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Six essential qualities that
are the key to success: Sincerity, personal integrity, humility, courtesy,
wisdom, charity. - William Menninger
Securities and Commodities Continue Strong
Growth,
Adding an Average $1.8 Billion of Revenue a Week in 2006
12/1/07 (9:08 p.m.)
Securities, commodity contracts and other financial investment activities
continued to climb at an accelerating rate, reaching $499 billion in 2006, a 23
percent increase from $406 billion in 2005, according to new data released Nov.
29th
by the U.S. Census Bureau.
This report, 2006 Service Annual Survey: Securities, Commodity Contracts, and
Other Financial Investments Activities and Related Activities, tracks revenue,
percent change in revenue and sources of revenue for firms with paid employees
that make up the securities section of the financial industry.
The financial investment subsector experienced a $93 billion increase in 2006.
This equates to, on average, a gain of $1.8 billion a week, said Mark Wallace,
Chief of the Census Bureaus Service Sector Statistics Division.
Within the securities and commodities contracts industry group, the largest
industry was investment banking and securities dealing, which climbed $45
billion in 2006 to $199 billion, a 29 percent increase from the prior year. The
securities brokerage industry increased $25 billion, a 19 percent increase, to
$156 billion.
Investment banking and securities dealing are firms primarily engaged in
underwriting, originating and/or maintaining markets for issues of securities.
Security brokers, on the other hand, act as agents between buyers and sellers in
buying or selling securities.
The combination of commodity contracts dealing and brokerage made up the
remaining 3 percent of revenue of this industry group.
Commodity contracts dealing is buying and selling commodity contracts or
options, such as precious metals, foreign currency, oil or agricultural
products, on a spread basis for their own firm. In contrast, a commodity
brokerage acts as an agent in buying or selling commodity contracts or options
for a commission.
Other financial investment activity, which includes portfolio management and
investment advice, increased 18 percent in 2006 to $133 billion. Portfolio
management increased 18 percent to $107 billion. Portfolio managers administer
the assets of others on a fee or commission basis. They have the authority to
make investment decisions and derive fees from the overall size or performance
of the portfolio.
Investment advice was up 19 percent to $26 billion. Investment advice firms
provide customized advice to clients on a fee basis but do not have authority to
execute trades.
This report also includes estimated export revenue, sources of revenue, total
expenses and selected expenses (i.e., personnel costs, materials, parts and
supplies and purchased services) for employer firms.
The estimates are based on data from the 2006 Service Annual Survey based on
the 2002 North American Industry Classification System and apply only to
employer firms. Estimates contain sampling and nonsampling errors. To keep the
identity of an individual firm confidential, some estimates may be suppressed.
Users making their own estimates, based on the survey estimates, should cite the
U.S. Census Bureau as the source of the original estimates only. See <http://www.census.gov/svsd/www/cv.html>
for measures of sampling variability and other survey information.
