Economic Report of the President

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TABLE B-83.—Corporate profits by industry, 1929-82[Billions of dollars; quarterly data at seasonally adjusted annual rates]Corporate profits with inventory valuation adjustment and without capital consumption adjustmentDomestic industriesYear orquarterTotalTotalTotalFinancial >FederalReservebanksOtherTotalManufacturing2 5.2NonfinancialTransportationandpublicutilitiesWholesafeandretailtradeOthernot.+Kesiof theworld192919331939194019411942194319441945 ..19461947194819491950195119521953195419551956195719581959196019611962196319641965196619671968196919701971197219731974..19751976197719781979198019811982"1980:1II.HIIV1981:1||IllIV1982:|.||Ill10.5-1.26.59.815.420.524.524.019.319.625.933.431.137.943.340.640.238.447.546.946.641.652.349.750.055.159 766.076.080.978.184.980.868.982.094.0105.696.7120.6151.6178.5205.1209.6199.4207.5166.0211,0189.4197.0200.4217.6202.6210.3199.4167.2162.2170.010.2-1.26.19.615.020.124.123.518.918.924.932.229.936.741.538.738.436.445.144,143.539.149.646,746.851.555.861.871.576.773.779.774.662474.985 392.080.4107.6137.4163 4185.4179.0169.1184.6149.6175.9157.8167.5175.5193 8181.7189.3173.7150.3144.1153.71.3.3.81.01.11.21.31.61.72.11.72.63.13.13.64.04.54.64.85.05.25.76.87.27.07.3686.97.5859.010.411.112114.115315.915.011.817.123131.030.329.222.722.531.528.627.229.426 822.720 820.420.022.224.20.0.0.0.0.0.0.01111.2.2.2.3,4.4.3.3.5.6.6.71.0.8.9101.11.4172.02.53.1363.3344.55.75.76.0627.79.611.914.515.711.612.511.412.213 214.215 215.616.116.015.81.3.3.3.91.01.21.31.61.62.01.62.32.93.03.33.74.14.34.54.54.65,16.06.26.36.4585.86.2687.07.98.08610.711911.49.36.211.116 923.320.717.28.16.819.916.115.817.113 68.6554.83.96.28.48.9-1.55.38.614.018.922.821.917.316.823.229.626.833.537.934.733.931.840.339.138.333.542.939.539.844.249 054.964.068 264.869.363.550260.870076.065.495.8120.3140 3154.4148.6140.0162.0127.1144.4129.2140.3146.1167 0159.0168 5153.31 Consists of the following industries: Banking; credit agencies other than banks; security and commodity brokers, dealers, andservices; insurance carriers; regulated investment companies; small business investment companies; and real estate investment trusts.' See Table B-84 for industry detail.Note.—The industry classification is on a company basis and is based on the 1972 Standard Industrial Classification (SIC) beginning1948, and on the 1942 SIC prior to 1948.Source: Department of Commerce, Bureau of Economic Analysis,258130.4121,9129.5-.43.35.59.511.813.813.29.79.013.617.616.220.924.621.722.019926.024.724.019.426.423.623.326.029 332.339.341938.541.236.626634.140 745.539.052.669.278 386.985.674.586.359.885.264.770.078.190 388.992 273.757.756.662.71.8.01.01,32.03.44.43.92.71.82.23.03.04.04.64.95.047 5.65.95.85.97.07.47.88.49310.011.011810710.810.3828.5908.76.110.014.517 820.615.917.419.118716.813.921.517.520115.619621.218.818,519.21,0-.571.21.42.23.03.23.33.84.65.54.55.05.04.83.8385.04.54.44.65.94.95.05.859 7,58.1829.110.410.59511,713 413.912.521.322.426 626.927.124.633.428.119.727.124.427.333 032.133035731.926.827.40.9= 7.3.61.11.51.61.61.52.12.93.63.13.63.73.33.1343.64.14.03.63.63.63.73.9445.15.6636.56.96.1596.5698.07.911.914.217 620.020.123.423.120.622723.524.323.323622.523 722.721.920.020.30.2.0.3.3.4.4.4.4.371.01.31.11.3171.91.8202.42.83.12.5273.03.23.6394.24.5424.45.26.1657.18613.716.313.014,315119.730.630.322.816.435.131729.624.92382Q.B21025716.918.216.3
Year or quarterTABLE B-84.—Corporate profits of manufacturing industries, 2929-82[Billions of dollars; quarterly data at seasonally adjusted annual rates]Corporate profits with inventory valuation adjustment and without capital consumption adjustmentTotalDurable goodsTotalmanufacturingPrimarymetalindustriesFabricatedmetalproductsMachinery,exceptelectricalElectricandelectronicequipmentMotorvehiclesandequipmentOtherTotalNondurable goodsFoodandkindredproductsChemicalsandalliedproductsPetroleumandcoalproductsOther192919331939194019411942194319441945194619471948194919501951 . ...1952195319541955195619571958195919601961196219631964 . .1965196619671968196919701971197219731974197519761977197819791980 ...19811982"1980:||IIIIV1981:II .HIIV1982:ItlMl5.243.35.59511.813.813 29.79013.617.616.220.924.621722.019926.024 724.019426.423 623.326.029.332.339341.938.541.236.626 634.140.745.539.052.669.278.386.985.674.586.359.885.264.770.078.190.388.992.273.757 756.662.72.641.73.1647.28.1744.5245.87.58.112.013.211711.910 514.312 813.39313.711611.414.016.317.923023.820.922.218.910 216.322.424.313.218.930.438.144.337.120.728.411.425.512.418.226.532.135.227.418.99112.712.21.61.52.33.1192.5172.9303.0192.3201.6162.02.5313.62.71.91.481.62.25.42.92.11.13.53.52.94.1-5.14.72.6,1427.04.74.1.7-31-6.5-5.4.81.11.3101.0 91.0111.1 91.181.0111.31.4202.42.42.32.0111.52.12.51.63.03.84.44.95.24.44.94.45.42.84.35.04.76.05.43.44.43.84.71.21.31.62.3231.9171.7212.0142.1181.9232.53.3394.54.14.13.7292.94.34.62.94.76.38.89.48.97.29.35.17.27.07.47.28.49.29.69.98.34.83.7.7.81.21.31.51.41.21.11.21.51.31.7131.31.51.61.72.73.02.92.82.31.21.92.83.02.13.45.66.55.14.45.13.55.23.54.34.56.24.94.84.33.63.73.21.42.13.12.4242.62.14.12.22.6.93.0302.54.04.94.7625.13.95.54.71.25.05.95.71.97.29.48.94.7-5.0-1.11.1-3.7-10.6-4.1-1.4-2.62.6-2.8-1.8Note.—The industry classification is on a company basis and is based on the 1972 Standard Industrial Classification (SIC) beginning1948, and on the 1942 SIC prior to 1948.Source: Department of Commerce, Bureau of Economic Analysis.-4.13.33.21.81.72.62.8262.62.93.53.23.12.93.5273.1354.04.45.15.24.95.74.92.94.35.76.22.94.37.68.811.09.86.86.22.36.77.16.37.18.47.86.32.4.03.52.72.6o172.4314.65.7595.26.67.810.08.18.911.49910.19.411.811910.710012.712.011.912.013.114.416.318.117.619.117.716.517.818.321.225.833.638.840.242.648.453.857.948.459.652.351.851.658.253.764.854.748.643.950.51.91.61.61.4171.8162.2181.8212.4222.32.32.72.72.83.23.23.23.03.23.52.92.42.88.66.96.86.05.76.28.76.56.65.54.97.610.48.57.78.16.76.37.01.71.82.32.82.32.22.23.02.82.82.53.53.13.23.23.64.04.64.94.35.24.53.94.45.26.05.66.58.37.98.37.16.78.25.77.45.56.67.49.47.58.07.86.55.85.12.81.92.32.7232.82.73.03.32.62.12.52.52.22.22.12.42.93.23.93.73.23.53.53.05.010.59.612.611.613.820.728.026.624.431.529.127.723.523.523.335.124.725.420.425.93.72.82.74.4363.32.93.64.13.63.34.34.24.14.34.65.36.06.86.37.06.95.96.47.27.86.68.911.013.814.514.813.014.411.714.112.212.712.914.914.414.114.110.011.412.5259
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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
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TABLE B-ll.—Gross national produc
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TABLE B-13.—Output, costs, and pr
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TABLE B-14.—Personal consumption
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TABLE B-16.—Gross and net private
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TABLE B-18.—Inventories and final
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TABLE B-20.—Relation of national
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TABLE B-21.—National income by ty
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TABLE B-22.—Sources of personal i
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TABLE B-24.—Total and per capita
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Year or quarterTotalTotalTABLE B-26
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POPULATION, EMPLOYMENT, WAGES, AND
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TABLE B-29.—Noninstitutional popu
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TABLE B-31.—Selected employment a
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TABLE B-33.—Civilian unemployment
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TABLE B-35.—Unemployment by reaso
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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 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: CORPORATE PROFITS AND FINANCETABLE
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
Page 279 and 280: TABLE B-98.—U.S. exports and impo
Page 281 and 282: INTERNATIONAL STATISTICSTABLE B-100
Page 283 and 284: TABLE B-101.—U.S. international t
Page 285 and 286: TABLE B-103.—U.S. merchandise exp
Page 287 and 288: TABLE B-105.—International invest
Page 289 and 290: TABLE B-107.— World trade balance
Page 291 and 292: TABLE B-109.—Growth rates in real
Page 293: TABLE B-lll.—Unemployment rate, a
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