TABLE B-34.—Unemployment by duration, 1947-82[Monthly data seasonally adjusted 1 ]Year or monthTotalunemploymentLess than5 weeksDuration <strong>of</strong> unemployment5-14weeks15=26weeks27 weeksand over1947194819491950195119521953195419551956195719581959196019611962196319641965196619671968196919701971197219731974197519761977197819791980198119821981:JanFebMarAprMayJuneJulyAugSeptOclNovDec1982:JanFebMarfcJuneJulyAugIt.:::NovDec2,3112,2763,6373,2882,0551,8831,8343,5322,8522,7502,8594,6023,7403,8524,7143,9114,0703,7863,3662,8752,9752,8172,8324,0935,0164,8824,3655,1567,9297,4066,9916,2026,1377,6378,27310,6788,0488,0327,9677,8608,1338,0477,8548,0538,2718,6739,0259,3899,3469,6699,88110,25610,38410,46610,82810,93111,31511,57611,90612,036Thousands <strong>of</strong> persons 16 years <strong>of</strong> age and over1,2101,3001>561,4501,1771,1351,1421,6051,3351,4121,4081,7531,5851,7191,8061,6631,7511,6971,6281,5731,6341,5941,6292,1392,2452,2422,2242,6042,9402,8442,9192,8652,9503,2953,44938833,2783,2843,2783,1673,3823,3423,3173,3413,5153,6963,8204,0403,8303,8073,8313,9303,8713,6053,9593,9334,0043,9303,9634,0197046691,1941,0555745164821,1168158058911,3961,1141,1761,3761,1341,2311,1179837798938108271,2901,5851,4721,3141,5972,4842,1962,1321,9231,9462,4702,5393,3112,3322,3902,4222,4452,5792,3902,3712,4932,5442,6772,8473,0283,0793,0683,0983,2553,2813,3983,2493,3463,5493,5113,5493,4601 Because <strong>of</strong> independent seasonal adjustment <strong>of</strong> <strong>the</strong> various series, detail will not add to totals.Note.=See footnote 3 and Note, Table B-29.Source: Department <strong>of</strong> Labor, Bureau <strong>of</strong> Labor Statistics.2341934284251661481324953663013217854695037285345354914042872712562424286686014835741,3031,0189137667061,0521,1221,7081,1231,0961,0561,0951,0631,1461,0851,0651,1301,1691,2181,2241,2091,4791,6051,5821,6331,6831,7801,8081,8301,9512,1912,12516411625635713784783173362322396675714548045855534823512391771561332355195663433811,2031,3481,0286485358201,1621,7761,2721,2431,2181,1331,1581,1311,0761,1481,1111,1231,1401,1831,1931,2711,3571,4981,6341,8341,7891,8292,0262,2162,3332,607202
TABLE B-35.—Unemployment by reason, 1967-82[Monthly data seasonally adjusted 1 ]Year or monthTotalunemploymentJob losers Job leavers ReentrantsNewentrantsThousands <strong>of</strong> persons1967....19681969....1970....1971197219731974....1975....19761977....19781979....1980....198119821982:Jan..Feb..Mar..May".June.July..Aug..Sept.Oct..Nov..Dec.2,9752,8172,8324,0935,0164,8824,3655,1567,9297,4066,9916,2026,1377,6378,27310,6789,3469,6699,88110,25610,38410,46610,82810,93111,31511,57611,90612,0361,2291,0701,0171,8112,3232,1081,6942,2424,3863,6793,1662,5852,6353,9474,2676,2685,2435,2465,6285,8895,9386,1816,3236,4466,9797,3257,3697,2954384314365505906416837688279039098748808919238408429428859018648268198147868037948269459099651,2281,4721,4561,3401,4631,8921,9281,9631,8571,8061,9272,1022,3842,1332,2722,2612,3422,3932,3782,4782,4402,4372,3222,5462,6293964074135046306776496818238959538858178729811,1851,0551,0961,0611,0961,1591,0911,2301,3041,3031,2961,2441,288Percent <strong>of</strong> civilian tabor force1967....1968....1969....3.83.63.51.61.31.20.6.5.51.21.21.20.5.5.519701971....197219731974....1975....1976....19771978....1979....4.95.95.64.95.68.57.77.16.15.82.22.82.41.92.44.73.83.22.52.5.7.7.7.8.8.9.9.9.9.81.51.71.71.51.62.02.02.01.81.7.6.7.8.7.7.9.91.0.9.81980....198119827.17.69.73.73.95.71.81.92.2.91.11982:Jan..Feb..Mar..Apr..May.June.July..Aug..Sept.Oct..Nov..Dec.8.68.89.09.39.49.59.89.910.210.510.710.84.84.85.15.45.45.65.75.86.36.66.66.62.02.12.12.12.22.22.22.22.22.12.32.41.01.01.01.01.11.01.11.21.21.21.11.21 Because <strong>of</strong> independent seasonal adjustment <strong>of</strong> <strong>the</strong> various series, detail will not add to totals.Note.—Data relate to persons 16 years <strong>of</strong> age and over.See footnote 3 and Note, Table B-29.Source: Department <strong>of</strong> Labor, Bureau <strong>of</strong> Labor Statistics.203
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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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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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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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of lenders that some debtors will n
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CHAPTER 4Increasing Capital Formati
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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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Nevertheless, a number of economic
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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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LETTER OF TRANSMITTALCOUNCIL OF ECO
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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-109.—Growth rates in real
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TABLE B-lll.—Unemployment rate, a