Economic Report of the President

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TABLE B-2.—Gross national product in 1972 dollars, 1929-82[Billions of 1972 dollars, except as noted; quarterly data at seasonally adjusted annual rates]Year orquarterGrossnationalproduct1929193319391940194119421943194419451946194719481949195019511952195319541955195619571958195919601961196219631964198519661967196819691970197119721973197419751978197719781979198019811982".1980:IIIIllIV1981:IIIIllIV1982:IIIIllIV"315.7222.1319.8344.1400.4461.7531.6569.1560.4478.3470.3489.8492.2534.8579.4600.8623.6616.1657.56/1.6683.8680.9721.7737.2756.6800.3832.5876.4929.3984.81,011.41,058.11,087.61,085.61,122.41,185.91,254.31,246.31,231.61,298.21,369.71,438.61,479.41,474.01,502.61,475.51,494.91,457.81,463.81,479.41,507.81,502.21,510.41,490.11,470.71,478.41,481.11,471.7PersonalconsumptionexpendituresTotalDurablegoods215.1170.5219.8229.9243.6241.1248.2255.2270.9301.0305.8312,2319.3337.3341.6350.1363.4370.0394.1405.4413.8418.0440.4452.0461.4482.0500.5528.0557.5585.7602.7634.4657.9672.1696.8737.1767.9762.8779.4823.1864.3903.2927.6930.5947.6957.1937.0915.8928.0941.0951.1944.6951.4943.4949.1955.0956.3968.0durable Services20.910.718.621.224.215.714.013.014.425.430.132.535.542.639.138.042.142.551.148.848.645.350.751.449.354.759.764.872.678.479.588.391.889.198.2111.1121.3112.3112.7126.6138.0146.8147.2137.1140.0138.7145.4128.9134.6139.5145.3138.6142.2134.1137.5138.3136.4142.8Nonlurablgoods98.182.9115.1119.9127.6129.9134.0139.4150.3158.9154.8155.0157.4161.8165.3171.2175.7177.0185.4191.6194.9196.8205.0208.2211.9218.5223.0233.3244.0255.5259.5270.5277.3283.7288.7300.6307.4302.5307.5321.9333.4344.4353.1355.8362.4365.2357.8352.7353.7359.0361.6361.7363.0363.1362.2364.5365.9368.296.176.986.188.891.895.5100.2102.8106.3116.7120.9124.7126.5132.9137.2140.9145.6150.5157.6165.0170.3175.9184.8192.4200.2208.8217.8229.8240.9251.8263.7275.6288.8299.3309.9325.3339.2348.0359.3374.7393.0412.0427.3437.6445.2453.2433.9434.3439.7442.5444.2444.3446.2446.2449.5452.2454.0457.0Gross private domestic investmentTotal55.88.433.644.555.829.518.119.727.770.970.082.165.493.593.983.085.383.1103.8102.697.087.5108.0104.7103.9117.6125.1133.0151.9163.0154.9161.6171.4158.5173.9195.0217.5195.5154.8184.5214.2236.7236.3208.4225.8196.9222.7201.9199.2209.6221.6229.5233.4218.9195.4202.3206.3183.6Fixed investmentTotal51.213.232.038.343.824.318.022.031.458.770.276.669.883.080.278.783.885.396.196.895.589.3100.9101.2100.9109.7117.5125.9140.1146.2142.7152.6160.4154.8165.8184.8200.4183.9161.5176.7200.9220.7229.1213.3216.9205.4225.3204.4207.8215.9219.2217.4216.9214.1210.8206.7202.9201.3NonresidentialTotal37.510.420.925.830.417.614.018.727.642.148.951.146.050.052.952.156.355.461.365.466.259.363.666.966.772.075.182.797.4108.0105.6109.5116.8113.8112.2121.0138.1135,7119.3125.6140.3158.3169.9166.1172.0165.4171.9162.4163.8166.4169.7170.1173.9174.2172.0166.7163.4159.6StructuresProducers'durableequipment21.15.08.710.012.06.84.25.58.318.917.418.417.919.220.720.622.623.625.428.328.426.827.429.530.231.631.934.440,643.442.042.845.043.942.844.147.443.638.339.540.444.649.148.551.653.251.148.547.147.549.551.052.553.353.553.753.052.716.45.512.115.818.510.99.813.219.223.231.532.628.130.832.231.533.731.835.937.037.832.536.237.436.540.443.148.356.864.563.666.871.869.969.376.990.792.181.186.199.9113.7120.8117.6120.4112.2120.8113.9116.7118.9120.1119.1121.4120.9118.5113.0110.4106.9ResidentialTotal13.72.811.112.513.36.74.03.43.816.621.325.623.833.027.326.627.529.934.831.529.230.037.434.234.337.742.543.142.738.237.143.143.641.053.763.862.348.242.251.260.762.459.147.244.940.053.442.044.049,549.647.342.939.938.940.139.541.7Nonfarmstructures13.02.510.411.612.36.03.53.03.415.319.723.822.131.325.725.126.128.533.530.027.828.635.932.932,836.340.941.541.236.635.441.341.739.251.661.559.945.339.848.757.959.556.344.342.137.149.939.441.546.647.044.639.936.736.037.036.638.8FarmstructuresProducers'durableequipment0.6Changeinbusinessinventories0.1.1.2.1.0.0.1.2.3.3.3.3.3.3.3.3.4.4.4.5.6.5.5.6.6.7.7.8.8.91.11.11.31.51.71.71.61.71.81.92.02.02.01.92.12.02.02.02.02.02.02.01.91.91.91.94.6=4.91.66.212.05.2~2!3~3.fi12.2.25.5-4.410.613.74.31.5-2.27.75.81.5= 1.87.03.53.07.87.57.111.816.81119.011.13.88.110.217.211.6-6.77.813.316.07.3-5.09.08.52.6--2.5-8.5-6.22.412.116.54.8= 15.44.43.4= 17.7See next page for continuation of table.164
TABLE B-2.—Gross national product in 2972 dollars, 1929-82—Continued[Billions of 1972 dollars, except as noted; quarterly data at seasonally adjusted annual rates]Year or quarterNet exports of goods andservicesNetexportsExports ImportsTotalGovernment purchases of goods andservicesTotalFederalNationaldefenseNondefenseStateandlocalFinalsalesPercent changefrom precedingperiod 1GrossnationalproductFinalsales19291933193919401941194219431944 ..194519461947194819491950195119521953195419551956195719581959196019611962 ...19631964196519661967196819691970197119721973197419751976197719781979198019811982 p1980:IIIIIIIV1981:1IIIIIIV1982:|IIIIV *3.7.43.44.43.2-.6-59-6.2-3.713.218 910,810.75910.17.94.8697.310111.8562.7778.5759412.81016.55.41.9.93.916.715.527.832.225.422.024 037.250.642.030.350 553.253.145.648 244.239.236.536.935.727.521.116.79.114.315.516.411.49.810.513.827.332 226.325.823 628.627.926.627.830.735.338.033.233.838439.341.844 850.351.754.456.761.265.070.571.077.597.3108.5103.5110.1112.9126.7146.2159.2158.5147.5164 4161.2155.9155.1159 3159.7157.8156.9151.7154.4147.5136.412.98.610.9U.l13.212.015 716.817.514.013 315.515.217 718.520.021.820 923.425 226.127 631.130 730.934 335 437.541647.951.359.364.166.669 376.781.880.771.484.790.9102 7109.0108.6116.4117.2113 9108.0102.8109.6111 1115.5118.7120.4114.7118.7120.0115.341.042.963.065.397.8191.62713300.4265.493.175 784.796.8981133.7159.8170.1156.0152.3153.5161.2169.8170.6172 8182.9193.2197 6202.6209 8229.7248.5260.2257.4251.12501253.1253.3260.3265.2265.2269.2274.6278.3284.6287.1291.2284 7286.9283.4283.2286 8283.9286.4291.3289.2285.3291.1299.07.010.922.826.761,0157.4239 6269.7233.758.236.342.849.247 382.2107.2114.796188.286 890.693 491.490 495.3102 81018100.2100 3112.6125.1128.1121.8110.6103 7101.795.996.697.496.8100.4100 3102.1106.5110.4116.1106 4109.1105.5104.8107 9107.0110.7116.0114.4110.3116.2123.773.168.366.966.464.965.465 767.470.173.578.770 370.470.069.671072.974.376.174.578.280.681.3=28.527.629.731.031.835.034,734.836.436.837.436.138.735.535.236 934.136.539.939.832.135.542.433.932.040.338 636.834 331730.731.734.939441.947.550 851.552.755.359 964.166 770.676.479.282 487.590.495 8102.4109 5117.1123.4132.1135.6140.5146 4151.4157.4163.6167.8168.4168.8174.3176.2178.1176.7175.0178 3177.8177.9178.4179 0176.9175.7175.3174.9175.0174.9175.4311.0227.0318.2337.9388.4456.55315571.4564.0466.1470 6484.3496.6524 2565.6596.5622.1618.2649.8665.8682.2682.7714.7733 7753.7792.4825 0869.3917.5968.0999,21,049,11,076.61,081.81,114.31,175.71,237.11,234.71,238.41,290.41,356.41,422.61,472.21,479.01,493.71,484.01,497 51,460.31,472.31,485.71505 41,490.11,493.91,485.31,486.11,482.71,477.81,489.36.6-2.27.87.616.315.31517.1-1.5-14.7-174.1.5878.33.73.8-1.26.72.11.8-.46.02.22.65.84.05.36.06.02.74.62.8-.23.45.75.8-.6-1.25.45.55.02.8-.41.9-1.81.5-9.61.64.37.9-1.52.2-5.3-5.12.1.7-2.5-3.16.36.214.917 516 475-1.3-17 4102.92.51 Changes are based on unrounded data and therefore may differ slightly from changes computed from data shown here.Source: Department of Commerce, Bureau of Economic Analysis.567.95.54.3-65.1252.54.7272.75.1415.4555.53.25.02.6.5305.55.2-.2.34.25.14.93.5.51.0-.616-9.63.33.754-4.01.0-2.3-.9-1.33.2165
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CONTENTSPageECONOMIC REPORT OF THE
Page 9 and 10:
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,
Page 87 and 88:
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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Price and allocation controls only
Page 115 and 116:
nications industries through the re
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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 165 and 166: CONTENTSNATIONAL INCOME OR EXPENDIT
Page 167 and 168: B-70. Mortgage debt outstanding by
Page 169: NATIONAL INCOME OR EXPENDITURETABLE
Page 173 and 174: 19291933193919401941194219431944194
Page 175 and 176: TABLE B-5.—Changes in GNP and GNP
Page 177 and 178: TABLE B-7.—Gross national product
Page 179 and 180: TABLE B-9.—Gross national product
Page 181 and 182: TABLE B-ll.—Gross national produc
Page 183 and 184: TABLE B-13.—Output, costs, and pr
Page 185 and 186: TABLE B-14.—Personal consumption
Page 187 and 188: TABLE B-16.—Gross and net private
Page 189 and 190: TABLE B-18.—Inventories and final
Page 191 and 192: TABLE B-20.—Relation of national
Page 193 and 194: TABLE B-21.—National income by ty
Page 195 and 196: TABLE B-22.—Sources of personal i
Page 197 and 198: TABLE B-24.—Total and per capita
Page 199 and 200: Year or quarterTotalTotalTABLE B-26
Page 201 and 202: POPULATION, EMPLOYMENT, WAGES, AND
Page 203 and 204: TABLE B-29.—Noninstitutional popu
Page 205 and 206: TABLE B-31.—Selected employment a
Page 207 and 208: TABLE B-33.—Civilian unemployment
Page 209 and 210: TABLE B-35.—Unemployment by reaso
Page 211 and 212: TABLE B-37.— Wage and salary work
Page 213 and 214: TABLE B-39.—Average weekly earnin
Page 215 and 216: TABLE B-41.—Changes in productivi
Page 217 and 218: TABLE B-43-—Industrial production
Page 219 and 220: TABLE B-45.—Capacity utilization
Page 221 and 222:
TABLE B-46.—New construction acti
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TABLE B-48.—Nonfarm business expe
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TABLE B-50.—Manufacturers' shipme
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Year or monthAllitemsPRICESTABLE B-
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TABLE B-53.—Consumer price indexe
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TABLE B-55.—Changes in consumer p
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TABLE B-57.—Producer price indexe
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Page 237 and 238:
Page 239 and 240:
MONEY STOCK, CREDIT, AND FINANCETAB
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TABLE B-63.—Commercial bank loans
Page 243 and 244:
TABLE B-64.—Total funds raised in
Page 245 and 246:
TABLE B-66.—Aggregate reserves of
Page 247 and 248:
TABLE B-67 .—Bond yields and inte
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TABLE B-69.—Consumer installment
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TABLE B-71-—Mortgage debt outstan
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TABLE B-72.—Federal budget receip
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TABLE B-74.—Relation of Federal G
Page 257 and 258:
TABLE B-76.—Federal Government re
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TABLE B-78.—State and local gover
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TABLE B-80.—Estimated ownership o
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CORPORATE PROFITS AND FINANCETABLE
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Year or quarterTABLE B-84.—Corpor
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TABLE B-86.—Relation of profits a
Page 269 and 270:
TABLE B-88.—Determinants of busin
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TABLE B-9Q.~Current assets and liab
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TABLE B-92.—Common stock prices a
Page 275 and 276:
AGRICULTURETABLE B-94.—Farm incom
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TABLE B-96.—Farm input use, selec
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TABLE B-98.—U.S. exports and impo
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INTERNATIONAL STATISTICSTABLE B-100
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TABLE B-101.—U.S. international t
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TABLE B-103.—U.S. merchandise exp
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TABLE B-105.—International invest
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TABLE B-107.— World trade balance
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TABLE B-109.—Growth rates in real
Page 293:
TABLE B-lll.—Unemployment rate, a
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