2002 Economic Census-Finance and Insurance_Industry Series_ Financial Investment

Financial Investment Activities: 2002 2002 Economic Census Finance and Insurance Industry Series Issued October 2004 EC02-52I-05 U.S. Department of Commerce Economics and Statistics Administration U.S. CENSUS BUREAU ACKNOWLEDGMENTS This report was prepared in the Service Sector Statistics Division under the direction of Bobby E. Russell, Assistant Division Chief for Census Programs. Planning, management, and coordination of this report were under the supervision of Steven M. Roman, Chief, Utilities and Financial Census Branch, assisted by Steven L. Barron, Amy R. Houtz, Faye A. Jacobs, Pamela J. Palmer, Maria A. Poschinger, and Vannah L. Beatty. Primary staff assistance was provided by Crystal N. Boyett, Diane M. Carodiskey, Sandra K. Creech, Sara E. Eddie, Michael J. Garger, Lolita V. Jones, Donna S. Kielman, Aaron Z. Potacki, Karyn N. Reynolds, Sara L. Rucker, Charles T. Spradlin, Marlo N. Thornton, and Brianna Wills. Mathematical and statistical techniques, as well as the coverage operations were provided by Ruth E. Detlefsen, Assistant Division Chief for Research and Methodology, assisted by Scot A. Dahl, Leader, Census/Current Integration Group, with staff assistance from Samson A. Adeshiyan and Anthony G. Tersine Jr. Eddie J. Salyers, Assistant Division Chief of Economic Planning and Coordination Division, was responsible for overseeing the editing and tabulation procedures and the interactive analytical software. Dennis Shoemaker and Kim Wortman, Special Assistants, John D. Ward, Chief, Analytical Branch, and Brandy L. Yarbrough, Chief, Edit Branch, were responsible for developing the systems and procedures for data collection, editing, review, and correction. Donna L. Hambric, Chief of the Economic Planning Staff, was responsible for overseeing the systems and information for dissemination. Douglas J. Miller, Chief, Tables and Dissemination Branch, assisted by Lisa Aispuro, Jamie Fleming, Keith Fuller, Andrew W. Hait, and Kathy G. Padgett were responsible for developing the data dissemination systems and procedures. The Geography Division staff, Robert LaMacchia, Chief, developed geographic coding procedures and associated computer programs. The Economic Statistical Methods and Programming Division, Howard R. Hogan, Chief, developed and coordinated the computer processing systems. Barry F. Sessamen, Assistant Division Chief for Post Collection, was responsible for design and implementation of the processing systems and computer programs. Gary T. Sheridan, Chief, Macro Analytical Branch, assisted by Apparao V. Katikineni and Edward F. Johnson provided computer programming and implementation. The Systems Support Division provided the table composition system. Robert Joseph Brown, Table Image Processing System (TIPS) Senior Software Engineer, was responsible for the design and development of the TIPS, under the supervision of Robert J. Bateman, Assistant Division Chief, Information Systems. The staff of the National Processing Center, Judith N. Petty, Chief, performed mailout preparation and receipt operations, clerical and analytical review activities, and data entry. Kim D. Ottenstein, Margaret A. Smith, Bernadette J. Beasley, and Alan R. Plisch of the Administrative and Customer Services Division, Walter C. Odom, Chief, provided publication and printing management, graphics design and composition, and editorial review for print and electronic media. General direction and production management were provided by James R. Clark, Assistant Division Chief, and Susan L. Rappa, Chief, Publications Services Branch. Special acknowledgment is also due the many businesses whose cooperation contributed to the publication of these data. Financial Investment Activities: 2002 Issued October 2004 EC02-52I-05 2002 Economic Census Finance and Insurance Industry Series U.S. Department of Commerce Donald L. Evans, Secretary Theodore W. Kassinger, Deputy Secretary Economics and Statistics Administration Kathleen B. Cooper, Under Secretary for Economic Affairs U.S. CENSUS BUREAU Charles Louis Kincannon, Director ECONOMICS AND STATISTICS ADMINISTRATION Economics and Statistics Administration Kathleen B. Cooper, Under Secretary for Economic Affairs U.S. CENSUS BUREAU Charles Louis Kincannon, Director Hermann Habermann, Deputy Director and Chief Operating Officer Vacant, Principal Associate Director for Programs Frederick T. Knickerbocker, Associate Director for Economic Programs Thomas L. Mesenbourg, Assistant Director for Economic Programs Mark E. Wallace, Chief, Service Sector Statistics Division CONTENTS Introduction to the Economic Census Finance and Insurance Tables 1. 2. 3. 4. Summary Statistics for the United States: 2002 Comparative Statistics for the United States (1997 NAICS Basis): 2002 and 1997 Product Lines by Kind of Business for the United States: 2002 Concentration by Largest Firms for the United States: 2002 v ix 1 2 3 12 Appendixes A. B. C. D. E. Explanation of Terms NAICS Codes, Titles, and Descriptions Methodology Geographic Notes Metropolitan and Micropolitan Statistical Areas Not applicable for this report. A–1 B–1 C–1 Finance & Insurance Industry Series U.S. Census Bureau, 2002 Economic Census Financial Investment Activities iii Introduction to the Economic Census PURPOSES AND USES OF THE ECONOMIC CENSUS The economic census is the major source of facts about the structure and functioning of the nation’s economy. It provides essential information for government, business, industry, and the general public. Title 13 of the United States Code (Sections 131, 191, and 224) directs the Census Bureau to take the economic census every 5 years, covering years ending in “2” and “7.” The economic census furnishes an important part of the framework for such composite measures as the gross domestic product estimates, input/output measures, production and price indexes, and other statistical series that measure short-term changes in economic conditions. Specific uses of economic census data include the following: • Policymaking agencies of the federal government use the data to monitor economic activity and to assess the effectiveness of policies. • State and local governments use the data to assess business activities and tax bases within their jurisdictions and to develop programs to attract business. • Trade associations study trends in their own and competing industries, which allows them to keep their members informed of market changes. • Individual businesses use the data to locate potential markets and to analyze their own production and sales performance relative to industry or area averages. INDUSTRY CLASSIFICATIONS Data from the 2002 Economic Census are published primarily according to the 2002 North American Industry Classification System (NAICS). NAICS was first adopted in the United States, Canada, and Mexico in 1997. The 2002 Economic Census covers the following NAICS sectors: 21 22 23 31-33 42 44-45 48-49 51 52 53 54 55 56 61 62 71 72 81 Mining Utilities Construction Manufacturing Wholesale Trade Retail Trade Transportation and Warehousing Information Finance and Insurance Real Estate and Rental and Leasing Professional, Scientific, and Technical Services Management of Companies and Enterprises Administrative and Support and Waste Management and Remediation Services Educational Services Health Care and Social Assistance Arts, Entertainment, and Recreation Accommodation and Food Services Other Services (except Public Administration) (Not listed above are the Agriculture, Forestry, Fishing, and Hunting sector (NAICS 11), partially covered by the census of agriculture conducted by the U.S. Department of Agriculture, and the Public Administration sector (NAICS 92), largely covered by the census of governments conducted by the Census Bureau.) The 20 NAICS sectors are subdivided into 100 subsectors (three-digit codes), 317 industry groups (four-digit codes), and, as implemented in the United States, 1,179 industries (six-digit codes). 2002 Economic Census U.S. Census Bureau, 2002 Economic Census Introduction v RELATIONSHIP TO HISTORICAL INDUSTRY CLASSIFICATIONS Prior to the 1997 Economic Census, data were published according to the Standard Industrial Classification (SIC) system. While many of the individual NAICS industries correspond directly to industries as defined under the SIC system, most of the higher level groupings do not. Particular care should be taken in comparing data for retail trade, wholesale trade, and manufacturing, which are sector titles used in both NAICS and SIC, but cover somewhat different groups of industries. The 1997 Economic Census Bridge Between NAICS and SIC demonstrates the relationships between NAICS and SIC industries. Where changes are significant, it may not be possible to construct time series that include data for points both before and after 1997. Most industry classifications remained unchanged between 1997 and 2002, but NAICS 2002 includes substantial revisions within the construction and wholesale trade sectors, and a number of revisions for the retail trade and information sectors. These changes are noted in industry definitions and will be demonstrated in the Bridge Between NAICS 2002 and NAICS 1997. For 2002, data for enterprise support establishments (those functioning primarily to support the activities of their company’s operating establishments, such as a warehouse or a research and development laboratory) are included in the industry that reflects their activities (such as warehousing). For 1997, such establishments were termed auxiliaries and were excluded from industry totals. BASIS OF REPORTING The economic census is conducted on an establishment basis. A company operating at more than one location is required to file a separate report for each store, factory, shop, or other location. Each establishment is assigned a separate industry classification based on its primary activity and not that of its parent company. (For selected industries, only payroll, employment, and classification are collected for individual establishments, while other data are collected on a consolidated basis.) GEOGRAPHIC AREA CODING Accurate and complete information on the physical location of each establishment is required to tabulate the census data for states, metropolitan and micropolitan statistical areas, counties, and corporate municipalities (places) including cities, towns, townships, villages, and boroughs. Respondents were required to report their physical location (street address, municipality, county, and state) if it differed from their mailing address. For establishments not surveyed by mail (and those single-establishment companies that did not provide acceptable information on physical location), location information from administrative sources is used as a basis for coding. AVAILABILITY OF ADDITIONAL DATA All results of the 2002 Economic Census are available on the Census Bureau Internet site (www.census.gov) and on digital versatile discs (DVD-ROMs) for sale by the Census Bureau. The American FactFinder system at the Internet site allows selective retrieval and downloading of the data. For more information, including a description of reports being issued, see the Internet site, write to the U.S. Census Bureau, Washington, DC 20233-6100, or call Customer Services at 301763-4100. HISTORICAL INFORMATION The economic census has been taken as an integrated program at 5-year intervals since 1967 and before that for 1954, 1958, and 1963. Prior to that time, individual components of the economic census were taken separately at varying intervals. The economic census traces its beginnings to the 1810 Decennial Census, when questions on manufacturing were included with those for population. Coverage of economic activities was expanded for the 1840 Decennial Census and subsequent censuses to include mining and some commercial activities. The 1905 Manufactures Census was the first time a census was taken apart vi Introduction 2002 Economic Census U.S. Census Bureau, 2002 Economic Census from the regular decennial population census. Censuses covering retail and wholesale trade and construction industries were added in 1930, as were some service trades in 1933. Censuses of construction, manufacturing, and the other business censuses were suspended during World War II. The 1954 Economic Census was the first census to be fully integrated, providing comparable census data across economic sectors and using consistent time periods, concepts, definitions, classifications, and reporting units. It was the first census to be taken by mail, using lists of firms provided by the administrative records of other federal agencies. Since 1963, administrative records also have been used to provide basic statistics for very small firms, reducing or eliminating the need to send them census report forms. The range of industries covered in the economic census expanded between 1967 and 2002. The census of construction industries began on a regular basis in 1967, and the scope of service industries, introduced in 1933, was broadened in 1967, 1977, and 1987. While a few transportation industries were covered as early as 1963, it was not until 1992 that the census broadened to include all of transportation, communications, and utilities. Also new for 1992 was coverage of financial, insurance, and real estate industries. With these additions, the economic census and the separate census of governments and census of agriculture collectively covered roughly 98 percent of all economic activity. New for 2002 is coverage of four industries classified in the agriculture, forestry, and fishing sector under the SIC system: landscape architectural services, landscaping services, veterinary services, and pet care services. Printed statistical reports from the 1992 and earlier censuses provide historical figures for the study of long-term time series and are available in some large libraries. Reports for 1997 were published primarily on the Internet and copies of 1992 reports are also available there. CD-ROMs issued from the 1987, 1992, and 1997 Economic Censuses contain databases that include all or nearly all data published in print, plus additional statistics, such as ZIP Code statistics, published only on CD-ROM. SOURCES FOR MORE INFORMATION More information about the scope, coverage, classification system, data items, and publications for the 2002 Economic Census and related surveys is published in the Guide to the 2002 Economic Census at www.census.gov/econ/census02/guide. More information on the methodology, procedures, and history of the census will be published in the History of the 2002 Economic Census at www.census.gov/econ/www/history.html. 2002 Economic Census U.S. Census Bureau, 2002 Economic Census Introduction vii This page is intentionally blank. viii Introduction 2002 Economic Census U.S. Census Bureau, 2002 Economic Census Finance and Insurance SCOPE The Finance and Insurance sector (sector 52) comprises establishments of firms with payroll primarily engaged in financial transactions (transactions involving the creation, liquidation, or change in ownership of financial assets) and/or in facilitating financial transactions. Three principal types of activities are identified: 1. Raising funds by taking deposits and/or issuing securities and, in the process, incurring liabilities. Establishments engaged in this activity use raised funds to acquire financial assets by making loans and/or purchasing securities. Putting themselves at risk, they channel funds from lenders to borrowers and transform or repackage the funds with respect to maturity, scale and risk. This activity is known as financial intermediation. 2. Pooling of risk by underwriting insurance and annuities. Establishments engaged in this activity collect fees, insurance premiums, or annuity considerations; build up reserves; invest those reserves; and make contractual payments. Fees are based on the expected incidence of the insured risk and the expected return on investment. 3. Providing specialized services facilitating or supporting financial intermediation, insurance, and employee benefit programs. In addition, monetary authorities charged with monetary control are included in this sector. The subsectors, industry groups, and industries within the Finance and Insurance sector are defined on the basis of their unique production processes. As with all industries, the production processes are distinguished by their use of specialized human resources and specialized physical capital. In addition, the way in which these establishments acquire and allocate financial capital, their source of funds, and the use of those funds provides a third basis for distinguishing characteristics of the production process. For instance, the production process in raising funds through deposit-taking is different from the process of raising funds in bond or money markets. The process of making loans to individuals also requires different production processes than does the creation of investment pools or the underwriting of securities. Most of the Finance and Insurance subsectors contain one or more industry groups of (1) intermediaries with similar patterns of raising and using funds and (2) establishments engaged in activities that facilitate, or are otherwise related to, that type of financial or insurance intermediation. Industries within this sector are defined in terms of activities for which a production process can be specified, and many of these activities are not exclusive to a particular type of financial institution. To deal with the varied activities taking place within existing financial institutions, the approach is to split these institutions into components performing specialized services. This requires defining the units engaged in providing those services and developing procedures that allow for their delineation. For finance and insurance, these units are the equivalents of the establishments defined for other industries. The output of many financial services, as well as the inputs and the processes by which they are combined, cannot be observed at a single location and can only be defined at a higher level of the organizational structure of the enterprise. Additionally, a number of independent activities that represent separate and distinct production processes may take place at a single location belonging to a multilocation financial firm. Activities are more likely to be homogeneous with respect to production characteristics than are locations, at least in financial services. NAICS defines activities broadly enough that it can be used by those classifying by location and by those employing a more top-down approach to the delineation of the establishment. 2002 Economic Census U.S. Census Bureau, 2002 Economic Census Finance & Insurance ix The Finance and Insurance sector has been defined to encompass establishments primarily engaged in financial transactions; that is, transactions involving the creation, liquidation, or change in ownership of financial assets or in facilitating financial transactions. Financial industries are extensive users of electronic means for facilitating the verification of financial balances, authorizing transactions, transferring funds to and from transactors’ accounts, notifying banks (or credit card issuers) of the individual transactions, and providing daily summaries. Since these transaction processing activities are integral to the production of finance and insurance services, establishments that principally provide a financial transaction processing service are classified to this sector, rather than to the data processing industry in the Information sector. Funds, trusts, and other financial vehicles (legal entities that hold portfolios of assets on behalf of others) are the fifth subsector of the Finance and Insurance sector. These entities earn interest, dividends, and other property income, but have little or no employment and no revenue from the sale of services. Separate establishments and employees devoted to the management of funds are classified in Industry Group 5239, Other Financial Investment Activities. Among depository institutions and insurance carriers, many locations with activities that might in other industries be considered as support or auxiliary activities (such as headquarters operations), are included in this report as operating locations. The reports described below exclude establishments of firms with no paid employees. These “nonemployers,” typically self-employed individuals or partnerships operating businesses that they have not chosen to incorporate, are reported separately in Nonemployer Statistics. The contribution of nonemployers, moderate for this sector, may be examined at www.census.gov/nonemployerimpact. Definitions. Industry categories are defined in Appendix B, NAICS Codes, Titles, and Descriptions. Other terms are defined in Appendix A, Explanation of Terms. REPORTS The following reports provide statistics on this sector. Industry Series. There are 10 reports, each covering a group of related industries. The reports present, by kind of business for the United States, general statistics for establishments of firms with payroll on number of establishments, revenue, payroll, and employment; comparative statistics for 2002 and 1997; product lines; and concentration of business activity in the largest firms. The data in industry reports are preliminary and subject to change in the following reports. Geographic Area Series. There is a separate report for each state, the District of Columbia, and the United States. Each state report presents, for establishments of firms with payroll, general statistics on number of establishments, revenue, payroll, and employment by kind of business for the state and metropolitan and micropolitan statistical areas. Greater kind-of-business detail is shown for larger areas. The United States report presents data for the United States as a whole for detailed kind-of-business classifications. Subject Series: • Product Lines. This report presents product lines data for establishments of firms with payroll by kind of business. Establishments may report negative revenue for selected product lines. Because of this, percentages for product lines may be in excess of 100 or less than 0. Data are presented for the United States only. • Establishment and Firm Size (Including Legal Form of Organization). This report presents revenue, payroll, and employment data for the United States by revenue size, by employment size, and by legal form of organization for establishments of firms with payroll; and by revenue size (including concentration by largest firms), by employment size, and by number of establishments operated (single units and multiunits) for firms with payroll. • Miscellaneous Subjects. This report presents data for a variety of industry-specific topics for establishments of firms with payroll. Presentation of data varies by kind of business. x Finance & Insurance 2002 Economic Census U.S. Census Bureau, 2002 Economic Census Other reports. Data for this sector are also included in reports with multisector coverage, including Nonemployer Statistics, Comparative Statistics, Bridge Between 2002 NAICS and 1997 NAICS, Business Expenses, and the Survey of Business Owners reports. GEOGRAPHIC AREAS COVERED The level of geographic detail varies by report. Maps are available at www.census.gov/econ2002maps. Notes specific to areas in the state are included in Appendix D, Geographic Notes. Data may be presented for – 1. The United States as a whole. 2. States and the District of Columbia. 3. Metropolitan and micropolitan statistical areas. A core based statistical area (CBSA) contains a core area with a substantial population nucleus, together with adjacent communities having a high degree of social and economic integration with that core. CBSAs are differentiated into metropolitan and micropolitan statistical areas based on size criteria. Both metropolitan and micropolitan statistical areas are defined in terms of entire counties, and are listed in Appendix E, Metropolitan and Micropolitan Statistical Areas. a. Metropolitan Statistical Areas (metro areas). Metro areas have at least one urbanized area of 50,000 or more population, plus adjacent territory that has a high degree of social and economic integration with the core as measured by commuting ties. b. Micropolitan Statistical Areas (micro areas). Micro areas have at least one urban cluster of at least 10,000, but less than 50,000 population, plus adjacent territory that has a high degree of social and economic integration with the core as measured by commuting ties. c. Metropolitan Divisions (metro divisions). If specified criteria are met, a metro area containing a single core with a population of 2.5 million or more may be subdivided to form smaller groupings of counties referred to as Metropolitan Divisions. d. Combined Statistical Areas (combined areas). If specified criteria are met, adjacent metro and micro areas, in various combinations, may become the components of a new set of areas called Combined Statistical Areas. The areas that combine retain their own designations as metro or micro areas within the larger combined area. DOLLAR VALUES All dollar values presented are expressed in current dollars; i.e., 2002 data are expressed in 2002 dollars, and 1997 data, in 1997 dollars. Consequently, when making comparisons with prior years, users of the data should consider the changes in prices that have occurred. All dollar values are shown in thousands of dollars. COMPARABILITY OF THE 1997 AND 2002 ECONOMIC CENSUSES Both the 2002 Economic Census and the 1997 Economic Census present data based on the North American Industry Classification System (NAICS). While there were revisions to some industries for 2002, none of those affect this sector. RELIABILITY OF DATA All data compiled for this sector are subject to nonsampling errors. Nonsampling errors can be attributed to many sources: inability to identify all cases in the actual universe; definition and classification difficulties; differences in the interpretation of questions; errors in recording or coding the data obtained; and other errors of collection, response, coverage, processing, and estimation for missing or misreported data. Data presented in the Miscellaneous Subjects and Product Lines reports for this sector are subject to sampling errors, as well as nonsampling errors. The accuracy of these tabulated data is determined by the joint effects of the various nonsampling errors or by the joint effects of sampling and nonsampling errors. No direct measurement of these effects has been obtained except for estimation for missing or misreported data, as by the 2002 Economic Census U.S. Census Bureau, 2002 Economic Census Finance & Insurance xi percentages shown in the tables. Precautionary steps were taken in all phases of the collection, processing, and tabulation of the data in an effort to minimize the effects of nonsampling errors. More information on the reliability of the data is included in Appendix C, Methodology. DISCLOSURE In accordance with federal law governing census reports (Title 13 of the United States Code), no data are published that would disclose the operations of an individual establishment or business. However, the number of establishments in a kind-of-business classification is not considered a disclosure; therefore, this information may be released even though other information is withheld. Techniques employed to limit disclosure are discussed at www.census.gov/epcd/ec02/disclosure.htm. AVAILABILITY OF MORE FREQUENT ECONOMIC DATA The Census Bureau conducts the Service Annual Survey (SAS) each year. This survey, while providing more frequent observations, yields less kind-of-business and geographic detail than the economic census. In addition, the County Business Patterns program offers annual statistics on the number of establishments, employment, and payroll classified by industry within each county, and Statistics of U.S. Businesses provides annual statistics classified by the employment size of the enterprise, further classified by industry for the United States, and by broader categories for states and metropolitan areas. CONTACTS FOR DATA USERS Questions about these data may be directed to the U.S. Census Bureau, Service Sector Statistics Division, Utilities and Financial Census Branch, 1-800-541-8345 or fcb@census.gov. ABBREVIATIONS AND SYMBOLS The following abbreviations and symbols are used with these data: D N Q S X Z a b c e f g h i j k l m r – (CC) (IC) Withheld to avoid disclosing data of individual companies; data are included in higher level totals Not available or not comparable Revenue not collected at this level of detail for multiestablishment firms Withheld because estimates did not meet publication standards Not applicable Less than half the unit shown 0 to 19 employees 20 to 99 employees 100 to 249 employees 250 to 499 employees 500 to 999 employees 1,000 to 2,499 employees 2,500 to 4,999 employees 5,000 to 9,999 employees 10,000 to 24,999 employees 25,000 to 49,999 employees 50,000 to 99,999 employees 100,000 employees or more Revised Represents zero (page image/print only) Consolidated city Independent city xii Finance & Insurance 2002 Economic Census U.S. Census Bureau, 2002 Economic Census Table 1. Summary Statistics for the United States: 2002 [These data are preliminary and are subject to change; they will be superseded by data released in later reports. Includes only establishments of firms with payroll. For meaning of abbreviations and symbols, see introductory text. For explanation of terms, see Appendix A. Data based on the 2002 Economic Census. For information on confidentiality protection, sampling error, nonsampling error, and definitions, see note at end of table] Paid employees for pay period including March 12 (number) 336 008 28 827 28 827 180 566 180 566 67 164 67 164 59 451 Percent of revenue From admini strative records1 4.3 8.8 8.8 2.4 2.4 11.9 11.9 1.7 2002 NAICS code Kind of business Estab lishments (number) 37 118 6 161 6 161 13 139 13 139 14 617 14 617 3 201 Revenue ($1,000) 106 363 037 10 358 910 10 358 910 65 483 084 65 483 084 15 098 418 15 098 418 15 422 625 Annual payroll ($1,000) 35 034 255 3 053 618 3 053 618 22 244 233 22 244 233 5 473 007 5 473 007 4 263 397 First quarter payroll ($1,000) 9 757 730 792 131 792 131 6 249 517 6 249 517 1 489 610 1 489 610 1 226 472 Estimated2 9.6 11.7 11.7 7.5 7.5 11.3 11.3 15.6 5239 52391 523910 52392 523920 52393 523930 52399 Other financial investment activities Miscellaneous intermediation Miscellaneous intermediation Portfolio management Portfolio management Investment advice Investment advice All other financial investment activities 1Includes 2Includes revenue information obtained from administrative records of other federal agencies. revenue information that was imputed based on historic data, administrative data, industry averages, or other statistical methods. Note: The data in this table are based on the 2002 Economic Census. To maintain confidentiality, the Census Bureau suppresses data to protect the identity of any business or individual. The census results in this table contain nonsampling error. Data users who create their own estimates using data from this table should cite the Census Bureau as the source of the original data only. See also explanation of terms and geographic definitions. For the full technical documentation, see Appendix C. Finance & Insurance Industry Series U.S. Census Bureau, 2002 Economic Census Financial Investment Activities 1 Table 2. Comparative Statistics for the United States (1997 NAICS Basis): 2002 and 1997 [These data are preliminary and are subject to change; they will be superseded by data released in later reports. Includes only establishments of firms with payroll. For meaning of abbreviations and symbols, see introductory text. For explanation of terms, see Appendix A. Data based on the 2002 and 1997 Economic Censuses. For information on confidentiality protection, sampling error, nonsampling error, and definitions, see note at end of table] 1997 NAICS code Paid employees for pay period including March 12 (number) 336 008 250 136 28 30 28 30 180 123 180 123 67 42 67 42 827 381 827 381 566 971 566 971 164 929 164 929 Kind of business Establishments (number) Other financial investment activities 2002 1997 2002 1997 2002 1997 2002 1997 2002 1997 2002 1997 2002 1997 2002 1997 37 118 28 412 6 7 6 7 13 10 13 10 14 7 14 7 161 190 161 190 139 888 139 888 617 807 617 807 Revenue ($1,000) 106 363 037 76 669 183 10 15 10 15 65 43 65 43 15 9 15 9 358 345 358 345 483 642 483 642 098 397 098 397 910 899 910 899 084 899 084 899 418 908 418 908 Annual payroll ($1,000) 35 034 255 20 857 059 3 1 3 1 22 13 22 13 5 3 5 3 053 592 053 592 244 532 244 532 473 197 473 197 618 391 618 391 233 909 233 909 007 389 007 389 5239 52391 523910 Miscellaneous intermediation Miscellaneous intermediation 52392 523920 Portfolio management Portfolio management 52393 523930 Investment advice Investment advice 52399 All other financial investment activities 3 201 2 527 15 422 625 8 282 477 4 263 397 2 534 370 59 451 52 855 Note: The data in this table are based on the 2002 and 1997 Economic Censuses. To maintain confidentiality, the Census Bureau suppresses data to protect the identity of any business or individual. The census results in this table contain nonsampling error. Data users who create their own estimates using data from this table should cite the Census Bureau as the source of the original data only. See also explanation of terms and geographic definitions. For the full technical documentation, see Appendix C. 2 Financial Investment Activities Finance & Insurance Industry Series U.S. Census Bureau, 2002 Economic Census Table 3. Product Lines by Kind of Business for the United States: 2002 [These data are preliminary and are subject to change; they will be superseded by data released in later reports. Includes only establishments of firms with payroll. For meaning of abbreviations and symbols, see introductory text. For explanation of terms, see Appendix A. Data based on the 2002 Economic Census. For information on confidentiality protection, sampling error, nonsampling error, and definitions, see note at end of table] Establishments with the product line 2002 NAICS code 2002 Product line code Product line revenue As percent of total revenue of Kind of business and product line Estab lishments with the product line X 16.0 31.8 39.5 14.5 14.7 12.7 32.8 13.4 34.9 12.7 4.8 23.4 9.8 4.5 9.7 11.5 3.3 45.4 51.4 31.7 44.7 28.8 10.9 14.4 2.0 17.9 18.4 32.0 32.0 8.3 8.0 13.8 22.3 47.7 17.2 12.8 76.0 61.8 10.1 9.1 13.6 Number 5239 55010 55020 55030 55040 55310 55320 55330 55340 55410 55420 55430 55440 55450 55460 55470 55480 55490 55610 55710 55720 55730 55740 55750 55760 55810 55910 56010 56110 56210 56310 56410 56510 56610 56710 56810 56910 57410 57510 57520 57530 57540 Other financial investment activities Loan income: Loans to financial businesses Loans to nonfinancial businesses secured Loans to nonfinancial businesses unsecured Loans to governments Securities origination products: Public offering products equity securities Public offering products debt securities Private placement equity securities Private placement debt securities Brokering and dealing products debt instruments: Negotiable certificates of deposit Commercial paper issued by financial institutions Commercial paper issued by nonfinancial institutions Bankers acceptance Treasury bills Other money market instruments Corporate and trust notes and bonds National government notes and bonds State provincial and local governments notes and bonds Brokering and dealing products, equities Brokering and dealing products derivative contracts: Futures contracts, exchange traded Option contracts, exchange traded Forward contracts, traded over the counter Swaps, traded over the counter Option contacts traded over the counter Other derivative contracts, traded over the counter Brokering and dealing foreign currency fees wholesale Brokering and dealing investment company securities, including mutual funds, close end funds, and unit investment trusts Brokering and dealing other financial instruments, including commodity pools and face amount certificates Brokerage correspondent products fees Securities lending fees, including securities borrowed from a broker’s inventory and margin accounts Repurchase agreements net gains (losses) Financing related to securities, excluding securities lending and repurchase agreements net Trading debt instruments on own account net gains (losses) Trading equities on own account net gain (losses) Trading derivatives contracts on own account net gain (losses) Trading foreign currency on own account net gain (losses) Trading other securities and commodity contracts on own account net gain (losses) Trust products for business and governments fiduciary fees Management of financial market and clearing products: Payment clearing and settlement fees Security and commodity contract trade execution, clearing and settlement fees Access fees for security and commodity contract trade execution and clearing systems Security and commodity contract exchange and clearinghouse listing fees Financial planning and investment management products: Financial planning and investment management services for businesses and government Financial planning and investment management services for individuals Other products supporting financial services fees Miscellaneous intermediation Loan income: Loans to financial businesses Interest income Origination fees Other fees Loans to nonfinancial businesses secured Interest income Origination fees Other fees Loans to nonfinancial businesses unsecured Interest income Origination fees Other fees Loans to governments Interest income Origination fees Other fees Securities origination products: Public offering products equity securities Public offering products debt securities Private placement equity securities Private placement debt securities 37 118 824 1 019 902 340 332 177 158 58 515 111 80 54 303 882 840 585 603 6 922 361 445 151 67 74 76 25 1 521 348 78 72 57 34 655 2 056 161 39 505 1 956 312 179 34 38 Total revenue ($1,000) X 6 171 138 1 238 144 864 111 347 009 1 209 861 209 15 208 60 47 8 4 598 2 1 4 4 7 443 466 273 505 712 575 510 74 130 52 65 25 733 452 490 893 389 618 906 515 568 314 041 265 195 311 095 554 557 120 951 196 543 Amount1 ($1,000) 106 363 037 986 393 341 50 177 109 68 2 72 7 2 1 452 109 142 489 148 3 502 295 161 33 37 5 9 191 609 106 411 326 320 624 133 665 716 280 991 477 701 072 974 000 453 637 809 362 459 773 368 502 All estab lishments1 100.0 .9 .4 .3 Z .2 .1 .1 Z .1 Z Z Z .4 .1 .1 .5 .1 3.3 .3 .2 Z Z Z Z Z .6 .2 Z .3 .4 Z .5 .8 .3 Z .7 9.9 1.3 .4 Z Z Response coverage2 (percent) 75.4 X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X 3 268 614 1 172 201 69 618 1 033 470 5 058 357 286 4 029 3 815 656 439 512 674 912 585 478 215 111 22 270 330 198 421 677 23 556 850 313 029 247 372 211 99 298 5 657 098 13 902 595 2 266 828 4 177 276 144 425 312 184 17 068 725 666 10 559 191 1 400 804 421 432 13 127 42 319 57710 57720 57810 52391 8 836 20 733 4 667 6 161 35 460 432 67 211 192 29 932 602 X 26 164 485 51 935 244 4 164 149 10 358 910 73.8 77.3 13.9 X 24.6 48.8 3.9 100.0 X X X 64.0 55010 55011 55012 55013 55020 55021 55022 55023 55030 55031 55032 55033 55040 55041 55042 55043 55310 55320 55330 55340 433 426 15 42 689 653 102 163 599 589 7 30 194 182 7 6 12 16 21 20 314 313 2 13 722 711 66 88 612 610 1 10 242 241 1 708 587 120 799 660 448 269 366 016 997 205 495 336 189 048 S 154 603 377 247 201 811 199 376 235 2 200 268 347 230 617 10 448 27 282 313 379 312 112 141 1 126 41 123 40 054 957 112 336 48 29 135 204 64.1 63.6 11.1 15.9 37.1 32.4 15.8 30.9 51.2 51.1 11.7 10.7 17.0 16.6 91.3 S 2.4 3.0 33.0 16.4 1.9 1.9 Z Z 2.6 2.2 .1 .3 3.0 3.0 Z Z .4 .4 Z Z Z Z .3 Z 50.9 X X X 63.9 X X X 64.0 X X X 63.4 X X X X X X X 14 1 88 1 See footnotes at end of table. Finance & Insurance Industry Series U.S. Census Bureau, 2002 Economic Census Financial Investment Activities 3 Table 3. Product Lines by Kind of Business for the United States: 2002 Con. [These data are preliminary and are subject to change; they will be superseded by data released in later reports. Includes only establishments of firms with payroll. For meaning of abbreviations and symbols, see introductory text. For explanation of terms, see Appendix A. Data based on the 2002 Economic Census. For information on confidentiality protection, sampling error, nonsampling error, and definitions, see note at end of table] Establishments with the product line 2002 NAICS code 2002 Product line code Product line revenue As percent of total revenue of Kind of business and product line Estab lishments with the product line Number 52391 55410 55411 55413 55420 55422 55423 55430 55431 55433 55450 55453 55460 55461 55462 55463 55470 55471 55472 55473 55474 55480 55482 55483 55490 55491 55492 55493 55610 55611 55612 55613 55614 55710 55720 55721 55722 55723 55730 55740 55741 55742 55750 55752 56010 56210 56310 56410 56510 56610 56710 56810 56910 57410 57510 57520 57540 Miscellaneous intermediation Con. Brokering and dealing products debt instruments: Negotiable certificates of deposit Fees and commissions Interest income from trading accounts Commercial paper issued by financial institutions Net gains (losses) in trading accounts, excluding interest income Interest income from trading accounts Commercial paper issued by nonfinancial institutions Fees and commissions Interest income from trading accounts Treasury bills Interest income from trading accounts Other money market instruments Fees and commissions Net gains (losses) in trading accounts, excluding interest income Interest income from trading accounts Corporate and trust notes and bonds Fees and commissions Net gains (losses) in trading accounts, excluding interest income Interest income from trading accounts Margin interest National government notes and bonds Net gains (losses) in trading accounts, excluding interest income Interest income from trading accounts State provincial and local governments notes and bonds Fees and commissions Net gains (losses) in trading accounts, excluding interest income Interest income from trading accounts Brokering and dealing products, equities Fees and commissions Net gains (losses) in trading accounts, excluding interest income Interest income from trading accounts Margin interest Brokering and dealing products derivative contracts: Futures contracts, exchange traded Option contracts, exchange traded Fees and commissions Net gains (losses) in trading accounts, excluding interest income Interest income from trading accounts Forward contracts, traded over the counter Swaps, traded over the counter Fees and commissions Net gains (losses) in trading accounts, excluding interest income Option contacts traded over the counter Net gains (losses) in trading accounts, excluding interest income Brokering and dealing other financial instruments, including commodity pools and face amount certificates Securities lending fees, including securities borrowed from a broker’s inventory and margin accounts Repurchase agreements net gains (losses) Financing related to securities, excluding securities lending and repurchase agreements net Trading debt instruments on own account net gains (losses) Trading equities on own account net gain (losses) Trading derivatives contracts on own account net gain (losses) Trading foreign currency on own account net gain (losses) Trading other securities and commodity contracts on own account net gain (losses) Trust products for business and governments fiduciary fees Management of financial market and clearing products: Payment clearing and settlement fees Security and commodity contract trade execution, clearing and settlement fees Security and commodity contract exchange and clearinghouse listing fees Financial planning and investment management products: Financial planning and investment management services for businesses and government Financial planning and investment management services for individuals Other products supporting financial services fees Miscellaneous intermediation Loan income: Loans to financial businesses Interest income Origination fees Other fees Loans to nonfinancial businesses secured Interest income Origination fees Other fees Loans to nonfinancial businesses unsecured Interest income Origination fees Other fees 91 26 62 16 7 12 32 12 20 40 33 309 28 26 263 158 9 41 128 26 90 9 60 108 13 28 80 734 413 204 204 9 16 42 11 22 9 36 17 13 13 11 11 77 10 23 10 441 1 287 111 18 274 23 57 12 9 Total revenue ($1,000) Amount1 ($1,000) All estab lishments1 Response coverage2 (percent) 44 35 7 3 2 22 22 34 34 241 31 50 209 13 1 9 4 8 26 7 20 10 8 1 041 792 250 226 1 15 16 4 11 22 27 18 25 3 1 806 674 162 700 784 916 781 273 508 548 143 808 385 442 449 196 737 516 282 264 532 38 836 511 770 S 802 664 853 121 455 981 527 891 652 892 146 131 606 730 842 488 727 38 550 35 566 1 559 437 398 39 868 428 396 30 412 30 221 34 249 25 527 588 8 134 5 501 805 1 737 2 832 127 18 205 37 361 15 319 8 189 3 738 3 392 749 492 640 515 77 998 30 883 96 15 11 4 6 20 18 2 15 068 803 604 979 62 285 428 740 207 938 624 86.0 99.7 21.8 11.8 50.8 1.3 3.8 1.9 78.0 88.0 88.5 14.2 81.3 1.2 3.9 41.7 46.3 18.3 66.1 1.5 68.6 97.4 4.6 74.7 76.0 S 38.5 72.0 80.8 31.2 13.6 4.8 97.0 69.9 99.0 58.7 42.5 91.7 66.8 14.6 58.8 26.9 36.1 90.1 36.0 .2 98.1 70.2 62.5 69.2 42.6 47.2 89.6 99.2 74.8 26.8 .4 .3 Z Z Z Z Z Z Z .3 .3 .3 .2 Z .1 .1 Z Z Z Z .2 Z Z .1 .1 Z Z 7.2 6.2 .8 .3 Z .1 .1 Z .1 Z .2 .2 Z .1 Z Z 1.0 Z Z .1 2.2 4.3 1.6 Z 2.8 .4 .8 Z Z 64.0 X X 64.0 X X 64.0 X X 64.0 X 64.0 X X X 64.0 X X X X 60.8 X X 64.0 X X X 26.2 X X X X X 62.9 X X X X 64.0 X X 64.0 X X X X X X X X X X X X X X 109 380 5 470 85 761 10 124 328 578 704 417 245 029 4 965 615 819 42 621 87 246 2 438 583 98 542 1 967 144 9 932 230 800 440 534 169 450 2 113 290 744 38 182 86 509 1 823 156 57710 57720 57810 523910 1 296 878 1 035 6 161 5 318 340 1 969 573 2 552 219 X 4 932 091 1 713 668 527 015 10 358 910 92.7 87.0 20.6 X 47.6 16.5 5.1 100.0 X X X 64.0 55010 55011 55012 55013 55020 55021 55022 55023 55030 55031 55032 55033 433 426 15 42 689 653 102 163 599 589 7 30 314 313 2 13 722 711 66 88 612 610 1 10 708 587 120 799 660 448 269 366 016 997 205 495 201 811 199 376 235 2 200 268 347 230 617 10 448 27 282 313 379 312 112 141 1 126 64.1 63.6 11.1 15.9 37.1 32.4 15.8 30.9 51.2 51.1 11.7 10.7 1.9 1.9 Z Z 2.6 2.2 .1 .3 3.0 3.0 Z Z 50.9 X X X 63.9 X X X 64.0 X X X See footnotes at end of table. 4 Financial Investment Activities Finance & Insurance Industry Series U.S. Census Bureau, 2002 Economic Census Table 3. Product Lines by Kind of Business for the United States: 2002 Con. [These data are preliminary and are subject to change; they will be superseded by data released in later reports. Includes only establishments of firms with payroll. For meaning of abbreviations and symbols, see introductory text. For explanation of terms, see Appendix A. Data based on the 2002 Economic Census. For information on confidentiality protection, sampling error, nonsampling error, and definitions, see note at end of table] Establishments with the product line 2002 NAICS code 2002 Product line code Product line revenue As percent of total revenue of Kind of business and product line Estab lishments with the product line Number 523910 55040 55041 55042 55043 55310 55320 55330 55340 55410 55411 55413 55420 55422 55423 55430 55431 55433 55450 55453 55460 55461 55462 55463 55470 55471 55472 55473 55474 55480 55482 55483 55490 55491 55492 55493 55610 55611 55612 55613 55614 55710 55720 55721 55722 55723 55730 55740 55741 55742 55750 55752 56010 56210 56310 56410 56510 56610 56710 56810 56910 57410 57510 57520 57540 Miscellaneous intermediation Con. Loan income Con. Loans to governments Interest income Origination fees Other fees Securities origination products: Public offering products equity securities Public offering products debt securities Private placement equity securities Private placement debt securities Brokering and dealing products debt instruments: Negotiable certificates of deposit Fees and commissions Interest income from trading accounts Commercial paper issued by financial institutions Net gains (losses) in trading accounts, excluding interest income Interest income from trading accounts Commercial paper issued by nonfinancial institutions Fees and commissions Interest income from trading accounts Treasury bills Interest income from trading accounts Other money market instruments Fees and commissions Net gains (losses) in trading accounts, excluding interest income Interest income from trading accounts Corporate and trust notes and bonds Fees and commissions Net gains (losses) in trading accounts, excluding interest income Interest income from trading accounts Margin interest National government notes and bonds Net gains (losses) in trading accounts, excluding interest income Interest income from trading accounts State provincial and local governments notes and bonds Fees and commissions Net gains (losses) in trading accounts, excluding interest income Interest income from trading accounts Brokering and dealing products, equities Fees and commissions Net gains (losses) in trading accounts, excluding interest income Interest income from trading accounts Margin interest Brokering and dealing products derivative contracts: Futures contracts, exchange traded Option contracts, exchange traded Fees and commissions Net gains (losses) in trading accounts, excluding interest income Interest income from trading accounts Forward contracts, traded over the counter Swaps, traded over the counter Fees and commissions Net gains (losses) in trading accounts, excluding interest income Option contacts traded over the counter Net gains (losses) in trading accounts, excluding interest income Brokering and dealing other financial instruments, including commodity pools and face amount certificates Securities lending fees, including securities borrowed from a broker’s inventory and margin accounts Repurchase agreements net gains (losses) Financing related to securities, excluding securities lending and repurchase agreements net Trading debt instruments on own account net gains (losses) Trading equities on own account net gain (losses) Trading derivatives contracts on own account net gain (losses) Trading foreign currency on own account net gain (losses) Trading other securities and commodity contracts on own account net gain (losses) Trust products for business and governments fiduciary fees Management of financial market and clearing products: Payment clearing and settlement fees Security and commodity contract trade execution, clearing and settlement fees Security and commodity contract exchange and clearinghouse listing fees Financial planning and investment management products: Financial planning and investment management services for businesses and government Financial planning and investment management services for individuals Other products supporting financial services fees Portfolio management Loan income: See footnotes at end of table. 194 182 7 6 12 16 21 20 91 26 62 16 7 12 32 12 20 40 33 309 28 26 263 158 9 41 128 26 90 9 60 108 13 28 80 734 413 204 204 9 16 42 11 22 9 36 17 13 13 11 11 77 10 23 10 441 1 287 111 18 274 23 57 12 9 Total revenue ($1,000) Amount1 ($1,000) All estab lishments1 Response coverage2 (percent) 242 336 241 189 1 048 S 14 1 88 1 44 35 7 3 2 22 22 34 34 241 31 50 209 13 1 9 4 8 26 7 20 10 8 1 041 792 250 226 1 15 16 4 11 22 27 18 25 3 1 154 603 377 247 806 674 162 700 784 916 781 273 508 548 143 808 385 442 449 196 737 516 282 264 532 38 836 511 770 S 802 664 853 121 455 981 527 891 652 892 146 131 606 730 842 488 727 41 123 40 054 957 112 336 48 29 135 204 38 550 35 566 1 559 437 398 39 868 428 396 30 412 30 221 34 249 25 527 588 8 134 5 501 805 1 737 2 832 127 18 205 37 361 15 319 8 189 3 738 3 392 749 492 640 515 77 998 30 883 96 15 11 4 6 20 18 2 15 068 803 604 979 62 285 428 740 207 938 624 17.0 16.6 91.3 S 2.4 3.0 33.0 16.4 86.0 99.7 21.8 11.8 50.8 1.3 3.8 1.9 78.0 88.0 88.5 14.2 81.3 1.2 3.9 41.7 46.3 18.3 66.1 1.5 68.6 97.4 4.6 74.7 76.0 S 38.5 72.0 80.8 31.2 13.6 4.8 97.0 69.9 99.0 58.7 42.5 91.7 66.8 14.6 58.8 26.9 36.1 90.1 36.0 .2 98.1 70.2 62.5 69.2 42.6 47.2 89.6 99.2 74.8 26.8 .4 .4 Z Z Z Z .3 Z .4 .3 Z Z Z Z Z Z Z .3 .3 .3 .2 Z .1 .1 Z Z Z Z .2 Z Z .1 .1 Z Z 7.2 6.2 .8 .3 Z .1 .1 Z .1 Z .2 .2 Z .1 Z Z 1.0 Z Z .1 2.2 4.3 1.6 Z 2.8 .4 .8 Z Z 63.4 X X X X X X X 64.0 X X 64.0 X X 64.0 X X 64.0 X 64.0 X X X 64.0 X X X X 60.8 X X 64.0 X X X 26.2 X X X X X 62.9 X X X X 64.0 X X 64.0 X X X X X X X X X X X X X X 109 380 5 470 85 761 10 124 328 578 704 417 245 029 4 965 615 819 42 621 87 246 2 438 583 98 542 1 967 144 9 932 230 800 440 534 169 450 2 113 290 744 38 182 86 509 1 823 156 57710 57720 57810 52392 1 296 878 1 035 13 139 5 318 340 1 969 573 2 552 219 X 4 932 091 1 713 668 527 015 65 483 084 92.7 87.0 20.6 X 47.6 16.5 5.1 100.0 X X X 80.4 Finance & Insurance Industry Series U.S. Census Bureau, 2002 Economic Census Financial Investment Activities 5 Table 3. Product Lines by Kind of Business for the United States: 2002 Con. [These data are preliminary and are subject to change; they will be superseded by data released in later reports. Includes only establishments of firms with payroll. For meaning of abbreviations and symbols, see introductory text. For explanation of terms, see Appendix A. Data based on the 2002 Economic Census. For information on confidentiality protection, sampling error, nonsampling error, and definitions, see note at end of table] Establishments with the product line 2002 NAICS code 2002 Product line code Product line revenue As percent of total revenue of Kind of business and product line Estab lishments with the product line Number 52392 55010 55011 55012 55013 55020 55021 55022 55023 55030 55031 55033 55040 55041 55042 55043 55310 55320 55330 55410 55411 55420 55421 55423 55430 55431 55450 55451 55453 55460 55461 55462 55463 55470 55471 55472 55473 55480 55481 55482 55483 55490 55491 55493 55610 55611 55612 55613 55614 55710 55711 55712 55713 55720 55721 55722 55730 55731 55740 55750 55751 55760 55763 55910 56010 56110 56210 56310 56410 56510 56610 56710 56810 56910 57410 57510 57520 Portfolio management Con. 131 122 11 6 119 94 27 49 80 72 8 57 19 13 38 70 43 55 104 102 27 21 6 8 6 82 68 12 209 121 8 86 246 217 8 27 191 161 6 34 180 155 21 2 136 2 050 103 120 36 125 109 14 8 135 114 24 29 27 8 14 10 14 7 520 68 43 25 16 14 119 383 41 16 102 199 37 31 Total revenue ($1,000) Amount1 ($1,000) All estab lishments1 Response coverage2 (percent) Loan income Con. Loans to financial businesses Interest income Origination fees Other fees Loans to nonfinancial businesses secured Interest income Origination fees Other fees Loans to nonfinancial businesses unsecured Interest income Other fees Loans to governments Interest income Origination fees Other fees Securities origination products: Public offering products equity securities Public offering products debt securities Private placement equity securities Brokering and dealing products debt instruments: Negotiable certificates of deposit Fees and commissions Commercial paper issued by financial institutions Fees and commissions Interest income from trading accounts Commercial paper issued by nonfinancial institutions Fees and commissions Treasury bills Fees and commissions Interest income from trading accounts Other money market instruments Fees and commissions Net gains (losses) in trading accounts, excluding interest income Interest income from trading accounts Corporate and trust notes and bonds Fees and commissions Net gains (losses) in trading accounts, excluding interest income Interest income from trading accounts National government notes and bonds Fees and commissions Net gains (losses) in trading accounts, excluding interest income Interest income from trading accounts State provincial and local governments notes and bonds Fees and commissions Interest income from trading accounts Brokering and dealing products, equities Fees and commissions Net gains (losses) in trading accounts, excluding interest income Interest income from trading accounts Margin interest Brokering and dealing products derivative contracts: Futures contracts, exchange traded Fees and commissions Net gains (losses) in trading accounts, excluding interest income Interest income from trading accounts Option contracts, exchange traded Fees and commissions Net gains (losses) in trading accounts, excluding interest income Forward contracts, traded over the counter Fees and commissions Swaps, traded over the counter Option contacts traded over the counter Fees and commissions Other derivative contracts, traded over the counter Interest income from trading accounts Brokering and dealing investment company securities, including mutual funds, close end funds, and unit investment trusts Brokering and dealing other financial instruments, including commodity pools and face amount certificates Brokerage correspondent products fees Securities lending fees, including securities borrowed from a broker’s inventory and margin accounts Repurchase agreements net gains (losses) Financing related to securities, excluding securities lending and repurchase agreements net Trading debt instruments on own account net gains (losses) Trading equities on own account net gain (losses) Trading derivatives contracts on own account net gain (losses) Trading foreign currency on own account net gain (losses) Trading other securities and commodity contracts on own account net gain (losses) Trust products for business and governments fiduciary fees Management of financial market and clearing products: Payment clearing and settlement fees Security and commodity contract trade execution, clearing and settlement fees Financial planning and investment management products: 1 500 872 1 497 465 12 052 4 683 464 275 227 448 360 932 375 659 197 759 139 675 7 321 99 534 7 382 3 363 92 152 1 117 141 829 671 101 499 67 67 14 11 2 4 4 487 88 387 1 881 1 210 664 1 221 1 180 23 40 203 189 23 429 396 11 4 246 4 108 477 449 109 280 181 15 93 404 397 28 13 8 66 13 7 28 19 448 445 406 967 439 584 396 849 959 396 984 379 508 811 914 968 277 849 652 119 216 939 569 707 890 578 564 018 415 392 268 911 891 565 031 898 141 751 941 793 751 166 158 740 45 184 43 689 1 351 144 108 049 36 271 18 047 53 731 14 406 8 362 5 531 5 893 250 2 511 3 132 165 675 108 049 37 326 17 17 1 1 026 023 310 279 31 655 641 645 580 638 220 128 22 053 440 678 366 396 707 339 10 345 574 246 875 831 094 417 368 952 3.0 2.9 11.2 3.1 23.3 15.9 5.0 14.3 7.3 6.0 75.6 5.9 3.4 74.7 3.4 14.8 13.0 36.8 25.2 25.2 9.1 10.7 1.3 14.3 14.6 4.0 8.5 .2 2.3 2.6 4.3 1.8 7.1 5.4 57.4 23.0 17.0 16.6 4.6 14.0 5.5 4.3 49.4 35.4 31.4 32.2 11.7 6.4 52.8 70.2 21.4 18.1 28.7 27.7 20.1 66.7 87.7 13.7 14.3 8.6 11.6 4.1 17.6 10.2 31.4 35.2 13.7 4.8 9.7 14.9 23.5 12.4 9.4 83.9 13.8 2.2 .1 .1 Z Z .2 .1 Z .1 Z Z Z Z Z Z Z .3 .2 .1 Z Z Z Z Z Z Z Z Z Z .1 Z Z Z .1 .1 Z Z .1 Z Z Z Z Z Z 2.3 2.0 .2 .1 Z .2 .2 Z Z .2 .2 Z Z Z Z Z Z Z Z .7 .2 Z .5 .1 Z .4 .5 .1 Z .6 2.3 .1 .1 80.4 X X X 80.4 X X X 80.4 X X 71.3 X X X X X X 76.4 X 80.4 X X 80.4 X 80.4 X X 80.4 X X X 80.4 X X X 75.9 X X X 78.2 X X 73.5 X X X X 80.4 X X X 78.0 X X 80.1 X X 80.4 X 46.6 X X X X X X X X X X X X X X X 19 7 43 31 12 86 63 13 9 34 31 3 23 17 5 1 504 1 292 153 52 6 147 127 3 16 115 110 5 9 7 9 1 995 677 395 923 907 198 668 168 838 168 964 613 3 274 801 2 744 396 1 018 917 66 793 888 605 345 096 275 029 2 946 739 2 284 705 347 715 79 235 4 183 714 1 807 333 442 666 3 666 398 483 275 103 465 20 955 312 360 47 149 13 286 341 81 9 097 822 174 856 822 394 216 1 515 963 60 900 80 546 See footnotes at end of table. 6 Financial Investment Activities Finance & Insurance Industry Series U.S. Census Bureau, 2002 Economic Census Table 3. Product Lines by Kind of Business for the United States: 2002 Con. [These data are preliminary and are subject to change; they will be superseded by data released in later reports. Includes only establishments of firms with payroll. For meaning of abbreviations and symbols, see introductory text. For explanation of terms, see Appendix A. Data based on the 2002 Economic Census. For information on confidentiality protection, sampling error, nonsampling error, and definitions, see note at end of table] Establishments with the product line 2002 NAICS code 2002 Product line code Product line revenue As percent of total revenue of Kind of business and product line Estab lishments with the product line Number 52392 57710 57720 57810 523920 Portfolio management Con. Total revenue ($1,000) Amount1 ($1,000) All estab lishments1 Response coverage2 (percent) Financial planning and investment management products Con. Financial planning and investment management services for businesses and government Financial planning and investment management services for individuals Other products supporting financial services fees Portfolio management Loan income: Loans to financial businesses Interest income Origination fees Other fees Loans to nonfinancial businesses secured Interest income Origination fees Other fees Loans to nonfinancial businesses unsecured Interest income Other fees Loans to governments Interest income Origination fees Other fees Securities origination products: Public offering products equity securities Public offering products debt securities Private placement equity securities Brokering and dealing products debt instruments: Negotiable certificates of deposit Fees and commissions Commercial paper issued by financial institutions Fees and commissions Interest income from trading accounts Commercial paper issued by nonfinancial institutions Fees and commissions Treasury bills Fees and commissions Interest income from trading accounts Other money market instruments Fees and commissions Net gains (losses) in trading accounts, excluding interest income Interest income from trading accounts Corporate and trust notes and bonds Fees and commissions Net gains (losses) in trading accounts, excluding interest income Interest income from trading accounts National government notes and bonds Fees and commissions Net gains (losses) in trading accounts, excluding interest income Interest income from trading accounts State provincial and local governments notes and bonds Fees and commissions Interest income from trading accounts Brokering and dealing products, equities Fees and commissions Net gains (losses) in trading accounts, excluding interest income Interest income from trading accounts Margin interest Brokering and dealing products derivative contracts: Futures contracts, exchange traded Fees and commissions Net gains (losses) in trading accounts, excluding interest income Interest income from trading accounts Option contracts, exchange traded Fees and commissions Net gains (losses) in trading accounts, excluding interest income Forward contracts, traded over the counter Fees and commissions Swaps, traded over the counter Option contacts traded over the counter Fees and commissions Other derivative contracts, traded over the counter Interest income from trading accounts Brokering and dealing investment company securities, including mutual funds, close end funds, and unit investment trusts Brokering and dealing other financial instruments, including commodity pools and face amount certificates Brokerage correspondent products fees Securities lending fees, including securities borrowed from a broker’s inventory and margin accounts Repurchase agreements net gains (losses) Financing related to securities, excluding securities lending and repurchase agreements net Trading debt instruments on own account net gains (losses) Trading equities on own account net gain (losses) Trading derivatives contracts on own account net gain (losses) Trading foreign currency on own account net gain (losses) 3 965 9 588 1 350 13 139 24 553 537 49 647 310 18 794 955 X 16 681 495 39 971 021 2 575 502 65 483 084 67.9 80.5 13.7 X 25.5 61.0 3.9 100.0 X X X 80.4 55010 55011 55012 55013 55020 55021 55022 55023 55030 55031 55033 55040 55041 55042 55043 55310 55320 55330 55410 55411 55420 55421 55423 55430 55431 55450 55451 55453 55460 55461 55462 55463 55470 55471 55472 55473 55480 55481 55482 55483 55490 55491 55493 55610 55611 55612 55613 55614 55710 55711 55712 55713 55720 55721 55722 55730 55731 55740 55750 55751 55760 55763 55910 56010 56110 56210 56310 56410 56510 56610 56710 56810 131 122 11 6 119 94 27 49 80 72 8 57 19 13 38 70 43 55 104 102 27 21 6 8 6 82 68 12 209 121 8 86 246 217 8 27 191 161 6 34 180 155 21 2 136 2 050 103 120 36 125 109 14 8 135 114 24 29 27 8 14 10 14 7 520 68 43 25 16 14 119 383 41 16 1 500 872 1 497 465 12 052 4 683 464 275 227 448 360 932 375 659 197 759 139 675 7 321 99 534 7 382 3 363 92 152 1 117 141 829 671 101 499 67 67 14 11 2 4 4 487 88 387 1 881 1 210 664 1 221 1 180 23 40 203 189 23 429 396 11 4 246 4 108 477 449 109 280 181 15 93 404 397 28 13 8 66 13 7 28 19 448 445 406 967 439 584 396 849 959 396 984 379 508 811 914 968 277 849 652 119 216 939 569 707 890 578 564 018 415 392 268 911 891 565 031 898 141 751 941 793 751 166 158 740 45 184 43 689 1 351 144 108 049 36 271 18 047 53 731 14 406 8 362 5 531 5 893 250 2 511 3 132 165 675 108 049 37 326 17 17 1 1 026 023 310 279 31 655 641 645 580 638 220 128 22 053 440 678 366 396 707 339 10 345 574 246 875 831 094 417 368 952 3.0 2.9 11.2 3.1 23.3 15.9 5.0 14.3 7.3 6.0 75.6 5.9 3.4 74.7 3.4 14.8 13.0 36.8 25.2 25.2 9.1 10.7 1.3 14.3 14.6 4.0 8.5 .2 2.3 2.6 4.3 1.8 7.1 5.4 57.4 23.0 17.0 16.6 4.6 14.0 5.5 4.3 49.4 35.4 31.4 32.2 11.7 6.4 52.8 70.2 21.4 18.1 28.7 27.7 20.1 66.7 87.7 13.7 14.3 8.6 11.6 4.1 17.6 10.2 31.4 35.2 13.7 4.8 9.7 14.9 23.5 12.4 .1 .1 Z Z .2 .1 Z .1 Z Z Z Z Z Z Z .3 .2 .1 Z Z Z Z Z Z Z Z Z Z .1 Z Z Z .1 .1 Z Z .1 Z Z Z Z Z Z 2.3 2.0 .2 .1 Z .2 .2 Z Z .2 .2 Z Z Z Z Z Z Z Z .7 .2 Z .5 .1 Z .4 .5 .1 Z 80.4 X X X 80.4 X X X 80.4 X X 71.3 X X X X X X 76.4 X 80.4 X X 80.4 X 80.4 X X 80.4 X X X 80.4 X X X 75.9 X X X 78.2 X X 73.5 X X X X 80.4 X X X 78.0 X X 80.1 X X 80.4 X 46.6 X X X X X X X X X X X 19 7 43 31 12 86 63 13 9 34 31 3 23 17 5 1 504 1 292 153 52 6 147 127 3 16 115 110 5 9 7 9 1 995 677 395 923 907 198 668 168 838 168 964 613 3 274 801 2 744 396 1 018 917 66 793 888 605 345 096 275 029 2 946 739 2 284 705 347 715 79 235 483 275 103 465 20 955 312 360 47 149 13 286 341 81 9 097 822 174 856 822 See footnotes at end of table. Finance & Insurance Industry Series U.S. Census Bureau, 2002 Economic Census Financial Investment Activities 7 Table 3. Product Lines by Kind of Business for the United States: 2002 Con. [These data are preliminary and are subject to change; they will be superseded by data released in later reports. Includes only establishments of firms with payroll. For meaning of abbreviations and symbols, see introductory text. For explanation of terms, see Appendix A. Data based on the 2002 Economic Census. For information on confidentiality protection, sampling error, nonsampling error, and definitions, see note at end of table] Establishments with the product line 2002 NAICS code 2002 Product line code Product line revenue As percent of total revenue of Kind of business and product line Estab lishments with the product line Number 523920 56910 57410 57510 57520 Portfolio management Con. 102 199 37 31 Total revenue ($1,000) Amount1 ($1,000) All estab lishments1 Response coverage2 (percent) Trading other securities and commodity contracts on own account net gain (losses) Trust products for business and governments fiduciary fees Management of financial market and clearing products: Payment clearing and settlement fees Security and commodity contract trade execution, clearing and settlement fees Financial planning and investment management products: Financial planning and investment management services for businesses and government Financial planning and investment management services for individuals Other products supporting financial services fees Investment advice Loan income: Loans to financial businesses Interest income Origination fees Other fees Loans to nonfinancial businesses secured Interest income Origination fees Other fees Loans to nonfinancial businesses unsecured Interest income Origination fees Other fees Loans to governments Securities origination products: Public offering products equity securities Public offering products debt securities Private placement equity securities Private placement debt securities Brokering and dealing products debt instruments: Negotiable certificates of deposit Fees and commissions Interest income from trading accounts Commercial paper issued by financial institutions Fees and commissions Interest income from trading accounts Commercial paper issued by nonfinancial institutions Fees and commissions Bankers acceptance Fees and commissions Treasury bills Fees and commissions Interest income from trading accounts Other money market instruments Fees and commissions Net gains (losses) in trading accounts, excluding interest income Interest income from trading accounts Corporate and trust notes and bonds Fees and commissions Net gains (losses) in trading accounts, excluding interest income Interest income from trading accounts National government notes and bonds Fees and commissions Net gains (losses) in trading accounts, excluding interest income Interest income from trading accounts State provincial and local governments notes and bonds Fees and commissions Net gains (losses) in trading accounts, excluding interest income Interest income from trading accounts Brokering and dealing products, equities Brokering and dealing products derivative contracts: Futures contracts, exchange traded Option contracts, exchange traded Fees and commissions Margin interest Forward contracts, traded over the counter Fees and commissions Net gains (losses) in trading accounts, excluding interest income Interest income from trading accounts Swaps, traded over the counter Fees and commissions Net gains (losses) in trading accounts, excluding interest income Interest income from trading accounts Option contacts traded over the counter Fees and commissions Net gains (losses) in trading accounts, excluding interest income Interest income from trading accounts Margin interest Other derivative contracts, traded over the counter Fees and commissions Net gains (losses) in trading accounts, excluding interest income Interest income from trading accounts Brokering and dealing foreign currency fees wholesale 4 183 714 1 807 333 442 666 3 666 398 394 216 1 515 963 60 900 80 546 9.4 83.9 13.8 2.2 .6 2.3 .1 .1 X X X X 57710 57720 57810 52393 3 965 9 588 1 350 14 617 24 553 537 49 647 310 18 794 955 X 16 681 495 39 971 021 2 575 502 15 098 418 67.9 80.5 13.7 X 25.5 61.0 3.9 100.0 X X X 68.9 55010 55011 55012 55013 55020 55021 55022 55023 55030 55031 55032 55033 55040 55310 55320 55330 55340 55410 55411 55413 55420 55421 55423 55430 55431 55440 55441 55450 55451 55453 55460 55461 55462 55463 55470 55471 55472 55473 55480 55481 55482 55483 55490 55491 55492 55493 55610 55710 55720 55721 55724 55730 55731 55732 55733 55740 55741 55742 55743 55750 55751 55752 55753 55754 55760 55761 55762 55763 55810 113 81 18 23 180 144 63 77 189 175 14 27 68 234 108 72 23 247 233 14 50 41 9 27 22 32 32 144 130 14 252 194 13 54 378 346 28 32 252 238 9 14 284 265 14 19 3 884 180 247 232 15 68 58 10 15 32 21 11 11 36 12 18 12 6 45 45 13 13 9 61 51 8 5 45 40 40 37 30 30 753 864 385 042 597 682 448 561 650 188 794 1 547 2 567 354 969 457 985 939 661 843 689 017 672 665 274 171 171 995 235 760 326 889 110 425 159 783 245 376 737 444 940 293 046 891 686 155 950 16 7 6 1 13 9 2 2 10 10 004 673 740 591 589 132 113 344 871 165 173 533 1 057 5 586 755 1 812 1 812 25.9 14.8 80.4 31.6 29.8 22.4 5.2 6.2 35.5 33.7 21.8 34.5 41.2 10.3 2.9 11.0 14.0 11.6 24.9 .7 7.4 40.4 .9 2.6 14.0 42.9 42.9 12.8 30.7 .9 18.3 32.6 13.6 10.2 28.1 16.9 .9 39.3 4.4 4.3 1.0 3.7 29.4 42.5 1.7 1.9 52.0 42.5 38.1 34.5 S 8.9 62.0 .6 1.0 28.9 11.4 21.6 8.4 7.9 4.3 6.8 .8 15.1 15.4 2.7 1.9 11.3 33.3 .1 .1 Z Z .1 .1 Z Z .1 .1 Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z .1 .1 Z Z .2 .1 Z .1 Z Z Z Z .2 .2 Z Z 6.3 .7 .2 .2 Z Z Z Z Z .1 Z Z Z Z Z Z Z Z Z Z Z Z Z 68.9 X X X 68.9 X X X 68.9 X X X X X X X X 68.7 X X 68.9 X X 68.9 X 65.8 X 68.5 X X 68.9 X X X 68.2 X X X 68.4 X X X 68.5 X X X X X 42.3 X X 68.5 X X X 68.5 X X X 68.1 X X X X 67.8 X X X X 54 25 16 12 51 20 34 36 6 30 17 1 3 3 52 21 31 88 31 56 101 52 48 48 74 43 30 31 99 66 7 32 1 840 6 039 5 135 260 2 718 2 432 285 453 178 1 359 1 359 6 794 6 518 276 16 155 10 394 15 5 746 28 385 8 941 443 19 001 3 322 1 850 302 1 170 29 140 28 408 129 603 957 551 106 32 28 3 3 2 9 6 2 2 2 4 3 294 462 887 575 171 822 43 306 512 227 688 597 567 16 139 260 152 982 858 599 525 151 250 332 85 306 83 825 S 35 481 4 554 6 806 31 263 32 915 1 986 30 929 30 929 32 613 369 31 238 31 019 1 005 32 311 32 311 31 270 31 270 453 See footnotes at end of table. 8 Financial Investment Activities Finance & Insurance Industry Series U.S. Census Bureau, 2002 Economic Census Table 3. Product Lines by Kind of Business for the United States: 2002 Con. [These data are preliminary and are subject to change; they will be superseded by data released in later reports. Includes only establishments of firms with payroll. For meaning of abbreviations and symbols, see introductory text. For explanation of terms, see Appendix A. Data based on the 2002 Economic Census. For information on confidentiality protection, sampling error, nonsampling error, and definitions, see note at end of table] Establishments with the product line 2002 NAICS code 2002 Product line code Product line revenue As percent of total revenue of Kind of business and product line Estab lishments with the product line Number 52393 55910 56010 56110 56210 56510 56610 56710 56910 57410 57510 57520 Investment advice Con. 932 171 27 27 27 239 9 45 27 50 18 Total revenue ($1,000) Amount1 ($1,000) All estab lishments1 Response coverage2 (percent) Brokering and dealing investment company securities, including mutual funds, close end funds, and unit investment trusts Brokering and dealing other financial instruments, including commodity pools and face amount certificates Brokerage correspondent products fees Securities lending fees, including securities borrowed from a broker’s inventory and margin accounts Trading debt instruments on own account net gains (losses) Trading equities on own account net gain (losses) Trading derivatives contracts on own account net gain (losses) Trading other securities and commodity contracts on own account net gain (losses) Trust products for business and governments fiduciary fees Management of financial market and clearing products: Payment clearing and settlement fees Security and commodity contract trade execution, clearing and settlement fees Financial planning and investment management products: Financial planning and investment management services for businesses and government Financial planning and investment management services for individuals Other products supporting financial services fees Investment advice Loan income: Loans to financial businesses Interest income Origination fees Other fees Loans to nonfinancial businesses secured Interest income Origination fees Other fees Loans to nonfinancial businesses unsecured Interest income Origination fees Other fees Loans to governments Securities origination products: Public offering products equity securities Public offering products debt securities Private placement equity securities Private placement debt securities Brokering and dealing products debt instruments: Negotiable certificates of deposit Fees and commissions Interest income from trading accounts Commercial paper issued by financial institutions Fees and commissions Interest income from trading accounts Commercial paper issued by nonfinancial institutions Fees and commissions Bankers acceptance Fees and commissions Treasury bills Fees and commissions Interest income from trading accounts Other money market instruments Fees and commissions Net gains (losses) in trading accounts, excluding interest income Interest income from trading accounts Corporate and trust notes and bonds Fees and commissions Net gains (losses) in trading accounts, excluding interest income Interest income from trading accounts National government notes and bonds Fees and commissions Net gains (losses) in trading accounts, excluding interest income Interest income from trading accounts State provincial and local governments notes and bonds Fees and commissions Net gains (losses) in trading accounts, excluding interest income Interest income from trading accounts Brokering and dealing products, equities Brokering and dealing products derivative contracts: Futures contracts, exchange traded Option contracts, exchange traded Fees and commissions Margin interest Forward contracts, traded over the counter Fees and commissions Net gains (losses) in trading accounts, excluding interest income Interest income from trading accounts 144 794 34 575 2 265 19 326 591 103 579 477 64 168 180 577 23 403 18 420 17 967 35 330 3 775 755 906 28 687 18 118 61 905 23 101 2 265 6 190 4 379 24.4 10.9 33.3 4.7 4.9 3.1 96.5 12.8 9.7 33.6 24.4 .2 Z Z Z .2 .1 .4 .2 Z Z Z X X X X X X X X X X X 57710 57720 57810 523930 3 294 9 433 1 778 14 617 5 060 688 10 527 372 1 439 332 X 4 272 290 9 097 494 263 319 15 098 418 84.4 86.4 18.3 X 28.3 60.3 1.7 100.0 X X X 68.9 55010 55011 55012 55013 55020 55021 55022 55023 55030 55031 55032 55033 55040 55310 55320 55330 55340 55410 55411 55413 55420 55421 55423 55430 55431 55440 55441 55450 55451 55453 55460 55461 55462 55463 55470 55471 55472 55473 55480 55481 55482 55483 55490 55491 55492 55493 55610 55710 55720 55721 55724 55730 55731 55732 55733 113 81 18 23 180 144 63 77 189 175 14 27 68 234 108 72 23 247 233 14 50 41 9 27 22 32 32 144 130 14 252 194 13 54 378 346 28 32 252 238 9 14 284 265 14 19 3 884 180 247 232 15 68 58 10 15 61 51 8 5 45 40 40 37 30 30 753 864 385 042 597 682 448 561 650 188 794 1 547 2 567 354 969 457 985 939 661 843 689 017 672 665 274 171 171 995 235 760 326 889 110 425 159 783 245 376 737 444 940 293 046 891 686 155 950 16 7 6 1 13 9 2 2 10 10 004 673 740 591 589 132 113 344 871 165 173 533 1 057 25.9 14.8 80.4 31.6 29.8 22.4 5.2 6.2 35.5 33.7 21.8 34.5 41.2 10.3 2.9 11.0 14.0 11.6 24.9 .7 7.4 40.4 .9 2.6 14.0 42.9 42.9 12.8 30.7 .9 18.3 32.6 13.6 10.2 28.1 16.9 .9 39.3 4.4 4.3 1.0 3.7 29.4 42.5 1.7 1.9 52.0 42.5 38.1 34.5 S 8.9 62.0 .6 1.0 .1 .1 Z Z .1 .1 Z Z .1 .1 Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z .1 .1 Z Z .2 .1 Z .1 Z Z Z Z .2 .2 Z Z 6.3 .7 .2 .2 Z Z Z Z Z 68.9 X X X 68.9 X X X 68.9 X X X X X X X X 68.7 X X 68.9 X X 68.9 X 65.8 X 68.5 X X 68.9 X X X 68.2 X X X 68.4 X X X 68.5 X X X X X 42.3 X X 68.5 X X X 54 25 16 12 51 20 34 36 6 30 17 1 3 3 52 21 31 88 31 56 101 52 48 48 74 43 30 31 99 66 7 32 1 840 5 586 755 1 812 1 812 6 039 5 135 260 2 718 2 432 285 453 178 1 359 1 359 6 794 6 518 276 16 155 10 394 15 5 746 28 385 8 941 443 19 001 3 322 1 850 302 1 170 29 140 28 408 129 603 957 551 106 32 28 3 3 2 294 462 887 575 171 822 43 306 250 332 85 306 83 825 S 35 481 4 554 6 806 31 263 See footnotes at end of table. Finance & Insurance Industry Series U.S. Census Bureau, 2002 Economic Census Financial Investment Activities 9 Table 3. Product Lines by Kind of Business for the United States: 2002 Con. [These data are preliminary and are subject to change; they will be superseded by data released in later reports. Includes only establishments of firms with payroll. For meaning of abbreviations and symbols, see introductory text. For explanation of terms, see Appendix A. Data based on the 2002 Economic Census. For information on confidentiality protection, sampling error, nonsampling error, and definitions, see note at end of table] Establishments with the product line 2002 NAICS code 2002 Product line code Product line revenue As percent of total revenue of Kind of business and product line Estab lishments with the product line Number 523930 55740 55741 55742 55743 55750 55751 55752 55753 55754 55760 55761 55762 55763 55810 55910 56010 56110 56210 Investment advice Con. 32 21 11 11 36 12 18 12 6 45 45 13 13 9 932 171 27 27 27 239 9 45 27 50 18 Total revenue ($1,000) Amount1 ($1,000) All estab lishments1 Response coverage2 (percent) Brokering and dealing products derivative contracts Con. Swaps, traded over the counter Fees and commissions Net gains (losses) in trading accounts, excluding interest income Interest income from trading accounts Option contacts traded over the counter Fees and commissions Net gains (losses) in trading accounts, excluding interest income Interest income from trading accounts Margin interest Other derivative contracts, traded over the counter Fees and commissions Net gains (losses) in trading accounts, excluding interest income Interest income from trading accounts Brokering and dealing foreign currency fees wholesale Brokering and dealing investment company securities, including mutual funds, close end funds, and unit investment trusts Brokering and dealing other financial instruments, including commodity pools and face amount certificates Brokerage correspondent products fees Securities lending fees, including securities borrowed from a broker’s inventory and margin accounts Trading debt instruments on own account net gains (losses) Trading equities on own account net gain (losses) Trading derivatives contracts on own account net gain (losses) Trading other securities and commodity contracts on own account net gain (losses) Trust products for business and governments fiduciary fees Management of financial market and clearing products: Payment clearing and settlement fees Security and commodity contract trade execution, clearing and settlement fees Financial planning and investment management products: Financial planning and investment management services for businesses and government Financial planning and investment management services for individuals Other products supporting financial services fees All other financial investment activities Loan income: Loans to financial businesses Interest income Origination fees Loans to nonfinancial businesses secured Interest income Loans to nonfinancial businesses unsecured Interest income Loans to governments Interest income Securities origination products: Public offering products equity securities Public offering products debt securities Private placement equity securities Brokering and dealing products debt instruments: Negotiable certificates of deposit Fees and commissions Interest income from trading accounts Commercial paper issued by financial institutions Interest income from trading accounts Commercial paper issued by nonfinancial institutions Interest income from trading accounts Bankers acceptance Margin interest Treasury bills Interest income from trading accounts Other money market instruments Fees and commissions Interest income from trading accounts Corporate and trust notes and bonds Fees and commissions Interest income from trading accounts National government notes and bonds Net gains (losses) in trading accounts, excluding interest income Interest income from trading accounts State provincial and local governments notes and bonds Interest income from trading accounts Brokering and dealing products, equities Fees and commissions Interest income from trading accounts Margin interest Brokering and dealing products derivative contracts: Futures contracts, exchange traded Fees and commissions 32 1 30 30 32 31 31 1 32 32 31 31 915 986 929 929 613 369 238 019 005 311 311 270 270 453 9 512 227 6 688 2 597 2 567 16 2 139 260 152 4 982 858 599 3 525 151 35 330 3 775 755 906 28 687 18 118 61 905 23 101 2 265 6 190 4 379 28.9 11.4 21.6 8.4 7.9 4.3 6.8 .8 15.1 15.4 2.7 1.9 11.3 33.3 24.4 10.9 33.3 4.7 4.9 3.1 96.5 12.8 9.7 33.6 24.4 .1 Z Z Z Z Z Z Z Z Z Z Z Z Z .2 Z Z Z .2 .1 .4 .2 Z Z Z 68.5 X X X 68.1 X X X X 67.8 X X X X X X X X X X X X X X X 144 794 34 575 2 265 19 326 591 103 579 477 64 168 180 577 23 403 18 420 17 967 56510 56610 56710 56910 57410 57510 57520 57710 57720 57810 52399 3 294 9 433 1 778 3 201 5 060 688 10 527 372 1 439 332 X 4 272 290 9 097 494 263 319 15 422 625 84.4 86.4 18.3 X 28.3 60.3 1.7 100.0 X X X 68.0 55010 55011 55012 55020 55021 55030 55031 55040 55041 55310 55320 55330 55410 55411 55413 55420 55423 55430 55433 55440 55444 55450 55453 55460 55461 55463 55470 55471 55473 55480 55482 55483 55490 55493 55610 55611 55613 55614 55710 55711 147 147 6 31 26 34 34 21 21 16 10 10 73 57 16 18 13 13 13 16 11 37 32 112 55 63 58 19 39 52 10 42 31 26 168 129 42 32 40 35 4 293 805 4 293 805 4 203 799 5 612 4 745 23 686 23 686 2 572 2 572 24 084 4 209 3 157 44 36 7 5 3 2 2 4 2 023 020 231 61 172 129 29 99 968 2 965 956 953 583 228 114 461 196 997 199 823 148 876 876 560 752 176 480 196 393 520 772 889 883 344 698 130 069 339 119 840 974 983 723 340 382 3 3 2 2 2 2 192 359 833 624 199 450 449 338 338 16.8 7.9 9.1 64.6 67.4 10.3 10.3 90.9 90.9 23.8 11.1 11.1 25.0 29.2 3.4 55.8 99.9 10.6 10.6 5.1 6.9 9.8 9.8 7.0 23.9 .8 16.8 20.1 15.7 10.9 3.4 10.9 2.0 2.0 49.8 75.9 14.4 21.7 90.7 90.6 4.7 2.2 2.5 Z Z Z Z Z Z Z Z Z .1 .1 Z Z Z Z Z Z Z 2.6 2.6 .1 .1 Z .1 Z .1 2.8 Z 2.8 .5 .5 1.9 1.1 .1 .7 .2 .2 63.7 X X 68.0 X 68.0 X 67.5 X X X X 68.0 X X 68.0 X 68.0 X 68.0 X 68.0 X 68.0 X X 60.5 X X 68.0 X X 68.0 X 68.0 X X X 68.0 X 5 729 468 351 11 050 10 802 248 3 251 3 146 304 304 234 190 395 626 395 286 16 077 14 646 1 431 21 746 6 016 15 730 433 740 91 433 528 79 967 79 853 290 579 173 580 16 592 100 418 26 280 26 202 4 4 3 3 3 3 28 968 28 921 See footnotes at end of table. 10 Financial Investment Activities Finance & Insurance Industry Series U.S. Census Bureau, 2002 Economic Census Table 3. Product Lines by Kind of Business for the United States: 2002 Con. [These data are preliminary and are subject to change; they will be superseded by data released in later reports. Includes only establishments of firms with payroll. For meaning of abbreviations and symbols, see introductory text. For explanation of terms, see Appendix A. Data based on the 2002 Economic Census. For information on confidentiality protection, sampling error, nonsampling error, and definitions, see note at end of table] Establishments with the product line 2002 NAICS code 2002 Product line code Product line revenue As percent of total revenue of Kind of business and product line Estab lishments with the product line Number 52399 55720 55721 55723 55724 55730 55731 55740 55750 55752 55760 55810 55910 56010 56110 56210 All other financial investment activities Con. Brokering and dealing products derivative contracts Con. Option contracts, exchange traded Fees and commissions Interest income from trading accounts Margin interest Forward contracts, traded over the counter Fees and commissions Swaps, traded over the counter Option contacts traded over the counter Net gains (losses) in trading accounts, excluding interest income Other derivative contracts, traded over the counter Brokering and dealing foreign currency fees wholesale Brokering and dealing investment company securities, including mutual funds, close end funds, and unit investment trusts Brokering and dealing other financial instruments, including commodity pools and face amount certificates Brokerage correspondent products fees Securities lending fees, including securities borrowed from a broker’s inventory and margin accounts Repurchase agreements net gains (losses) Trading debt instruments on own account net gains (losses) Trading equities on own account net gain (losses) Trading other securities and commodity contracts on own account net gain (losses) Trust products for business and governments fiduciary fees Management of financial market and clearing products: Payment clearing and settlement fees Security and commodity contract trade execution, clearing and settlement fees Access fees for security and commodity contract trade execution and clearing systems Security and commodity contract exchange and clearinghouse listing fees Financial planning and investment management products: Financial planning and investment management services for businesses and government Financial planning and investment management services for individuals Other products supporting financial services fees 21 7 14 7 18 18 10 13 8 13 10 66 32 8 10 18 68 147 84 1 707 168 118 32 24 Total revenue ($1,000) Amount1 ($1,000) All estab lishments1 Response coverage2 (percent) 4 326 210 4 116 1 356 3 194 3 194 2 806 3 099 410 3 099 24 435 379 184 9 329 560 120 069 4 627 500 163 092 247 075 676 988 12 029 238 1 718 496 490 473 141 806 240 336 1 637 207 1 423 7 738 738 351 304 187 304 351 66 777 9 329 560 14 965 374 384 9 938 50 546 17 605 9 002 781 1 247 205 334 684 13 127 29 933 37.8 98.6 34.6 .5 23.1 23.1 12.5 9.8 45.6 9.8 1.4 17.6 100.0 100.0 12.5 8.1 6.1 20.5 2.6 74.8 72.6 68.2 9.3 12.5 Z Z Z Z Z Z Z Z Z Z Z .4 .1 Z .1 2.4 .1 .3 .1 58.4 8.1 2.2 .1 .2 66.3 X X X 68.0 X X 68.0 X X X X X X X X X X X X X X X X 56310 56510 56610 56910 57410 57510 57520 57530 57540 57710 57720 57810 1Product 281 834 504 527 867 5 066 937 7 146 096 278 609 1 153 061 798 313 52.8 22.8 11.2 1.8 7.5 5.2 X X X line revenue and/or product line percents may not sum to totals due to exclusion of selected lines to avoid disclosing data for individual companies, due to rounding, and/or due to exclusion of lines that did not meet publication criteria. 2Revenue of establishments reporting product line revenue as percent of total revenue. Note: The data in this table are based on the 2002 Economic Census. To maintain confidentiality, the Census Bureau suppresses data to protect the identity of any business or individual. The census results in this table contain nonsampling error. Data users who create their own estimates using data from this table should cite the Census Bureau as the source of the original data only. See also explanation of terms and geographic definitions. For the full technical documentation, see Appendix C. Finance & Insurance Industry Series U.S. Census Bureau, 2002 Economic Census Financial Investment Activities 11 Table 4. Concentration by Largest Firms for the United States: 2002 [These data are preliminary and are subject to change; they will be superseded by data released in later reports. Includes only firms and establishments of firms with payroll. Excludes data for establishments of these firms that are classified in other categories than those specified in this table. For meaning of abbreviations and symbols, see introductory text. For explanation of terms, see Appendix A. For method of assignment to categories shown, see Appendix C. Data based on the 2002 Economic Census. For information on confidentiality protection, sampling error, nonsampling error, and definitions, see note at end of table] Revenue 2002 NAICS code Kind of business and largest firms based on revenue Establishments (number) Amount ($1,000) As percent of total Annual payroll ($1,000) First quarter payroll ($1,000) Paid employees for pay period including March 12 (number) 5239 Other financial investment activities All firms 4 largest firms 8 largest firms 20 largest firms 50 largest firms 37 118 107 246 1 058 1 637 106 13 21 33 48 363 309 099 773 632 037 763 608 894 775 100.0 12.5 19.8 31.8 45.7 35 3 4 9 13 034 114 957 004 405 255 100 447 064 502 9 757 854 1 266 2 479 4 014 730 912 385 811 057 336 16 37 84 124 008 232 856 306 148 52391 Miscellaneous intermediation All firms 4 largest firms 8 largest firms 20 largest firms 50 largest firms 6 161 6 76 95 149 10 1 1 2 3 358 107 769 716 927 910 856 435 847 757 100.0 10.7 17.1 26.2 37.9 3 053 77 177 444 829 618 963 031 642 742 792 14 43 124 215 131 581 573 062 200 28 827 331 1 328 2 194 3 433 523910 Miscellaneous intermediation All firms 4 largest firms 8 largest firms 20 largest firms 50 largest firms 6 161 6 76 95 149 10 1 1 2 3 358 107 769 716 927 910 856 435 847 757 100.0 10.7 17.1 26.2 37.9 3 053 77 177 444 829 618 963 031 642 742 792 14 43 124 215 131 581 573 062 200 28 827 331 1 328 2 194 3 433 52392 Portfolio management All firms 4 largest firms 8 largest firms 20 largest firms 50 largest firms 13 139 37 95 240 595 65 10 15 25 35 483 561 519 230 612 084 551 922 980 426 100.0 16.1 23.7 38.5 54.4 22 2 3 6 10 244 443 429 720 036 233 674 962 682 641 6 249 578 855 1 849 3 095 517 933 816 652 051 180 21 33 60 81 566 740 557 291 413 523920 Portfolio management All firms 4 largest firms 8 largest firms 20 largest firms 50 largest firms 13 139 37 95 240 595 65 10 15 25 35 483 561 519 230 612 084 551 922 980 426 100.0 16.1 23.7 38.5 54.4 22 2 3 6 10 244 443 429 720 036 233 674 962 682 641 6 249 578 855 1 849 3 095 517 933 816 652 051 180 21 33 60 81 566 740 557 291 413 52393 Investment advice All firms 4 largest firms 8 largest firms 20 largest firms 50 largest firms 14 617 139 324 604 740 15 3 4 6 7 098 745 951 514 958 418 091 298 267 320 100.0 24.8 32.8 43.1 52.7 5 473 963 1 402 2 121 2 696 007 172 695 664 333 1 489 279 412 658 841 610 510 412 145 845 67 8 12 20 24 164 411 538 512 664 523930 Investment advice All firms 4 largest firms 8 largest firms 20 largest firms 50 largest firms 14 617 139 324 604 740 15 3 4 6 7 098 745 951 514 958 418 091 298 267 320 100.0 24.8 32.8 43.1 52.7 5 473 963 1 402 2 121 2 696 007 172 695 664 333 1 489 279 412 658 841 610 510 412 145 845 67 8 12 20 24 164 411 538 512 664 52399 All other financial investment activities All firms 4 largest firms 8 largest firms 20 largest firms 50 largest firms 3 201 221 246 342 470 15 5 7 10 12 422 163 263 272 287 625 245 562 977 203 100.0 33.5 47.1 66.6 79.7 4 1 1 2 3 263 462 919 849 370 397 730 335 672 716 1 226 409 552 851 998 472 316 354 612 210 59 9 16 31 40 451 544 941 801 040 Note: The data in this table are based on the 2002 Economic Census. To maintain confidentiality, the Census Bureau suppresses data to protect the identity of any business or individual. The census results in this table contain nonsampling error. Data users who create their own estimates using data from this table should cite the Census Bureau as the source of the original data only. See also explanation of terms and geographic definitions. For the full technical documentation, see Appendix C. 12 Financial Investment Activities Finance & Insurance Industry Series U.S. Census Bureau, 2002 Economic Census Appendix A. Explanation of Terms ANNUAL PAYROLL Payroll includes all forms of compensation such as salaries, wages, commissions, dismissal pay, bonuses, vacation allowances, sick-leave pay, and employee contributions to qualified pension plans paid during the year to all employees and reported on Internal Revenue Service (IRS) Form 941 as taxable Medicare Wages and tips (even if not subject to income or FICA tax). Excluded are commissions paid to independent (nonemployee) agents, such as insurance agents. For corporations, payroll includes amounts paid to officers and executives; for unincorporated businesses, it does not include profit or other compensation of proprietors or partners. Payroll is reported before deductions for social security, income tax, insurance, union dues, etc. This definition of payroll is the same as that used by the IRS on Form 941. ESTABLISHMENTS An establishment is a single physical location at which business is conducted. It is not necessarily identical to a company or enterprise, which may consist of one establishment or more. Economic census figures represent a summary of reports for individual establishments rather than companies. For cases where a census report was received, separate information was obtained for each location where business was conducted. When administrative records of other federal agencies were used instead of a census report, no information was available on the number of locations operated. Each economic census establishment was tabulated according to the physical location at which the business was conducted. The count of establishments represents those in business at any time during 2002. When two or more activities were carried on at a single location under a single ownership, all activities generally were grouped together as a single establishment. The entire establishment was classified on the basis of its major activity and all data for it were included in that classification. However, when distinct and separate economic activities (for which different industry classification codes were appropriate) were conducted at a single location under a single ownership, separate establishment reports for each of the different activities were obtained in the census. FIRMS A firm is a business organization or entity consisting of one domestic establishment (location) or more under common ownership or control. All establishments of subsidiary firms are included as part of the owning or controlling firm. For the economic census, the terms “firm” and “company” are synonymous. FIRST-QUARTER PAYROLL Represents payroll paid to persons employed at any time during the quarter January to March 2002. PAID EMPLOYEES FOR PAY PERIOD INCLUDING MARCH 12 Paid employees consist of full- and part-time employees, including salaried officers and executives of corporations, who were on the payroll during the pay period including March 12. Included are employees on paid sick leave, paid holidays, and paid vacations; not included are proprietors and partners of unincorporated businesses; independent (nonemployee) agents; full- and part-time Finance & Insurance U.S. Census Bureau, 2002 Economic Census Appendix A A–1 leased employees whose payroll was filed under an employee leasing company’s Employer Identification Number (EIN); and temporary staffing obtained from a staffing service. The definition of paid employees is the same as that used by the Internal Revenue Service (IRS) on Form 941. REVENUE Includes revenue from all business activities whether or not payment was received in the census year, including commissions and fees from all sources, rents, net investment income, interest, dividends, royalties, and net insurance premiums earned. Revenue from leasing property marketed under operating leases is included, as well as interest earned from property marketed under capital, finance, or full payout leases. Revenue also includes the total value of service contracts and amounts received for work subcontracted to others. Revenue does not include sales and other taxes (including Hawaii’s General Excise Tax) collected from customers and paid directly by the firm to a local, state, or federal tax agency. A–2 Appendix A Finance & Insurance U.S. Census Bureau, 2002 Economic Census Appendix B. NAICS Codes, Titles, and Descriptions PART 1. 2002 NAICS 5239 OTHER FINANCIAL INVESTMENT ACTIVITIES This industry group comprises establishments primarily engaged in one of the following: (1) acting as principals in buying or selling financial contracts (except investment bankers, securities dealers, and commodity contracts dealers); (2) acting as agents (i.e., brokers) (except securities brokerages and commodity contracts brokerages) in buying or selling financial contracts; or (3) providing other investment services (except securities and commodity exchanges), such as portfolio management; investment advice; and trust, fiduciary, and custody services. 52391 MISCELLANEOUS INTERMEDIATION This industry comprises establishments primarily engaged in acting as principals (except investment bankers, securities dealers, and commodity contracts dealers) in buying or selling of financial contracts generally on a spread basis. Principals are investors that buy or sell for their own account. 523910 MISCELLANEOUS INTERMEDIATION This industry comprises establishments primarily engaged in acting as principals (except investment bankers, securities dealers, and commodity contracts dealers) in buying or selling of financial contracts generally on a spread basis. Principals are investors that buy or sell for their own account. 52392 PORTFOLIO MANAGEMENT This industry comprises establishments primarily engaged in managing the portfolio assets (i.e., funds) of others on a fee or commission basis. Establishments in this industry have the authority to make investment decisions, and they derive fees based on the size and/or overall performance of the portfolio. 523920 PORTFOLIO MANAGEMENT This industry comprises establishments primarily engaged in managing the portfolio assets (i.e., funds) of others on a fee or commission basis. Establishments in this industry have the authority to make investment decisions, and they derive fees based on the size and/or overall performance of the portfolio. 52393 INVESTMENT ADVICE This industry comprises establishments primarily engaged in providing customized investment advice to clients on a fee basis, that do not have the authority to execute trades. Primary activities performed by establishments in this industry are providing financial planning advice and investment counseling to meet the goals and needs of specific clients. 523930 INVESTMENT ADVICE This industry comprises establishments primarily engaged in providing customized investment advice to clients on a fee basis, that do not have the authority to execute trades. Primary activities performed by establishments in this industry are providing financial planning advice and investment counseling to meet the goals and needs of specific clients. Finance & Insurance U.S. Census Bureau, 2002 Economic Census Appendix B B–1 52399 ALL OTHER FINANCIAL INVESTMENT ACTIVITIES This industry comprises establishments primarily engaged in acting as agents or brokers (except securities brokerages and commodity contracts brokerages) in buying and selling financial contracts providing financial investment activities (except securities and commodity exchanges, portfolio management, and investment advice). PART 2. 1997 NAICS 5239 OTHER FINANCIAL INVESTMENT ACTIVITIES This industry group comprises establishments primarily engaged in one of the following: (1) acting as principals in buying or selling financial contracts (except investment bankers, securities dealers, and commodity contracts dealers); (2) acting as agents (i.e., brokers) (except securities brokerages and commodity contracts brokerages) in buying or selling financial contracts; or (3) providing other investment services (except securities and commodity exchanges), such as portfolio management; investment advice; and trust, fiduciary, and custody services. 52391 MISCELLANEOUS INTERMEDIATION This industry comprises establishments primarily engaged in acting as principals (except investment bankers, securities dealers, and commodity contracts dealers) in buying or selling of financial contracts generally on a spread basis. Principals are investors that buy or sell for their own account. 523910 MISCELLANEOUS INTERMEDIATION This industry comprises establishments primarily engaged in acting as principals (except investment bankers, securities dealers, and commodity contracts dealers) in buying or selling of financial contracts generally on a spread basis. Principals are investors that buy or sell for their own account. 52392 PORTFOLIO MANAGEMENT This industry comprises establishments primarily engaged in managing the portfolio assets (i.e., funds) of others on a fee or commission basis. Establishments in this industry have the authority to make investment decisions, and they derive fees based on the size and/or overall performance of the portfolio. 523920 PORTFOLIO MANAGEMENT This industry comprises establishments primarily engaged in managing the portfolio assets (i.e., funds) of others on a fee or commission basis. Establishments in this industry have the authority to make investment decisions, and they derive fees based on the size and/or overall performance of the portfolio. 52393 INVESTMENT ADVICE This industry comprises establishments primarily engaged in providing customized investment advice to clients on a fee basis, that do not have the authority to execute trades. Primary activities performed by establishments in this industry are providing financial planning advice and investment counseling to meet the goals and needs of specific clients. 523930 INVESTMENT ADVICE This industry comprises establishments primarily engaged in providing customized investment advice to clients on a fee basis, that do not have the authority to execute trades. Primary activities performed by establishments in this industry are providing financial planning advice and investment counseling to meet the goals and needs of specific clients. B–2 Appendix B Finance & Insurance U.S. Census Bureau, 2002 Economic Census 52399 ALL OTHER FINANCIAL INVESTMENT ACTIVITIES This industry comprises establishments primarily engaged in acting as agents or brokers (except securities brokerages and commodity contracts brokerages) in buying and selling financial contracts providing financial investment activities (except securities and commodity exchanges, portfolio management, and investment advice). Finance & Insurance U.S. Census Bureau, 2002 Economic Census Appendix B B–3 Appendix C. Methodology SOURCES OF THE DATA For this sector, large- and medium-size firms, plus all firms known to operate more than one establishment, were sent report forms to be completed for each of their establishments and returned to the Census Bureau. For most very small firms, data from existing administrative records of other federal agencies were used instead. These records provide basic information on location, kind of business, revenue, payroll, number of employees, and legal form of organization. Firms in the 2002 Economic Census are divided into those sent report forms and those not sent report forms. The coverage of and the method of obtaining census information from each are described below: 1. Establishments sent a report form: a. Large employers, i.e., all multiestablishment firms, and all employer firms with payroll above a specified cutoff. (The term “employers” refers to firms with one or more paid employees at any time during 2002 as shown in the active administrative records of other federal agencies.) b. A sample of small employers, i.e., single-establishment firms with payroll below a specified cutoff in classifications for which specialized data precludes reliance solely on administrative records sources. The sample was stratified by industry and geography. 2. Establishments not sent a report form: a. Small employers, i.e., single-establishment firms with payroll below a specified cutoff, not selected into the small employer sample. Although the payroll cutoff varies by kind of business, small employers not sent a report form generally include firms with less than 10 employees and represent about 10 percent of total revenue of establishments covered in the census. Data on revenue, payroll, and employment for these small employers were derived or estimated from administrative records of other federal agencies. b. All nonemployers, i.e., all firms subject to federal income tax with no paid employees during 2002. Revenue information for these firms was obtained from administrative records of other federal agencies. Although consisting of many firms, nonemployers account for less than 10 percent of total revenue of all establishments covered in the census. Data for nonemployers are not included in this report, but are released in the annual Nonemployer Statistics series. The report forms used to collect information for establishments in this sector are available at help.econ.census.gov/econhelp/resources/. A more detailed examination of census methodology is presented in the History of the Economic Census at www.census.gov/econ/www/history.html. INDUSTRY CLASSIFICATION OF ESTABLISHMENTS The classifications for all establishments are based on the North American Industry Classification System, United States, 2002 manual. There were no changes between the 2002 edition and the 1997 edition affecting this sector. Tables at www.census.gov/epcd/naics02/ identify all industries that changed between the 1997 North American Industry Classification System (NAICS) and 2002 NAICS. Finance & Insurance U.S. Census Bureau, 2002 Economic Census Appendix C C–1 The method of assigning classifications and the level of detail at which establishments were classified depends on whether a report form was obtained for the establishment. 1. Establishments that returned a report form were classified on the basis of their selfdesignation, product line revenue, and responses to other industry-specific inquiries. 2. Establishments without a report form: a. Small employers not sent a form were, where possible, classified on the basis of the most current kind-of-business classification available from one of the Census Bureau’s current sample surveys or the 1997 Economic Census. Otherwise, the classification was obtained from administrative records of other federal agencies. If the census or administrative record classifications proved inadequate (none corresponded to a 2002 Economic Census classification in the detail required for employers), the firm was sent a brief inquiry requesting information necessary to assign a kind-of-business code. b. Nonemployers were classified on the basis of information obtained from administrative records of other federal agencies. RELIABILITY OF DATA All data compiled in the economic census are subject to nonsampling errors. Nonsampling errors can be attributed to many sources during the development or execution of the census: • inability to identify all cases in the actual universe; • definition and classification difficulties; • differences in the interpretation of questions; • errors in recording or coding the data obtained; and • other errors of collection, response, coverage, processing, and estimation for missing or misreported data. Data presented in the Miscellaneous Subjects and the Product Lines reports for this sector are subject to sampling errors, as well as nonsampling errors. Specifically, these data are estimated based on information obtained from census report forms mailed to all large employers and to a sample of small employers in the universe. Sampling errors affect these estimates, insofar, as they may differ from results that would be obtained from a complete enumeration. The accuracy of these tabulated data is determined by the joint effects of the various nonsampling errors or by the joint effects of sampling and nonsampling errors. No direct measurement of these effects has been obtained except for estimation for missing or misreported data; however, precautionary steps were taken in all phases of the collection, processing, and tabulation of the data in an effort to minimize the effects of nonsampling errors. The Census Bureau obtains limited information extracted from administrative records of other federal agencies, such as gross revenue from federal income tax records and employment and payroll from payroll tax records. This information is used in conjunction with other information available to the Census Bureau to develop estimates for nonemployers, small employers, and other establishments for which responses were not received in time for publication. Key tables in this report include a column for “Percent of revenue from administrative records.” This includes revenue information obtained from administrative records of other federal agencies. The “Percent of revenue estimated” includes revenue information that was imputed based on historic company ratios or administrative records, or on industry averages. The Census Bureau recommends that data users incorporate this information into their analyses, as nonsampling error and sampling error could impact the conclusions drawn from economic census data. C–2 Appendix C Finance & Insurance U.S. Census Bureau, 2002 Economic Census TREATMENT OF NONRESPONSE Census report forms included two different types of inquiries, “basic” and “industry-specific.” Data for the basic inquiries, which include location, kind of business or operation, revenue, payroll, and number of employees, were available from a combination of sources for all establishments. Data for industry-specific inquiries, tailored to the particular kinds of business or operation covered by the report form, were available only from establishments responding to those inquiries. Data for industry-specific inquiries in this sector were expanded in most cases to account for establishments that did not respond to the particular inquiry for which data are presented. Unless otherwise noted in specific reports, data for industry-specific inquiries were expanded in direct relationship to total revenue of all establishments included in the category. In a few cases, expansion on the basis of the revenue item was not appropriate, and another basic data item was used as the basis for expansion of reported data to account for nonrespondents. All reports in which industry-specific data were expanded include a coverage indicator for each publication category, which shows the revenue of establishments responding to the industryspecific inquiry as a percent of total revenue for all establishments for which data are shown. For some inquiries, coverage is determined by the ratio of total payroll or employment of establishments responding to the inquiry to total payroll or employment of all establishments in the category. CONCENTRATION CATEGORIES Concentration categories are based on aggregate revenue of all establishments operated by the same firm in a given kind-of-business classification or group for which data are presented. For example, a firm operating three finance and insurance establishments – a securities brokerage (NAICS 523120), investment advice (NAICS 523930), and credit card issuing (NAICS 522210) – would be treated as three one-establishment firms at the most detailed NAICS level, as a twoestablishment firm in NAICS 523 and a one-establishment firm in NAICS 522, and as a single three-establishment firm in Finance and Insurance totals (NAICS 52). DISCLOSURE In accordance with federal law governing census reports (Title 13 of the United States Code), no data are published that would disclose the operations of an individual establishment or business. However, the number of establishments in a kind-of-business classification is not considered a disclosure; therefore, this information may be released even though other information is withheld. Techniques employed to limit disclosure are discussed at www.census.gov/epcd/ec02/disclosure.htm. Finance & Insurance U.S. Census Bureau, 2002 Economic Census Appendix C C–3 Appendix D. Geographic Notes Not applicable for this report. 2002 Economic Census U.S. Census Bureau, 2002 Economic Census Appendix D D–1 Appendix E. Metropolitan and Micropolitan Statistical Areas Not applicable for this report. 2002 Economic Census U.S. Census Bureau, 2002 Economic Census Appendix E E–1 EC02-52I-05 2002 2002 Economic Census Finance and Insurance Industry Series USCENSUSBUREAU Financial Investment Activities: 2002