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Year andmonthBills(new issues) 13-monthTABLE B–71.—Bond yields and interest rates, 1929–99U.S. Treasury securities6-month3-year[Percent per annum]Corporatebonds(Moody’s)Constantmaturities 210- 30-year yearAaa BaaHighgrademunicipalbonds(Standard&Poor’s)Newhomemortgageyields 3Commercialpaper,6months 4Primeratechargedbybanks 5Discountrate,FederalReserveBankof NewYork 51929 ............ .............. .............. .......... .......... .......... 4.73 5.90 4.27 ............ 5.85 5.50-6.00 5.16 ............1933 ............ 0.515 .............. .......... .......... .......... 4.49 7.76 4.71 ............ 1.73 1.50-4.00 2.56 ............1939 ............ .023 .............. .......... .......... .......... 3.01 4.96 2.76 ............ .59 1.50 1.00 ............1940 ............ .014 .............. .......... .......... .......... 2.84 4.75 2.50 ............ .56 1.50 1.00 ............1941 ............ .103 .............. .......... .......... .......... 2.77 4.33 2.10 ............ .53 1.50 1.00 ............1942 ............ .326 .............. .......... .......... .......... 2.83 4.28 2.36 ............ .66 1.50 71.00 ............1943 ............ .373 .............. .......... .......... .......... 2.73 3.91 2.06 ............ .69 1.50 71.00 ............1944 ............ .375 .............. .......... .......... .......... 2.72 3.61 1.86 ............ .73 1.50 71.00 ............1945 ............ .375 .............. .......... .......... .......... 2.62 3.29 1.67 ............ .75 1.50 71.00 ............1946 ............ .375 .............. .......... .......... .......... 2.53 3.05 1.64 ............ .81 1.50 71.00 ............1947 ............ .594 .............. .......... .......... .......... 2.61 3.24 2.01 ............ 1.03 1.50-1.75 1.00 ............1948 ............ 1.040 .............. .......... .......... .......... 2.82 3.47 2.40 ............ 1.44 1.75-2.00 1.34 ............1949 ............ 1.102 .............. .......... .......... .......... 2.66 3.42 2.21 ............ 1.49 2.00 1.50 ............1950 ............ 1.218 .............. .......... .......... .......... 2.62 3.24 1.98 ............ 1.45 2.07 1.59 ............1951 ............ 1.552 .............. .......... .......... .......... 2.86 3.41 2.00 ............ 2.16 2.56 1.75 ............1952 ............ 1.766 .............. .......... .......... .......... 2.96 3.52 2.19 ............ 2.33 3.00 1.75 ............1953 ............ 1.931 .............. 2.47 2.85 .......... 3.20 3.74 2.72 ............ 2.52 3.17 1.99 ............1954 ............ .953 .............. 1.63 2.40 .......... 2.90 3.51 2.37 ............ 1.58 3.05 1.60 ............1955 ............ 1.753 .............. 2.47 2.82 .......... 3.06 3.53 2.53 ............ 2.18 3.16 1.89 1.781956 ............ 2.658 .............. 3.19 3.18 .......... 3.36 3.88 2.93 ............ 3.31 3.77 2.77 2.731957 ............ 3.267 .............. 3.98 3.65 .......... 3.89 4.71 3.60 ............ 3.81 4.20 3.12 3.111958 ............ 1.839 .............. 2.84 3.32 .......... 3.79 4.73 3.56 ............ 2.46 3.83 2.15 1.571959 ............ 3.405 3.832 4.46 4.33 .......... 4.38 5.05 3.95 ............ 3.97 4.48 3.36 3.301960 ............ 2.928 3.247 3.98 4.12 .......... 4.41 5.19 3.73 ............ 3.85 4.82 3.53 3.221961 ............ 2.378 2.605 3.54 3.88 .......... 4.35 5.08 3.46 ............ 2.97 4.50 3.00 1.961962 ............ 2.778 2.908 3.47 3.95 .......... 4.33 5.02 3.18 ............ 3.26 4.50 3.00 2.681963 ............ 3.157 3.253 3.67 4.00 .......... 4.26 4.86 3.23 5.89 3.55 4.50 3.23 3.181964 ............ 3.549 3.686 4.03 4.19 .......... 4.40 4.83 3.22 5.83 3.97 4.50 3.55 3.501965 ............ 3.954 4.055 4.22 4.28 .......... 4.49 4.87 3.27 5.81 4.38 4.54 4.04 4.071966 ............ 4.881 5.082 5.23 4.92 .......... 5.13 5.67 3.82 6.25 5.55 5.63 4.50 5.111967 ............ 4.321 4.630 5.03 5.07 .......... 5.51 6.23 3.98 6.46 5.10 5.61 4.19 4.221968 ............ 5.339 5.470 5.68 5.65 .......... 6.18 6.94 4.51 6.97 5.90 6.30 5.16 5.661969 ............ 6.677 6.853 7.02 6.67 .......... 7.03 7.81 5.81 7.81 7.83 7.96 5.87 8.201970 ............ 6.458 6.562 7.29 7.35 .......... 8.04 9.11 6.51 8.45 7.71 7.91 5.95 7.181971 ............ 4.348 4.511 5.65 6.16 .......... 7.39 8.56 5.70 7.74 5.11 5.72 4.88 4.661972 ............ 4.071 4.466 5.72 6.21 .......... 7.21 8.16 5.27 7.60 4.73 5.25 4.50 4.431973 ............ 7.041 7.178 6.95 6.84 .......... 7.44 8.24 5.18 7.96 8.15 8.03 6.44 8.731974 ............ 7.886 7.926 7.82 7.56 .......... 8.57 9.50 6.09 8.92 9.84 10.81 7.83 10.501975 ............ 5.838 6.122 7.49 7.99 .......... 8.83 10.61 6.89 9.00 6.32 7.86 6.25 5.821976 ............ 4.989 5.266 6.77 7.61 .......... 8.43 9.75 6.49 9.00 5.34 6.84 5.50 5.041977 ............ 5.265 5.510 6.69 7.42 7.75 8.02 8.97 5.56 9.02 5.61 6.83 5.46 5.541978 ............ 7.221 7.572 8.29 8.41 8.49 8.73 9.49 5.90 9.56 7.99 9.06 7.46 7.931979 ............ 10.041 10.017 9.71 9.44 9.28 9.63 10.69 6.39 10.78 10.91 12.67 10.28 11.191980 ............ 11.506 11.374 11.55 11.46 11.27 11.94 13.67 8.51 12.66 12.29 15.27 11.77 13.361981 ............ 14.029 13.776 14.44 13.91 13.45 14.17 16.04 11.23 14.70 14.76 18.87 13.42 16.381982 ............ 10.686 11.084 12.92 13.00 12.76 13.79 16.11 11.57 15.14 11.89 14.86 11.02 12.261983 ............ 8.63 8.75 10.45 11.10 11.18 12.04 13.55 9.47 12.57 8.89 10.79 8.50 9.091984 ............ 9.58 9.80 11.89 12.44 12.41 12.71 14.19 10.15 12.38 10.16 12.04 8.80 10.231985 ............ 7.48 7.66 9.64 10.62 10.79 11.37 12.72 9.18 11.55 8.01 9.93 7.69 8.101986 ............ 5.98 6.03 7.06 7.68 7.78 9.02 10.39 7.38 10.17 6.39 8.33 6.33 6.811987 ............ 5.82 6.05 7.68 8.39 8.59 9.38 10.58 7.73 9.31 6.85 8.21 5.66 6.661988 ............ 6.69 6.92 8.26 8.85 8.96 9.71 10.83 7.76 9.19 7.68 9.32 6.20 7.571989 ............ 8.12 8.04 8.55 8.49 8.45 9.26 10.18 7.24 10.13 8.80 10.87 6.93 9.211990 ............ 7.51 7.47 8.26 8.55 8.61 9.32 10.36 7.25 10.05 7.95 10.01 6.98 8.101991 ............ 5.42 5.49 6.82 7.86 8.14 8.77 9.80 6.89 9.32 5.85 8.46 5.45 5.691992 ............ 3.45 3.57 5.30 7.01 7.67 8.14 8.98 6.41 8.24 3.80 6.25 3.25 3.521993 ............ 3.02 3.14 4.44 5.87 6.59 7.22 7.93 5.63 7.20 3.30 6.00 3.00 3.021994 ............ 4.29 4.66 6.27 7.09 7.37 7.96 8.62 6.19 7.49 4.93 7.15 3.60 4.211995 ............ 5.51 5.59 6.25 6.57 6.88 7.59 8.20 5.95 7.87 5.93 8.83 5.21 5.831996 ............ 5.02 5.09 5.99 6.44 6.71 7.37 8.05 5.75 7.80 5.42 8.27 5.02 5.301997 ............ 5.07 5.18 6.10 6.35 6.61 7.26 7.86 5.55 7.71 5.62 8.44 5.00 5.461998 ............ 4.81 4.85 5.14 5.26 5.58 6.53 7.22 5.12 7.07 .............. 8.35 4.92 5.351999 ............ 4.66 4.76 5.49 5.65 5.87 7.04 7.87 5.43 7.04 .............. 8.00 4.62 4.971Rate on new issues within period; bank-discount basis.2Yields on the more actively traded issues adjusted to constant maturities by the Department of the Treasury.3Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assuming, onthe average, repayment at end of 10 years. Rates beginning January 1973 not strictly comparable with prior rates.4Bank-discount basis; prior to November 1979, data are for 4-6 months paper. Series no longer published by Federal Reserve (FR). See FRrelease H.15 Selected Interest Rates dated May 12, 1997.5For monthly data, high and low for the period. Prime rate for 1929-33 and 1947-48 are ranges of the rate in effect during the period.See next page for continuation of table.Federalfundsrate 6390
TABLE B–71.—Bond yields and interest rates, 1929–99—Continued[Percent per annum]Year andmonthBills(new issues) 13-monthU.S. Treasury securities6-month3-yearCorporatebonds(Moody’s)Constantmaturities 210- 30-year yearAaa BaaHighgrademunicipalbonds(Standard&Poor’s)Newhomemortgageyields 3Commercialpaper,6months 4Primeratechargedbybanks 5Discountrate,FederalReserveBankof NewYork 5Federalfundsrate 6High-lowHigh-low1995:Jan ........... 5.81 6.31 7.66 7.78 7.85 8.46 9.08 6.53 8.18 6.63 8.50-8.50 4.75-4.75 5.53Feb .......... 5.80 6.10 7.25 7.47 7.61 8.26 8.85 6.24 8.28 6.38 9.00-8.50 5.25-4.75 5.92Mar .......... 5.73 5.91 6.89 7.20 7.45 8.12 8.70 6.10 8.21 6.30 9.00-9.00 5.25-5.25 5.98Apr .......... 5.67 5.80 6.68 7.06 7.36 8.03 8.60 6.01 8.15 6.19 9.00-9.00 5.25-5.25 6.05May ......... 5.70 5.73 6.27 6.63 6.95 7.65 8.20 5.90 7.99 6.07 9.00-9.00 5.25-5.25 6.01June ......... 5.50 5.46 5.80 6.17 6.57 7.30 7.90 5.83 7.73 5.79 9.00-9.00 5.25-5.25 6.00July .......... 5.47 5.41 5.89 6.28 6.72 7.41 8.04 5.98 7.78 5.68 9.00-8.75 5.25-5.25 5.85Aug .......... 5.41 5.40 6.10 6.49 6.86 7.57 8.19 6.07 7.75 5.75 8.75-8.75 5.25-5.25 5.74Sept ......... 5.26 5.28 5.89 6.20 6.55 7.32 7.93 5.88 7.69 5.66 8.75-8.75 5.25-5.25 5.80Oct ........... 5.30 5.34 5.77 6.04 6.37 7.12 7.75 5.77 7.58 5.71 8.75-8.75 5.25-5.25 5.76Nov .......... 5.35 5.29 5.57 5.93 6.26 7.02 7.68 5.61 7.46 5.59 8.75-8.75 5.25-5.25 5.80Dec .......... 5.16 5.15 5.39 5.71 6.06 6.82 7.49 5.42 7.40 5.43 8.75-8.50 5.25-5.25 5.601996:Jan ........... 5.02 4.97 5.20 5.65 6.05 6.81 7.47 5.42 7.32 5.23 8.50-8.50 5.25-5.00 5.56Feb .......... 4.87 4.79 5.14 5.81 6.24 6.99 7.63 5.45 7.20 4.99 8.50-8.25 5.00-5.00 5.22Mar .......... 4.96 4.96 5.79 6.27 6.60 7.35 8.03 5.82 7.49 5.26 8.25-8.25 5.00-5.00 5.31Apr .......... 4.99 5.08 6.11 6.51 6.79 7.50 8.19 5.93 7.76 5.38 8.25-8.25 5.00-5.00 5.22May ......... 5.02 5.12 6.27 6.74 6.93 7.62 8.30 5.98 7.80 5.42 8.25-8.25 5.00-5.00 5.24June ......... 5.11 5.26 6.49 6.91 7.06 7.71 8.40 6.03 8.05 5.57 8.25-8.25 5.00-5.00 5.27July .......... 5.17 5.32 6.45 6.87 7.03 7.65 8.35 5.91 8.01 5.67 8.25-8.25 5.00-5.00 5.40Aug .......... 5.09 5.17 6.21 6.64 6.84 7.46 8.18 5.72 8.08 5.51 8.25-8.25 5.00-5.00 5.22Sept ......... 5.15 5.29 6.41 6.83 7.03 7.66 8.35 5.86 7.98 5.66 8.25-8.25 5.00-5.00 5.30Oct ........... 5.01 5.12 6.08 6.53 6.81 7.39 8.07 5.71 7.95 5.45 8.25-8.25 5.00-5.00 5.24Nov .......... 5.03 5.07 5.82 6.20 6.48 7.10 7.79 5.59 7.80 5.40 8.25-8.25 5.00-5.00 5.31Dec .......... 4.87 5.02 5.91 6.30 6.55 7.20 7.89 5.62 7.79 5.44 8.25-8.25 5.00-5.00 5.291997:Jan ........... 5.05 5.11 6.16 6.58 6,83 7.42 8.09 5.72 7.81 5.48 8.25-8.25 5.00-5.00 5.25Feb .......... 5.00 5.05 6.03 6.42 6.69 7.31 7.94 5.63 7.78 5.42 8.25-8.25 5.00-5.00 5.19Mar .......... 5.14 5.24 6.38 6.69 6.93 7.55 8.18 5.78 7.88 5.61 8.50-8.25 5.00-5.00 5.39Apr .......... 5.17 5.35 6.61 6.89 7.09 7.73 8.34 5.88 8.03 5.79 8.50-8.50 5.00-5.00 5.51May ......... 5.13 5.35 6.42 6.71 6.94 7.58 8.20 5.71 8.01 5.78 8.50-8.50 5.00-5.00 5.50June ......... 4.92 5.14 6.24 6.49 6.77 7.41 8.02 5.60 7.95 5.69 8.50-8.50 5.00-5.00 5.56July .......... 5.07 5.12 6.00 6.22 6.51 7.14 7.75 5.41 7.78 5.60 8.50-8.50 5.00-5.00 5.52Aug .......... 5.13 5.17 6.06 6.30 6.58 7.22 7.82 5.47 7.59 5.59 8.50-8.50 5.00-5.00 5.54Sept ......... 4.97 5.11 5.98 6.21 6.50 7.15 7.70 5.38 7.61 .............. 8.50-8.50 5.00-5.00 5.54Oct ........... 4.95 5.09 5.84 6.03 6.33 7.00 7.57 5.37 7.54 .............. 8.50-8.50 5.00-5.00 5.50Nov .......... 5.15 5.17 5.76 5.88 6.11 6.87 7.42 5.38 7.40 .............. 8.50-8.50 5.00-5.00 5.52Dec .......... 5.16 5.24 5.74 5.81 5.99 6.76 7.32 5.22 7.40 .............. 8.50-8.50 5.00-5.00 5.501998:Jan ........... 5.09 5.07 5.38 5.54 5.81 6.61 7.19 5.07 7.27 .............. 8.50-8.50 5.00-5.00 5.56Feb .......... 5.11 5.07 5.43 5.57 5.89 6.67 7.25 5.16 7.24 .............. 8.50-8.50 5.00-5.00 5.51Mar .......... 5.03 5.04 5.57 5.65 5.95 6.71 7.32 5.30 7.17 .............. 8.50-8.50 5.00-5.00 5.49Apr .......... 5.00 5.08 5.58 5.64 5.92 6.69 7.33 5.33 7.19 .............. 8.50-8.50 5.00-5.00 5.45May ......... 5.03 5.15 5.61 5.65 5.93 6.69 7.30 5.21 7.18 .............. 8.50-8.50 5.00-5.00 5.49June ......... 4.99 5.12 5.52 5.50 5.70 6.53 7.13 5.13 7.16 .............. 8.50-8.50 5.00-5.00 5.56July .......... 4.96 5.03 5.47 5.46 5.68 6.55 7.15 5.18 7.13 .............. 8.50-8.50 5.00-5.00 5.54Aug .......... 4.94 4.97 5.24 5.34 5.54 6.52 7.14 5.13 7.09 .............. 8.50-8.50 5.00-5.00 5.55Sept ......... 4.74 4.75 4.62 4.81 5.20 6.40 7.09 4.98 6.98 .............. 8.50-8.25 5.00-5.00 5.51Oct ........... 4.08 4.15 4.18 4.53 5.01 6.37 7.18 4.90 6.85 .............. 8.25-8.00 5.00-4.75 5.07Nov .......... 4.44 4.43 4.57 4.83 5.25 6.41 7.34 5.06 6.80 .............. 8.00-7.75 4.75-4.50 4.83Dec .......... 4.42 4.43 4.48 4.65 5.06 6.22 7.23 5.00 6.94 .............. 7.75-7.75 4.50-4.50 4.681999:Jan ........... 4.34 4.36 4.61 4.72 5.16 6.24 7.29 5.04 6.96 .............. 7.75-7.75 4.50-4.50 4.63Feb .......... 4.45 4.43 4.90 5.00 5.37 6.40 7.39 5.03 6.92 .............. 7.75-7.75 4.50-4.50 4.76Mar .......... 4.48 4.52 5.11 5.23 5.58 6.62 7.53 5.10 6.86 .............. 7.75-7.75 4.50-4.50 4.81Apr .......... 4.28 4.36 5.03 5.18 5.55 6.64 7.48 5.07 6.85 .............. 7.75-7.75 4.50-4.50 4.74May ......... 4.51 4.55 5.33 5.54 5.81 6.93 7.72 5.17 6.89 .............. 7.75-7.75 4.50-4.50 4.74June ......... 4.59 4.81 5.70 5.90 6.04 7.23 8.02 5.34 7.03 .............. 7.75-7.75 4.50-4.50 4.76July .......... 4.60 4.62 5.62 5.79 5.98 7.19 7.95 5.36 7.29 .............. 8.00-8.00 4.50-4.50 4.99Aug .......... 4.76 4.88 5.77 5.94 6.07 7.40 8.15 5.59 7.09 .............. 8.25-8.00 4.75-4.50 5.07Sept ......... 4.73 4.91 5.75 5.92 6.07 7.39 8.20 5.70 7.09 .............. 8.25-8.25 4.75-4.75 5.22Oct ........... 4.88 4.98 5.94 6.11 6.26 7.55 8.38 5.92 7.17 .............. 8.25-8.25 4.75-4.75 5.20Nov .......... 5.07 5.17 5.92 6.03 6.15 7.36 8.15 5.85 7.24 .............. 8.50-8.25 5.00-4.75 5.42Dec .......... 5.23 5.43 6.14 6.28 6.35 7.55 8.19 5.93 7.28 .............. 8.50-8.50 5.00-5.00 5.306Since July 19, 1975, the daily effective rate is an average of the rates on a given day weighted by the volume of transactions at theserates. Prior to that date, the daily effective rate was the rate considered most representative of the day’s transactions, usually the one atwhich most transactions occurred.7From October 30, 1942, to April 24, 1946, a preferential rate of 0.50 percent was in effect for advances secured by Government securitiesmaturing in 1 year or less.Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody’s InvestorsService, and Standard & Poor’s.391
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E C O N O M I CR E P O R TO F T H E
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C O N T E N T SPageECONOMIC REPORT
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ECONOMIC REPORT OF THE PRESIDENTTo
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my State of the Union address, I pr
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hard-pressed families—with additi
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LETTER OF TRANSMITTALCOUNCIL OF ECO
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PageSources of Business Cycle Moder
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PageHeterogeneity in Abatement Bene
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Page2-3. Net Worth and the Personal
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PageLIST OF BOXES2-1. The CPI-U-RS,
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These successes notwithstanding, th
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$33,740, Americans today can acquir
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those in the highest decile rose 0.
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Data on poverty also show progress.
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Over the years, government support
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asis, the current expansion also sh
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The current expansion, by contrast,
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InflationAccelerating inflation pos
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it was argued, must be shifting the
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is that the direction of technologi
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Challenges for the FutureThis chapt
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in the new labor market. The chapte
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disruptive in some cases. Finally,
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C H A P T E R 2Macroeconomic Policy
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Chapter 2 | 51
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usiness cycle has changed over the
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cent over the four quarters of 1999
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framework that continues to pay dow
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The labor force participation rate
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Box 2-1.—continuedof no substitut
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feed directly into the index. Moreo
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funds rate (the interest rate that
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nesses with below-investment-grade
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From 1989 to 1999, corporate earnin
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ital includes the value of intellec
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of gross personal saving to GDP has
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The beginnings and ends of U.S. bus
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introduced in 1913 and Social Secur
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Of course, it is premature to decla
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Box 2-3.What Did We Learn from the
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TABLE 2-3.— Accounting for the Pr
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future extrapolates long-term trend
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Over the past 6 years, the CPI-U-RS
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work enables job hunters to work wh
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Chart 2-17 shows how this could hap
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of professional economic forecaster
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Administration’s forecast is used
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Innovations during the 20th century
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transformations the Internet and e-
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Another industry that saw major cha
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One example is the “lean” produ
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Box 3-1. Measuring the Economy in a
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Box 3-2. Implementing Local Competi
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of fiber optic cable deployed by te
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How Information Technology IsChangi
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total investment in information tec
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For e-retailers, the Internet repla
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suppliers for surplus quantities of
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However, the same technology that d
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value of each network to its users.
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many possible uses but that depends
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Maintaining CompetitionAnother way
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Similarly, by reducing barriers to
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Formal education was a far less imp
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The Transformation of the Labor Mar
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Americans has risen almost 10-fold
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diploma (Chart 4-5). That same year
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ensuring equal opportunity for all
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those of men (again looking at full
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Box 4-1. The Role of Government Pol
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severe disabilities. For example, a
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Box 4-2.—continuedOther policy in
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equirements of jobs. To right this
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uild and maintain a world-class ele
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Class Size Reduction. Average class
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During this Administration, the Fed
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years ago. In 2000, 13.1 million st
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through a period of unpaid training
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The first major mandatory training
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a 30-year low, labor force particip
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ConclusionTwo key developments—th
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TABLE 5-1.—Contrasting American F
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opened up for women to work and as
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The increased prevalence of single-
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to an increasing share of the popul
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Box 5-1.—continuedAlthough most f
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For the past 50 years, the median i
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gle mothers the median rose from $1
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TABLE 5-3.— Share of Women with C
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income growth over the last 30 year
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consumption patterns have changed,
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Increases in the Minimum WageThe mi
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Box 5-4.The National Strategy to Re
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or older, and of those 85 or older,
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of single-parent families increased
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caregivers for the elderly say thei
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would allow all workers who get tim
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C H A P T E R 6Opportunity and Chal
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Meanwhile innovations in transporta
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But to look at U.S. trade only in t
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Data from the U.S. computer industr
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net indebtedness of about 18 percen
Page 205 and 206:
capital flows. Coupled with other d
Page 207 and 208:
forces to play themselves out. In t
Page 209 and 210:
The Benefits of a Global EconomyThe
Page 211 and 212:
Domestic production can expand when
Page 213 and 214:
In short, increased globalization b
Page 215 and 216:
key sectors such as finance, teleco
Page 217 and 218:
international trade is not a zero-s
Page 219 and 220:
As these data suggest, not all WTO
Page 221 and 222:
For example, preferential U.S. trad
Page 223 and 224:
By contrast, in 1998 output fell on
Page 225 and 226:
Box 6-3.The New International Finan
Page 227 and 228:
The key objective of the initiative
Page 229 and 230:
Chapter 6 | 233
Page 231 and 232:
demand for exports. It would be a m
Page 233 and 234:
integrating with the world economy
Page 235 and 236:
The past century of experience in a
Page 237 and 238:
242 | Economic Report of the Presid
Page 239 and 240:
Box 7-1.—continuedand energy pric
Page 241 and 242:
Box 7-2.—continuedproviding usefu
Page 243 and 244:
Incentive-Based Approaches to Addre
Page 245 and 246:
compliance costs may fall by less t
Page 247 and 248:
Box 7-4.—continuedroughly 5 to 15
Page 249 and 250:
so a system of multipollutant tradi
Page 251 and 252:
sulfur dioxide trading program. The
Page 253 and 254:
coastal zone. Trades can occur with
Page 255 and 256:
Permit Trading: Phasedown of Leaded
Page 257 and 258:
To address the problems associated
Page 259 and 260:
Box 7-5. Individual Quotas for Fish
Page 261 and 262:
A landmark international agreement
Page 263 and 264:
However, the country could cut ener
Page 265 and 266:
Quantitative Restrictions on Tradin
Page 267 and 268:
comprehensive domestic trading syst
Page 269 and 270:
Box 7-9.—continuedthe use of ener
Page 271 and 272:
C O N C L U S I O NA Century of Cha
Page 273 and 274:
More than 40 percent of the work fo
Page 275 and 276:
growth and are credited with helpin
Page 277 and 278:
have much to gain from continuing t
Page 279 and 280:
Appendix AREPORT TO THE PRESIDENT O
Page 281 and 282:
Council Members and Their Dates of
Page 283 and 284:
previously served as the New Centur
Page 285 and 286:
(antidumping, countervailing duties
Page 287 and 288:
with a number of developing countri
Page 289 and 290:
Michael Treadway provided editorial
Page 291:
Appendix BSTATISTICAL TABLES RELATI
Page 294 and 295:
POPULATION, EMPLOYMENT, WAGES, AND
Page 296 and 297:
AGRICULTURE:PageB-95. Farm income,
Page 298 and 299:
NATIONAL INCOME OR EXPENDITURETABLE
Page 300 and 301:
TABLE B-2.—Real gross domestic pr
Page 302 and 303:
TABLE B-3.—Quantity and price ind
Page 304 and 305:
TABLE B-5.—Contributions to perce
Page 306 and 307:
TABLE B-6.—Chain-type quantity in
Page 308 and 309:
TABLE B-7.—Chain-type price index
Page 310 and 311:
TABLE B-8.—Gross domestic product
Page 312 and 313:
Year orquarterGrossdomesticproductT
Page 314 and 315:
TABLE B-12.—Gross product of nonf
Page 316 and 317:
TABLE B-14.—Personal consumption
Page 318 and 319:
TABLE B-16.—Private gross fixed i
Page 320 and 321:
TABLE B-18.—Government consumptio
Page 322 and 323:
TABLE B-20.—Private inventories a
Page 324 and 325:
Year orquarterTABLE B-22.—Foreign
Page 326 and 327:
TABLE B-24.—Relation of gross dom
Page 328 and 329:
Year orquarterTABLE B-26.—Nationa
Page 330 and 331:
TABLE B-27.—Sources of personal i
Page 332 and 333: TABLE B-28.—Disposition of person
Page 334 and 335: TABLE B-30.—Gross saving and inve
Page 336 and 337: TABLE B-31.—Median money income (
Page 338 and 339: TABLE B-33.—Civilian population a
Page 340 and 341: TABLE B-34.—Civilian employment a
Page 342 and 343: TABLE B-36.—Unemployment by demog
Page 344 and 345: TABLE B-38.—Civilian labor force
Page 346 and 347: TABLE B-40.—Civilian unemployment
Page 348 and 349: TABLE B-42.—Unemployment by durat
Page 350 and 351: TABLE B-44.—Employees on nonagric
Page 352 and 353: TABLE B-45.—Hours and earnings in
Page 354 and 355: Year orquarterOutput per hourof all
Page 356 and 357: PRODUCTION AND BUSINESS ACTIVITYTAB
Page 358 and 359: TABLE B-51.—Industrial production
Page 360 and 361: Year or monthTABLE B-53.—New cons
Page 362 and 363: TABLE B-55.—Manufacturing and tra
Page 364 and 365: Year or monthTotalTABLE B-57.—Man
Page 366 and 367: Year ormonthTABLE B-59.—Consumer
Page 368 and 369: TABLE B-60.—Consumer price indexe
Page 370 and 371: TABLE B-62.—Changes in consumer p
Page 372 and 373: TABLE B-63.—Producer price indexe
Page 374 and 375: TABLE B-65.—Producer price indexe
Page 376 and 377: TABLE B-66.—Changes in producer p
Page 378 and 379: TABLE B-68.—Components of money s
Page 380 and 381: TABLE B-69.—Aggregate reserves of
Page 384 and 385: TABLE B-72.—Credit market borrowi
Page 386 and 387: TABLE B-73.—Mortgage debt outstan
Page 388 and 389: TABLE B-75.—Consumer credit outst
Page 390 and 391: TABLE B-77.—Federal budget receip
Page 392 and 393: TABLE B-79.—Federal receipts, out
Page 394 and 395: TABLE B-81.—Federal and State and
Page 396 and 397: TABLE B-83.—State and local gover
Page 398 and 399: TABLE B-85.—Interest-bearing publ
Page 400 and 401: End of monthTABLE B-87.—Estimated
Page 402 and 403: TABLE B-89.—Corporate profits by
Page 404 and 405: TABLE B-91.—Sales, profits, and s
Page 406 and 407: Year or monthTABLE B-93.—Common s
Page 408 and 409: AGRICULTURETABLE B-95.—Farm incom
Page 410 and 411: TABLE B-97.—Farm output and produ
Page 412 and 413: Year ormonthTABLE B-99.—Indexes o
Page 414 and 415: Year orquarterExportsINTERNATIONAL
Page 416 and 417: TABLE B-102.—U.S. international t
Page 418 and 419: TABLE B-104.—U.S. international t
Page 420 and 421: TABLE B-106.—Industrial productio
Page 422 and 423: PeriodTABLE B-108.—Foreign exchan
Page 424: TABLE B-110.—Growth rates in real
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