Economic Report of the President

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TABLE B-10.—Gross national product by industry, 1947-81[Billions of dollars]Year19471948194919501951195219531954195519561957195819591960196119621963196419651966196719681969197019711972197319741975197619771978197919801981Grossnationalproduct233.1259.5258.3286.5330.8348.0366.8366.8400.0421.7444.0449.7487.9506.5524.6565.0596.7637.7691.1756.0799.6873.4944.0992.71,077.61,185.91,326.41,434.21,549.21,718.01,918.32,163.92,417.82,633.12,937.7AnrirnlAgriculture,forestry,andfisheries20.824.019.520.823.823.121.320.719.919.719.521.920.221.421.521.922.021.023.824.824.225.027.828.630.835.453.852.253.351.254.666.079.674.185.6Mining6.89.48.19.310.210.110.610.912.413.413.512.412.312.612.712.813.113.413.514.214.615.316.117.617.419.021.732.238.843.047.452.066.894.1127.2fVinconstruction9.111.511.513.015.416.617.117.218.520.621.421.022.823.224.025.727.429.832.835.937.541.346.348.953.659.466.369.269.976.686.6102.1115.7121.2127.2Gross domestic productManufacturingTotal66.274.772.183.798.7103.0112.1106.4120.9126.8131.4123.8141.3143.8144.4157.9167.4179.4197.7216.6222.3242.8256.7252.2265.6292.5326.1340.7358.2410.4464.8518.7563.2581.2644.0Durablegoods33.538.137.145.855.458.965.960.870.673.777.769.781.282.181.391.597.6105.3118.0130.4133.6146.0154.5146.2153.9173.2195.9201.3207.6240.0277.7316.7344.3347.8388.4Nondurablegoods32.736.535.037.943.344.146.245.650.353.253.754.160.061.763.166.469.874.279.786.388.796.8102.2105.9111.7119,3130.2139.4150.6170.4187.1202.0218.9233.4255.6Trans*portationandpublicutilities20.523.123.425.729.231.032.932.635.638.340.240.443.745.847.450.253.056.360.565.368.674.080.085.793.8104.3114.3122.9135.7152.6170.9193.3209.6232.4261.9Ulhnlownoiesaleandretailtrade44.248.448.051.356.458.559.860.866.270.473.975.281.984.286.392.196.1104.7112.6121.5130.1144.4157.0166.5181.4199.5221.5241.5266.2291.4322.3362.3401.5425.7472.7Finance,insurance,andrealestate23.226.228.631.935.238.742.846.550.053.557.662.467.371.675.480.685.391.098.0105.9114.2123.8133.6142.4156.4169.8184.9202.0216.2238.6275.5317.4358.3405.2448.2Services20.221.922.624.025.927.529.430.534.037.340.242.346.349.252.356.160.065.370.878.486.194.2105.3114.4123.6136.5153.1167.5186.2208.2234.3265.9302.4342.5386.9Governmentandgovernmententerprises19.320.222.523.830.835.336.436.938.540.744.047.150.053.456.761.165.971.276.786.496.3108.1118.2130.5141,8155.4167.8182.7202.0220.4237.2259.1279.6306.8336.7Statisti-Cdldiscrepancy1.51.6.61.33.2.1.72.32.01.3-2.1= 1.2.2-1.3-2.4= .12.11.7.1= 1.21.4— 3-2!l-3.9= 1.54.13.3.83.75.55.11.4=2,6= 1.53.9-1.9Daetnestof theworld1.21.61.41.62.12.32.22.32,83.23.53.03.33.63.94.64.95.55.95.65.96.76.97.39.210.916.019.817.320.523.529.642.646.149.2Note.—The industry classification is on an establishment basts and is based on the 1972 Standard Industrial Classification.Source: Department of Commerce, Bureau of Economic Analysis.174
TABLE B-ll.—Gross national product by industry in 1972 dollars, 1947-81[Billions of 1972 dollars]Gross domestic productYearGrossnationalproductTotalManufacturingAgriculture,forestry,andfisheriesMiningConstructionDurablegoodsNondurableTransportationandpublicutilitiesWholesaleandretailtradeFinance,insurance,andreatestateServicesGovernmentandgovernmententerprisesStatisticaldiscrepancyResidual'Restof theworld19471948194919501951195219531954195519561957195819591960196119621963196419651966196719681969197019711972197319741975197619771978197919801981470.3489.8492.2534.8579.4600.8623.6616.1657.5671.6683.8680.9721.7737.2756.6800.3832.5876.4929.3984.81,011.41,058.11,087.61,085.61,122.41,185.91,254.31,246.31,231.61,298.21,369.71,438.61,479.41,474.01,502.626.328.228.029.328.429.230.531.332.131.731.132.230.632.131.831.732.531.832.831.332.632.132.734.435.935.435.335.837.135.836.937.038.939.143.410.811.39.911.112.111.912.211.813.213.913.812.713.313.513.613.914.515.115.716.517.017.618.218.918.419.019.219.218.919.119.520.120.821.622.322.926.526.529.332.533.834.836.038.240.940.942.145.546.146.748.449.952.254.454.653.456.955.853.457.959.460.153.348.352.855.058.858.253.352.0114.9121.4115.1131.1146.0150.8161.1149.6165.7166.9167.7153.3171.2171.8172.0186.7202.2216.7236.7254.9254.3268.2277.2261.2266.8292.5325.3311.7289.6317.4339.2357.2367.0351.2359.268.572.066.378.189.994.3102.691.7103.4102.5102.988.8100.9101.099.5110.0119.5129.8144.6157.3157.4165.5170.3155.2156.4173.2194.2186.3168.8187.2202.9217.4223.4210.0215.346.449.448.853.056.156.558.557.962.364.464.864.570.370.872.576.782.886.892.097.696.9102.7106.8106.0110.4119.3131.1125.3120.8130.1136.3139.8143.6141.2143.942.342.139.241.245.545.546.645.849.752.153.251.955.457.558.661.565.068.173.479.481.688.292.694.997.9104.3110.6111.9113.5118.6125.1134.2140.0140.8142.175.978.079.887.588.391.093.994.5103.1106.2107.9107.8115.4117.5118.7126.3131.1139.1148.2156.3160.1169.9173.6176,4185.5199.5211.1207.0209.7220.2231.0244.6250.7243.3250.454.756.659.863.966.770.973.977.381.885.889.893.498.5102.7107.3113.3116.8122.1128.5133.9139.4145.7152.9155.8162.6169.8177.2184.5187.9194.8207.2217.8229.4237.9243.655.957.557.659.760.861.662.762.967.670.974.176.280.883.586.690.394.098.8103.1109.0115.0118.8124.0126.7128.4136.5144.8147.9148.5154.7164.3174.2183.0189.0196.768.769.273.375.690.096.996.395.295.797.8100.4101.7104.0107.7111.6115.5118.7123.1127.8136.9144.1148.9152.5152.9153.9155.4157.2161.2164.3165.7167.5171.7174.3177.3178.12.45.02.63.63.11.8-3.0-1.7.3-1.91 Equals GNP in constant dollars measured as the sum of incomes less GNP in constant dollars measured as the sum of gross productby industry.Note.—-The industry classification is on an establishment basis and is based on the 1972 Standard Industrial Classification.Source: Department of Commerce, Bureau of Economic Analysis.-3.3-.22,92.3-1.61.7-lis-4.4-1.74.23.34.43.81.0-1.8-1.02.2-.9-7.4-1.2-.6.8.22.64.14.64.23.4.94.54.03.14.43.2-1.51.72.33.06.76.24.64.71.2.0-2.5-6.5-4.2-.26.04.9-8.1-7.7-9.72.53.02.73.03.73.93.74.04.55.15.54.64.95.25.76.56.97.57.97.47.58.27.98.09.510.915.117.313.815.616.919.926.326.125.4175
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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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Price and allocation controls only
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nications industries through the re
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Several major pieces of legislation
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tempt to set cartel rates would be
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computer information and advertisin
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of computer technology to the payme
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trend by widening the sources and u
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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 and 170: NATIONAL INCOME OR EXPENDITURETABLE
Page 171 and 172: TABLE B-2.—Gross national product
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: TABLE B-9.—Gross national product
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
Page 223 and 224: TABLE B-48.—Nonfarm business expe
Page 225 and 226: TABLE B-50.—Manufacturers' shipme
Page 227 and 228: Year or monthAllitemsPRICESTABLE B-
Page 229 and 230: 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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MONEY STOCK, CREDIT, AND FINANCETAB
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TABLE B-63.—Commercial bank loans
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TABLE B-64.—Total funds raised in
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TABLE B-66.—Aggregate reserves of
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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
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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
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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
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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
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TABLE B-lll.—Unemployment rate, a
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