Economic Report of the President

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Year orquarterTABLE B–49.—Productivity and related data, business sector, 1959–2004[Index numbers, 1992=100; quarterly data seasonally adjusted]Output per hourof all personsBusinesssectorNonfarmbusinesssectorBusinesssectorOutput 1NonfarmbusinesssectorHours of allpersons 2BusinesssectorNonfarmbusinesssectorCompensationper hour 3BusinesssectorNonfarmbusinesssectorReal compensationper hour 4BusinesssectorNonfarmbusinesssectorBusinesssectorUnit laborcostsNonfarmbusinesssectorImplicit pricedeflator 5BusinesssectorNonfarmbusinesssector1959 .......... 48.1 51.2 31.4 31.2 65.4 60.9 13.4 13.9 59.5 61.8 27.8 27.1 26.8 26.31960 .......... 48.9 51.8 32.0 31.8 65.5 61.3 13.9 14.5 60.9 63.3 28.4 27.9 27.1 26.61961 .......... 50.6 53.4 32.7 32.4 64.5 60.6 14.5 15.0 62.6 64.8 28.5 28.0 27.3 26.81962 .......... 52.9 55.8 34.8 34.6 65.7 62.0 15.1 15.6 64.7 66.7 28.5 27.9 27.6 27.11963 .......... 55.0 57.8 36.4 36.2 66.2 62.7 15.6 16.1 66.1 68.1 28.4 27.8 27.7 27.31964 .......... 56.8 59.5 38.7 38.7 68.1 65.0 16.2 16.6 67.7 69.3 28.5 27.9 28.1 27.61965 .......... 58.8 61.3 41.4 41.4 70.4 67.5 16.8 17.1 69.1 70.5 28.6 27.9 28.5 28.01966 .......... 61.2 63.5 44.2 44.4 72.3 69.8 17.9 18.2 71.7 72.6 29.3 28.6 29.2 28.61967 .......... 62.5 64.6 45.1 45.1 72.1 69.8 19.0 19.2 73.5 74.5 30.3 29.7 30.0 29.51968 .......... 64.6 66.8 47.3 47.5 73.2 71.1 20.5 20.7 76.3 77.1 31.7 31.0 31.2 30.71969 .......... 64.9 66.9 48.8 48.9 75.1 73.1 21.9 22.1 77.4 78.1 33.8 33.1 32.6 32.11970 .......... 66.2 67.9 48.7 48.9 73.6 72.0 23.6 23.7 78.8 79.1 35.6 34.9 34.1 33.51971 .......... 69.0 70.6 50.6 50.7 73.3 71.8 25.1 25.2 80.2 80.7 36.3 35.7 35.5 35.01972 .......... 71.2 73.0 53.9 54.1 75.6 74.1 26.7 26.9 82.6 83.2 37.4 36.8 36.8 36.11973 .......... 73.5 75.3 57.6 58.0 78.5 77.1 28.9 29.1 84.4 84.8 39.4 38.6 38.7 37.41974 .......... 72.3 74.2 56.8 57.3 78.6 77.2 31.7 31.9 83.3 83.8 43.9 43.0 42.4 41.21975 .......... 74.8 76.2 56.3 56.3 75.3 73.9 35.0 35.1 84.1 84.5 46.7 46.1 46.6 45.61976 .......... 77.2 78.7 60.0 60.2 77.7 76.5 38.0 38.1 86.4 86.6 49.2 48.4 49.0 48.11977 .......... 78.5 79.9 63.3 63.6 80.7 79.6 41.0 41.2 87.6 88.0 52.2 51.5 52.0 51.21978 .......... 79.3 81.0 67.3 67.8 84.8 83.7 44.6 44.8 89.1 89.6 56.2 55.3 55.6 54.61979 .......... 79.4 80.7 69.6 70.0 87.7 86.6 48.9 49.1 89.4 89.7 61.6 60.8 60.4 59.21980 .......... 79.2 80.6 68.8 69.2 86.9 85.9 54.2 54.4 89.2 89.5 68.4 67.5 65.8 64.91981 .......... 80.8 81.7 70.7 70.7 87.5 86.5 59.4 59.7 89.3 89.9 73.5 73.1 71.8 71.11982 .......... 80.2 80.9 68.6 68.4 85.5 84.6 63.6 64.0 90.4 90.8 79.3 79.1 75.9 75.51983 .......... 83.1 84.6 72.3 72.9 87.0 86.2 66.3 66.6 90.4 90.9 79.7 78.8 78.5 77.91984 .......... 85.3 86.3 78.6 78.9 92.1 91.4 69.1 69.5 90.7 91.1 81.0 80.5 80.8 80.11985 .......... 87.2 87.6 82.2 82.2 94.2 93.8 72.4 72.6 91.9 92.2 83.0 82.9 82.7 82.51986 .......... 89.9 90.3 85.3 85.4 94.9 94.6 76.2 76.4 94.9 95.2 84.8 84.6 84.1 83.91987 .......... 90.4 90.7 88.3 88.4 97.7 97.5 79.0 79.2 95.3 95.4 87.5 87.3 85.9 85.71988 .......... 91.7 92.1 92.1 92.4 100.3 100.3 83.1 83.1 96.6 96.6 90.6 90.2 88.6 88.31989 .......... 92.6 92.8 95.4 95.7 103.0 103.1 85.3 85.2 95.1 95.0 92.1 91.9 91.9 91.51990 .......... 94.5 94.6 96.9 97.1 102.5 102.7 90.6 90.4 96.2 96.0 95.9 95.6 95.1 94.91991 .......... 96.0 96.1 96.1 96.3 100.2 100.2 95.0 95.0 97.4 97.4 99.0 98.8 98.2 98.11992 .......... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.01993 .......... 100.3 100.4 103.1 103.4 102.8 103.0 102.2 102.0 99.7 99.5 101.9 101.6 102.1 102.11994 .......... 101.5 101.5 108.2 108.3 106.7 106.6 103.8 103.8 99.2 99.1 102.3 102.2 103.9 104.01995 .......... 101.6 102.0 111.4 111.8 109.6 109.5 106.0 105.9 98.9 98.8 104.3 103.8 105.7 105.81996 .......... 104.6 104.8 116.5 116.8 111.4 111.5 109.6 109.5 99.6 99.5 104.8 104.5 107.4 107.31997 .......... 106.5 106.5 122.7 122.8 115.1 115.4 113.1 112.9 100.6 100.4 106.1 106.0 109.0 109.11998 .......... 109.4 109.3 128.6 128.9 117.6 117.9 119.9 119.6 105.1 104.9 109.6 109.4 109.7 109.91999 .......... 112.6 112.3 135.2 135.6 120.1 120.7 125.6 125.1 107.9 107.5 111.6 111.4 110.7 111.12000 .......... 115.9 115.5 140.5 140.8 121.3 121.9 134.5 134.0 111.8 111.4 116.1 116.0 112.7 113.32001 .......... 118.8 118.3 141.0 141.3 118.7 119.4 140.1 139.3 113.3 112.7 118.0 117.7 114.9 115.42002 .......... 123.9 123.5 143.5 143.9 115.8 116.5 144.5 143.8 115.0 114.5 116.6 116.5 116.0 116.62003 .......... 129.5 129.0 149.0 149.4 115.1 115.8 150.5 149.7 117.1 116.5 116.2 116.1 117.4 117.92000: I ....... 114.0 113.7 138.6 138.8 121.6 122.1 132.4 132.1 111.5 111.2 116.2 116.2 112.1 112.6II ...... 116.2 115.8 141.1 141.4 121.5 122.1 133.0 132.5 111.0 110.6 114.4 114.4 112.6 113.1III ..... 115.9 115.5 140.8 141.1 121.5 122.1 135.6 135.1 112.2 111.8 117.0 116.9 112.9 113.5IV ..... 117.1 116.6 141.5 141.8 120.8 121.6 136.5 135.9 112.2 111.6 116.6 116.5 113.3 113.92001: I ....... 117.0 116.5 141.1 141.4 120.7 121.4 138.8 138.1 113.0 112.5 118.7 118.6 114.1 114.6II ...... 118.4 118.1 141.4 141.9 119.4 120.2 139.7 138.9 112.8 112.2 117.9 117.6 114.9 115.4III ..... 118.8 118.5 140.3 140.8 118.1 118.9 140.4 139.6 113.2 112.5 118.2 117.8 115.2 115.6IV ..... 120.9 120.4 141.0 141.2 116.6 117.3 141.5 140.7 114.2 113.5 117.0 116.8 115.6 116.02002: I ....... 122.7 122.4 142.2 142.6 115.9 116.5 143.2 142.6 115.2 114.7 116.7 116.4 115.5 116.0II ...... 123.2 122.8 142.9 143.2 116.0 116.7 144.4 143.8 115.2 114.7 117.2 117.1 115.9 116.5III ..... 124.7 124.1 144.3 144.5 115.7 116.4 145.0 144.3 115.0 114.4 116.3 116.2 116.1 116.8IV ..... 125.0 124.6 144.7 145.0 115.7 116.4 145.5 144.7 114.8 114.3 116.3 116.1 116.5 117.22003: I ....... 126.2 125.8 145.5 145.9 115.3 116.0 147.4 146.6 115.3 114.7 116.8 116.6 117.1 117.7II ...... 128.6 127.8 147.5 147.8 114.7 115.6 149.6 148.7 116.8 116.1 116.4 116.3 117.3 117.8III ..... 131.2 130.6 150.8 151.1 114.9 115.7 151.7 150.9 117.7 117.1 115.6 115.5 117.5 118.0IV ..... 132.0 131.7 152.3 152.8 115.4 116.1 153.2 152.5 118.7 118.2 116.0 115.9 117.8 118.12004: I ....... 133.3 132.8 154.3 155.0 115.8 116.7 154.2 153.3 118.4 117.7 115.7 115.4 118.4 118.7II ...... 134.2 134.1 155.8 156.5 116.1 116.7 156.2 155.5 118.6 118.0 116.4 115.9 119.4 119.6III ..... 135.0 134.7 157.5 158.2 116.6 117.4 157.7 156.9 119.2 118.5 116.8 116.5 119.6 120.01Output refers to real gross domestic product in the sector.2Hours at work of all persons engaged in the sector, including hours of proprietors and unpaid family workers. Estimates based primarilyon establishment data.3Wages and salaries of employees plus employers’ contributions for social insurance and private benefit plans. Also includes an estimateof wages, salaries, and supplemental payments for the self-employed.4Hourly compensation divided by the consumer price index for all urban consumers for recent quarters. The trend from 1978–2003 isbased on the consumer price index research series (CPI–U–RS).5Current dollar output divided by the output index.Source: Department of Labor, Bureau of Labor Statistics.268
Year orquarterTABLE B–50.—Changes in productivity and related data, business sector, 1959–2004[Percent change from preceding period; quarterly data at seasonally adjusted annual rates]Output per hourof all personsBusinesssectorNonfarmbusinesssectorBusinesssectorOutput 1NonfarmbusinesssectorHours of allpersons 2BusinesssectorNonfarmbusinesssectorCompensationper hour 3BusinesssectorNonfarmbusinesssectorReal compensationper hour 4BusinesssectorNonfarmbusinesssectorUnit laborcostsBusinesssectorNonfarmbusinesssectorImplicit pricedeflator 5BusinesssectorNonfarmbusinesssector1959 ............... 3 .8 3.8 8 .1 8.6 4 .2 4.7 4 .1 3.9 3.4 3.2 0.3 0.1 0 .8 1.31960 ............... 1 .7 1.2 1 .9 1.7 .2 .6 4 .2 4.3 2.4 2.5 2.4 3.1 1 .1 1.21961 ............... 3 .5 3.1 1 .9 2.0 −1 .5 −1.1 3 .8 3.3 2.8 2.3 .4 .2 .8 .81962 ............... 4 .6 4.5 6 .4 6.8 1 .8 2.2 4 .4 4.0 3.4 3.0 −.1 −.5 1 .0 1.01963 ............... 3 .9 3.5 4 .6 4.7 .7 1.1 3 .6 3.4 2.2 2.1 −.3 −.1 .6 .71964 ............... 3 .3 3.0 6 .4 6.7 2 .9 3.7 3 .8 3.1 2.4 1.8 .4 .2 1 .1 1.31965 ............... 3 .5 3.1 7 .1 7.1 3 .4 3.9 3 .7 3.3 2.1 1.7 .2 .2 1 .6 1.31966 ............... 4 .0 3.5 6 .8 7.1 2 .6 3.5 6 .7 5.9 3.7 3.0 2.6 2.3 2 .5 2.31967 ............... 2 .2 1.7 1 .9 1.7 − .2 .0 5 .7 5.8 2.5 2.7 3.4 4.0 2 .7 3.21968 ............... 3 .4 3.4 5 .0 5.2 1 .5 1.8 8 .1 7.8 3.7 3.5 4.5 4.3 4 .0 4.01969 ............... .5 .1 3 .0 3.0 2 .6 2.9 7 .0 6.8 1.4 1.3 6.5 6.7 4 .6 4.51970 ............... 2 .0 1.5 .0 −.1 −2 .0 −1.6 7 .7 7.2 1.8 1.4 5.6 5.6 4 .4 4.51971 ............... 4 .2 4.1 3 .8 3.8 − .4 −.3 6 .3 6.4 1.8 1.9 2.0 2.2 4 .2 4.31972 ............... 3 .2 3.3 6 .5 6.7 3 .2 3.2 6 .3 6.5 3.0 3.2 3.0 3.1 3 .6 3.21973 ............... 3 .1 3.1 7 .0 7.3 3 .8 4.0 8 .5 8.2 2.1 1.8 5.2 4.9 5 .2 3.61974 ............... −1 .6 −1.5 −1 .4 −1.4 .2 .1 9 .6 9.8 −1.3 −1.1 11.4 11.4 9 .6 10.21975 ............... 3 .4 2.7 −1 .0 −1.7 −4 .3 −4.2 10 .2 10.0 1.0 .8 6.5 7.2 9 .8 10.81976 ............... 3 .2 3.3 6 .6 7.0 3 .3 3.5 8 .6 8.5 2.7 2.5 5.3 5.0 5 .3 5.61977 ............... 1 .7 1.6 5 .6 5.6 3 .8 3.9 7 .9 8.1 1.4 1.5 6.2 6.4 6 .0 6.31978 ............... 1 .1 1.3 6 .3 6.6 5 .1 5.2 8 .7 8.9 1.7 1.8 7.5 7.5 7 .1 6.71979 ............... .0 −.3 3 .4 3.2 3 .3 3.5 9 .8 9.6 .3 .2 9.7 9.9 8 .5 8.41980 ............... − .2 −.2 −1 .1 −1.0 − .9 −.8 10 .8 10.8 −.2 −.2 11.0 11.0 8 .9 9.61981 ............... 2 .1 1.4 2 .8 2.1 .7 .7 9 .6 9.8 .2 .4 7.4 8.2 9 .2 9.61982 ............... − .8 −1.0 −3 .0 −3.2 −2 .3 −2.2 7 .2 7.1 1.2 1.1 8.0 8.2 5 .7 6.21983 ............... 3 .6 4.5 5 .4 6.5 1 .7 1.9 4 .1 4.2 .0 .0 .5 −.3 3 .4 3.11984 ............... 2 .7 2.0 8 .7 8.2 5 .8 6.1 4 .3 4.2 .3 .2 1.6 2.2 2 .9 2.91985 ............... 2 .3 1.6 4 .6 4.2 2 .3 2.6 4 .8 4.6 1.4 1.2 2.5 2.9 2 .4 3.01986 ............... 3 .0 3.0 3 .7 3.9 .7 .8 5 .2 5.2 3.3 3.3 2.1 2.1 1 .6 1.71987 ............... .6 .5 3 .5 3.6 2 .9 3.1 3 .8 3.7 .3 .3 3.2 3.2 2 .2 2.21988 ............... 1 .5 1.6 4 .3 4.6 2 .8 2.9 5 .1 4.9 1.4 1.2 3.5 3.2 3 .1 3.01989 ............... .9 .7 3 .7 3.5 2 .7 2.8 2 .7 2.6 −1.6 −1.6 1.7 1.9 3 .7 3.61990 ............... 2 .0 1.9 1 .5 1.5 − .5 −.4 6 .2 6.1 1.2 1.0 4.1 4.1 3 .6 3.71991 ............... 1 .6 1.7 − .8 −.8 −2 .3 −2.4 4 .9 5.1 1.2 1.4 3.3 3.3 3 .2 3.41992 ............... 4 .2 4.0 4 .0 3.9 − .2 −.2 5 .2 5.3 2.7 2.7 1.0 1.2 1 .8 1.91993 ............... .3 .4 3 .1 3.4 2 .8 3.0 2 .2 2.0 −.3 −.5 1.9 1.6 2 .1 2.11994 ............... 1 .1 1.2 5 .0 4.8 3 .8 3.6 1 .6 1.7 −.5 −.4 .4 .5 1 .8 1.91995 ............... .2 .5 2 .9 3.2 2 .7 2.7 2 .0 2.1 −.4 −.3 1.9 1.6 1 .8 1.71996 ............... 2 .9 2.7 4 .6 4.5 1 .6 1.8 3 .4 3.4 .7 .7 .5 .7 1 .6 1.41997 ............... 1 .9 1.6 5 .3 5.2 3 .4 3.5 3 .2 3.1 1.0 .9 1.3 1.4 1 .5 1.71998 ............... 2 .7 2.7 4 .8 5.0 2 .1 2.2 6 .0 5.9 4.6 4.5 3.3 3.2 .6 .71999 ............... 2 .9 2.8 5 .1 5.2 2 .2 2.3 4 .8 4.6 2.6 2.5 1.8 1.8 .9 1.12000 ............... 2 .9 2.8 3 .9 3.8 1 .0 1.0 7 .1 7.1 3.6 3.6 4.0 4.2 1 .8 1.92001 ............... 2 .5 2.5 .3 .4 −2 .1 −2.0 4 .2 4.0 1.3 1.1 1.6 1.5 2 .0 1.92002 ............... 4 .3 4.4 1 .8 1.8 −2 .4 −2.5 3 .2 3.3 1.5 1.6 −1.1 −1.1 .9 1.02003 ............... 4 .5 4.4 3 .8 3.8 − .7 −.6 4 .1 4.1 1.8 1.7 −.4 −.4 1 .3 1.12000: I ............. −1 .4 −1.7 .3 −.1 1 .7 1.6 14 .5 14.7 10.3 10.5 16.0 16.7 3 .4 3.3II ........... 8 .0 7.4 7 .5 7.5 − .5 .1 1 .7 1.0 −1.6 −2.2 −5.9 −6.0 1 .8 1.8III .......... − .9 −.8 − .8 −.8 .1 .0 8 .1 8.2 4.2 4.3 9.1 9.1 1 .3 1.4IV .......... 4 .2 3.7 2 .0 2.2 −2 .1 −1.5 2 .9 2.4 .0 −.5 −1.2 −1.3 1 .4 1.32001: I ............. − .5 −.4 −1 .1 −1.1 − .6 −.7 6 .8 6.7 3.1 3.0 7.4 7.2 2 .7 2.6II ........... 5 .1 5.5 .8 1.2 −4 .1 −4.1 2 .5 2.2 −.8 −1.0 −2.5 −3.1 3 .0 2.7III .......... 1 .4 1.5 −3 .1 −2.9 −4 .4 −4.3 2 .2 2.1 1.2 1.1 .8 .6 1 .0 .7IV .......... 7 .2 6.6 1 .8 1.2 −5 .0 −5.1 3 .1 3.1 3.7 3.7 −3.8 −3.3 1 .3 1.52002: I ............. 5 .9 6.9 3 .5 4.0 −2 .3 −2.7 4 .9 5.5 3.5 4.1 −1.0 −1.4 − .3 −.3II ........... 1 .7 1.1 2 .1 1.7 .4 .6 3 .4 3.4 −.1 −.1 1.7 2.3 1 .4 1.8III .......... 4 .8 4.5 3 .8 3.6 −1 .0 −.9 1 .6 1.5 −.7 −.8 −3.1 −2.9 .7 1.0IV .......... 1 .2 1.6 1 .2 1.4 .0 −.2 1 .3 1.2 −.6 −.6 .0 −.3 1 .4 1.32003: I ............. 3 .9 3.7 2 .2 2.4 −1 .6 −1.3 5 .5 5.3 1.7 1.5 1.6 1.6 2 .1 1.9II ........... 7 .6 6.7 5 .6 5.3 −1 .9 −1.4 6 .1 5.7 5.4 5.0 −1.4 −1.0 .8 .5III .......... 8 .5 9.0 9 .3 9.3 .7 .3 5 .6 6.1 3.1 3.6 −2.6 −2.7 .7 .6IV .......... 2 .4 3.1 4 .2 4.6 1 .7 1.4 4 .0 4.4 3.3 3.6 1.6 1.2 .8 .32004: I ............. 3 .9 3.7 5 .3 5.7 1 .3 2.0 2 .8 2.0 −.8 −1.6 −1.1 −1.6 2 .1 2.0II ........... 2 .9 3.9 3 .9 4.2 1 .0 .3 5 .2 5.9 .5 1.1 2.3 1.9 3 .3 2.9III .......... 2 .4 1.8 4 .5 4.2 2 .0 2.4 4 .0 3.6 2.1 1.8 1.5 1.8 .9 1.61Output refers to real gross domestic product in the sector.2Hours at work of all persons engaged in the sector. See footnote 2, Table B-49.3Wages and salaries of employees plus employers’ contributions for social insurance and private benefit plans. Also includes an estimateof wages, salaries, and supplemental payments for the self-employed.4Hourly compensation divided by the consumer price index. See footnote 4, Table B-49.5Current dollar output divided by the output index.Note.—Percent changes are based on original data and may differ slightly from percent changes based on indexes in Table B-49.Source: Department of Labor, Bureau of Labor Statistics.269
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Economic Reportof the PresidentTran
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C O N T E N T SECONOMIC REPORT OF T
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ECONOMIC REPORT OF THE PRESIDENTTo
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the playing field is level for our
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LETTER OF TRANSMITTALCOUNCIL OF ECO
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Monetary Policy ...................
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Encouraging FDI ...................
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3-4. The Equivalence of Sales Taxes
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Real GDP expanded by 3.7 percent du
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Options for Tax ReformChapter 3, Op
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and better Nation for it. A compreh
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Innovation and the Information Econ
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ecause they do not expect family me
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The Administration has pushed aggre
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C H A P T E R 1The Year in Review a
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Consumer SpendingConsumer spending
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easons for this correlation are dis
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2003, a number of countries that to
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ProductivityRecent productivity gro
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The projected path of inflation as
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strengthen. The forecast is based o
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The growth rate of the economy over
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In sum, potential real GDP is proje
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C H A P T E R 2Expansions Past and
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The behavior of real GDP is similar
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of faltering may be attributable to
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most recent expansions have shown r
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middle of 2003. The more moderate r
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1.2 percent. Employment continued t
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SummaryModerate recessions are foll
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permanent cuts should permanently r
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and the Jobs and Growth Tax Relief
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Federal government revenues had bee
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Fiscal policy played an especially
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C H A P T E R 3Options for Tax Refo
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High Compliance CostsThe complexity
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a reasonable estimate is that a 10
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Excess BurdenBecause taxes distort
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Box 3-3 — continuedThe bottom 40
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more uniform or pure version of the
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of being collected all at once at t
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would have to differ from state tax
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owner claimed it was for business,
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The current set of saving incentive
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the current system. In addition, so
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C H A P T E R 4ImmigrationIn recent
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TABLE 4-1.— Foreign-Born Share of
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immigrants (also called illegal or
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largest group of immigrants was bor
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employment costs, including wage fl
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Chapter 4 | 103
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wages fall in response to immigrati
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immigrants from Latin America do re
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addition, as migrants leave the cou
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include siblings and adult children
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despite the tremendous growth in th
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The TWP would allow new foreign wor
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C H A P T E R 5Expanding Individual
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This phenomenon, known as the “tr
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producing more of that good. Simila
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In 2002, the President proposed “
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provide evidence of increased profi
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schools are four times as efficient
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low administrative costs, estimated
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Box 5-2: The Benefits of Land Title
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development plan designed by others
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C H A P T E R 6Innovation and theIn
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E-mail is the most common online ac
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Changed circumstances, such as new
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Illegal Acts on the InternetThe Int
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or develop new markets, which can l
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inflation factor for the price cap
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U.S. households connecting to local
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garbling their transmissions. To li
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from 51.3 percent in December 1999
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for their property rights. The Admi
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C H A P T E R 7The Global HIV/AIDS
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Chart 7-1 Estimated HIV Infection L
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There is no cure for HIV/AIDS, thou
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AIDS is more damaging to a househol
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and risk reduction have helped redu
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only one price, the drug companies
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Box 7-1 — continuedfocused on the
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Box 7-2 — continuedenhancing coor
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ConclusionThe United States and cou
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Good Two. In Ricardo’s simple mod
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The Impact of Trade on Labor Market
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The U.S. Advantage in Services Trad
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U.S. firms is associated with a cor
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anked the second-best country out o
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the Chinese government agreed to el
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Trade LiberalizationTariffs and oth
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ConclusionThe United States is the
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LETTER OF TRANSMITTALCOUNCIL OF ECO
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Report to the President on theActiv
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The Council continued its efforts t
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The Staff of the Council of Economi
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John List and Ted Gayer provided co
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Appendix BSTATISTICAL TABLES RELATI
Page 200 and 201:
PageB-32. Gross saving and investme
Page 202 and 203:
PageB-94. Relation of profits after
Page 204 and 205:
NATIONAL INCOME OR EXPENDITURETABLE
Page 206 and 207:
TABLE B-2.—Real gross domestic pr
Page 208 and 209:
TABLE B-3.—Quantity and price ind
Page 210 and 211:
TABLE B-5.—Contributions to perce
Page 212 and 213:
TABLE B-6.—Chain-type quantity in
Page 214 and 215: TABLE B-7.—Chain-type price index
Page 216 and 217: TABLE B-8.—Gross domestic product
Page 218 and 219: TABLE B-10.—Gross value added by
Page 220 and 221: TABLE B-12.—Gross domestic produc
Page 222 and 223: TABLE B-13.—Real gross domestic p
Page 224 and 225: TABLE B-14.—Gross value added of
Page 226 and 227: TABLE B-16.—Personal consumption
Page 228 and 229: TABLE B-18.—Private fixed investm
Page 230 and 231: TABLE B-20.—Government consumptio
Page 232 and 233: TABLE B-22.—Private inventories a
Page 234 and 235: TABLE B-24.—Foreign transactions
Page 236 and 237: TABLE B-26.—Relation of gross dom
Page 238 and 239: TABLE B-28.—National income by ty
Page 240 and 241: TABLE B-29.—Sources of personal i
Page 242 and 243: TABLE B-30.—Disposition of person
Page 244 and 245: Year or quarterTABLE B-32.—Gross
Page 246 and 247: TABLE B-33.—Median money income (
Page 248 and 249: TABLE B-35.—Civilian population a
Page 250 and 251: TABLE B-36.—Civilian employment a
Page 252 and 253: TABLE B-38.—Unemployment by demog
Page 254 and 255: TABLE B-40.—Civilian labor force
Page 256 and 257: TABLE B-42.—Civilian unemployment
Page 258 and 259: TABLE B-44.—Unemployment by durat
Page 260 and 261: TABLE B-46.—Employees on nonagric
Page 262 and 263: TABLE B-47.—Hours and earnings in
Page 266 and 267: PRODUCTION AND BUSINESS ACTIVITYTAB
Page 268 and 269: Year ormonthTABLE B-53.—Industria
Page 270 and 271: Year or monthTABLE B-55.—New cons
Page 272 and 273: TABLE B-57.—Manufacturing and tra
Page 274 and 275: TABLE B-59.—Manufacturers’ new
Page 276 and 277: Year ormonthTABLE B-61.—Consumer
Page 278 and 279: TABLE B-62.—Consumer price indexe
Page 280 and 281: TABLE B-64.—Changes in consumer p
Page 282 and 283: TABLE B-65.—Producer price indexe
Page 284 and 285: TABLE B-67.—Producer price indexe
Page 286 and 287: TABLE B-68.—Changes in producer p
Page 288 and 289: TABLE B-70.—Components of money s
Page 290 and 291: TABLE B-71.—Aggregate reserves of
Page 292 and 293: TABLE B-73.—Bond yields and inter
Page 294 and 295: TABLE B-74.—Credit market borrowi
Page 296 and 297: TABLE B-75.—Mortgage debt outstan
Page 298 and 299: TABLE B-77.—Consumer credit outst
Page 300 and 301: TABLE B-79.—Federal receipts, out
Page 302 and 303: TABLE B-81.—Federal receipts, out
Page 304 and 305: TABLE B-83.—Federal and State and
Page 306 and 307: TABLE B-85.—State and local gover
Page 308 and 309: End of yearor monthTABLE B-87.—U.
Page 310 and 311: End of monthTABLE B-89.—Estimated
Page 312 and 313: TABLE B-91.—Corporate profits by
Page 314 and 315:
TABLE B-93.—Sales, profits, and s
Page 316 and 317:
YearComposite(Dec. 31,2002=5,000) 3
Page 318 and 319:
YearAGRICULTURETABLE B-97.—Farm i
Page 320 and 321:
TABLE B-99.—Farm output and produ
Page 322 and 323:
Year ormonthTABLE B-101.—Agricult
Page 324 and 325:
INTERNATIONAL STATISTICSTABLE B-103
Page 326 and 327:
TABLE B-104.—U.S. international t
Page 328 and 329:
TABLE B-106.—U.S. international t
Page 330 and 331:
TABLE B-108.—Industrial productio
Page 332 and 333:
TABLE B-110.—Foreign exchange rat
Page 334:
TABLE B-112.—Growth rates in real
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Economic Report of the President

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