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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
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A critical element in achieving hea
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- Page 157 and 158: Report to the President on the Acti
- Page 159 and 160: ety of interagency and internationa
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- 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
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- 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: TABLE B-31.—Selected employment a
- 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 235 and 236: TABLE B-58.—Producer price indexe
- Page 237 and 238: TABLE B-59.—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
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- Page 253 and 254: TABLE B-72.—Federal budget receip
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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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