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Annual input-output accounts of the U.S. economy, 1986.

Annual Input-Output Accounts of the U.S. Economy, 1986

This article presents the annual input-output (I-O) accounts for 1986. These accounts are consistent definitionally with the 1977 benchmark I-O accounts as modified by the comprehensive revision of the national income and product accounts (NIPA's) released in December 1985.[1] They are the last in a series of annual I-O accounts, which began with the I-O accounts for 1980, that are based on the modified 1977 benchmark I-O accounts; the annual I-O accounts for 1987, which will be published late this year, will be based on the 1982 benchmark I-O accounts to be completed this spring.[2]

Annual I-O accounts are prepared using basically the same procedure as that used for benchmark accounts; however, they are based on less comprehensive and less reliable source data. The procedure has four steps: (1) Determine industry and commodity output totals, (2) estimate the commodity composition of intermediate consumption for each industry, (3) derive each GNP component and its commodity composition, and (4) balance the table.[3]

The 1986 annual I-O estimates of final demand - that is, estimates of GNP components - differ from the published NIPA estimates for that year because the I-O estimates incorporate additional source data and because they are based on estimating methods that reflect these source data. For the major GNP components, the differences are shown in table A. For personal consumption expenditures, the difference is mainly due to the methods used to prepare the estimates of goods: The I-O estimates for goods are based on the commodity-flow method; the NIPA estimates are based primarily on the retail-control method.[4] For gross private domestic investment, the difference reflects the incorporation into the I-O estimates of newly available source data: Revised industry shipments from the Census Bureau's Annual Survey of Manufacturers (ASM), revised Census Bureau estimates of new construction, and revised U.S. Department of Agriculture estimates of farm inventories. The ASM revision, which covers 1983-86, eliminates an understatement of shipments that was corrected by benchmarking the ASM estimates to the 1987 Census of Manufacturers.[5] For net exports, the difference reflects the incorporation into the I-O estimates of revised BEA estimates of international services transactions. All the revised and newly available source data will be incorporated into the NIPA estimates as part of a comprehensive revision scheduled for release in November 1991.

Table : Table A. - Comparison of GNP in the NIPA's and the I-O Accounts, 1986
 [Billions of dollars]
 I-O less I-O
 NIPA'S accounts accounts
 Gross national product 4,231.6 4,235.1 -3.4
Personal consumption expenditures 2,797.4 2,794.8 2.6
Gross private domestic investment 659.4 668.6 -9.2
Net exports of goods and services -97.4 -100.6 3.2

Government purchases of goods and

services 872.2 872.2 0

The 1986 annual I-O accounts, at the two-digit industry/commodity level, are presented in five tables: (1) The use of commodities by industries, (2) the make of commodities by industries, (3) commodity-by-industry direct requirements, (4) commodity-by-commodity total requirements, and (5) industry-by-commodity total requirements. The structure of these tables is identical to that of the tables published for the 85-industry/commodity benchmark I-O accounts except that in tables 1 and 3 the components of value added are not shown. This article presents only tables 1 and 2; see the box for information about the availability of the other tables.

Table : [Tabular Data Omitted.]

[1.] For a description of the 1977 benchmark I-O accounts, see "The Input-Output Structure of the U.S. Economy, 1977," Survey 64 (May 1984): 42-84. For a description of the NIPA revision, see "Revised Estimates of the National Income and Product Accounts of the United States, 1929-85: An Introduction," Survey 65 (December 1985): 1-19.

[2.] Annual I-O accounts for 1981, 1982, 1983, 1984, and 1985 appeared, respectively, in the January 1987, April 1988, February 1989, November 1989, and January 1990 issues of the Survey of Current Business. The 1980 I-O accounts were not published, but they are available from the Bureau of Economic Analysis; see the box for details.

[3.] For more detailed information on the preparation of annual I-O accounts, see "Input-Output Accounts of the U.S. Economy, 1981," Survey 67 (January 1987): 42-58.

[4.] For a description of these methods, see Personal Consumption Expenditures, NIPA Methodology Paper Series MP-6; order information appears on the inside back cover of this issue.

[5.] The revision to the 1983-85 ASM estimates affects the previously published annual I-O tables for those years. At present, BEA does not plan to revise these tables; however, the ASM revision for these years will be reflected in the forthcoming comprehensive NIPA revision.
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Publication:Survey of Current Business
Date:Feb 1, 1991
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