Economic Report of the President

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TABLE B-46.—Neiv construction activity, 1929-82[Value put in place, billions of dollars; monthly data at seasonally adjusted annual rates]Private constructionPublic constructionYear or monthTotalResidentialbuildings'Total 2housingunitsNonresidential buildings and otherconstruction 1TotalTotalnewconstructionCommercial3IndustrialOther*TotalFederal192910.88.33.63.04.71.10.92.62.50.2State andlocal 5 2.319332.91.2.5.3.8.1.2.51.6.51.119398.24.42.72.31.7.3.31.23.8.83.1194019411942194319448.712 014.1835.35.16.23.42.02.23.0351.79.82.63.01.4,7.62.12.71.71.11.4.3.4.2.0.1.4.8.32.21.31.51.2.91.13.65.810.76.33.11.2389.3562.52.42.01.3.7.6194519465.814.33.412.11.36.2.74.82.15.8.21.2.61.71.33.02.42.21.7.9.71.4New series19471948194920.026126.716.721420.59.913112.47.810.510.06.9828.01.0141.21.7141.04.2555.93.3476.38121.52.5354.81950195119521953195433.635.436.839141.426.726.226.027 929.718.115.915.816 618.215.613.212.913.414.98.610.310.211311.51.41.51.1182.21.12.12.3222.06.16.76.8737.26.99.310.811211.71.63.042413.45.26.36.6718.31955195619571958195946.547.649150,055.434.834.935134.639.321.920.219 019.824.318.216.114.715.419.212.914.716114.815.13.23.6363.63.92.43.1362.42.17.38.0908.89.011.712.714115.516.12.82.7303.43.78.910.011.112.112.31960196119621963196454.756 460.264 868.038.939.342.345.547.723.023125.227 928.017.317.119.421.721.815.916 217.217 619.74.2475.15.05.42.9282.82S3.68.98.79.29.710.715.917117.919.420.43.6393.9403.912.213.314.015.416.51965196619671968196974 176.878.587 594.352.052.852.959 966.327 925.725.630633.221.719.419.024 025.924 127.127.329 333.1789.4606.815 516.922124.025.527 628.0404.035343.318 020.022.124 224.61970197119721973197495.2110.3124.4138 4139.267.180.494.2105 9100.931.943.354.359 750.424.335.144.950 140.635.337.240.046 250.59.811.613.515 515.96.55.44.7627.919.020.121.824 526.728.129.930.232 538.33.34.04.4495.324.825.925.827 633.019751976197719781979135 9151.1173.8205.6230.4951112.0135.7159.7181.646 560.581.093.499.034 447.365.775.878.648 651.454.766.282.612 812.814.818.624.9807.27.711.015.027 831.532.236.742.740 939.138.245.948.8637.07.38.48.634 632.130.937.540.219801981230.7238.2175.7185.287.386.663.162.788.498.729.934.213.817.044.747.455.153.019.710.045.442.9See next page for continuation of table.214
TABLE B-46.—New construction activity, 1929-82—Continued[Value put in place, billions of dollars; monthly data at seasonally adjusted annual rates]Year or monthTotalResidentialbuildings 1Total 2NewhousingunitsPrivate constructionNonresidential buildings and otherconstruction >TotalTotalnewconstructionCommercial3IndustrialOther*TotalPublic constructionFederalState andlocal 61981:JanFeb....Mar....Apr....May....June...July....Aug...,Sept...OctNov....Dec...,1982:JanFeb....Mar...,Apr...May...June...July...,Aug...Sept..,OctNov.255.4250.7249.4247.6240.9237.5238.1235.9233.5230.8230.0228.8225.1222.6224.6226.1228.7231.6227.6228.1228.1229.1237.2193.7191.7190.6192.1189.3185.9186.9185.2182.4180.0178.1176.6175.5173.0173.6175.1179.9182.7178.7176.6177.0177.7184.499.596.995.895.192.389.187.084.180.478.276.275.873.769.270.072.375.575.373.472.171.574.178.473.972.472.172.269.566.864.160.857.153.450.449.451.049.251.049.651.049.851.552.353.152.354.294.294.894.897.097.096.899.9101.1102.0101.8102.0100.7101.8103.9103.6102.8104.5107.4105.3104.5105.6103.6106.01 Beginning I960, farm residential buildings included in residential buildings; prior to 1960, included in nonresidential buildings andother construction.2 Total includes additions and alterations and nonhousekeeping units, not shown separately.3 Office buildings, warehouses, stores, restaurants, garages, etc.4 Religious, educational, hospital and institutional, miscellaneous nonresidential, farm (see also footnote 1), public utilities, and allother private.6 Includes Federal grants-in-aid for State and local projects.Source: Department of Commerce, Bureau of the Census.32.833.033.634.333.533.634.234.334.934.635.736.436.236.838.438.436.838.037.536.137.135.737.115.814.915.316.415.916.717.818.718.518.518.416.617.117.216.615.917.118.416.416.716.617.117.245.546.945.946.447.646.547.948.248.648.647.947.748.549.848.648.550.650.951.451.751.850.951.761.759.058.955.451.751.751.250.751.150.851.952.249.649.651.051.048.848.948.951.451.151.352.810.710.99.810.310.110.110.19.210.19.89.69.89.29.610.09.89.69.59.910.210.510.410.651.048.149,145.141.541.641.041.441.041.042.342.440.440.041.041.139.239.439.041.240.640.942.2215
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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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LETTER OF TRANSMITTALCOUNCIL OF ECO
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Report to the President on the Acti
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ety of interagency and internationa
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ence J. Kotlikoff (Yale University)
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CONTENTSNATIONAL INCOME OR EXPENDIT
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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 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: TABLE B-45.—Capacity utilization
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
Page 257 and 258: TABLE B-76.—Federal Government re
Page 259 and 260: TABLE B-78.—State and local gover
Page 261 and 262: TABLE B-80.—Estimated ownership o
Page 263 and 264: CORPORATE PROFITS AND FINANCETABLE
Page 265 and 266: Year or quarterTABLE B-84.—Corpor
Page 267 and 268: TABLE B-86.—Relation of profits a
Page 269 and 270: 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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