Economic Report of the President

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TABLE B-53.—Consumer price indexes, selected expenditure classes, 1939-82[1967-100]Year or monthTotal 1Food and beverage >TotalFoodAthomeAwayfromhomeTotalHomeownersliipHomepurchaseFinancing,taxes,andinsuranceMaintenanceandrepairTotalFuel and other utilitiesTotalHousehold fuelsFuelcoal,andbottledgasGas(piped)andelectricityOtherutilitiesandpublicservices193919401941194219431944194519461947194819491950195119521953195419551956195719581959196019611962196319641965196619671968196919701971197219731974197519761977197819791980198119821981;JanFebMart :JuneJulyAugS5 1 :- :NovDec1982:JanFebMarApr«&.::JuneJulyAucSeptOctNov.....Dec100.01036108.8114 7118.3123.2139 5158.71721177 4188.0206 3228.52480267.3278.2273.6275.8275.6276.5278.1280.2280.8279.92801279 62791279.134 635 238445150349650 758170 676 673 574 582 884 383.082 881.682.284.988 587 188.089189.991.292 494 49911000103 6108.9114 9118.4123 51414161.71754180 8192 22114234.5254 6274.6285.7261.4 268.6263265.07 2708272 2265.7 272.9266.5265 4 272 5273.6268.9 276.2270.1 277.4270.7 278.0270 3 277 62699 2771270.5 277.8281.0283.3283.0283 9285.5287.8288.5287.4287 6287 0286 4286.573 579 876777 686387.886.285.884.184.487.291088 889.690 491.092.293 295.5100 3100.0103 2108.2113 7116.4121.61414162.4175.8179 5190.2210 2232.9251.5269.9279.2265.6267.3268.6268.7267 7268.7271.6272.8273.227212710271.7275.3278.0277.1277.9279.8282.6282.8280.8280.6279.4278 3277.868.970.170.872.274.977.279 381.483.285.487.388.990.995.1100.0105.2lll.G119.9126.1131.1141.4159.4174.3186.1200.3218.4242.9267.0291.0306.5280.9284.7286.1288.2289 3290.6292.4293.7294.82962297 2297.7299.8301.2302.4303 6304.8305.9307.6308.7309.8310 73114312.675.076.377.078.381.783.584486.386.987.989.090 892.796 3100.0105.7116.0128.5133.7140.1146 7163.2181.71917204.9227.2262.4314.0352.7376.8335.8335.8336.8339.3345 0350.4358.0361.8367.8366 7367 2367.8367.5368.7365.7370.6377.4382.8384.5385.9383.0382.8379.5372.986.587.187.387.690.091.391391.892.393.294.295 797.098 6100.0102 8109.5118 3124.8130.0132 7142.7160.3168 4179.5196.7223.1254.3267.7281.6266.2263.0261.1260.7263 0266.6271.4272.6274.5272 5270 2270.5269.3270.4269.2272.3279.3285.6287.7287.9286.8289.9290.4290.9100.01083123.7142 3143.5150.8160 6181.1201.9212 8227.2257.8308.9396.0472.5511.4435.2437.1441.1447.1458 3467.2480.0488.3501.85018505 6506.3506.0507.2500.9508.4516.2521.8524.3527.3519.9514.3504.8486.271.272.474.177.280.581.883.284.685.986.587.789.591.395.2100.0106.1115.0124.0133.7140.7151.0171.6187.6199.6214.7233.0256.4285.7314.4334.1296.8302.8306.1309.3312.9315.5319.3320.5321.6320.8322.8324.1326.7328.2327.2331.6334.5336.1334.7335.9338.4339.4339.0337.883.083.585.187.389.991.793.895.997.197.398.298.498.398.8100.0101.3103.6107.6115.0120.1126.9150.2167.8182.7202,2216.0239.3278.6319.2350.8296.7304.5308.4310.5314.9320.2325.1327.8331.1330.1329.8331.8336.2337.1339.3339.2345.4352.2354.7356.3359.5363.4362.2364.1100.0101.4103.4107.9115.3120.1128.4160.7183.8202.3228.6247.4286.4349,4407.0446.2375.4387.4393.7396.5403.3411.7417.2419.5422.4419.0417 6420.0426.9427.6430.5428.2438.0448.4452.0454.0458.5464.5461.9464.037.138.240.543.145.247.148.051.358.468.670.372.776.578.081.581.282.385.990.388.789.889.291.091.593.292.794.697.0100.0103.1105.6110.1117.5118.5136.0214.6235.3250.8283.4298.3403.1556.0675.9667.9625.9675.6693.4690.6685.8682.0677.9674.6673.4672.7676.1682.5686.0683.1664.0641.3644.6656.6659.9659.9662.8677.2691.3688.582.982.181.481.080.680.379.677.477.179.181.081.281.582.684.285.387.588.489.392.494.798.699.499.499.499.499.499.6100.0100.9102.8107.3114.7120.5126.4145.8169.6189.0213.4232.6257.8301.8345.9393.8318.5322 9326.7330.6339.6350.2357.6360.8364.5360.6358.3359.9367.4368.7375.9377.8389.0398.9402.1404.4409.2413.4407.6410.6100.0101.2104.0107.4114.7120.6124.1130.31371145.4152.0158.3159.5165.2181.0200.2171.9174.0173.6175.1176.2177.1180.61837187.4189.4190.7191.9192.7193.9195.0197.7198.9200.4201.4202.4203.6204.5205.1206.6See next page for continuation of table.222
TABLE B-53.—Consumer price indexes, selected expenditure classes, 1939-82—Continued[1967=100]TransportationMedical carYear or monthTotalTotalNewcarsPrivate transportationUsedcarsMotorfuel ^AutomobilemaintenanceandrepairOtherPublictransportationTotalMedicalcarecommoditiesMedicalcareservices1939194019411942194319441945194619471948 ....19491950195119521953 .195419551956195719581959196019611962196319641965196619671968 .196919701971197219731974197519761977 .197819791980198119821981:Jan FebMarAormr»jur&iir: :JulyAusSeptOctNovDec1982:JanFebMarAprNBWJuneJulyAuo ...Sept :OctNovDec43.042.744.248.147.947.947.850.355.561.866.468.272.577.379.578.377.478.883.386 089.689.690.692.593.094.395.997.2100.0103 2107.2112 7118.6119.9123.8137.7150.6165.5177 2185.5212.0249 7280 0291.5264.72709273 5275 3277.8279.9282.6283 7285 2287 2289.1289.8289 92880285.1282.9285 6292.8296.1296.2295.3295 5295 8294.844.243.645.952.351.451.451.354.361.568.272.372.575.880.882.480.378.980.184.787 491.190.691.393.093.494.796.397.5100.01030106.51111116.6117.5121.5136.6149.8164.61766185.0212.3249 2277 5287.5262.9269 4271.7273 4276.0277.9279.6280 52819283 9285.8286.5286 6284 5281.3278.8281.5288.9292.3292.4291.129112914290.443.243.346.669.275682.883.487.494.995894.390 993.59841015105.9104.5104 5104.1103.5103.2100999.1100.0102 8104.4107 6112.01110111.1117 5127.6135 71429153.8166.0179 3190 2197.6185 3184 8182 91861190.9192.2192 519191913192 5195.3197.0197 4195 5194.4196 0197 5198.1198.6198 7197 7197 7199 0200.189.2*75.971.869.177.480 289.583.686994.896.0100.199497.0100.0(3)103.1104 3110.2110 5117.6122 6146.4167,9182 8186.5201.02081256 9296.4234.0234 3235 42391245.2252.9260 3266 9272 8278 2281.4281.9280.5279 7280.9285.12914298.2302.4304.4304.6306 7310 5312.649.048.150.553.454.054.253.854.962.270.472.371.873.975.880.382.583.686.590.088 889.992.591.491.991.891.494 997.0100.01014104.7105 6106.3107.6118.1159 9170.8177.9188 2196.3265.63691410 9389.4385.2410.8420 7419 3416.5414.4412.9411.72411 1409 9409.5408.44061399 2384.1366.9370.6392.4400.2398.4394.2390.73883381.743.143.044.948.849.450.050.452.056.459.661.162.367.068.672.374.876.579.582.483 785.587.289.390.491.692.894.596.2100.0105 5112.2120.6129.2135.1142.2156.8176.6189.7203 7220.6242.6268 3293 6315.8282.7285.4287.7289 0290.8291.9293.5295.5298.73013302.8304.1305.5307 7310.2311.9313.6316.0318.0319.2320.6321.9322.3323.1103.41097119.2128.4129.1127.8132.4141.2163.1177.3184.6198.6222 62413257.8232.4234.2234.7236.3238.9241.0242.9243.0244.2247 5249.5250.6253.3253 4254.5255.1255.7258.7260.8260.8260.0261.4260.7259.633.133.133.133.333.433.533.534.436.040.745.248.954.057.561.365.567.470.011176178.381.084.687.488.590.191.995.2100.0104.6112.7128.5137.7143.4144.8148.0158.6174.2182.4187.8200.3251.6312 0346.0286.4288.1293.9297.2297.7303.9323.1326.5329.1330.8333.2333.8334.9336.8336.7339.3342.1345.6347.2348.1353.3356.3356.0355.636.736.837.038039.941142.144 448.151152.753.756359.361463.464 867.269973 276.479.181.483.585.687.389.593.4100.01061113.41206128.4132 5137.71505168.6184.7202 4219.4239.7265 9294 5328.7279.5282.6284.7287 0289.0291.5295.6299.3301.7304 8308.2310.2313.4316 2318.8321.7323.8326.4330.0333.3336.0338.7342.2344.371.170.871.473 073.574 374.876 281.886187.488.591091.892693.794 796.799 3102 8104.4104.5103.3101.7100.8100.5100.2100.5100.0100 2101.31036105.4105.6105.9109 6118.8126.01341143.5153.81681186 5205.7176.7179.2180.7182.4184.7186.3187.7189.4190.8192.1193.1194.9195.9197.7200.0202.4204.1205.6206.5208.2209.9211.6212.9213.732.532.532.733 735.436 937.940143.546 448.149.251755.057 058.760 462.865568772.074.977.780.282.684.687.392.0100.0107.3116.0124 2133.3138.2144.3159.1179.1197.1216 7235.4258.3287 4318 2356.0302.1305.2307.5309.8311.7314.4319.2323.4326.1329.7333.7335.7339.4342.4345.1348.0350.2353.0357.3361.0364.0366.9371.0373.41 Includes alcoholic beverages, not shown separately.2 Includes direct pricing of diesel fuel and gasohol beginning September 1981.3 Not available.Note.—Data beginning 1978 are for all urban consumers; earlier data are for urban wage earners and clerical workers.Source: Department of Labor, Bureau of Labor Statistics.
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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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TABLE B-5.—Changes in GNP and GNP
Page 177 and 178: TABLE B-7.—Gross national product
Page 179 and 180: TABLE B-9.—Gross national product
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 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: Year or monthAllitemsPRICESTABLE B-
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
Page 273 and 274: TABLE B-92.—Common stock prices a
Page 275 and 276: AGRICULTURETABLE B-94.—Farm incom
Page 277 and 278: 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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