Economic Report of the President 1994 - The American Presidency ...

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TABLE B-91.—Sales, profits, and stockholders' equity, all manufacturing corporations, 1952-93[Billions of dollars]All manufacturing corporationsDurable goods industriesNondurable goods industriesYear orquarterSales(nat\Beforeincometaxes*ProfitsAfterincometaxesMOCKholders'equity 2Sales(net)Beforeincometaxes lProfitsAfterincometaxesQtnrkMOCKholders'equity 2Sales(net)Beforeincometaxes»ProfitsAfterincometaxesMOCKholders'equity 21952195319541955195619571958195919601961196219631964196519661967196819691970197119721973250.2265.9248 5278.4307.3320.0305.3338.0345.7356 4389.4412 7443.1492 2554.2575 4631.9694.6708 8751.1849 51,017.222.924.420 928.629.828.222.729.727.527 531.934 939.646 551.847 855.458.148152.963 281.410.711.311215.116.215.412.716.315.215 317.719 523.227 530.929 032.133.228 631.036 548.1103.7108.2113 1120.1131.6141.1147.4157.1165.4172 6181.4189 7199.8211 7230.3247 6265.9289.9306 8320.8343 4374.1122.0137.9122 8142.1159.5166.0148.6169.4173.9175 2195.3209 0226.3257 0291.7300 6335.5366.5363 1381.8435 8527.312.914.011416.516.515.811.415.814.013 616.818 521.226 229.225 730.631.523 026.533 643.65.55.8568.18.37.95.88.17.0698.69511.614 516.414 616.516.912 914.518 424.849.852.454 958.865.270.572.877.982.384 989.193 398.5105 4115.2125 0135.6147.61551160.41714188.7128.0128.0125 7136.3147.8154.1156.7168.5171.81812194.1203 6216.8235 2262.4274 8296.4328.1345 7369.3413 7489.910.010.49612.113.212.411.313.913.513 915.116 418.320 322.622 024.826.625 226.529 637.85.25.5567.07.87.56.98.38.2859.210 011.613 014.614 415.516.415 716.518 023.353.955.758 261.366.470.674.679.283.187 792.396 3101.3106 3115.1122 6130.3142.31517160.5172 0185.41973: IV275.121.413.0386.4140.110.86.3194.7135.010.66.7191.7New series:1973: IV236.620.613.2368.0122.710.16.2185.8113.910.57.0182.119741975197619771978197919801981198219831984198519861987198819891990199119921991:1IIIllIV1992: I 3IIIllIV1993: IIIIll1,060.61,065.21,203.21,328.11496 41,741.81912 82,144.72,039.42,114.32 335 02 33142,220.92,378.22 596.22,745.12,810.72,761.12,890.3655.1698.8698.7708.4679.6733.6729.9747.2717.7766.5752.592.179 9104.9115.1132 5154.2145 8158.6108.2133.1165.6137 0129.3173 02161188.8159.699.833.427.032.827.812.2-65.142.237.318.916.637.737.758.749164.570.481198.792 6101.370.985.8107.687 683.1115 6154 6136.3111.667.524.018.323.117.68.5-44.230.027.710.414.025.325.1395.0423.4462.7496.7540 5600.56681743.4770.2812.8864.2866 2874.7900 9957 6999.01,043.81,064.11,036.81,050.41,057.61,069.11,079.41,015.01,035.41,056.81,039.81,031.51,047.61,056.1529.0521 1589.6657.3760 7865.7889 1979.5913.1973.51,107.61 142 61,125.51,178 01,284.71,356.61,357.21,304.01,389.9303.9335.3328.0336.7325.4355.9346.2362.4349.5380.8368.341.135.350.757.969 672.457 467.234 748.775.561 552.178 091775.257.614.1-33.23.410.73.2-3.2-59.015.310.9-.5-1.915.716.124.721430.834.841845.235 641.621.730.048.938 632.653 067155.740.97.4-23.51.47.61.1-2.8-40.211.28.9-3.4.39.311.5196.02081224.3239.9262 6292.5317 7350.4355.5372.4395.6420 9436.3444 3468 7501.3515.0506.8473.9503.5507.8505.9509.8462.0475.5487.4470.9467.7483.1492.9531.6544.1613.7670.8735 7876.11023 71,165.21,126.41,140.81,227.51188 81,095.41,200.31,311.51,388.51,453.51,457.11,500.4351.2363.5370.7371.7354.2377.7383.7384.8368.3385.8384.251.044 654.357.262 981.888 491.373.684.490 075 677.295.1124 4113.5102.085.766.623.622.124.615.3-6.126.926.519.418.522.021.634.111133.735.539 353.556 959.649.355.858 849150.562.687 580.670.660.147.516.815.416.511.3-4.018.918.813.813.715.913.6199.0215.3238.4256.8277 9308.0350 4393.0414.7440.4468 5445 3438.4456.6488 9497.7528.9557.4562.8546.8549.8563.2569.6553.0560.0569.4568.9563.7564.5563.1Addendum: Impact of Accounting Change 3 —First quarter 19921992:I -99.2 -68.9 -69.2 -69.9 -48.0 -48.1 -29.3 -21.0 -21.11 In the old series, "income taxes" refers to Federal income taxes only, as State and local income taxes had already been deducted.In the new series, no income taxes have been deducted.2 Annual data are average equity for the year (using four end-of-quarter figures).3 Data for the first quarter of 1992 were revised significantly as a result of the early adoption of Financial Accounting StandardsBoard Statement 106 (Employer's Accounting for Post-Retirement Benefits Other Than Pensions) by a large number of companies duringthe fourth quarter of 1992. Corporations must show the cumulative effect of a change in accounting principle in the first quarter of theyear in which the change is adopted.Note.—Data are not necessarily comparable from one period to another due to changes in accounting principles, industryclassifications, sampling procedures, etc. For explanatory notes concerning compilation of the series, see "Quarterly Financial Report forManufacturing, Mining, and Trade Corporations,' Department of Commerce, Bureau of the Census.Source-. Department of Commerce, Bureau of the Census.374
TABLE B-92.—Relation of profits after taxes to stockholders' equity and to sales, all manufacturingcorporations, 1947-93Year or quarterRatio of profits after income taxes (annualrate) to stockholders' equity—percent xAllmanufacturingcorporationsDurablegoodsindustriesNondurablegoodsindustriesProfits after income taxes per dollar ofsales—centsAllmanufacturingcorporationsDurablegoodsindustriesNondurablegoodsindustries1947194819491950 .1951195219531954 .1955195619571958 ..195919601961196219631964196519661967.. .19681969 . ..1970 . .1971197219731973: IVNew series:1973: IV19741975197619771978197919801981198219831984 . .198519861987198819891990 .. . . .199119921991: I . .||IIIIV1992-1 2IIIllIV1993:1II . . . . .Ill15.616.011.615 412.110.310.59912.612 310.98610.49.2899.810 311.613 013.411712.111.5939.710 612.813.414.314.911.613 914.215.016.413.913.69.210.612 51019.512.816113.610.7632.37.0876.632-17 411.610 54.05.4979.514.415.712.116913.011.111.110 313.812 811.38010.48.5819.610111.713 814.211712.211.4839.010.813.112.913.312.610.313 714.516.015.411.211.96.18.112.4927.511.914.311.18.01.5-5.01.26.0.9-2.2-34.89.47.3-2.9.37.79.31 Annual ratios based on average equity for the year (using four end-of-quarter figures). Quarterly ratios based on equity at end ofquarter only.2 See footnote 3, Table B-91.Note.—Based on data in millions of dollars.See Note, Table B-91.Source: Department of Commerce, Bureau of the Census.16.616.211.214 111.29.79.99611.411810.69210.49.8969.910 411.512 212.711811.911.510 310.310.512.614.015.317.112.914 213.814.217.416.315.211.912.712.511.011.513.717.916.213.410.88.412.311.211.78.0-2.913.513.29.79.711.39.66.77.05.8714.94.34.3455.4534.8424.84.44.34.54.75.25.65.65.05.14.84.04.14.34.74.75.65.54.65.45.35.45.74.84.73.54.14.63.83.74.96.05.04.02.4.82.83.32.51.2-6.54.13.81.42.03.33.36.77.16.4775.34.54.24.65.75.24.83.94.84.03.94.44.55.15.75.64.84.94.63.53.84.24.74.55.04.74.15.25.35.55.24.04.22.43.14.43.42.94.55.24.13.0.6-1.7.52.3.3-.8-12.43.12.6.9.12.53.16.76.85.46.54.54.14.34.45.15.34.94.44.94.84.74.74.95.45.55.65.35.25.04.54.54.44.85.06.16.45.15.55.35.36.15.65.14.44.94.84.14.65.26.75.84.94.13.24.84.24.43.0-1.15.04.93.63.74.13.5375
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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
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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
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cause defense cutbacks have caused
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UNEMPLOYMENT AND NONEMPLOYMENTThe U
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Chart 3-3 Civilian Unemployment Rat
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Chart 3-6 Employment-to-Population
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Chart 3-8 Ratio of White-Collar to
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than would be expected given its hi
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that the natural rate is falling? M
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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
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TABLE B-29.—Gross sating and inve
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TABLE B-31.—Median money income (
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TABLE B-33.—Population and the la
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TABLE B-34.—Civilian employment a
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TABLE B-36.—Unemployment by demog
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TABLE B-38.—Civilian labor force
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TABLE B-40.—Civilian unemployment
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TABLE B-42.—Unemployment by durat
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TABLE B-44.—Employees on nonagric
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TABLE B-45.—Hours and earnings in
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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 358 and 359: TABLE B-72.—Bond yields and inter
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 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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