Economic Report of the President

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TABLE B-47.—New bousing units started and authorized, 1959-82[Thousands of units]Year or monthPrivate and public 1Total(farm andnonfarm)NonfarmNew housing units startedTotalPrivate (farm and nonfarm)»1 unitType of structure2 to 4units5 unitsor moreNew private housing units authorized 2Total1 unitType of structure2 to 4units5 unitsor more1959196019611962..,.1963..,.1964....1965....1966....1967....1968....1969....1970....1971....1972197319741975....197619771978....197919801981....1982"..1981:JanFebMarAprMayJuneJulyAugSeptOctNovDec1982:JanFebMarAprMayJuneJulyAugSeptOctNovDec P.....1,553.71,296.11,365.01,492.51,634.91,561.01,509.71,195.81,321.91,545.41,499.51,469.02,084.52,378.52,057.51,352.51,171.41,547.62,001.72,036.11,760.01,312.61,100.31,070.485,272.5108.9124.0110.6107.0101.087.390.988.264.959.747.652.078.785.199.291.8107.297.2108.3111.7111.981.71,531.31,274.01,336.81,468.71,614.81,534.01,487.51,172.81,298.81,521.41,482.31,517.01,252.21,313.01,462.91,603.21,528.81,472.81,164.91,291.61,507.61,466.81,433.62,052.22,356.62,045.31,337.71,160.41,537.51,987.12,020.31,745.11,292.21,084.21,060.61,5851,2941,3181,3011,1721,0461,0409468998548608828859459318821,0669081,1931,0331,1291,1261,4041,2221,234.0994.7974.3991.41,012.4970.5963.7778.6843.9899.4810.6812.91,151.01,309.21,132.0892.21,162.41,450.91,433.31,194.1852.2705.4661.0974835863868776705696614623507554550592568621566631621628645677701883800283.0257.4338.7471.5590.8108.4 450.086.661.171.680.985.084.8120.3141.3118.368.164.085.9121.7125.0122.0109.591.180.7422.5325.1376.1527.3571.2535.9780.9906.2795.0381.6204.3289.2414.4462.0429.0330.5287.7319.01,208.3998.01,064.21,186.61,334.71,285.81,239.8971.91,141.01,353.41,323.71,351.51,924.62,218.91,819.51,074.4939.21,296.21,690.01,800.51,551.81,190.6985.5992.5Seasonally adjusted annual rates139114108971058988766278817470846764868310288926479864723453473362912522562562142692252582232932432523492044633003603614423361,2361,1961,1721,1861,1789869418788357387437978037928518799449291,0628881,0031,1721,1921,291938.3746.1722.8716.2750.2720.1709.9563.2650.6694.7625.9646.8906.11,033.1882.1643.8675.5893.61,126.11,182.6981.5710.4564.3540.071269968668265957354350545640041345445043646045048851650049756165172973277.164.667.687.1118.9100.884.861.073.084.385.288.1132.9148.6117.064.363.993.1121.3130.6125.4114.5101.888.613911511312311210998918185788868758176102918583968696111192.9187,4273.8383.3465.6464.9445.1347.7417.5574.4612.7616.7885.71,037.2820.5366.2199.8309.5442.7487.3444.8365.7319.4363.91 Units in structures built by private developers for sale upon completion to local public housing authorities under the Department ofHousing and Urban Development "Turnkey" program are classified as private housing. Military housing starts, including those financedwith mortgages insured by FHA under Section 803 of the National Housing Act, are included in publicly owned starts and excluded fromtotal private starts.2 Authorized by issuance of local building permit: in 16,000 permit-issuing places beginning 1978; in 14,000 places for 1972 77; in13,000 places for 1967=71; in 12,000 places for 1963-66; and < in 10,000 places prior to 1963.» Not available separately beginning January 1970.Source: Department of Commerce, Bureau of the Census.385382373381407304300282298253252255285281310353354322477308346435367448216
TABLE B-48.—Nonfarm business expenditures for new plant and equipment, 1947-83[Billions of dollars; quarterly data at seasonally adjusted annual rates]Plant and equipmentYear or quarterTotalPlantTotalManufacturingPnuintquipmentDurablegoodsNondurablegoodsTotalNonmanufacturingMiningTransportationPublicutilitiesTradeandservices1Communicationandother 2194719481949..195019511952...1953195419551956195719581959218025.4623.5425.3230.83315933.5833.1336 5844.7648.1242.1744.788.4510.3510.2010.9413.0813.1413.8214.0915 9719.3420.9419.4119.89133515.1113.3414 3717.74184519.7619.0320 6025.4227.1922.7624.898.739.257.327.7311.0712.1212.4312.0012 5016.3317.5012.9813.763393.542.673 225.125 755.715.495 878.198.596.216.725345.714.644.515.956376.726.516 628.158.916.777.0413.0716.2116.2217.5919.7619.4721.1621.1324.0828.4330.6229.1931.020 69.93.88841.111211.251.291311.641.691.431.352 212.662.302 383.052 992.972.422 603.073.352.343.171.642.673.283.423.753.964.614.234 264.785.955.745.466136.927.138 378.838058.949.59114913.6413.6814.1115.402 403.042.632 583.033 253.383.604 425 305.965.585.63I960196119S219631964..1965196619671968196948 6347.82512853.2561.6670 4382.2283 4288.4599.5220.9421.1222.1222.2324.9627 2432.2132 2235.5140.5427 7026.70291631.0336.70431950.01512052.9458.9916.3615.5316.0317.2721.23254131.3732 2532.3436.278 287.437 818.6410.9813 4917.2317 8317.9319.978.088.108.228.6310.25119214.1514 4214.4016.3132.2832.2935.2535.9940.4345.0250.8451.1856.1163.251.291.261411.261.331361.421381.441.773.192.823.263.364.465 466.436346.797.045.405.205.125.335.806.497.829.3310.5211.70161516.53182718.5720.38221324.6923 0225.3128.316 256.487197.478.469 5810.49111112.0614.431970197119721973197419751976197719781979105 61108.53120 25137.70156.98157.7117145198.0823124270.4644 2446.6049 3556.6664.2965.21712080.3192 70105.736136619370 8981.0492.6992 50100 25117.77138 54164.7336 9933.6035 4242.3753.2154.9259 9569.2279 7298.6819 8016 7818 2222.7527.4426 3328 4734.04404351.07171916.8217 2019.6225.7628.59314735.1839 2947.6168 6274.9384 8295.33103.78102.79111.50128.87151.52171.772 022.672 883.314.626.107449.24102111.386955.936 727.418.238.688.899.4010.6812.3513.0314.7016.2617.9719.8319.9822.3726.7929.9533.9629 7734.20400045.5347.7946.2349.3056.5468.6679.2616 8517.43189621.1223.3021.8023.5126.9032.0234.83198019811982 31983 3295.63321.49319.99315.69117.55133.46178.08188 04115.81126.79122.67119.5258.91618457.9557.3556.9064.9564.7262.18179.81194.70197.32196.1613.5116.8616.0516.4512.0912.0511.8011.9235.4438.4041.6239.9881.7986.3386.4286.8636.9941.0641.4340.961981:||IIV312 24316 73328 25327.83128.5713105136 40136.67183 67185 6819185191.17124 50125 4913011126.916124631062 5860.7863 2762 4067 5366.14187.74191.24198.13200.9216 20168017 5516.8111.7411.7011.6113.1236.0537.8439.5539.7483.4385.8887.5588.3340.3239.0241.8942.921982:IIII327 72323.22315.79315.21139 49137.95135.14188 23185.28180.6512832123.77119.46120.5060 8459.0357.1455.8067 4864.7462.3264.70199.40199.46196.33194.7117.6016.5614.6315.5611.9912.3211.2811.8240.1241.4043.3841.6687.8088.8587.3182.0141.8940.3339.7343.651983:I sII 331640320.0012143123.4257 9058.3063 5465.12194.97196.5816.1817.3310.6311.6640.7640.3085.8785.8741.5341.431 Wholesale and retail trade; finance, insurance, and real estate; and personal, business, and professional services.2 "Other" consists of construction; social services and membership organizations; and forestry, fisheries, and agricultural services.3 Planned capital expenditures reported by business in late October-December 1982, corrected for biases.Source: Department of Commerce, Bureau of Economic Analysis.217
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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
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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 and 220: TABLE B-45.—Capacity utilization
Page 221: TABLE B-46.—New construction acti
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
Page 271 and 272: 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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