Economic Report of the President

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TABLE B-12.—Gross domestic product of nonfinancial corporate business, 1929-82[Billions of dollars; quarterly data at seasonally adjusted annual rates]Year orquarter1929193319391940194119421943194419451946194719481949195019511952195319541955195619571958195919601961196219631964196519661967196819691970197119721973197419751976197719781979198019811982"1980:ll"Z!Z!IllIV1981:1nZZZIIIIV1982:1IIIllIV "GrossHnmacdomesticproductofnonfinancialcorporatebusiness50.124.443.750.465.682.998.7102.195.399.3120.0137.3133.5151.9174.5182.3195.0191.9216.7231.6242.3236.3266.0277.0285.0311.3331.8358.4393.6431.5454.1500.2544.1563.7609.9678.0759.4818.9890.01,001.31,128.41,276.21,416.81,537.71.732.31,779.31,501.11,499 71,543.61,606.51,683.31,715.01,763.61,767.21,756.61,771.01,794.4Capitalconsumptionallowanceswithcapitalconsumptionadjustment5.54.34.84.95.46.16.26.36.57.69.310.911.712.614.615.816.817.919.121.823.824.825.826.827.528.429.430.832.735.638.942.647.152.257.362.667.979.594.9104.8115.7130.9149.6172.0195.8213.7162.7169.3175.4180.8186.3192.6199.1205.1207.8212.1216.0219.0Total44.520,239.045.460.276.892,495.888.891.8110.7126.4121.8139.3159.9166.6178.2174.0197.6209.8218.5211.6240.2250.2257.5283.0302.3327.6360.9395.9415.2457.6497.0511.4552.6615.5691.6739.4795.1896.51,012.71,145.31,267.31,365.71,536.51,565.61,338.41,330.51,368.21,425.71,497.01,522.41,564.51,562.01,548.81,559.01,578.4Indirectbusinesstax,etc. 13.43.85.15.56.46.87.38.18.910.111.212.112.614.115.216.818.217.419.220.822.422.825.428.330.133.035.638.441.142.945.851.558.063.470.576.783.789.797.1105.3112.6122.0130.5148.6178.3182.0138.4143.5151.3161.0172.9179.0179.9181.3176.3181.2184.2186.4Total41.216.333.940.053.870.085.287.779.981.699.6114.3109.2125.2144.7149.7160.0156.6178.4189.0196.1188.8214.8221.9227.3249.9266.8289.3319.8353.0369.5406.1439.1448.1482.1538.7607.9649.7697.9791.2900.11,023.31,136.71,217.11,358.21,383.61,200.01,186.91,216.91,264.71,324.01,343.41,384.51,380.81.372.41,377.81,394.2Compensationofemployees32.316.728.231.239.851.062.265.161.967.279.187.885.394.7110.2118.3128.7126.5138.5151.4159.1155.9171.6181.1185.1199.8210.7226.3246.1273.5291.9322.8358.5378.4402.0447.0506.2556.5581.1654.4738.5844.3958.11,041.71,150.11,189.21,020.61,023.61,043.21,079.61,118.61,140.01,167.01,174.51,181.61,190.41,195.81,188.8Net domestic productDomestic incomeCorporate profits with inventory valuation and capitalconsumption adjustmentsTotal7.5-2.14.27.412.717.721.821.617.113.819.725.622.929.633.430.230.028.638.335.934.930.240.137.438.345.651.257.767.772.268.873.367.552.762.172.778.663.686.1107.3129.5142.1134.7123.0145.6121.9129.6112.8121.8127.7150.4142.1151.8138.2120.3114.8125.3ProfitsProfitsbeforetax8.4.66.1B.B16.420.123.622.217.822.029.131.824.938.539.133.834.932.142.041.839.833.743.139.739.544.248.955.465.270.366.372.969.456.865.476.696.0105.3107.3135.0156.5178.4191.8183.0186.6136.5201.6157.4181.3191.6202.5181.8191.5170.5134.8131.3139.8Profitstaxliability1.2.51.42.77.511.213.812.610.28.610.811.89.316.921.217.818.515.620.220.119.116.220.719.219.520.622.824.027.229.527.733.433.127.029.833.640.042.041.252.659.666.969.264.863.340.674.353.563.667.871.561.465.554.838.937.142.1Profits after taxTotal7.3.14.76.19.08.99,89.67.613.418.320.015.621.617.916.016.416.421.821.820.717.522.420.520.123.526.231.438.040.838.639.536.229.835.643.056.063.366.182.396.8111.5122.5118.2123.395.9127.3103.9117.7123.8131.0120.4126.0115.795.894.297.6Dividends5.12.03.33.53.93.73.94.14.14.85.56.06.07.57.17.17.37.48.59.09.39.310.010.610.611.412.613.715.616.817.519.119.118.518.520.121.121.425.730.131.937.739.842.452.961.038.342.743.544.949.451.254.456J58.059.762.663.8Undistributedprofits2.2-1.91.42.65.05.25.85.63.58.612.814.09.614.110.88.89.19.013.412.711.48.212.49.99.512.213.517.722.424.021.220.417.111.317.122.935.041.940.452.264.973.882.875.870.334.989.061.274.278.981.669.271.658.937.834.535.0Inventoryvaluationadjustment0.5-2.1-.7=.2-2.5-1.2— 8-'.Z-.6-5.3= 5.9-2.21.9-5.0-1.2' 1.0-1.0= .3-1.7-2.7-1.5-.3-=.3-.2 .3.0.1=.5-1.2-2.1-1.6-3.7-5.9-6.6-4.6-6.6=20.0=40.0-11.6-=14.7= 16.2-24.0-43.1-43.0-24.6"9.4-57.2-28.2-41.1-45.5-35.5-22.8-23.0-17.1-4.4-=9.4= 10.3-13.4Capitalconsumptionadjustment= 1.4= .6= 1.1-1.2-1.3= 1.2-.9-.3= .2=3.03 5=3.9=3.9=4.6-4.5-3.9-3.2-2.0=3.2=3.4-3.2-2.7=2.1-1.51.42.32.93.73.94.04.04.02.41.32.72.6=1.8-9.7-13.0= 10.8-12.3= 13.9-17.0= 16.3-5.2-14.8 16.3-18.4= 18.4-16.6-16.9= 16.7= 15.1-10.0= 7.1=4.2.5 Netinterest1.41.71,51.41.31.31.11.01.0.7.8.91.0.91.11.21.31.51.61.72.22.73.13.53.94.54.85.36.17.48.710.113.117.018.019.123.029.630.829.532.136.943,952.462.572.549.850.551.857.555.061.265.768.170.572.673.173.81 Indirect business tax and nontax liability plus business transfer payments less subsidies.Source: Department of Commerce, Bureau of Economic Analysis.176
TABLE B-13.—Output, costs, and profits of nonfinancial corporate business, 1948-82[Quarterly data at seasonally adjusted annual rates]Gross domesticCurrent-dollar cost and profit per unit of output (dollars) 1Year orquarternonfinancialcorporatebusiness (billionsof dollars)Currentdollars1972dollarsTotalcostandprofit 2CapitalconsumptionallowanceswithcapitalconsumptionadjustmentIndirectbusinesstax,etc. 3CompensationofemployeesCorporate profits withinventory valuation andcapital consumptionadjustmentsTotalProfitstaxliabilityProfitsaftertax 4NetinterestOutputper hourof allemployees(1972dollars)Compensationper hourof allemployees(dollars)19481949137 3133.5229 7219.90.598.6070 047.0530 053.0570 382.3880112.1040 051.0420 060.0620 004.004195019511952..19531954151.9174 5182.3195.0191.9247.52702275.2292.0283.4.614646.663.668.677.051054.057.058.063.057056.061.062.061.383408.430.441.446.120124.110.103.101.068079.065.063.055051045045.040.046.004004.004.004.00519551956195719581959.216.723L6242.3236.3266.0315.1324.1328.3313.4347.4.688.715.738.754.766.061.067.073.079.074.061.064.068.073.073.439.467.484.497.494.122.111.106.097.116.064.062.058.052.060057.049048.045.056.005.005.007.009.0095.2065.4332.5892.68419601961196219631964277.0285.0311.33318358.4358.4367.2399.74263455.6.773.776.779778.787.075.075.071069.068.079.082.083083.084.505.504.500494.497.104.104.114120.127.054.053.052053.053.051.051.062067.074.010.011.011Oil.0125.5365.7275 9976 2486.4692.7972.8872.9983 0893.21319651966..196719681969393.64315454.1500.2544.1495.2530.7543.0578.9604.0.795.813.836.864.901.066.067.072.074.078.083.081.084.089.096.497.515.538.558.594.137.136.127.127.112.055056.051.058.055.082080.076.069.057.012.014.016.017.0226.6736.7766.8477.0747.0923.3163.4923.6803.9454.20919701971197219731974563.7609.9678.0759.4818.9599.6626.8678.0731.9708.2.940.9731.0001.0381.156.087.091.092.093.112.106.113.113.114.127.631.641.659.692.786.088.099.107.107.090.045.047.049.055.059.043.052.058.053.030.028.029.028.031.0427.1157.4507.6647.8497.5554.4914.7785.0525.4295.93719751976197719781979890.0100131,128.41,276.21,416.8694.2745.5795.8846.3876.11.2821.3431.4181.5081.617.137141.145.155.171.140141.141.144.149.837878.928.9981.094.124144.163.168.154.059071.075.079.079.065073.088.089.075.044040.040.044.0507.7748 0028.1448.2178.2026.5077.0247.5588.1998.970198019811982*.1,537.71,732.31,779.3860.3881.3856.41.7871.9662.078.200.222.250.173.202.2131.2111.3051.389.143.165.142.075.072.047.068.093.095.061.071.0858.1698.3119.89110.8461980:IIIllIV1,501.11,499.71,543.61,606.5874.1847.3852.5867.41.7171.7701.8111.852.186.200.206.208.158.169.178.1861.1681.2081.2241.245.148.133.143.147.085.063.075.078.063.070.068.069.057.060.061.0668.1648.0898.1928.2359.5339.77110.02410.2491981:IIIIIIV1683 3l>15.01,763.61,767.2883 0884.2887.5870.41.9061.9401.9872.030211,218.224.236196.202.203.20812671.2891.3151.349170.161.171.159081.069.074.063089.091.097.096.062.069.074.0788 3288.3208.3248.27310 55110.72710.94711.1631982:\\ZZZZ.Ill1,756.61,771.01,794.4858.8857.9859.32.0452.0642.088.242.247.251.205.211.2141.3761.3881.392.140.134.146.045.043.049.095.091.097.082.085.0858.2798.3348.42911.39111.56411.7301 Output is measured by gross domestic product of nonfinancial corporate business in 1972 dollars.2 This is equal to the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted twoplaces to the left.3 Indirect business tax and nontax liability plus business transfer payments less subsidies.4 With inventory valuation and capital consumption adjustments.Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor (Bureau of Labor Statistics).177
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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
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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 181: TABLE B-ll.—Gross national produc
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
Page 231 and 232: 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
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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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