News Release

FOR WIRE TRANSMISSION: 8:30 A.M. EST, FRIDAY, MARCH 14, 2003
BEA 03-07

U.S. International Transactions: Fourth Quarter and Year 2002




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Christopher Bach    (202) 606-9545                  BEA 03-07

Recorded Message:         606-5362

 U.S. International Transactions: Fourth Quarter and Year 2002

                         Fourth Quarter

                        Current Account

   The U.S. current-account deficit--the combined balances on trade in goods
and services, income, and net unilateral current transfers--increased to
$136.9 billion (preliminary) in the fourth quarter of 2002 from $126.3 billion
(revised) in the third, according to the Bureau of Economic Analysis.  An
increase in the deficit on goods accounted for most of the increase, though a
decrease in the surplus on services and an increase in net outflows for
unilateral current transfers also contributed to the rise in the deficit.

NOTE: This news release is available on BEA's Web site at <www.bea.gov/newsreleases/rels.htm>.

Goods and services

   The deficit on goods and services increased to $120.2 billion in the fourth
quarter from $110.3 billion in the third.

   Goods

   The deficit on goods increased to $132.3 billion in the fourth quarter from
$122.9 billion in the third.

   Goods exports decreased to $170.7 billion from $175.4 billion.
Nonagricultural exports (mainly capital goods and automotive vehicles, engines,
and parts) more than accounted for the decrease.  Agricultural exports
increased.

   Goods imports increased to $302.9 billion from $298.2 billion.
Nonpetroleum imports (mainly consumer goods and nonpetroleum industrial
supplies and materials) accounted for three-fifths, and petroleum imports
for two-fifths, of the increase.

   Services

   The surplus on services decreased to $12.0 billion in the fourth
quarter from $12.6 billion in the third.

   Services exports increased to $75.0 billion from $73.5 billion.  Increases
in travel, "other" transportation (such as freight and port services), and
"other" private services (such as business, professional, and technical
services and financial services) were partly offset by a decrease in royalties
and license fees.

   Services imports increased to $63.0 billion from $60.9 billion.  All
categories of services increased with the exception of royalties and license
fees.

Income

   The deficit on income decreased to $2.6 billion in the fourth quarter from
$3.0 billion in the third.

   Investment income

   Income receipts on U.S.-owned assets abroad decreased to $61.8 billion from
$62.9 billion.  "Other" private receipts (which consists of interest and
dividends) more than accounted for the decrease.  Direct investment receipts
increased.

   Income payments on foreign-owned assets in the United States decreased to
$62.8 billion from $64.3 billion.  "Other" private payments (which consists of
interest and dividends) more than accounted for the decrease.  Direct
investment payments increased.

  Compensation of employees

  Receipts for compensation of U.S. workers abroad were virtually unchanged
at $0.6 billion. Payments for compensation of foreign workers in the United
States increased slightly to $2.2 billion.

Unilateral current transfers

   Net outflows for unilateral current transfers were $14.1 billion in the
fourth quarter, up from $13.1 billion in the third.


                      Capital and Financial Account

                            Capital Account

   Capital account transactions were net inflows of $0.1 billion in the fourth
quarter, little changed from the third.

                            Financial Account

   Net recorded financial inflows--net acquisitions by foreign residents of
assets in the United States less net acquisitions by U.S. residents of assets
abroad--were $144.1 billion in the fourth quarter, down from $169.6 billion in
the third.  Financial inflows for foreign-owned assets in the United States
increased while transactions for U.S.-owned assets abroad shifted to an outflow
from an inflow.

U.S.-owned assets abroad

   U.S.-owned assets abroad increased $38.9 billion in the fourth quarter,
compared with a decrease of $40.3 billion in the third.

   U.S. claims on foreigners reported by U.S. banks decreased $11.0 billion in
the fourth quarter, following a decrease of $53.8 billion in the third.

   Net U.S. purchases of foreign securities were $8.7 billion in the fourth
quarter, in contrast to net U.S. sales of $18.5 billion in the third.
Transactions in foreign stocks shifted to net U.S. purchases of $12.9 billion
from net U.S. sales of $12.8 billion.  Net U.S. sales of foreign bonds were
$4.2 billion, down from $5.8 billion.

   Net financial outflows for U.S. direct investment abroad were $33.0 billion
in the fourth quarter, up from $26.4 billion in the third.  Reinvested
earnings and net equity capital outflows both increased.  Net intercompany
debt flows changed little.

   U.S. official reserve assets increased $0.8 billion in the fourth quarter,
following an increase of $1.4 billion in the third.

Foreign-owned assets in the United States

   Foreign-owned assets in the United States increased $183.0 billion in the
fourth quarter, compared with an increase of $129.3 billion in the third.

   U.S. liabilities to foreigners reported by U.S. banks increased $54.6
billion in the fourth quarter, compared with an increase of $18.8 billion in
the third.

   Net foreign purchases of U.S. Treasury securities were $12.7 billion in the
fourth quarter, down from $52.9 billion in the third.

   Net foreign purchases of U.S. securities other than U.S. Treasury
securities were $62.6 billion in the fourth quarter, up from net foreign
purchases of $46.5 billion in the third.  Net foreign purchases of U.S. bonds
were $50.6 billion, up from $39.1 billion.  Net foreign purchases of U.S.
stocks were $12.0 billion, up from $7.4 billion.

   Net financial inflows for foreign direct investment in the United States
were $13.5 billion in the fourth quarter, up from $2.9 billion in the third.
A large decrease in net outflows for intercompany debt and a small increase
in reinvested earnings more than offset a decrease in net inflows for equity
capital.

   Foreign official assets in the United States increased $32.2 billion in the
fourth quarter, compared with an increase of $9.5 billion in the third.  In
the fourth quarter, industrial countries and developing countries both
accounted for the increase.

   Net U.S. currency shipments to foreigners were $7.2 billion in the fourth
quarter, up from $2.6 billion in the third.

   The statistical discrepancy--errors and omissions in recorded transactions--
was a negative $7.4 billion in the fourth quarter, compared with a negative
$43.4 billion in the third.

   In the fourth quarter, the U.S. dollar was unchanged on a trade-weighted
quarterly average basis against a group of 7 major currencies.

                           The Year 2002

                          Current Account

   The U.S. current-account deficit--the combined balances on trade in goods
and services, income, and net unilateral current transfers--increased to
$503.4 billion in 2002 from $393.4 billion in 2001.  An increase in the
deficit on goods and a decrease in the surplus on services accounted for more
than two-thirds of the increase.  The balance on income shifted to a deficit,
and net outflows for unilateral current transfers increased, accounting for
the remainder of the increase.

Goods and services

   The deficit on goods and services increased to $435.5 billion in 2002 from
$358.3 billion in 2001.

   Goods

   The deficit on goods increased to $484.4 billion in 2002 from $427.2
billion in 2001.

   Goods exports decreased to $682.6 billion from $718.8 billion.
Nonagricultural products (mainly capital goods) accounted for nearly all of
the decrease.  Agricultural products also decreased.

   Goods imports increased to $1,166.9 billion from $1,145.9 billion.
Nonpetroleum products accounted for virtually all of the increase; an increase
in consumer goods and automotive products was partly offset by a decrease in
capital goods and nonpetroleum industrial supplies and materials.  Petroleum
and products changed little.

   Services

   The surplus on services decreased to $48.8 billion in 2002 from $68.9
billion in 2001.

   Services exports increased to $289.3 billion from $279.3 billion.
Increases in "other" private services (such as business, professional, and
technical services, and financial services) and in royalties and license fees
were partly offset by decreases in travel and in passenger fares.

   Services imports increased to $240.5 billion from $210.4 billion.  An
increase in "other" private services (largely insurance) accounted for
four-fifths of the increase.  Imports had been depressed in 2001 by the
recording of large nonrecurring losses recovered from foreign reinsurance
companies as a result of the September 11th attacks.  Travel and passenger
fare payments decreased.

Income

   The balance on income shifted to a deficit of $11.9 billion in 2002 from a
surplus of $14.4 billion in 2001.

   Investment income

   Income receipts on U.S.-owned assets abroad decreased to $242.2 billion
from $281.4 billion.  "Other" private receipts (which consists of interest and
dividends) more than accounted for the decrease.  Direct investment receipts
increased.

   Income payments on foreign-owned assets in the United States decreased to
$247.6 billion from $260.9 billion.  "Other" private payments (which consists
of interest and dividends) and U.S. Government payments both decreased, while
direct investment payments increased.

   Compensation of employees

   Receipts for compensation of U.S. workers abroad increased to $2.5 billion
from $2.4 billion.  Payments for compensation of foreign workers in the
United States increased to $8.9 billion from $8.5 billion.

Unilateral current transfers

   Net outflows for unilateral current transfers were $56.0 billion in 2002,
up from $49.5 billion in 2001.  Increases in U.S. Government grants and in
private remittances and other transfers accounted for the increase.


                     Capital and Financial Account

   Capital account transactions were net inflows of $0.7 billion in 2002, down
from net inflows of $0.8 billion in 2001.

                           Financial Account

   Net recorded financial inflows--net acquisitions by foreign residents of
assets in the United States less net acquisitions by U.S. residents of assets
abroad--were $474.2 billion in 2002, up from $381.8 billion in 2001.
Financial outflows for U.S.-owned assets abroad decreased more than financial
inflows for foreign-owned assets in the United States.

U.S.-owned assets abroad

   U.S.-owned assets abroad increased $156.2 billion in 2002, compared with an
increase of $371.0 billion in 2001.

   U.S. claims on foreigners reported by U.S. banks increased $3.1 billion in
2002, following an increase of $128.7 billion in 2001.

   Transactions in foreign securities shifted to net U.S. sales of $2.2
billion in 2002, from net U.S. purchases of $94.7 billion in 2001.  Net U.S.
purchases of foreign stocks dropped to $18.6 billion from $106.8 billion.
Net U.S. sales of foreign bonds were $20.8 billion, up from $12.1 billion.

   Net financial outflows for U.S. direct investment abroad were $123.5
billion in 2002, down from $127.8 billion in 2001.  Net equity capital outflows
dropped sharply.  The drop was nearly offset by a sizable shift in intercompany
debt to net outflows from net inflows and a small increase in reinvested
earnings.

   U.S. official reserve assets increased $3.7 billion in 2002, following an
increase of $4.9 billion in 2001.

Foreign-owned assets in the United States

   Foreign-owned assets in the United States increased $630.4 billion in 2002,
compared with an increase of $752.8 billion in 2001.

   U.S. liabilities reported by U.S. banks increased $94.6 billion in 2002,
compared with an increase of $110.7 billion in 2001.

   Transactions in U.S. Treasury securities shifted to net foreign purchases
of $53.2 billion in 2002 from net foreign sales of $7.7 billion in 2001.

   Net foreign purchases of U.S. securities other than U.S. Treasury securities
were $284.6 billion in 2002, down from $407.7 billion in 2001.  Net foreign
purchases of U.S. stocks were $55.8 billion, down from $119.5 billion.  Net
foreign purchases of U.S. bonds were $228.8 billion, down from $288.2 billion.

   Net financial inflows for foreign direct investment in the United States
were $30.1 billion in 2002, down from $130.8 billion in 2001.  Net equity
capital inflows dropped substantially and net intercompany debt transactions
shifted by a sizable amount to net outflows.  In contrast, reinvested earnings
turned positive.

   Foreign official assets in the United States increased $96.6 billion in
2002, compared with an increase of $5.2 billion in 2001.  In 2002, assets of
industrial countries and of developing countries each accounted for half of
the increase.

   Net U.S. currency shipments to foreigners were $21.5 billion in 2002, down
from $23.8 billion in 2001.

   The statistical discrepancy--errors and omissions in recorded transactions--
was a positive $28.5 billion in 2002, compared with a positive $10.7 billion
in 2001.

   In 2002, the U.S. dollar depreciated 1 percent on a trade-weighted yearly
average basis against a group of 7 major currencies.


                           Revisions

   The first three quarters of 2002 were revised to reflect revised seasonal
adjustments and, for the third quarter, receipt of new or revised data.  In
the third quarter, the current-account deficit was revised to $126.3 billion
from $127.0 billion.  The goods deficit was revised to $122.9 billion from
$123.2 billion; the services surplus was revised to $12.6 billion from $12.3
billion; the deficit on income was virtually unchanged at $3.0 billion; and
unilateral current transfers were revised to net outflows of $13.1 billion
from net outflows of $13.2 billion.  Revisions to the first and second
quarters were small.


                    *          *          *

   Release dates in 2003:

   Fourth quarter and year 2002...................March 14, 2003 (Friday)
   First quarter 2003.............................June 19, 2003 (Thursday)
   Second quarter 2003............................September 15, 2003 (Monday)
   Third quarter 2003.............................December 16, 2003 (Tuesday)

                    *          *          *

   BEA's major national, regional, international, and industry estimates, the
Survey of Current Business, and BEA news releases are available on
BEA's Web site:


                            <www.bea.gov>

   Summary BEA estimates are available on recorded messages at the time of
public release at the following telephone numbers:

           (202) 606 -5362 U.S. international transactions
                     -5306 Gross domestic product
                     -5303 Personal income and outlays

   Most of BEA's estimates and analyses are published in the Survey of Current
Business, BEA's monthly journal.  Subscriptions and single copies of the
printed Survey are for sale by the Superintendent of Documents, U.S. Government
Printing Office.  Internet: <bookstore.gpo.gov>; phone: (202) 512-1800;
fax: (202) 512-2250; mail: Stop SSOP, Washington, DC 20402-0001.

                                                                                                                                                              March 14, 2003


    Table 1.--U.S. International Transactions
    [Millions of dollars, quarters seasonally adjusted]

                                                                                                                         2001     2002                               Change:
                                     (Credits +, debits -)                                 2001       2002p    Change:                                                2002
                                                                                                              2001-2002   IV       Ir       IIr     IIIr      IVp    III-IV

                                       Current account

     1 Exports of goods and services and income receipts................................ 1,281,793  1,216,504  -65,289  291,667  291,005  304,923  312,392  308,183   -4,209

     2      Exports of goods and services...............................................   998,022    971,864  -26,158  232,930  232,959  244,251  248,917  245,740   -3,177

     3          Goods, balance of payments basis........................................   718,762    682,586  -36,176  167,358  164,372  172,150  175,372  170,692   -4,680

     4          Services................................................................   279,260    289,278   10,018   65,572   68,587   72,101   73,545   75,048    1,503
     5              Transfers under U.S. military agency sales contracts................    12,220     12,044     -176    3,108    2,990    3,087    2,923    3,044      121

     6              Travel..............................................................    73,119     70,320   -2,799   14,736   17,039   17,202   17,438   18,641    1,203
     7              Passenger fares.....................................................    18,007     17,443     -564    3,629    4,170    4,171    4,502    4,600       98
     8              Other transportation................................................    28,306     28,377       71    6,674    6,810    6,992    7,183    7,392      209

     9               Royalties and license fees.........................................    38,668     42,959    4,291    9,672    9,922   11,077   11,138   10,823     -315
    10               Other private services.............................................   108,109    117,340    9,231   27,559   27,461   29,373   30,161   30,347      186
    11               U.S. Government miscellaneous services.............................       831        795      -36      194      195      199      200      201        1

    12      Income receipts.............................................................   283,771    244,640  -39,131   58,737   58,046   60,672   63,475   62,443   -1,032
    13           Income receipts on U.S.-owned assets abroad............................   281,389    242,177  -39,212   58,137   57,435   60,058   62,857   61,823   -1,034
    14               Direct investment receipts.........................................   125,996    128,068    2,072   27,436   28,629   30,908   33,730   34,800    1,070
    15               Other private receipts.............................................   151,832    110,766  -41,066   29,659   27,994   28,486   28,291   25,995   -2,296
    16               U.S. Government receipts...........................................     3,561      3,343     -218    1,042      812      664      836    1,028      192
    17           Compensation of employees..............................................     2,382      2,463       81      600      611      614      618      620        2

    18 Imports of goods and services and income payments................................-1,625,701 -1,663,908  -38,207 -373,174 -387,616 -419,693 -425,656 -430,949   -5,293

    19      Imports of goods and services...............................................-1,356,312 -1,407,406  -51,094 -320,958 -328,588 -353,697 -359,174 -365,953   -6,779

    20          Goods, balance of payments basis........................................-1,145,927 -1,166,939  -21,012 -268,021 -270,975 -294,795 -298,225 -302,944   -4,719

    21          Services................................................................  -210,385   -240,467  -30,082  -52,937  -57,613  -58,902  -60,949  -63,009   -2,060
    22              Direct defense expenditures.........................................   -15,198    -19,418   -4,220   -4,353   -4,488   -4,766   -5,014   -5,150     -136

    23              Travel..............................................................   -60,117    -59,303      814  -12,948  -14,538  -14,405  -14,631  -15,729   -1,098
    24              Passenger fares.....................................................   -22,418    -20,993    1,425   -4,451   -5,087   -5,002   -5,276   -5,628     -352
    25              Other transportation................................................   -38,823    -38,555      268   -8,997   -8,871   -9,752   -9,731  -10,201     -470

    26               Royalties and license fees.........................................   -16,359    -19,899   -3,540   -4,110   -4,761   -4,948   -5,352   -4,840      512
    27               Other private services.............................................   -54,588    -79,379  -24,791  -17,371  -19,127  -19,304  -20,220  -20,732     -512
    28               U.S. Government miscellaneous services.............................    -2,882     -2,920      -38     -707     -741     -725     -725     -729       -4

    29      Income payments.............................................................  -269,389   -256,502   12,887  -52,216  -59,028  -65,996  -66,482  -64,996    1,486
    30           Income payments on foreign-owned assets in the United States...........  -260,850   -247,601   13,249  -50,035  -56,799  -63,733  -64,319  -62,750    1,569
    31               Direct investment payments.........................................   -23,401    -50,121  -26,720    1,166   -6,606  -12,159  -15,104  -16,252   -1,148
    32               Other private payments.............................................  -156,784   -124,542   32,242  -32,230  -31,679  -32,943  -31,047  -28,873    2,174
    33               U.S. Government payments...........................................   -80,665    -72,938    7,727  -18,971  -18,514  -18,631  -18,168  -17,625      543
    34           Compensation of employees..............................................    -8,539     -8,901     -362   -2,181   -2,229   -2,263   -2,163   -2,246      -83

    35 Unilateral current transfers, net................................................   -49,463    -56,023   -6,560  -13,579  -15,931  -12,927  -13,073  -14,088   -1,015

    36      U.S. Government grants......................................................   -11,628    -16,914   -5,286   -3,782   -6,273   -3,312   -3,118   -4,211   -1,093
    37      U.S. Government pensions and other transfers................................    -5,798     -5,131      667   -1,886   -1,271   -1,279   -1,282   -1,298      -16
    38      Private remittances and other transfers.....................................   -32,037    -33,978   -1,941   -7,911   -8,387   -8,336   -8,673   -8,579       94

                                                                                                                                                              March 14, 2003
    Table 1.--U.S. International Transactions (Continued)
    [Millions of dollars, quarters seasonally adjusted]

                                                                                                                         2001     2002                               Change:
                                     (Credits +, debits -)                                 2001       2002p    Change:                                                2002
                                                                                                              2001-2002   IV       Ir       IIr     IIIr      IVp    III-IV

                                 Capital and financial account

                                        Capital account

    39 Capital account transactions, net................................................       826        708     -118      205      208      200      156      144      -12

                                       Financial account

    40 U.S.-owned assets abroad, net (increase/financial outflow (-))...................  -370,962   -156,169  214,793 -100,088  -26,184 -131,345   40,271  -38,915  -79,186

    41     U.S. official reserve assets, net............................................    -4,911     -3,681    1,230     -199      390   -1,843   -1,416     -812      604
    42          Gold....................................................................      ....       ....     ....     ....     ....     ....     ....     ....     ....
    43          Special drawing rights..................................................      -630       -475      155     -140     -109     -107     -132     -127        5
    44          Reserve position in the International Monetary Fund.....................    -3,600     -2,632      968       83      652   -1,607   -1,136     -541      595
    45          Foreign currencies......................................................      -681       -574      107     -142     -153     -129     -148     -144        4

    46     U.S. Government assets, other than official reserve assets, net..............      -486        379      865      143      133       42      -27      231      258
    47          U.S. credits and other long-term assets.................................    -4,431     -5,213     -782     -996     -853     -565   -1,375   -2,420   -1,045
    48          Repayments on U.S. credits and other long-term assets...................     3,873      5,696    1,823    1,111      994      566    1,452    2,684    1,232
    49          U.S. foreign currency holdings and U.S. short-term assets, net..........        72       -104     -176       28       -8       41     -104      -33       71

    50     U.S. private assets, net.....................................................  -365,565   -152,867  212,698 -100,032  -26,707 -129,544   41,714  -38,334  -80,048
    51          Direct investment.......................................................  -127,840   -123,528    4,312  -27,470  -29,546  -34,521  -26,418  -33,047   -6,629
    52          Foreign securities......................................................   -94,662      2,222   96,884  -26,090    2,047   -9,675   18,543   -8,693  -27,236
    53          U.S. claims on unaffiliated foreigners reported by
                     U.S. nonbanking concerns...........................................   -14,358    -28,489  -14,131   37,210       65  -16,693   -4,226   -7,635   -3,409
    54          U.S. claims reported by U.S. banks, not included elsewhere..............  -128,705     -3,072  125,633  -83,682      727  -68,655   53,815   11,041  -42,774

    55 Foreign-owned assets in the United States, net (increase/financial inflow (+))...   752,806    630,364 -122,442  250,797  113,600  204,411  129,320  183,030   53,710

    56     Foreign official assets in the United States, net............................     5,224     96,630   91,406    5,086    7,641   47,252    9,534   32,203   22,669
    57          U.S. Government securities..............................................    31,665     74,013   42,348   24,390    6,714   21,741   12,300   33,258   20,958
    58              U.S. Treasury securities............................................    10,745     43,656   32,911   16,760     -582   15,193    1,415   27,630   26,215
    59              Other...............................................................    20,920     30,357    9,437    7,630    7,296    6,548   10,885    5,628   -5,257
    60          Other U.S. Government liabilities.......................................    -1,882        158    2,040     -504     -790       54    1,001     -107   -1,108
    61          U.S. liabilities reported by U.S. banks, not included elsewhere.........   -30,278     18,831   49,109  -20,507      991   24,531   -4,602   -2,089    2,513
    62          Other foreign official assets...........................................     5,719      3,628   -2,091    1,707      726      926      835    1,141      306

    63     Other foreign assets in the United States, net...............................   747,582    533,734 -213,848  245,711  105,959  157,159  119,786  150,827   31,041
    64          Direct investment.......................................................   130,796     30,114 -100,682   21,897   16,327   -2,600    2,891   13,493   10,602
    65          U.S. Treasury securities................................................    -7,670     53,155   60,825   27,229   -7,282   -5,124   52,856   12,705  -40,151
    66          U.S. securities other than U.S. Treasury securities.....................   407,653    284,611 -123,042   99,320   71,095  104,404   46,494   62,618   16,124
    67          U.S. currency...........................................................    23,783     21,513   -2,270   10,497    4,525    7,183    2,556    7,249    4,693
    68          U.S. liabilities to unaffiliated foreigners reported by
                     U.S. nonbanking concerns...........................................    82,353     49,736  -32,617    1,170   32,345   21,056   -3,804      139    3,943
    69          U.S. liabilities reported by U.S. banks, not included elsewhere.........   110,667     94,605  -16,062   85,598  -11,051   32,240   18,793   54,623   35,830

    70 Statistical discrepancy (sum of above items with sign reversed)..................    10,701     28,524   17,823  -55,828   24,918   54,431  -43,410   -7,405   36,005

       Memoranda:
    71 Balance on goods (lines 3 and 20)................................................  -427,165   -484,353  -57,188 -100,663 -106,603 -122,645 -122,853 -132,252   -9,399
    72 Balance on services (lines 4 and 21).............................................    68,875     48,811  -20,064   12,635   10,974   13,199   12,596   12,039     -557
    73 Balance on goods and services (lines 2 and 19)...................................  -358,290   -435,542  -77,252  -88,028  -95,629 -109,446 -110,257 -120,213   -9,956
    74 Balance on income (lines 12 and 29)..............................................    14,382    -11,862  -26,244    6,521     -982   -5,324   -3,007   -2,553      454
    75 Unilateral current transfers, net (line 35)......................................   -49,463    -56,023   -6,560  -13,579  -15,931  -12,927  -13,073  -14,088   -1,015
    76 Balance on current account (lines 1, 18, and 35 or lines 73, 74, and 75).........  -393,371   -503,427 -110,056  -95,086 -112,542 -127,697 -126,337 -136,854  -10,517

    r  Revised.  p  Preliminary.
    NOTE:--Details may not add to totals because of rounding.     Source:  U. S. Bureau of Economic Analysis