Bureau of Economic Analysis
Survey of Current Business
Table of Contents
Selected articles may be accessed by clicking on the links below. (An Acrobat version of the table of contents is also available; however, links to other files will work only when you use Acrobat Reader 4.0.)
The new satellite accounts for U.S. transportation integrate information from a variety of sources to present a more comprehensive picture of the role of transportation in the U.S. economy. The new transportation satellite accounts (TSA's) are based on and are an extension of the 1992 benchmark input-output (I-O) accounts. The TSA's expand the definition of transportation activities to include transportation services by businesses for their own use, and they show more accurately the total use of these services across industries. Under the ex-panded TSA definition, the value added of transportation industries represents 5.0 percent of GDP in 1992,comparedwiththe3.1-percent share shown in the I-O accounts.
Detailed industry data on the production of foreign-owned U.S. manufactur-ing affiliates and of domestically owned manufacturing firms show that in most industries, domestic content tends to account for the dominant share of output. However, the shares for U.S. affiliates tend to be lower than those for domestically owned firms across the detailed industries, and the difference at the aggregate level increases rather than decreases when industry mix is held constant. In most industries, U.S. affiliates and domestically owned manu-facturers both tend to sell most of their output in the United States, but the domestic-market shares of sales for U.S. affiliates tend to be higher than those for domestically owned firms.
The "final" estimate of real GDP indicates a 3.7-percent increase in the fourth quarter of 1997, 0.2 percentage point lower than the "preliminary" estimate; downward revisions to consumer spending and net exports more than offset an upward revision to business fixed investment. Corporate profits decreased $9.2 billion in the fourth quarter after increasing $32.2 billion in the third; the downturn was accounted for by the profits of domestic nonfinancial corpora-tions. The Federal Government current deficit increased $1.3 billion, to $12.1 billion, in the fourth quarter; the State and local government current surplus decreased $1.3 billion, to $110.1 billion.
The current surplus of State and local governments increased $2.5 billion, to $107.8 billion, in 1997. Receipts and current expenditures both increased at about the same pace as they had in 1996.For1998, available information suggests some acceleration in both receipts and current expenditures and little change in the current surplus.
In the fourth quarter of 1997, the U.S. current-account deficit increased to $45.6 billion from $43.1 billion in the third quarter; a decrease in the deficit on goods was more than offset by an increase in net unilateral transfers, a decrease in the surplus on services, and an increase in the deficit on investment income. In the capital account, outflows for U.S. assets abroad decelerated $14.0 billion in the fourth quarter, while inflows for foreign assets in the United States decelerated only $1.4 billion. For the year 1997, the U.S. current-account deficit increased to $166.4 billion from $148.2 billion in 1996; a shift to a deficit on investment income and an increase in the deficit on goods more than offset an increase in the surplus on services and a decrease in net unilateral transfers. In the capital account, outflows for U.S. assets abroad accelerated $74.5 billion in 1997, while inflows for foreign assets in the United States accelerated $142.9 billion.
8 Real Inventories, Sales, and InventorySales Ratios for Manufacturing and Trade (PDF)
D--2 Selected NIPA Tables (PDF)
D--27 Other NIPA and NIPA-Related Tables (PDF)
D--36 Historical Tables (PDF)
D--41 Domestic Perspectives (PDF)
D--43 Charts (PDF)
D--51 Transactions Tables (PDF)
D--57 Investment Tables (PDF)
D--62 International Perspectives (PDF)
D--64 Charts (PDF)
D--65 State and Regional Tables (PDF)
D--69 Local Area Table (PDF)
D--71 Charts (PDF)
D--73 Appendix A: Additional Information About BEA's NIPA Estimates
D--75 Appendix B: Suggested Reading
Inside back cover: BEA Information (PDF)
(A listing of recent BEA publications available from GPO)
Back cover: Schedule of Upcoming BEA News Releases (PDF)
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Updated: December 28, 1998