Economic Report of the President

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CONTENTSNATIONAL INCOME OR EXPENDITURE:PageB-l. Gross national product, 1929-82 163B-2. Gross national product in 1972 dollars, 1929-82 164B-3. Implicit price deflators for gross national product, 1929-82 166B-4. Fixed-weighted price indexes for gross national product, 1972weights, 1959-82 168B-5. Changes in gross national product and GNP price measures, 1929-82 169B-6. Gross national product by major type of product, 1929-82 170B-7. Gross national product by major type of product in 1972 dollars,1929-82 171B-8. Gross national product by sector, 1929-82 172B-9. Gross national product by sector in 1972 dollars, 1929-82 173B-10. Gross national product by industry, 1947-81 174B-l 1. Gross national product by industry in 1972 dollars, 1947-81 175B-12. Gross domestic product of nonfinancial corporate business, 1929-82 176B-l3. Output, costs, and profits of nonfinancial corporate business,1948-82 177B-14. Personal consumption expenditures, 1929-82 178B-15. Gross private domestic investment, 1929-82 180B-I6. Gross and net private domestic investment, 1929-82 181B-17. Inventories and final sales of business, 1946-82 182B-18. Inventories and final sales of business in 1972 dollars, 1947-82 183B-l9. Relation of gross national product, net national product, and nationalincome, 1929-82 184B-20. Relation of national income and personal income, 1929-82 185B-21. National income by type of income, 1929-82 186B-22. Sources of personal income, 1929-82 188B-23. Disposition of personal income, 1929-82 190B-24. Total and per capita disposable personal income and personal consumptionexpenditures in current and 1972 dollars, 1929-82 191B-25. Gross saving and investment, 1929-82 192B-26. Saving by individuals, 1946-82 193B-27. Number and median income (in 1981 dollars) of families and persons,and poverty status, by race, selected years, 1947-81 194POPULATION, EMPLOYMENT, WAGES, AND PRODUCTIVITY:B-28. Population by age groups, 1929-82 195B-29. Noninstitutional population and the labor force, 1929-82 196B-30. Civilian employment and unemployment by sex and age, 1947-82.. 198B-31. Selected employment and unemployment data, 1948-82 199B-32. Civilian labor force participation rate by demographic characteristic,1954-82 200159
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CONTENTSPageECONOMIC REPORT OF THE
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ECONOMIC REPORT OF THE PRESIDENTTo
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Monetary policy will play a critica
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Interest Rates and the U.S. Trade D
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THE ANNUAL REPORTOF THECOUNCIL OF E
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CONTENTSPageCHAPTER 1. FROM RECESSI
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PageConclusions 122CHAPTER 6. REVIE
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CHAPTER 1From Recession to Recovery
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slowed somewhat in the 1970s regard
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nal GNP growth is reflected in a sl
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inflation. More specifically, the A
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inflation rate, or with a 12 percen
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1988, an increase of about one-four
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CHAPTER 2The Dual Problems of Struc
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frequently associated with poor hea
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Chart 2-2Distribution of Unemployme
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Chart 2-4Distribution of Unemployme
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These findings suggest several conc
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Wage RigidityA number of studies sh
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that these measures may have caused
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Most young people find jobs or leav
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to employers who hire youths. Tax c
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defined broadly to include individu
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ship between incomplete experience
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CHAPTER 3The United States in the W
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with 2.6 percent in the other Organ
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TABLE 3-1 .—Structure ofthe U.S.
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TABLE 3-2.—Trade balances by comm
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concentrate on doing what it does r
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the United States will depress pric
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Chart 3-3Real Exchange Rates Of Maj
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AN UNDERVALUED YEN?The explanations
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arily reduced the international com
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nancial markets. These transactions
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TABLE 3-6.—Economic performance b
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were undoubtedly a highly favorable
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of lenders that some debtors will n
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CHAPTER 4Increasing Capital Formati
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ate of net investment was required,
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able share in Japan and 56 percent
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During the 1970s, productivity grow
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MEASURING NATIONAL SAVINGDomestic s
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TAX RULES AND PERSONAL SAVINGMany e
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on consumption taxation might also
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Nevertheless, a number of economic
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tion permitted businesses to deprec
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A final problem under current tax l
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fleeted efforts to deal with proble
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egulation was probably not applicab
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Aeronautics Board, for example, the
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system resulted. Price controls, wh
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NGPA, both controlled and decontrol
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Page 115 and 116: nications industries through the re
Page 117 and 118: Several major pieces of legislation
Page 119 and 120: tempt to set cartel rates would be
Page 121 and 122: computer information and advertisin
Page 123 and 124: of computer technology to the payme
Page 125 and 126: trend by widening the sources and u
Page 127 and 128: changes. That is, members can arbit
Page 129 and 130: ceived to be a consequence of exces
Page 131 and 132: lowest point in the post-World War
Page 133 and 134: ing. Partly in response to the drop
Page 135 and 136: Chart 6-3Ratio of Consumer Installm
Page 137 and 138: Chart 6-4RATIO1.85Real Inventory/Sa
Page 139 and 140: percent increase in real defense pu
Page 141 and 142: 8.8 percent in 1981. These declines
Page 143 and 144: housing. Borrowing by the nonfinanc
Page 145 and 146: orous competitor for credit as usur
Page 147 and 148: 1982 their share had risen to over
Page 149 and 150: TABLE 6-9.—Economic outlook for 1
Page 151: A critical element in achieving hea
Page 155 and 156: LETTER OF TRANSMITTALCOUNCIL OF ECO
Page 157 and 158: Report to the President on the Acti
Page 159 and 160: ety of interagency and internationa
Page 161: ence J. Kotlikoff (Yale University)
Page 166 and 167: B-S3. Civilian unemployment rate by
Page 168 and 169: B-102. U.S. merchandise exports and
Page 170 and 171: TABLE B-2.—Gross national product
Page 172 and 173: TABLE B-3.—Implicit price deflato
Page 174 and 175: TABLE B-4.—Fixed-weighted price i
Page 180 and 181: TABLE B-10.—Gross national produc
Page 182 and 183: TABLE B-12.—Gross domestic produc
Page 184 and 185: TABLE B-14.—Personal consumption
Page 186 and 187: TABLE B-15.—Gross private domesti
Page 188 and 189: TABLE B-17.—Inventories and final
Page 190 and 191: TABLE B-19.—Relation of gross nat
Page 192 and 193: TABLE B-21.—National income by ty
Page 194 and 195: TABLE B-22.~$ourees of personal inc
Page 196 and 197: TABLE B-23.—Disposition of person
Page 198 and 199: TABLE B-25.—Gross saving and inve
Page 200 and 201: TABLE B-27.—Number and median inc
Page 202 and 203: TABLE B-29-—Noninstitutional popu
Page 204 and 205: TABLE B-30.—Civilian employment a
Page 206 and 207: TABLE B-32.—Civilian labor force
Page 208 and 209: TABLE B-34.—Unemployment by durat
Page 210 and 211: TABLB B-36.—Unemployment insuranc
Page 212 and 213: TABLE B-38.—Average weekly hours
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TABLE B-40.—Productivity and rela
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PRODUCTION AND BUSINESS ACTIVITYTAB
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TABLE B-44.—Industrial production
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TABLE B-46.—Neiv construction act
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TABLE B-47.—New bousing units sta
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TABLE B-49.—Sales and inventories
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TABLE B-51.—Manufacturers' new an
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TABLE B-53.—Consumer price indexe
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TABLE B-54.—Consumer price indexe
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19581959196019611962196319641965196
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TABLE B-57.—Producer price indexe
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TABLE B-59.—Producer price indexe
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Year or month1950195119521953195419
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TABLE B-62,—Components of money s
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TABLE B-64,—Total funds raised in
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TABLE B-65.—Federal Reserve Bank
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TABLE B-67.—Bond yields and inter
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TABLE B-68.—Consumer credit outst
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TABLE B-70.—Mortgage debt outstan
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GOVERNMENT FINANCETABLE B-72.—Fed
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TABLE B-73.—Federal budget receip
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TABLE B-75.—Government receipts a
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TABLE B-77.—State and local gover
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TABLE B-79.—Interest-bearing publ
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TABLE B-81.—Maturity distribution
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TABLE B-83.—Corporate profits by
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TABLE B-85.—Sates, profits, and s
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TABLE B-87.—Relation of profits a
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TABLE B-89.—Sources and uses of f
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TABLE B-91.—State and municipal a
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TABLE B-93.—Business formation an
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TABLE B-95.—Farm output and produ
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Year or month1940194119421943194419
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TABLE B-99.—Balance sheet of the
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TABLE B-101.—£7.5. international
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TABLE B-102,—U.S. merchandise exp
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TABLE B-104.—U.S. merchandise exp
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TABLE B-106.— World trade: Export
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TABLE B-108.—International reserv
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TABLE B-110.—Industrial productio
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