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

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TABLE B-108.—Industrial production and consumer prices, major industrial countries, 1967-93Year or quarterUnitedStatesCanadaJapanEuropeanCommunity1FranceGermany 2ItalyUnitedKingdomIndustrial production (1987= LOO)^19671968196919701971197219731974197519761977 .. . .19781979 .. .1980..19811982198319841985198619871988198919901991 . .19921993" .. ..1992:1II . .IlIV ..1993:1 ||IIV57.560.763.561.462.268.373.872.766.372.478.282.685.784.185 781.984992.894 495.3100.0104.4106.0106.01041106.5111.0105.1106 3106.5108 3109.7110 4111.1113.151.154.358.158.862.066.773.876.171.676.079.382.186.182.884576.281291.096195.4100 0105.3105.2101.898198.597.598 098.5100 0101.8102 6103.636.241.748.355.056.559.667.966.459.466.068.673.078.181.782 682.985 593.496 896.6100 0109.3115.9121.4123 7116.5119.7116 9116.5113 5114.1112 2112.059.363.769.673.174.778.083.784.378.784.586.695.493.192.891 189.990 892.895 898.0100 0104.2108.2110.31102108.9106.8109 5108.6106 6105.16162697277818790839092949998.998.397.396.597.197.298.0100.0104.6108.9111.0110.9109.8110.41104110.3107.3104.8104 9Consumer prices (1982-84=100)57.662.970.975.577.079.985.084.879.686.888.090.494.795.093 290.390.993.597.799.6100.0103.9108.8114.1117.4116.0119.2117.3115.7110.3106.9106.9106.958.561.964.268.368.070.877.781.273.782.983.885.491.196.294 791.788 991.892.996.2100.0105.9109.2109.4107.1106.5110.3107.2104.7104.0105.2102.0103.070.575.978.578.978.579.987.085.480 883.487.690.193.686.984 185.788 989.093.996.2100.0104.8107.0106.7102.5102.0101.4101.3102.5103.1103.2104.3105.31967 . ...196819691970197119721973197419751976197719781979198019811982 . .. .19831984 .. .1985198619871988198919901991199219931992-1 ||IlIV1993-1IIIll.IV33.434.836.738.840.541.844 449.353.856.960.665.272.682 490.996 599.6103 9107.6109 61136118.3124.0130.7136.2140 3144.5138 7139.8140 9141.9143.1144.2144.8145.831.332.534.035.136.137.940 745.250.153.858.163.369.176185.694 9100.4104 8108.9113.4118 4123.2129.3135.5143.1145.2147.9144 2144.9145 6146.1147.2147.5148.1148.832.234.035.838.540.942.947 959.065.972.278.181.484.491095.398 099.81021104.1104.8104 9105.7108.0111.4115.0116.91159117.51170117.4117.4118.5119.123.524.325.326.628.330.132 737.442.847.953.858.765.174 083.292 2100.2107.4114.0118.2122 2126.7133.3140.8147.9154.31521154.0154 8156.2157.5159.2160.124.625.727.428.730.332.234 539.343.948.152.757.563.672.382.091.6100.5107.9114.2117.2120.9124.2128.6133.0137.2140.6139 5140.6140 6141.3142.5143.4143.749.350.151.052.955.658.762.867.271.274.276.979.082.386.892.297.0100.3102.7104.8104.7104.9106.3109.2112.1116.0120.6125.51191120.4121.0122.1124.2125.5126.0126.616.016.216.616.817.618.720.624.628.833.640.145.152.163.275.487.7100.8111.5121.1128.5134 4141.1150.4159 6169.8178 9186.4175 9178.2179.4181.7183.5185.5187.3189.218.519.420.421.823.825.527.932.340.246.854.258.766.678.587.995.499.8104.8111.1114.9119 7125.6135.4148.2156.9162.7165.3160 0163.5163.4164.0162.9165.6166.0166.61 Consists of Belgium-Luxembourg, Denmark, France, Greece, Ireland, Italy, Netherlands, United Kingdom, Germany, Portugal, andSpain. Industrial production prior to July 1981 excludes data for Greece, which joined the EC in 1981. Data for Portugal and Spain,which became members on January 1, 1986 are excluded prior to 1982.2 Former West Germany.3 All data exclude construction. Quarterly data are seasonally adjusted.Sources: National sources as reported by Department of Commerce (International Trade Administration, Office of Trade and EconomicAnalysis, Trade and Industry Statistics Division), Department of Labor (Bureau of Labor Statistics), and Board of Governors of theFederal Reserve System.
TABLE B-109.—Civilian unemployment rate, and hourly compensation, major industrial countries,1967-93[Quarterly data seasonally adjusted]Year or quarterUnitedStates Canada Japan FranceGermany*ItalyUnitedKingdom1967196819691970197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931992:1....II...III..IV..1993:1....II...IV..1967..1968..1969..1970..1971..1972..1973..1974..1975..1976..1977..1978..1979..1980..1981..1982..1983..1984..1985..1986..1987..1988..1989..1990..1991..1992..3.83.63.54.95.95.64.95.68.57.77.16.15.87.17.69.79.67.57.2.7.06.25.55.35.56.77.46.87.37.57.57.37.07.06.76.562.867.974.483.391.5100.0102.7105.9111.2115.8118.4123.0127.9134.7141.9148.13.84.54.45.76.26.25.55.36.97.18.18.37.47.57.511.011.811.210.59.58.87.87.58.110.311.311.210.711.311.511.511.011.411.411.1Civilian unemployment rate (percent) 21.31.21.11.21.31.41.31.41.92.02.02.32.12.02.22.42.72.82.62.82.92.52.32.12.12.22.12.12.22.32.32.42.62.12.72.32.52.82.92.82.94.24.65.25.46.16.57.68.38.610.010.510.610.810.39.69.19.6"10.410.210.210.310.610.811.211.51.31.1.6.5.6.7.71.63.43.43.43.32.92.84.05.63 6.97.17.26.66.36.35.7"5.0"4.4"4.74.44.64.85.05.45.86.13.43.53.53.23.33.83.73.13.43.94.14.14.44.44.95.45.95.96.037.57.97.97.8"7.03 "6.9"7.36.97.07.08.339.410.810.6Manufacturing hourly compensation in U.S. dollars (1982=100) 426.128.230.433.937.741.344.352.257.367.769.569.874.883.093.1100.0106.2105.9105.6107.8116.3130.9143.2155.5167.8165.710.512.214.617.420.727.337.445.652.156.268.694.095.598.3107.6100.0107.7111.0115.0171.2204.2234.4231.2237.5270.8300.617.920.220.521.624.429.438.442.158.259.966.181.497.5113.3101.8100.095.390.295.0128.4153.4160.6158.1192.4193.5213.515.216.318.122.927.032.544.251.659.762.974.592.8109.1119.3102.2100.099.993.996.0135.6171.4182.1178.4222.2230.6260.017.718.920.625.129.434.941.248.160.559.065.778.897.4111.1100.9100.0104.3103.5107.0142.7173.3179.9188.5241.0257.5277.13.33.23.13.13.94.23.23.14.65.96.46.35.47.010.511.311.811.811.211.210.38.67.36.9"8.8"10.0"10.49.69.810.210.510.610.410.410.116.915.817.219.923.527.731.035.644.942.346.259.277.9103.7104.8100.093.288.894.7113.7138.9158.6167.3191.4210.8228.41 Former West Germany.2 Civilian unemployment rates, approximating U.S. concepts. Quarterly data for France, Germany, and United Kingdom should beviewed as less precise indicators of unemployment under U.S. concepts than the annual data. Many Italians reported as unemployed didnot actively seek work in the past 30 days, and they have been excluded for comparability with U.S. concepts. Inclusion of such personswould about double the unemployment rate for Italy through 1985, and increase it to 11-12 percent for 1986-92 and 13 percent in1993.3 There are breaks in the series for Germany (1983) and Italy (1986, 1991, and 1993). Based on the prior series, the rate forGermany was 7.2 percent in 1983, and the rate for Italy was 6.3 percent in 1986 and 6.6 in 1991. The break in 1993 raised Italy's rateby approximately 1.1 percentage points.4 Hourly compensation in manufacturing, U.S. dollar basis. Data relate to all employed persons (wage and salary earners and the selfemployed)in the United States and Canada, and to all employees (wage and salary earners) in the other countries. For France andUnited Kingdom, compensation adjusted to include changes in employment taxes that are not compensation to employees, but are laborcosts to employers.Source.- Department of Labor, Bureau of Labor Statistics.393
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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
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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
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PRODUCTION AND BUSINESS ACTIVITYTAB
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TABLE B-51.—Industrial production
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TABLE B-53.—New construction acti
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TABLE B-54.—New housing units sta
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Year or monthTABLE B-56.—Manufact
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TABLE B-58.—Manufacturers' new an
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TABLE B-60.—Consumer price indexe
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TABLE B-61.—Consumer price indexe
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TABLE B-63.—Changes in consumer p
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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 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 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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