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Bureau of Economic Analysis

Survey of Current Business

Table of Contents
 June 1994

Selected articles may be accessed by clicking on the links below. (An Acrobat (PDF) version of the table of contents is also available; however, links to other files will work only when you use Acrobat Reader 4.0.)

Special in this issue

30 Residential Construction From a Long-Run Perspective (PDF)

Over long timespans, demographic factors play the dominant role in determining the number and types of new housing units constructed: Net household formation and the number of housing starts were both higher in the 1970’s than in the 1960’s and 1980’s. Economic factors play a role in determining the size and quality of housing units: In the late 1970’s, housing investment was heavily influenced by prospective capital gains, and in the 1980’s, by affordability.

79 U.S. International Transactions, Revised Estimates for 1984–93 (PDF)

This annual revision of the balance of payments accounts extends BEA’s efforts to address gaps in coverage that have arisen from dynamic changes in global financial markets. Large revisions in the capital account result from expanded use of foreign source data that capture U.S. residents’ direct transactions with foreign banks, many of which bypass the existing U.S. data collection system.

Regular features

1 Business Situation (PDF)

Real GDP increased 3.4 percent in the first quarter of 1994. Real GNP increased 3.5 percent, and real GNP on a command basis increased 4.0 percent. Corporate profits decreased $29.9 billion; the decrease was attributable to the effects of the Northridge earthquake.

42 U.S. Multinational Companies: Operations in 1992 (PDF)

Growth in the overall operations of U.S. multinational companies was generally stronger in 1992 than in 1991: Growth in both assets and sales picked up, but employment decreased slightly for the third consecutive year. The pickup in assets and sales was due to stronger U.S. parent operations; growth in foreign affiliate operations slowed.

63 The International Investment Position of the United States in 1993 (PDF)

The net international investment position of the United States at market value became less negative in 1993, totaling –$507.7 billion, while the position at current cost became more negative, totaling –$555.7 billion. Large net capital inflows continued. Positive valuation adjustments only partly offset these inflows on a current-cost basis; on a market-value basis, they more than offset these inflows because of substantial price gains in U.S. direct investment abroad, reflecting a sharp upswing in foreign stock prices.

72 Direct Investment Positions on a Historical-Cost Basis, 1993: Country and Industry Detail (PDF)

The U.S. direct investment position abroad valued at historical cost increased 10 percent in 1993, driven by record capital outflows. The increase was spread among all major geographic areas, with about half of it coming in Europe. The foreign direct investment position in the United States at historical cost increased 5 percent. The increase was fully accounted for by European investors, whose position rose 8 percent.

86 U.S. International Transactions, First Quarter 1994 (PDF)

The U.S. current-account deficit increased $1.3 billion, to $31.9 billion, in the first quarter of 1994. An increase in the deficit on goods and services was partly offset by lower net unilateral transfers and by a small decrease in the deficit on investment income.

Reports and statistical presentations

4 National Income and Product Accounts (PDF)

4 Selected NIPA Tables (PDF)

23 NIPA Charts (PDF)

25 Reconciliation and Other Special Tables (PDF)

26 Selected Monthly Estimates (PDF)

28 Constant-Dollar Inventories, Sales, and Inventory-Sales Ratios for Manufacturing and Trade (PDF)

128 Subject Guide: Volume 74 (1994), Numbers 1–6 (PDF)

C-1 Business Cycle Indicators (PDF)

C-1 Data tables

C-6 Footnotes for pages C-1 through C-5

C-7 Charts


Annual Revision of the National Income and Product Accounts. An article presenting revised NIPA estimates and discussing major sources of the revisions will appear in the July SURVEY. The revisions will cover the 3-year period beginning with the first quarter of 1991. Selected data will be available as of July 29. For more information on the presentation of the NIPA revisions, see the box on page 3 in this issue.

U.S. Affiliates of Foreign Companies: Benchmark Survey Results. The preliminary results of BEA’s latest benchmark survey of foreign direct investment in the United States, covering 1992, will be presented in the July SURVEY. The benchmark survey is BEA’s most comprehensive survey of the operations of foreign-owned U.S. companies in terms of both coverage and subject matter.