TABLE B-51.—Manufacturers' new and unfilled orders, 1947-82[Amounts in millions <strong>of</strong> dollars; monthly data seasonally adjusted]New orders 1Unfilled orders'Unfitted orders—shipmentsratio 3Year or monthTotalDurable goodsindustriesTotalCapitalgoodsindustries,nondefenseNondurablegoodsindustriesTotalDurablegoodsindustriesNondurablegoodsindustriesTotalDurablegoodsindustries194719481949195019511952195319541955195619571958195919601961196219631964196519661967196819691970197119721973197419751976197719781979198019811981:Jan....Feb....Mar...May...June..July...Aug...Sept..Oct....Nov...Dec...1982:Jan....Feb....Mar...fcJune..July...Aug...Sept..Oct....Nov.15,25617,69315,61420,11023,90723,20423,58622,33527,46528,36827,55927,00230,72430,23531,10433,43635,52438,35742,10046,40247,05650,68753,95052,03855,98364,16776,25987,26885,14999,543115,027131,664147,354155,738166,015164,976165,375166,240169,422170,281171,022172,089168,797167,728159,558159,460156,660154,519155,984157,198154,995156,791157,058158,588154,380156,166149,696150,3626,3888,1266,63310,16512,84112,06112,14710,76814,99615,36514,11113,29016,00315,30315,75917,37418,70920,65223,27826,17725,82528,11629,87127,38829,99835,06442,93046,85342,01951,39861,07672,41079,39479,06083,27282,52882,69983,86286,41087,39686,91187,58284,81984,45677,19378,59276,42175,06176,30977,85976,19475,71074,55076,44672,98273,26670,6076,9037,6606,7387,4448,62210,97112,67311,01112,79915,27619,44423,20323,44924,06125,06321,85724,45625,68724,48824,03924,65524,86724,31222,52824,36922,13021,71721,56022,17422,60820,33219,27820,32218,89320,27320,18320,1738,8689,5668,9819,94511,06611,14311,43911,56612,46913,00313,44813,71214,72014,93215,34516,06116,81517,70518,82320,22521,23122,57124,07924,65025,98629,10433,33040,41543,13048,14553,95159,25467,96076,67882,74382,44782,67782,37883,01382,88584,11184,50783,97983,27282,36580,86880,23979,45879,67679,33978,80381,08182,50882,14281,39882,90080,09879,75534,47330,73624,04541,45667,26675,85761,17848,26660,00467,37553,18347,37052,73245,08047,40748,57754,32766,88280,07198,401104,547109,926115,422106,158107,147121,061161,256, 191,102173,829182,499204,880261,941303,178320,977318,621322,053322,749323,054324,826327,033327,105328,861328,384327,955323,556321,574318,621318,114315,957315,639314,521310,482306,032303,235299,001295,883293,107291,12828,57926,61919,62235,43563,39472,68058,63745,25056,24163,88050,35244,55949,37342,51444,37545,96551,27063,69176,29894,575100,576105,950111,250101,566102,119114,725153,876185,560165,930174,211196,417251,663291,883310,051308,370311,146311,666312,018313,642315,597315,618317,462317,057316,841312,769311,082308,370307,877306,211305,947305,004301,194296,866294,272290,011286,706283,960281,8615,8944,1174,4236,0213,8723,1772,5413,0163,7633,4952,8312,8113,3592,5663,0322,6123,0573,1913,7733,8263,9713,9764,1724,5925,0276,3367,380515427,8988,2888,46310,27811,29510,92610,25110,90711,08411,03611,18411,43611,48711,39911,32711,11410,78710,49210,25110,2379,7469,6929,5189,2889,1668,9638,9909,1779,1479,2671 Monthly average for year and total for month.3 Seasonally adjusted, end <strong>of</strong> period.3 Ratio <strong>of</strong> unfilled orders at end <strong>of</strong> period to shipments for period; excludes industries with no unfilled orders. Annual figures relateto seasonally adjusted data for December.Note.—Data beginning 1958 are not strictly comparable with earlier data.Source: Department <strong>of</strong> Commerce, Bureau <strong>of</strong> <strong>the</strong> Census.3.423.633.873.353.093.012.782.632.692.803.103.333.813.703.853.753.653.383.313.914.193.803.343.303.623.893.793.773.803.773.713.703.703.663.683.683.703.763.763.773.903.783.763.863.713.693.673.693.633.773.724.124.274.554.003.693.543.373.133.243.373.723.954.554.404.654.504.394,063.904.635.034.573.993.924.264.634.534.594.564.534.454.444.434.374.424.424.464.554.564.594.764.624.614.714.524.514.494.554.464.664.61220
Year or monthAllitemsPRICESTABLE B-52.—Consumer price indexes, major expenditure classes, 1929-82Food andbeveragesTotal*FoodTotal 2Rent,residentialHousing[1967^100]Fuel ando<strong>the</strong>rutilities 3ApparelandupkeepMedicalcareO<strong>the</strong>rgoodsandservicesHomeownershipTransportationEntertainmentEnergy419291933 ..19391940194119421943194419451946194719481949195019511952. .1953195419551956195719581959I96019611962196319641965196619671968... .19691970197119721973.,.197419751976197719781979...198019811982..!1981:JanFebMar ....AprMayJune 1ZJulvAugilZZSeptOctNov..Dec1982:JanFebMarJuneJulyAugSeptNovDec51.338.841.642.044148.851852.753.958.566.972.171.472.177.879.580.180.580.281484.386.687.388.789.690691.792 994.597 2100.0104.2109.8116.31213125.3133.1147.7161.2170.5181.5195.4217.4246.8272.4289.1260.5263.2265.1266.8269.0271.3274.4276.5279.3279.9280.7281.5282.5283.4283.1284.3287.1290.6292.2292.8293.3294.1293.6292.4100.0103 6108.8114.7118 3123.2139.5158.7172.1177.4188.0206 3228.5248.0267.3278.22614263.7265.0265.7265.4266.5268.9270.1270.7270.3269.9270.5273.6275.8275.6276.5278.1280.2280.8279.9280.1279.6279.1279.148.330.634.635.238 445.150349.650.758.170.676.673.574.582.884.383.082.881.682 284.988.587.188.089.189991.292 494.499.1100.0103.6108.9114.9118.4123.5141.4161.7175.4180.8192.22114234.5254.6274.6285.7268.6270.8272.2272.9272.5273.6276.2277.4278.0277.6277.1277.8281.0283.3283.0283.9285.5287.8288.5287.4287.6287.0286.4286.552.252.453 756.256 858.159.160.665.269.870.972.877.278.780.881.782.383 686.287.788.690.290.991792.793 894.997 2100.0104.0110.4118.2123 4128.1133.7148.8164.5174.6186.5202 8227.6263.3293.5314.7279.1280.9282.6284.8288.5292.2297.0299.7303.7303.5304.2305.2306.1307.3306.7309.4313.8317.5319.2320.1319.7320.7319.0316.376 054.156.056257 258.558 558.658859.261165.168 070473.276280.383 284.385987.589.190.491.792.994 095.095996.998 2100.0102 4105.7110.11152119.2124.3130.6137 3144.7153.5164 0176.0191.6208.2224.0200 9201.9203.0204.2205.9206.8207.8210.3211.9213.6215.0216.5217.8218.6219.6220.1221.8222.6224.8226.0226.9228.9230.2230.875.076.377.078381.783.584.486.386.987 989.090892.796.3100.0105.7116.0128.5133.7140.1146.7163.2181.7191.7204.9227,2262.4314.0352.7376.8335.8335.8336.8339.3345.0350.4358.0361.8367.8366.7367.2367.8367.5368.7365.7370.6377.4382.8384.5385.9383.0382.8379.5372.983.083.585.187.389.991.793.895.997.197 398.298.498.398.8100.0101.3103.6107.6115.0120.1126.9150.2167.8182.7202.2216.0239.3278.6319.2350.8296.7304.5308.4310.5314.9320.2325.1327.8331.1330.1329.8331.8336.2337.1339.3339.2345.4352.2354.7356.3359.5363.4362.2364.148 536.942.442 844852.354 658.561567.578.283.380179.086.185.384.684 584.185 887.387.588.289.690.490 991.992 793.7961100.0105.4111.5116.1119 8122.3126.8136.2142.3147.6154.2159 6166.6178.4186.9191.8181.1182.0185.1186.4186.4185.8184.7187.4190.7191.5191.3190.5187.3188.0191.1191.9191.5190.8189.7191.8194.9195.5195.4193.643.042.744 248.147 947.947.850.355.561.866.468.272.577.379.578.377.478.883.386.089.689.690.692.593.094.395.997.2100.0103.2107.2112.7118.6119.9123.8137.7150.6165.5177.2185.5212.0249.7280.0291.5264.7270.9273.5275.3277.8279.9282.6283.7285.2287.2289.1289.8289.9288.0285.1282.9285.6292.8296.1296.2295.3295.5295.8294.836.736.837 038.039 941.142144.448151.152 753 756.359 361.463464.867 269.973.276.479.181.483 585.687 389.593.4100.0106.1113.4120.6128.4132.5137.7150.5168.6184.7202.4219.4239.7265.9294.5328.7279.5282.6284.7287.0289.0291.5295.6299.3301.7304.8308.2310.2313.4316.2318.8321.7323.8326.4330.0333.3336.0338.7342.2344.3100.0105.7111.0116.7122.9126.5130.0139.8152.2159.8167.7176.6188.5205.3221.4235.8214.4216.7218.2219.2220.3220.8221.1222.3224.0225.5226.8227.3229.2231.2232.8233.9234.4235.6236,6237.4238.3240.3239.9240.1100.0105.2110.4116.8122.4127.5132.5142.0153.9162.7172.2183.3196.7214.5235.7259.9226.2227.4228.7229.9232.2233.4234.4235.6243.0245.2245.9246.7248.4250.3252.2253.8255.0255.8257.2258.3266.6271.2273.8276.690.190.391.894 294 494 795 094696 397.8100.0101.5104.2107.0111.2114.3123.5159.7176.6189.3207.3220.4275.9361.1410.0416.1381.7401.1409.3409.8411.3414.0415.7416.1417.1414.9414.1414.6416.4413.0406.1395.7402.1418.6424.5424.5424.2425.0422.6419.91 Includes alcoholic beverages, not shown separately.* Includes o<strong>the</strong>r items not shown separately. Series beginning 1967 not comparable with series for earlier years.• Fuel oil, coal, and bottled gas; gas (piped) and electricity; and o<strong>the</strong>r utilities and public services.4 Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel, motor oil coolant, etc.Note.—Data beginning 1978 are for all urban consumers; earlier data are for urban wage earners and clerical workers.Source: Department <strong>of</strong> Labor, Bureau <strong>of</strong> Labor Statistics.221
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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
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TABLE B-2.—Gross national product
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19291933193919401941194219431944194
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- Page 199 and 200: Year or quarterTotalTotalTABLE B-26
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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