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TABLE B-72.—Bond yields and interest rates, 1929-93[Percent per annum]Year andmonthU.S. Treasury securitiesBills(new issues) x3-month6-monthConstant maturities 23-year10-year30-yearCorporatebonds(Nloody's)AaaBaaHighgrademunicipalbonds(Standard&Poor's)Newhomemortgageyields 3Commercialpaper,6months 4Primeratechargedbybanks 5Discountrate,FederalReserveBankof NewYork 5Federalfundsrate 61929...1933...1939...0.515.0234.734.493.015.907.764.964.274.712.765.851.73.595.50-6.001.50-4.001.505.162.561.001940...1941...1942...1943...1944....014.103.326.373.3752.842.772.832.732.724.754.334.283.913.612.502.102.362.061.86.56.53.66.69.731.501.501.501.501.501.001.007 1.007 1.007 1.001945...1946...1947...1948...1949....375.375.5941.0401.1022.622.532.612.822.663.293.053.243.473.421.671.642.012.402.21.75.811.031.441.491.501.501.50-1.751.75-2.002.007 1.007 1.001.001.341.501950...1951...1952...1953...1954...1.2181.5521.7661.931.9532.471.632.852.402.622.862.963.202.903.243.413.523.743.511.982.002.192.722.371.452.162.332.521.582.072.563.003.173.051.591.751.751.991.601955...1956...1957...1958...1959...1.7532.6583.2671.8393.4053.8322.473.193.982.844.462.823.183.653.324.333.063.363.893.794.383.533.884.714.735.052.532.933.603.563.952.183.313.812.463.973.163.774.203.834.481.892.773.122.153.361.782.733.111.573.301960...1961...1962..1963...1964...1965...1966...1967..1968...1969..2.9282.3782.7783.1573.5493.9544.8814.3215.3396.6773.2472.6052.9083.2533.6864.0555.0824.6305.4706.8533.983.543.473.674.034.225.235.035.687.024.123.883.954.004.194.284.925.075.656.674.414.354.334.264.404.495.135.516.187.035.195.085.024.864.834.875.676.236.947.813.733.463.183.233.223.273.823.984.515.815.895.835.816.256.466.977.813.852.973.263.553.974.385.555.105.907.834.824.504.504.504.504.545.635.616.307.963.533.003.003.233.554.044.504.195.165.873.221.962.683.183.504.075.114.225.668.201970...1971...1972...1973...1974...6.4584.3484.0717.0417.8866.5624.5114.4667.1787.9267.295.655.726.957.827.356.166.216.847.568.047.397.217.448.579.118.568.168.249.506.515.705.275.186.098.457.747.607.968.927.715.114.738.159.847.915.725.258.0310.815.954.884.506.447.837.184.664.438.7310.501975..1976..1977..1978..1979..5.8384.9895.2657.22110.0416.1225.2665.5107.57210.0177.496.776.698.299.717.997.617.428.419.447.758.499.288.838.438.028.739.6310.619.758.979.4910.696.896.495.565.906.399.009.009.029.5610.786.325.345.617.9910.917.866.846.839.0612.676.255.505.467.4610.285.825.045.547.9311.191980..1981..1982..1983..1984..11.50614.02910.6868.639.5811.37413.77611.0848.759.8011.5514.4412.9210.4511.8911.4613.9113.0011.1012.4411.2713.4512.7611.1812.4111.9414.1713.7912.0412.7113.6716.0416.1113.5514.198.5111.2311.579.4710.1512.6614.7015.1412.5712.3812.2914.7611.898.8910.1615.2718.8714.8610.7912.0411.7713.4211.028.508.8013.3616.3812.269.0910.231985..1986..1987..1988..1989..7.485.985.826.698.127.666.036.056.928.049.647.067.688.268.5510.627.688.398.858.4910.797.788.598.968.4511.379.029.389.719.2612.7210.3910.5810.8310.189.187.387.737.767.2411.5510.179.319.1910.138.016.396.857.688.809.938.338.219.3210.877.696.335.666.206.938.106.816.667.579.211990..1991..1992..1993..7.515.423.453.027.475.493.573.148.266.825.304.448.557.867.015.878.618.147.676.599.328.778.147.2210.369.808.987.937.256.896.415.6310.059.328.247.207.955.853.803.3010.018.466.256.006.985.453.253.008.105.693.523.021 Rate on new issues within period; bank-discount basis.2 Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.3 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate andassuming, on the average, repayment at end of 10 years. Rates beginning January 1973 not strictly comparable with prior rates.4 Bank-discount basis; prior to November 1979, data are for 4-6 months paper.5 For monthly data, high and low for the period. Prime rate for 1929-33 and 1947-48 are ranges of the rate in effect during theperiod.6 Since July 19, 1975, the daily effective rate is an average of the rates on a given day weighted by the volume of transactions atthese rates. Prior to that date, the daily effective rate was the rate considered most representative of the day's transactions, usuallythe one at which most transactions occurred.7 From October 30, 1942, to April 24, 1946, a preferential rate of 0.50 percent was in effect for advances secured by Governmentsecurities maturing in 1 year or less.See next page for continuation of table.352
TABLE B-72.—Bond yields and interest rates, 1929-93—Continued[Percent per annum]Year andmonthBills(new issues) l3-monthJ.S. Treasury securities6-monthConstant maturities 23-year10-year30-yearCorporatebonds(Moody's)AaaBaaHighgrademunicipalbonds(Standard&Poor's)Newhomemortgageyields 3Commercialpaper,6months 4Primeratechargedbybanks 5Discountrate,FederalReserveBankof NewYork 5Federalfundsrate 6High-lowHigh-low1989:JanFebMarJay!!!!!!!!!!!!JuneJulyAugSeptOctNovDec1990:JanFebMarAprMayJuneJulyAugSeptOctNovDec1991:JanFebMarAprMayJuneJulyAugSeptOctNovDec1992:JanFebMarAprMayJuneJulyAugSeptOctNovDec1993:JanFebMarAprMayJunJulAug&:::::::::::NovDec8.298.488.838.708.408.227.927.911117.637 657.647 647.767.877.787.787.747 667.447.387.197 076.816.305.955.915 675.515.605.585.395.255 034.604.123.843.844.053.813.663.703.283 142.972.843.143.253.062.952.972.892.963.103.053.052.963.043.123.088.388.498.878.738.398.007.631117 747.617 467.457 521117.837.827.827.647 577.367.337.207 046.766.345.935.915 735.655.765.715.475.295 084.664.163.883.944.193.933.783.813.363 233.012.983.353.393.173.083.083.003.073.233.153.173.063.133.273.259.209.329.619.408.988.377.838.138 268.027 801118 138.398.638.788.698.408 268.228.278.077 747.477.387.087.357 237.127.397.386.806.506 235.905.395.405.726.185.935.815.604.914 724.424.645.145.214.934.584.404.304.404.534.434.364.174.184.504.549.099.179.369.188.868.288.028.118 198.011 SI7.848 218.478.598.798.768.488 478.758.898.728 398.088.097.858.118 048.078.288.277.907.657 537.427.097.037.347.547.487.397.266.846 596.426.596.876.776.606.265.985.976.045.965.815.685.365.335.725.778.939.019.179.038.838.278.088.128158.007 907.908 268.508.568.768.738.468 508.869.038.868 548.248.278.038.298 218.278.478.458.147.957 937.927.707.587.857.977.967.897.847.607 397.347.537.617.447.347.096.826.856.926.816.636.326.005.946.216.259.629.649.809.799.579.108.938.969 018.928 898!868 999.229.379.469.479.269 249.419.569.539 309.059.048.838.938 868.869.019.008.758.618 558.488.318.208.298.358.338.288.228.077 957.927.998.107.987.917.717.587.467.437.337.176.856.666.676.936.9310.6510.6110.6710.6110.4610.039.879.889 919.819 819.829 9410.1410.2110.3010.4110.2210 2010.4110.6410.7410 6210.4310.4510.0710.099 949.869.969.899.659.519 499.459.269.139.239.259.219.139.058.848 658.628.848.968.818.678.398.158.148.218.077.937.607.347.317.667.697.417.477.617.497.256.976.977.081111.111137.017 137.217.297.367.347.227 157.317.407.407 107.047.056.907.077 056.957.097.036.896.806 596.646.636.416.676.696.646.576.506.126 086.246.386.356.246.185.875.655.785.815.735.605.505.315.295.475.359.529.829.9910.1710.1810.4210.4810.2210 2410.1110 0910.079 919.8810.0310.1710.2810.1310 0810.119.909.989 909.769.659.579.439 609.529.469.439.489.309 048.648.538.498.658.518.588.598.438.008 007.937.908.077.887.827.777.467.467.377.237.207.056.956.806.806.929.02 10.50-10.509.35 11.50-10.509.97 11.50-11.509.78 11.50-11.509.29 11.50-11.508.80 11.50-11.008.35 11.00-10.508.32 10.50-10.508 50 10 50-10 508.24 10.50-10.508 00 10 50-10 507.93 10.50-10.507 96 10 50-10 008.04 10.00-10.008.23 10.00-10.008.29 10.00-10.008.23 10.00-10.008.06 10.00-10.007 90 10 00-10 00111 10.00-10.007.83 10.00-10.007.81 10.00-10.007 74 10 00-10 007.49 10.00-10.007.026.416.366 075.946.166.145.765.595 334.934.494.064.134.384.133.973.993.533 443.263.333.673.703.353.273.243.193.203.383.353.333.253.273.433.4010.00- 9.509.50- 9.009.00- 9.009 00- 9 009.00- 8.508.50- 8.508.50- 8.508.50- 8.508.50- 8.008 00- 8 008.00- 7.507.50- 6.506.50-6.506.50-6.506.50-6.506.50-6.506.50-6.506.50-6.506.50-6.006 00-6 006.00-6.006.00-6.006.00-6.006.00-6.006.00-6.006.00-6.006.00-6.006.00-6.006.00-6.006.00-6.006.00-6.006.00-6.006.00-6.006.00-6.006.00-6.006.00-6.006.50-6.507.00-6.507.00-7.007.00-7.007.00-7.007.00-7.007.00-7.007.00-7.007 00-7 007.00-7.007 00-7 007.00-7.007 00-7 007.00-7.007.00-7.007.00-7.007.00-7.007.00-7.007 00-7 007.00-7.007.00-7.007.00-7.007 00-7 007.00-6.506.50-6.506.50-6.006.00-6.006 00-5 505.50-5.505.50-5.505.50-5.505.50-5.505.50-5.005 00-5 005.00-4.504.50-3.503.50-3.503.50-3.503.50-3.503.50-3.503.50-3.503.50-3.503.50-3.003 00-3 003.00-3.003.00-3.003.00-3.003.00-3.003.00-3.003.00-3.003.00-3.003.00-3.003.00-3.003.00-3.003.00-3.003.00-3.003.00-3.003.00-3.003.00-3.003.00-3.009.129.369.859.849.819.539.248.999 028.848 558.458 238.248.288.268.188.298158.138.208.117 817.316.916.256.125 915.785.905.825.665.455 214.814.434.034.063.983.733.823.763.253 303.223.103.092.923.023.033.072.963.003.043.063.033.092.993.022.96Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody'sInvestors Service, and Standard & Poor's Corporation.353
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S : Sf:' ;: W^W't-^WW': ;, S 4 Si :
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unitedminds
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Economic Report of the PresidentTo
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the Technology Reinvestment Project
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formed health care system, increase
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CONTENTSPageCHAPTER 1. A STRATEGY F
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PageProviding Comprehensive Benefit
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LIST OF CHARTS—CONTINUEDPage3-5 L
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CHAPTER 1A Strategy for Growth and
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which have left consumers and busin
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that growth in both real compensati
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for inflation was on average roughl
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Box 1-2.—Saving, Investment, and
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investments in human capital; inves
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of the income distribution (Table 1
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Box 1-3.—Credible Deficit Reducti
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Chart 1-7 Correlation of Investment
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Box 1~4*~-A Balanced Budget Amendme
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This educational record is not good
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fallen markedly since the 1960s (Ch
Page 51 and 52:
The development and deployment of n
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Earlier rounds of GATT talks had fo
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Chart 1-10 Projected Real Growth Ra
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are therefore on the public dole. M
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prise communities and be granted sm
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ingredient that should allow the ec
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Chart 2-2 National Defense Purchase
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Chart 2-3 Growth of U.S. Merchandis
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Chart 2-5 Households: Credit Market
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THE HEADWINDS ARE MOSTLY CALMINGAs
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1993, real consumer spending increa
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RESIDENTIAL INVESTMENTResidential i
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smallest annual increase in 20 year
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ments with the Internal Revenue Ser
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safe-harbor rules for underpayment
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Chart 2-9 Alternative Measures of t
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Meanwhile, the Mountain States were
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inflation is measured by the Blue C
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Saving, Investment, and Capital Acc
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the future should be reflected in l
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Chart 2-15 Dynamic Effects of Defic
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joyed healthy average real GDP grow
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Chart 2-16 Personal Income Taxes as
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TABLE 2-2.— Administration Foreca
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TABLE 2-3.— Accounting for Growth
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CHAPTER 3Trends and Recent Developm
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first quarter of 1991, nonfarm payr
Page 107 and 108:
cause defense cutbacks have caused
Page 109 and 110:
UNEMPLOYMENT AND NONEMPLOYMENTThe U
Page 111 and 112:
Chart 3-3 Civilian Unemployment Rat
Page 113 and 114:
Chart 3-6 Employment-to-Population
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Chart 3-8 Ratio of White-Collar to
Page 117 and 118:
than would be expected given its hi
Page 119 and 120:
that the natural rate is falling? M
Page 121 and 122:
SLOW INCOME GROWTHIncome trends hav
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Chart 3-10 Average Annual Growth of
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Box 3-3.—Consequences of Producti
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likely that immigration could expla
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We do, however, know how many worke
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size. No data are available on vola
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BENEFITSOne of the concerns raised
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edented partnership to develop a nu
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CHAPTER 4Health Care ReformTHE UNIT
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make cost-conscious decisions. In a
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A third rationale for universal cov
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Box 4-1.—Moral Hazard and Adverse
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ies depending on one's health statu
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than people in other countries do,
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sumers are ill equipped to bring st
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By itself, the aging of the populat
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TABLE 4-3.- Sources and Uses of Hea
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about 65 to 70 cents for a typical
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THE ARCHITECTURE OF THE HEALTHSECUR
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etary savings for the Federal Gover
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contribution, within limits. Outsid
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salary income, payments from the em
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TABLE 4-6.—Caps on Premiums by Fi
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An example will illustrate the proc
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TABLE 4-9.—Sources and Uses of Fe
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Chart 4-9 Business Spending on Heal
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Health care reform should set the s
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and private sectors, addressing env
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Box 5-1.—Selected National Perfor
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Box 5-2*—Market PowerFirms are sa
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ate regulation. For example, State
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competitiveness of U.S. industry, a
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Box 5-4.—ExternalitiesAn external
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in the habitat of the spotted owl r
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CLIMATE CHANGE ACTION PLANCertain g
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eral, lays a foundation for broader
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The Administration's proposal seeks
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vances in technical know-how have a
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Investments in R&D are risky. Like
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1950s and 1960s, and American compa
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ico and Lawrence Livermore in Calif
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of industry. MOCs will be affiliate
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tiveness. Again, the hoped-for resu
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forts to cut the massive Federal bu
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TECHNOLOGY POLICY, GROWTH, ANDCOMPE
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mitment to an open international tr
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ses, which take such intersectoral
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An important sectoral development i
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TABLE 6-3.—Stock of U.S. Outward
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technical change has been offered a
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ent account is a broader measure of
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TABLE 6-6.—Intrafirm Trade as Sha
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greater access to the Japanese mark
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the transparency of its trade regim
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that if the states of the former So
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Box 6-3.—Mexican Economic Reforms
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1998, while nontariff barriers on a
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ward convergence in environmental a
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Box 6-4.—The Asian "Miracle"Per c
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Box 6-5.—The Economic Impact of t
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development, and environmental clea
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THE TRADE POLICY AGENDABy lowering
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ignated monopolies. It also establi
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The dollar ended 1993 roughly where
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Box 6-7.—Exchange-Rate Volatility
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Chart 6-5 French Franc-Deutsche Mar
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Besides bringing these endeavors to
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LETTER OF TRANSMITTALCOUNCIL OF ECO
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Report to the President on the Acti
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duction budget package, the North A
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Working Group studying cost-benefit
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prepares the Economic Indicators an
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Appendix BSTATISTICAL TABLES RELATI
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POPULATION, EMPLOYMENT, WAGES, AND
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AGRICULTURE:PageB-96. Farm income,
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NATIONAL INCOME OR EXPENDITURETABLE
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TABLE B-2.—Gross domestic product
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TABLE B-3.—Implicit price deflato
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TABLE B-4.—Fixed-weighted price i
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TABLE B-5.—Changes in gross domes
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TABLE B-7.—Cross domestic product
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TABLE B-9.—Gross domestic product
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TABLE B-ll.—Gross domestic produc
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TABLE B-13.—Gross domestic produc
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TABLE B-15.—Personal consumption
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TABLE B-17.—Gross and net private
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TABLE B-19.—Inventories and final
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TABLE B-21.—Foreign transactions
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TABLE B-23.—Relation of gross dom
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TABLE B-25.—National income by ty
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TABLE B-26.—Sources of personal i
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TABLE B-27.—Disposition of person
Page 308 and 309: TABLE B-29.—Gross sating and inve
Page 310 and 311: TABLE B-31.—Median money income (
Page 312 and 313: TABLE B-33.—Population and the la
Page 314 and 315: TABLE B-34.—Civilian employment a
Page 316 and 317: TABLE B-36.—Unemployment by demog
Page 318 and 319: TABLE B-38.—Civilian labor force
Page 320 and 321: TABLE B-40.—Civilian unemployment
Page 322 and 323: TABLE B-42.—Unemployment by durat
Page 324 and 325: TABLE B-44.—Employees on nonagric
Page 326 and 327: TABLE B-45.—Hours and earnings in
Page 328 and 329: TABLE B-47.—Productivity and rela
Page 330 and 331: PRODUCTION AND BUSINESS ACTIVITYTAB
Page 332 and 333: TABLE B-51.—Industrial production
Page 334 and 335: TABLE B-53.—New construction acti
Page 336 and 337: TABLE B-54.—New housing units sta
Page 338 and 339: Year or monthTABLE B-56.—Manufact
Page 340 and 341: TABLE B-58.—Manufacturers' new an
Page 342 and 343: TABLE B-60.—Consumer price indexe
Page 344 and 345: TABLE B-61.—Consumer price indexe
Page 346 and 347: TABLE B-63.—Changes in consumer p
Page 348 and 349: TABLE B-64.—Producer price indexe
Page 350 and 351: TABLE B-66.—Producer price indexe
Page 352 and 353: TABLE B-67.—Changes in producer p
Page 354 and 355: TABLE B-69.—Components of money s
Page 356 and 357: TABLE B-70.—Aggregate reserves of
Page 360 and 361: TABLE B-73.—Total funds raised in
Page 362 and 363: TABLE B-74.—Mortgage debt outstan
Page 364 and 365: TABLE B-76.—Consumer credit outst
Page 366 and 367: TABLE B-78.—Federal receipts, out
Page 368 and 369: TABLE B-79.—Federal budget receip
Page 370 and 371: TABLE B-81.—Federal and State and
Page 372 and 373: TABLE B-83.—State and local gover
Page 374 and 375: TABLE B-85.—Interest-bearing publ
Page 376 and 377: TABLE B-87.—Estimated ownership o
Page 378 and 379: TABLE B-89.—Corporate profits by
Page 380 and 381: TABLE B-91.—Sales, profits, and s
Page 382 and 383: TABLE B-93.—Sources and uses of f
Page 384 and 385: TABLE B-95.—Business formation an
Page 386 and 387: 19481949195019511952195319541955195
Page 388 and 389: TABLE B-99.—Indexes of prices rec
Page 390 and 391: TABLE B-101.— Farm business balan
Page 392 and 393: TABLE B-103.—U.S. international t
Page 394 and 395: TABLE B-104.—U.S. merchandise exp
Page 396 and 397: TABLE B-106.—U.S. merchandise exp
Page 398 and 399: TABLE B-108.—Industrial productio
Page 400 and 401: TABLE B-110.—Foreign exchange rat
Page 402 and 403: NATIONAL WEALTHTABLE B-l 12.—Nati
Page 404: SUPPLEMENTARY TABLETABLE B-114.—S
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