Economic Report of the President

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TABLE B-89.—Sources and uses of funds, nonfarm nonfinancial corporate business, 1946-82[Billions of dollars; quarterly data at seasonally adjusted annual rates]SourcesUsesYear orquarterTotalInternal'TotalTotalExternalCredit market fundsSecuritiesandmortgagesLoansandshorttermOther 2TotalCapita)expenditures3IncreaseinfinancialassetsDiscrepancy(sourcesless uses)194619471948..194918.727.028.919.98.112.919.119.510.614.19.7.46.98.46.53.13.65.46.74.93.33.0-.2= 1.83.75.83.3-2.716.825.625.318.318.117.320.314.8-1.48.45.03.51.91.43.61.61950195119521953195442.136.429.927.829.618.020.221.921.723.924.016.28.06.15.78.110.59.55.76.54.26.48.06.06.73.94.11.4-.4-.215.95.7-1.5.5-.840.437.629.228.027.824.030.224.625.722.916.47.44.62.34.91.7^1.2.6=.11.81955..195619571958..195952.744.943.441.956.329.529.531.530.336.023.215.411.911.720.210.212.812.310.512.36.47.510.410.58.13.75.31.9-.04.213.12.5-.41.27.949.140.839.138.551.232.636.834.927.737.016.54.04.210.814.23.54.14.33.45.01960196119621963196448.656.360.168.473.935.436.542.846.551.813.219.817.322.022.112.112.912.812.514.17.510.79.48.47.84.62.23.44.06.21.26.94.69.58.041.451.055.560.464.937.536.743.244.750.13.914.212.315,714.87.25.34.68.09.01965196619671968196991.897.694.7113.5115.558.562.663.665.064.433.335.031.148.551.118.523.827.827.732.37.614.319.115.014.611.09.58.712.617.714.811.23.320.918.882.791.388.5106.0115.361.074.772.275.483.721.816.616.330.631.69.16.46.27.5.21970197119721973,.1974102.3125.3151.6192.4190.161.873.585.091.785.640.551.866.6100.7104.435.337.243.456.769.926.332.82M20.726.39.04.416.936.043.65.314.623.244.034.598.7122.7149.1191.9190.180.086.099.0121.5137.918.736.750.170.552.23.62.62.4.5.01975..1976197719781979156.9210.8252.2315.4346.3119.7134.2157.4175.7188.837.276.694.9139.7157.530J54.570.479.391.238.738.233.931.925.9-8.016.336.547.46!).36.522.124.560.466.3150.9201.8237.6294.2347.1109.7148.3175.1202.2219.841.253.562.592.0127.36.09.014.721.219801981333.7352.2197.5231.1136.2121.195.792.657.523.138.269.640.628.5317.9314.8220.5260.997.453.915.837.41980:\\'ZIllIV1981:IIIIllIV363.2263.4326.4381.9333.6381.2348.9345.0192.6197.4199.3200.8222.4225.4235.2241.4170.666.0127.2181.1111.3155.8113.7103.6114.762.686.6118.768.7119.1100.282.546.158.663.761.741.634.83.212.768.64.022.957.127.184.397.069.955.93.440.562.442.636.713.521.1341.2248.7314.2367.5318.2352.2304.6284.0231.3215.6209.9225.2233.5260.0284.6265.5103.933.1104.3142.384.792.220.018.522.014.712.214.415.429.044.261.01982:H'ZIll*.297.7348.2371.7232.6234.3240.365.0113.9131.3110.293.398.030.633.159.379.760.338.7-45.220.533.3225.3304.9328.5241.9248.5264.2-16.656.464.372.343.343.11 Undistributed profits (after inventory valuation and capital consumption adjustments), capital consumption allowances, and foreignbranch profits, dividends, and subsidiaries' earnings retained abroad.1 Consists of tax liabilities, trade debt, and direct foreign investment in the United States.3 Plant and equipment, residential structures, inventory investment, and mineral rights from U.S. Government.Source: Board of Governors of the Federal Reserve System.264
TABLE B-9Q.~Current assets and liabilities of U.S. corporations, 1939-82[Billions of dollars]Current assetsCurrent liabilitiesEnd of yearor quarterTotalCash 1U.S.Governmentsecurities 2NotesandaccountsreceivableInventoriesOthercurrentassetsTotalNotesandaccountspayableOthercurrentliabilitiesNetworkingcapitalCurrentratio 3All corporation s*SEC series: 5193954.510.82.222.118.01.430.021.98.124.51.817194019411942194319441945194619471948194960.372 983.693 897.297 4108.1123 6133.0133.113.113917.621621.621.722.825.025.326.52.04010.116420.921115.314114.816.824.028 027.326.926.525.930.738.342.443.019.825 627.327 626.826 337.644 648.945.31.5141.3131.4241.7161.61.432.840 747.351651.745 851.961.564.460.723.226 426.026 326.825 731.637 639.337.59.614 321.325324.920120.323 925.023.327.532 336.342145.651.656.262.168.672.41.83817911.7671.8181.8802.1272.0832.0102.0652.1931950195119521953195419551956195719581959161.51791186.2190 6194 6224.0237 9244.7255 3277.328.130 030.831.133 434.634.834.937.436.319.720719.921.519 223.519118.618 822.856.861.567.468.573 688.997.7102.2109.7120.655.164 965.867 265 372.880482.281988,41.7212.424314.2596.7759.179.892 696.198.999 7121.0130.5133.1136.6153.148 354 959.359 561776.183 986.690 4101.031.637 836.839 438 045.046 646.546 252.081.686 590.191894 9103.0107 4111.6118.7124.22.02419341.9381.92719521.8511.8231.8381.8691.811I9601961289.0306.837.241.120.120.0129.2139.291.895.210.611.4160.4171.2106.8114.653.656.6128.6135.61.8021.792Nonfinancial corporations 6SEC series: 5196119621963196419651966196719661969254.7269.7288 2305.6336 0364.0386 2426.5473.634.837.139 840.542.841.945.548.247.916.516.816 715.814 413.010311.510.697.9103.2110 5119.91341146.6155.3173.9197.095.0100 5106 8113.1126 6142.81531166.0186.410.512.114 416.318119.722 026.931.6123.7132.4145 5156.6178 8199.4211.3244.1287.884.488.797 0104.91215137.5147.1168.8199.239.343.748 551.757.361.964.275.388.6131.0137.3142 7149.0157.2164.6174.9182.4185.72.0592.0371.9811.9511.8791.8251.8281.7471.64619701971197219731974492 3529.6599.3697.8790.750 253.359.066.371.17711.010.612.812.32061221.1248.2288.5322.11933200.4225.7263.9313.635 043.855.866.471.7304 9326.0375.6450.9530.42113220.5282.9340.3402.393 6105.592.7110.7128.1187.4203.6223.7246.9260.31.6151.6251.5951.5481.491FTC-FRB series: 7197419751976197719781979735.4759.0827 4912 71043 71,218.273.282.188.297 2105 5118.011.119.023 518 217 317.0265.8272.1292 9330 3388 0461.1319.5315.9342 5376 94316505.565.969.980.39011013116.7453.4451.6495.1557.1669 3807.8269.8264.2282.1317 6382 9461.2183.6187.4213.0239 6286 4346.6282.0307.4332.4355.5374.4410.51.6221.6811.6711.6381.5591.508198019811.333.51.427.1127.1131.719.317.9510.6536.7543.7587.1132.7153.6890.9980.0515.2562,9375.7417.1442.6447.11.4971.4561981:1ItIllIV1,374.51,388.31,410.91,427.1126.6126.2125.1131.719.219.918.017.9528.0533.1542.4536.7560.2565.3577.0587.1140.5143.8148.3153.6923.2931.5967.2980.0520.3525.9549.5562.9402.9405.5417.7417.1451.3456.8443.7447.11.4891.4901.4591.4561982:It1,423.61,419.4121.3123.417.117.4537.8534.4593.8589.2153.6155.0985.7982.6555.0554.9430.8427.8437.9436.81.4441.4451 Includes time certificates of deposit.2 Includes Federat agency issues.3 Total current assets divided by total current liabilities.4 Excludes banks, savings and loan associations, and insurance companies.5 Based on data from 'Statistics of Income," Department of the Treasury.6 Excludes banks, savings and loan associations, insurance companies, investment companies, finance companies (personal andcommercial), real estate companies, and security and commodity brokers, dealers, and exchanges.7 Based on data from "Quarterly financial Report for Manufacturing, Mining, and Trade Corporations," Federal Trade Commission. See"Federal Reserve Bulletin," July 1978, for details regarding the series.Note.—SEC series not available after 1974.Sources: Board of Governors of the federat Reserve System, Federal Trade Commission, and Securities and Exchange Commission.265
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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
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TABLE B-39.—Average weekly earnin
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TABLE B-41.—Changes in productivi
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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 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: TABLE B-88.—Determinants of busin
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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