Economic Report of the President

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TABLE B-14.—Personal consumption expenditures, 1929-82[Billions of dollars; quarterly data at seasonally adjusted annual rates]Durable goodsNondurable goodsYear or quarterDurablegoodsconsumptionexpendituresNondurablegoodsServicesMotorvehiclesand partsFurnitureandhouseholdequipmentOtherFoodClothingandshoes1929193319391940194119421943194419451946194719481949195019511952195319541955195619571958195977.345.867.071.080.888.6994108 2119 5143 8161 7174 7178 1192 0207 L217 L229 1235 8253 7266 0280 4289 531089.23.56.77.89.76.96.56.78015.820422.925.030829.829.132.531.838 637.939.336.842.437.722.335.137.042.950.858.664.371982.790.996.694.998 2108.8113.9116.5118.0122.9128.9135.2139.8146.430.320.125.226.228.231.034.337.139.645.350.455.358.263 068.574.080.686.192.199.2105.9112.8121.93.31.12.32.83.5.7.8.8104.16.68.010.613 712.211.313.913.017.815.817.214.818.94.71.93.43.84.84.63.93.8458.410.611.511.313.714.014.014.614.616.217.116.916.617.81.2.51.01.11.31.61.92.12.53.2333.43.2333.63.94.14.24.65.05.25.45.819.511.519.120.223.428.433.236.740647.452 354.252.553960.463.464.465.467.269.973.676.479.19.44.67.17.58.811.013.414.616 518.218 820.119.319 621.221.922.122.123.124.124.324.726.1I9601961196219631964196519661967196819691970197119721973197419751976197719781979198019811982 p1980:ItilIV1981:IIIIIIV1982:IIIIIIV P324 9335 0355.2374 6400 54304465. L490 3536 95818621.?672 2737 1812 0888 1976.41 084.31,204.41 346.51,507.21667 21,843.21,972.01618 71622 21682 01,745.81,799.91819 41,868.81,884.51919.41947 81,986.32,034.643.141.646.751.456.463 068.070.180 585.785.297.2111.1123.31215132.2156 8178.2200 2213.4214 3234.6242.7220 8199 0212 7224.7236 9230 4241.2229.6237.9240.7240.3251.71511155.3161.6167.1176.9188 6204.7212.6230 6247.8265.7278.8300.6333 4373 4407.34417478.8528 2600.0670.4734.5762.7650 6656 7673 7700.5720 6729 6741.3746.57491755 0768.4778.3130.7138.1147 0156.1167.1178 7192.4207.6225 8248.2270.8296.2325.3355 2393 2437.0485 7547.46180693.7782 5874.1966.6747 3766 6795 6820.6842 4859 4886.3908.3932.49521977.61,004.519.717.821.524.426.130 030.430.136 338.736.245.452.457.150 455.872 684.895.796.689.798.6106.297.979 288193.7102194 2104.093.9103.2103 3104.3114.117.717.918.920.322.824 727.729.532 334.135.237.241.747.150 653.559165.772.881.886.393.492.785 583 486 090.493193 393.893.391.093 292.794.05.85.86.36.77.68.39.910.511813.013.914.616.919.220 522.925.227.731.735.138.342.643.737.536 438 640.641.742 943.442.443.744.243.343.681.183.285.587.892.798.9106.6109.6118 7127.5138.9144.2154.9172.1193.7213.6230.6249.8275.9311.6343.7375.3397.8333.9336 4346 4358.0368.83721378.0382.3387.9395 0401.3406.826.727.428.729.531.933.536.638.242.145.546.850.655.461.464.869.675.382.692.499.1104.7114.6118.6103.0102 2104 8108.9112.3114 0115.9116.0117.5118 4119.1119.5See next page for continuation of table.178
TABLE B-14.—Personal consumption expenditures, 1929-82—Continued[Billions of dollars; quarterly data at seasonally adjusted annual rates]Year orquarterNondurable goods-cont'dGasolineand oilFuel oiland coalOtherHousing 1TotalHousehold operationElectricityand gasServicesOtherTransportationTotalOtherMedicalcare19291933193919401941194219431944194519461947194819491950195119521953195419551956195719581959I9601961196219631964196519661967196819691970197119721973197419751976197719781979198019811982 p1980:|IIMlIV1981:1IIIIIIV1982:1IIIllIV1.81.52.22.32.62.11.31.41.83.44.04.85.35.56.16.87.4788.69.410.210.611.312.012.012.612.913.514.716.017.018.620.722 423.925.428.636.640.444.048.151.266.687.096.893.982.086.187.092.895.296.797.797.595.391.394.294.91.61.21.41.51.7192.0202.22.53.03.43.13.43.53.43.4353.83.94.14.24.0383.73.74.0414.44.74.84.74.5444.5506.27.78.29.810 711.916.119.019.717.618.818.619.319.220.019.919.919.217.317.318 417.65.43.55.35.66.4758.79610.811.312.814.114.715.817.618.319.319 220.321.623.024.025.927 529.031.132.834 637.240.943.046.549.653 255.559 865.070.575.582.187 696.9106.6116.0128.2134.8112.9113.4116.2121.6124.3127.0129.8131.5131.1133.1135 4139.611.78.19.49.710.411.211.812.312.814.216.017.919.621.724.327.029.832.234.336.739.342.045.048.151.254.758.061465.569.574.179.887.093 9102.7112.5123.8137.4149.8166.51859209.6236.0266.0295.3324.7254.8261.6269.6278.1284.4291.3298.7307.0314.5320.4328.2335.54.02.83.84.04.3485.2596.46.87.58.18.59.510.411.112.012 614.015.216.217.318.520121.022.223.424 826.328.030.032.235.037 741.045 249.655.263.371.681190.199.3111.7128.9144.1105.1108.9114.7118.2120.7125.2132.8136.9141.4140.7145.0149.31.21.11.41.51.5161.7181.92.12.32.62.93.33.74.14.5505.56.16.57.17.6838.89.49.910 410.911.512.213.114.215 417.018 820.524.029.232.938 542.947.856.666.875.250.954.859.261.461.964.669.471.275.172.675 277.82.91.72.42.62.7323.5414.54.75.15.45.66.26.77.07.5768.59.29.710.210.911812.212.813.614 415.416.517.819.220.822 224.026 429.131.234.138.742 647.251.555.162.168.954.254.155.556.858.860.763.565.766.368.169.971.52.61.52.02.12.4273.4374.05.05.35.85.96.26.77.17.8798.28.69.09.310.110 711.211.712.212 813.715.016.217.619.522 025.127 528.830.933.238.646.451.256.362.965.470.361.261.664.164.666.264.365.565.766.969.571.573.412.07.710.010.311.212 213.915 216.419.421.723.624.125.627.028.831.033 335.638.741.444.348.351754.858.362.568173.379.987.296.2106.8117 2127.41401153.0169.8190.7209.0234.1267.1302.0341.9384.4427.6326.2334.5347.2359.8371.1378.5389.3398.7409.6421.5432.9446.42.21.52.12.22.4262.9333.64.55.56.36.46.97.38.08.99710.311.012.013.114.315 416.418.019.522 323.926.028.431.436.541045.951457.464.573.783.396.5108.4124.1143.5170.9194.7134.7140.6145.9152.9159.7166.9175.6181.5186.4192.1197 9202.41 Includes imputed rental value of owner-occupied housing.Source: Department of Commerce, Bureau of Economic Analysis.179
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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
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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 and 182: TABLE B-ll.—Gross national produc
Page 183: TABLE B-13.—Output, costs, and pr
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
Page 233 and 234: TABLE B-57.—Producer price indexe
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TABLE B-58.—Producer price indexe
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TABLE B-59.—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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