Bureau of Economic Analysis
Survey of Current Business
Table of Contents
13 Alternative Measures of Personal Saving (PDF)
The two-decade downtrend in the NIPA measure of the personal saving rate has raised questions about the adequacy of savings to fund capital accumulation or the retirement of the baby boom generation. To provide background for addressing these questions, alternative measures of personal saving are presented that exclude defined-benefit pension plans, treat consumer durable goods as investment, remove the effects of inflation from nominal interest income and outlays, or remove capital gains taxes from personal tax payments. In addition, concerns about the funding of capital accumulation should be viewed within the broader context of national saving, which includes saving by the business and government sectors as well as the household sector. Concerns about retirement preparedness should be viewed within the broader context of household wealth.
1 Business Situation: Final Estimates for the Fourth Quarter of 2001 (PDF)
Real GDP increased 1.7 percent in the fourth quarter of 2001, according to the "final" estimate; the "preliminary" estimate issued last month had shown a 1.3-percent increase. The upward revision was largely attributable to an upward revision to exports and a downward revision to imports (which are subtracted in calculating GDP). Corporate profits increased $125.0 billion (17.9 percent at a quarterly rate) in the fourth quarter after decreasing $62.8 billion (-8.3 percent) in the third. The fiscal position of the Federal Government shifted to a current surplus of $97.4 billion from a current deficit of $13.6 billion, and the State and local government current surplus increased to $24.8 billion from $1.9 billion.
29 U.S. International Transactions, Fourth Quarter and Year 2001 (PDF)
In the fourth quarter of 2001, the U.S. current-account deficit edged up $0.3 billion, to $98.8 billion. Decreases in the deficit on goods and the deficit on income were offset by a decrease in the surplus on services and an increase in net outflows for unilateral current transfers. In the financial account, net recorded inflows increased $117.0 billion, to $157.3 billion, as financial inflows for foreign-owned assets in the United States increased more than financial outflows for U.S.-owned assets abroad.
In the year 2001, the U.S. current-account deficit decreased $27.2 billion, to $417.4 billion. Most of the decrease was accounted for by a decrease in the deficit on goods, but an increase in the surplus on services and a decrease in net outflows for unilateral transfers also contributed. In contrast, the deficit on income increased. In the financial account, net recorded financial inflows increased $12.6 billion, to $455.9 billion. Financial outflows for U.S.-owned assets abroad decreased more than financial inflows for foreign-owned assets in the United States.
11 Real Inventories, Sales, and Inventory-Sales Ratios for Manufacturing and Trade, 2001:IV (PDF)
25 An Ownership-Based Framework of the U.S. Current Account, 1989-99 (PDF)
Note: Files listed above contain the text and the tables of the articles; many of the tables are also available in XLS spreadsheets.