Economic Report of the President

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TABLE B-29-—Noninstitutional population and the labor force, 1929-82[Monthly data seasonally adjusted, except as noted]Year or monthNoninstitutionalpopulation»ArmedForces lTotalTotalCivilian labor forceEmploymentAgriculturalNonagriculturalUnemploymentment rate(percentof civilianlaborforce)Civilian labor forceparticipation rate 2Total Males FemalesThousands of persons 14 years of age and overPercent1929..26049,18047,63010,45037,1801,5503.21933..25051,59038,76010,09028,67012,83024.91939,.1940..1941..1942..1943..1944..100,380101,520102,610103,660104,6303705401,6203,9709,02011,41055,23055,64055,91056,41055,54054,63045,75047,52050,35053,75054,47053,9609,6109,5409,1009,2509,0808,95036,14037,98041,25044,50045,39045,0109,4808,1205,5602,6601,07067017.214.69.94.71.91.255.756.057.258.758.683.784.385.686.487.01945..1946..1947..105,530106,520107,60811,4403,4501,59053,86057,52060,16852,82055,25057,8128,5808,3208,25644,24046,93049,5571,0402,2702,3561.93.93.957.255.856.884.882.684.0Thousands of persons 16 years of age and over1947....1948....1949....103,418104,527105,6111,5911,4561,61659,35060,62161,28657,03858,34357,6517,8907,6297,65849,14850,71449,9932,3112,2763,6373.93.85.958.358.858.986.486.686.41950....1951....1952....19533..1954....106,645107,721108,823110,601111,6711,6493,0983,5933,5473,35062,20862,01762,13863,01563,64358,91859,96160,25061,17960,1097,1606,7266,5006,2606,20551,75853,23553,74954,91953,9043,2882,0551,8831,8343,5325.33.33.02.95.559.259.359.058.958.886.586.386.085.51955....1956....1957....1958....1959....112,732113,811115,065116,363117,8813,0482,8562,7992,6362,55165,02366,55266,92967,63968,36962,17063,79964,07163,03664,6306,4506,2835,9475,5865,56555,72257,51458,12357,45059,0652,8522,7502,8594,6023,7404.44.14.36.85.559.360.059.659.559.385.385.584.884.283.7I960 3196119628196319641965...1966...1967...1968...1969...119,759121,343122,981125,154127,224129,236131,180133,319135,562137,8412,5142,5722,8272,7372,7382,7223,1223,4463,5343,50669,62870,45970,61471,83373,09174,45575,77077,34778,73780,73465,77865,74666,70267,76269,30571,08872,89574,37275,92077,9025,4585,2004,9444,6874,5234,3613,9793,8443,8173,60660,31860,54661,75963,07664,78266,72668,91570,52772,10374,2963,8524,7143,9114,0703,7863,3662,8752,9752,8172,8325.56.75.55.75.24.53.83.83.63.559.459.358.858.758.758.959.259.659.660.183.382.982.081.481.080.780.480.480.179.81970197119723....1973 3 ....19741975197619771978 3 ....1979140,272143,033146,574149,423152,349153.333158,294161,166164,027166,9513,1882,8162 t4492,3262,2292,1802,1442,1332,1172,08882,77184,38287,03489,42991,94993,77596,15899,009102,251104,96278,67879,36782,15385,06486,79485,84688,75292,01796,04898,8243,4633,3943,4843,4703,5153,4083,3313,2833,3873,34775,21575,97278,66981,59483,27982,43885,42188,73492,66195,4774,0935,0164,8824,3655,1567,9297,4066,9916,2026,1374.95.95.64.95.68.57.77.16.15.860.460.260.460.861.361.261.662.363.263.779.779.178.978.878.777.977.577.777.977.81980..1981..1982..169,848172,272174,4512,1022,1422,179106,940108,670110,20499,303100,39799,5263,3643,3683,40195,93897,03096,1257,6378,27310,6787.17.69.763.863.964.077.477.076.6See next page for continuation of table.196
TABLE B-29.—Noninstitutional population and the labor force, 1929-82—Continued[Monthly data seasonally adjusted, except as noted]Year or monthNoninstitutionalpopulation1ArmedForces lTotalTotalCivilian labor forceEmploymentAgriculturalNonagriculturalUnemploymentUnemploymentrate(percentof civilianlaborforce)Civilian labor forceparticipation rate 2Total Males FemalesThousands of persons 16 years of age and overPercent1980:JanFebMarMay".'.".'.'"".".'.JuneJulyAugSeptOctNovDec1981:JanFebMarAprMayJuneJulyAugSeptOctNovDec1982:JanFebMarAprMayJuneMyAugSeptOctNovDec168,625168,846169,073169,289169,494169,735170,030170,217170,419170,624170,814171,007171,229171,400171,581171,770171,956172,172172,385172,559172,758172,966173,155173,330173,495173,657173,843174,020174,201174,364174,544174,707174,889175,069175,238175,3802,0812,0862,0902,0922,0882,0922,0992,1142,1212,1212,1192,1242,1252,1212,1282,1292,1272,1312,1392,1602,1652,1582,1582,1642,1592,1682,1752,1762,1752,1732,1802,1962,1982,1882,1802,182106,546106,637106,394106,552106,892106,832107,169107,116107,148107,438107,596107,446108,012108,175108,471108,866109,101108,440108,602108,762108,375109,028109,254109,066109,034109,364109,478109,740110,378110,147110,416110,614110,858110,752111,042111,12999,87299,96399,67799,20498,92298,76998,81698,82999,10499,32799,56799,65099,964100,143100,504101,006100,968100,393100,748100,709100,104100,355100,22999,67799,68899,69599,59799,48499,99499,68199,58899,68399,54399,17699,13699,0933,3133,3873,4123,3183,3853,3093,3313,2473,4483,3623,3873,4863,4203,3403,3563,5193,3713,3603,3203,3963,3583,3743,3893,2193,3793,3673,3673,3563,4463,3713,4453,4293,3633,4133,4663,41196,55996,57696,26595,88695,53795,46095,48595,58295,65695,96596,18096,16496,54496,80397,14897,48797,59797,03397,42897,31396,74696,98196,84096,45896,30996,32896,23096,12896,54896,31096,14396,25496,18095,76395,67095,6826,6746,6746,7177,3487,9708,0638,3538,2878,0448,1118,0297,7968,0488,0327,9677.8608,1338,0477,8548,0538,2718,6739,0259,3899,3469,6699,88110,25610,38410,46610,82810,93111,31511,57011,90612,0361 Not seasonally adjusted.2 Civilian labor force as percent of civilian noninstitutional population.3 Not strictly comparable with earlier data due to population adjustments as follows: Beginning 1953, introduction of 1950 censusdata added about 600,000 to population and about 350,000 to labor force, total employment, and agricultural employment. Beginning1960, inclusion of Alaska and Hawaii added about 500,000 to population, about 300,000 to labor force, and about 240,000 tononagricultural employment. Beginning 1962, introduction of 1960 census data reduced population by about 50,000 and labor force andemployment by about 200,000. Beginning 1972, introduction of 1970 census data added about 800,000 to civilian noninstitutionalpopulation ana about 333,000 to labor force and employment. A subsequent adjustment based on 1970 census in March 1973 added60,000 to labor force and to employment. Beginning 1978, changes in sampling and estimation procedures introduced into thehousehold survey added about 250,000 to labor force and to employment. Unemployment levels and rates were not significantlyaffected.Note.—Labor force data in Tables B-29 through B-35 are based on household interviews and relate to the calendar week includingthe 12th Of the month. For definitions of terms, area samples used, historic comparability of the data, comparability with other series,etc., see "Employment and Earnings."Source: Department of Labor, Bureau of Labor Statistics.6.36.36.36.97.57.57.87.77.57.57.57.37.57.47.37.27.57.47.27.47.68.08.38.68.68.89.09.39.49.59.89.910.210.510.710.864.063.963.763.763.963.763.863.763.763.863.863.663.963.964.064.264.263.863.863.863.563.863.963.763.663.863.863.964.264.064.164.164.264.164.264.277.777.877.577.477.677.577.577.377.377.377.377.077.377.277.377.477.476.776.876.976.776.776.876.776.576.676.576.677.076.576.576.676.876.776.876.651.651.551.351.451.551.451.551.551.451.651.651.651.852.052.152.352.452152.152.151.752.252.352.052.152.352.352.452.752.752.952.952.852.752.853.0197
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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
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ing. Partly in response to the drop
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Chart 6-3Ratio of Consumer Installm
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Chart 6-4RATIO1.85Real Inventory/Sa
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percent increase in real defense pu
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8.8 percent in 1981. These declines
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housing. Borrowing by the nonfinanc
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orous competitor for credit as usur
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1982 their share had risen to over
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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 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: POPULATION, EMPLOYMENT, WAGES, AND
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
Page 239 and 240: MONEY STOCK, CREDIT, AND FINANCETAB
Page 241 and 242: 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
Page 249 and 250: TABLE B-69.—Consumer installment
Page 251 and 252: 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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