Economic Report of the President

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TABLE B-32.—Civilian labor force participation rate by demographic characteristic, 1954-82[Percent; 1 monthly data seasonally adjusted]Year or monthAllcivilianworkersTotalTotalMales16-19yearsWhite20yearsandoverTotalFemales16-19years20yearsandoverTotalTotalMales16-19yearsBlack and other20yearsandoverTotalFemales16-19years20yearsandover195419551956195719581959I960196119621963196419651966196719681969 ,19701971197219731974197519761977197819791980198119821981:JanFebMarApr!&:::::::JuneJulyAug ........SeptOctNovDec1982:JanFebMarJune ft :*:"Auc .....Sept
TABLE B-33.—Civilian unemployment rate by demographic characteristic, 1948-82[Percent; 1monthly data seasonally adjusted]Year or month194819491950195119521953195419551956195719581959I96019611962196319641965196619671968196919701971197219731974197519761977197819791980198119821981:JanMarAprMayJuneJulyAugSeptOctNovDec1982:JanFebMarAprMayJuneJulyAugSepto5 :NovDecAllcivilianworkers3.859533330295.54.4414.3685.55.56755575.24.5383.8363.54.9595.64.95.6857.7716.15.87.1769.77.5747372757.47274768.08.38.686889.09.394959.89910 210 510 710.8WhiteTotal3.556493.1282.75.03.9363.8614.85.0604.9504.64.13.43.43.23.14.5545.14.35.0787.0625.25.16.3678.66.66,56.464666.46.36366fi97.37.676777.98.384848.78.79.193969.7MalesTotal3.456472.625254.83.7343.6614.6485746474.13.6282.7262.54.0494.5384.4726.4554.64.561658.86464636 1656.35962646.87.27.876778.08.485868.99.1959810 010.116-19years13.411.310 511.515 714.014.015 713.715 914.712.910.510.710110.013.715114.212.313.518 317.315 013.513.916.217 921.717.418 017 917 017 617.816.716 717 817.919.720.220 620 420.421.920.921222.522.522.223.022 622.820yearsandover4.43.33.03.25.54.14.25.14.03.93.42.92.22.12.01.93.24.03.63.03.56.25.44.73.73.65.3567.85.55.45.45.25.55.35.15.35.45.96.26.86.66.77.07.37.57.77.98.08.68.89.19.2FemalesTotal3.857534.2333.15.54.3424.3625.35.3655.5585.55.04.34.64.34.25.46.35.95.36.1867.9736.25.96.5698.36.96.76.6676.96.76.86.5707.17.47.47.5777.88.18.28.18.38.38.58.79.09.216-19years10.49.19.79.512 712.012.714.812.815.114.914.012.111.512.111.513.415.114.213.014.517.416.415.914.414.014.816 619.015.516.015.916.216.616.316.315.717.217.518.317.718.119.017.918.818.718.019.118.919.119.919.820.420yearsandover5.13.9373.8564.74.6574.7484.64.03.33.83.43.44.45.34.94.35.1756.8625.25.05.6597.36.05.7565.65.95.75.85.66.06.16.36.46.4666.87.17.27.17.37.27.57.68.08.1Black and otherTotal5.989905.3544.59.98.78.37.912 610.710.212.410.910.89.68.17.37.46.76.48.29.910.09.09.913.813.113.111.911.313.114.217.313.113.213.613.213.614.213714814.615?15?15.715.516.016.61fi817117117.417718118418*)18.8MalesTotal5.89.69.44.95.24.810.38.87.98.313.711.510.712.810.910 58.97.46.36.05.65.37.39.18.97.79.213.612.712.311.010.413.214.118.213.213.012.712.913.614.413.814.914.214 815.516.216.116.417.317.317.618.218.018.519.519.919.720.316-19years14.413.415.018.426 825.224.026 822.027 324.323.321.323.922.121.425.028.829.726.931.535.235.136.634.031.334.437.544.039.636.332.936.834.138.137.044.535.739.138.437.734.939.044.042.844.148.145.345.445.843.848.046.720yearsandover9.98.47.47.612 710.59.611.710.09.27.76.04.94.33.93.75.67.36.95.86.911.610.610.08.78.511.312.116.210.711.011.010.711.712.411.912.412.513.614.414.614.615.115.315.516.015.916.317.318.017.418.2FemalesTotal6179846.1574.19.28.5897.31089.49.411911.011210.79.2879.18.37.89.310.911.410.610.813.913.613.913.012.313.114.316.413.013.414.513.613.514.013 fi14 715 614815.114911S15.8lfi?16416016.7169Ififi18817?17.216=19years20.619.222 820.228 427.724.829 230.234 731.631.731.329.628.727.634.535.438.434.434.538.338.839.638.135.636.538.343.833.134.842.235.533.337.433.241.238.846.141.441.442.641.841.042.045.743.147.749.743.342.343.142.720yearsandover8.47.77864958.38310 694907.56671635.86.9878.88?8.511 511 311710.610.211 114 311411.81171??1??13313,013.113414.014414 314?14.414 314414915?15.31 Unemployment as percent of civilian labor force in group specified.Note.—See footnote 3 and Note, Table B-29.Source: Department of Labor, Bureau of Labor Statistics.201
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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
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 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 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
Page 253 and 254: TABLE B-72.—Federal budget receip
Page 255 and 256: 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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