.40
14.46 15.23 16.94 17.73 17.33
12.43 13.47 15.31 16.39 15.93
7.16 7.89 9.07 9.66 9.70
25.70 27.29 30.48 32.87 30.82
26.06 25.32 26.39 25.50 25.47
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
20.51 21.41 21.92 24.23 26.64
19.25 20.17 20.43 22.71 25.40
14.92 15.13 15.10 16.83 19.16
33.09 36.27 37.54 41.57 45.32
23.77 24.48 26.06 28.23 29.10
15.40 18.41 20.43 22.20 22.57
13.92 17.07 19.15 20.87 21.23
7.92 9.71 10.98 12.70 12.99
28.60 35.09 39.08 40.35 40.82
24.37 26.05 27.35 29.30 29.70
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
29.51 29.87 27.59 26.88 29.07
28.42 28.11 25.57 24.84 26.80
21.37 20.60 17.91 17.54 19.43
50.97 52.30 50.72 48.69 50.61
30.92 34.21 33.26 32.71 35.63
21.07 21.62 21.35 24.04 29.89
19.65 20.06 19.55 22.21 27.58
13.09 14.18 14.34 17.28 23.00
35.15 34.09 32.10 34.19 38.94
29.04 30.71 32.35 34.96 43.72
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
29.95 32.26 35.74 41.47 46.23
27.79 29.22 32.46 38.57 43.17
21.00 22.22 25.37 31.48 35.91
49.29 51.26 54.32 59.87 64.72
36.05 41.33 45.50 49.62 54.72
31.83 34.56 36.60 38.04 39.71
29.31 32.31 33.81 35.18 36.69
25.30 27.64 28.87 30.07 31.42
39.41 44.06 46.28 48.05 49.93
47.05 47.64 53.21 55.01 57.68
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
50.39 53.74 57.44 59.29 64.45
46.81 50.04 53.79 55.53 60.94
39.75 42.70 46.11 48.51 54.38
67.46 71.44 76.06 75.51 79.09
60.48 64.08 67.59 69.73 74.10
41.14 40.91 43.75 47.58 53.26
37.77 37.74 41.26 45.42 51.47
32.25 32.43 35.82 40.07 46.69
51.65 51.07 54.85 58.66 62.93
61.43 59.85 58.32 60.03 63.42
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
70.98 76.93 86.08 88.16 91.97
68.07 74.09 84.72 86.61 89.91
62.13 69.37 81.90 84.53 88.48
84.20 86.81 92.35 92.28 93.77
78.79 84.48 89.51 92.08 97.21
57.54 62.54 71.04 79.30 88.39
56.10 61.34 70.17 78.36 88.08
52.04 57.61 67.05 75.77 86.73
65.52 69.82 77.20 84.14 90.90
65.49 69.09 75.60 84.22 90.04
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
100.00 94.57 92.43 94.06 101.97
100.00 93.87 90.14 91.76 99.90
100.00 91.73 86.29 87.80 97.63
100.00 99.59 100.46 102.39 106.44
100.00 96.30 98.10 99.78 107.12
100.00 97.29 100.60 105.21 116.50
100.00 96.83 100.38 105.29 116.83
100.00 93.76 97.61 101.78 115.72
100.00 102.90 105.83 112.16 119.54
100.00 99.71 101.82 104.92 114.99
1999 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
89.41 90.42 92.81 95.24
86.96 87.95 90.85 93.87
85.44 86.18 89.51 92.77
91.07 92.72 94.43 96.84
95.63 96.71 97.79 98.70
84.17 87.17 90.21 92.01
83.49 86.79 90.04 91.99
81.40 85.17 88.70 91.65
88.01 90.18 92.80 92.61
87.76 89.16 91.09 92.14
2000 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
96.77 99.61 102.16 101.46
95.86 99.02 103.27 101.85
95.51 99.58 103.06 101.85
96.81 97.52 103.81 101.86
99.06 101.09 99.38 100.47
95.64 99.37 102.70 102.29
95.47 99.43 102.76 102.35
95.68 99.15 102.60 102.57
94.97 99.94 103.08 102.01
96.60 99.08 102.40 101.92
2001 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
100.08 96.75 92.01 89.42
100.44 95.84 90.64 88.57
100.03 94.11 87.91 84.87
101.52 100.43 97.90 98.49
99.19 99.02 95.44 91.56
101.33 97.97 95.35 94.52
101.46 96.88 94.73 94.26
99.05 93.79 91.67 90.51
106.14 102.92 100.77 101.78
100.62 103.69 98.59 95.92
2002 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
90.56 92.86 93.52 92.78
88.21 91.18 91.67 89.52
84.00 87.38 88.22 85.59
99.53 101.38 100.92 100.01
96.39 97.03 98.12 100.87
97.17 100.08 101.47 103.69
96.36 100.00 101.58 103.57
93.72 97.77 99.23 99.72
101.55 104.39 106.24 111.12
101.36 100.58 101.00 104.37
2003 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
92.10 91.62 94.16 98.37
89.84 89.84 91.83 95.54
84.98 85.79 87.60 92.82
102.74 100.65 103.11 103.06
97.71 96.06 99.94 105.40
103.02 103.87 104.92 109.00
102.89 104.48 104.71 109.07
98.93 100.60 100.78 106.81
110.59 112.02 112.34 113.66
103.80 101.04 106.05 108.79
2004 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
99.59 101.27 102.62 104.40
97.29 99.15 101.12 102.03
94.62 96.94 99.21 99.73
104.74 105.53 106.82 108.67
105.30 106.53 106.37 110.28
112.13 116.00 117.33 120.52
112.31 116.23 117.56 121.22
109.53 115.30 117.41 120.64
117.89 118.61 118.64 123.04
111.40 115.03 116.32 117.22
1Exports
and imports of certain goods, primarily military equipment purchased and sold by the federal government, are included in services. Beginning with 1986, repairs and alterations of equipment are reclassified from goods to services.
152
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 7-3. Chain-Type Price Indexes for Exports and Imports of Goods and Services (Index numbers, 2000 = 100.)
NIPA Table 4.2.4 Exports of goods and services
Imports of goods and services
Goods 1
Year and quarter
Goods 1 Services 1
Total Total
Durable
Services 1
Total
Nondurable
Total
Durable
Nondurable
1967 ................................. 1968 ................................. 1969 .................................
33.73 34.46 35.63
38.56 39.16 40.37
43.39 45.14 47.11
30.65 30.08 30.44
24.29 25.26 26.31
23.69 24.05 24.68
23.75 24.07 24.75
34.60 35.16 36.28
15.07 15.22 15.58
22.86 23.30 23.78
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
36.99 38.36 40.15 45.43 55.97
42.19 43.32 44.47 51.62 65.32
49.31 50.45 51.47 55.04 65.09
31.74 32.76 33.95 44.13 60.89
26.81 28.58 31.47 32.94 36.74
26.14 27.74 29.68 34.84 49.85
26.43 27.78 29.91 35.26 52.76
38.74 41.10 44.72 51.48 63.24
16.64 17.29 18.35 22.33 41.59
24.62 26.85 28.19 32.61 38.78
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
61.68 63.71 66.30 70.34 78.81
72.60 74.46 77.17 81.62 92.40
75.12 80.15 83.82 88.98 99.03
64.38 62.46 63.92 67.25 77.99
39.21 41.58 43.92 47.10 50.77
54.00 55.62 60.52 64.80 75.88
57.18 58.71 64.08 68.36 80.61
70.19 71.32 76.76 85.45 94.25
44.14 45.72 50.50 51.80 65.09
41.92 43.82 46.93 51.20 57.82
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
86.80 93.22 93.65 94.02 94.89
101.28 108.43 107.19 106.41 107.33
109.60 119.47 122.31 120.58 119.66
84.33 87.98 82.79 82.98 85.66
57.02 61.97 65.73 68.31 69.06
94.51 99.59 96.24 92.63 91.83
101.71 107.38 103.04 98.73 98.05
104.21 108.33 106.34 103.87 101.97
91.95 98.36 92.40 86.72 87.39
67.10 70.01 70.06 68.91 67.73
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
91.98 90.64 92.87 97.69 99.31
101.96 98.62 101.17 107.69 109.08
114.83 112.74 112.81 116.52 117.32
80.17 75.62 80.98 90.85 93.04
70.94 73.34 74.94 76.45 78.50
88.81 88.87 94.25 98.77 100.94
94.19 92.08 98.65 103.35 106.27
98.34 105.26 111.52 119.45 120.39
83.51 70.44 76.97 77.46 82.61
67.65 75.25 76.32 80.11 79.66
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
99.98 101.31 100.89 100.90 102.03
108.03 107.91 106.19 105.59 106.72
115.79 116.12 114.51 113.73 112.96
92.77 91.94 90.08 89.83 94.28
82.54 86.69 88.86 90.07 91.21
103.83 103.42 103.55 102.67 103.63
108.18 106.70 106.20 104.95 105.76
118.90 118.63 117.99 117.56 118.56
88.56 85.70 85.41 83.14 83.66
85.68 88.88 91.26 91.87 93.46
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
104.38 102.99 101.23 98.91 98.31
109.25 106.41 103.50 100.22 98.87
111.44 106.81 103.60 101.24 99.94
104.46 105.27 103.05 97.61 96.11
93.14 94.95 95.86 95.77 96.97
106.41 104.53 100.82 95.35 95.96
108.57 105.87 101.47 95.33 95.46
119.65 112.87 106.90 102.36 100.41
88.98 92.77 91.01 82.22 86.07
96.06 98.05 97.69 95.55 98.63
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
100.00 99.62 99.27 101.40 105.00
100.00 99.32 98.66 100.64 104.41
100.00 99.80 99.18 99.26 101.02
100.00 98.08 97.36 103.63 112.11
100.00 100.39 100.76 103.24 106.44
100.00 97.50 96.34 99.61 104.57
100.00 97.00 95.29 98.07 102.97
100.00 98.09 96.12 95.92 97.95
100.00 94.98 93.73 101.80 111.92
100.00 100.13 101.88 107.76 113.01
1999 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
97.96 98.15 98.35 98.81
98.71 98.63 98.80 99.33
100.18 99.97 99.68 99.94
94.96 95.21 96.53 97.73
96.15 96.97 97.23 97.53
94.02 95.27 96.63 97.91
93.48 94.67 96.10 97.57
101.13 100.42 100.07 100.02
79.18 83.78 88.49 92.83
96.88 98.45 99.46 99.74
2000 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
99.46 99.99 100.22 100.33
99.64 100.03 100.12 100.21
99.85 99.93 100.17 100.06
99.10 100.32 99.98 100.59
99.01 99.88 100.49 100.63
99.32 99.49 100.51 100.69
99.18 99.47 100.57 100.77
100.30 100.24 100.03 99.43
97.05 98.02 101.62 103.31
100.05 99.55 100.16 100.23
2001 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
100.35 100.02 99.51 98.62
100.17 99.78 99.13 98.17
100.17 100.06 99.66 99.31
100.15 99.02 97.76 95.39
100.78 100.61 100.45 99.74
99.93 98.42 97.09 94.56
99.80 98.11 96.47 93.61
99.30 98.56 97.70 96.79
100.68 97.23 94.16 87.86
100.61 100.05 100.34 99.51
2002 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
98.36 99.05 99.77 99.91
97.83 98.36 99.16 99.29
99.26 99.16 99.21 99.08
94.43 96.40 98.95 99.66
99.65 100.72 101.25 101.42
94.15 96.47 97.30 97.44
93.14 95.56 96.18 96.27
96.22 96.27 96.20 95.79
87.53 94.24 96.07 97.08
99.43 101.26 103.24 103.59
2003 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
100.91 101.17 101.40 102.12
100.16 100.57 100.40 101.41
99.24 99.37 99.16 99.28
102.13 103.15 103.08 106.15
102.71 102.62 103.79 103.82
100.07 98.94 99.58 99.85
99.01 97.31 97.91 98.03
95.72 95.71 96.01 96.24
104.75 100.11 101.22 101.13
105.60 107.53 108.39 109.50
2004 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
103.58 104.80 105.24 106.37
103.03 104.36 104.63 105.61
100.11 100.74 101.32 101.92
109.65 112.64 112.12 114.03
104.94 105.90 106.74 108.20
102.18 103.81 105.27 107.03
100.41 102.34 103.69 105.44
97.15 97.91 98.27 98.47
106.12 110.14 113.36 118.06
111.50 111.57 113.59 115.38
1Exports
and imports of certain goods, primarily military equipment purchased and sold by the federal government, are included in services. Beginning with 1986, repairs and alterations of equipment are reclassified from goods to services.
153
CHAPTER 7: U.S. FOREIGN TRADE AND FINANCE Table 7-4. Exports and Imports of Selected NIPA Types of Product (Billions of dollars, quarterly data are at seasonally adjusted annual rates.)
NIPA Table 4.2.5
Exports
Imports
Goods
Year and quarter
1967 ........................... 1968 ........................... 1969 ...........................
Industrial Foods, supplies feeds, and and beverages materials
Capital goods, except automotive
Services
AutoConsumer motive goods, vehicles, except engines, autoand parts motive
Travel
Goods
Industrial Other supplies private and Foods, Petroleum services materials, and (financial, feeds, and except products profes- beverages petroleum sional, and etc.) products
Services
Capital goods, except automotive
AutoConsumer motive goods, vehicles, except engines, autoand parts motive
Travel
Other private services (financial, professional, etc.)
5.0 4.8 4.7
10.0 11.0 11.7
9.9 11.1 12.4
2.8 3.5 3.9
2.1 2.3 2.6
1.6 1.8 2.0
0.7 0.8 0.9
4.6 5.3 5.2
9.9 12.0 11.7
2.1 2.4 2.6
2.5 2.8 3.4
2.4 4.0 5.1
4.2 5.4 6.5
3.2 3.0 3.4
0.4 0.5 0.6
1970 1971 1972 1973 1974
........................... ........................... ........................... ........................... ...........................
5.9 6.1 7.5 15.2 18.6
13.8 12.6 13.9 19.7 29.9
14.7 15.4 16.9 22.0 30.9
3.9 4.7 5.5 7.0 8.8
2.8 2.9 3.6 4.8 6.4
2.3 2.5 2.8 3.4 4.0
1.0 1.3 1.5 1.7 3.0
6.1 6.4 7.3 9.1 10.6
12.2 13.6 16.0 19.2 27.0
2.9 3.7 4.7 8.4 26.6
4.0 4.3 5.9 8.3 9.8
5.7 7.6 9.0 10.7 12.4
7.4 8.4 11.1 12.9 14.4
4.0 4.4 5.0 5.5 6.0
0.6 0.7 0.8 0.9 1.9
1975 1976 1977 1978 1979
........................... ........................... ........................... ........................... ...........................
19.2 19.8 19.7 25.7 30.5
29.3 31.6 33.2 38.4 53.3
36.6 39.1 39.8 47.5 60.2
10.8 12.2 13.5 15.2 17.9
6.6 8.0 8.9 11.4 14.0
4.7 5.7 6.2 7.2 8.4
3.7 4.5 4.9 6.2 7.3
9.6 11.5 14.0 15.8 18.0
23.6 28.5 33.4 39.3 45.0
27.0 34.6 45.0 42.6 60.4
10.2 12.3 14.0 19.3 24.6
12.1 16.8 19.4 25.0 26.6
13.2 17.2 21.8 29.4 31.3
6.4 6.9 7.5 8.5 9.4
2.3 2.9 3.2 3.9 4.6
1980 1981 1982 1983 1984
........................... ........................... ........................... ........................... ...........................
36.3 38.8 32.2 32.1 32.2
68.0 65.7 61.8 57.1 61.9
76.3 84.2 76.5 71.7 77.0
17.4 19.7 17.2 18.5 22.4
17.8 17.7 16.1 14.9 15.1
10.6 12.9 12.4 10.9 17.2
8.6 13.2 16.9 17.6 18.6
18.6 18.6 17.5 18.8 21.9
47.3 52.0 45.4 51.1 62.6
79.5 78.4 62.0 55.1 58.1
31.6 37.1 38.4 43.7 60.4
28.3 31.0 34.3 43.0 56.5
34.3 38.4 39.7 47.3 61.1
10.4 11.5 12.4 13.2 22.9
5.1 6.3 7.4 7.3 8.2
1985 1986 1987 1988 1989
........................... ........................... ........................... ........................... ...........................
24.6 23.5 25.2 33.8 36.3
59.4 59.0 67.4 84.2 95.3
79.3 82.8 92.7 119.1 136.9
24.9 25.1 27.6 33.4 35.0
14.6 16.7 20.3 27.0 36.0
17.8 20.4 23.6 29.4 36.2
19.4 28.5 29.8 31.6 37.2
21.8 24.4 24.8 24.9 24.9
59.2 62.5 66.1 76.6 78.8
51.4 34.3 42.9 39.6 50.9
61.3 72.0 85.1 102.2 112.4
64.9 78.1 85.2 87.9 87.2
66.3 79.4 88.8 96.4 103.6
24.6 25.9 29.3 32.1 33.4
9.4 14.2 17.7 18.9 20.4
1990 1991 1992 1993 1994
........................... ........................... ........................... ........................... ...........................
35.2 35.8 40.3 40.6 42.0
101.8 106.1 105.0 102.8 115.7
153.1 166.6 176.5 182.9 205.8
36.1 39.7 46.7 51.3 57.3
43.6 46.7 51.3 54.6 59.9
43.0 48.4 54.7 57.9 58.4
40.8 48.3 50.6 53.8 61.3
26.4 26.2 27.6 27.9 31.0
78.2 75.6 82.4 88.7 105.0
62.3 51.7 51.6 51.5 51.3
116.3 121.0 134.6 152.9 185.0
88.4 85.7 91.7 102.4 118.1
104.9 107.6 122.4 133.7 145.9
37.4 35.3 38.6 40.7 43.8
23.9 27.6 26.1 28.7 32.6
1995 1996 1997 1998 1999
........................... ........................... ........................... ........................... ...........................
50.5 55.5 51.5 46.4 46.0
141.3 141.0 152.6 142.8 142.4
234.5 254.0 295.9 299.9 311.2
61.3 64.2 73.3 72.4 75.3
64.3 70.1 78.0 80.3 80.9
63.4 69.8 73.4 71.3 74.8
65.5 73.7 84.5 92.6 105.2
33.2 35.7 39.7 41.2 43.6
119.9 125.2 135.3 142.5 147.9
56.0 72.7 71.7 50.6 67.8
222.2 228.5 253.4 269.4 295.7
123.6 128.7 139.5 148.7 179.0
159.4 171.9 194.1 217.1 242.0
44.9 48.1 52.1 56.5 59.0
36.2 40.5 44.6 49.6 58.1
2000 2001 2002 2003 2004
........................... ........................... ........................... ........................... ...........................
47.9 49.4 49.6 55.0 56.6
166.6 155.3 153.5 168.3 199.5
357.0 321.7 290.4 293.6 331.5
80.4 75.4 78.9 80.7 89.3
89.4 88.3 84.4 89.9 103.1
82.4 71.9 66.6 64.3 74.5
109.3 116.3 125.3 136.2 145.4
46.0 46.6 49.7 55.8 62.1
172.8 164.8 158.4 174.4 225.1
120.2 103.6 103.5 133.1 180.5
347.0 298.0 283.3 295.8 343.5
195.9 189.8 203.7 210.2 228.2
282.0 284.5 308.0 334.0 373.1
64.7 60.2 58.7 57.4 65.6
64.0 70.9 77.3 86.2 95.7
1999 1st quarter ............. 2nd quarter ............ 3rd quarter ............. 4th quarter .............
43.8 45.8 47.9 46.4
134.0 138.0 143.3 154.3
302.0 301.2 315.4 326.5
73.2 74.7 75.9 77.2
78.8 79.4 81.0 84.4
72.5 73.4 75.3 78.1
102.4 104.3 106.1 107.9
42.3 43.9 43.7 44.5
138.5 143.2 150.6 159.2
42.1 63.7 79.6 85.7
278.9 291.6 300.8 311.5
170.3 175.2 183.5 186.9
230.1 234.6 246.6 257.0
57.2 58.3 59.2 61.1
56.2 58.5 58.9 58.7
2000 1st quarter ............. 2nd quarter ............ 3rd quarter ............. 4th quarter .............
46.4 47.9 49.7 47.4
160.2 163.3 171.6 171.5
329.5 356.4 374.2 367.9
83.5 80.2 79.2 78.5
87.6 88.8 91.6 89.5
81.9 84.1 81.4 82.2
106.3 108.0 110.2 112.8
44.9 45.9 46.8 46.4
164.9 169.9 176.7 179.6
107.8 117.9 127.9 127.1
320.4 346.2 362.2 359.3
197.3 195.4 197.4 193.5
266.7 280.0 287.0 294.4
65.1 64.6 64.3 64.8
61.5 62.6 65.1 66.9
2001 1st quarter ............. 2nd quarter ............ 3rd quarter ............. 4th quarter .............
49.7 49.7 49.3 49.0
165.2 157.9 151.5 146.6
364.2 331.8 302.1 288.8
73.5 76.8 76.5 74.9
92.7 91.5 85.1 84.0
82.9 78.5 69.5 56.7
114.1 114.9 116.4 119.8
45.7 45.7 48.0 47.1
186.2 167.6 157.0 148.4
125.3 108.6 97.1 83.4
339.4 299.9 280.0 272.8
189.1 190.4 191.6 188.0
291.7 286.6 282.4 277.3
63.5 66.9 58.4 51.9
68.2 71.4 72.0 72.0
2002 1st quarter ............. 2nd quarter ............ 3rd quarter ............. 4th quarter .............
48.9 49.2 50.7 49.6
145.0 154.7 156.6 157.6
285.2 293.5 297.2 285.9
75.0 81.0 80.7 79.0
82.6 84.3 85.5 85.0
64.6 64.6 65.1 72.0
123.3 124.8 124.6 128.7
47.2 49.0 50.7 51.8
148.3 156.9 161.0 167.4
81.4 104.0 106.9 121.6
277.5 285.5 285.4 284.9
193.5 203.5 209.0 209.1
287.4 305.9 317.7 320.8
58.2 58.0 58.0 60.7
75.8 75.1 77.8 80.4
2003 1st quarter ............. 2nd quarter ............ 3rd quarter ............. 4th quarter .............
52.3 53.5 55.9 58.4
166.7 165.9 167.1 173.3
282.1 283.4 294.2 314.7
79.8 81.8 78.3 82.9
87.0 87.9 90.9 93.8
63.2 57.3 64.7 72.1
133.6 133.4 136.2 141.7
54.1 54.9 56.4 58.0
172.1 170.2 175.5 179.6
142.4 124.9 131.7 133.4
285.6 292.6 294.3 310.7
205.3 210.6 205.2 219.6
328.3 327.8 333.2 346.7
58.0 52.0 58.6 61.3
83.7 84.4 86.9 89.8
2004 1st quarter ............. 2nd quarter ............ 3rd quarter ............. 4th quarter .............
56.5 56.8 55.6 57.4
187.1 197.0 202.7 211.2
322.7 329.2 336.7 337.3
84.0 87.2 92.3 93.7
98.2 102.1 103.8 108.2
71.6 74.7 74.7 76.9
140.8 143.9 144.4 152.7
60.0 62.3 61.9 64.3
197.2 221.2 235.9 246.2
160.2 166.1 180.5 215.1
323.1 341.9 351.1 357.7
221.7 228.7 230.1 232.5
358.4 375.9 370.4 387.6
63.5 66.0 66.4 66.6
91.1 94.0 96.6 101.0
154
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 7-5. Chain-Type Quantity Indexes for Exports and Imports of Selected NIPA Types of Product (Index numbers, 2000 = 100.)
NIPA Table 4.2.3 Exports
Imports
Goods
Year and quarter
Industrial Foods, supplies feeds, and and beverages materials
Capital goods, except automotive
Services
AutoConsumer motive goods, vehicles, except engines, autoand parts motive
Travel
Goods
Industrial Other supplies private and services Foods, Petroleum materials, (financial, feeds, and and except profes- beverages products petroleum sional, and etc.) products
Services
Capital goods, except automotive
AutoConsumer motive goods, vehicles, except engines, autoand parts motive
Travel
Other private services (financial, professional, etc.)
1967 ........................... 1968 ........................... 1969 ...........................
26.36 25.94 25.40
23.08 26.26 27.46
4.04 4.16 4.41
17.27 21.28 23.00
7.81 8.49 9.09
9.91 10.24 11.18
2.54 2.63 2.89
35.29 40.04 37.94
24.28 28.90 27.35
20.44 23.54 26.27
0.77 0.88 1.03
8.39 13.06 15.95
5.92 7.48 8.82
17.14 15.53 16.85
1.75 1.98 2.20
1970 1971 1972 1973 1974
........................... ........................... ........................... ........................... ...........................
30.65 29.84 35.22 45.60 40.86
30.75 27.80 29.61 36.43 37.49
4.93 5.15 5.64 7.16 8.94
22.47 25.47 28.59 33.56 37.44
9.64 9.67 11.30 13.78 17.14
12.06 12.59 13.52 15.53 16.90
3.09 3.59 4.00 4.36 7.12
40.53 41.84 44.54 45.67 42.25
27.64 30.12 33.05 33.27 32.41
28.37 32.45 39.63 56.30 54.20
1.07 1.06 1.36 1.68 1.79
16.31 19.89 21.55 22.24 23.62
9.49 9.98 12.17 12.49 11.24
19.44 19.42 21.01 19.82 17.79
2.30 2.54 2.62 2.93 5.90
1975 1976 1977 1978 1979
........................... ........................... ........................... ........................... ...........................
43.23 49.05 49.01 60.55 64.23
32.79 35.42 35.71 39.47 45.20
9.08 8.96 8.81 10.06 12.08
39.42 41.21 41.51 42.62 42.89
15.80 17.82 19.27 22.25 23.39
18.27 20.82 20.86 22.41 24.03
8.26 9.56 9.85 11.67 13.00
37.37 42.54 42.11 47.28 48.53
27.30 33.25 35.77 39.17 37.63
53.30 64.27 77.32 73.10 73.94
1.70 2.06 2.20 2.84 3.47
18.75 24.84 26.31 28.47 27.53
8.71 11.24 13.58 16.68 16.81
17.16 18.25 18.81 19.43 18.95
6.67 8.01 8.39 9.80 11.10
1980 1981 1982 1983 1984
........................... ........................... ........................... ........................... ...........................
72.41 73.93 69.46 66.39 64.60
51.30 47.84 46.40 44.14 46.40
14.10 14.15 12.51 12.07 13.37
36.12 35.71 29.26 30.27 35.72
28.35 27.18 24.46 22.37 22.26
26.84 29.62 26.41 22.30 33.26
13.89 19.87 23.96 23.67 24.00
42.24 43.95 44.80 48.62 55.08
32.84 35.65 32.32 38.38 47.60
59.72 52.33 45.00 44.54 47.05
4.09 4.82 5.24 6.34 9.48
27.28 26.40 28.25 34.58 44.44
16.93 18.54 19.38 23.32 29.44
18.93 20.02 23.74 26.89 49.15
11.33 13.35 15.14 14.18 15.89
1985 1986 1987 1988 1989
........................... ........................... ........................... ........................... ...........................
55.91 57.68 61.73 67.84 70.75
46.67 48.75 49.97 56.33 62.58
14.69 16.03 18.51 23.53 27.29
38.87 38.23 41.21 48.91 50.14
21.60 23.89 28.11 35.91 46.21
32.93 36.74 40.54 48.91 58.46
23.96 34.02 34.06 35.63 41.11
57.46 58.82 60.29 57.90 59.22
47.87 50.41 49.92 50.46 49.33
44.18 54.62 57.05 63.10 68.06
10.68 12.12 13.84 15.96 18.07
49.79 53.90 55.31 53.92 52.45
32.14 35.61 36.76 37.30 39.03
54.25 50.43 59.80 61.45 63.32
17.71 25.44 28.93 30.85 35.90
1990 1991 1992 1993 1994
........................... ........................... ........................... ........................... ...........................
73.20 74.65 84.50 83.96 83.99
66.23 70.80 72.10 70.20 74.12
31.59 34.55 37.86 40.34 46.54
50.17 53.75 62.03 67.60 74.75
54.13 56.05 60.35 63.43 69.35
65.94 69.86 77.51 81.30 81.70
43.21 49.12 50.06 52.14 58.50
61.49 58.71 61.98 62.70 64.13
50.07 49.15 54.04 58.63 67.37
68.97 65.55 67.94 74.98 79.61
19.48 20.94 24.26 28.29 34.76
52.72 49.18 51.72 56.86 63.56
38.34 38.99 43.05 46.63 50.52
67.65 61.26 63.07 66.16 68.51
38.87 43.16 40.76 43.70 49.82
1995 1996 1997 1998 1999
........................... ........................... ........................... ........................... ...........................
93.15 91.66 91.84 90.93 94.44
79.87 83.60 90.83 89.84 90.89
55.43 64.24 78.76 82.12 86.65
78.89 81.83 92.64 91.39 94.43
73.51 79.08 87.29 89.90 90.91
87.60 94.21 96.90 93.09 95.14
61.25 67.64 76.58 83.98 96.91
65.71 72.26 79.60 85.42 93.39
70.74 74.90 81.05 89.81 93.67
78.21 84.38 88.20 93.94 94.46
42.80 50.29 63.05 72.46 83.19
64.62 66.84 72.30 76.96 92.01
54.40 58.49 66.85 75.79 85.08
69.05 71.76 77.95 88.11 89.82
55.29 61.10 67.28 76.53 89.56
2000 2001 2002 2003 2004
........................... ........................... ........................... ........................... ...........................
100.00 102.86 100.78 102.56 95.95
100.00 96.10 96.40 98.86 105.13
100.00 90.18 82.36 84.19 95.09
100.00 93.56 97.41 98.86 108.56
100.00 99.19 95.21 100.90 114.59
100.00 86.93 81.20 76.89 86.10
100.00 106.32 114.72 123.15 128.28
100.00 104.61 110.13 118.68 125.49
100.00 96.37 99.12 100.79 116.58
100.00 103.71 101.08 107.62 114.65
100.00 88.60 87.16 92.36 108.37
100.00 96.96 103.78 106.48 113.70
100.00 101.71 111.25 120.90 134.13
100.00 95.27 90.22 82.23 87.12
100.00 110.85 118.35 131.61 144.07
1999 1st quarter ............. 2nd quarter ............ 3rd quarter ............. 4th quarter .............
88.63 93.59 98.94 96.60
87.40 89.52 90.81 95.82
83.63 83.67 88.15 91.13
92.13 93.87 95.30 96.43
88.58 89.32 91.08 94.67
93.90 93.57 95.23 97.87
93.61 95.47 98.01 100.55
89.85 93.47 94.46 95.76
89.53 92.11 94.56 98.47
92.72 98.95 97.49 88.69
76.70 81.71 85.54 88.79
87.82 90.09 94.24 95.87
80.49 82.53 86.85 90.43
87.23 89.17 90.43 92.44
86.02 88.91 90.97 92.32
2000 1st quarter ............. 2nd quarter ............ 3rd quarter ............. 4th quarter .............
96.68 98.49 106.04 98.79
97.48 97.94 102.32 102.27
92.37 100.02 104.66 102.96
104.20 99.87 98.41 97.52
98.02 99.26 102.36 100.36
101.00 102.02 98.24 98.75
97.77 99.11 100.17 102.96
96.52 99.21 102.15 102.11
99.64 99.73 100.99 99.64
94.45 102.82 102.22 100.51
91.58 99.39 104.45 104.58
101.03 99.74 100.62 98.62
94.15 99.26 101.85 104.74
98.43 99.42 99.57 102.57
96.30 98.20 100.91 104.60
2001 1st quarter ............. 2nd quarter ............ 3rd quarter ............. 4th quarter .............
103.27 104.27 101.21 102.71
99.28 96.18 94.61 94.34
101.67 92.69 84.91 81.44
91.34 95.16 94.81 92.92
104.03 103.01 95.58 94.13
99.64 94.07 84.26 69.76
103.68 105.18 106.40 110.00
100.47 102.51 108.91 106.54
100.04 95.13 95.50 94.82
113.68 102.52 94.39 104.26
99.31 88.75 83.82 82.52
96.46 97.36 98.11 95.91
103.82 102.37 101.03 99.61
100.35 106.38 92.24 82.09
106.37 111.91 112.62 112.52
2002 1st quarter ............. 2nd quarter ............ 3rd quarter ............. 4th quarter .............
102.99 102.67 100.39 97.05
94.10 97.66 96.89 96.95
80.48 83.12 84.36 81.46
92.81 100.17 99.51 97.17
93.27 95.37 96.45 95.74
79.49 78.75 79.35 87.20
113.30 113.93 113.82 117.83
106.97 109.51 112.10 111.96
95.72 97.96 100.13 102.68
101.62 98.90 95.59 108.22
84.83 87.50 87.74 88.57
98.81 103.80 106.38 106.14
103.61 110.60 114.75 116.03
92.55 89.94 87.49 90.89
117.09 114.22 118.72 123.35
2003 1st quarter ............. 2nd quarter ............ 3rd quarter ............. 4th quarter .............
101.73 101.45 105.06 102.00
99.02 97.66 98.53 100.21
80.52 80.97 84.56 90.71
97.96 100.34 95.83 101.33
97.94 98.83 101.99 104.85
75.92 69.19 77.10 85.35
121.43 120.85 122.50 127.81
115.19 117.00 119.91 122.62
98.95 99.03 101.95 103.22
105.69 107.68 107.32 109.79
88.96 91.25 91.81 97.42
104.32 106.84 104.07 110.69
118.90 118.65 120.61 125.42
85.68 74.44 83.93 84.89
127.81 128.92 132.18 137.51
2004 1st quarter ............. 2nd quarter ............ 3rd quarter ............. 4th quarter .............
94.50 89.80 96.72 102.80
103.39 105.77 105.48 105.89
92.84 94.51 96.56 96.45
102.57 106.18 112.08 113.40
109.59 113.81 115.09 119.88
84.21 86.49 86.04 87.68
125.62 127.22 127.26 133.02
123.99 126.18 125.22 126.57
107.36 115.40 120.52 123.06
118.49 109.90 109.77 120.46
101.16 107.83 111.09 113.39
111.20 114.24 114.42 114.92
128.75 135.22 133.38 139.16
84.68 89.96 89.07 84.78
138.43 141.61 142.52 153.72
CHAPTER 7: U.S. FOREIGN TRADE AND FINANCE
Section 7b: U.S. International Transactions Accounts
Figure 7-2. Balance on Current Account and Financial Inflows and Outflows, 1960–2004
Billions of dollars
1,500 Balance on current account
1,000
Financial outflows Financial inflows
500
0
-500
-1,000 1960
1965
1970
1975
1980
1985
1990
1995
2000
2004
Year
• The U.S. current-account international balance is also recorded in the international transactions accounts (ITAs). The definitional differences between this balance and the balance in the NIPAs are minor, and the trends in the two measures are similar. The ITAs measure the current account surplus or deficit (commonly known as the “balance of payments”), and directly measure the financial flows required to finance it. (Table 7-6) • Figure 7-2 above shows the ITA current-account balance since 1960, culminating in a $668 billion deficit in 2004. U.S. investment in assets abroad contributed a further outflow, amounting to $856 billion in 2004. Financing the sum of these was a financial inflow, or increase in foreign-owned assets in the United States, of $1.44 trillion. The financial outflows and inflows both increased by large amounts in 2004. The net of the financial flows does not equal the current-account balance because of a capital transactions item—typically small, as it was in 2004—and the large ITA statistical discrepancy. (Table 7-6) • Both official and private foreign entities increased their lending to the United States in 2004. U.S. banks borrowed $323 billion abroad, but invested $356 billion abroad—both sharply increased from 2003 levels. (Table 7-6) • Before the 1980s, the United States was a net creditor with respect to the rest of the world. In other words, the value of U.S.-owned assets abroad exceeded the value of foreign-owned assets in the United States. Since then, the persistent net financial inflows associated with current-account deficits have cumulated, resulting in a growing net debtor status, with the value of foreign-owned assets in the United States exceeding the value of U.S.-owned assets abroad by $2.5 trillion as of the end of 2004. (Table 7-8)
155
156
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 7-6. U.S. International Transactions (Millions of dollars, seasonally adjusted.) Current account Exports of goods and services and income receipts Income receipts Income receipts on U.S.-owned assets abroad Year and quarter Total
Exports of goods and services
Exports of goods
Exports of services
Total Total
Direct investment receipts
Other private receipts
U.S. government receipts
Compensation of employees
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
30 556 31 402 33 340 35 776 40 165
25 940 26 403 27 722 29 620 33 341
19 650 20 108 20 781 22 272 25 501
6 290 6 295 6 941 7 348 7 840
4 616 4 999 5 618 6 157 6 824
4 616 4 999 5 618 6 157 6 824
3 621 3 823 4 241 4 636 5 106
646 793 904 1 022 1 256
349 383 473 499 462
... ... ... ... ...
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
42 722 46 454 49 353 54 911 60 132
35 285 38 926 41 333 45 543 49 220
26 461 29 310 30 666 33 626 36 414
8 824 9 616 10 667 11 917 12 806
7 437 7 528 8 021 9 367 10 913
7 437 7 528 8 021 9 367 10 913
5 506 5 260 5 603 6 591 7 649
1 421 1 669 1 781 2 021 2 338
510 599 636 756 925
... ... ... ... ...
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
68 387 72 384 81 986 113 050 148 484
56 640 59 677 67 222 91 242 120 897
42 469 43 319 49 381 71 410 98 306
14 171 16 358 17 841 19 832 22 591
11 748 12 707 14 765 21 808 27 587
11 748 12 707 14 765 21 808 27 587
8 169 9 160 10 949 16 542 19 157
2 671 2 641 2 949 4 330 7 356
907 906 866 936 1 074
... ... ... ... ...
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
157 936 172 090 184 655 220 516 287 965
132 585 142 716 152 301 178 428 224 131
107 088 114 745 120 816 142 075 184 439
25 497 27 971 31 485 36 353 39 692
25 351 29 375 32 354 42 088 63 834
25 351 29 375 32 354 42 088 63 834
16 595 18 999 19 673 25 458 38 183
7 644 9 043 11 057 14 788 23 356
1 112 1 332 1 625 1 843 2 295
... ... ... ... ...
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
344 440 380 928 366 983 356 106 399 913
271 834 294 398 275 236 266 106 291 094
224 250 237 044 211 157 201 799 219 926
47 584 57 354 64 079 64 307 71 168
72 606 86 529 91 747 90 000 108 819
72 606 86 529 91 747 90 000 108 819
37 146 32 549 29 469 31 750 35 325
32 898 50 300 58 160 53 418 68 267
2 562 3 680 4 118 4 832 5 227
... ... ... ... ...
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
387 612 407 098 457 053 567 862 648 290
289 070 310 033 348 869 431 149 487 003
215 915 223 344 250 208 320 230 359 916
73 155 86 689 98 661 110 919 127 087
98 542 97 064 108 184 136 713 161 287
98 542 96 156 107 190 135 718 160 270
35 410 36 938 46 288 58 445 61 981
57 633 52 806 55 592 70 571 92 638
5 499 6 413 5 311 6 703 5 651
... 908 994 995 1 017
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
706 975 727 557 750 648 778 921 869 775
535 233 578 343 616 882 642 863 703 254
387 401 414 083 439 631 456 943 502 859
147 832 164 260 177 251 185 920 200 395
171 742 149 214 133 767 136 057 166 521
170 570 147 924 131 971 134 237 164 578
65 973 58 718 57 539 67 245 77 344
94 072 81 186 67 316 61 865 83 106
10 525 8 019 7 115 5 126 4 128
1 172 1 290 1 796 1 820 1 943
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
1 004 631 1 077 731 1 191 441 1 195 314 1 260 368
794 387 851 602 934 637 933 495 966 443
575 204 612 113 678 366 670 416 683 965
219 183 239 489 256 271 263 079 282 478
210 244 226 129 256 804 261 819 293 925
208 065 223 948 254 534 259 382 291 177
95 260 102 505 115 323 103 963 131 626
108 092 116 852 135 652 151 818 156 354
4 713 4 591 3 559 3 601 3 197
2 179 2 181 2 270 2 437 2 748
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
1 422 402 1 295 441 1 248 068 1 332 397 1 530 975
1 071 484 1 007 138 977 276 1 022 567 1 151 448
771 994 718 712 682 422 713 421 807 536
299 490 288 426 294 854 309 146 343 912
350 918 288 303 270 792 309 830 379 527
348 083 285 372 267 849 306 854 376 489
151 839 128 665 145 590 193 289 233 067
192 398 153 146 118 956 108 868 140 424
3 846 3 561 3 303 4 697 2 998
2 835 2 931 2 943 2 976 3 038
2000 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
341 910 355 482 360 539 364 471
258 607 266 737 273 717 272 422
185 253 191 227 198 811 196 703
73 354 75 510 74 906 75 719
83 303 88 745 86 822 92 049
82 581 88 056 86 104 91 343
37 085 38 140 36 306 40 309
44 430 48 777 48 953 50 238
1 066 1 139 845 796
722 689 718 706
2001 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
350 876 335 316 311 942 297 308
268 914 259 475 244 046 234 703
193 976 185 030 172 648 167 058
74 938 74 445 71 398 67 645
81 962 75 841 67 896 62 605
81 200 75 123 67 162 61 888
34 109 33 106 30 833 30 617
46 198 41 240 35 479 30 229
893 777 850 1 042
762 718 734 717
2002 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
301 512 312 943 319 154 314 463
236 555 244 952 248 379 247 390
165 171 172 131 174 241 170 879
71 384 72 821 74 138 76 511
64 957 67 991 70 775 67 073
64 198 67 267 70 044 66 344
34 034 35 931 38 540 37 089
29 351 30 630 30 654 28 321
813 706 850 934
759 724 731 729
2003 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
318 950 322 353 333 656 357 435
248 244 248 481 256 062 269 782
173 167 174 696 178 186 187 372
75 077 73 785 77 876 82 410
70 706 73 872 77 594 87 653
69 979 73 156 76 838 86 876
42 080 45 679 48 398 57 129
27 056 26 236 27 151 28 425
843 1 241 1 289 1 322
727 716 756 777
2004 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
363 494 376 564 385 874 405 041
277 093 285 099 290 370 298 887
193 789 200 072 204 801 208 874
83 304 85 027 85 569 90 013
86 401 91 465 95 504 106 154
85 657 90 738 94 734 105 357
55 096 57 053 57 863 63 053
29 758 32 972 36 117 41 577
803 713 754 727
744 727 770 797
. . . = Not available.
CHAPTER 7: U.S. FOREIGN TRADE AND FINANCE
157
Table 7-6. U.S. International Transactions—Continued (Millions of dollars, seasonally adjusted.) Current account—Continued Imports of goods and services and income payments 1 Income payments Income payments on foreign-owned assets in the U.S. Year and quarter Total
Imports of goods and services
Imports of goods
Imports of services
Total Total
Direct investment payments
Other private payments
U.S. government payments
Compensation of employees
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
-23 670 -23 453 -25 676 -26 970 -29 102
-22 432 -22 208 -24 352 -25 410 -27 319
-14 758 -14 537 -16 260 -17 048 -18 700
-7 674 -7 671 -8 092 -8 362 -8 619
-1 238 -1 245 -1 324 -1 560 -1 783
-1 238 -1 245 -1 324 -1 560 -1 783
-394 -432 -399 -459 -529
-511 -535 -586 -701 -802
-332 -278 -339 -401 -453
... ... ... ... ...
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
-32 708 -38 468 -41 476 -48 671 -53 998
-30 621 -35 987 -38 729 -45 293 -49 129
-21 510 -25 493 -26 866 -32 991 -35 807
-9 111 -10 494 -11 863 -12 302 -13 322
-2 088 -2 481 -2 747 -3 378 -4 869
-2 088 -2 481 -2 747 -3 378 -4 869
-657 -711 -821 -876 -848
-942 -1 221 -1 328 -1 800 -3 244
-489 -549 -598 -702 -777
... ... ... ... ...
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
-59 901 -66 414 -79 237 -98 997 -137 274
-54 386 -60 979 -72 665 -89 342 -125 190
-39 866 -45 579 -55 797 -70 499 -103 811
-14 520 -15 400 -16 868 -18 843 -21 379
-5 515 -5 435 -6 572 -9 655 -12 084
-5 515 -5 435 -6 572 -9 655 -12 084
-875 -1 164 -1 284 -1 610 -1 331
-3 617 -2 428 -2 604 -4 209 -6 491
-1 024 -1 844 -2 684 -3 836 -4 262
... ... ... ... ...
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
-132 745 -162 109 -193 764 -229 870 -281 657
-120 181 -148 798 -179 547 -208 191 -248 696
-98 185 -124 228 -151 907 -176 002 -212 007
-21 996 -24 570 -27 640 -32 189 -36 689
-12 564 -13 311 -14 217 -21 680 -32 961
-12 564 -13 311 -14 217 -21 680 -32 961
-2 234 -3 110 -2 834 -4 211 -6 357
-5 788 -5 681 -5 841 -8 795 -15 481
-4 542 -4 520 -5 542 -8 674 -11 122
... ... ... ... ...
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
-333 774 -364 196 -355 975 -377 488 -473 923
-291 241 -310 570 -299 391 -323 874 -400 166
-249 750 -265 067 -247 642 -268 901 -332 418
-41 491 -45 503 -51 749 -54 973 -67 748
-42 532 -53 626 -56 583 -53 614 -73 756
-42 532 -53 626 -56 583 -53 614 -73 756
-8 635 -6 898 -2 114 -4 120 -8 443
-21 214 -29 415 -35 187 -30 501 -44 158
-12 684 -17 313 -19 282 -18 993 -21 155
... ... ... ... ...
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
-483 769 -530 142 -594 443 -663 741 -721 607
-410 950 -448 572 -500 552 -545 715 -580 144
-338 088 -368 425 -409 765 -447 189 -477 665
-72 862 -80 147 -90 787 -98 526 -102 479
-72 819 -81 571 -93 891 -118 026 -141 463
-72 819 -78 893 -91 553 -116 179 -139 177
-6 945 -6 856 -7 676 -12 150 -7 045
-42 745 -47 412 -57 659 -72 314 -93 768
-23 129 -24 625 -26 218 -31 715 -38 364
... -2 678 -2 338 -1 847 -2 286
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
-759 290 -734 564 -765 626 -823 914 -951 122
-616 097 -609 479 -656 094 -713 174 -801 747
-498 438 -491 020 -536 528 -589 394 -668 690
-117 659 -118 459 -119 566 -123 780 -133 057
-143 192 -125 085 -109 532 -110 741 -149 375
-139 728 -121 059 -104 780 -105 609 -143 423
-3 450 2 265 -2 190 -7 943 -22 150
-95 508 -82 452 -63 509 -58 290 -77 081
-40 770 -40 872 -39 081 -39 376 -44 192
-3 464 -4 026 -4 752 -5 132 -5 952
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
-1 080 124 -1 159 478 -1 287 142 -1 356 058 -1 509 874
-890 771 -955 667 -1 042 947 -1 098 504 -1 229 837
-749 374 -803 113 -876 470 -917 103 -1 029 980
-141 397 -152 554 -166 477 -181 401 -199 857
-189 353 -203 811 -244 195 -257 554 -280 037
-183 090 -197 511 -237 529 -250 560 -272 082
-30 318 -33 093 -42 950 -38 418 -53 437
-97 149 -97 800 -112 878 -127 988 -138 120
-55 623 -66 618 -81 701 -84 154 -80 525
-6 263 -6 300 -6 666 -6 994 -7 955
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
-1 779 620 -1 632 987 -1 659 233 -1 780 907 -2 118 119
-1 449 756 -1 369 867 -1 398 457 -1 517 381 -1 769 031
-1 224 408 -1 145 900 -1 164 720 -1 260 717 -1 472 926
-225 348 -223 967 -233 737 -256 664 -296 105
-329 864 -263 120 -260 776 -263 526 -349 088
-322 345 -255 034 -252 396 -255 020 -340 255
-56 910 -12 783 -45 820 -71 447 -105 146
-180 918 -159 825 -129 934 -110 105 -145 370
-84 517 -82 426 -76 642 -73 468 -89 739
-7 519 -8 086 -8 380 -8 506 -8 833
2000 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
-427 456 -441 277 -454 135 -456 757
-348 187 -357 165 -370 575 -373 834
-293 664 -301 569 -312 780 -316 395
-54 523 -55 596 -57 795 -57 439
-79 269 -84 112 -83 560 -82 923
-77 390 -82 234 -81 720 -81 001
-15 972 -15 912 -13 333 -11 693
-41 012 -45 059 -47 045 -47 802
-20 406 -21 263 -21 342 -21 506
-1 879 -1 878 -1 840 -1 922
2001 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
-443 202 -417 729 -401 689 -370 373
-366 167 -348 432 -333 322 -321 948
-309 396 -290 214 -277 881 -268 409
-56 771 -58 218 -55 441 -53 539
-77 035 -69 297 -68 367 -48 425
-75 029 -67 291 -66 346 -46 370
-7 556 -4 089 -7 084 5 944
-46 000 -41 944 -39 266 -32 615
-21 473 -21 258 -19 996 -19 699
-2 006 -2 006 -2 021 -2 055
2002 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
-393 183 -417 356 -424 507 -424 184
-329 732 -348 409 -355 949 -364 367
-273 155 -291 124 -297 169 -303 272
-56 577 -57 285 -58 780 -61 095
-63 451 -68 947 -68 558 -59 817
-61 357 -66 817 -66 514 -57 707
-8 904 -13 085 -14 791 -9 039
-32 683 -34 318 -32 733 -30 200
-19 770 -19 414 -18 990 -18 468
-2 094 -2 130 -2 044 -2 110
2003 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
-437 867 -433 896 -445 003 -464 135
-373 077 -371 331 -378 761 -394 209
-311 028 -309 763 -313 476 -326 450
-62 049 -61 568 -65 285 -67 759
-64 790 -62 565 -66 242 -69 926
-62 644 -60 496 -64 118 -67 760
-16 508 -16 322 -18 432 -20 183
-28 059 -26 350 -27 260 -28 436
-18 077 -17 824 -18 426 -19 141
-2 146 -2 069 -2 124 -2 166
2004 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
-487 324 -522 684 -537 085 -571 026
-415 945 -437 141 -447 835 -468 108
-345 241 -364 059 -372 576 -391 050
-70 704 -73 082 -75 259 -77 058
-71 379 -85 543 -89 250 -102 918
-69 219 -83 331 -87 040 -100 666
-20 014 -27 973 -27 520 -29 640
-29 040 -33 355 -36 246 -46 729
-20 165 -22 003 -23 274 -24 297
-2 160 -2 212 -2 210 -2 252
1A
minus sign indicates imports of goods and services, or payments of incomes. . . . = Not available.
158
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 7-6. U.S. International Transactions—Continued (Millions of dollars, seasonally adjusted.) Current account—Continued
Financial account
Unilateral current transfers, net 2
U.S.-owned assets abroad, net 2
U.S. government
U.S. official reserve assets, net
Year and quarter Total Grants
Pensions and other transfers
Private remittances and other transfers
Capital account transactions, net 2
Special drawing rights
Total Total
Gold
Reserve position in the IMF
Foreign currencies
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
-4 062 -4 127 -4 277 -4 392 -4 240
-3 367 -3 320 -3 453 -3 479 -3 227
-273 -373 -347 -339 -399
-423 -434 -477 -575 -614
... ... ... ... ...
-4 099 -5 538 -4 174 -7 270 -9 560
2 145 607 1 535 378 171
1 703 857 890 461 125
0 0 0 0 0
442 -135 626 29 266
0 -115 19 -112 -220
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
-4 583 -4 955 -5 294 -5 629 -5 735
-3 444 -3 802 -3 844 -4 256 -4 259
-463 -499 -571 -537 -537
-677 -655 -879 -836 -939
... ... ... ... ...
-5 716 -7 321 -9 757 -10 977 -11 585
1 225 570 53 -870 -1 179
1 665 571 1 170 1 173 -967
0 0 0 0 0
-94 537 -94 -870 -1 034
-346 -538 -1 023 -1 173 822
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
-6 156 -7 402 -8 544 -6 913 -9 249
-4 449 -5 589 -6 665 -4 748 -7 293
-611 -696 -770 -915 -939
-1 096 -1 117 -1 109 -1 250 -1 017
... ... ... ... ...
-8 470 -11 758 -13 787 -22 874 -34 745
3 348 3 066 706 158 -1 467
787 866 547 0 0
16 468 7 9 -172
389 1 350 153 -33 -1 265
2 156 382 -1 182 -30
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
-7 075 -5 686 -5 226 -5 788 -6 593
-5 101 -3 519 -2 990 -3 412 -4 015
-1 068 -1 250 -1 378 -1 532 -1 658
-906 -917 -859 -844 -920
... ... ... ... ...
-39 703 -51 269 -34 785 -61 130 -64 915
-849 -2 558 -375 732 6
0 0 -118 -65 -65
-66 -78 -121 1 249 3
-466 -2 212 -294 4 231 -189
-317 -268 158 -4 683 257
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
-8 349 -11 702 -16 544 -17 310 -20 335
-5 486 -5 145 -6 087 -6 469 -8 696
-1 818 -2 041 -2 251 -2 207 -2 159
-1 044 -4 516 -8 207 -8 635 -9 479
... ... 199 209 235
-85 815 -113 054 -127 882 -66 373 -40 376
-7 003 -4 082 -4 965 -1 196 -3 131
0 * 0 0 0
1 136 -730 -1 371 -66 -979
-1 667 -2 491 -2 552 -4 434 -995
-6 472 -861 -1 041 3 304 -1 156
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
-21 998 -24 132 -23 265 -25 274 -26 169
-11 268 -11 883 -10 309 -10 537 -10 860
-2 138 -2 372 -2 409 -2 709 -2 775
-8 593 -9 877 -10 548 -12 028 -12 534
315 301 365 493 336
-44 752 -111 723 -79 296 -106 573 -175 383
-3 858 312 9 149 -3 912 -25 293
0 0 0 0 0
-897 -246 -509 127 -535
908 1 501 2 070 1 025 471
-3 869 -942 7 588 -5 064 -25 229
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
-26 654 9 904 -35 100 -39 811 -40 265
-10 359 29 193 -16 319 -17 035 -14 978
-3 224 -3 775 -4 043 -4 104 -4 556
-13 070 -15 514 -14 738 -18 672 -20 731
-6 579 -4 479 -557 -1 299 -1 723
-81 234 -64 389 -74 410 -200 551 -178 937
-2 158 5 763 3 901 -1 379 5 346
0 0 0 0 0
-192 -176 2 316 -537 -441
731 -366 -2 691 -43 494
-2 697 6 307 4 276 -798 5 293
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
-38 177 -43 147 -45 205 -53 320 -50 554
-11 190 -15 401 -12 472 -13 270 -13 774
-3 451 -4 466 -4 191 -4 305 -4 406
-23 536 -23 280 -28 542 -35 745 -32 374
-927 -631 -1 014 -702 -4 888
-352 264 -413 409 -485 475 -353 829 -504 062
-9 742 6 668 -1 010 -6 783 8 747
0 0 0 0 0
-808 370 -350 -147 10
-2 466 -1 280 -3 575 -5 119 5 484
-6 468 7 578 2 915 -1 517 3 253
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
-58 781 -51 910 -64 046 -71 169 -80 930
-16 714 -11 517 -17 097 -21 834 -23 317
-4 705 -5 798 -5 125 -5 341 -6 264
-37 362 -34 595 -41 824 -43 994 -51 349
-929 -1 223 -1 363 -3 214 -1 648
-560 523 -382 616 -294 027 -328 397 -855 509
-290 -4 911 -3 681 1 523 2 805
0 0 0 0 0
-722 -630 -475 601 -398
2 308 -3 600 -2 632 1 494 3 826
-1 876 -681 -574 -572 -623
2000 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
-12 894 -13 402 -14 246 -18 240
-2 884 -3 173 -3 637 -7 020
-1 168 -1 179 -1 183 -1 177
-8 842 -9 050 -9 426 -10 043
-205 -218 -249 -257
-207 606 -107 301 -84 847 -160 771
-554 2 020 -346 -1 410
0 0 0 0
-180 -180 -182 -180
-237 2 328 1 300 -1 083
-137 -128 -1 464 -147
2001 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
-15 268 -15 992 -3 114 -17 530
-2 426 -2 479 -2 867 -3 745
-1 316 -1 291 -1 305 -1 886
-11 526 -12 222 1 058 -11 899
-295 -304 -320 -304
-216 194 -86 702 32 858 -112 577
190 -1 343 -3 559 -199
0 0 0 0
-189 -156 -145 -140
574 -1 015 -3 242 83
-195 -172 -172 -142
2002 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
-18 420 -14 873 -14 726 -16 027
-6 397 -3 287 -3 075 -4 338
-1 271 -1 279 -1 282 -1 292
-10 752 -10 307 -10 369 -10 397
-295 -306 -373 -389
-84 219 -139 716 884 -70 978
390 -1 843 -1 416 -812
0 0 0 0
-109 -107 -132 -127
652 -1 607 -1 136 -541
-153 -129 -148 -144
2003 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
-17 743 -17 251 -17 634 -18 543
-5 826 -5 855 -5 435 -4 718
-1 320 -1 335 -1 334 -1 352
-10 597 -10 061 -10 865 -12 473
-423 -1 596 -837 -358
-91 631 -142 267 -25 442 -69 057
83 -170 -611 2 221
0 0 0 0
897 -102 -97 -97
-644 86 -383 2 435
-170 -154 -131 -117
2004 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
-22 271 -20 515 -15 771 -22 374
-7 744 -4 961 -4 911 -5 701
-1 554 -1 556 -1 548 -1 607
-12 973 -13 998 -9 312 -15 066
-428 -372 -393 -455
-295 140 -133 886 -137 525 -288 957
557 1 122 429 697
0 0 0 0
-100 -90 -98 -110
815 1 345 676 990
-158 -133 -149 -183
2A minus sign indicates net unilateral transfers to foreigners, net capital or financial outflows, or increases in U.S. official assets.
. . . = Not available. * = Less than $500,000 (+/-).
CHAPTER 7: U.S. FOREIGN TRADE AND FINANCE
159
Table 7-6. U.S. International Transactions—Continued (Millions of dollars, seasonally adjusted.) Financial account—Continued U.S.-owned assets abroad, net 3—Continued U.S. government assets other than official reserve assets, net
U.S. private assets, net U.S. claims
Year and quarter Total
U.S. credits and other long-term assets
Repayments on U.S. credits and other long-term assets
U.S. foreign currency holdings and short-term assets
Total
Direct investment
Foreign securities
On unaffiliated foreigners reported by U.S. nonbanking concerns
Reported by U.S. banks, not included elsewhere
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
-1 100 -910 -1 085 -1 662 -1 680
-1 214 -1 928 -2 128 -2 204 -2 382
642 1 279 1 288 988 720
-528 -261 -245 -447 -19
-5 144 -5 235 -4 623 -5 986 -8 050
-2 940 -2 653 -2 851 -3 483 -3 760
-663 -762 -969 -1 105 -677
-394 -558 -354 157 -1 108
-1 148 -1 261 -450 -1 556 -2 505
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
-1 605 -1 543 -2 423 -2 274 -2 200
-2 463 -2 513 -3 638 -3 722 -3 489
874 1 235 1 005 1 386 1 200
-16 -265 209 62 89
-5 336 -6 347 -7 386 -7 833 -8 206
-5 011 -5 418 -4 805 -5 295 -5 960
-759 -720 -1 308 -1 569 -1 549
341 -442 -779 -1 203 -126
93 233 -495 233 -570
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
-1 589 -1 884 -1 568 -2 644 366
-3 293 -4 181 -3 819 -4 638 -5 001
1 721 2 115 2 086 2 596 4 826
-16 182 165 -602 541
-10 229 -12 940 -12 925 -20 388 -33 643
-7 590 -7 618 -7 747 -11 353 -9 052
-1 076 -1 113 -618 -671 -1 854
-596 -1 229 -1 054 -2 383 -3 221
-967 -2 980 -3 506 -5 980 -19 516
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
-3 474 -4 214 -3 693 -4 660 -3 746
-5 941 -6 943 -6 445 -7 470 -7 697
2 475 2 596 2 719 2 941 3 926
-9 133 33 -131 25
-35 380 -44 498 -30 717 -57 202 -61 176
-14 244 -11 949 -11 890 -16 056 -25 222
-6 247 -8 885 -5 460 -3 626 -4 726
-1 357 -2 296 -1 940 -3 853 -5 014
-13 532 -21 368 -11 427 -33 667 -26 213
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
-5 162 -5 097 -6 131 -5 006 -5 489
-9 860 -9 674 -10 063 -9 967 -9 599
4 456 4 413 4 292 5 012 4 490
242 164 -360 -51 -379
-73 651 -103 875 -116 786 -60 172 -31 757
-19 222 -9 624 -4 556 -12 528 -16 407
-3 568 -5 699 -7 983 -6 762 -4 756
-4 023 -4 377 6 823 -10 954 533
-46 838 -84 175 -111 070 -29 928 -11 127
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
-2 821 -2 022 1 006 2 967 1 233
-7 657 -9 084 -6 506 -7 680 -5 608
4 719 6 089 7 625 10 370 6 725
117 973 -113 277 115
-38 074 -110 014 -89 450 -105 628 -151 323
-18 927 -23 995 -35 034 -22 528 -43 447
-7 481 -4 271 -5 251 -7 980 -22 070
-10 342 -21 773 -7 046 -21 193 -27 646
-1 323 -59 975 -42 119 -53 927 -58 160
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
2 317 2 923 -1 667 -351 -390
-8 410 -12 880 -7 408 -6 311 -5 383
10 856 16 777 5 807 6 270 5 088
-130 -974 -67 -310 -95
-81 393 -73 075 -76 644 -198 823 -183 893
-37 183 -37 889 -48 266 -83 951 -80 167
-28 765 -45 673 -49 166 -146 253 -63 190
-27 824 11 097 -387 766 -36 336
12 379 -610 21 175 30 615 -4 200
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
-984 -989 68 -422 2 750
-4 859 -5 025 -5 417 -4 678 -6 175
4 125 3 930 5 438 4 111 9 559
-250 106 47 145 -634
-341 538 -419 088 -484 533 -346 624 -515 559
-98 750 -91 885 -104 803 -142 644 -224 934
-122 394 -149 315 -116 852 -130 204 -122 236
-45 286 -86 333 -121 760 -38 204 -97 704
-75 108 -91 555 -141 118 -35 572 -70 685
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
-941 -486 345 537 1 215
-5 182 -4 431 -5 251 -7 279 -3 044
4 265 3 873 5 701 7 981 4 221
-24 72 -105 -165 38
-559 292 -377 219 -290 691 -330 457 -859 529
-159 212 -142 349 -154 460 -140 579 -252 012
-127 908 -90 644 -48 568 -156 064 -102 383
-138 790 -8 520 -49 403 -24 240 -149 001
-133 382 -135 706 -38 260 -9 574 -356 133
2000 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
-127 -570 114 -358
-1 750 -1 371 -1 051 -1 010
1 329 860 1 266 810
294 -59 -101 -158
-206 925 -108 751 -84 615 -159 003
-34 934 -52 029 -39 618 -32 633
-32 542 -38 171 -32 363 -24 832
-79 800 -25 287 -14 121 -19 582
-59 649 6 736 1 487 -81 956
2001 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
77 -783 77 143
-1 094 -1 330 -1 011 -996
1 071 573 1 118 1 111
100 -26 -30 28
-216 461 -84 576 36 340 -112 521
-35 381 -26 783 -44 327 -35 857
-25 355 -50 200 11 639 -26 728
-46 769 -7 507 1 824 43 932
-108 956 -86 67 204 -93 868
2002 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
133 42 -27 197
-853 -565 -1 375 -2 458
994 566 1 452 2 689
-8 41 -104 -34
-84 742 -137 915 2 327 -70 363
-48 155 -36 163 -33 165 -36 979
-9 012 -20 735 4 884 -23 705
-27 176 -13 684 -7 451 -1 092
-399 -67 333 38 059 -8 587
2003 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
53 310 483 -309
-2 428 -1 591 -1 532 -1 728
2 445 1 975 2 035 1 526
36 -74 -20 -107
-91 767 -142 407 -25 314 -70 969
-15 593 -43 104 -40 858 -41 024
-42 099 -17 474 -47 918 -48 573
-1 952 -16 383 21 818 -27 723
-32 123 -65 446 41 644 46 351
2004 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
727 -2 -11 501
-561 -668 -1 270 -545
1 374 544 1 299 1 004
-86 122 -40 42
-296 424 -135 006 -137 943 -290 155
-52 367 -58 425 -41 222 -99 997
-15 532 -30 181 -38 444 -18 226
-55 452 -5 390 -13 490 -74 669
-173 073 -41 010 -44 787 -97 263
3A
minus sign indicates financial outflows.
160
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 7-6. U.S. International Transactions—Continued (Millions of dollars, seasonally adjusted.) Financial account—Continued Foreign-owned assets in the United States, net 4 Foreign official assets in the United States, net
Other foreign assets in the United States, net
U.S. government securities Year and quarter Total Total Total
U.S. Treasury securities
Other
U.S. liabilities Other U.S. reported by governU.S. ment banks, not liabilities included elsewhere
Other foreign official assets
Total
Direct investment
U.S. Treasury securities
U.S. securities other than Treasury securities
U.S. currency
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
2 294 2 705 1 911 3 217 3 643
1 473 765 1 270 1 986 1 660
655 233 1 409 816 432
655 233 1 410 803 434
... ... -1 12 -2
215 25 152 429 298
603 508 -291 742 930
... ... ... ... ...
821 1 939 641 1 231 1 983
315 311 346 231 322
-364 151 -66 -149 -146
282 324 134 287 -85
... ... ... ... ...
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
742 3 661 7 379 9 928 12 702
134 -672 3 451 -774 -1 301
-141 -1 527 2 261 -769 -2 343
-134 -1 548 2 222 -798 -2 269
-7 21 39 29 -74
65 113 83 -15 251
210 742 1 106 10 792
... ... ... ... ...
607 4 333 3 928 10 703 14 002
415 425 698 807 1 263
-131 -356 -135 136 -68
-358 906 1 016 4 414 3 130
... ... ... ... ...
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
6 359 22 970 21 461 18 388 35 341
6 908 26 879 10 475 6 026 10 546
9 439 26 570 8 470 641 4 172
9 411 26 578 8 213 59 3 270
28 -8 257 582 902
-456 -510 182 936 301
-2 075 819 1 638 4 126 5 818
... ... 185 323 254
-550 -3 909 10 986 12 362 24 796
1 464 367 949 2 800 4 760
81 -24 -39 -216 697
2 189 2 289 4 507 4 041 378
... ... ... ... 1 100
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
17 170 38 018 53 219 67 036 40 852
7 027 17 693 36 816 33 678 -13 665
5 563 9 892 32 538 24 221 -21 972
4 658 9 319 30 230 23 555 -22 435
905 573 2 308 666 463
1 517 4 627 1 400 2 476 -40
-2 158 969 773 5 551 7 213
2 104 2 205 2 105 1 430 1 135
10 143 20 326 16 403 33 358 54 516
2 603 4 347 3 728 7 897 11 877
2 590 2 783 534 2 178 4 060
2 503 1 284 2 437 2 254 1 351
1 500 1 500 1 900 3 000 3 000
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
62 612 86 232 96 589 88 694 117 752
15 497 4 960 3 593 5 845 3 140
11 895 6 322 5 085 6 496 4 703
9 708 5 019 5 779 6 972 4 690
2 187 1 303 -694 -476 13
615 -338 605 602 739
-159 -3 670 -1 747 545 555
3 145 2 646 -350 -1 798 -2 857
47 115 81 272 92 997 82 849 114 612
16 918 25 195 12 635 10 372 24 468
2 645 2 927 7 027 8 689 23 001
5 457 6 905 6 085 8 164 12 568
4 500 3 200 4 000 5 400 4 100
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
146 115 230 009 248 634 246 522 224 928
-1 119 35 648 45 387 39 758 8 503
-1 139 33 150 44 802 43 050 1 532
-838 34 364 43 238 41 741 149
-301 -1 214 1 564 1 309 1 383
844 2 195 -2 326 -467 160
645 1 187 3 918 -319 4 976
-1 469 -884 -1 007 -2 506 1 835
147 233 194 360 203 247 206 764 216 425
19 742 35 420 58 470 57 735 68 274
20 433 3 809 -7 643 20 239 29 618
50 962 70 969 42 120 26 353 38 767
5 200 4 100 5 400 5 800 5 900
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
141 571 110 809 170 663 282 041 305 989
33 910 17 388 40 476 71 753 39 583
30 243 16 147 22 403 53 014 36 827
29 576 14 846 18 454 48 952 30 750
667 1 301 3 949 4 062 6 077
1 868 1 367 2 190 1 313 1 564
3 385 -1 484 16 571 14 841 3 665
-1 586 1 359 -688 2 585 -2 473
107 661 93 421 130 185 210 288 266 406
48 494 23 171 19 822 51 363 46 121
-2 534 18 826 37 131 24 381 34 274
1 592 35 144 30 043 80 092 56 971
18 800 15 400 13 400 18 900 23 400
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
438 562 551 096 706 809 423 569 740 210
109 880 126 724 19 036 -19 903 43 543
72 712 120 679 -2 161 -3 589 32 527
68 977 115 671 -6 690 -9 921 12 177
3 735 5 008 4 529 6 332 20 350
-105 -982 -881 -3 326 -2 863
34 008 5 704 22 286 -9 501 12 964
3 265 1 323 -208 -3 487 915
328 682 424 372 687 773 443 472 696 667
57 776 86 502 105 603 179 045 289 444
91 544 147 022 130 435 28 581 -44 497
77 249 103 272 161 409 156 315 298 834
12 300 17 362 24 782 16 622 22 407
2000 2001 2002 2003 2004
................................. 1 046 896 ................................. 782 859 ................................. 794 343 ................................. 889 043 ................................. 1 440 105
42 758 28 059 115 945 278 275 394 710
35 710 54 620 90 971 224 874 311 133
-5 199 33 700 60 466 184 931 272 648
40 909 20 920 30 505 39 943 38 485
-1 825 -2 309 137 -517 488
5 746 -29 978 21 221 48 643 70 329
3 127 5 726 3 616 5 275 12 760
1 004 138 754 800 678 398 610 768 1 045 395
321 274 167 021 80 841 67 091 106 832
-69 983 -14 378 100 403 104 380 106 958
459 889 393 885 283 299 226 306 369 793
5 315 23 783 21 513 16 640 14 827
2000 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
248 698 247 559 246 185 304 456
22 542 6 952 11 354 1 910
24 311 6 738 3 673 988
16 204 -3 596 -10 599 -7 208
8 107 10 334 14 272 8 196
-430 -899 -185 -311
-2 270 209 7 554 253
931 904 312 980
226 156 240 607 234 831 302 546
52 094 91 669 79 979 97 534
-15 199 -22 883 -13 413 -18 488
129 306 88 189 122 138 120 256
-2 661 989 757 6 230
2001 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
332 155 207 866 22 936 219 902
21 333 -19 965 15 653 11 038
19 590 -9 634 14 545 30 119
16 016 -19 566 14 761 22 489
3 574 9 932 -216 7 630
-601 -1 154 -205 -349
1 341 -10 205 -675 -20 439
1 003 1 028 1 988 1 707
310 822 227 831 7 283 208 864
59 145 59 338 13 783 34 755
-17 659 -11 916 -7 998 23 195
129 474 108 537 60 748 95 126
2 311 2 772 8 203 10 497
2002 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
176 523 230 205 161 608 226 004
12 801 53 312 18 328 31 504
10 337 25 942 20 609 34 083
4 420 19 374 9 124 27 548
5 917 6 568 11 485 6 535
-597 365 464 -95
2 335 26 099 -3 590 -3 623
726 906 845 1 139
163 722 176 893 143 280 194 500
28 455 6 343 11 326 34 714
10 327 18 830 54 060 17 186
73 750 99 689 43 282 66 578
4 525 7 183 2 556 7 249
2003 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
240 593 240 143 140 909 267 397
50 622 66 889 64 595 96 169
41 461 47 550 41 393 94 470
30 277 42 668 33 935 78 051
11 184 4 882 7 458 16 419
-407 -5 -118 13
8 315 18 593 21 981 -246
1 253 751 1 339 1 932
189 971 173 254 76 314 171 228
32 327 824 5 825 28 114
7 162 58 023 39 439 -244
51 997 87 725 14 298 72 286
4 927 1 458 2 768 7 487
2004 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
423 023 304 937 254 228 457 915
147 401 77 039 75 792 94 478
124 010 63 456 66 899 56 768
112 586 62 977 55 357 41 728
11 424 479 11 542 15 040
-109 45 710 -158
22 058 11 350 4 867 32 054
1 442 2 188 3 316 5 814
275 622 227 898 178 436 363 437
8 503 31 039 35 666 31 622
31 931 60 424 -1 107 15 710
45 476 81 678 84 401 158 238
-1 800 8 754 2 560 5 313
4A
minus sign indicates financial outflows or decrease in foreign official assets in the United States. . . . = Not available.
CHAPTER 7: U.S. FOREIGN TRADE AND FINANCE
161
Table 7-6. U.S. International Transactions—Continued (Millions of dollars, seasonally adjusted.) Financial account—Continued Foreign-owned assets in the United States, net 4—Cont.
Balance on:
Statistical discrepancy 5
Other foreign assets in the United States, net—Cont. Year and quarter
U.S. liabilities To unaffiliated foreigners reported by U.S. nonbanking concerns
Reported by U.S. banks not included elsewhere
Total
Seasonal adjustment discrepancy
Goods
Services
Goods and services
Income
Goods, services, and income
Unilateral current transfers
Current account
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
-90 226 -110 -37 75
678 928 336 898 1 818
-1 019 -989 -1 124 -360 -907
0 0 0 0 0
4 892 5 571 4 521 5 224 6 801
-1 385 -1 376 -1 151 -1 014 -779
3 508 4 195 3 370 4 210 6 022
3 379 3 755 4 294 4 596 5 041
6 887 7 950 7 664 8 806 11 063
-4 062 -4 127 -4 277 -4 392 -4 240
2 824 3 822 3 387 4 414 6 823
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
178 476 584 1 475 792
503 2 882 1 765 3 871 8 886
-457 629 -205 438 -1 516
0 0 0 0 0
4 951 3 817 3 800 635 607
-287 -877 -1 196 -385 -516
4 664 2 940 2 604 250 91
5 350 5 047 5 274 5 990 6 044
10 014 7 987 7 878 6 240 6 135
-4 583 -4 955 -5 294 -5 629 -5 735
5 431 3 031 2 583 611 399
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
2 014 369 815 1 035 1 844
-6 298 -6 911 4 754 4 702 16 017
-219 -9 779 -1 879 -2 654 -2 558
0 0 0 0 0
2 603 -2 260 -6 416 911 -5 505
-349 957 973 989 1 213
2 254 -1 303 -5 443 1 900 -4 292
6 233 7 272 8 192 12 153 15 503
8 487 5 969 2 749 14 053 11 211
-6 156 -7 402 -8 544 -6 913 -9 249
2 331 -1 433 -5 795 7 140 1 962
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
319 -578 1 086 1 889 1 621
628 10 990 6 719 16 141 32 607
4 417 8 955 -4 099 9 236 24 349
0 0 0 0 0
8 903 -9 483 -31 091 -33 927 -27 568
3 501 3 401 3 845 4 164 3 003
12 404 -6 082 -27 246 -29 763 -24 565
12 787 16 063 18 137 20 408 30 873
25 191 9 981 -9 109 -9 355 6 308
-7 075 -5 686 -5 226 -5 788 -6 593
18 116 4 295 -14 335 -15 143 -285
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
6 852 917 -2 383 -118 16 626
10 743 42 128 65 633 50 342 33 849
20 886 21 792 36 630 16 162 16 733
0 0 0 0 0
-25 500 -28 023 -36 485 -67 102 -112 492
6 093 11 852 12 329 9 335 3 419
-19 407 -16 172 -24 156 -57 767 -109 073
30 073 32 903 35 164 36 386 35 063
10 666 16 731 11 008 -21 381 -74 010
-8 349 -11 702 -16 544 -17 310 -20 335
2 317 5 030 -5 536 -38 691 -94 344
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
9 851 3 325 18 363 32 893 22 086
41 045 76 737 86 537 63 744 51 780
16 478 28 590 -9 048 -19 289 49 605
0 0 0 0 0
-122 173 -145 081 -159 557 -126 959 -117 749
294 6 543 7 874 12 393 24 607
-121 880 -138 538 -151 684 -114 566 -93 142
25 723 15 494 14 293 18 687 19 824
-96 157 -123 044 -137 391 -95 879 -73 318
-21 998 -24 132 -23 265 -25 274 -26 169
-118 155 -147 177 -160 655 -121 153 -99 486
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
45 133 -3 115 13 573 10 489 1 302
-3 824 3 994 16 216 25 063 104 338
25 211 -44 840 -45 617 4 617 -3 717
0 0 0 0 0
-111 037 -76 937 -96 897 -132 451 -165 831
30 173 45 802 57 685 62 141 67 338
-80 864 -31 136 -39 212 -70 311 -98 493
28 550 24 131 24 235 25 316 17 146
-52 314 -7 005 -14 977 -44 995 -81 347
-26 654 9 904 -35 100 -39 811 -40 265
-78 968 2 897 -50 078 -84 805 -121 612
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
59 637 53 736 116 518 23 140 76 247
30 176 16 478 149 026 39 769 54 232
28 299 -12 162 -79 414 145 026 68 800
0 0 0 0 0
-174 170 -191 000 -198 104 -246 687 -346 015
77 786 86 935 89 794 81 678 82 621
-96 384 -104 065 -108 310 -165 009 -263 394
20 891 22 318 12 609 4 265 13 888
-75 493 -81 747 -95 701 -160 744 -249 506
-38 177 -43 147 -45 205 -53 320 -50 554
-113 670 -124 894 -140 906 -214 064 -300 060
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
170 672 66 110 95 932 99 676 124 358
116 971 118 379 96 410 96 675 322 627
-69 445 -9 564 -23 742 -37 753 85 126
0 0 0 0 0
-452 414 -427 188 -482 298 -547 296 -665 390
74 142 64 459 61 117 52 482 47 807
-378 272 -362 729 -421 181 -494 814 -617 583
21 054 25 183 10 016 46 304 30 439
-357 218 -337 546 -411 165 -448 510 -587 144
-58 781 -51 910 -64 046 -71 169 -80 930
-415 999 -389 456 -475 211 -519 679 -668 074
2000 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
72 433 28 796 16 914 52 529
-9 817 53 847 28 456 44 485
57 553 -40 843 -53 247 -32 902
7 224 -1 200 -10 251 4 233
-108 411 -110 342 -113 969 -119 692
18 831 19 914 17 111 18 280
-89 580 -90 428 -96 858 -101 412
4 034 4 633 3 262 9 126
-85 546 -85 795 -93 596 -92 286
-12 894 -13 402 -14 246 -18 240
-98 440 -99 197 -107 842 -110 526
2001 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
112 097 -173 -23 171 -22 643
25 454 69 273 -44 282 67 934
-8 072 -22 455 37 387 -16 426
6 708 -2 635 -9 621 5 546
-115 420 -105 184 -105 233 -101 351
18 167 16 227 15 957 14 106
-97 253 -88 957 -89 276 -87 245
4 927 6 544 -471 14 180
-92 326 -82 413 -89 747 -73 065
-15 268 -15 992 -3 114 -17 530
-107 594 -98 405 -92 861 -90 595
2002 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
56 228 17 565 9 941 12 198
-9 563 27 283 22 115 56 575
18 082 29 103 -42 040 -28 889
9 566 -1 523 -14 124 6 079
-107 984 -118 993 -122 928 -132 393
14 807 15 536 15 358 15 416
-93 177 -103 457 -107 570 -116 977
1 506 -956 2 217 7 256
-91 671 -104 413 -105 353 -109 721
-18 420 -14 873 -14 726 -16 027
-110 091 -119 286 -120 079 -125 748
2003 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
72 474 13 379 8 875 4 948
21 084 11 845 5 109 58 637
-11 879 32 514 14 351 -72 739
9 623 -4 407 -13 009 7 793
-137 861 -135 067 -135 290 -139 078
13 028 12 217 12 591 14 651
-124 833 -122 850 -122 699 -124 427
5 916 11 307 11 352 17 727
-118 917 -111 543 -111 347 -106 700
-17 743 -17 251 -17 634 -18 543
-136 660 -128 794 -128 981 -125 243
2004 1st quarter .................... 2nd quarter .................. 3rd quarter ................... 4th quarter ...................
44 623 3 887 14 752 61 096
146 889 42 116 42 164 91 458
18 646 -4 044 50 672 19 856
11 010 -3 747 -12 977 5 718
-151 452 -163 987 -167 775 -182 176
12 600 11 945 10 310 12 955
-138 852 -152 042 -157 465 -169 221
15 022 5 922 6 254 3 236
-123 830 -146 120 -151 211 -165 985
-22 271 -20 515 -15 771 -22 374
-146 101 -166 635 -166 982 -188 359
4A minus sign indicates financial outflows or decrease 5Sum of credits and debits with the sign reversed.
in foreign official assets in the United States.
162
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 7-7. Foreigners’ Transactions in Long-Term Securities with U.S. Residents (Billions of dollars, not seasonally adjusted.) Transactions in U.S. domestic securities between foreigners and U.S. residents Net purchases Year and month
Gross purchases from U.S. residents
Private Gross sales to U.S. residents
Total
Treasury bonds and notes
Total
1977 ...................................................... 1978 ...................................................... 1979 ......................................................
Government agency bonds
Corporate bonds
Equities
60.7 60.5 72.9
30.1 51.1 67.2
30.6 9.4 5.7
... 3.6 2.5
... 1.0 1.2
... 0.6 0.1
... 0.3 0.2
... 1.7 1.1
1980 1981 1982 1983 1984
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
106.9 126.5 159.5 223.4 335.5
91.1 100.5 136.8 211.7 304.0
15.8 25.9 22.7 11.7 31.4
6.6 10.2 9.2 13.2 33.8
1.0 3.3 2.8 4.6 21.0
0.4 0.3 0.3 0.5 1.2
0.9 1.9 2.5 1.7 12.5
4.3 4.8 3.6 6.4 -0.9
1985 1986 1987 1988 1989
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
667.2 1 355.4 1 692.1 1 827.9 2 431.7
588.9 1 266.9 1 623.0 1 753.1 2 335.2
78.3 88.6 69.1 74.8 96.5
71.9 76.4 37.5 49.4 66.5
21.1 5.2 -5.5 22.2 27.4
4.6 8.2 3.5 5.4 13.7
41.4 45.1 22.7 21.3 17.5
4.8 18.0 16.8 0.4 7.9
1990 1991 1992 1993 1994
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
2 111.2 2 382.1 2 677.8 3 212.5 3 351.1
2 092.4 2 324.0 2 604.6 3 101.4 3 210.7
18.7 58.1 73.2 111.1 140.4
-3.6 54.3 63.1 103.2 94.9
-5.3 18.7 32.4 22.2 37.0
5.6 8.9 14.3 31.4 15.6
9.8 16.5 20.0 29.9 38.0
-13.7 10.1 -3.7 19.6 4.3
1995 1996 1997 1998 1999
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
3 737.6 4 667.6 6 573.3 7 633.5 7 483.5
3 505.7 4 297.4 6 185.3 7 355.7 7 133.3
231.9 370.2 388.0 277.8 350.2
185.3 278.1 339.7 270.8 338.8
94.5 146.4 140.2 44.9 -0.1
25.0 36.7 45.3 50.5 71.9
57.6 82.2 82.8 121.7 158.8
8.2 12.7 71.3 53.7 108.2
2000 2001 2002 2003 2004
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
8 684.1 10 261.8 13 022.9 13 526.0 15 178.9
8 226.3 9 740.9 12 475.4 12 806.1 14 262.5
457.8 520.8 547.6 719.9 916.4
420.1 494.2 508.3 585.0 680.8
-47.7 15.0 112.8 159.7 150.9
111.9 146.6 166.6 129.9 205.6
182.1 218.2 176.7 260.3 298.0
173.8 114.4 52.2 35.0 26.2
2001 January .............................................. February ............................................ March ................................................ April ................................................... May .................................................... June ...................................................
909.6 815.7 900.7 833.4 910.8 809.7
867.5 760.1 842.1 803.3 850.1 770.8
42.1 55.7 58.6 30.1 60.8 38.9
37.3 54.6 56.7 33.2 58.0 42.6
-10.9 6.5 4.6 -4.7 2.2 -0.2
11.2 9.2 18.4 9.8 5.5 17.6
13.1 29.3 26.4 21.7 33.1 14.8
23.9 9.4 7.3 6.5 17.2 10.3
July .................................................... August ............................................... September ......................................... October .............................................. November .......................................... December ..........................................
766.4 831.7 737.7 935.7 1 017.3 792.8
739.1 794.5 732.4 871.9 961.0 748.4
27.4 37.3 5.3 63.9 56.4 44.4
28.9 37.3 -0.1 58.6 46.3 40.8
-10.8 4.5 -3.7 13.5 6.1 7.8
13.5 13.4 5.7 25.2 10.7 6.4
15.0 12.5 9.8 12.9 16.4 13.2
11.2 6.9 -11.8 7.1 13.1 13.4
2002 January .............................................. February ............................................ March ................................................ April ................................................... May .................................................... June ...................................................
978.1 891.8 1 097.6 1 061.1 1 160.7 1 030.6
961.9 866.8 1 025.3 1 019.9 1 105.4 979.2
16.3 25.0 72.3 41.2 55.2 51.4
21.6 26.3 62.7 41.1 53.5 45.3
-8.6 11.0 14.1 -7.2 10.6 12.2
6.7 5.1 15.8 23.4 16.5 8.4
15.0 7.2 25.2 16.8 26.5 20.7
8.4 2.9 7.5 8.1 -0.2 4.0
July .................................................... August ............................................... September ......................................... October .............................................. November .......................................... December ..........................................
1 272.5 1 166.8 1 090.0 1 169.9 1 185.3 918.6
1 222.7 1 125.9 1 049.8 1 128.3 1 117.2 872.9
49.7 40.9 40.1 41.7 68.1 45.6
51.5 35.4 40.4 40.0 54.6 35.8
29.6 3.7 25.4 6.0 8.7 7.2
8.5 13.2 17.7 21.2 17.7 12.3
3.8 13.8 3.7 9.2 21.6 13.1
9.6 4.7 -6.3 3.6 6.5 3.2
2003 January .............................................. February ............................................ March ................................................ April ................................................... May .................................................... June ...................................................
949.9 932.5 1 196.3 939.0 1 252.3 1 305.4
903.8 915.6 1 125.0 885.9 1 150.8 1 227.5
46.1 16.9 71.3 53.1 101.5 77.8
38.7 7.5 70.0 52.2 87.3 60.5
-0.6 -7.5 27.0 9.8 28.4 23.6
19.2 4.5 13.8 15.9 25.0 7.0
22.9 12.6 26.4 22.1 27.2 20.8
-2.9 -2.1 2.8 4.5 6.7 9.2
July .................................................... August ............................................... September ......................................... October .............................................. November .......................................... December ..........................................
1 287.9 1 266.8 1 152.4 1 238.4 986.3 1 018.8
1 208.4 1 213.1 1 131.7 1 197.3 904.2 942.9
79.5 53.7 20.6 41.2 82.1 76.0
67.4 56.8 7.6 14.3 60.5 62.3
39.1 21.2 -3.9 -13.1 16.6 19.2
12.2 7.9 -2.2 8.5 7.4 10.6
25.6 16.1 19.8 20.0 27.6 19.3
-9.5 11.6 -6.1 -1.1 8.9 13.1
2004 January .............................................. February ............................................ March ................................................ April ................................................... May .................................................... June ...................................................
1 137.8 1 157.7 1 393.5 1 375.5 1 312.2 1 233.6
1 043.6 1 089.3 1 326.1 1 279.6 1 249.4 1 143.3
94.2 68.4 67.3 95.9 62.9 90.3
64.1 45.9 29.4 69.8 56.1 74.5
19.2 8.3 17.6 27.7 20.8 29.0
22.4 16.1 -3.4 24.3 21.0 14.7
10.7 19.6 25.2 18.4 20.0 26.6
11.8 1.9 -10.1 -0.6 -5.7 4.2
July .................................................... August ............................................... September ......................................... October .............................................. November .......................................... December ..........................................
1 202.9 1 207.1 1 250.7 1 193.8 1 405.7 1 308.5
1 135.0 1 153.8 1 183.5 1 130.0 1 304.2 1 224.6
67.8 53.3 67.2 63.8 101.5 83.8
58.4 34.0 52.6 48.9 73.5 73.6
6.7 -2.1 6.2 3.6 12.7 1.4
16.8 14.9 6.0 22.9 24.3 25.6
27.7 23.7 43.8 18.9 24.3 39.3
7.3 -2.4 -3.3 3.6 12.2 7.3
. . . = Not available.
CHAPTER 7: U.S. FOREIGN TRADE AND FINANCE
163
Table 7-7. Foreigners’ Transactions in Long-Term Securities with U.S. Residents—Continued (Billions of dollars, not seasonally adjusted.) Transactions in U.S. domestic securities between foreigners and U.S. residents—Continued
Transactions in foreign securities between foreigners and U.S. residents Net purchases 1
Net purchases—Continued Year and month
Official
Gross sales to U.S. residents
Government agency bonds
... 5.8 3.2
... 3.7 1.7
... 0.7 0.5
... 0.7 0.4
... 0.7 0.6
10.3 14.8 17.3
15.8 18.5 22.1
-5.5 -3.7 -4.8
-5.1 -4.2 -4.0
-0.4 0.5 -0.8
25.1 5.7 0.9
Corporate bonds
Equities
Total
Bonds
Net long-term flows
Treasury bonds and notes
Total
1977 ...................................................... 1978 ...................................................... 1979 ......................................................
Gross purchases from U.S. residents
Equities
1980 1981 1982 1983 1984
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
9.2 15.7 13.5 -1.5 -2.3
3.9 11.7 14.5 0.8 0.5
2.2 1.3 -0.7 -0.5 0.0
2.0 1.6 -0.7 -0.8 -0.8
1.1 1.0 0.3 -1.0 -2.1
25.0 26.9 34.3 49.6 70.8
28.1 32.6 42.3 56.6 75.9
-3.1 -5.7 -8.0 -7.0 -5.0
-1.0 -5.5 -6.6 -3.2 -3.9
-2.1 -0.2 -1.3 -3.8 -1.1
12.6 20.2 14.7 4.7 26.4
1985 1986 1987 1988 1989
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
6.4 12.1 31.6 25.4 30.1
8.1 14.2 31.1 26.6 26.8
-0.3 -1.2 1.6 1.3 1.4
-1.6 -1.6 -0.4 -0.1 -0.2
0.1 0.7 -0.6 -2.4 2.0
102.1 216.1 294.5 293.9 344.6
110.0 221.7 301.4 303.3 363.2
-7.9 -5.5 -6.9 -9.4 -18.6
-4.0 -3.7 -8.0 -7.4 -5.5
-3.9 -1.9 1.1 -2.0 -13.1
70.3 83.0 62.3 65.4 78.0
1990 1991 1992 1993 1994
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
22.4 3.9 10.1 7.9 45.4
23.3 1.2 6.9 1.3 41.8
0.7 1.3 3.9 4.0 6.1
-0.1 0.4 0.8 0.6 0.0
-1.4 1.0 -1.5 2.0 -2.5
437.7 450.9 663.6 991.4 1 234.5
468.9 497.7 711.5 1 134.5 1 291.8
-31.2 -46.8 -47.9 -143.1 -57.3
-21.9 -14.8 -15.6 -80.4 -9.2
-9.2 -32.0 -32.3 -62.7 -48.1
-12.4 11.3 25.4 -31.9 83.1
1995 1996 1997 1998 1999
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
46.6 92.1 48.3 7.0 11.4
39.6 85.8 44.0 4.1 -9.9
3.7 5.0 4.5 6.3 20.4
0.2 1.5 1.5 0.2 1.5
3.0 -0.2 -1.7 -3.7 -0.6
1 235.1 1 564.4 2 207.7 2 257.8 1 975.6
1 333.8 1 675.0 2 296.8 2 269.0 1 965.6
-98.7 -110.6 -89.1 -11.1 10.0
-48.4 -51.4 -48.1 -17.3 -5.7
-50.3 -59.3 -40.9 6.2 15.6
133.2 259.6 298.9 266.7 360.1
2000 2001 2002 2003 2004
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
37.7 26.7 39.3 134.9 235.6
-6.3 3.5 7.1 103.8 201.1
40.9 17.4 28.6 25.9 20.8
2.0 3.8 5.6 5.4 11.5
1.1 2.0 -2.0 -0.3 2.2
2 761.1 2 557.8 2 640.0 2 761.8 3 123.1
2 778.3 2 577.4 2 613.0 2 818.4 3 276.0
-17.1 -19.6 27.0 -56.5 -152.8
-4.1 30.5 28.5 32.0 -67.9
-13.1 -50.1 -1.5 -88.6 -85.0
440.7 501.2 574.6 663.3 763.6
2001 January .............................................. February ............................................ March ................................................ April ................................................... May .................................................... June ...................................................
4.8 1.1 1.8 -3.1 2.8 -3.6
2.2 0.7 0.2 -9.1 0.9 -3.2
2.1 0.3 1.2 5.7 1.5 -0.7
0.6 0.2 0.3 0.1 0.3 0.2
-0.1 0.0 0.1 0.2 0.1 0.2
263.8 232.2 248.5 214.4 236.9 221.7
268.6 234.4 259.6 213.3 242.3 227.2
-4.8 -2.2 -11.0 1.0 -5.5 -5.5
-1.9 1.2 -1.3 5.5 2.3 1.0
-2.8 -3.4 -9.7 -4.4 -7.7 -6.5
37.4 53.5 47.5 31.2 55.3 33.4
July .................................................... August ............................................... September ......................................... October .............................................. November .......................................... December ..........................................
-1.6 0.0 5.5 5.2 10.1 3.6
-0.7 0.3 2.5 2.2 6.3 1.1
-1.1 -1.3 2.2 2.1 3.3 2.2
-0.1 0.3 0.4 0.7 0.4 0.5
0.3 0.8 0.3 0.2 0.1 -0.1
205.9 185.1 186.7 200.4 204.2 158.0
206.6 176.7 174.0 204.2 202.5 167.9
-0.7 8.4 12.7 -3.9 1.7 -9.9
5.6 10.5 10.3 -0.8 -1.1 -0.9
-6.3 -2.1 2.3 -3.1 2.8 -9.0
26.7 45.7 18.0 60.0 58.1 34.5
2002 January .............................................. February ............................................ March ................................................ April ................................................... May .................................................... June ...................................................
-5.3 -1.3 9.6 0.1 1.8 6.1
-6.7 -2.2 5.2 -1.6 -0.1 2.2
1.0 1.2 3.7 1.1 1.9 3.7
0.2 0.5 1.3 1.0 0.1 0.2
0.2 -0.8 -0.7 -0.4 -0.2 0.0
198.2 185.8 226.6 215.2 239.0 230.9
199.8 186.2 213.6 217.9 239.5 230.2
-1.6 -0.4 13.0 -2.8 -0.5 0.7
-5.5 2.3 7.3 0.4 7.3 5.6
3.9 -2.7 5.7 -3.1 -7.8 -4.9
14.7 24.6 85.3 38.4 54.7 52.0
July .................................................... August ............................................... September ......................................... October .............................................. November .......................................... December ..........................................
-1.8 5.4 -0.3 1.7 13.5 9.8
-5.3 0.6 -3.7 0.1 12.3 6.3
3.3 4.2 3.4 1.0 0.6 3.5
0.1 0.7 0.2 0.6 0.6 0.1
0.1 -0.1 -0.2 0.0 0.0 0.0
260.2 204.9 213.2 222.5 238.1 205.5
239.2 203.6 211.3 221.8 236.9 213.1
21.1 1.3 1.8 0.7 1.3 -7.6
7.7 -1.7 1.1 6.9 2.2 -5.0
13.4 3.1 0.8 -6.2 -1.0 -2.6
70.8 42.2 42.0 42.4 69.4 38.0
2003 January .............................................. February ............................................ March ................................................ April ................................................... May .................................................... June ...................................................
7.4 9.4 1.3 0.9 14.2 17.3
2.4 4.3 -0.1 -1.1 13.4 15.9
4.5 4.8 0.9 2.1 0.7 1.0
0.5 0.2 0.5 0.0 0.2 0.3
0.0 0.0 0.0 0.0 -0.1 0.1
213.2 187.4 231.6 201.3 227.4 246.8
214.7 179.6 236.7 195.6 235.9 258.7
-1.5 7.8 -5.1 5.7 -8.5 -11.9
5.3 11.9 -0.2 3.4 3.3 -5.7
-6.8 -4.1 -4.9 2.3 -11.8 -6.2
44.6 24.7 66.2 58.9 93.0 65.9
July .................................................... August ............................................... September ......................................... October .............................................. November .......................................... December ..........................................
12.1 -3.0 13.0 26.9 21.7 13.7
11.6 -4.5 10.7 23.6 19.0 8.7
0.0 0.8 2.0 2.8 1.9 4.4
0.5 0.5 0.4 0.7 1.0 0.7
0.0 0.2 -0.1 -0.2 -0.1 -0.1
259.2 201.4 260.7 277.4 227.1 228.4
256.3 213.1 261.6 299.6 237.6 229.2
2.9 -11.6 -0.9 -22.2 -10.5 -0.8
11.5 2.8 11.9 -10.5 -7.5 5.9
-8.5 -14.5 -12.8 -11.6 -2.9 -6.7
82.4 42.1 19.7 19.0 71.7 75.1
2004 January .............................................. February ............................................ March ................................................ April ................................................... May .................................................... June ...................................................
30.2 22.5 38.0 26.2 6.8 15.8
26.8 17.9 33.6 22.7 7.9 16.3
3.6 4.2 2.8 1.8 -1.8 -0.9
0.5 0.2 1.3 0.6 0.5 0.8
-0.7 0.2 0.3 1.1 0.2 -0.5
271.9 270.2 329.5 260.7 252.6 250.1
285.7 284.1 326.7 264.5 260.4 259.4
-13.7 -13.9 2.8 -3.8 -7.8 -9.3
-3.5 -8.2 0.8 6.0 -1.3 -1.1
-10.2 -5.7 1.9 -9.9 -6.5 -8.3
80.5 54.4 70.1 92.1 55.1 81.0
July .................................................... August ............................................... September ......................................... October .............................................. November .......................................... December ..........................................
9.4 19.3 14.5 14.9 28.0 10.3
5.9 15.5 10.9 15.6 21.0 7.0
2.5 2.6 2.4 -0.9 3.5 1.0
0.8 1.1 1.2 0.9 1.9 1.6
0.1 0.1 0.0 -0.7 1.5 0.6
234.7 233.7 228.2 254.9 274.2 262.5
253.5 242.1 258.1 270.7 286.0 284.9
-18.9 -8.4 -29.9 -15.8 -11.8 -22.4
-9.8 -7.6 -25.4 -5.6 -4.0 -8.3
-9.1 -0.8 -4.5 -10.2 -7.8 -14.1
48.9 45.0 37.3 48.0 89.7 61.5
1(-)
indicates net U.S. acquisitions of foreign securities. . . . = Not available.
164
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 7-8. International Investment Position of the United States at Year-End (Millions of dollars.) U.S. net international investment position Year
U.S.-owned assets abroad
Direct investment at current cost
Direct investment at market value
Total, direct investment at current cost
Total, direct investment at market value
Direct investment Other U.S. government Current cost Market value assets
Official reserve assets
Foreign bonds
Foreign corporate stocks
U.S. nonbank claims
U.S. bank claims
1976 1977 1978 1979
........................ ........................ ........................ ........................
164 832 171 440 206 423 316 926
... ... ... ...
456 964 512 278 621 227 786 701
... ... ... ...
44 094 53 376 69 450 143 260
44 978 48 567 53 187 58 851
222 283 246 078 285 005 336 301
... ... ... ...
34 704 39 329 42 148 41 966
9 453 10 110 11 236 14 803
20 317 22 256 29 385 34 491
81 135 92 562 130 816 157 029
1980 1981 1982 1983 1984
........................ ........................ ........................ ........................ ........................
360 838 339 767 328 954 298 304 160 695
... ... 235 947 257 393 134 088
929 806 1 001 667 1 108 436 1 210 974 1 204 900
... ... 961 015 1 129 673 1 127 132
171 412 124 568 143 445 123 110 105 040
65 573 70 893 76 903 81 664 86 945
388 072 407 804 374 059 355 643 348 342
... ... 226 638 274 342 270 574
43 524 45 675 56 604 58 569 62 810
18 930 16 467 17 442 26 154 25 994
38 429 42 752 35 405 131 329 130 138
203 866 293 508 404 578 434 505 445 631
1985 1986 1987 1988 1989
........................ ........................ ........................ ........................ ........................
54 343 -36 209 -80 007 -178 470 -259 506
96 886 100 782 50 529 10 466 -46 987
1 287 396 1 469 396 1 646 527 1 829 665 2 070 868
1 302 712 1 594 652 1 758 711 2 008 365 2 350 235
117 930 139 875 162 370 144 179 168 714
89 792 91 850 90 681 87 892 86 643
371 036 404 818 478 062 513 761 553 093
386 352 530 074 590 246 692 461 832 460
75 020 85 724 93 889 104 187 116 949
44 383 72 399 94 700 128 662 197 345
141 872 167 392 177 368 197 757 234 307
447 363 507 338 549 457 653 227 713 817
1990 1991 1992 1993 1994
........................ ........................ ........................ ........................ ........................
-245 347 -309 259 -431 198 -306 956 -323 397
-164 495 -260 819 -452 305 -144 268 -135 251
2 178 978 2 286 456 2 331 696 2 753 648 2 987 118
2 294 085 2 470 629 2 466 496 3 091 421 3 315 135
174 664 159 223 147 435 164 945 163 394
84 344 81 422 83 022 83 382 83 908
616 655 643 364 663 830 723 526 786 565
731 762 827 537 798 630 1 061 299 1 114 582
144 717 176 774 200 817 309 666 310 391
197 596 278 976 314 266 543 862 626 762
265 315 256 295 254 303 242 022 322 980
695 687 690 402 668 023 686 245 693 118
1995 1996 1997 1998 1999
........................ ........................ ........................ ........................ ........................
-458 462 -495 055 -820 682 -895 358 -766 237
-305 836 -360 024 -822 732 -1 070 769 -1 037 437
3 486 272 4 032 307 4 567 906 5 095 546 5 974 394
3 964 558 4 650 837 5 379 128 6 179 126 7 399 678
176 061 160 739 134 836 146 006 136 418
85 064 86 123 86 198 86 768 84 227
885 506 989 810 1 068 063 1 196 021 1 414 355
1 363 792 1 608 340 1 879 285 2 279 601 2 839 639
413 310 481 411 543 396 594 400 548 233
790 615 1 006 135 1 207 787 1 474 983 2 003 716
367 567 450 578 545 524 588 322 704 517
768 149 857 511 982 102 1 009 046 1 082 928
2000 2001 2002 2003 2004
........................ ........................ ........................ ........................ ........................
-1 381 196 -1 919 430 -2 107 267 -2 156 703 -2 484 219
-1 581 007 -2 339 448 -2 455 114 -2 372 370 -2 542 245
6 238 785 6 308 681 6 645 679 7 640 986 9 052 796
7 401 192 6 930 484 6 807 849 8 296 638 9 972 783
128 400 129 961 158 602 183 577 189 591
85 168 85 654 85 309 84 772 83 556
1 531 607 1 693 131 1 860 418 2 062 551 2 367 386
2 694 014 2 314 934 2 022 588 2 718 203 3 287 373
572 692 557 062 705 226 874 356 916 655
1 852 842 1 612 673 1 374 665 2 079 422 2 520 063
836 559 839 303 902 002 596 961 801 536
1 231 517 1 390 897 1 559 457 1 759 347 2 174 009
Foreign-owned assets in the United States Year
Total, direct Total, direct Foreign investment at investment at official assets current cost market value
Direct investment in the United States
U.S. Treasury U.S. currency securities
Current cost
Market value
Corporate and other bonds
Corporate stocks
U.S. nonbank liabilities
U.S. bank liabilities
1976 1977 1978 1979
........................ ........................ ........................ ........................
292 132 340 838 414 804 469 775
... ... ... ...
104 445 140 867 173 057 159 852
47 528 55 413 68 976 88 579
... ... ... ...
7 028 7 562 8 910 14 210
11 792 13 656 16 569 19 552
11 964 11 456 11 457 10 269
42 949 39 779 42 097 48 318
12 961 11 921 16 019 18 669
53 465 60 184 77 719 110 326
1980 1981 1982 1983 1984
........................ ........................ ........................ ........................ ........................
568 968 661 900 779 482 912 670 1 044 205
... ... 725 068 872 280 993 044
176 062 180 425 189 109 194 468 199 678
127 105 164 623 184 842 193 708 223 538
... ... 130 428 153 318 172 377
16 113 18 505 25 758 33 846 62 121
24 079 27 295 31 265 36 776 40 797
9 545 10 694 16 709 17 454 32 421
64 569 64 391 76 279 96 357 96 056
30 426 30 606 27 532 61 731 77 415
121 069 165 361 227 988 278 330 312 179
1985 1986 1987 1988 1989
........................ ........................ ........................ ........................ ........................
1 233 053 1 505 605 1 726 534 2 008 135 2 330 374
1 205 826 1 493 870 1 708 182 1 997 899 2 397 222
202 482 241 226 283 058 322 036 341 746
247 223 284 701 334 552 401 766 467 886
219 996 272 966 316 200 391 530 534 734
87 954 96 078 82 588 100 877 166 541
46 036 50 122 55 584 61 261 67 118
82 290 140 863 166 089 191 314 231 673
125 578 168 940 175 643 200 978 251 191
86 993 90 703 110 187 144 548 167 093
354 497 432 972 518 833 585 355 637 126
1990 1991 1992 1993 1994
........................ ........................ ........................ ........................ ........................
2 424 325 2 595 715 2 762 894 3 060 604 3 310 515
2 458 580 2 731 448 2 918 801 3 235 689 3 450 386
373 293 398 538 437 263 509 422 535 227
505 346 533 404 540 270 593 313 617 982
539 601 669 137 696 177 768 398 757 853
152 452 170 295 197 739 221 501 235 684
85 933 101 317 114 804 133 734 157 185
238 903 274 136 299 287 355 822 368 077
221 741 271 872 300 160 340 627 371 618
213 406 208 908 220 666 229 038 239 817
633 251 637 245 652 705 677 147 784 925
1995 1996 1997 1998 1999
........................ ........................ ........................ ........................ ........................
3 944 734 4 527 362 5 388 588 5 990 904 6 740 631
4 270 394 5 010 861 6 201 860 7 249 895 8 437 115
682 873 820 823 873 716 896 174 951 088
680 066 745 619 824 136 920 044 1 101 709
1 005 726 1 229 118 1 637 408 2 179 035 2 798 193
326 995 433 903 538 137 543 323 440 685
169 484 186 846 211 628 228 250 250 657
459 080 539 308 618 837 724 619 825 175
510 769 625 805 893 888 1 178 824 1 526 116
300 424 346 810 459 407 485 675 578 046
815 043 828 248 968 839 1 013 995 1 067 155
2000 2001 2002 2003 2004
........................ ........................ ........................ ........................ ........................
7 619 981 8 228 111 8 752 946 9 797 689 11 537 015
8 982 199 9 269 932 9 262 963 10 669 008 12 515 028
1 030 708 1 109 072 1 250 977 1 567 124 1 981 992
1 421 017 1 518 473 1 517 403 1 585 898 1 708 877
2 783 235 2 560 294 2 027 420 2 457 217 2 686 890
381 630 375 059 473 503 543 209 639 716
255 972 279 755 301 268 317 908 332 735
1 068 566 1 343 071 1 530 982 1 707 206 2 059 250
1 554 448 1 478 301 1 248 085 1 700 907 1 928 547
738 904 798 314 892 574 454 317 581 258
1 168 736 1 326 066 1 538 154 1 921 120 2 304 640
. . . = Not available.
CHAPTER 7: U.S. FOREIGN TRADE AND FINANCE
Section 7c: Exports and Imports
Figure 7-3. Foreign Trade Balances on Goods and Services, 1960–2004
Billions of dollars
200
0
-200
-400
Goods and services Goods Services
-600
-800 1960
1965
1970
1975
1980
1985
1990
1995
2000
2004
Year
• On an ITA basis, U.S. imports of goods and services exceeded exports by over $600 billion in 2004 for yet another new record. Both exports and imports increased, but exports by more than imports—not only absolutely (in dollars), but also in terms of percentage rise. (Table 7-9) • The trade deficit in goods likewise set a new record. Little of it was offset by the surplus in services trade, which shrank from $90 billion in 1997 to $48 billion in 2004. (Table 7-9) • Canada and Mexico are the principal trading partners of the United States, with relations governed by the North American Free Trade Agreement (NAFTA). In 2004, goods exports to and imports from these two countries were about double those figures for the Euro area. U.S. goods imports from those two countries came close to the sum of imports from Japan, China, and the newly industrialized countries (NICS) of Asia, while exports to the NAFTA countries were nearly double the total to Japan, China, and the Asian NICS. (Tables 7-13 and 7-14) • For U.S. services trade, “other private services” is the largest single category among both exports and imports. This includes such activities as education, financial services, and many other types of business and professional services. The United States had a surplus of $50 billion on “other private services” in 2004, about the same as that in the preceding three years. This category more than accounted for the total ITA surplus in services in 2004. (Tables 7-15 and 7-16)
165
166
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 7-9. U.S. Exports and Imports of Goods and Services (Balance of payments basis; millions of dollars, seasonally adjusted.) Goods and services
Goods
Services
Year and month Exports
Imports
Balance
Exports
Imports
Balance
Exports
Imports
Balance
1960 1961 1962 1963 1964
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
25 940 26 403 27 722 29 620 33 341
22 432 22 208 24 352 25 410 27 319
3 508 4 195 3 370 4 210 6 022
19 650 20 108 20 781 22 272 25 501
14 758 14 537 16 260 17 048 18 700
4 892 5 571 4 521 5 224 6 801
6 290 6 295 6 941 7 348 7 840
7 674 7 671 8 092 8 362 8 619
-1 384 -1 376 -1 151 -1 014 -779
1965 1966 1967 1968 1969
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
35 285 38 926 41 333 45 543 49 220
30 621 35 987 38 729 45 293 49 129
4 664 2 939 2 604 250 91
26 461 29 310 30 666 33 626 36 414
21 510 25 493 26 866 32 991 35 807
4 951 3 817 3 800 635 607
8 824 9 616 10 667 11 917 12 806
9 111 10 494 11 863 12 302 13 322
-287 -878 -1 196 -385 -516
1970 1971 1972 1973 1974
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
56 640 59 677 67 222 91 242 120 897
54 386 60 979 72 665 89 342 125 190
2 254 -1 302 -5 443 1 900 -4 293
42 469 43 319 49 381 71 410 98 306
39 866 45 579 55 797 70 499 103 811
2 603 -2 260 -6 416 911 -5 505
14 171 16 358 17 841 19 832 22 591
14 520 15 400 16 868 18 843 21 379
-349 958 973 989 1 212
1975 1976 1977 1978 1979
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
132 585 142 716 152 301 178 428 224 131
120 181 148 798 179 547 208 191 248 696
12 404 -6 082 -27 246 -29 763 -24 565
107 088 114 745 120 816 142 075 184 439
98 185 124 228 151 907 176 002 212 007
8 903 -9 483 -31 091 -33 927 -27 568
25 497 27 971 31 485 36 353 39 692
21 996 24 570 27 640 32 189 36 689
3 501 3 401 3 845 4 164 3 003
1980 1981 1982 1983 1984
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
271 834 294 398 275 236 266 106 291 094
291 241 310 570 299 391 323 874 400 166
-19 407 -16 172 -24 156 -57 767 -109 072
224 250 237 044 211 157 201 799 219 926
249 750 265 067 247 642 268 901 332 418
-25 500 -28 023 -36 485 -67 102 -112 492
47 584 57 354 64 079 64 307 71 168
41 491 45 503 51 749 54 973 67 748
6 093 11 851 12 329 9 335 3 420
1985 1986 1987 1988 1989
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
289 070 310 033 348 869 431 149 487 003
410 950 448 572 500 552 545 715 580 144
-121 880 -138 538 -151 684 -114 566 -93 141
215 915 223 344 250 208 320 230 359 916
338 088 368 425 409 765 447 189 477 665
-122 173 -145 081 -159 557 -126 959 -117 749
73 155 86 689 98 661 110 919 127 087
72 862 80 147 90 787 98 526 102 479
294 6 543 7 874 12 393 24 607
1990 1991 1992 1993 1994
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
535 233 578 344 616 883 642 863 703 254
616 097 609 479 656 094 713 173 801 747
-80 864 -31 135 -39 212 -70 310 -98 493
387 401 414 083 439 631 456 943 502 859
498 438 491 020 536 528 589 394 668 690
-111 037 -76 937 -96 897 -132 451 -165 831
147 832 164 261 177 252 185 920 200 395
117 659 118 459 119 566 123 779 133 057
30 173 45 802 57 685 62 141 67 338
1995 1996 1997 1998 1999
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
794 387 851 602 934 637 933 495 966 443
890 771 955 667 1 042 947 1 098 504 1 229 837
-96 384 -104 065 -108 310 -165 009 -263 394
575 204 612 113 678 366 670 416 683 965
749 374 803 113 876 470 917 103 1 029 980
-174 170 -191 000 -198 104 -246 687 -346 015
219 183 239 489 256 271 263 079 282 478
141 397 152 554 166 477 181 401 199 857
77 786 86 935 89 794 81 678 82 621
2000 2001 2002 2003 2004
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
1 071 484 1 007 138 977 276 1 022 567 1 151 448
1 449 756 1 369 867 1 398 457 1 517 381 1 769 031
-378 272 -362 729 -421 180 -494 814 -617 583
771 994 718 712 682 422 713 421 807 536
1 224 408 1 145 900 1 164 720 1 260 717 1 472 926
-452 414 -427 188 -482 297 -547 296 -665 390
299 490 288 426 294 854 309 146 343 912
225 348 223 967 233 737 256 664 296 105
74 142 64 459 61 117 52 482 47 807
2002 January .............................................. February ............................................ March ................................................ April ................................................... May .................................................... June ...................................................
78 533 78 616 79 405 81 120 81 401 82 430
108 426 110 981 110 325 115 021 115 629 117 759
-29 893 -32 365 -30 920 -33 901 -34 228 -35 329
55 208 54 945 55 018 57 141 57 018 57 971
89 675 91 761 91 719 96 286 96 694 98 143
-34 467 -36 816 -36 701 -39 145 -39 676 -40 172
23 325 23 671 24 387 23 979 24 383 24 459
18 751 19 220 18 606 18 735 18 935 19 616
4 574 4 451 5 781 5 244 5 448 4 843
July .................................................... August ............................................... September ......................................... October .............................................. November .......................................... December ..........................................
82 704 83 057 82 620 82 324 83 452 81 613
117 066 119 424 119 461 117 166 122 671 124 531
-34 362 -36 367 -36 842 -34 843 -39 219 -42 917
58 210 58 172 57 860 57 079 57 917 55 883
97 480 100 015 99 674 97 180 102 404 103 688
-39 270 -41 843 -41 815 -40 102 -44 487 -47 804
24 494 24 885 24 760 25 245 25 535 25 730
19 586 19 409 19 787 19 986 20 267 20 843
4 908 5 476 4 973 5 259 5 268 4 887
2003 January .............................................. February ............................................ March ................................................ April ................................................... May .................................................... June ...................................................
82 443 82 940 82 860 81 377 82 397 84 708
123 662 123 014 126 403 123 554 123 189 124 590
-41 218 -40 073 -43 543 -42 176 -40 792 -39 882
57 306 57 792 58 068 57 402 57 630 59 664
102 946 102 469 105 614 103 282 102 778 103 704
-45 639 -44 676 -47 546 -45 879 -45 148 -44 040
25 137 25 148 24 792 23 975 24 767 25 044
20 716 20 545 20 789 20 272 20 411 20 886
4 421 4 603 4 003 3 703 4 356 4 158
July .................................................... August ............................................... September ......................................... October .............................................. November .......................................... December ..........................................
85 579 84 277 86 206 88 445 90 763 90 574
126 508 124 402 127 851 129 571 130 322 134 316
-40 929 -40 125 -41 645 -41 126 -39 559 -43 742
59 957 58 283 59 946 61 166 63 443 62 764
104 845 102 654 105 977 107 248 107 908 111 294
-44 888 -44 371 -46 031 -46 082 -44 465 -48 530
25 622 25 994 26 260 27 279 27 320 27 810
21 663 21 748 21 874 22 323 22 414 23 022
3 959 4 246 4 386 4 956 4 906 4 788
2004 January .............................................. February ............................................ March ................................................ April ................................................... May .................................................... June ...................................................
89 530 92 389 95 173 94 451 96 399 94 250
135 584 138 223 142 139 142 857 145 141 149 143
-46 053 -45 834 -46 966 -48 406 -48 742 -54 894
62 183 64 799 66 807 66 115 68 177 65 781
112 122 114 656 118 463 118 932 120 757 124 370
-49 938 -49 857 -51 656 -52 817 -52 580 -58 590
27 347 27 590 28 366 28 336 28 222 28 469
23 462 23 567 23 676 23 925 24 384 24 773
3 885 4 023 4 690 4 411 3 838 3 696
July .................................................... August ............................................... September ......................................... October .............................................. November .......................................... December ..........................................
96 191 96 510 97 668 98 524 98 640 101 721
147 523 150 705 149 607 154 098 157 618 156 393
-51 331 -54 195 -51 939 -55 574 -58 977 -54 672
67 752 68 058 68 990 69 260 68 611 71 001
122 798 125 161 124 617 128 692 131 843 130 515
-55 045 -57 103 -55 627 -59 432 -63 231 -59 514
28 439 28 452 28 678 29 264 30 029 30 720
24 725 25 544 24 990 25 406 25 775 25 878
3 714 2 908 3 688 3 858 4 254 4 842
CHAPTER 7: U.S. FOREIGN TRADE AND FINANCE
167
Table 7-10. U.S. Exports of Goods by End-Use and Advanced Technology Categories (Census basis, except as noted; billions of dollars; seasonally adjusted, except as noted.) Total exports of goods
Principal end-use category Industrial supplies and materials
Total: Balance of payments basis
Net adjustments
1978 ...................................................... 1979 ......................................................
142.08 184.44
-1.59 2.64
143.66 181.80
25.68 30.50
39.59 58.50
1980 1981 1982 1983 1984
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
224.25 237.04 211.16 201.80 219.93
3.55 3.31 -1.12 0.09 1.18
220.70 233.74 212.28 201.71 218.74
36.28 38.84 32.20 32.09 32.20
1985 1986 1987 1988 1989
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
215.92 223.34 250.21 320.23 359.92
3.29 -3.13 -3.70 -3.11 -3.08
212.62 226.47 253.90 323.34 363.00
1990 1991 1992 1993 1994
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
387.40 414.08 439.63 456.94 502.86
-5.57 -7.77 -8.54 -7.92 -9.77
1995 1996 1997 1998 1999
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
575.20 612.11 678.37 670.42 683.97
2000 2001 2002 2003 2004
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
Consumer goods (nonfood), Other goods except automotive
Advanced technology products 1
Capital goods, except automotive
Automotive vehicles, engines, and parts
1.95 2.44
47.50 60.18
15.16 17.90
11.38 13.98
... ...
... ...
72.09 70.19 64.05 58.94 64.12
3.57 4.56 6.87 5.59 5.43
76.28 84.17 76.50 71.66 77.01
17.44 19.69 17.23 18.46 22.42
17.75 17.70 16.13 14.93 15.09
... ... ... ... ...
... ... ... ... ...
24.57 23.52 25.23 33.77 36.34
61.16 64.72 70.05 90.02 98.36
5.71 4.43 4.63 4.48 6.46
79.32 82.82 92.71 119.10 136.94
24.95 25.10 27.58 33.40 35.05
14.59 16.73 20.31 26.98 36.01
... ... ... ... ...
... ... ... ... ...
392.97 421.85 448.17 464.86 512.63
35.18 35.79 40.34 40.59 41.96
105.55 109.69 109.59 111.89 121.55
8.36 8.40 7.62 7.49 6.97
153.07 166.72 176.50 182.85 205.82
36.07 39.72 46.71 51.35 57.31
43.60 46.65 51.31 54.56 59.86
20.73 23.66 24.39 23.89 26.50
... ... ... ... ...
-9.54 -12.96 -10.82 -11.72 -11.83
584.74 625.08 689.18 682.14 695.80
50.47 55.53 51.51 46.40 45.98
146.37 147.98 158.32 148.31 147.52
8.10 9.63 10.42 8.08 8.62
234.46 253.99 295.87 299.87 310.79
61.26 64.24 73.30 72.39 75.26
64.31 70.11 77.96 80.29 80.92
28.72 33.85 33.51 35.44 35.32
... ... ... ... ...
771.99 718.71 682.42 713.42 807.54
-9.92 -10.39 -10.68 -11.35 -11.24
781.92 729.10 693.10 724.77 818.78
47.87 49.41 49.62 55.03 56.57
172.62 160.10 156.81 173.04 203.96
12.01 10.64 10.34 12.69 17.08
356.93 321.71 290.44 293.62 331.48
80.36 75.44 78.94 80.69 89.29
89.38 88.33 84.36 89.91 103.08
34.77 34.11 32.94 32.49 34.40
227.39 199.63 178.57 180.21 201.42
2001 January .............................................. February ............................................ March ................................................ April ................................................... May .................................................... June ...................................................
65.02 65.37 63.58 62.11 62.72 60.20
-0.85 -0.75 -0.77 -0.69 -1.05 -0.91
65.87 66.11 64.35 62.81 63.77 61.10
3.96 4.12 4.34 4.27 4.11 4.04
14.27 14.46 14.22 13.95 13.93 13.45
0.94 0.89 0.88 0.93 0.95 0.92
30.94 30.99 29.12 27.92 28.39 26.64
6.14 6.04 6.20 6.26 6.35 6.59
7.64 7.81 7.72 7.70 7.96 7.23
2.91 2.71 2.74 2.71 3.04 3.16
18.29 18.06 20.63 16.54 17.25 17.72
July .................................................... August ............................................... September ......................................... October .............................................. November .......................................... December ..........................................
58.27 58.88 55.50 56.05 55.83 55.19
-1.03 -0.77 -0.87 -0.94 -0.88 -0.88
59.30 59.65 56.38 56.99 56.71 56.07
4.04 4.23 4.06 4.11 4.11 4.02
12.93 13.20 12.32 12.60 12.39 12.38
0.85 0.98 0.79 0.78 0.78 0.95
25.89 25.56 24.07 24.17 24.16 23.87
6.20 6.54 6.38 6.29 6.42 6.02
7.28 7.11 6.89 7.00 6.88 7.13
2.96 3.00 2.66 2.82 2.75 2.66
14.87 15.75 14.80 15.68 14.92 15.11
2002 January .............................................. February ............................................ March ................................................ April ................................................... May .................................................... June ...................................................
55.21 54.95 55.02 57.14 57.02 57.97
-0.73 -0.77 -0.91 -0.82 -1.16 -0.80
55.94 55.72 55.93 57.96 58.18 58.77
4.19 4.16 3.89 3.97 4.04 4.30
12.36 12.25 12.27 12.98 13.23 13.34
0.76 0.78 0.75 0.80 0.80 0.81
23.85 23.46 23.97 24.48 24.21 24.69
6.13 6.28 6.34 6.71 6.72 6.83
6.91 6.98 6.77 7.07 7.00 7.01
2.50 2.58 2.69 2.77 2.99 2.60
13.61 12.96 17.10 14.40 14.76 16.41
July .................................................... August ............................................... September ......................................... October .............................................. November .......................................... December ..........................................
58.21 58.17 57.86 57.08 57.92 55.88
-0.92 -1.00 -0.78 -0.99 -0.90 -0.91
59.13 59.17 58.64 58.07 58.82 56.79
4.36 4.23 4.09 3.84 4.22 4.35
13.21 13.45 13.38 13.15 13.64 13.56
0.85 0.93 0.87 0.91 0.98 1.10
24.77 24.74 24.79 24.37 24.46 22.65
6.73 6.79 6.64 6.65 6.55 6.56
7.26 7.10 7.02 7.18 7.16 6.91
2.80 2.87 2.73 2.87 2.79 2.77
14.86 15.13 14.84 15.73 14.62 14.15
2003 January .............................................. February ............................................ March ................................................ April ................................................... May .................................................... June ...................................................
57.31 57.79 58.07 57.40 57.63 59.66
-0.75 -0.85 -0.97 -1.18 -0.84 -1.02
58.05 58.64 59.04 58.58 58.47 60.68
4.42 4.34 4.32 4.37 4.38 4.63
14.12 14.04 14.47 14.16 14.04 14.63
1.16 1.19 1.24 1.06 1.05 1.09
23.04 24.02 23.48 23.28 23.30 24.28
6.62 6.61 6.73 6.73 6.91 6.81
7.39 7.07 7.30 7.13 7.26 7.60
2.47 2.57 2.74 2.92 2.58 2.74
13.06 13.53 15.98 13.95 13.97 15.42
July .................................................... August ............................................... September ......................................... October .............................................. November .......................................... December ..........................................
59.96 58.28 59.95 61.17 63.44 62.76
-1.03 -1.00 -1.09 -0.77 -1.09 -0.79
60.99 59.28 61.03 61.93 64.54 63.55
4.74 4.59 4.65 4.77 4.97 4.86
14.80 14.10 14.20 14.58 14.73 15.18
1.00 0.92 1.02 0.95 0.96 1.05
24.45 24.16 24.96 25.55 27.09 26.03
6.65 6.19 6.73 6.92 6.79 7.00
7.57 7.48 7.67 7.59 8.03 7.82
2.78 2.76 2.82 2.51 2.94 2.66
14.75 14.47 15.23 16.29 16.93 16.63
2004 January .............................................. February ............................................ March ................................................ April ................................................... May .................................................... June ...................................................
62.18 64.80 66.81 66.12 68.18 65.78
-0.95 -0.94 -1.03 -0.94 -0.93 -1.04
63.14 65.74 67.83 67.06 69.10 66.82
4.63 4.70 4.80 4.74 4.83 4.62
15.30 15.91 16.67 16.44 17.19 16.51
1.00 1.16 1.31 1.28 1.51 1.41
25.92 27.16 27.59 27.16 28.33 26.81
6.77 6.99 7.24 7.26 7.33 7.22
7.80 8.17 8.58 8.51 8.54 8.47
2.71 2.82 2.95 2.94 2.89 3.19
14.74 15.96 18.93 16.34 17.03 17.47
July .................................................... August ............................................... September ......................................... October .............................................. November .......................................... December ..........................................
67.75 68.06 68.99 69.26 68.61 71.00
-0.77 -0.84 -1.05 -0.95 -0.92 -0.88
68.52 68.90 70.04 70.21 69.53 71.88
4.56 4.49 4.84 4.76 4.78 4.82
17.42 17.05 17.44 17.91 17.78 18.35
1.43 1.57 1.46 1.63 1.62 1.70
27.99 28.10 28.08 28.14 27.58 28.60
7.53 7.78 7.76 7.75 7.65 8.02
8.40 8.72 8.84 8.85 8.87 9.33
2.61 2.76 3.09 2.80 2.87 2.76
15.94 16.00 17.21 17.67 16.24 17.90
Year and month
1Not seasonally adjusted.
. . . = Not available.
Total: Census basis
Foods, feeds, and beverages
Total
Petroleum and products
168
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 7-11. U.S. Imports of Goods by End-Use and Advanced Technology Categories (Census basis, except as noted; billions of dollars; seasonally adjusted, except as noted.) Total imports of goods
Principal end-use category Industrial supplies and materials
Total: Balance of payments basis
Net adjustments
1978 ...................................................... 1979 ......................................................
176.00 212.01
1.31 2.60
174.69 209.41
15.84 18.01
79.26 102.67
1980 1981 1982 1983 1984
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
249.75 265.07 247.64 268.90 332.42
4.23 3.76 3.70 7.18 1.91
245.52 261.31 243.94 261.72 330.51
18.55 18.53 17.47 18.56 21.92
1985 1986 1987 1988 1989
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
338.09 368.43 409.77 447.19 477.37
1.71 2.75 3.48 5.26 3.72
336.38 365.67 406.28 441.93 473.65
1990 1991 1992 1993 1994
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
498.34 490.98 536.46 589.44 668.59
2.36 2.53 3.80 8.78 5.33
1995 1996 1997 1998 1999
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
749.57 803.33 876.37 917.18 1 029.99
2000 2001 2002 2003 2004
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
Consumer goods (nonfood), Other goods except automotive
Advanced technology products 1
Capital goods, except automotive
Automotive vehicles, engines, and parts
... ...
19.29 24.49
25.11 26.51
29.40 31.22
... ...
... ...
124.96 131.10 107.82 105.63 122.72
... ... ... ... ...
30.72 36.86 38.22 42.61 60.15
28.13 30.80 34.26 42.04 56.77
34.22 38.30 39.66 46.59 61.19
... ... ... ... ...
... ... ... ... ...
21.89 24.40 24.81 24.93 25.08
112.48 101.37 110.67 118.06 132.40
... ... ... ... ...
60.81 71.86 84.77 101.79 112.45
65.21 78.25 85.17 87.95 87.38
66.43 79.43 88.82 96.42 102.26
... ... ... ... ...
... ... ... ... ...
495.98 488.45 532.66 580.66 663.26
26.65 26.21 27.61 27.87 27.87
143.41 131.38 138.64 145.61 145.61
62.16 51.78 51.60 51.50 51.28
116.04 120.80 134.25 152.37 152.37
87.69 84.94 91.79 102.42 102.42
105.29 107.78 122.66 134.02 134.02
16.09 15.94 17.71 18.39 18.39
... ... ... ... ...
6.03 8.04 6.66 5.28 5.37
743.54 796.77 869.70 911.90 1 024.62
33.18 35.74 39.69 41.24 43.60
181.85 204.43 213.77 200.14 221.39
56.16 72.75 71.77 50.90 67.81
221.43 228.07 253.28 269.56 295.72
123.80 128.95 139.81 149.05 178.96
159.91 172.00 193.81 216.52 241.91
23.39 26.11 29.34 35.39 43.04
... ... ... ... ...
1 224.42 1 145.90 1 164.72 1 260.72 1 472.93
6.40 4.90 3.35 3.60 3.22
1 218.02 1 141.00 1 161.37 1 257.12 1 469.70
45.98 46.64 49.69 55.83 62.14
298.98 273.87 267.69 313.82 412.83
120.28 103.59 103.51 133.10 180.46
347.03 297.99 283.32 295.83 343.45
195.88 189.78 203.74 210.17 228.24
281.83 284.29 307.84 333.88 372.94
48.33 48.42 49.08 47.59 50.11
222.08 195.18 195.15 207.03 238.28
2001 January .............................................. February ............................................ March ................................................ April ................................................... May .................................................... June ...................................................
106.05 100.91 102.43 98.76 95.91 95.55
0.58 0.56 0.58 0.59 0.76 0.57
105.47 100.35 101.85 98.16 95.15 94.98
3.90 3.80 3.74 3.75 3.77 3.92
27.99 25.89 25.32 24.15 23.37 22.79
11.32 10.46 9.53 9.41 8.87 8.87
28.83 27.82 28.20 25.86 24.59 24.52
16.00 15.61 15.68 15.93 15.70 15.96
24.62 23.16 25.10 24.31 23.53 23.76
4.14 4.08 3.82 4.17 4.19 4.02
17.67 16.12 18.61 16.13 15.26 16.65
July .................................................... August ............................................... September ......................................... October .............................................. November .......................................... December ..........................................
93.89 92.81 91.18 91.53 90.18 86.69
0.21 0.24 0.22 0.21 0.21 0.17
93.68 92.57 90.96 91.32 89.98 86.53
4.01 3.94 4.05 4.03 3.97 3.77
21.92 21.64 21.36 20.67 19.95 18.84
8.06 8.10 8.13 7.47 6.92 6.45
23.87 23.54 22.58 22.98 22.76 22.45
15.99 16.25 15.67 15.72 15.90 15.38
23.85 23.26 23.43 23.89 23.33 22.05
4.04 3.93 3.88 4.04 4.07 4.04
16.49 15.42 14.77 17.02 16.16 14.89
2002 January .............................................. February ............................................ March ................................................ April ................................................... May .................................................... June ...................................................
89.68 91.76 91.72 96.29 96.69 98.14
0.23 0.22 0.27 0.31 0.30 0.30
89.44 91.54 91.45 95.97 96.40 97.85
3.88 3.97 3.95 4.02 4.10 4.14
19.55 19.47 19.72 22.52 22.37 21.91
6.92 6.39 7.04 8.98 8.77 8.26
22.84 23.13 23.41 23.73 23.68 23.96
15.72 16.44 16.22 16.94 16.79 17.13
23.45 24.54 23.85 24.75 25.36 26.35
4.01 3.99 4.30 4.01 4.09 4.36
14.78 14.50 16.20 15.53 15.63 16.37
July .................................................... August ............................................... September ......................................... October .............................................. November .......................................... December ..........................................
97.48 100.02 99.67 97.18 102.40 103.69
0.28 0.29 0.31 0.32 0.29 0.23
97.20 99.72 99.36 96.86 102.12 103.46
4.23 4.26 4.20 4.10 4.38 4.47
22.17 23.10 23.15 24.10 24.42 25.22
8.60 9.11 9.02 10.09 10.07 10.26
23.85 23.73 23.76 22.39 24.37 24.47
16.87 17.71 17.65 17.09 17.56 17.62
26.03 26.90 26.47 25.17 27.42 27.57
4.05 4.03 4.13 4.02 3.98 4.11
16.96 16.55 16.83 17.39 17.60 16.80
2003 January .............................................. February ............................................ March ................................................ April ................................................... May .................................................... June ...................................................
102.95 102.47 105.61 103.28 102.78 103.70
0.23 0.22 0.25 0.26 0.35 0.48
102.71 102.25 105.36 103.02 102.42 103.22
4.53 4.40 4.59 4.63 4.63 4.46
25.70 26.26 28.17 25.79 24.50 25.06
11.11 11.81 12.68 11.05 9.73 10.44
24.35 23.45 23.61 24.29 24.36 24.51
17.16 16.93 17.25 17.02 17.53 18.10
27.00 27.29 27.76 27.34 27.53 27.05
3.98 3.93 3.99 3.96 3.87 4.04
15.41 14.32 16.82 16.35 15.85 17.28
July .................................................... August ............................................... September ......................................... October .............................................. November .......................................... December ..........................................
104.85 102.65 105.98 107.25 107.91 111.29
0.21 0.47 0.31 0.28 0.27 0.26
104.64 102.18 105.67 106.97 107.64 111.03
4.62 4.61 4.86 4.78 4.86 4.87
26.38 25.87 26.25 25.98 25.90 27.98
11.19 10.90 10.83 10.43 10.85 12.08
24.37 24.04 25.17 25.44 25.68 26.56
17.64 16.19 17.46 18.06 18.24 18.59
27.59 27.68 28.00 28.71 28.93 29.00
4.04 3.79 3.94 4.00 4.04 4.02
17.49 16.24 18.80 19.96 18.63 19.87
2004 January .............................................. February ............................................ March ................................................ April ................................................... May .................................................... June ...................................................
112.12 114.66 118.46 118.93 120.76 124.37
0.25 0.23 0.30 0.26 0.26 0.27
111.88 114.42 118.17 118.68 120.49 124.11
4.88 5.04 5.09 5.07 5.28 5.23
28.74 30.86 31.71 31.01 32.38 35.06
12.59 13.38 14.08 13.04 13.39 15.10
26.89 26.47 27.41 27.99 28.18 29.32
17.97 18.65 18.81 18.96 19.24 18.97
29.37 29.24 30.97 31.41 31.20 31.34
4.04 4.16 4.18 4.25 4.22 4.19
16.75 16.66 20.40 19.57 18.63 21.10
July .................................................... August ............................................... September ......................................... October .............................................. November .......................................... December ..........................................
122.80 125.16 124.62 128.69 131.84 130.52
0.31 0.27 0.25 0.28 0.30 0.26
122.49 124.90 124.37 128.42 131.55 130.25
5.21 5.19 5.07 5.24 5.39 5.45
34.02 36.61 35.24 38.05 40.55 38.61
14.14 15.99 15.00 17.22 19.52 17.04
29.11 29.02 29.65 29.90 29.70 29.83
19.02 19.10 19.40 19.51 19.19 19.43
30.99 30.72 30.86 31.55 32.60 32.70
4.14 4.27 4.15 4.16 4.12 4.24
19.55 20.14 20.40 22.05 21.97 21.05
Year and month
1Not seasonally adjusted.
. . . = Not available.
Total: Census basis
Foods, feeds, and beverages
Total
Petroleum and products
CHAPTER 7: U.S. FOREIGN TRADE AND FINANCE
169
Table 7-12. U.S. Exports and Imports of Goods by Principal End-Use Category in Constant Dollars (Census basis; billions of 2000 chain-weighted dollars, except as noted; seasonally adjusted.) Exports Year and month Total
Foods, feeds, and beverages
Industrial supplies and materials
Capital goods, except automotive
Imports AutoConsumer motive goods vehicles, (nonfood), engines, except and parts automotive
Other goods
Total
Foods, feeds, and beverages
Industrial supplies and materials
Capital goods, except automotive
AutoConsumer motive goods vehicles, (nonfood), engines, except and parts automotive
Other goods
1986 1 1987 1 1988 1 1989 1
.............................. .............................. .............................. ..............................
227.20 254.10 322.40 363.80
22.30 24.30 32.30 37.20
57.30 66.70 85.10 99.30
75.80 86.20 109.20 138.80
21.70 24.60 29.30 34.80
... ... ... ...
... ... ... ...
365.40 406.20 441.00 473.20
24.40 24.80 24.80 25.10
101.30 111.00 118.30 132.30
71.80 84.50 101.40 113.30
78.20 85.00 87.70 86.10
79.40 88.70 95.90 102.90
... ... ... ...
1990 1 1991 1 1992 1 1993 1 1994 1
.............................. .............................. .............................. .............................. ..............................
393.60 421.70 448.20 471.17 522.29
35.10 35.70 40.30 40.19 40.43
104.40 109.70 109.10 111.08 114.17
152.70 166.70 175.90 190.02 225.76
37.40 40.00 47.00 51.93 56.54
39.22 40.42 43.60 54.03 58.97
18.70 21.11 21.71 23.91 26.41
495.30 488.50 532.70 591.45 675.05
26.60 26.50 27.60 28.03 29.52
146.20 131.60 138.60 151.26 168.80
116.40 120.70 134.30 160.16 199.56
87.30 85.70 91.80 100.73 112.13
105.70 108.00 122.70 132.92 144.22
14.46 14.15 15.46 18.35 20.82
1994 .................................
482.34
41.41
127.50
165.92
60.49
62.41
28.03
628.41
29.53
216.50
120.69
124.86
143.41
21.80
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
531.74 588.10 666.61 682.35 704.29
45.70 44.24 44.12 43.84 45.35
136.13 144.48 156.35 155.76 156.88
192.70 228.74 280.22 292.61 308.44
64.02 66.63 75.18 73.38 75.99
66.02 70.86 77.82 80.86 81.42
28.79 33.61 33.38 36.15 36.12
682.73 753.96 858.67 959.84 1 075.39
30.28 33.53 36.75 39.54 43.18
222.84 236.42 252.73 277.01 281.43
145.53 175.55 219.82 252.14 289.21
126.99 131.33 141.98 150.86 180.17
154.37 165.33 188.23 213.38 239.60
23.01 25.69 29.06 35.81 43.70
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
781.92 733.58 699.04 714.14 778.88
47.87 49.14 48.06 48.93 45.37
172.62 164.85 162.18 166.68 177.99
356.93 321.92 293.02 298.61 337.57
80.36 75.13 78.30 79.63 87.48
89.38 88.38 84.68 89.30 101.50
34.77 34.15 32.85 31.35 31.73
1 218.02 1 177.64 1 220.88 1 284.66 1 431.13
45.98 47.76 50.95 55.65 59.08
298.98 297.51 300.14 311.94 347.94
347.03 306.31 300.13 317.05 371.91
195.88 189.86 203.24 208.51 223.02
281.83 286.48 313.01 339.95 377.11
48.33 48.79 50.30 47.86 48.79
2001 January ........................ February ...................... March ........................... April .............................. May .............................. June .............................
65.78 66.05 64.35 62.83 63.92 61.38
3.89 4.12 4.31 4.28 4.15 4.05
14.32 14.46 14.32 14.07 14.11 13.78
30.88 30.91 29.06 27.82 28.33 26.60
6.13 6.03 6.19 6.23 6.31 6.56
7.65 7.82 7.74 7.72 7.99 7.25
2.90 2.70 2.73 2.70 3.03 3.16
104.91 100.39 103.28 100.13 96.87 97.31
3.89 3.84 3.72 3.81 3.85 4.06
27.06 25.40 26.27 25.25 24.12 23.98
29.12 28.20 28.57 26.41 25.18 25.13
15.97 15.59 15.67 15.94 15.74 15.99
24.72 23.27 25.18 24.44 23.68 23.97
4.06 4.03 3.81 4.17 4.19 4.04
July .............................. August .......................... September ................... October ........................ November .................... December ....................
59.71 60.22 56.85 57.72 57.65 57.13
3.98 4.13 3.97 4.09 4.15 4.03
13.42 13.77 12.83 13.27 13.19 13.30
25.89 25.68 24.16 24.29 24.27 24.03
6.17 6.51 6.35 6.26 6.40 6.00
7.28 7.11 6.87 6.98 6.87 7.10
2.96 3.01 2.66 2.83 2.77 2.69
97.24 96.32 94.41 96.65 96.44 93.70
4.17 4.11 4.18 4.16 4.05 3.91
24.18 23.97 23.36 24.47 24.95 24.51
24.61 24.36 23.47 23.97 23.78 23.51
16.04 16.30 15.68 15.70 15.89 15.36
24.03 23.46 23.64 24.16 23.61 22.33
4.10 4.00 3.94 4.13 4.17 4.15
2002 January ........................ February ...................... March ........................... April .............................. May .............................. June .............................
56.93 56.85 56.86 58.73 58.92 59.40
4.14 4.24 3.92 3.98 4.05 4.25
13.24 13.14 13.08 13.57 13.76 13.76
24.01 23.60 24.04 24.63 24.40 24.96
6.09 6.24 6.30 6.67 6.67 6.78
6.93 7.02 6.80 7.11 7.05 7.05
2.52 2.61 2.71 2.78 3.00 2.59
96.53 99.06 97.70 100.79 100.89 102.57
3.96 4.19 4.10 4.13 4.18 4.30
25.00 24.90 23.68 25.18 24.59 24.25
24.02 24.38 24.73 25.04 25.03 25.31
15.73 16.41 16.22 16.92 16.80 17.09
23.73 24.91 24.26 25.18 25.82 26.82
4.12 4.12 4.44 4.11 4.20 4.47
July .............................. August .......................... September ................... October ........................ November .................... December ....................
59.42 59.38 58.67 58.09 58.83 56.95
4.18 4.01 3.75 3.61 3.89 4.04
13.46 13.72 13.58 13.27 13.83 13.77
25.01 24.97 25.05 24.64 24.74 22.98
6.69 6.74 6.59 6.58 6.48 6.49
7.29 7.11 7.03 7.19 7.17 6.92
2.78 2.84 2.69 2.84 2.75 2.74
101.67 103.96 103.15 100.20 106.54 107.82
4.36 4.40 4.27 4.14 4.44 4.49
24.32 25.01 24.60 25.17 26.31 27.16
25.26 25.11 25.19 23.92 26.02 26.12
16.83 17.66 17.60 16.97 17.48 17.53
26.46 27.32 26.93 25.60 27.94 28.06
4.15 4.12 4.22 4.10 4.06 4.19
2003 January ........................ February ...................... March ........................... April .............................. May .............................. June .............................
57.81 58.00 58.24 57.89 57.70 59.83
4.09 4.03 4.02 4.05 3.93 4.16
14.02 13.62 13.84 13.67 13.63 14.12
23.33 24.29 23.79 23.58 23.60 24.64
6.54 6.52 6.66 6.64 6.83 6.73
7.40 7.04 7.27 7.10 7.23 7.54
2.42 2.50 2.66 2.83 2.50 2.65
105.09 103.08 105.35 105.76 106.23 106.09
4.51 4.38 4.54 4.59 4.64 4.49
25.73 24.74 25.78 26.11 25.75 25.52
26.00 25.07 25.28 25.99 26.11 26.21
17.09 16.83 17.15 16.91 17.42 17.97
27.47 27.85 28.30 27.85 28.07 27.50
4.03 3.96 3.98 3.99 3.91 4.06
July .............................. August .......................... September ................... October ........................ November .................... December ....................
60.18 58.66 60.14 60.80 62.99 61.93
4.28 4.21 4.05 4.07 4.08 3.96
14.37 13.60 13.64 13.93 13.96 14.30
24.77 24.65 25.55 26.14 27.66 26.61
6.56 6.11 6.63 6.82 6.69 6.90
7.51 7.43 7.61 7.51 7.93 7.74
2.69 2.67 2.71 2.40 2.80 2.52
107.19 104.55 108.27 109.87 110.13 113.06
4.62 4.64 4.86 4.77 4.82 4.79
26.52 25.78 26.30 26.25 25.93 27.54
26.08 25.75 26.98 27.41 27.59 28.60
17.51 16.08 17.35 17.85 18.01 18.33
28.05 28.18 28.52 29.27 29.42 29.47
4.06 3.82 3.96 4.02 4.05 4.02
2004 January ........................ February ...................... March ........................... April .............................. May .............................. June .............................
61.12 63.33 64.91 63.87 65.62 63.73
3.75 3.74 3.68 3.52 3.57 3.56
14.06 14.48 14.95 14.66 15.20 14.65
26.51 27.71 28.14 27.68 28.86 27.33
6.67 6.87 7.13 7.13 7.18 7.08
7.72 8.09 8.49 8.41 8.44 8.38
2.55 2.64 2.74 2.72 2.67 2.95
112.43 114.36 117.34 117.22 117.78 121.14
4.79 4.87 4.90 4.84 5.08 5.03
27.16 28.66 28.80 27.52 27.55 29.61
28.88 28.45 29.45 30.25 30.46 31.83
17.69 18.34 18.48 18.60 18.86 18.56
29.67 29.54 31.28 31.74 31.59 31.74
3.99 4.09 4.12 4.16 4.13 4.09
July .............................. August .......................... September ................... October ........................ November .................... December ....................
65.08 65.62 66.49 66.21 65.38 67.52
3.58 3.81 4.03 4.02 4.02 4.09
15.20 14.77 14.99 15.01 14.79 15.23
28.52 28.62 28.59 28.59 28.02 29.01
7.38 7.61 7.59 7.57 7.46 7.82
8.26 8.55 8.67 8.69 8.69 9.12
2.41 2.54 2.84 2.56 2.60 2.51
119.67 120.51 119.53 121.84 124.76 124.56
4.99 4.98 4.78 4.85 4.97 4.99
28.87 29.78 28.35 29.34 31.39 30.93
31.60 31.50 32.23 32.59 32.32 32.36
18.58 18.63 18.89 18.96 18.61 18.82
31.38 31.11 31.26 31.93 32.93 32.93
4.03 4.14 4.02 4.03 3.95 4.04
1Data
on the 2000 chain-weighted dollar basis are only available for 1994 to date. To provide more historical data, values in 1992 dollars are shown for the years 1986–1994. . . . = Not available.
170
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 7-13. U.S. Exports of Goods by Selected Regions and Countries (Census f.a.s. basis; millions of dollars, not seasonally adjusted.) Selected regions Year and month
Total, all countries
European Union 1
Euro area
Selected countries
Asian NICS
OPEC
Brazil
Canada
China
France
Germany (Federal Republic)
Hong Kong
1972 .......................................... 1973 .......................................... 1974 ..........................................
... ... ...
... ... 28 268
... ... ...
... ... ...
... ... 6 723
1 243 1 916 3 088
13 070 16 146 21 281
... ... 807
1 609 2 263 2 942
2 808 3 756 4 985
... ... 882
1975 1976 1977 1978 1979
.......................................... .......................................... .......................................... .......................................... ..........................................
... ... ... ... ...
22 862 25 406 26 476 32 051 42 582
... ... ... ... ...
... ... ... ... ...
10 767 12 566 14 019 16 655 15 051
3 056 2 809 2 490 2 981 3 442
22 948 25 677 27 738 30 540 37 599
304 135 171 824 1 724
3 031 3 446 3 503 4 166 5 587
5 194 5 731 5 989 6 957 8 478
808 1 115 1 292 1 625 2 083
1980 1981 1982 1983 1984
.......................................... .......................................... .......................................... .......................................... ..........................................
... ... ... 201 708 218 743
53 679 52 363 47 932 44 311 46 976
... ... ... ... ...
... ... ... ... ...
17 759 21 533 22 863 16 905 14 387
4 344 3 798 3 423 2 557 2 640
40 331 44 602 37 887 43 345 51 777
3 755 3 603 2 912 2 173 3 004
7 485 7 341 7 110 5 961 6 037
10 960 10 277 9 291 8 737 9 084
2 686 2 635 2 453 2 564 3 062
1985 1986 1987 1988 1989
.......................................... .......................................... .......................................... .......................................... ..........................................
212 621 226 471 253 904 323 335 363 836
48 994 53 154 60 575 75 755 86 331
... ... ... ... ...
16 918 18 289 23 548 34 816 38 404
12 480 10 844 11 058 13 994 13 196
3 140 3 885 4 040 4 267 4 804
53 287 55 512 59 814 71 622 78 809
3 856 3 106 3 497 5 021 5 755
6 096 7 216 7 943 9 970 11 579
9 050 10 561 11 748 14 348 16 862
2 786 3 030 3 983 5 687 6 246
1990 1991 1992 1993 1994
.......................................... .......................................... .......................................... .......................................... ..........................................
392 924 421 764 448 161 465 090 512 626
98 027 103 123 102 958 96 973 102 818
... ... ... ... ...
40 741 45 628 48 592 52 502 59 595
13 679 19 054 21 960 19 500 17 868
5 062 6 148 5 751 6 058 8 102
83 866 85 150 90 594 100 444 114 439
4 807 6 278 7 418 8 763 9 282
13 652 15 346 14 593 13 267 13 619
18 693 21 302 21 249 18 932 19 229
6 841 8 137 9 077 9 874 11 441
1995 1996 1997 1998 1999
.......................................... .......................................... .......................................... .......................................... ..........................................
584 742 625 075 689 182 682 138 695 797
123 671 127 710 140 773 149 035 151 814
... ... ... ... ...
74 234 75 768 78 225 63 269 70 989
19 533 22 275 25 526 25 154 20 166
11 439 12 718 15 915 15 142 13 203
127 226 134 210 151 767 156 603 166 600
11 754 11 993 12 862 14 241 13 111
14 245 14 455 15 965 17 729 18 877
22 394 23 495 24 458 26 657 26 800
14 232 13 966 15 117 12 925 12 652
2000 2001 2002 2003 2004
.......................................... .......................................... .......................................... .......................................... ..........................................
781 918 729 100 693 103 724 771 818 775
165 065 158 768 143 691 151 731 168 572
116 212 112 903 105 838 113 132 127 158
84 624 71 982 69 770 71 601 83 593
19 078 20 053 18 812 17 279 22 262
15 321 15 880 12 376 11 211 13 897
178 941 163 424 160 923 169 924 189 880
16 185 19 182 22 128 28 368 34 744
20 362 19 865 19 016 17 053 21 263
29 448 29 995 26 630 28 832 31 416
14 582 14 028 12 594 13 521 15 827
2001 January ................................. February ................................ March .................................... April ....................................... May ....................................... June ......................................
62 162 62 743 70 358 62 015 64 931 63 334
13 645 14 531 15 346 13 632 14 163 13 715
9 827 10 463 11 032 9 476 9 676 9 487
6 443 6 508 6 988 5 841 5 786 5 895
1 705 1 483 2 287 1 688 1 670 1 653
1 265 1 169 1 412 1 295 1 486 1 514
13 667 13 357 15 524 14 403 15 108 15 051
1 188 1 290 1 856 1 399 1 596 1 786
1 642 1 972 2 042 1 610 1 687 1 749
2 546 2 928 2 892 2 508 2 605 2 432
1 046 1 170 1 379 1 317 1 112 1 295
July ........................................ August ................................... September ............................. October ................................. November .............................. December ..............................
54 611 60 111 55 232 60 701 57 900 55 003
11 325 12 627 12 035 13 056 12 143 12 551
7 896 8 974 8 506 9 489 8 850 9 227
5 866 5 641 6 120 5 727 5 771 5 395
1 653 1 530 1 577 1 624 1 597 1 586
1 434 1 476 1 249 1 134 1 344 1 100
11 700 13 764 12 423 13 895 13 214 11 319
1 487 1 930 1 428 1 648 1 675 1 901
1 233 1 404 1 613 1 700 1 644 1 570
2 443 2 389 2 255 2 371 2 173 2 453
1 145 1 162 1 217 1 064 1 024 1 098
2002 January ................................. February ................................ March .................................... April ....................................... May ....................................... June ......................................
52 667 53 061 60 728 58 146 59 884 59 920
11 408 12 153 13 298 12 079 11 948 11 908
8 249 8 983 9 842 8 758 8 829 8 578
5 216 4 619 6 289 5 819 5 817 6 408
1 238 1 348 1 431 1 591 2 043 1 431
1 016 1 004 1 076 1 059 969 1 017
12 062 12 368 13 954 14 114 14 586 14 214
1 569 1 530 1 621 1 545 1 774 2 206
1 543 1 872 1 801 1 578 1 570 1 532
2 022 2 183 2 530 2 133 2 084 2 197
900 911 1 134 1 043 1 054 1 135
July ........................................ August ................................... September ............................. October ................................. November .............................. December ..............................
55 032 59 491 57 277 61 975 59 671 55 249
10 537 11 752 11 571 13 015 12 470 11 553
7 722 8 460 8 521 9 748 9 470 8 679
6 313 6 246 5 813 6 078 5 614 5 539
1 569 1 492 1 924 1 646 1 641 1 459
970 1 134 1 053 1 159 1 037 882
11 607 13 913 13 334 14 702 13 908 12 161
1 848 1 840 2 024 1 963 2 161 2 049
1 249 1 287 1 503 1 993 1 704 1 384
1 990 2 147 2 328 2 402 2 419 2 194
1 035 1 113 1 117 1 009 1 089 1 055
2003 January ................................. February ................................ March .................................... April ....................................... May ....................................... June ......................................
54 854 55 917 63 524 59 162 59 984 61 570
11 823 12 091 13 884 12 929 12 709 12 678
8 809 8 936 10 084 9 823 9 377 9 359
5 064 5 704 6 265 5 366 5 399 6 092
1 126 1 358 1 562 1 279 1 242 1 624
809 812 937 847 882 942
12 890 13 293 15 360 14 646 15 208 15 003
2 070 2 049 2 423 2 122 1 984 2 120
1 369 1 314 1 717 1 568 1 458 1 521
2 160 2 426 2 803 2 477 2 490 2 262
947 954 1 183 1 061 1 063 1 078
July ........................................ August ................................... September ............................. October ................................. November .............................. December ..............................
57 070 58 611 60 239 66 389 64 492 62 959
11 553 11 962 12 159 13 575 13 627 12 742
8 564 8 757 9 190 10 329 10 379 9 525
6 226 6 391 5 753 6 481 6 155 6 705
1 387 1 449 1 640 1 514 1 514 1 584
951 1 031 924 1 034 1 001 1 040
12 030 12 990 14 518 15 555 14 598 13 834
2 067 2 034 2 091 2 778 3 320 3 310
1 193 1 265 1 331 1 439 1 418 1 460
2 210 2 315 2 191 2 659 2 470 2 370
1 075 1 147 1 218 1 288 1 189 1 318
2004 January ................................. February ................................ March .................................... April ....................................... May ....................................... June ......................................
59 083 63 418 74 195 67 770 69 615 68 747
12 480 13 612 15 773 14 439 14 498 13 636
9 288 10 251 11 763 10 801 10 857 10 392
5 655 6 572 7 722 6 595 7 532 7 098
1 423 1 401 1 815 1 559 1 797 2 013
1 043 1 317 1 281 1 104 1 153 1 072
13 316 14 399 17 227 16 027 16 311 16 433
2 629 2 979 3 375 2 735 2 874 2 791
1 484 1 581 2 112 1 741 1 827 1 856
2 310 2 503 2 838 2 558 2 724 2 493
1 072 1 259 1 385 1 267 1 263 1 331
July ........................................ August ................................... September ............................. October ................................. November .............................. December ..............................
64 240 67 571 69 561 73 490 69 613 71 473
12 750 13 258 13 940 15 016 14 196 14 974
9 526 9 884 10 606 11 499 10 777 11 514
6 988 7 370 7 230 6 965 6 271 7 596
1 825 1 810 1 960 2 280 2 030 2 350
1 160 1 231 1 131 1 181 1 110 1 115
13 864 16 070 16 633 16 969 16 676 15 956
2 668 2 675 2 862 2 947 2 965 3 246
1 407 1 471 1 817 2 085 1 964 1 918
2 421 2 618 2 780 2 862 2 573 2 738
1 338 1 339 1 431 1 403 1 300 1 440
115 members. See notes and definitions.
. . . = Not available.
CHAPTER 7: U.S. FOREIGN TRADE AND FINANCE
171
Table 7-13. U.S. Exports of Goods by Selected Regions and Countries—Continued (Census f.a.s. basis; millions of dollars, not seasonally adjusted.) Selected countries—Continued Year and month Indonesia
Italy
Japan
Korea, South
Malaysia
Mexico
Netherlands
Singapore
Taiwan
United Kingdom
Venezuela
1972 .......................................... 1973 .......................................... 1974 ..........................................
... ... ...
1 434 2 119 2 752
4 963 8 313 10 679
... ... ...
... ... ...
1 982 2 937 4 855
... ... 3 979
... ... 988
... ... 1 427
2 658 3 564 4 574
924 1 033 1 768
1975 1976 1977 1978 1979
.......................................... .......................................... .......................................... .......................................... ..........................................
... ... ... ... ...
2 867 3 071 2 790 3 361 4 362
9 563 10 145 10 529 12 885 17 581
... ... ... ... ...
... ... ... ... ...
5 141 4 990 4 806 6 680 9 847
4 183 4 645 4 796 5 683 6 907
994 965 1 172 1 462 2 331
1 660 1 635 1 798 2 340 3 271
4 527 4 801 5 951 7 116 10 635
2 243 2 628 3 171 3 728 3 934
1980 1981 1982 1983 1984
.......................................... .......................................... .......................................... .......................................... ..........................................
1 545 1 302 2 025 1 466 1 216
5 511 5 360 4 616 3 908 4 375
20 790 21 823 20 966 21 894 23 575
... ... ... ... ...
... ... ... ... ...
15 145 17 789 11 817 9 082 11 992
8 669 8 595 8 604 7 767 7 554
3 033 3 003 3 214 3 759 3 675
4 337 4 305 4 367 4 667 5 003
12 694 12 439 10 645 10 621 12 210
4 573 5 445 5 206 2 811 3 377
1985 1986 1987 1988 1989
.......................................... .......................................... .......................................... .......................................... ..........................................
795 946 767 1 059 1 247
4 625 4 838 5 530 6 775 7 215
22 631 26 882 28 249 37 725 44 494
5 956 6 355 8 099 11 232 13 478
... ... ... ... ...
13 635 12 392 14 582 20 628 24 982
7 269 7 848 8 217 10 117 11 364
3 476 3 380 4 053 5 768 7 345
4 700 5 524 7 413 12 129 11 335
11 273 11 418 14 114 18 364 20 837
3 399 3 141 3 586 4 612 3 025
1990 1991 1992 1993 1994
.......................................... .......................................... .......................................... .......................................... ..........................................
1 897 1 891 2 779 2 770 2 809
7 987 8 570 8 721 6 464 7 183
48 585 48 125 47 813 47 892 53 488
14 399 15 505 14 639 14 782 18 025
... 3 900 4 363 6 064 6 969
28 375 33 277 40 592 41 581 50 844
13 016 13 511 13 752 12 839 13 582
8 019 8 804 9 626 11 678 13 020
11 482 13 182 15 250 16 168 17 109
23 484 22 046 22 800 26 438 26 900
3 107 4 656 5 444 4 590 4 039
1995 1996 1997 1998 1999
.......................................... .......................................... .......................................... .......................................... ..........................................
3 360 3 977 4 522 2 299 2 038
8 862 8 797 8 995 8 991 10 091
64 343 67 607 65 549 57 831 57 466
25 380 26 621 25 046 16 486 22 958
8 816 8 546 10 780 8 957 9 060
46 292 56 792 71 388 78 773 86 909
16 558 16 662 19 827 18 978 19 437
15 333 16 720 17 696 15 694 16 247
19 290 18 460 20 366 18 165 19 131
28 857 30 962 36 425 39 058 38 407
4 640 4 750 6 602 6 516 5 354
2000 2001 2002 2003 2004
.......................................... .......................................... .......................................... .......................................... ..........................................
2 402 2 521 2 556 2 516 2 671
11 060 9 916 10 057 10 561 10 685
64 924 57 452 51 449 52 004 54 243
27 830 22 181 22 576 24 073 26 413
10 938 9 358 10 344 10 914 10 921
111 349 101 297 97 470 97 412 110 835
21 836 19 485 18 311 20 695 24 289
17 806 17 652 16 218 16 560 19 609
24 406 18 122 18 382 17 448 21 744
41 570 40 714 33 205 33 828 36 000
5 550 5 642 4 430 2 831 4 767
2001 January ................................. February ................................ March .................................... April ....................................... May ....................................... June ......................................
234 203 218 217 239 201
918 889 968 792 841 808
5 253 5 222 5 897 5 033 4 878 4 986
2 150 2 025 2 217 1 627 1 692 1 783
899 778 1 011 887 679 682
8 648 8 768 9 272 8 198 8 649 8 405
1 809 1 821 1 912 1 756 1 594 1 627
1 434 1 541 1 689 1 233 1 550 1 453
1 813 1 772 1 703 1 664 1 433 1 365
3 374 3 486 3 700 3 719 4 036 3 824
461 411 517 451 494 524
July ........................................ August ................................... September ............................. October ................................. November .............................. December ..............................
185 198 173 212 198 243
720 735 724 961 770 790
4 308 4 604 4 336 4 352 4 287 4 296
1 774 1 747 2 000 1 532 1 858 1 776
689 700 678 715 720 920
7 675 9 023 7 700 9 273 8 346 7 337
1 290 1 530 1 363 1 501 1 614 1 668
1 434 1 370 1 523 1 766 1 475 1 183
1 513 1 362 1 380 1 365 1 414 1 339
3 087 3 252 3 157 3 190 2 936 2 952
477 511 416 499 481 400
2002 January ................................. February ................................ March .................................... April ....................................... May ....................................... June ......................................
136 198 201 195 222 195
714 797 885 824 933 775
3 945 3 862 4 744 3 901 4 262 4 670
1 706 1 487 1 877 1 931 1 991 1 975
726 688 1 253 960 856 1 003
7 734 7 250 7 624 8 258 8 530 8 088
1 460 1 480 1 710 1 714 1 593 1 531
1 386 1 069 1 705 1 329 1 235 1 538
1 224 1 152 1 573 1 516 1 538 1 760
2 764 2 771 2 985 2 957 2 702 2 966
374 379 365 320 677 272
July ........................................ August ................................... September ............................. October ................................. November .............................. December ..............................
198 282 187 212 268 262
836 823 679 977 914 901
4 493 4 791 4 138 4 151 4 412 4 082
1 890 1 919 1 974 1 982 1 800 2 044
828 907 798 874 723 728
7 963 8 559 8 283 9 221 8 606 7 354
1 353 1 514 1 505 1 476 1 490 1 484
1 323 1 600 1 133 1 583 1 302 1 015
2 066 1 614 1 588 1 504 1 423 1 425
2 456 2 914 2 643 2 904 2 619 2 524
304 329 400 374 470 165
2003 January ................................. February ................................ March .................................... April ....................................... May ....................................... June ......................................
238 207 233 194 192 200
956 752 849 787 1 071 866
3 919 4 136 4 470 4 475 4 562 4 403
1 726 2 162 2 182 1 919 1 825 2 115
719 689 848 917 983 896
7 780 7 093 7 805 7 816 8 082 8 012
1 529 1 550 1 861 1 816 1 590 1 667
1 069 1 425 1 566 1 146 1 312 1 341
1 322 1 163 1 335 1 240 1 199 1 559
2 670 2 781 3 300 2 729 2 939 2 949
121 188 183 179 182 218
July ........................................ August ................................... September ............................. October ................................. November .............................. December ..............................
184 195 173 193 248 260
746 736 748 1 110 961 979
4 238 4 298 4 163 4 384 4 481 4 475
1 949 1 860 1 885 2 111 2 199 2 139
976 913 970 998 946 1 058
7 904 7 941 8 534 9 520 8 621 8 304
1 524 1 610 1 586 2 031 2 081 1 850
1 599 1 847 1 258 1 450 1 262 1 286
1 604 1 538 1 391 1 633 1 504 1 962
2 655 2 818 2 577 2 821 2 806 2 782
279 288 241 308 348 296
2004 January ................................. February ................................ March .................................... April ....................................... May ....................................... June ......................................
192 215 261 191 223 218
761 773 954 1 007 1 037 870
3 975 4 117 5 121 4 772 4 353 4 792
1 831 2 273 2 350 1 971 2 503 2 133
929 908 1 020 918 920 811
8 097 8 073 9 712 9 342 9 216 9 172
1 635 2 073 2 088 2 155 2 017 1 928
1 231 1 389 1 964 1 670 1 857 1 742
1 520 1 651 2 023 1 686 1 909 1 892
2 814 2 895 3 400 3 078 3 143 2 887
281 291 398 389 377 393
July ........................................ August ................................... September ............................. October ................................. November .............................. December ..............................
245 188 208 254 223 253
782 734 869 963 962 973
4 567 4 291 4 453 5 102 4 254 4 448
2 171 2 374 2 254 2 091 2 025 2 438
855 846 872 898 915 1 030
8 781 9 512 9 635 10 076 9 996 9 224
1 768 2 028 2 079 2 244 1 925 2 351
1 781 2 023 1 687 1 541 1 309 1 415
1 699 1 635 1 859 1 931 1 636 2 304
2 856 2 926 2 904 3 051 3 017 3 030
404 414 409 486 461 464
. . . = Not available.
172
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 7-14. U.S. Imports of Goods by Selected Regions and Countries (Census Customs basis; millions of dollars, not seasonally adjusted.) Selected regions Year and month
Total, all countries
European Union 1
Euro area
Selected countries
Asian NICS
OPEC
Brazil
Canada
China
France
Germany (Federal Republic)
Hong Kong
1972 .......................................... 1973 .......................................... 1974 ..........................................
... ... ...
... ... 19 035
... ... ...
... ... ...
... ... ...
942 1 189 1 700
14 927 17 715 21 924
... ... ...
1 369 1 732 2 257
4 250 5 345 6 324
... ... ...
1975 1976 1977 1978 1979
.......................................... .......................................... .......................................... .......................................... ..........................................
... ... ... ... ...
16 610 17 848 22 087 29 009 33 295
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
1 464 1 737 2 241 2 826 3 118
21 747 26 237 29 599 33 525 38 046
... ... ... ... ...
2 137 2 509 3 032 4 051 4 768
5 382 5 592 7 238 9 962 10 955
... ... ... ... ...
1980 1981 1982 1983 1984
.......................................... .......................................... .......................................... .......................................... ..........................................
... ... ... 261 723 330 510
35 958 41 624 42 509 43 892 57 360
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
3 715 4 475 4 285 4 946 7 621
41 455 46 414 46 477 52 130 66 478
... ... ... ... ...
5 247 5 851 5 545 6 025 8 113
11 681 11 379 11 975 12 695 16 996
... ... ... ... ...
1985 1986 1987 1988 1989
.......................................... .......................................... .......................................... .......................................... ..........................................
336 383 365 672 406 283 441 926 473 647
67 822 75 736 81 188 84 939 85 153
... ... ... ... ...
... ... ... ... ...
22 800 19 750 23 953 22 962 30 601
7 526 6 813 7 865 9 294 8 410
69 006 68 253 71 085 81 398 87 953
3 862 4 771 6 294 8 511 11 989
9 482 10 129 10 730 12 509 13 013
20 239 25 124 27 069 26 362 24 832
8 396 8 891 9 854 10 238 9 739
1990 1991 1992 1993 1994
.......................................... .......................................... .......................................... .......................................... ..........................................
495 980 488 452 532 663 580 658 663 256
91 868 86 481 93 993 97 941 110 875
... ... ... ... ...
... 59 277 62 384 64 572 71 388
38 017 32 644 33 200 31 739 31 685
7 976 6 717 7 609 7 479 8 683
91 372 91 064 98 630 111 216 128 406
15 224 18 969 25 728 31 540 38 787
13 124 13 333 14 797 15 279 16 699
28 109 26 137 28 820 28 562 31 744
9 488 9 279 9 793 9 554 9 696
1995 1996 1997 1998 1999
.......................................... .......................................... .......................................... .......................................... ..........................................
743 543 795 289 869 704 911 896 1 024 618
131 871 142 947 157 528 176 380 195 227
... ... ... ... ...
82 008 82 770 86 164 85 961 95 102
35 197 44 285 44 025 33 925 41 978
8 830 8 773 9 626 10 102 11 314
145 349 155 893 168 201 173 256 198 711
45 543 51 513 62 558 71 169 81 788
17 209 18 646 20 636 24 016 25 709
36 844 38 945 43 122 49 842 55 228
10 291 9 865 10 288 10 538 10 528
2000 2001 2002 2003 2004
.......................................... .......................................... .......................................... .......................................... ..........................................
1 218 022 1 140 999 1 161 366 1 257 121 1 469 704
220 019 220 057 225 771 244 826 272 439
163 520 166 373 172 573 187 204 209 606
111 438 93 202 91 850 92 818 105 476
67 090 59 754 53 245 68 344 94 105
13 853 14 466 15 781 17 910 21 160
230 838 216 268 209 088 221 595 256 360
100 018 102 278 125 193 152 436 196 682
29 800 30 408 28 240 29 219 31 606
58 513 59 077 62 506 68 113 77 266
11 449 9 646 9 328 8 851 9 314
2001 January ................................. February ................................ March .................................... April ....................................... May ....................................... June ......................................
101 869 91 639 103 536 96 265 96 605 95 663
18 896 17 861 20 172 19 218 19 039 17 843
14 082 13 275 15 379 14 508 14 431 13 484
9 064 7 286 8 416 7 669 7 578 7 733
5 793 4 781 5 642 5 439 5 790 5 224
1 360 1 050 1 202 1 077 1 261 1 188
20 442 18 263 19 976 18 733 19 603 18 915
8 428 6 376 7 590 7 687 7 758 8 398
2 525 2 344 3 309 2 734 2 612 2 303
4 875 4 846 5 345 5 378 5 219 4 783
982 617 751 662 759 868
July ........................................ August ................................... September ............................. October ................................. November .............................. December ..............................
94 625 96 728 89 484 101 177 91 705 81 703
19 522 17 466 15 292 20 147 18 015 16 587
14 876 13 495 11 553 15 071 13 524 12 694
7 784 7 694 7 323 8 261 7 595 6 800
5 300 4 933 4 872 4 717 3 778 3 487
1 211 1 428 1 209 1 175 1 183 1 123
15 793 18 001 16 698 17 542 17 170 15 132
8 975 10 043 9 928 10 808 8 879 7 409
2 629 2 364 1 873 2 714 2 469 2 533
5 423 5 055 4 147 5 037 4 582 4 387
930 910 915 922 712 619
2002 January ................................. February ................................ March .................................... April ....................................... May ....................................... June ......................................
85 111 83 473 91 415 96 891 97 649 96 415
16 057 16 651 18 829 18 997 18 932 18 236
12 180 12 876 14 445 14 189 14 229 13 848
7 275 6 478 7 185 7 635 7 753 7 437
3 733 3 298 3 898 4 512 4 586 4 153
1 093 1 024 1 104 1 250 1 261 1 384
16 335 16 180 17 481 18 186 18 794 17 436
8 415 8 021 7 259 9 098 9 847 10 727
2 284 2 184 2 465 2 576 2 043 2 311
4 195 4 636 5 255 5 185 4 900 4 620
836 603 589 674 738 787
July ........................................ August ................................... September ............................. October ................................. November .............................. December ..............................
100 472 102 277 99 429 106 251 102 564 99 418
20 953 18 168 17 705 20 897 19 711 20 635
16 084 14 043 13 475 16 032 15 057 16 116
7 988 8 027 7 935 7 862 8 349 7 927
4 714 5 139 4 880 5 130 4 591 4 611
1 400 1 581 1 350 1 649 1 296 1 390
15 911 17 943 17 862 19 044 17 685 16 232
11 213 12 671 12 292 11 455 12 570 11 625
2 687 2 201 2 166 2 526 2 275 2 523
5 796 5 108 4 914 5 993 5 750 6 156
934 867 861 896 818 725
2003 January ................................. February ................................ March .................................... April ....................................... May ....................................... June ......................................
97 491 93 154 105 842 103 869 102 068 103 958
18 192 18 057 21 275 20 531 20 234 20 512
14 291 13 585 16 203 15 757 15 277 15 691
7 821 6 517 7 185 7 874 7 233 7 749
4 827 4 745 6 565 6 296 5 653 5 608
1 434 1 305 1 535 1 427 1 398 1 479
17 735 17 184 19 823 18 454 18 668 18 574
11 404 9 630 10 110 11 522 11 885 12 127
2 354 2 215 2 329 2 424 2 237 2 461
4 877 4 860 6 271 5 943 5 883 5 736
822 564 563 625 626 692
July ........................................ August ................................... September ............................. October ................................. November .............................. December ..............................
107 631 102 307 108 322 117 158 106 066 109 255
21 665 18 619 19 746 22 255 20 868 22 873
16 682 14 523 14 728 16 720 16 208 17 537
8 071 7 390 8 102 8 732 7 819 8 325
5 821 5 568 5 738 5 956 5 414 6 152
1 647 1 634 1 465 1 635 1 348 1 603
17 079 17 584 19 361 20 138 18 641 18 354
13 439 13 765 14 748 16 458 14 157 13 193
2 524 2 278 2 347 2 617 2 551 2 881
5 785 5 135 5 016 6 060 6 046 6 501
871 839 920 958 696 678
2004 January ................................. February ................................ March .................................... April ....................................... May ....................................... June ......................................
103 993 104 864 123 421 118 885 118 271 127 657
18 348 21 052 24 736 23 600 22 607 23 294
14 005 16 182 18 918 17 856 17 211 17 882
7 933 7 051 8 528 8 367 8 796 9 274
6 136 6 199 7 328 6 906 7 480 8 082
1 393 1 209 1 513 1 554 1 626 2 009
18 926 19 357 22 483 21 499 21 250 23 251
14 089 11 267 13 800 14 745 15 067 16 888
2 258 2 161 2 732 2 542 2 407 2 680
5 013 5 988 6 791 6 621 6 616 6 065
806 531 692 656 616 780
July ........................................ August ................................... September ............................. October ................................. November .............................. December ..............................
123 224 127 216 126 022 134 816 134 719 126 617
22 708 22 077 21 114 23 823 24 372 24 708
17 617 17 604 16 318 18 416 18 687 18 908
9 101 9 180 9 742 9 504 9 430 8 569
7 889 9 178 8 394 9 404 9 064 8 045
2 024 1 807 2 126 2 014 1 880 2 005
19 777 22 018 21 688 22 411 22 876 20 826
17 562 18 068 18 387 19 718 19 679 17 412
2 558 2 471 2 646 3 152 2 960 3 040
6 705 6 488 5 994 7 034 6 959 6 992
888 896 957 963 829 701
115 members. See notes and definitions.
. . . = Not available.
CHAPTER 7: U.S. FOREIGN TRADE AND FINANCE
173
Table 7-14. U.S. Imports of Goods by Selected Regions and Countries—Continued (Census Customs basis; millions of dollars, not seasonally adjusted.) Selected countries—Continued Year and month Indonesia
Italy
Japan
Korea, South
Malaysia
Mexico
Netherlands
Singapore
Taiwan
United Kingdom
Venezuela
1972 .......................................... 1973 .......................................... 1974 ..........................................
... ... ...
1 757 2 002 2 585
9 064 9 676 12 338
... ... ...
... ... ...
1 632 2 306 3 390
... ... 1 433
... ... ...
... ... ...
2 987 3 657 4 061
1 298 1 787 4 671
1975 1976 1977 1978 1979
.......................................... .......................................... .......................................... .......................................... ..........................................
... ... ... ... ...
2 397 2 530 3 037 4 102 4 918
11 268 15 504 18 550 24 458 26 248
... ... ... ... ...
... ... ... ... ...
3 059 3 598 4 694 6 094 8 800
1 083 1 080 1 477 1 603 1 852
... ... ... ... ...
... ... ... ... ...
3 784 4 254 5 141 6 514 8 028
3 624 3 574 4 084 3 545 5 166
1980 1981 1982 1983 1984
.......................................... .......................................... .......................................... .......................................... ..........................................
5 183 6 022 4 224 5 285 5 461
4 313 5 189 5 301 5 455 7 935
30 701 37 612 37 744 41 183 57 135
... ... ... ... ...
... ... ... ... ...
12 520 13 765 15 566 16 776 18 020
1 910 2 366 2 494 2 970 4 069
... ... ... ... ...
... ... ... ... ...
9 755 12 835 13 095 12 470 14 492
5 297 5 566 4 768 4 938 6 543
1985 1986 1987 1988 1989
.......................................... .......................................... .......................................... .......................................... ..........................................
4 569 3 312 3 394 3 150 3 529
9 674 10 607 11 040 11 576 11 933
68 783 81 911 84 575 89 519 93 586
10 031 12 729 16 987 20 105 19 742
... ... ... ... ...
19 132 17 302 20 271 23 260 27 162
4 081 4 066 3 964 4 559 4 810
4 260 4 725 6 201 7 973 8 950
16 396 19 791 24 622 24 714 24 326
14 937 15 396 17 341 17 976 18 319
6 537 5 097 5 579 5 157 6 771
1990 1991 1992 1993 1994
.......................................... .......................................... .......................................... .......................................... ..........................................
3 341 3 241 4 529 5 435 6 547
12 723 11 764 12 314 13 216 14 802
89 655 91 511 97 414 107 246 119 156
18 493 17 019 16 682 17 118 19 629
... 6 102 8 294 10 563 13 982
30 172 31 130 35 211 39 917 49 494
4 972 4 811 5 300 5 443 6 007
9 839 9 957 11 313 12 798 15 358
22 667 23 023 24 596 25 102 26 706
20 288 18 413 20 093 21 730 25 058
9 446 8 179 8 181 8 140 8 371
1995 1996 1997 1998 1999
.......................................... .......................................... .......................................... .......................................... ..........................................
7 435 8 250 9 188 9 341 9 525
16 348 18 325 19 408 20 959 22 357
123 479 115 187 121 663 121 845 130 864
24 184 22 655 23 173 23 942 31 179
17 455 17 829 18 027 19 000 21 424
61 684 74 297 85 938 94 629 109 721
6 405 6 583 7 293 7 599 8 475
18 560 20 343 20 075 18 356 18 191
28 972 29 907 32 629 33 125 35 204
26 930 28 979 32 659 34 838 39 237
9 721 13 173 13 477 9 181 11 335
2000 2001 2002 2003 2004
.......................................... .......................................... .......................................... .......................................... ..........................................
10 367 10 104 9 643 9 515 10 811
25 043 23 790 24 220 25 414 28 097
146 479 126 473 121 429 118 037 129 805
40 308 35 181 35 572 37 229 46 168
25 568 22 340 24 009 25 440 28 179
135 926 131 338 134 616 138 060 155 902
9 671 9 515 9 849 10 953 12 451
19 178 15 000 14 802 15 138 15 370
40 503 33 375 32 148 31 599 34 624
43 345 41 369 40 745 42 795 46 274
18 623 15 251 15 094 17 136 24 921
2001 January ................................. February ................................ March .................................... April ....................................... May ....................................... June ......................................
957 763 918 764 859 856
2 084 1 946 2 173 1 928 2 044 1 981
11 143 11 380 12 076 11 562 9 606 9 969
3 514 2 811 3 125 2 824 2 758 2 861
1 869 1 746 1 932 1 736 1 704 2 066
10 706 10 297 12 045 10 481 11 431 11 438
835 725 860 831 880 777
1 499 1 306 1 373 1 290 1 280 1 187
3 069 2 553 3 167 2 893 2 782 2 817
3 857 3 547 3 634 3 685 3 567 3 327
1 678 1 324 1 475 1 410 1 339 1 401
July ........................................ August ................................... September ............................. October ................................. November .............................. December ..............................
939 926 771 899 771 682
2 253 2 105 1 448 2 133 1 857 1 837
10 318 10 219 9 457 11 187 10 288 9 269
2 844 2 754 2 782 3 159 3 010 2 740
1 849 1 895 1 771 2 118 1 941 1 714
10 578 11 565 10 687 11 909 10 873 9 329
734 745 690 889 775 774
1 205 1 203 1 066 1 289 1 288 1 015
2 805 2 827 2 561 2 890 2 586 2 426
3 550 3 172 2 747 3 919 3 476 2 889
1 329 1 300 992 1 160 965 878
2002 January ................................. February ................................ March .................................... April ....................................... May ....................................... June ......................................
746 672 765 764 849 827
1 730 1 714 1 939 1 975 2 052 2 007
8 674 9 426 10 466 10 699 9 167 10 090
2 756 2 539 2 940 3 021 3 075 2 748
1 775 1 748 1 942 1 901 2 036 2 098
9 982 10 023 11 055 11 471 11 929 11 311
679 715 765 889 888 800
1 199 1 050 1 179 1 209 1 300 1 022
2 486 2 285 2 477 2 731 2 639 2 880
3 046 2 860 3 253 3 702 3 588 3 327
916 753 1 035 1 057 1 257 1 197
July ........................................ August ................................... September ............................. October ................................. November .............................. December ..............................
942 968 851 773 781 707
2 421 2 154 1 737 2 163 2 033 2 295
10 230 10 081 10 074 10 561 10 815 11 143
2 931 2 882 3 068 3 047 3 410 3 155
2 182 2 307 2 032 2 067 2 009 1 912
11 293 11 854 11 409 12 658 11 484 10 148
875 766 789 952 823 907
1 245 1 375 1 232 1 334 1 356 1 301
2 879 2 902 2 774 2 585 2 766 2 745
3 767 3 372 3 257 3 723 3 507 3 344
1 497 1 582 1 722 1 654 1 459 965
2003 January ................................. February ................................ March .................................... April ....................................... May ....................................... June ......................................
728 715 810 855 793 761
2 003 1 808 2 291 2 118 2 054 2 109
9 110 9 441 10 435 10 333 9 106 9 739
2 861 2 643 2 897 3 342 2 751 3 070
1 891 1 651 1 936 2 041 1 990 2 169
10 831 10 958 11 783 11 155 11 495 11 420
883 849 959 951 825 935
1 421 1 106 1 231 1 333 1 285 1 365
2 717 2 204 2 494 2 574 2 571 2 622
3 003 3 493 3 729 3 515 3 559 3 525
400 690 1 458 1 648 1 581 1 533
July ........................................ August ................................... September ............................. October ................................. November .............................. December ..............................
868 797 799 949 767 673
2 487 2 169 1 779 2 105 2 157 2 334
10 129 9 089 9 442 10 787 10 187 10 241
3 241 2 776 3 023 3 674 3 397 3 555
2 331 2 223 2 297 2 435 2 228 2 249
11 125 11 403 11 817 12 966 11 693 11 417
955 878 917 1 011 941 849
1 239 1 065 1 346 1 342 1 124 1 281
2 720 2 709 2 815 2 758 2 602 2 812
3 711 3 171 3 647 4 136 3 430 3 876
1 539 1 706 1 620 1 648 1 539 1 773
2004 January ................................. February ................................ March .................................... April ....................................... May ....................................... June ......................................
774 763 932 869 853 992
2 003 2 092 2 484 2 295 2 181 2 559
9 172 10 238 11 792 11 230 9 841 11 038
3 365 3 086 3 742 3 652 4 040 4 090
2 112 1 894 2 224 2 277 2 133 2 387
11 201 11 709 13 594 12 576 13 050 13 850
853 929 1 035 976 959 1 034
1 148 1 140 1 274 1 249 1 289 1 329
2 615 2 294 2 820 2 810 2 851 3 075
3 203 3 495 4 234 4 168 3 891 3 960
1 765 1 706 2 058 1 956 2 117 2 187
July ........................................ August ................................... September ............................. October ................................. November .............................. December ..............................
1 075 949 1 009 950 892 753
2 547 2 442 2 167 2 292 2 380 2 656
11 045 10 651 10 510 11 440 11 636 11 212
3 829 3 803 4 393 4 096 4 317 3 757
2 393 2 586 2 612 2 685 2 391 2 485
12 213 13 279 13 521 14 475 13 909 12 526
1 020 1 110 1 030 1 256 1 156 1 092
1 410 1 373 1 378 1 405 1 219 1 158
2 975 3 109 3 014 3 040 3 066 2 953
3 760 3 456 3 496 4 062 4 196 4 355
2 022 2 323 1 929 2 519 2 275 2 065
. . . = Not available.
174
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 7-15. U.S. Exports of Services (Balance of payments basis, millions of dollars, seasonally adjusted.) Year and month
Total
Travel
Passenger fares
Other transportation
Royalties and license fees
Other private Transfers under services U.S. military (financial, sales contracts 1 professional, etc.)
U.S. government miscellaneous services
1960 1961 1962 1963 1964
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
6 290 6 295 6 941 7 348 7 840
919 947 957 1 015 1 207
175 183 191 205 241
1 607 1 620 1 764 1 898 2 076
837 906 1 056 1 162 1 314
570 607 585 613 651
2 030 1 867 2 193 2 219 2 086
153 164 195 236 265
1965 1966 1967 1968 1969
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
8 824 9 616 10 667 11 917 12 806
1 380 1 590 1 646 1 775 2 043
271 317 371 411 450
2 175 2 333 2 426 2 548 2 652
1 534 1 516 1 747 1 867 2 019
714 814 951 1 024 1 160
2 465 2 721 3 191 3 939 4 138
285 326 336 353 343
1970 1971 1972 1973 1974
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
14 171 16 358 17 841 19 832 22 591
2 331 2 534 2 817 3 412 4 032
544 615 699 975 1 104
3 125 3 299 3 579 4 465 5 697
2 331 2 545 2 770 3 225 3 821
1 294 1 546 1 764 1 985 2 321
4 214 5 472 5 856 5 369 5 197
332 347 357 401 419
1975 1976 1977 1978 1979
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
25 497 27 971 31 485 36 353 39 692
4 697 5 742 6 150 7 183 8 441
1 039 1 229 1 366 1 603 2 156
5 840 6 747 7 090 8 136 9 971
4 300 4 353 4 920 5 885 6 184
2 920 3 584 3 848 4 717 5 439
6 256 5 826 7 554 8 209 6 981
446 489 557 620 520
1980 1981 1982 1983 1984
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
47 584 57 354 64 079 64 307 71 168
10 588 12 913 12 393 10 947 17 177
2 591 3 111 3 174 3 610 4 067
11 618 12 560 12 317 12 590 13 809
7 085 7 284 5 603 5 778 6 177
6 276 10 250 17 444 18 192 19 255
9 029 10 720 12 572 12 524 9 969
398 517 576 666 714
1985 1986 1987 1988 1989
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
73 155 86 689 98 661 110 919 127 087
17 762 20 385 23 563 29 434 36 205
4 411 5 582 7 003 8 976 10 657
14 674 15 438 17 027 19 311 20 526
6 678 8 113 10 174 12 139 13 818
20 035 28 027 29 263 31 111 36 729
8 718 8 549 11 106 9 284 8 564
878 595 526 664 587
1990 1991 1992 1993 1994
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
147 832 164 261 177 252 185 920 200 395
43 007 48 385 54 742 57 875 58 417
15 298 15 854 16 618 16 528 16 997
22 042 22 631 21 531 21 958 23 754
16 634 17 819 20 841 21 695 26 712
40 251 47 748 50 292 53 510 60 841
9 932 11 135 12 387 13 471 12 787
668 690 841 883 887
1995 1996 1997 1998 1999
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
219 183 239 489 256 271 263 079 282 478
63 395 69 809 73 426 71 325 74 801
18 909 20 422 20 868 20 098 19 785
26 081 26 074 27 006 25 604 26 916
30 289 32 470 33 228 35 626 39 670
65 048 73 340 84 113 92 095 104 493
14 643 16 446 16 675 17 405 15 928
818 928 955 926 885
2000 2001 2002 2003 2004
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
298 986 287 941 294 854 309 146 343 912
82 400 71 893 66 605 64 348 74 481
20 687 17 926 17 046 15 693 18 858
29 803 28 442 29 195 31 329 36 862
43 233 40 696 44 489 48 137 52 643
108 287 115 614 124 781 136 060 145 433
13 790 12 539 11 943 12 769 14 814
786 831 795 810 821
2002 January .............................................. February ............................................ March ................................................ April ................................................... May .................................................... June ...................................................
23 325 23 671 24 387 23 979 24 383 24 459
5 203 5 395 5 560 5 318 5 402 5 435
1 391 1 412 1 421 1 349 1 476 1 454
2 282 2 280 2 402 2 389 2 382 2 383
3 423 3 451 3 512 3 681 3 754 3 809
10 016 10 134 10 521 10 296 10 396 10 347
945 934 906 880 907 964
65 65 65 66 66 67
July .................................................... August ............................................... September ......................................... October .............................................. November .......................................... December ..........................................
24 494 24 885 24 760 25 245 25 535 25 730
5 352 5 484 5 451 5 852 6 060 6 093
1 387 1 527 1 374 1 421 1 420 1 414
2 430 2 509 2 445 2 486 2 576 2 631
3 844 3 857 3 850 3 768 3 763 3 777
10 329 10 311 10 371 10 608 10 708 10 743
1 085 1 130 1 203 1 042 941 1 006
67 67 66 68 67 66
2003 January .............................................. February ............................................ March ................................................ April ................................................... May .................................................... June ...................................................
25 137 25 148 24 792 23 975 24 767 25 044
5 446 5 373 4 991 4 396 4 901 5 040
1 302 1 303 1 220 1 092 1 185 1 245
2 499 2 496 2 563 2 583 2 535 2 535
3 842 3 874 3 903 3 922 3 948 3 975
11 019 11 135 11 167 10 983 11 118 11 211
961 900 881 932 1 013 970
68 67 67 67 67 68
July .................................................... August ............................................... September ......................................... October .............................................. November .......................................... December ..........................................
25 622 25 994 26 260 27 279 27 320 27 810
5 256 5 391 5 534 5 885 6 025 6 110
1 320 1 357 1 359 1 389 1 445 1 476
2 602 2 592 2 622 2 786 2 722 2 794
3 993 4 029 4 074 4 158 4 199 4 223
11 266 11 361 11 388 11 808 11 757 11 846
1 118 1 196 1 215 1 186 1 104 1 293
67 68 68 67 68 68
2004 January .............................................. February ............................................ March ................................................ April ................................................... May .................................................... June ...................................................
27 347 27 590 28 366 28 336 28 222 28 469
5 817 6 017 6 066 6 246 6 156 6 273
1 462 1 518 1 541 1 580 1 551 1 523
2 834 2 893 3 180 3 127 3 083 2 978
4 226 4 228 4 223 4 179 4 185 4 209
11 690 11 592 11 919 11 877 11 941 12 157
1 252 1 276 1 371 1 259 1 237 1 260
66 66 66 68 69 69
July .................................................... August ............................................... September ......................................... October .............................................. November .......................................... December ..........................................
28 439 28 452 28 678 29 264 30 029 30 720
6 343 6 143 6 200 6 276 6 420 6 524
1 638 1 654 1 617 1 513 1 602 1 659
3 022 3 115 2 987 3 186 3 281 3 176
4 218 4 302 4 427 4 678 4 822 4 946
11 934 11 933 12 227 12 409 12 664 13 090
1 216 1 237 1 151 1 132 1 169 1 254
68 68 69 70 71 71
1Contains goods that cannot be separately identified.
CHAPTER 7: U.S. FOREIGN TRADE AND FINANCE
175
Table 7-16. U.S. Imports of Services (Balance of payments basis, millions of dollars, seasonally adjusted.) Year and month
Total
Travel
Passenger fares
Other transportation
Royalties and license fees
Other private services (financial, professional, etc.)
Direct defense expenditures 1
U.S. government miscellaneous services
1960 1961 1962 1963 1964
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
7 674 7 671 8 092 8 362 8 619
1 750 1 785 1 939 2 114 2 211
513 506 567 612 642
1 402 1 437 1 558 1 701 1 817
74 89 100 112 127
593 588 528 493 527
3 087 2 998 3 105 2 961 2 880
254 268 296 370 415
1965 1966 1967 1968 1969
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
9 111 10 494 11 863 12 302 13 322
2 438 2 657 3 207 3 030 3 373
717 753 829 885 1 080
1 951 2 161 2 157 2 367 2 455
135 140 166 186 221
461 506 565 668 751
2 952 3 764 4 378 4 535 4 856
457 513 561 631 586
1970 1971 1972 1973 1974
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
14 520 15 400 16 868 18 843 21 379
3 980 4 373 5 042 5 526 5 980
1 215 1 290 1 596 1 790 2 095
2 843 3 130 3 520 4 694 5 942
224 241 294 385 346
827 956 1 043 1 180 1 262
4 855 4 819 4 784 4 629 5 032
576 592 589 640 722
1975 1976 1977 1978 1979
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
21 996 24 570 27 640 32 189 36 689
6 417 6 856 7 451 8 475 9 413
2 263 2 568 2 748 2 896 3 184
5 708 6 852 7 972 9 124 10 906
472 482 504 671 831
1 551 2 006 2 190 2 573 2 822
4 795 4 895 5 823 7 352 8 294
789 911 951 1 099 1 239
1980 1981 1982 1983 1984
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
41 491 45 503 51 749 54 973 67 748
10 397 11 479 12 394 13 149 22 913
3 607 4 487 4 772 6 003 5 735
11 790 12 474 11 710 12 222 14 843
724 650 795 943 1 168
2 909 3 562 8 159 8 001 9 040
10 851 11 564 12 460 13 087 12 516
1 214 1 287 1 460 1 568 1 534
1985 1986 1987 1988 1989
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
72 862 80 147 90 787 98 526 102 479
24 558 25 913 29 310 32 114 33 416
6 444 6 505 7 283 7 729 8 249
15 643 17 766 19 010 20 891 22 172
1 170 1 401 1 857 2 601 2 528
10 203 13 146 16 485 17 667 18 930
13 108 13 730 14 950 15 604 15 313
1 735 1 686 1 893 1 921 1 871
1990 1991 1992 1993 1994
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
117 659 118 459 119 447 123 664 132 943
37 349 35 322 38 552 40 713 43 782
10 531 10 012 10 603 11 410 13 062
24 966 24 975 23 767 24 524 26 019
3 135 4 035 5 161 5 032 5 852
22 229 25 590 25 267 27 645 31 451
17 531 16 409 13 835 12 086 10 217
1 919 2 116 2 263 2 255 2 560
1995 1996 1997 1998 1999
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
141 278 152 431 166 345 181 260 199 715
44 916 48 078 52 051 56 483 58 963
14 663 15 809 18 138 19 971 21 315
27 034 27 403 28 959 30 363 34 139
6 919 7 837 9 161 11 235 13 107
35 080 39 556 43 567 48 174 56 035
10 043 11 061 11 707 12 185 13 335
2 623 2 687 2 762 2 849 2 821
2000 2001 2002 2003 2004
...................................................... ...................................................... ...................................................... ...................................................... ......................................................
224 916 223 445 233 737 256 664 296 105
64 705 60 200 58 715 57 444 65 635
24 274 22 633 19 969 20 957 23 701
41 425 38 682 38 407 44 705 54 169
16 468 16 538 19 335 19 390 23 901
61 688 67 675 75 290 85 741 95 666
13 473 14 835 19 101 25 296 29 299
2 883 2 882 2 920 3 131 3 734
2002 January .............................................. February ............................................ March ................................................ April ................................................... May .................................................... June ...................................................
18 751 19 220 18 606 18 735 18 935 19 616
4 816 4 877 4 850 4 691 4 777 5 042
1 652 1 635 1 587 1 574 1 595 1 705
2 977 2 953 2 926 3 194 3 192 3 162
1 444 1 988 1 453 1 469 1 500 1 791
6 184 6 068 6 067 6 053 6 086 6 097
1 433 1 451 1 475 1 511 1 544 1 578
245 248 248 243 241 241
July .................................................... August ............................................... September ......................................... October .............................................. November .......................................... December ..........................................
19 586 19 409 19 787 19 986 20 267 20 843
4 864 4 625 5 000 4 873 5 034 5 266
1 652 1 597 1 580 1 889 1 698 1 805
3 282 3 269 3 201 3 246 3 444 3 565
1 665 1 689 1 677 1 580 1 548 1 530
6 260 6 334 6 407 6 479 6 587 6 669
1 622 1 653 1 680 1 677 1 713 1 764
241 242 242 242 243 244
2003 January .............................................. February ............................................ March ................................................ April ................................................... May .................................................... June ...................................................
20 716 20 545 20 789 20 272 20 411 20 886
5 007 4 825 4 661 4 146 4 331 4 512
1 715 1 672 1 620 1 583 1 603 1 689
3 556 3 459 3 776 3 788 3 603 3 698
1 530 1 531 1 537 1 550 1 571 1 597
6 807 6 898 6 979 6 934 6 988 7 040
1 850 1 907 1 961 2 015 2 057 2 090
251 253 255 256 258 260
July .................................................... August ............................................... September ......................................... October .............................................. November .......................................... December ..........................................
21 663 21 748 21 874 22 323 22 414 23 022
4 810 4 979 4 849 5 003 5 036 5 285
1 846 1 875 1 791 1 853 1 894 1 816
3 872 3 630 3 792 3 800 3 699 4 032
1 649 1 673 1 690 1 671 1 681 1 710
7 140 7 203 7 307 7 432 7 486 7 526
2 084 2 125 2 180 2 300 2 349 2 378
262 263 265 264 269 275
2004 January .............................................. February ............................................ March ................................................ April ................................................... May .................................................... June ...................................................
23 462 23 567 23 676 23 925 24 384 24 773
5 366 5 343 5 177 5 332 5 568 5 591
1 899 1 914 1 927 1 883 1 950 2 049
4 242 4 266 4 406 4 343 4 339 4 476
1 777 1 805 1 825 1 881 1 913 1 937
7 544 7 581 7 652 7 736 7 834 7 922
2 347 2 364 2 388 2 446 2 470 2 483
287 294 301 304 310 315
July .................................................... August ............................................... September ......................................... October .............................................. November .......................................... December ..........................................
24 725 25 544 24 990 25 406 25 775 25 878
5 601 5 463 5 539 5 528 5 503 5 624
2 010 1 960 1 926 2 042 2 052 2 089
4 422 4 559 4 633 4 735 4 958 4 790
1 929 2 718 1 944 2 040 2 063 2 069
7 962 8 040 8 148 8 296 8 430 8 521
2 479 2 479 2 475 2 448 2 452 2 468
322 325 325 317 317 317
1Contains goods that cannot be separately identified.
176
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 7-17. U.S. Export and Import Price Indexes by End-Use Category (2000 = 100, not seasonally adjusted.) Exports
Imports
Year and month All commodities
Agricultural
Nonagricultural
All commodities
Petroleum 1
Nonpetroleum
1989 ..................................................................................................
94.7
110.5
92.7
91.1
61.2
96.0
1990 .................................................................................................. 1991 .................................................................................................. 1992 .................................................................................................. 1993 .................................................................................................. 1994 ..................................................................................................
95.5 96.3 96.3 96.9 98.9
105.1 103.4 102.5 104.4 109.4
94.4 95.4 95.7 96.2 98.0
94.0 94.2 94.9 94.6 96.2
75.5 67.3 62.9 57.7 54.3
97.1 98.7 100.0 100.6 103.2
1995 .................................................................................................. 1996 .................................................................................................. 1997 .................................................................................................. 1998 .................................................................................................. 1999 ..................................................................................................
103.9 104.5 103.1 99.7 98.4
119.0 132.6 120.6 108.8 101.1
102.5 101.6 101.3 98.8 98.2
100.6 101.6 99.1 93.1 93.9
59.8 71.1 66.0 44.8 60.1
107.2 106.4 104.1 100.4 99.0
2000 .................................................................................................. 2001 .................................................................................................. 2002 .................................................................................................. 2003 .................................................................................................. 2004 ..................................................................................................
100.0 99.2 98.2 99.7 103.6
100.0 101.2 103.2 112.3 123.4
100.0 99.0 97.8 98.8 102.1
100.0 96.5 94.1 96.9 102.3
100.0 82.8 85.3 103.2 134.6
100.0 98.5 96.2 97.3 99.8
2000 January ......................................................................................... February ....................................................................................... March ............................................................................................ April .............................................................................................. May ............................................................................................... June ..............................................................................................
99.2 99.6 100.0 100.0 100.2 100.1
99.0 100.0 100.4 101.3 101.9 100.5
99.2 99.6 100.0 99.9 100.1 100.0
97.8 99.7 99.9 98.5 98.8 100.2
87.2 100.2 99.4 88.1 92.1 101.9
99.4 99.7 100.0 100.1 99.9 99.9
July ............................................................................................... August .......................................................................................... September .................................................................................... October ......................................................................................... November ..................................................................................... December .....................................................................................
100.0 99.8 100.4 100.3 100.3 100.1
98.3 96.3 99.4 99.9 100.9 102.0
100.2 100.1 100.5 100.3 100.2 99.9
100.2 100.4 101.6 101.2 101.2 100.5
100.4 101.3 111.8 108.7 109.8 99.0
100.2 100.3 100.0 100.0 99.9 100.7
2001 January ......................................................................................... February ....................................................................................... March ............................................................................................ April .............................................................................................. May ............................................................................................... June ..............................................................................................
100.3 100.2 100.0 99.9 99.6 99.4
102.5 101.0 101.3 100.8 100.8 100.9
100.1 100.1 99.9 99.8 99.5 99.3
100.5 99.9 98.3 97.8 98.0 97.6
93.1 93.3 87.2 86.2 90.3 89.4
101.6 100.8 100.0 99.5 99.2 98.9
July ............................................................................................... August .......................................................................................... September .................................................................................... October ......................................................................................... November ..................................................................................... December .....................................................................................
99.0 98.8 99.0 98.3 97.8 97.6
101.8 102.8 102.5 100.7 99.2 100.2
98.8 98.5 98.6 98.1 97.7 97.4
96.1 96.0 95.9 93.7 92.3 91.4
84.6 86.1 86.7 73.4 63.8 59.9
97.8 97.5 97.3 96.8 96.6 96.2
2002 January ......................................................................................... February ....................................................................................... March ............................................................................................ April .............................................................................................. May ............................................................................................... June ..............................................................................................
97.5 97.3 97.6 98.0 98.0 98.0
100.9 98.3 98.9 99.6 99.5 100.7
97.2 97.2 97.5 97.8 97.8 97.8
91.6 91.6 92.8 94.3 94.4 94.1
63.0 65.7 76.9 86.7 88.4 85.3
96.1 95.7 95.8 96.3 96.2 96.2
July ............................................................................................... August .......................................................................................... September .................................................................................... October ......................................................................................... November ..................................................................................... December .....................................................................................
98.3 98.5 98.8 98.7 98.8 98.6
103.4 105.2 108.6 106.6 108.7 108.2
97.9 97.9 98.0 98.1 98.0 97.8
94.5 94.8 95.5 95.5 94.6 95.2
88.5 91.8 97.1 97.0 89.0 94.0
96.2 96.3 96.4 96.4 96.3 96.5
2003 January ......................................................................................... February ....................................................................................... March ............................................................................................ April .............................................................................................. May ............................................................................................... June ..............................................................................................
98.9 99.5 99.7 99.6 99.7 99.5
108.3 107.9 107.5 107.9 110.6 110.0
98.2 98.8 99.1 99.0 98.8 98.7
96.9 98.5 99.1 96.0 95.3 96.2
107.7 119.9 118.6 96.3 91.5 96.4
96.8 97.1 98.1 97.1 96.9 97.3
July ............................................................................................... August .......................................................................................... September .................................................................................... October ......................................................................................... November ..................................................................................... December .....................................................................................
99.4 99.4 99.8 100.0 100.5 100.8
109.9 108.8 114.7 117.5 122.2 122.7
98.6 98.7 98.6 98.7 98.8 99.1
96.7 96.7 96.2 96.3 96.8 97.5
101.4 103.2 97.2 98.8 100.9 106.0
97.3 97.0 97.3 97.2 97.4 97.7
2004 January ......................................................................................... February ....................................................................................... March ............................................................................................ April .............................................................................................. May ............................................................................................... June ..............................................................................................
101.5 102.2 103.0 103.7 104.1 103.4
123.5 125.3 129.7 133.0 133.7 127.4
99.8 100.4 100.9 101.4 101.7 101.5
99.0 99.4 100.2 100.4 101.9 101.7
113.7 114.3 120.1 119.9 131.2 129.7
98.5 98.9 99.1 99.4 99.6 99.7
July ............................................................................................... August .......................................................................................... September .................................................................................... October ......................................................................................... November ..................................................................................... December .....................................................................................
103.9 103.4 103.8 104.4 104.7 104.8
126.1 115.5 117.6 116.3 116.7 115.4
102.2 102.5 102.8 103.6 103.9 104.1
102.1 103.6 104.1 105.8 105.5 104.0
132.7 144.4 149.2 165.8 155.9 138.1
99.7 100.0 100.1 100.0 100.9 101.3
1Petroleum
and petroleum products.
CHAPTER 7: U.S. FOREIGN TRADE AND FINANCE
NOTES AND DEFINITIONS This chapter presents data from two different data systems on international flows of goods, services, income payments, and financial transactions as they affect the U.S. economy. Tables 7-1 through 7-5 present data on the value, quantities, and prices of foreign transactions in the national income and product accounts (NIPAs). Tables 7-6 through 7-8 show foreign transactions and investment positions as depicted in the U.S. international transactions accounts (ITAs). Both sets of accounts are prepared by the Bureau of Economic Analysis (BEA), and draw on the same original source data. The source data are presented in greater detail in Tables 7-9 through 7-16. Table 7-17 shows selected summary values for export and import price indexes compiled by the Bureau of Labor Statistics (BLS). Due to certain differences in concept, scope, and definitions, the aggregate values of international transactions in the NIPAs (as shown in Tables 7-1 and 7-4) are not exactly equal to similar concepts in the ITAs, which are the source for the data in Tables 7-6 through 7-16. The principal sources of difference are as follows: • The NIPAs cover only the 50 states and the District of Columbia. The ITAs cover U.S. territories and Puerto Rico as well; • Differences in the treatment of gold; and • Differences in the treatment of services without payment by financial intermediaries except life insurance carriers (imputed interest). A reconciliation of the two sets of international accounts is published regularly as part of the NIPAs. It was most recently published in the July 2005 Survey of Current Business, p. D-68, Table 2. In addition, certain conventions of presentation differ between the two sets of international accounts. In the NIPAs (Tables 7-1 through 7-5) and in Census tables of exports and imports of goods and services (Tables 7-9 through 7-16), values of imports are shown as positive values. In the ITA balance of payments (Table 7-6), however, values of imports of goods and services and of all other transactions that result in a payment to the rest of the world—income payments to foreigners, net transfers to foreigners, and net acquisition of assets from abroad— are presented with a minus sign. TABLES 7-1 AND 7-4 FOREIGN TRANSACTIONS IN THE NATIONAL INCOME AND PRODUCT ACCOUNTS SOURCE: U.S. DEPARTMENT ECONOMIC ANALYSIS
OF
COMMERCE, BUREAU
OF
See the notes and definitions to Chapter 1 for an overview of the national income and product accounts (NIPAs).
177
In the 2003 comprehensive revision, the NIPA foreign transactions account was split into two accounts—the current account and the capital account. (This change had already been made in the ITAs.) Most international transactions fall into the current account, but occasionally there are substantial flows in the capital account when major assets are transferred. An example of this is the U.S. government’s transfer of the Panama Canal to the Republic of Panama in 1999. Definitions In accordance with the split between current and capital account, there are now two NIPA measures of the balance of international transactions. The balance on current account, national income and product accounts is current receipts from the rest of the world minus current payments to the rest of the world. A negative value indicates that current payments exceed current receipts. Net lending or net borrowing (-), national income and product accounts is equal to the balance on current account less capital transfers to the rest of the world (net). Capital transfer payments to the rest of the world (net)—not shown separately in Table 7-1, but a similar measure is shown in the ITAs in Table 7-6—are cash or in-kind transfers linked to the acquisition or disposition of an existing asset. (In contrast, the current account is limited to flows associated with current production of goods and services.) Net lending or net borrowing provides an indirect measure of the net acquisition of foreign assets by U.S. residents less the net acquisition of U.S. assets by foreign residents. These asset flows are measured directly in the ITAs. See Table 7-6 and its notes and definitions for a more extensive discussion of the relationship between the balances on current and capital account and international asset flows. Current receipts from the rest of the world is exports of goods and services plus income receipts. Current payments to the rest of the world is imports of goods and services plus income payments plus current taxes and transfer payments (net). Exports and imports of goods and services. Goods, in general, are products that can be stored or inventoried. Services, in general, are products that cannot be stored and are consumed at the place and time of their purchase. Goods include expenditures abroad by U.S. residents, except for travel. Services include foreign travel by U.S. residents, expenditures in the United States by foreign travelers, and exports and imports of certain goods—primarily military equipment purchased and sold by the federal government. See the following paragraph for the definition of “travel.” Table 7-4 shows values for selected components of total goods and services; the components shown will not add
178
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
to the total because of omitted items. In the case of goods, a miscellaneous “other” category is not shown. In the case of services, only two components are shown in this table. One is travel, which does not include passenger fares but includes as exports spending by foreign tourists in the United States, and includes as imports all other spending abroad by tourists from the United States. The other component shown here is a category called “other private services,” which includes the professional and financial services (for example, computer services) that have accounted for a large part of the long-term growth in the service category. The remaining components of total services are transfers under U.S. military agency sales contracts; passenger fares; other transportation; royalties and license fees; and a miscellaneous, smaller “other” category. They are shown separately in Tables 7-15 and 7-16. Income receipts and payments. Income receipts—receipts from abroad of factor (labor or capital) income by U.S. residents—are analogous to exports, and are combined with them to yield total current receipts from the rest of the world. Income payments by U.S. entities of factor income to entities abroad are analogous to imports. Current taxes and transfer payments (net) consists of net payments between the U.S. and abroad that do not involve payment for the services of the labor or capital factors of production, purchase of currently-produced goods and services, or transfer of an existing asset. It includes net flows from persons, government, and business. The types of payments included are personal remittances from U.S. residents to the rest of the world, net of remittances from foreigners to U.S. residents; government grants; and transfer payments from businesses. Only the net payment to the rest of the world is shown. It is usually a positive net payment to foreigners, with transfers from the United States to abroad exceeding the reverse flow. An exception came in 1991, when U.S. allies in the Gulf War reimbursed the United States for the cost of the war. This resulted in net payments to the United States from the rest of the world and appears as a negative entry in the net transfer payments column as recorded in the NIPAs. TABLES 7-2, 7-3 AND 7-5 CHAIN-TYPE QUANTITY AND PRICE INDEXES FOR NIPA FOREIGN TRANSACTIONS These indexes represent the separation of the currentdollar values in Tables 7-1 and 7-4 into their real quantity and price components. See the notes and definitions to Chapter 1 for a general explanation of chained-dollar estimates of real output and prices. As those notes explain, quantity indexes are shown instead of constantdollar estimates because BEA no longer publishes its real output estimates before 1990 in any detail in the constant-dollar form. Therefore, quantity indexes are the only comprehensive source of information about longerterm trends in real volumes.
TABLES 7-6 AND 19-10 U.S. INTERNATIONAL TRANSACTIONS SOURCE: U.S. DEPARTMENT ECONOMIC ANALYSIS.
OF
COMMERCE, BUREAU
OF
The U.S. international transactions accounts, or “balance of payments,” provide a comprehensive view of economic and financial transactions between the United States and foreign countries, measured in current dollars only (unlike the NIPAs, in which price and quantity trends are also estimated). Direct measurement of the values of asset flows further distinguishes this set of accounts from the NIPAs. The international transactions account (ITA) is subdivided into three sets of accounts, each comprising credit and debit items. In concept, all of these items together provide a complete accounting for U.S. international transactions and should therefore sum to zero. In practice, there are substantial discrepancies due to measurement problems. See the definitions below for an explanation of the “statistical discrepancy” in these accounts, which is different from the measure of the same name in the NIPAs. The balance on the “current account” is the most frequently quoted statistic from these accounts, and is often, but imprecisely, called the “trade balance.” (See the definitions below for the correct definitions of “trade balance” and “merchandise trade balance,” both of which differ from the current account balance.) The current account includes exports and imports of goods and of travel, transportation, and other services; receipts and payments of income between U.S. and foreign residents; and foreign aid and other current transfers. The “financial account” covers most international flows of private and official capital, including direct investment. A “capital account,” which is small relative to the other two accounts, includes certain transactions in existing assets. More detailed data on exports and imports of goods and services as measured in these accounts are shown in Tables 7-9 through 7-16. Definitions Unlike the practice in the NIPA accounts, each category of transaction in the ITAs is presented either as a “credit,” with an implicit plus sign, or as a “debit,” with a minus sign. The signs indicate the direction of ultimate impact on the overall balance. Credits (+): The following items are treated as credits in the international transactions accounts: exports of goods and services and income receipts; unilateral current transfers to the United States; capital account transactions receipts; and financial inflows, which are increases in foreign-owned assets (U.S. liabilities) and decreases in U.S.-owned assets (U.S. claims). Credits represent payments of funds to U.S. entities.
CHAPTER 7: U.S. FOREIGN TRADE AND FINANCE
Debits (-): The following items are treated as debits in the international transactions accounts, indicated by minus signs in the data cells: imports of goods and services and income payments; unilateral current transfers to foreigners; capital accounts transactions payments; financial outflows, which are decreases in foreign-owned assets (U.S. liabilities) and increases in U.S.-owned assets (U.S. claims). Debits represent requirements for U.S. entities to make payments to foreigners. This convention of credits and debits is used only in the ITAs in Table 7-6 and the long-term flow data in Table 7-7 (see below). In Table 7-6, import values all have a negative sign. Import values are shown without negative signs both in the NIPA tables (Tables 7-1 and 7-4) and in the detailed tables from the Census on exports and imports of goods and services (Tables 7-9 through 7-16). The balance on goods is the excess of exports of goods over imports of goods—the algebraic sum of the two, in ITA transactions accounting. A minus sign indicates an excess of imports over exports. A very similar concept, which appears in monthly trade reports, is called the “merchandise trade balance.” The balance on services is the excess of service exports over service imports. A minus sign indicates an excess of imports over exports. The balance on goods and services is the sum of the balance on goods and the balance on services. This concept is accurately described as the “balance of trade.” The balance on income is the excess of income receipts from abroad over income payments to foreigners. A minus sign indicates an excess of payments over receipts. The balance on goods, services, and income is the excess of exports of goods, services, and income over imports of goods, services, and income. It is equal to the sum of the balance on goods and services and the balance on income. A minus sign indicates an excess of imports over exports. The balance on unilateral transfers is equal to unilateral transfers, net, or transfers to the United States minus transfers from the United States. This category includes U.S. government grants, pensions, and other transfers, and private remittances and other transfers. It includes an adjustment for the difference between actual and normal insured losses. See the entry below, in the notes for Tables 7-9 through 7-16, concerning the measurement of insurance services. The balance on current account is equal to the sum of the balance on goods, services, and income and the balance on unilateral transfers; it is the featured measure of the U.S. balance of payments. The capital account covers net capital transfers and the acquisition and disposal of nonproduced nonfinancial
179
assets. The major types of capital transfers are debt forgiveness and assets that accompany immigrants. Nonproduced nonfinancial assets include rights to natural resources, patents, copyrights, trademarks, franchises, and leases. The financial account includes all other inflows and outflows of capital, or changes in U.S.-owned assets abroad and foreign-owned assets in the United States, including official reserve assets, direct investment, securities, currency, and bank deposits. Direct investment financial flows are those associated with the acquisition of a significant interest (10 percent or more) in a business enterprise in one country by a resident of another country. Foreign official assets in the United States. U.S. Treasury securities consists of bills, certificates, marketable bonds and notes, and nonmarketable convertible and nonconvertible bonds and notes. Other U.S. government securities consists of U.S. Treasury and Export-Import Bank obligations, not included elsewhere, and of debt securities of U.S. government corporations and agencies. Other U.S. government liabilities primarily includes U.S. government liabilities to foreign official authorities associated with military agency sales contracts and other transactions arranged with or through foreign official agencies. Other foreign official assets consists of official investments in U.S. corporate stocks and in debt securities of private corporations and state and local governments. In concept, the balance on current account is necessarily offset exactly by the net financial and capital inflow or outflow. For example, a U.S. current account deficit results in more dollars held by foreigners, which must be reflected in additional claims on the United States held by foreigners, whether in the form of U.S. currency, securities, loans, or other forms of ownership or obligation. But because of different and incomplete data sources, the measured financial and capital accounts do not exactly offset the measured current account. The statistical discrepancy in the U.S. international accounts—the sum of all credits and debits, with the sign reversed—measures the amount by which the measured net financial and capital flow would have to be augmented (or diminished, in the case of a negative discrepancy) to exactly offset the current account balance. In the quarterly accounts, a part of this discrepancy, the seasonal adjustment discrepancy, results from separate seasonal adjustments of the components of the accounts. The statistical discrepancy in the international accounts is not the same as the statistical discrepancy in the national income and product accounts, which arises from measurement differences between domestic output and domestic income. Notes on the data Exports and imports of goods in the international transactions account excludes both exports of goods under
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BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
U.S. military agency sales contracts identified in Census Bureau export documents and imports of goods under direct defense expenditures identified in import documents. They also reflect various other adjustments (for valuation, coverage, and timing) of Census Bureau statistics to a balance-of-payments basis. See Tables 7-10 and 7-11 and the associated notes and definitions for further information.
Revisions
Services includes some goods, mainly military equipment (included in transfers under military agency sales contracts); major equipment, other materials, supplies, and petroleum products purchased abroad by U.S. military agencies (included in direct defense expenditures abroad); and fuels purchased by airline and steamship operators (included in other transportation).
Quarterly and annual data are available. Data first are reported in a press release and subsequently published in an article in the Survey of Current Business, which can also be found on the BEA Web site at . Revisions to historical data are published annually. The most recent historical revisions appear in the July 2005 issue of Survey of Current Business. Complete historical data may be purchased on diskette from BEA. Historical data also are available on the BEA Web site.
U.S. government grants includes transfers of goods and services under U.S. military grant programs. The data for 1974 include extraordinary U.S. government transactions with India. Beginning in 1982, private remittances and other transfers includes taxes paid by U.S. private residents to foreign governments and taxes paid by private nonresidents to the U.S. government. At the present time, all U.S. Treasury-owned gold is held in the United States. Repayments on U.S. credits and other long-term assets includes sales of foreign obligations to foreigners. The data for 1974 include extraordinary U.S. government transactions with India, as described in “Special U.S. Government Transactions,” Survey of Current Business, June 1974, page 27. Beginning with the data for 1982, direct investment income payments and the reinvested earnings component of direct investment financial flows are measured on a current-cost (replacement-cost) basis after adjustment to reported depreciation, depletion, and expensed exploration and development costs. For prior years, depreciation is valued in terms of the historical cost of assets and reflects a mix of prices for the various years in which capital investments were made. See Survey of Current Business, July 1999, pages 65–67, and Survey of Current Business, June 1992, page 72ff. Estimates of U.S. currency flows abroad were introduced for the first time as part of the July 1997 revisions. Data for 1974 and subsequent years were affected (see Survey of Current Business, July 1997). Beginning with the 1998 revisions, currency flows are published separately from U.S. Treasury securities. For 1978–1983, U.S. Treasury securities includes foreigncurrency-denominated notes sold to private residents abroad.
The international transactions accounts are revised annually each July. Changes in definitions and methodology, and the incorporation of newly available source data, may be introduced in these revisions. Data availability
References Discussions of the impact of changes in methodology and incorporation of new data sources are found in the July issues (June for 1995 and earlier) of Survey of Current Business each year, the most recent being “Annual Revision of the U.S. International Accounts, 1991–2004” (July 2005). The Balance of Payments of the United States: Concepts, Data Sources, and Estimating Procedures (May 1990), available on the BEA Web site or from NTIS (Accession No. PB 90-268715), describes the methodology in detail and provides a list of data sources. TABLE 7-7 FOREIGNERS’ TRANSACTIONS IN LONG-TERM SECURITIES WITH U.S. RESIDENTS SOURCE: U.S. DEPARTMENT
OF THE
TREASURY
Some of the transactions that go into the ITA financial account, as described in the notes and definitions for Table 7-6, are collected monthly. Since December 2003, these transactions have been reported in a monthly press release by the Treasury Department. They are presented here in Business Statistics in a new table, Table 7-7. These data cover transactions in long-term securities, measured at market value plus or minus commissions and fees, between foreigners and U.S. residents. They have many reporting gaps compared with the more comprehensive quarterly current account data in Table 7-6. They do not include direct investment, stock swaps, currency flows, changes in bank accounts, or transactions in short-term securities. They may be distorted by inappropriate reporting of repurchases and securities lending transactions. The data are more timely but less detailed than other information sources and are not reliable for country-by-country detail. They are based on a reporting
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panel of some 250 banks, securities dealers, and other enterprises with cross-border transactions of at least $50 million. The survey was designed to provide timely information for the balance of payments accounts, and its use for other applications—particularly those involving country detail—is less appropriate. Definitions and notes on the data U.S. residents includes any individual, corporation, or organization located in the United States (including branches, subsidiaries, and affiliates of foreign entities located in the United States), and any corporation incorporated in the United States, even if it has no physical presence in the country. Gross purchases minus gross sales equals net purchases. As in the ITAs in Table 7-6, positive values for net purchases of U.S. securities by foreigners indicate capital inflows from foreigners to U.S. residents (and increased liabilities to foreigners on the part of the U.S. residents). Negative values for net purchases of foreign securities from U.S. residents indicate a capital outflow from the U.S. to foreigners (and increased liabilities to U.S. residents on the part of foreigners). The algebraic sum of the two net purchases components gives net long-term flows. When positive, this indicates that the net capital inflows on U.S. securities exceed the net U.S. acquisitions of foreign securities. Revisions The monthly and annual data are revised as frequently as quarterly and annual benchmark data become available. The June release usually includes the final results from an annual survey of foreign holding of U.S. securities. Data availability and references Data for the latest month and recent historical data are published in a press release available around the middle of the second following month. The press release, supporting descriptions, references, and other relevant information concerning the Treasury International Capital System (TIC) are found at . TABLE 7-8 INTERNATIONAL INVESTMENT POSITION OF THE UNITED STATES SOURCE: U.S. DEPARTMENT ECONOMIC ANALYSIS
OF
COMMERCE, BUREAU
OF
The data presented in Tables 7-1 through 7-7 all represent flows of goods, services, and money over the designated time periods. Table 7-8, in contrast, is a measure of stocks, or total holdings of money and other claims. The data on the international investment position of the United States measure the extent to which the United States and its residents hold claims of ownership on foreigners or are creditors of foreigners; the extent to which foreigners, includ-
181
ing foreign governments, hold claims of ownership on assets located in the United States or are creditors of U.S. residents and entities; and the net difference between the two amounts. This difference measures the amount by which the United States is a net creditor of the rest of the world or a net debtor to the rest of the world. A position of net U.S. indebtedness is represented by a minus sign in the net international investment position. Changes in the net investment position can arise in two principal ways. The first way is through inflows or outflows of capital. A net inflow of capital increases U.S. indebtedness to foreigners, while a net outflow increases foreigners’ indebtedness to the United States. A deficit in the U.S. international current account requires an equivalent inflow of foreign capital, while a surplus would require an equivalent outflow of U.S. capital; see notes for Table 7-6. The second way is through valuation adjustments, which are of several kinds: changes in market prices of assets; changes in exchange rates, which can cause revaluation of foreign-currency-denominated assets; and miscellaneous other adjustments due to changes in coverage, statistical discrepancies, and the like. Definitions Direct investment occurs when an individual or business in one country (the parent) obtains a lasting interest in, and a degree of influence over the management of, a business enterprise in another country (the affiliate). The U.S. data define this degree of interest to be ownership of at least 10 percent of the voting securities of an incorporated business enterprise or the equivalent interest in an unincorporated business enterprise. When direct investment positions are valued at the historical costs carried on the books of the affiliated companies, much of the investment will reflect the price levels of earlier time periods. Therefore, before calculating the overall U.S. position, BEA re-estimates the aggregate direct investment totals using two alternative valuation bases. Detailed direct investment data by country and industry are available only on a historical cost basis. At current cost, the portion of the direct investment position representing parents’ shares of their affiliates’ tangible assets (property, plant, equipment, and inventories) is revalued to replacement cost in today’s money, using a perpetual inventory model, appropriate price indexes, and appropriate depreciation allowances. (The same methodology is used for the U.S. stock of fixed assets; see the notes and definitions to Tables 5-5 and 5-6.) This is an adjustment made to the asset side of the balance sheet and reflects prices of tangible assets only. The market value method revalues the owners’ equity portion of the direct investment positions using general country indexes of stock market prices. This adjustment is made on the liability and owner’s equity side of the balance sheet. Stock price changes reflect changes not only
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BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
in the value of tangible assets, but also in the value of intangible assets and in the outlook for a country or industry. Market values are more volatile than current cost, reflecting the nature of stock markets. Typically, the total market value of direct investment is greater than the current replacement cost, though by varying proportions. However, in a few years, such as 1982 through 1984, aggregate market values fell below the estimated replacement cost. U.S. official reserve assets includes gold, valued at the current market price; special drawing rights; the U.S. reserve position in the International Monetary Fund; and official holdings of foreign currencies. Other U.S. government assets includes other U.S. government claims on foreigners and holdings of foreign currency and short-term assets. U.S. nonbank claims includes U.S. claims on affiliated foreigners reported by U.S. nonbanking concerns. U.S. bank claims consists of claims on foreigners, such as loans and commercial paper, held by U.S. banks and not reported elsewhere in the accounts. Foreign official assets includes foreign government holdings of claims on the United States, including U.S. government securities and other liabilities and deposits held by such governments in U.S. banks. Foreign-owned assets in the United States, other than official assets, also include U.S. Treasury securities, U.S. currency, corporate and other bonds, corporate stocks, U.S. liabilities (to foreigners) reported by U.S. nonbanking concerns, and U.S. bank liabilities (such as deposits) to foreigners.
TABLES 7-9 THROUGH 7-16 EXPORTS AND IMPORTS OF GOODS AND SERVICES SOURCES: U.S. DEPARTMENT OF COMMERCE, BUREAU CENSUS AND BUREAU OF ECONOMIC ANALYSIS (BEA)
OF THE
These tables present the source data used to build up the aggregate measures of goods and services flows shown in Tables 7-1 through 7-6. These data are compiled and published monthly, making trends evident before the publication of the quarterly aggregate estimates. They also provide more detail than the quarterly aggregates. Monthly and annual data on exports and imports of goods are compiled by the Bureau of the Census from documents collected by the U.S. Customs Service. BEA makes certain adjustments to these data (as described below) to place the estimates on a “balance of payments” basis—a basis consistent with the national and international accounts. Data on exports and imports of services are prepared by BEA from a variety of sources. Monthly data on services are available from January 1992. Annual and quarterly data for earlier years are available as part of the international transactions accounts. Current data on goods and services are available each month in a joint Census-BEA press release. In the case of some of the detailed breakdowns of exports and imports—such as by end-use categories— monthly data may not sum exactly to annual totals. This is due to later revisions, made only to annual data and not allocated to monthly data. Also, the constant-dollar figures expressed in 2000 dollars are now calculated using chain weights; in general, the 2000-dollar detail will not add to the 2000-dollar totals.
The annual (year-end) data are presented each year, along with revisions for earlier years and a descriptive article, in the July issue of the Survey of Current Business. The articles and the data are available on the BEA Web site at .
In addition, monthly and annual data on exports and imports of goods for individual countries and various country groupings do not reflect subsequent revisions of annual total data. These country data are compiled by the Census Bureau for all countries, although only a selection of the most significant ones is shown here. The full set of data can be accessed on the Census Web site at .
References
Definitions: Goods
Relevant articles in the July 2005 Survey of Current Business are: “The International Investment Position of the United States at Yearend 2004” and “Direct Investment Positions for 2004: Country and Industry Detail.” For background on the valuation of direct investment and other components, see “Valuation of the U.S. Net International Investment Position,” Survey of Current Business, May 1991. Also see the references for Table 7-6.
Goods: Census basis. The Census basis goods data are compiled from documents collected by the U.S. Customs Service. They reflect the movement of goods between foreign countries and the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, and U.S. Foreign Trade Zones. They include government and nongovernment shipments of goods, and exclude shipments between the United States and its territories and possessions; transactions with U.S. military, diplomatic, and con-
Data availability
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sular installations abroad; U.S. goods returned to the United States by its armed forces; personal and household effects of travelers; and in-transit shipments. The general import values reflect the total arrival of merchandise from foreign countries that immediately enters consumption channels, warehouses, or Foreign Trade Zones. For imports, the value reported is the U.S. Customs Service appraised value of merchandise (generally, the price paid for merchandise for export to the United States). Import duties, freight, insurance, and other charges incurred in bringing merchandise to the United States are excluded. Exports are valued at the f.a.s. (free alongside ship) value of merchandise at the U.S. port of export, based on the transaction price including inland freight, insurance, and other charges incurred in placing the merchandise alongside the carrier at the U.S. port of exportation. Goods: Balance of payments (BOP) basis. Goods on a Census basis are adjusted by the BEA to goods on a BOP basis to bring the data in line with the concepts and definitions used to prepare the international and national accounts. Broadly, the adjustments include changes in ownership that occur without goods passing into or out of the customs territory of the United States. These adjustments are necessary to supplement coverage of the Census basis data, to eliminate duplication of transactions recorded elsewhere in the international accounts, and to value transactions according to a standard definition. The export adjustments include: (1) Deduction of U.S. military sales contracts. The Census Bureau has included these contracts in the goods data, but BEA includes them in the service category “Transfers Under U.S. Military Sales Contracts.” BEA’s source material for these contracts is more comprehensive, but does not distinguish between goods and services. (2) Addition of private gift parcels mailed to foreigners by individuals through the U.S. Postal Service. Only commercial shipments are covered in Census goods exports. (3) Addition to nonmonetary gold exports of gold purchased by foreign official agencies from private dealers in the United States and held at the Federal Reserve Bank of New York. The Census data include only gold that leaves the customs territory. (4) Smaller adjustments includes deductions for repairs of goods, exposed motion picture film, and military grant aid, and additions for sales of fish in U.S. territorial waters, exports of electricity to Mexico, and vessels and oil rigs that change ownership without export documents being filed. The import adjustments include: (1) On inland freight in Canada, the customs value for imports for certain Canadian goods is the point of origin in Canada. The BEA makes an addition for the inland freight charges of transporting these Canadian goods to the U.S. border. (2) An addition is made to nonmonetary gold imports for gold sold by foreign official agencies to private pur-
183
chasers out of stock held at the Federal Reserve Bank of New York. The Census Bureau data include only gold that enters the customs territory. (3) A deduction is made for imports by U.S. military agencies. The Census Bureau has included these contracts in the goods data, but BEA includes them in the service category “Direct Defense Expenditures.” BEA’s source material is more comprehensive, but does not distinguish between goods and services. (4) Smaller adjustments includes deductions for repairs of goods and for exposed motion picture film, and additions for imported electricity from Mexico, conversion of vessels for commercial use, and repairs to U.S. vessels abroad. Definitions: Services The statistics are estimates of service transactions between foreign countries and the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, and other U.S. territories and possessions. Transactions with U.S. military, diplomatic, and consular installations abroad are excluded because they are considered to be part of the U.S. economy. Services are shown in the broad categories described below. For six of these, the categories are the same for imports and exports. For the seventh, the export category is “Transfers under U.S. Military Sales Contracts,” while for imports, the category is “Direct Defense Expenditures.” Travel includes purchases of services and goods by U.S. travelers abroad and by foreign visitors to the United States. A traveler is defined as a person who stays for a period of less than one year in a country where the person is not a resident. Included are expenditures for food, lodging, recreation, gifts, and other items incidental to a foreign visit. Not included are the international costs of the travel itself, which are covered in passenger fares (see below). Passenger fares consists of fares paid by residents of one country to residents in other countries. Receipts consist of fares received by U.S. carriers from foreign residents for travel between the United States and foreign countries and between two foreign points. Payments consist of fares paid by U.S. residents to foreign carriers for travel between the United States and foreign countries. Break in series: travel and passenger fares. Beginning with data for 1984, these items incorporate results from a survey administered by the U.S. Travel and Tourism Administration. See Survey of Current Business, June 1989, page 57ff. Other transportation includes charges for the transportation of goods by ocean, air, waterway, pipeline, and rail carriers to and from the United States. Included are freight charges, operating expenses that transportation companies incur in foreign ports, and payments for vessel charter and aircraft and freight car rentals. (Break in series: Estimates of freight charges for the transportation of goods by truck between the United States and Canada
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BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
are included in the data beginning with 1986. Reliable estimates for earlier years are not available. See Survey of Current Business, June 1994, pages 70ff.) Royalties and license fees consists of transactions with foreign residents involving intangible assets and proprietary rights, such as the use of patents, techniques, processes, formulas, designs, know-how, trademarks, copyrights, franchises, and manufacturing rights. The term “royalties” generally refers to payments for the utilization of copyrights or trademarks, and “license fees” generally refers to payments for the use of patents or industrial processes. Other private services includes transactions with “affiliated” foreigners for which no identification by type is available and transactions with unaffiliated foreigners. The term “affiliated” refers to a direct investment relationship, which exists when a U.S. person has ownership or control (directly or indirectly) of 10 percent or more of a foreign business enterprise, or when a foreign person has a similar interest in a U.S. enterprise. Transactions with “unaffiliated” foreigners in this “other private services” category consist of education services; financial services; insurance services; telecommunications services; and business, professional, and technical services. Included in the last group are advertising services; computer and data processing services; database and other information services; research, development, and testing services; management, consulting, and public relations services; legal services; construction, engineering, architectural, and mining services; industrial engineering services; installation, maintenance, and repair of equipment; and other services, including medical services and film and tape rental.
ness, professional, and technical services). Beginning with data for 1986, other private services includes estimates of business, professional, and technical services from the BEA surveys of selected services. (See Survey of Current Business, June 1989, page 57ff.) Breaks in series: royalties and license fees and other private services. These items are presented on a gross basis beginning in 1982. The definition of exports is revised to exclude U.S. parents’ payments to foreign affiliates and to include U.S. affiliates’ receipts from foreign parents. The definition of imports is revised to include U.S. parents’ payments to foreign affiliates and to exclude U.S. affiliates’ receipts from foreign parents. Transfers under U.S. military sales contracts (exports only) includes exports of goods and services in which U.S. government military agencies participate. Also included are both goods, such as equipment, and services, such as repair services and training, that cannot be separately identified. Transfers of goods and services under U.S. military grant programs are included. Direct defense expenditures (imports only) consists of expenditures incurred by U.S. military agencies abroad, including expenditures by U.S. personnel, payments of wages to foreign residents, construction expenditures, payments for foreign contractual services, and procurement of foreign goods. Included are both goods and services that cannot be separately identified. U.S. government miscellaneous services includes transactions of U.S. government nonmilitary agencies with foreign residents. Most of these transactions involve the provision of services to, or purchases of services from, foreigners; transfers of some goods are also included. Services estimates are based on quarterly, annual, and benchmark surveys and partial information generated from monthly reports. Service transactions are estimated at market prices. Estimates are seasonally adjusted when statistically significant seasonal patterns are present.
The insurance component of other private services was previously measured as premiums less actual losses paid or recovered. Furthermore, catastrophic losses were entered immediately when the loss occurred, rather than when the insurance claim was actually paid out. This led to sharp swings in any month where catastrophic losses occurred, such as a large hurricane or the terrorist attacks in September 2001. In the accounts, as revised in July 2003 and presented here, insurance services are now measured as premiums less “normal” losses. Normal losses consist of a measure of expected regularly occurring losses based on six years of past experience plus an additional allowance for catastrophic loss. Catastrophic losses, when they occur, are added in equal increments to the estimate of regularly occurring losses over the 20 years following the occurrence. As adoption of this methodology introduces a difference between actual and normal losses, an amount equal to the difference is entered in the international accounts as a current unilateral transfer.
European Union includes Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Spain, Sweden, and the United Kingdom. On May 1, 2004, the European Union expanded from 15 countries to 25. The data shown here for 1974 through 2004 cover the original 15 countries. In 2004, U.S. exports to the expanded 25-country EU totaled $172,622 million and imports from the 25-country EU totaled $281,959 million. The 10 countries added are Cyprus, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia, and Slovenia. Beginning in 2005, EU data will cover the full 25-nation group.
BEA conducts surveys of international transactions in financial services and “selected services” (largely busi-
Euro area includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the
Definitions: Area groupings
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Netherlands, Portugal, and Spain. Greece entered the Euro area beginning in January 2001. The country is included in the data for 2001 and later years but not in the data for 2000. Asian Newly Industrialized Countries (NICS) includes Hong Kong SAR, South Korea, Singapore, and Taiwan. Organization of Petroleum Exporting Countries (OPEC) consists of Algeria, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela. Notes on the data U.S./Canada data exchange and substitution. The data for U.S. exports to Canada are derived from import data compiled by Canada. The use of Canada’s import data to produce U.S. export data requires several alignments in order to compare the two series. • Coverage: Canadian imports are based on country of origin. U.S. goods shipped from a third country are included. U.S. exports exclude these foreign shipments. U.S. export coverage also excludes certain Canadian postal shipments. • Valuation: Canadian imports are valued at point of origin in the United States. However, U.S. exports are valued at the port of exit in the United States and include inland freight charges, making the U.S. export value slightly larger. Canada requires inland freight to be reported. • Reexports: U.S. exports include reexports of foreign goods. Again, the aggregate U.S. export figure is slightly larger. • Exchange rate: Average monthly exchange rates are applied to convert the published data to U.S. currency. End-use categories and seasonal adjustment of trade in goods. Goods are initially classified under the Harmonized System, which describes and measures the characteristics of goods traded. Combining trade into approximately 140 export and 140 import end-use categories makes it possible to examine goods according to their principal uses. These categories are used as the basis for computing the seasonal and working-day adjusted data. These adjusted data are then summed to the six end-use aggregates for publication.
185
month to which the data pertain. The data on trade in goods by end-use category (BOP basis) and trade in services are subsequently published each month in Survey of Current Business. Additional data and information on goods is obtainable from the Foreign Trade Division, Bureau of the Census, Washington, DC 20233. Additional data and information on services is obtainable from the Balance of Payments Division, Bureau of Economic Analysis, Washington, DC 20230. Current releases and some historical data are available on the Bureau of the Census Web site at . Revisions Data for recent years are normally revised annually. In some cases, revisions to annual totals are not distributed to monthly data; therefore, monthly data may not sum to the revised total shown. Data on trade in services may be subject to extensive revision as part of BEA’s annual revision of the international transactions accounts, usually released in July. References Discussion of the impact of changes in methodology and incorporation of new data sources are found in discussions of annual revisions of the international transactions accounts in the July issue of BEA’s Survey of Current Business. The most recent pertinent article is “Annual Revision of the U.S. International Accounts, 1991–2004” (July 2005). TABLE 7-17 EXPORT AND IMPORT PRICE INDEXES SOURCE: U.S. DEPARTMENT STATISTICS (BLS)
OF
LABOR, BUREAU
OF
LABOR
The BLS International Price Program produces monthly and quarterly export and import price indexes for nonmilitary goods traded between the United States and the rest of the world. It also includes some services. Definitions The export price index provides a measure of price change for all goods sold by U.S. residents (businesses and individuals located within the geographic boundaries of the United States, whether or not owned by U.S. citizens) to foreign buyers.
The seasonal adjustment procedure is based on a model that estimates the monthly movements as percentages above or below the general level of each end-use commodity series (unlike other methods that redistribute the actual series values over the calendar year). Imports of petroleum and petroleum products are adjusted for the length of the month.
The import price index provides a measure of price change for goods purchased from other countries by U.S. residents.
Data availability
Notes on the data
Data are released in a monthly joint Census-BEA press release (FT-900) about six weeks after the end of the
Published index series use a base year of 2000 = 100 where possible.
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BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
The product universe for both the import and export indexes includes raw materials, agricultural products, and manufactures. Price data are collected primarily by mail questionnaire, in all but a few cases directly from the exporter or importer. To the extent possible, the data refer to prices at the U.S. border for exports and at either the foreign border or the U.S. border for imports. For nearly all products, the prices refer to transactions completed during the first week of the month and represent the actual price for which the product was bought or sold, including discounts, allowances, and rebates. For the export price indexes, the preferred pricing basis is f.a.s. (free alongside ship) U.S. port of exportation. Where necessary, adjustments are made to reported prices to place them on this basis. An attempt is made to collect two prices for imports: f.o.b. (free on board) at the port of exportation and c.i.f. (cost, insurance, and freight) at the U.S. port of importation. Adjustments are made to account for changes in product characteristics in order to obtain a pure measure of price change. The indexes are weighted indexes of the Laspeyres type. The values assigned to each weight category are based on trade value figures compiled by the Bureau of the Census. They are reweighted annually, with a two-year lag (as concurrent value data are not available). The merchandise price indexes are published using three different classification systems: the Harmonized System, the Bureau of Economic Analysis End Use System, and
the Standard International Trade Classification (SITC) system. The aggregate indexes shown here are from the End Use System. Not shown in this volume are price indexes beginning in 1991 for selected services categories, mainly ship freight and air freight and passenger fares. For services price data, expanded product detail on goods using the SITC, and import price indexes by locality of origin, see Bernan Press, Handbook of U.S. Labor Statistics. Data availability Indexes are published monthly in a press release and a more detailed report. Selected data subsequently are published in the Monthly Labor Review. Indexes are published for detailed product categories, as well as for all commodities. Aggregate import indexes by country or region of origin also are available, as are indexes for selected categories of internationally traded services. Additional information is available from the Division of International Prices, Bureau of Labor Statistics. Complete historical data are available on the BLS Web site at . References The indexes are described in “BLS to Produce Monthly Indexes of Export and Import Prices,” Monthly Labor Review (December 1988), and Chapter 15, “International Price Indexes,” BLS Handbook of Methods Bulletin 2490 (April 1997).
CHAPTER 8: PRICES
Figure 8-1. Inflation Indicators, 1946–2004 (year to year percent change in price index) 16 Consumer Price Index (CPI-U)
14
Percent change
12
Chain-type Price Index, PCE excluding food and energy
10 8 6 4 2 0 -2 1946
1951
1956
1961
1966
1971
1976
1981
1986
1991
1996
2004
Year
• The Consumer Price Index for all urban consumers (CPI-U) is the most widely used measure of the general price level, and percent changes in the CPI-U are the most widely used measures of inflation. Annual rates of change in the CPI-U from 1946 through 2004 are shown in Figure 8-1 above. This price index is not retroactively revised when improved concepts are developed or new data incorporated. (Table 8-1) • Economists also are interested in an “underlying rate of inflation,” free of the volatile, short-term, and often supply-determined fluctuations of food and energy prices. Figure 8-1 shows inflation measured by the chain-type price index for personal consumption expenditures (PCE), excluding food and energy. The PCE price indexes also incorporate improved data and methodology compared with the official CPI. For the period 1978–2004, the total official CPI-U indicates an average inflation rate of 4.2 percent per year, while the PCE excluding food and energy increases at an average note of 3.6 percent per year. (Tables 8-2 and 8-3) • All the price indexes, however, tell the same basic history. Prices rose sharply when World War II controls were lifted and again when the Korean War broke out. In the following periods of economic slack—1949, 1955, and 1959–1961—prices reverted to near-stability. This was not true following the more sustained rises in inflation in the 1960s and 1970s; in each of those cases, the subsequent recession left inflation significantly higher than before. Only after the inflation of the late 1970s and early 1980s, and the subsequent severe recession with its high rates of unemployment and low rates of capacity utilization (see Tables 10-3 and 2-3), has inflation subsided to levels comparable with the early postwar period. (Tables 8-1 and 8-3) • From 1946 to 2004, commodity prices in the CPI-U rose an average 3.3 percent per year, but service prices increased at an annual rate of 4.9 percent. (Table 8-1) • The Producer Price Index (PPI) measures prices at the point of production, rather than at the consumer level. The most widely used product of the PPI system—the PPI for Finished Goods—only covers commodities, whereas the CPI covers both commodities and services. For these reasons, the PPI for finished goods fluctuates more (both up and down) than the aggregate CPI-U, but has a less inflationary trend. (Table 8-4) • The PPI data set also includes prices for intermediate materials, supplies, and components and crude materials for further processing. Intermediate materials prices fluctuate more than those of finished goods, and crude materials prices fluctuate most of all. (Table 8-4)
187
188
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 8-1. Consumer Price Indexes (All urban consumers; 1982–1984 = 100; seasonally adjusted, except as noted.) All items
Food and beverages
Seasonally adjusted Year and month
Not seasonally adjusted
Index
Percent change
Food at home Total
Total food Total
Cereals and bakery products
Meats, poultry, fish, and eggs
Food Alcoholic Dairy and Fruits and Nonfrom beverages food away related vegealcoholic Other home at home products tables beverages
1946 1947 1948 1949
................................. ................................. ................................. .................................
19.5 22.3 24.1 23.8
19.5 22.3 24.1 23.8
8.3 14.4 8.1 -1.2
... ... ... ...
19.8 24.1 26.1 25.0
... 25.8 28.0 26.9
16.4 20.4 22.4 22.3
... ... ... ...
26.0 29.3 32.2 29.4
20.4 22.4 23.0 23.3
... 12.0 13.1 14.2
... ... ... ...
... ... ... ...
... ... ... ...
1950 1951 1952 1953 1954
................................. ................................. ................................. ................................. .................................
24.1 26.0 26.5 26.7 26.9
24.1 26.0 26.5 26.7 26.9
1.3 7.9 1.9 0.8 0.7
... ... ... ... ...
25.4 28.2 28.7 28.3 28.2
27.3 30.3 30.8 30.3 30.1
22.6 24.7 25.3 25.8 26.4
... ... ... ... ...
29.0 32.4 33.8 33.2 32.1
22.4 24.4 26.9 26.0 25.6
20.0 22.1 22.2 22.8 27.1
... ... ... ... ...
... ... ... 21.5 21.9
... ... ... 39.6 40.6
1955 1956 1957 1958 1959
................................. ................................. ................................. ................................. .................................
26.8 27.2 28.1 28.9 29.1
26.8 27.2 28.1 28.9 29.1
-0.4 1.5 3.3 2.8 0.7
... ... ... ... ...
27.8 28.0 28.9 30.2 29.7
29.5 29.6 30.6 32.0 31.2
26.8 27.2 28.3 28.8 29.1
... ... ... ... ...
32.1 32.9 33.9 34.4 34.6
26.0 27.3 27.2 29.1 28.7
24.3 25.4 25.2 23.4 21.3
... ... ... ... ...
22.1 22.6 23.4 24.1 24.8
40.5 41.0 42.1 42.0 42.4
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
29.6 29.9 30.2 30.6 31.0
29.6 29.9 30.2 30.6 31.0
1.7 1.0 1.0 1.3 1.3
... ... ... ... ...
30.0 30.4 30.6 31.1 31.5
31.5 31.8 32.0 32.4 32.7
29.7 30.3 30.9 31.4 31.5
... ... ... ... ...
35.4 35.9 35.7 35.6 35.9
29.4 29.5 29.8 31.5 32.7
21.1 21.1 20.8 21.1 23.6
... ... ... ... ...
25.4 26.0 26.7 27.3 27.8
43.1 43.3 43.4 43.8 44.2
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
31.5 32.4 33.4 34.8 36.7
31.5 32.4 33.4 34.8 36.7
1.6 2.9 3.1 4.2 5.5
... ... 35.0 36.2 38.1
32.2 33.8 34.1 35.3 37.1
33.5 35.2 35.1 36.3 38.0
31.9 33.3 34.0 34.2 35.2
... ... 38.0 39.1 42.6
36.0 38.3 40.0 41.3 42.7
32.6 33.3 33.3 35.9 36.4
23.4 23.3 23.1 23.5 24.2
... ... 29.3 29.8 30.7
28.4 29.7 31.3 32.9 34.9
44.6 45.4 46.4 48.0 49.7
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
38.8 40.5 41.8 44.4 49.3
38.8 40.5 41.8 44.4 49.3
5.7 4.4 3.2 6.2 11.0
40.1 41.4 43.1 48.8 55.5
39.2 40.4 42.1 48.2 55.1
39.9 40.9 42.7 49.7 57.1
37.1 38.8 39.0 43.5 56.5
44.6 44.1 48.0 60.9 62.2
44.7 46.1 46.8 51.2 60.7
37.8 39.7 41.6 47.4 55.2
27.1 28.1 28.0 30.1 35.9
32.9 34.3 34.6 36.7 47.8
37.5 39.4 41.0 44.2 49.8
52.1 54.2 55.4 56.8 61.1
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
53.8 56.9 60.6 65.2 72.6
53.8 56.9 60.6 65.2 72.6
9.1 5.8 6.5 7.6 11.3
60.2 62.1 65.8 72.2 79.9
59.8 61.6 65.5 72.0 79.9
61.8 63.1 66.8 73.8 81.8
62.9 61.5 62.5 68.1 74.9
67.0 68.0 67.4 77.6 89.0
62.6 67.7 69.5 74.2 82.8
56.9 58.4 63.8 70.9 76.6
41.3 49.4 74.4 78.7 82.6
55.4 56.4 68.4 73.6 79.0
54.5 58.2 62.6 68.3 75.9
65.9 68.1 70.0 74.1 79.9
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
82.4 90.9 96.5 99.6 103.9
82.4 90.9 96.5 99.6 103.9
13.5 10.3 6.2 3.2 4.3
86.7 93.5 97.3 99.5 103.2
86.8 93.6 97.4 99.4 103.2
88.4 94.8 98.1 99.1 102.8
83.9 92.3 96.5 99.6 103.9
92.0 96.0 99.6 99.2 101.3
90.9 97.4 98.8 100.0 101.3
82.1 92.0 97.0 97.3 105.7
91.4 95.3 97.9 99.8 102.3
88.4 94.9 97.3 99.5 103.1
83.4 90.9 95.8 100.0 104.2
86.4 92.5 96.7 100.4 103.0
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
107.6 109.6 113.6 118.3 124.0
107.6 109.6 113.6 118.3 124.0
3.6 1.9 3.6 4.1 4.8
105.6 109.1 113.5 118.2 124.9
105.6 109.0 113.5 118.2 125.1
104.3 107.3 111.9 116.6 124.2
107.9 110.9 114.8 122.1 132.4
100.1 104.5 110.5 114.3 121.3
103.2 103.3 105.9 108.4 115.6
108.4 109.4 119.1 128.1 138.0
104.3 110.4 107.5 107.5 111.3
105.7 109.4 110.5 113.1 119.1
108.3 112.5 117.0 121.8 127.4
106.4 111.1 114.1 118.6 123.5
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
130.7 136.2 140.3 144.5 148.2
130.7 136.2 140.3 144.5 148.2
5.4 4.2 3.0 3.0 2.6
132.1 136.8 138.7 141.6 144.9
132.4 136.3 137.9 140.9 144.3
132.3 135.8 136.8 140.1 144.1
140.0 145.8 151.5 156.6 163.0
130.0 132.6 130.9 135.5 137.2
126.5 125.1 128.5 129.4 131.7
149.0 155.8 155.4 159.0 165.0
113.5 114.1 114.3 114.6 123.2
123.4 127.3 128.8 130.5 135.6
133.4 137.9 140.7 143.2 145.7
129.3 142.8 147.3 149.6 151.5
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
152.4 156.9 160.5 163.0 166.6
152.4 156.9 160.5 163.0 166.6
2.8 3.0 2.3 1.6 2.2
148.9 153.7 157.7 161.1 164.6
148.4 153.3 157.3 160.7 164.1
148.8 154.3 158.1 161.1 164.2
167.5 174.0 177.6 181.1 185.0
138.8 144.8 148.5 147.3 147.9
132.8 142.1 145.5 150.8 159.6
177.7 183.9 187.5 198.2 203.1
131.7 128.6 133.4 133.0 134.3
140.8 142.9 147.3 150.8 153.5
149.0 152.7 157.0 161.1 165.1
153.9 158.5 162.8 165.7 169.7
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
172.2 177.1 179.9 184.0 188.9
172.2 177.1 179.9 184.0 188.9
3.4 2.8 1.6 2.3 2.7
168.4 173.6 176.8 180.5 186.6
167.8 173.1 176.2 180.0 186.2
167.9 173.4 175.6 179.4 186.2
188.3 193.8 198.0 202.8 206.0
154.5 161.3 162.1 169.3 181.7
160.7 167.1 168.1 167.9 180.2
204.6 212.2 220.9 225.9 232.7
137.8 139.2 139.2 139.8 140.4
155.6 159.6 160.8 162.6 164.9
169.0 173.9 178.3 182.1 187.5
174.7 179.3 183.6 187.2 192.1
2004 January ........................ February ...................... March ........................... April .............................. May .............................. June .............................
185.2 186.2 187.4 188.0 189.1 189.7
185.9 186.5 187.3 187.7 188.8 189.3
0.5 0.3 0.4 0.2 0.6 0.3
183.8 184.4 184.8 185.2 186.5 186.9
183.4 183.9 184.3 184.6 186.0 186.4
183.2 183.7 184.2 184.4 186.4 187.0
204.3 204.3 205.1 205.3 205.6 205.9
179.9 179.7 179.5 179.7 181.8 182.3
172.3 171.9 172.3 174.4 185.9 190.2
225.6 229.0 229.4 229.1 229.4 227.9
140.2 140.4 140.1 139.5 140.1 139.9
162.7 163.5 165.0 165.0 165.3 165.9
184.9 185.5 185.8 186.2 186.7 187.0
189.4 189.9 190.8 191.8 191.7 192.4
July .............................. August .......................... September ................... October ........................ November .................... December ....................
189.4 189.5 189.9 190.9 191.0 190.3
189.2 189.3 189.6 190.7 191.2 191.2
-0.1 0.1 0.2 0.6 0.3 0.0
187.4 187.4 187.4 188.4 188.9 188.9
186.9 186.9 186.8 187.9 188.4 188.4
187.3 186.9 186.3 187.9 188.5 188.4
206.1 206.3 206.6 207.4 208.0 207.8
183.6 183.3 183.0 182.7 182.2 183.2
189.4 185.2 180.9 180.7 180.1 179.2
227.5 227.6 229.0 241.3 248.7 247.3
140.2 140.5 140.7 140.6 140.9 141.2
165.9 166.0 165.1 165.3 164.8 164.2
187.8 188.4 188.9 189.4 189.6 189.9
192.2 192.5 193.4 193.6 194.0 193.9
. . . = Not available.
CHAPTER 8: PRICES
189
Table 8-1. Consumer Price Indexes—Continued (All urban consumers; 1982–1984 = 100, except as noted; seasonally adjusted, except as noted.) Housing Shelter Year and month Total Total
Rent of shelter 1
Rent of primary residence
Fuels and utilities
Owners’ Tenants’ Lodging equivalent and away from rent of household home 2 primary insurresidence 1 ance 2,3
Household furnishings and operations
Fuels Total
Fuel oils and other fuels
Water and sewer and Gas trash (piped) and collection electricity services 2
Total
Household operations 2,3
1946 1947 1948 1949
................................. ................................. ................................. .................................
... ... ... ...
... ... ... ...
... ... ... ...
... ... ... ...
... ... ... ...
... ... ... ...
... ... ... ...
... ... ... ...
7.9 9.0 10.6 10.9
18.3 18.2 18.7 19.2
... ... ... ...
... ... ... ...
... ... ... ...
1950 1951 1952 1953 1954
................................. ................................. ................................. ................................. .................................
... ... ... ... ...
... ... ... 22.0 22.5
... ... ... ... ...
... ... ... 33.9 35.1
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... 22.5 22.6
11.3 11.8 12.1 12.6 12.6
19.2 19.3 19.5 19.9 20.2
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
1955 1956 1957 1958 1959
................................. ................................. ................................. ................................. .................................
... ... ... ... ...
22.7 23.1 24.0 24.5 24.7
... ... ... ... ...
35.6 36.3 37.0 37.6 38.2
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
23.0 23.6 24.3 24.8 25.4
12.7 13.3 14.0 13.7 13.9
20.7 20.9 21.1 21.9 22.4
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
... ... ... ... ...
25.2 25.4 25.8 26.1 26.5
... ... ... ... ...
38.7 39.2 39.7 40.1 40.5
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
26.0 26.3 26.3 26.6 26.6
13.8 14.1 14.2 14.4 14.4
23.3 23.5 23.5 23.5 23.5
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
... ... 30.8 32.0 34.0
27.0 27.8 28.8 30.1 32.6
... ... ... ... ...
40.9 41.5 42.2 43.3 44.7
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
26.6 26.7 27.1 27.4 28.0
14.6 15.0 15.5 16.0 16.3
23.5 23.6 23.7 23.9 24.3
... ... ... ... ...
... ... 42.0 43.6 45.2
... ... ... ... ...
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
36.4 38.0 39.4 41.2 45.8
35.5 37.0 38.7 40.5 44.4
... ... ... ... ...
46.5 48.7 50.4 52.5 55.2
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
29.1 31.1 32.5 34.3 40.7
17.0 18.2 18.3 21.1 33.2
25.4 27.1 28.5 29.9 34.5
... ... ... ... ...
46.8 48.6 49.7 51.1 56.8
... ... ... ... ...
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
50.7 53.8 57.4 62.4 70.1
48.8 51.5 54.9 60.5 68.9
... ... ... ... ...
58.0 61.1 64.8 69.3 74.3
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
45.4 49.4 54.7 58.5 64.8
36.4 38.8 43.9 46.2 62.4
40.1 44.7 50.5 55.0 61.0
... ... ... ... ...
63.4 67.3 70.4 74.7 79.9
... ... ... ... ...
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
81.1 90.4 96.9 99.5 103.6
81.0 90.5 96.9 99.1 104.0
... ... ... 102.7 107.7
80.9 87.9 94.6 100.1 105.3
... ... ... ... ...
... ... ... 102.5 107.3
... ... ... ... ...
75.4 86.4 94.9 100.2 104.8
86.1 104.6 103.4 97.2 99.4
71.4 81.9 93.2 101.5 105.4
... ... ... ... ...
86.3 93.0 98.0 100.2 101.9
... ... ... ... ...
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
107.7 110.9 114.2 118.5 123.0
109.8 115.8 121.3 127.1 132.8
113.9 120.2 125.9 132.0 138.0
111.8 118.3 123.1 127.8 132.8
... ... ... ... ...
113.2 119.4 124.8 131.1 137.4
... ... ... ... ...
106.5 104.1 103.0 104.4 107.8
95.9 77.6 77.9 78.1 81.7
107.1 105.7 103.8 104.6 107.5
... ... ... ... ...
103.8 105.2 107.1 109.4 111.2
... ... ... ... ...
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
128.5 133.6 137.5 141.2 144.8
140.0 146.3 151.2 155.7 160.5
145.5 152.1 157.3 162.0 167.0
138.4 143.3 146.9 150.3 154.0
... ... ... ... ...
144.8 150.4 155.5 160.5 165.8
... ... ... ... ...
111.6 115.3 117.8 121.3 122.8
99.3 94.6 90.7 90.3 88.8
109.3 112.6 114.8 118.5 119.2
... ... ... ... ...
113.3 116.0 118.0 119.3 121.0
... ... ... ... ...
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
148.5 152.8 156.8 160.4 163.9
165.7 171.0 176.3 182.1 187.3
172.4 178.0 183.4 189.6 195.0
157.8 162.0 166.7 172.1 177.5
... ... ... 109.0 112.3
171.3 176.8 181.9 187.8 192.9
... ... ... 99.8 101.3
123.7 127.5 130.8 128.5 128.8
88.1 99.2 99.8 90.0 91.4
119.2 122.1 125.1 121.2 120.9
... ... ... 101.6 104.0
123.0 124.7 125.4 126.6 126.7
... ... ... 101.5 104.5
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
169.6 176.4 180.3 184.8 189.5
193.4 200.6 208.1 213.1 218.8
201.3 208.9 216.7 221.9 227.9
183.9 192.1 199.7 205.5 211.0
117.5 118.6 118.3 119.3 125.9
198.7 206.3 214.7 219.9 224.9
103.7 106.2 108.7 114.8 116.2
137.9 150.2 143.6 154.5 161.9
129.7 129.3 115.5 139.5 160.5
128.0 142.4 134.4 145.0 150.6
106.5 109.6 113.0 117.2 124.0
128.2 129.1 128.3 126.1 125.5
110.5 115.6 119.0 121.8 125.0
2004 January ........................ February ...................... March ........................... April .............................. May .............................. June .............................
186.9 187.2 187.8 188.4 188.9 189.5
215.9 215.9 217.1 217.9 218.4 218.9
224.7 224.8 226.2 226.9 227.6 228.0
208.1 208.6 209.1 209.7 210.2 210.9
122.2 120.3 124.4 125.7 126.1 125.8
222.4 222.8 223.3 224.0 224.5 225.0
114.8 115.0 115.1 115.7 116.1 116.2
157.1 159.4 157.5 158.5 159.8 161.9
145.7 147.0 145.8 146.8 149.4 153.5
146.7 149.1 146.8 147.8 149.0 151.2
120.8 121.8 122.0 122.3 123.3 123.8
125.4 125.5 125.5 125.2 125.3 125.4
122.7 123.4 123.6 123.8 124.0 124.7
July .............................. August .......................... September ................... October ........................ November .................... December ....................
190.0 190.2 190.7 191.1 191.7 192.1
219.4 219.5 220.3 220.7 220.8 221.3
228.5 228.7 229.4 229.8 229.9 230.4
211.4 212.0 212.5 212.9 213.1 213.7
126.9 125.3 128.2 128.5 128.3 128.7
225.4 225.8 226.1 226.4 226.6 227.0
116.1 116.3 116.6 116.3 117.7 118.7
162.6 164.0 163.4 163.4 167.4 167.7
157.0 163.0 166.2 180.3 189.0 185.2
151.6 152.7 151.6 150.6 154.8 155.3
124.5 125.0 125.6 125.9 126.3 126.5
125.1 125.0 125.2 126.2 126.0 126.0
125.5 126.1 126.1 126.2 127.0 127.0
1December 1982 = 100. 2December 1997 = 100. 3Not seasonally adjusted.
. . . = Not available.
190
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 8-1. Consumer Price Indexes—Continued (All urban consumers; 1982–1984 = 100, except as noted; seasonally adjusted.) Apparel
Transportation Private transportation
Year and month Total
Men’s and Women’s boys’ and girls’ apparel apparel
Infants’ and toddlers’ apparel
Footwear
New and used motor vehicles
Total Total
Total 2
New vehicles
Used cars and trucks
Motor Motor vehicle vehicle mainteparts and and Gasoline equipment nance repair (all types)
Motor fuel Total
1946 1947 1948 1949
................................. ................................. ................................. .................................
34.4 39.9 42.5 40.8
35.1 41.6 43.9 42.7
48.0 55.6 58.9 55.7
... 43.8 41.2 38.4
22.2 27.7 30.3 30.1
16.7 18.5 20.6 22.1
18.3 20.8 23.0 24.4
... ... ... ...
... 34.1 37.3 40.9
... ... ... ...
14.5 16.4 18.6 19.1
14.5 16.4 18.6 19.1
... ... ... ...
15.8 17.1 18.1 18.6
1950 1951 1952 1953 1954
................................. ................................. ................................. ................................. .................................
40.3 43.9 43.5 43.1 43.1
42.5 46.0 46.2 45.9 45.6
53.8 57.9 57.2 56.6 56.1
37.8 41.5 39.3 39.2 37.0
30.5 34.5 33.8 33.8 34.2
22.7 24.1 25.7 26.5 26.1
24.5 25.6 27.3 27.8 27.1
... ... ... ... ...
41.2 43.1 46.8 47.3 46.5
... ... ... 26.7 22.7
19.0 19.5 20.0 21.2 21.8
19.0 19.5 20.0 21.2 21.8
... ... ... ... ...
18.9 20.4 20.8 22.0 22.7
1955 1956 1957 1958 1959
................................. ................................. ................................. ................................. .................................
42.9 43.7 44.5 44.6 45.0
45.1 45.9 46.6 46.4 46.3
55.6 56.0 56.3 56.2 56.5
37.6 37.6 37.7 37.3 36.9
34.5 36.4 37.5 38.1 39.7
25.8 26.2 27.7 28.6 29.8
26.7 27.1 28.6 29.5 30.8
... ... ... ... ...
44.9 46.1 48.6 50.1 52.3
21.5 20.7 23.2 24.0 26.8
22.1 22.8 23.8 23.4 23.7
22.1 22.8 23.8 23.5 23.7
... ... ... ... ...
23.2 24.2 25.0 25.4 26.0
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
45.7 46.1 46.3 46.9 47.3
47.2 47.7 48.0 48.6 49.3
56.7 56.9 56.8 57.3 57.6
36.8 35.5 34.8 34.8 34.9
41.1 41.4 42.0 42.5 42.6
29.8 30.1 30.8 30.9 31.4
30.6 30.8 31.4 31.6 32.0
... ... ... ... ...
51.6 51.6 51.4 51.1 50.9
25.0 26.0 28.4 28.7 30.0
24.4 24.1 24.3 24.2 24.1
24.4 24.1 24.3 24.2 24.1
... ... ... ... ...
26.5 27.1 27.5 27.8 28.2
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
47.8 49.0 51.0 53.7 56.8
49.9 51.2 53.1 56.1 59.7
58.1 59.2 61.9 65.6 69.2
35.1 35.4 35.8 37.3 38.4
43.4 46.0 48.2 50.8 53.9
31.9 32.3 33.3 34.3 35.7
32.5 32.9 33.8 34.8 36.0
... ... ... ... ...
49.8 48.9 49.3 50.7 51.5
29.8 29.0 29.9 ... 30.9
25.1 25.6 26.4 26.8 27.6
25.1 25.6 26.4 26.8 27.7
... ... ... ... ...
28.7 29.2 30.4 32.1 34.1
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
59.2 61.1 62.3 64.6 69.4
62.2 63.9 64.7 67.1 72.4
71.8 74.4 76.2 78.8 83.5
39.2 40.0 41.1 42.5 54.2
56.8 58.6 60.3 62.8 66.6
37.5 39.5 39.9 41.2 45.8
37.5 39.4 39.7 41.0 46.2
... ... ... ... ...
53.1 55.3 54.8 54.8 58.0
31.2 33.0 33.1 35.2 36.7
27.9 28.1 28.4 31.2 42.2
27.9 28.1 28.4 31.2 42.2
... ... ... ... ...
36.6 39.3 41.1 43.2 47.6
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
72.5 75.2 78.6 81.4 84.9
75.5 78.1 81.7 83.5 85.4
85.5 87.9 90.6 92.4 94.0
64.5 68.0 74.6 77.4 79.0
69.6 72.3 75.7 79.0 85.3
50.1 55.1 59.0 61.7 70.5
50.6 55.6 59.7 62.5 71.7
... ... ... ... ...
63.0 67.0 70.5 75.9 81.9
43.8 50.3 54.7 55.8 60.2
45.1 47.0 49.7 51.8 70.1
45.1 47.0 49.7 51.8 70.2
... ... ... 77.6 85.1
53.7 57.6 61.9 67.0 73.7
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
90.9 95.3 97.8 100.2 102.1
89.4 94.2 97.6 100.3 102.1
96.0 97.5 98.5 100.2 101.3
85.5 92.9 96.3 101.1 102.6
91.8 96.7 99.1 99.8 101.1
83.1 93.2 97.0 99.3 103.7
84.2 93.8 97.1 99.3 103.6
... ... ... ... ...
88.5 93.9 97.5 99.9 102.6
62.3 76.9 88.8 98.7 112.5
97.4 108.5 102.8 99.4 97.9
97.5 108.5 102.8 99.4 97.8
95.3 101.0 103.6 100.7 95.6
81.5 89.2 96.0 100.3 103.8
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
105.0 105.9 110.6 115.4 118.6
105.0 106.2 109.1 113.4 117.0
104.9 104.0 110.4 114.9 116.4
107.2 111.8 112.1 116.4 119.1
102.3 101.9 105.1 109.9 114.4
106.4 102.3 105.4 108.7 114.1
106.2 101.2 104.2 107.6 112.9
... ... ... ... ...
106.1 110.6 114.4 116.5 119.2
113.7 108.8 113.1 118.0 120.4
98.7 77.1 80.2 80.9 88.5
98.6 77.0 80.1 80.8 88.5
95.9 95.4 96.1 97.9 100.2
106.8 110.3 114.8 119.7 124.9
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
124.1 128.7 131.9 133.7 133.4
120.4 124.2 126.5 127.5 126.4
122.6 127.6 130.4 132.6 130.9
125.8 128.9 129.3 127.1 128.1
117.4 120.9 125.0 125.9 126.0
120.5 123.8 126.5 130.4 134.3
118.8 121.9 124.6 127.5 131.4
... ... ... 91.8 95.5
121.4 126.0 129.2 132.7 137.6
117.6 118.1 123.2 133.9 141.7
101.2 99.4 99.0 98.0 98.5
101.0 99.2 99.0 97.7 98.2
100.9 102.2 103.1 101.6 101.4
130.1 136.0 141.3 145.9 150.2
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
132.0 131.7 132.9 133.0 131.3
126.2 127.7 130.1 131.8 131.1
126.9 124.7 126.1 126.0 123.3
127.2 129.7 129.0 126.1 129.0
125.4 126.6 127.6 128.0 125.7
139.1 143.0 144.3 141.6 144.4
136.3 140.0 141.0 137.9 140.5
99.4 101.0 100.5 100.1 100.1
141.0 143.7 144.3 143.4 142.9
156.5 157.0 151.1 150.6 152.0
100.0 106.3 106.2 92.2 100.7
99.8 105.9 105.8 91.6 100.1
102.1 102.2 101.9 101.1 100.5
154.0 158.4 162.7 167.1 171.9
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
129.6 127.3 124.0 120.9 120.4
129.7 125.7 121.7 118.0 117.5
121.5 119.3 115.8 113.1 113.0
130.6 129.2 126.4 122.1 118.5
123.8 123.0 121.4 119.6 119.3
153.3 154.3 152.9 157.6 163.1
149.1 150.0 148.8 153.6 159.4
100.8 101.3 99.2 96.5 94.2
142.8 142.1 140.0 137.9 137.1
155.8 158.7 152.0 142.9 133.3
129.3 124.7 116.6 135.8 160.4
128.6 124.0 116.0 135.1 159.7
101.5 104.8 106.9 107.8 108.7
177.3 183.5 190.2 195.6 200.2
2004 January ........................ February ...................... March ........................... April .............................. May .............................. June .............................
120.1 120.0 120.9 120.8 121.2 121.1
118.1 118.2 118.1 117.9 118.2 118.4
112.2 111.8 113.5 113.4 114.0 113.8
119.6 119.8 120.0 119.3 117.8 118.1
118.4 118.8 119.2 119.1 119.1 119.0
158.1 159.2 161.3 161.3 164.2 165.0
154.1 155.3 157.4 157.4 160.5 161.3
93.9 94.1 93.9 93.9 93.9 93.8
137.0 137.5 137.3 137.2 137.3 137.6
130.8 131.0 131.2 131.3 131.8 130.6
142.0 146.0 154.9 154.9 166.9 170.0
141.4 145.4 154.1 154.2 166.1 169.3
108.0 108.0 107.8 107.9 107.9 108.2
198.0 197.9 198.5 198.8 199.2 199.9
July .............................. August .......................... September ................... October ........................ November .................... December ....................
120.5 120.1 120.1 120.1 120.4 119.9
118.2 117.2 116.8 116.0 116.0 116.4
113.1 112.6 112.0 113.3 113.7 111.9
118.1 117.1 118.4 117.9 117.9 118.1
117.5 119.0 120.9 119.7 119.8 120.3
163.2 162.7 163.0 166.4 166.7 165.6
159.4 159.0 159.5 162.9 162.9 162.0
93.8 93.9 94.4 94.6 95.0 95.0
136.7 136.2 136.1 136.5 137.4 137.8
132.1 133.8 136.5 136.8 136.7 137.3
161.6 159.2 159.1 171.9 170.4 165.7
160.8 158.4 158.4 171.0 169.5 165.0
108.8 109.0 109.3 109.5 109.9 109.9
200.5 201.0 200.9 201.7 202.6 203.0
2December
1997 = 100. . . . = Not available.
191
CHAPTER 8: PRICES Table 8-1. Consumer Price Indexes—Continued (All urban consumers; 1982–1984 = 100, except as noted; seasonally adjusted.) Transportation— Continued
Medical care
Recreation
Education and communication
Medical care services Year and month
Public transportation
Transportation services
Medical care, total
Medical care commodities
Total
Professional services
Education
Hospital and related services
Total 2
Video and audio 2
Total 2 Total 2
Educational books and supplies
Tuition, other school fees, and childcare
1946 1947 1948 1949
................................. ................................. ................................. .................................
9.4 9.9 11.2 12.4
12.7 13.2 14.7 16.3
12.5 13.5 14.4 14.8
34.2 36.7 38.6 39.2
10.4 11.3 12.1 12.5
... ... ... ...
... ... ... ...
... ... ... ...
... ... ... ...
... ... ... ...
... ... ... ...
... ... ... ...
... ... ... ...
1950 1951 1952 1953 1954
................................. ................................. ................................. ................................. .................................
13.4 14.8 15.8 16.8 18.0
17.4 19.0 20.4 21.7 22.6
15.1 15.9 16.7 17.3 17.8
39.7 40.8 41.2 41.5 42.0
12.8 13.4 14.3 14.8 15.3
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
1955 1956 1957 1958 1959
................................. ................................. ................................. ................................. .................................
18.5 19.2 19.9 20.9 21.5
22.7 23.0 24.1 25.6 26.5
18.2 18.9 19.7 20.6 21.5
42.5 43.4 44.6 46.1 46.8
15.7 16.3 17.0 17.9 18.7
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
22.2 23.2 24.0 24.3 24.7
27.2 27.8 28.3 28.6 29.2
22.3 22.9 23.5 24.1 24.6
46.9 46.3 45.6 45.2 45.1
19.5 20.2 20.9 21.5 22.0
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
25.2 26.1 27.4 28.7 30.9
30.3 31.6 32.6 33.9 36.3
25.2 26.3 28.2 29.9 31.9
45.0 45.1 44.9 45.0 45.4
22.7 23.9 26.0 27.9 30.2
... ... 30.9 32.5 34.7
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... 33.7 35.4 37.4
... ... ... ... ...
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
35.2 37.8 39.3 39.7 40.6
40.2 43.4 44.4 44.7 46.3
34.0 36.1 37.3 38.8 42.4
46.5 47.3 47.4 47.5 49.2
32.3 34.7 35.9 37.5 41.4
37.0 39.4 40.8 42.2 45.8
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
38.8 41.4 44.2 45.6 47.2
... ... ... ... ...
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
43.5 47.8 50.0 51.5 54.9
49.8 56.9 61.5 64.4 69.5
47.5 52.0 57.0 61.8 67.5
53.3 56.5 60.2 64.4 69.0
46.6 51.3 56.4 61.2 67.2
50.8 55.5 60.0 64.5 70.1
... ... ... 55.1 61.0
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
50.3 53.7 56.9 61.6 65.7
... ... ... 59.8 64.7
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
69.0 85.6 94.9 99.5 105.7
79.2 88.6 96.1 99.1 104.8
74.9 82.9 92.5 100.6 106.8
75.4 83.7 92.3 100.2 107.5
74.8 82.8 92.6 100.7 106.7
77.9 85.9 93.2 99.8 107.0
69.2 79.1 90.3 100.5 109.2
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
71.4 80.3 91.0 100.3 108.7
71.2 79.9 90.5 99.7 109.8
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
110.5 117.0 121.1 123.3 129.5
110.0 116.3 121.9 128.0 135.6
113.5 122.0 130.1 138.6 149.3
115.2 122.8 131.0 139.9 150.8
113.2 121.9 130.0 138.3 148.9
113.5 120.8 128.8 137.5 146.4
116.1 123.1 131.6 143.9 160.5
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
118.2 128.1 138.1 148.1 158.0
119.7 129.6 140.0 151.0 162.7
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
142.6 148.9 151.4 167.0 172.0
144.2 151.2 155.7 162.9 168.6
162.8 177.0 190.1 201.4 211.0
163.4 176.8 188.1 195.0 200.7
162.7 177.1 190.5 202.9 213.4
156.1 165.7 175.8 184.7 192.5
178.0 196.1 214.0 231.9 245.6
... ... ... 90.7 92.7
... ... ... 96.5 95.4
... ... ... 85.5 88.8
... ... ... 78.4 83.3
171.3 180.3 190.3 197.6 205.5
175.7 191.4 208.5 225.3 239.8
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
175.9 181.9 186.7 190.3 197.7
175.9 180.5 185.0 187.9 190.7
220.5 228.2 234.6 242.1 250.6
204.5 210.4 215.3 221.8 230.7
224.2 232.4 239.1 246.8 255.1
201.0 208.3 215.4 222.2 229.2
257.8 269.5 278.4 287.5 299.5
94.5 97.4 99.6 101.1 102.0
95.1 96.6 99.4 101.1 100.7
92.2 95.3 98.4 100.3 101.2
88.0 92.7 97.3 102.1 107.0
214.4 226.9 238.4 250.8 261.7
253.8 267.1 280.4 294.2 308.4
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
209.6 210.6 207.4 209.3 209.1
196.1 201.9 209.1 216.3 220.6
260.8 272.8 285.6 297.1 310.1
238.1 247.6 256.4 262.8 269.3
266.0 278.8 292.9 306.0 321.3
237.7 246.5 253.9 261.2 271.5
317.3 338.3 367.8 394.8 417.9
103.3 104.9 106.2 107.5 108.6
101.0 101.5 102.8 103.6 104.2
102.5 105.2 107.9 109.8 111.6
112.5 118.5 126.0 134.4 143.7
279.9 295.9 317.6 335.4 351.0
324.0 341.1 362.1 386.7 414.3
2004 January ........................ February ...................... March ........................... April .............................. May .............................. June .............................
210.0 210.2 210.4 210.8 208.5 208.4
219.3 219.3 219.4 219.7 219.5 220.0
303.6 305.3 306.9 307.9 308.8 309.8
265.9 266.9 267.3 268.3 269.0 269.2
313.7 315.6 317.7 318.6 319.6 320.9
265.6 267.5 269.1 270.0 270.6 271.2
408.3 410.4 412.3 413.7 415.8 418.0
108.0 108.3 108.6 108.7 108.7 108.8
103.7 103.7 104.0 104.4 104.3 104.2
110.9 111.2 111.2 111.3 111.3 111.5
139.5 140.2 141.0 141.8 142.6 143.3
345.1 345.8 346.7 348.7 349.9 350.7
401.9 404.0 406.4 408.6 410.8 413.0
July .............................. August .......................... September ................... October ........................ November .................... December ....................
209.0 207.2 205.5 207.7 211.6 209.5
220.8 220.9 220.9 221.8 222.8 222.2
310.8 311.7 312.7 313.9 314.7 315.6
269.4 269.7 270.7 271.8 271.6 271.2
322.2 323.3 324.3 325.5 326.7 328.1
272.1 273.1 273.7 274.2 275.0 275.5
420.1 419.1 421.4 423.3 424.9 427.7
108.7 108.5 108.7 108.8 108.9 108.9
104.3 104.1 104.3 104.5 104.3 104.5
111.6 111.6 112.0 111.8 112.2 112.3
144.0 144.8 145.7 146.2 147.1 147.9
350.7 354.0 352.2 353.4 356.4 358.9
415.3 417.4 420.5 422.0 424.4 426.6
2December
1997 = 100. . . . = Not available.
192
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 8-1. Consumer Price Indexes—Continued (All urban consumers; 1982–1984 = 100, except as noted; seasonally adjusted, except as noted.) Education and communication—Continued
Other goods and services
Communication
Commodity and service groups of CPI-U
Personal care
Information and information processing Information and information processing other than telephone services
Year and month Total
2
Total 2,3
Telephone services 2,3 Total 3,4
Tobacco and smoking products
Total
Personal computers and peripheral equipment 2,3
Total
Personal care products 3
Personal care services 3
Commodities
Services
1946 1947 1948 1949
................................. ................................. ................................. .................................
... ... ... ...
... ... ... ...
... ... ... ...
... ... ... ...
... ... ... ...
... ... ... ...
18.2 19.8 20.7 21.3
22.7 25.4 26.3 26.2
27.6 33.2 34.2 33.0
... ... ... ...
22.9 27.6 29.6 28.8
14.1 14.7 15.6 16.4
1950 1951 1952 1953 1954
................................. ................................. ................................. ................................. .................................
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
21.7 22.4 23.5 24.5 24.9
26.2 28.7 29.0 29.3 29.4
32.2 35.7 35.0 34.8 34.6
... ... ... 24.1 24.4
29.0 31.6 32.0 31.9 31.6
16.9 17.8 18.6 19.4 20.0
1955 1956 1957 1958 1959
................................. ................................. ................................. ................................. .................................
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
25.0 25.5 26.3 27.1 28.1
29.9 31.2 32.3 33.4 34.1
34.6 35.4 36.6 37.9 38.2
25.6 27.2 28.3 29.0 30.0
31.3 31.6 32.6 33.3 33.3
20.4 20.9 21.8 22.6 23.3
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
29.1 29.3 29.5 30.4 31.2
34.6 34.8 35.4 35.9 36.3
38.2 38.1 38.5 38.6 38.6
31.0 31.5 32.2 33.0 33.9
33.6 33.8 34.1 34.4 34.8
24.1 24.5 25.0 25.5 26.0
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... 35.1 36.9 38.7
32.6 34.2 35.5 37.8 39.8
36.6 37.3 38.4 40.0 42.0
38.4 38.0 38.6 39.8 41.6
34.8 36.4 38.1 40.1 42.2
35.2 36.1 36.8 38.1 39.9
26.6 27.6 28.8 30.3 32.4
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
40.9 42.9 44.7 46.4 49.8
43.1 44.9 47.4 48.7 51.1
43.5 44.9 46.0 48.1 52.8
42.7 44.0 45.2 46.4 51.5
44.2 45.7 46.8 49.7 53.9
41.7 43.2 44.5 47.8 53.5
35.0 37.0 38.4 40.1 43.8
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
53.9 57.0 60.4 64.3 68.9
54.7 57.0 59.8 63.0 66.8
57.9 61.7 65.7 69.9 75.2
58.0 61.3 64.7 68.2 72.9
57.7 61.9 66.4 71.3 77.2
58.2 60.7 64.2 68.8 76.6
48.0 52.0 56.0 60.8 67.5
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
75.2 82.6 91.1 101.1 107.9
72.0 77.8 86.5 103.4 110.1
81.9 89.1 95.4 100.3 104.3
79.6 87.8 95.1 100.7 104.2
83.7 90.2 95.7 100.0 104.4
86.0 93.2 97.0 99.8 103.2
77.9 88.1 96.0 99.4 104.6
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
... ... ... ... 96.3
... ... ... ... ...
114.5 121.4 128.5 137.0 147.7
116.7 124.7 133.6 145.8 164.4
108.3 111.9 115.1 119.4 125.0
107.6 111.3 113.9 118.1 123.2
108.9 112.5 116.2 120.7 126.8
105.4 104.4 107.7 111.5 116.7
109.9 115.4 120.2 125.7 131.9
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
... ... ... 96.7 97.6
... ... ... 97.7 98.6
... ... ... ... ...
93.5 88.6 83.7 78.8 72.0
... ... ... ... ...
159.0 171.6 183.3 192.9 198.5
181.5 202.7 219.8 228.4 220.0
130.4 134.9 138.3 141.5 144.6
128.2 132.8 136.5 139.0 141.5
132.8 137.0 140.0 144.0 147.9
122.8 126.6 129.1 131.5 133.8
139.2 146.3 152.0 157.9 163.1
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
98.8 99.6 100.3 98.7 96.0
98.7 99.5 100.4 98.5 95.5
... ... ... 100.7 100.1
63.8 57.2 50.1 39.9 30.5
... ... ... 78.2 53.5
206.9 215.4 224.8 237.7 258.3
225.7 232.8 243.7 274.8 355.8
147.1 150.1 152.7 156.7 161.1
143.1 144.3 144.2 148.3 151.8
151.5 156.6 162.4 166.0 171.4
136.4 139.9 141.8 141.9 144.4
168.7 174.1 179.4 184.2 188.8
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
93.6 93.3 92.3 89.7 86.7
92.8 92.3 90.8 87.8 84.6
98.5 99.3 99.7 98.3 95.8
25.9 21.3 18.3 16.1 14.8
41.1 29.5 22.2 17.6 15.3
271.1 282.6 293.2 298.7 304.7
394.9 425.2 461.5 469.0 478.0
165.6 170.5 174.7 178.0 181.7
153.7 155.1 154.7 153.5 153.9
178.1 184.3 188.4 193.2 197.6
149.2 150.7 149.7 151.2 154.7
195.3 203.4 209.8 216.5 222.8
2004 January ........................ February ...................... March ........................... April .............................. May .............................. June .............................
88.1 88.1 87.7 87.4 86.9 86.8
86.1 86.1 85.7 85.4 84.8 84.7
97.0 97.1 96.7 96.5 95.9 95.8
15.3 15.2 15.2 15.0 14.9 14.9
16.2 16.0 15.8 15.9 15.7 15.5
301.7 302.2 302.7 303.1 303.4 304.0
473.0 472.6 473.6 473.3 473.5 476.0
179.9 180.3 180.6 180.9 181.1 181.3
153.8 154.5 154.5 154.5 154.6 153.8
194.6 195.2 195.8 196.1 196.6 196.9
151.8 152.5 153.6 153.7 155.3 155.8
219.6 220.1 220.8 221.5 222.0 222.7
July .............................. August .......................... September ................... October ........................ November .................... December ....................
86.5 86.1 86.2 85.5 85.6 85.4
84.5 84.0 84.1 83.4 83.5 83.3
95.6 95.0 95.3 94.6 94.9 94.8
14.8 14.7 14.7 14.5 14.3 14.2
15.3 15.1 15.0 14.6 14.2 13.9
305.0 305.7 306.4 306.9 307.3 308.5
480.5 481.6 482.9 482.3 481.7 484.8
181.6 182.0 182.4 182.9 183.2 183.8
153.4 152.8 153.5 154.0 153.8 153.4
197.5 198.9 199.1 199.4 200.0 201.2
154.9 154.6 154.8 156.6 156.7 156.2
223.3 223.6 224.2 224.5 225.3 225.7
2December 1997 = 100. 3Not seasonally adjusted. 4December 1988 = 100.
. . . = Not available.
CHAPTER 8: PRICES
Figure 8-2. Consumer Prices: All Items, Medical Care, and Apparel, 1946–2004 (ratio scale) 347
1982–1984 = 100
186 100 53 All items 29
Medical care Apparel
15
1946
1951
1956
1961
1966
1971
1976
1981
1986
1991
1996
2004
Year
• Figure 8-2 charts two components of the Consumer Price Index (CPI-U) along with the all-items total. Since all three indexes have the base years 1982–1984, they converge in those years. However, over the postwar period, the trends of the two components are very different. Apparel has been one of the areas most subject to international competition, and the apparel index shows far less growth than the overall average of prices. Medical care, on the other hand, has little or no price competition from producers in other countries. It is often not paid for directly by consumers, but by third-party insurers, both government and private. Medical care is characterized by trend growth in demand, reflecting rising income and expectations and technological innovations. This component has arguably been overstated in the CPI due to the difficulties of making quality adjustments. (Quality adjustments have been much improved in recent years, but such improvements are not retroactively introduced into the CPI.) (Table 8-1)
193
194
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 8-2. Alternative Measures of Total and Core Consumer Prices: Index Levels (Various bases; not seasonally adjusted, except as noted.) CPIs, all items
CPIs, all items less food and energy
CPI-U, 1982–1984 = 100, seasonally adjusted
CPI-W, 1982–1984 = 100, seasonally adjusted
CPI-U-X1, CPI-U, C-CPI-U, C-CPI-U, 1982–1984 CPI-U-RS, 1982–1984 CPI-U-RS, Dec. 1977 = Dec. 1999 = Dec. 1977 = Dec. 1999 = = 100, = 100, 100 100 100 100 seasonally seasonally adjusted adjusted
1958 ................................. 1959 .................................
28.9 29.1
29.1 29.3
31.4 31.6
... ...
... ...
29.6 30.2
... ...
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
29.6 29.9 30.2 30.6 31.0
29.8 30.1 30.4 30.8 31.2
32.2 32.5 32.8 33.3 33.7
... ... ... ... ...
... ... ... ... ...
30.6 31.0 31.4 31.8 32.3
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
31.5 32.4 33.4 34.8 36.7
31.7 32.6 33.6 35.0 36.9
34.2 35.2 36.3 37.7 39.4
... ... ... ... ...
... ... ... ... ...
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
38.8 40.5 41.8 44.4 49.3
39.0 40.7 42.1 44.7 49.6
41.3 43.1 44.4 47.2 51.9
... ... ... ... ...
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
53.8 56.9 60.6 65.2 72.6
54.1 57.2 60.9 65.6 73.1
56.2 59.4 63.2 67.5 74.0
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
82.4 90.9 96.5 99.6 103.9
82.9 91.4 96.9 99.8 103.3
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
107.6 109.6 113.6 118.3 124.0
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
Chain-type price indexes for personal consumption expenditures (PCE), 2000 = 100
PCE, total, seasonally adjusted
PCE, marketbased, seasonally adjusted
... ...
... 20.4
... ... ... ... ...
... ... ... ... ...
32.7 33.5 34.7 36.3 38.4
... ... ... ... ...
... ... ... ... ...
40.8 42.7 44.0 45.6 49.4
... ... ... 104.3 114.1
... ... ... ... ...
82.3 90.1 95.6 99.6 103.9
126.7 138.6 146.8 152.9 159.0
106.9 108.6 112.5 117.0 122.6
107.6 109.6 113.6 118.3 124.0
130.7 136.2 140.3 144.5 148.2
129.0 134.3 138.2 142.1 145.6
................................. ................................. ................................. ................................. .................................
152.4 156.9 160.5 163.0 166.6
................................. ................................. ................................. ................................. .................................
Year and month
Excluding food and energy PCE, total, seasonally adjusted
PCE, marketbased, seasonally adjusted
... ...
... 21.0
... ...
20.8 21.0 21.2 21.5 21.8
... ... ... ... ...
21.4 21.6 21.9 22.2 22.5
... ... ... ... ...
... ... ... ... ...
22.1 22.7 23.2 24.2 25.3
... ... ... ... ...
22.8 23.2 23.9 24.9 26.1
... ... ... ... ...
... ... ... ... ...
... ... ... ... ...
26.4 27.6 28.5 30.1 33.2
... ... ... ... ...
27.3 28.5 29.5 30.5 32.8
... ... ... ... ...
53.9 57.4 61.0 65.5 71.9
... ... ... 103.5 110.7
... ... ... ... ...
36.0 37.9 40.4 43.2 47.1
... ... ... ... ...
35.5 37.7 40.1 42.8 45.7
... ... ... ... ...
... ... ... ... ...
80.8 89.2 95.8 99.6 104.6
120.4 131.4 141.3 149.0 156.1
... ... ... ... ...
52.1 56.7 59.9 62.4 64.8
... ... ... ... ...
49.9 54.2 57.8 60.8 63.4
... ... ... ... ...
164.3 167.3 173.0 179.3 187.0
... ... ... ... ...
109.1 113.5 118.2 123.4 129.0
162.8 169.4 176.0 183.0 190.3
... ... ... ... ...
66.9 68.6 70.9 73.8 77.0
... ... ... ... ...
65.8 68.2 70.8 73.8 76.9
... ... ... ... ...
130.7 136.2 140.3 144.5 148.2
196.3 203.4 208.5 213.7 218.2
... ... ... ... ...
135.5 142.1 147.3 152.2 156.5
199.0 207.4 213.8 219.8 224.9
... ... ... ... ...
80.5 83.4 85.8 87.8 89.7
... ... ... ... ...
80.2 83.3 86.1 88.3 90.4
... ... ... ... ...
149.8 154.1 157.6 159.7 163.2
152.4 156.9 160.5 163.0 166.6
223.5 229.5 234.4 237.7 242.7
... ... ... ... ...
161.2 165.6 169.5 173.4 177.0
230.6 236.3 241.5 246.7 251.7
... ... ... ... ...
91.6 93.5 95.1 96.0 97.6
... ... 95.8 96.4 97.7
92.4 94.1 95.6 96.9 98.3
... ... 96.6 97.6 98.6
172.2 177.1 179.9 184.0 188.9
168.9 173.5 175.9 179.8 184.5
172.2 177.1 179.9 184.0 188.9
250.8 257.8 261.9 267.9 275.1
102.0 104.3 105.6 107.8 1110.2
181.3 186.1 190.5 193.2 196.6
257.7 264.5 270.6 274.6 279.3
101.4 103.5 105.4 106.6 1108.2
100.0 102.1 103.5 105.5 108.2
100.0 101.9 103.1 105.0 107.4
100.0 101.9 103.7 105.1 107.2
100.0 101.7 103.2 104.3 105.9
2004 January ........................ February ...................... March ........................... April .............................. May .............................. June .............................
185.9 186.5 187.3 187.7 188.8 189.3
181.4 182.1 182.9 183.2 184.4 184.9
185.9 186.5 187.3 187.7 188.8 189.3
269.7 271.2 272.9 273.8 275.3 276.2
1108.3 1108.9 1109.6 1109.9 1110.3 1110.6
194.6 194.9 195.5 195.9 196.2 196.6
275.7 277.0 277.0 279.3 279.3 279.3
1106.9 1107.4 1108.0 1108.2 1108.2 1108.1
106.7 107.1 107.5 107.7 108.2 108.4
106.0 106.3 106.7 106.9 107.4 107.7
106.1 106.3 106.6 106.8 107.0 107.1
105.1 105.2 105.5 105.6 105.8 105.9
July .............................. August .......................... September ................... October ........................ November .................... December ....................
189.2 189.3 189.6 190.7 191.2 191.2
184.8 184.9 185.2 186.3 186.8 186.7
189.2 189.3 189.6 190.7 191.2 191.2
275.9 275.9 276.5 278.0 278.2 277.1
1110.5 1110.5 1110.8 1111.3 1111.3 1110.9
196.8 196.9 197.5 197.9 198.2 198.5
279.4 279.7 280.6 281.6 281.6 281.1
1108.1 1108.2 1108.5 1108.9 1108.9 1108.7
108.4 108.5 108.6 109.1 109.4 109.4
107.6 107.6 107.7 108.2 108.5 108.4
107.2 107.3 107.5 107.8 108.0 108.1
106.0 106.0 106.1 106.4 106.6 106.6
1Interim
values. . . . = Not available.
CHAPTER 8: PRICES
195
Table 8-3. Alternative Measures of Total and Core Consumer Prices: Inflation Rates (Percent changes from year earlier, except as noted; not seasonally adjusted, except as noted.) CPIs, all items
Year and month
CPI-U, CPI-W, CPI-U-X1, 1982–1984 1982–1984 1982–1984 = 100, = 100, = 100, seasonally seasonally seasonally adjusted adjusted adjusted
CPIs, all items less food and energy
CPI-U-RS, Dec. 1977 = 100
C-CPI-U, Dec. 1999 = 100
CPI-U, 1982–1984 = 100, seasonally adjusted
CPI-U-RS, Dec. 1977 = 100
C-CPI-U, Dec. 1999 = 100
Chain-type price indexes for personal consumption expenditures (PCE), 2000 = 100
PCE, total, seasonally adjusted
PCE, marketbased, seasonally adjusted
Excluding food and energy PCE, total, seasonally adjusted
PCE, marketbased, seasonally adjusted
1958 ......................................... 1959 .........................................
2.8 0.7
2.8 0.7
3.0 0.6
... ...
... ...
2.4 2.0
... ...
... ...
... ...
... ...
... ...
... ...
1960 1961 1962 1963 1964
......................................... ......................................... ......................................... ......................................... .........................................
1.7 1.0 1.0 1.3 1.3
1.7 1.0 1.0 1.3 1.3
1.9 0.9 0.9 1.5 1.2
... ... ... ... ...
... ... ... ... ...
1.3 1.3 1.3 1.3 1.6
... ... ... ... ...
... ... ... ... ...
1.6 1.0 1.2 1.2 1.4
... ... ... ... ...
1.7 1.2 1.3 1.2 1.5
... ... ... ... ...
1965 1966 1967 1968 1969
......................................... ......................................... ......................................... ......................................... .........................................
1.6 2.9 3.1 4.2 5.5
1.6 2.8 3.1 4.2 5.4
1.5 2.9 3.1 3.9 4.5
... ... ... ... ...
... ... ... ... ...
1.2 2.4 3.6 4.6 5.8
... ... ... ... ...
... ... ... ... ...
1.5 2.5 2.5 3.9 4.6
... ... ... ... ...
1.2 2.1 2.9 4.2 4.6
... ... ... ... ...
1970 1971 1972 1973 1974
......................................... ......................................... ......................................... ......................................... .........................................
5.7 4.4 3.2 6.2 11.0
5.7 4.4 3.4 6.2 11.0
4.8 4.4 3.0 6.3 10.0
... ... ... ... ...
... ... ... ... ...
6.3 4.7 3.0 3.6 8.3
... ... ... ... ...
... ... ... ... ...
4.7 4.3 3.5 5.4 10.3
... ... ... ... ...
4.5 4.6 3.2 3.6 7.5
... ... ... ... ...
1975 1976 1977 1978 1979
......................................... ......................................... ......................................... ......................................... .........................................
9.1 5.8 6.5 7.6 11.3
9.1 5.7 6.5 7.7 11.4
8.3 5.7 6.4 6.8 9.6
... ... ... ... 9.4
... ... ... ... ...
9.1 6.5 6.3 7.4 9.8
... ... ... ... 7.0
... ... ... ... ...
8.3 5.5 6.5 7.0 8.8
... ... ... ... ...
8.3 6.1 6.4 6.6 7.0
... ... ... ... ...
1980 1981 1982 1983 1984
......................................... ......................................... ......................................... ......................................... .........................................
13.5 10.3 6.2 3.2 4.3
13.4 10.3 6.0 3.0 3.5
11.2 9.5 6.1 4.2 4.3
11.0 9.4 5.9 4.2 4.0
... ... ... ... ...
12.4 10.4 7.4 4.0 5.0
8.8 9.1 7.5 5.4 4.8
... ... ... ... ...
10.7 8.9 5.5 4.3 3.8
... ... ... ... ...
9.0 8.7 6.6 5.3 4.2
... ... ... ... ...
1985 1986 1987 1988 1989
......................................... ......................................... ......................................... ......................................... .........................................
3.6 1.9 3.6 4.1 4.8
3.5 1.6 3.6 4.0 4.8
3.6 1.9 3.6 4.1 4.8
3.3 1.8 3.4 3.6 4.3
... ... ... ... ...
4.3 4.0 4.1 4.4 4.5
4.3 4.1 3.9 4.0 4.0
... ... ... ... ...
3.3 2.4 3.5 4.0 4.4
... ... ... ... ...
3.8 3.7 3.7 4.3 4.1
... ... ... ... ...
1990 1991 1992 1993 1994
......................................... ......................................... ......................................... ......................................... .........................................
5.4 4.2 3.0 3.0 2.6
5.2 4.1 2.9 2.8 2.5
5.4 4.2 3.0 3.0 2.6
5.0 3.6 2.5 2.5 2.1
... ... ... ... ...
5.0 4.9 3.7 3.3 2.8
4.6 4.2 3.1 2.8 2.3
... ... ... ... ...
4.6 3.6 2.9 2.3 2.1
... ... ... ... ...
4.3 3.9 3.4 2.6 2.3
... ... ... ... ...
1995 1996 1997 1998 1999
......................................... ......................................... ......................................... ......................................... .........................................
2.8 3.0 2.3 1.6 2.2
2.9 2.9 2.3 1.3 2.2
2.8 3.0 2.3 1.6 2.2
2.4 2.7 2.1 1.4 2.1
... ... ... ... ...
3.0 2.7 2.4 2.3 2.1
2.5 2.5 2.2 2.2 2.0
... ... ... ... ...
2.1 2.2 1.7 0.9 1.7
... ... ... 0.6 1.4
2.2 1.9 1.6 1.3 1.5
... ... ... 1.0 1.1
2000 2001 2002 2003 2004
......................................... ......................................... ......................................... ......................................... .........................................
3.4 2.8 1.6 2.3 2.7
3.5 2.7 1.4 2.2 2.6
3.4 2.8 1.6 2.3 2.7
3.3 2.8 1.6 2.3 2.7
... 2.3 1.2 2.1 12.2
2.4 2.6 2.4 1.4 1.8
2.4 2.6 2.3 1.5 1.7
... 2.1 1.8 1.1 11.5
2.5 2.1 1.4 1.9 2.6
2.4 1.9 1.1 1.9 2.3
1.7 1.9 1.8 1.3 2.0
1.4 1.7 1.5 1.2 1.5
Percent change, annual rate: 1978–2004 ........................... 2000–2004 ...........................
4.2 2.3
4.1 2.2
4.0 2.3
3.8 2.3
12.0
...
4.3 2.0
3.9 2.0
11.6
...
3.6 2.0
... 1.8
3.6 1.8
... 1.4
2004 January ................................. February ............................... March ................................... April ...................................... May ....................................... June ......................................
2.0 1.7 1.7 2.3 3.0 3.2
1.8 1.5 1.4 2.1 3.0 3.1
2.0 1.7 1.7 2.3 3.0 3.2
2.0 1.7 1.8 2.3 3.0 3.3
11.7 11.5 11.6 12.0 12.6 12.8
1.2 1.2 1.6 1.8 1.7 1.9
1.1 1.2 1.0 1.8 1.7 1.8
10.8 11.1 11.4 11.6 11.6 11.6
2.0 1.9 1.9 2.3 2.9 3.0
1.8 1.6 1.6 2.0 2.6 2.8
1.5 1.6 1.8 1.9 2.0 2.1
1.2 1.3 1.4 1.5 1.5 1.6
July ....................................... August .................................. September ............................ October ................................. November ............................. December .............................
2.9 2.7 2.5 3.2 3.6 3.4
2.9 2.6 2.4 3.2 3.7 3.4
2.9 2.7 2.5 3.2 3.6 3.4
3.0 2.6 2.6 3.2 3.5 3.2
12.6 12.1 12.1 12.7 13.1 12.9
1.8 1.7 2.0 2.0 2.2 2.2
1.8 1.7 2.0 2.0 2.2 2.2
11.5 11.4 11.6 11.7 11.9 12.0
2.8 2.6 2.4 3.0 3.2 3.0
2.5 2.2 2.1 2.6 3.0 2.7
2.0 1.9 2.0 2.1 2.3 2.2
1.5 1.4 1.5 1.6 1.7 1.7
1Interim
values. . . . = Not available.
196
BUSINESS STATISTICS OF THE UNITED STATES (BERNAN PRESS)
Table 8-4. Producer Price Indexes and Purchasing Power of the Dollar (1982 = 100, seasonally adjusted.) Finished goods
Finished consumer goods
Finished consumer goods, except foods
Capital equipment
Finished consumer foods Year and month Total
Percent change from previous period
Total
Total Total
Crude
Processed
Durable goods
Nondurable goods less foods
Total
Manufacturing industries
Nonmanufacturing industries
1947 ................................. 1948 ................................. 1949 .................................
26.4 28.5 27.7
... 8.0 -2.8
28.6 30.8 29.4
31.9 34.9 32.1
39.3 42.4 40.1
31.1 34.0 31.1
27.4 29.2 28.6
32.9 35.2 36.1
24.2 25.7 24.7
19.8 21.6 22.7
17.5 19.1 20.0
21.9 23.8 25.0
1950 1951 1952 1953 1954
................................. ................................. ................................. ................................. .................................
28.2 30.8 30.6 30.3 30.4
1.8 9.2 -0.6 -1.0 0.3
29.9 32.7 32.3 31.7 31.7
32.7 36.7 36.4 34.5 34.2
36.5 41.9 44.6 41.6 37.5
32.4 36.2 35.4 33.6 34.0
29.0 31.1 30.7 31.0 31.1
36.5 38.9 39.2 39.5 39.8
25.1 27.0 26.3 26.6 26.7
23.2 25.5 25.9 26.3 26.7
20.6 22.7 23.2 23.5 23.9
25.5 27.9 28.3 28.7 29.0
1955 1956 1957 1958 1959
................................. ................................. ................................. ................................. .................................
30.5 31.3 32.5 33.2 33.1
0.3 2.6 3.8 2.2 -0.3
31.5 32.0 32.9 33.6 33.3
33.4 33.3 34.4 36.5 34.8
39.1 39.1 38.5 41.0 37.3
32.7 32.7 34.1 36.1 34.7
31.3 32.1 32.9 32.9 33.3
40.2 41.6 42.8 43.4 43.9
26.8 27.3 27.9 27.8 28.2
27.4 29.5 31.3 32.1 32.7
24.7 26.8 28.5 29.3 29.8
29.8 31.8 33.6 34.5 35.1
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
33.4 33.4 33.5 33.4 33.5
0.9 0.0 0.3 -0.3 0.3
33.6 33.6 33.7 33.5 33.6
35.5 35.4 35.7 35.3 35.4
39.8 38.0 38.4 37.8 38.9
35.2 35.3 35.6 35.2 35.2
33.5 33.4 33.4 33.4 33.3
43.8 43.6 43.4 43.1 43.3
28.4 28.4 28.4 28.5 28.4
32.8 32.9 33.0 33.1 33.4
30.2 30.3 30.5 30.6 31.0
34.8 34.8 34.9 34.8 35.1
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
34.1 35.2 35.6 36.6 38.0
1.8 3.2 1.1 2.8 3.8
34.2 35.4 35.6 36.5 37.9
36.8 39.2 38.5 40.0 42.4
39.0 41.5 39.6 42.5 45.9
36.8 39.2 38.8 40.0 42.3
33.6 34.1 34.7 35.5 36.3
43.2 43.4 44.1 45.1 45.9
28.8 29.3 30.0 30.6 31.5
33.8 34.6 35.8 37.0 38.3
31.5 32.5 33.8 35.0 36.2
35.4 36.0 37.0 38.2 39.5
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
39.3 40.5 41.8 45.6 52.6
3.4 3.1 3.2 9.1 15.4
39.1 40.2 41.5 46.0 53.1
43.8 44.5 46.9 56.5 64.4
46.0 45.8 48.0 63.6 71.6
43.9 44.7 47.2 55.8 63.9
37.4 38.7 39.4 41.2 48.2
47.2 48.9 50.0 50.9 55.5
32.5 33.5 34.1 36.1 44.0
40.1 41.7 42.8 44.2 50.5
38.1 39.6 40.5 42.2 48.8
41.3 43.0 44.2 45.3 51.2
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
58.2 60.8 64.7 69.8 77.6
10.6 4.5 6.4 7.9 11.2
58.2 60.4 64.3 69.4 77.5
69.8 69.6 73.3 79.9 87.3
71.7 76.7 79.5 85.8 92.3
70.3 69.0 72.7 79.4 86.8
53.2 56.5 60.6 64.9 73.5
61.0 63.7 67.4 73.6 80.8
48.9 52.4 56.8 60.0 69.3
58.2 62.1 66.1 71.3 77.5
56.5 60.3 64.5 70.1 77.1
58.9 62.9 66.8 71.8 77.7
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
88.0 96.1 100.0 101.6 103.7
13.4 9.2 4.1 1.6 2.1
88.6 96.6 100.0 101.3 103.3
92.4 97.8 100.0 101.0 105.4
93.9 104.4 100.0 102.4 111.4
92.3 97.2 100.0 100.9 104.9
87.1 96.1 100.0 101.2 102.2
91.0 96.4 100.0 102.8 104.5
85.1 95.8 100.0 100.5 101.1
85.8 94.6 100.0 102.8 105.2
86.0 94.9 100.0 102.3 104.9
85.7 94.4 100.0 103.0 105.4
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
104.7 103.2 105.4 108.0 113.6
1.0 -1.4 2.1 2.5 5.2
103.8 101.4 103.6 106.2 112.1
104.6 107.3 109.5 112.6 118.7
102.9 105.6 107.1 109.8 119.6
104.8 107.4 109.6 112.7 118.6
103.3 98.5 100.7 103.1 108.9
106.5 108.9 111.5 113.8 117.6
101.7 93.3 94.9 97.3 103.8
107.5 109.7 111.7 114.3 118.8
107.4 109.7 111.8 115.5 120.3
107.6 109.7 111.6 113.9 118.2
1990 1991 1992 1993 1994
................................. ................................. ................................. ................................. .................................
119.2 121.7 123.2 124.7 125.5
4.9 2.1 1.2 1.2 0.6
118.2 120.5 121.7 123.0 123.3
124.4 124.1 123.3 125.7 126.8
123.0 119.3 107.6 114.4 111.3
124.4 124.4 124.4 126.5 127.9
115.3 118.7 120.8 121.7 121.6
120.4 123.9 125.7 128.0 130.9
111.5 115.0 117.3 117.6 116.2
122.9 126.7 129.1 131.4 134.1
124.5 127.8 129.3 131.2 133.2
122.2 126.3 129.0 131.4 134.3
1995 1996 1997 1998 1999
................................. ................................. ................................. ................................. .................................
127.9 131.3 131.8 130.7 133.0
1.9 2.7 0.4 -0.8 1.8
125.6 129.5 130.2 128.9 132.0
129.0 133.6 134.5 134.3 135.1
118.8 129.2 126.6 127.2 125.5
129.8 133.8 135.1 134.8 135.9
124.0 127.6 128.2 126.4 130.5
132.7 134.2 133.7 132.9 133.0
118.8 123.3 124.3 122.2 127.9
136.7 138.3 138.2 137.6 137.6
135.8 137.2 137.7 137.9 138.5
137.0 138.6 138.4 137.4 137.3
2000 2001 2002 2003 2004
................................. ................................. ................................. ................................. .................................
138.0 140.7 138.9 143.3 148.5
3.8 2.0 -1.3 3.2 3.6
138.2 141.5 139.4 145.3 151.7
137.2 141.3 140.1 145.9 152.7
123.5 127.7 128.5 130.0 138.2
138.3 142.4 141.0 147.2 153.9
138.4 141.4 138.8 144.7 150.9
133.9 134.0 133.0 133.1 135.0
138.7 142.8 139.8 148.4 156.6
138.8 139.7 139.1 139.5 141.4
139.5 140.4 140.0 139.9 142.4
138.6 139.4 138.7 139.3 141.0
2004 January ........................ February ...................... March ........................... April .............................. May .............................. June .............................
145.7 145.6 146.4 147.4 148.3 148.2
0.3 -0.1 0.5 0.7 0.6 -0.1
148.4 148.3 149.2 150.5 151.6 151.3
148.6 148.7 150.8 152.8 154.9 154.3
138.2 136.0 145.7 132.9 132.7 121.4
149.4 149.7 151.2 154.4 156.7 157.1
147.9 147.8 148.2 149.2 149.9 149.8
133.7 133.6 134.4 134.4 135.0 135.6
152.9 152.7 152.8 154.4 155.2 154.6
140.2 139.9 140.4 140.6 140.9 141.4
140.4 140.7 141.3 141.9 142.2 142.5
140.0 139.6 140.0 140.1 140.4 140.9
July .............................. August .......................... September ................... October ........................ November .................... December ....................
148.3 148.5 148.9 151.1 152.1 151.7
0.1 0.1 0.3 1.5 0.7 -0.3
151.4 151.5 151.9 154.8 156.1 155.4
152.0 151.7 152.5 154.8 155.2 155.5
122.1 128.3 138.7 158.9 157.4 143.5
154.5 153.6 153.7 154.4 154.9 156.5
150.9 151.1 151.3 154.4 156.0 154.9
134.9 135.1 135.4 135.9 136.2 136.4
156.5 156.9 157.0 161.3 163.5 161.9
141.3 141.8 142.1 142.5 142.8 143.2
142.7 142.9 143.1 143.5 143.6 143.9
140.8 141.4 141.7 142.1 142.4 142.9
. . . = Not available.
197
CHAPTER 8: PRICES Table 8-4. Producer Price Indexes and Purchasing Power of the Dollar—Continued (1982 = 100, seasonally adjusted.) Intermediate materials, supplies, and components Materials and components for manufacturing Year and month Total Total
Materials for food manufacturing
Materials Materials for for durable nondurable manumanufacturing facturing
Components for manufacturing
Materials and components for construction
Processed fuels and lubricants
Total
Manufacturing industries
Supplies
Containers, Nonmanu- nonreturnfacturing able industries
Total
Manufacturing industries
1947 ................................. 1948 ................................. 1949 .................................
23.3 25.2 24.2
24.9 26.8 25.7
36.9 38.0 32.7
33.5 35.4 32.3
17.5 19.8 20.4
21.3 23.0 23.4
22.5 24.9 24.9
14.4 16.4 14.9
17.3 19.3 17.6
12.5 14.5 13.2
23.4 24.4 24.5
28.5 29.8 28.0
23.4 24.7 24.6
1950 1951 1952 1953 1954
................................. ................................. ................................. ................................. .................................
25.3 28.4 27.5 27.7 27.9
26.9 30.5 29.3 29.7 29.8
34.0 37.9 36.4 36.5 36.1
33.9 39.3 35.4 35.1 34.5
21.5 23.9 24.0 25.0 25.6
24.3 27.6 27.6 28.1 28.3
26.2 28.7 28.5 29.0 29.1
15.2 15.9 15.7 15.8 15.8
17.9 18.7 18.5 18.5 18.5
13.6 14.1 13.9 14.2 14.1
25.2 29.6 28.0 28.0 28.5
29.0 32.6 32.6 31.0 31.7
26.3 29.3 28.5 28.7 29.1
1955 1956 1957 1958 1959
................................. ................................. ................................. ................................. .................................
28.4 29.6 30.3 30.4 30.8
30.5 32.0 32.7 32.8 33.3
35.0 35.2 35.8 36.6 35.3
34.7 35.2 35.7 35.3 35.9
26.9 28.5 29.5 29.7 30.4
29.5 32.2 33.5 33.8 34.2
30.3 31.8 32.0 32.0 32.9
15.8 16.3 17.2 16.2 16.2
18.5 19.1 20.1 19.1 19.1
14.2 14.6 15.6 14.5 14.3
28.9 31.0 32.4 33.2 33.0
31.2 32.0 32.3 33.1 33.5
30.8 32.2 33.4 33.9 34.8
1960 1961 1962 1963 1964
................................. ................................. ................................. ................................. .................................
30.8 30.6 30.6 30.7 30.8
33.3 32.9 32.7 32.7 33.1
35.7 36.9 36.1 37.9 37.3
35.9 35.1 34.9 34.6 34.8
30.4 30.0 30.0 30.0 30.6
34.0 33.7 33.4 33.4 33.7
32.7 32.2 32.1 32.2 32.5
16.6 16.8 16.7 16.6 16.2
19.7 19.9 19.9 19.8 19.4
14.6 14.8 14.7 14.5 14.1
33.4 33.2 33.6 33.2 32.9
33.3 33.7 34.5 35.0 34.7
36.2 35.8 36.0 35.8 35.9
1965 1966 1967 1968 1969
................................. ................................. ................................. ................................. .................................
31.2 32.0 32.2 33.0 34.1
33.6 34.3 34.5 35.3 36.5
38.3 40.0 39.2 39.8 42.0
35.2 35.4 35.2 35.6 36.0
31.2 31.8 32.3 33.4 35.2
34.2 35.4 36.5 37.3 38.5
32.8 33.6 34.0 35.7 37.7
16.5 16.8 16.9 16.5 16.6
19.6 19.9 20.1 19.8 20.0
14.4 14.7 14.8 14.2 14.4
33.5 34.5 35.0 35.9 37.2
35.0 36.5 36.8 37.1 37.8
36.1 37.1 37.6 38.7 39.8
1970 1971 1972 1973 1974
................................. ................................. ................................. ................................. .................................
35.4 36.8 38.2 42.4 52.5
38.0 38.9 40.4 44.1 56.0
44.3 45.7 47.0 57.2 82.0
36.5 37.0 38.5 42.6 54.6
37.0 38.1 39.9 43.1 55.4
40.6 41.9 42.9 44.3 51.1
38.3 40.8 43.0 46.5 55.0
17.7 19.5 20.1 22.2 33.6
21.5 23.6 24.5 26.4 35.5
15.2 16.6 16.9 19.4 32.7
39.0 40.8 42.7 45.2 53.3
39.7 40.8 42.5 51.7 56.8
41.4 42.5 43.3 45.6 53.3
1975 1976 1977 1978 1979
................................. ................................. ................................. ................................. .................................
58.0 60.9 64.9 69.5 78.4
61.7 64.0 67.4 72.0 80.9
82.1 70.6 71.9 81.0 89.9
61.4 64.8 66.8 69.2 78.3
60.8 64.8 70.2 76.2 87.3
57.8 60.8 64.5 69.2 75.8
60.1 64.1 69.3 76.5 84.2
39.4 42.3 47.7 49.9 61.6
41.9 44.8 51.0 53.7 64.3
38.0 41.1 46.2 48.1 60.4
60.0 63.1 65.9 71.0 79.4
61.8 65.8 69.3 72.9 80.2
59.4 62.6 66.6 71.2 78.1
1980 1981 1982 1983 1984
................................. ................................. ................................. ................................. .................................
90.3 98.6 100.0 100.6 103.1
91.7 98.7 100.0 101.2 104.1
103.7 102.1 100.0 101.3 106.3
91.2 100.5 100.0 98.5 102.1
97.1 100.7 100.0 103.0 104.9
84.6 94.7 100.0 102.4 105.0
91.3 97.9 100.0 102.8 105.6
85.0 100.6 100.0 95.4 95.7
85.5 100.2 100.0 96.2 97.1
84.7 101.0 100.0 94.9 94.6
89.1 96.7 100.0 100.4 105.9
89.9 96.9 100.0 101.8 104.1
87.2 95.2 100.0 101.5 105.0
1985 1986 1987 1988 1989
................................. ................................. ................................. ................................. .................................
102.7 99.1 101.5 107.1 112.0
103.3 102.2 105.3 113.2 118.1
101.5 98.4 100.8 106.0 112.7
100.5 98.1 102.2 112.9 118.5
103.3 101.2 106.2 118.7 123.6
106.4 107.5 108.8 112.3 116.4
107.3 108.1 109.8 116.1 121.3
92.8 72.7 73.3 71.2 76.4
93.8 75.1 75.9 73.3 78.3
92.0 71.2 71.7 69.9 75.3
109.0 110.3 114.5 120.1 125.4
104.4 105.6 