Economic Report of the President

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TABLE B-93.—Business formation and business failures, 1929-82Year or monthIndexof netbusinessformation(1967=100)businessincorporations(number)Businessfailurerate 2TotalNumber of failuresBusiness failures 1Liability size classUnder$100,000$100,000and overAmount of current liabilities(millions of dollars)TotalLiability size classUnder$100,000$100,000and over19291933 s1939"194019411942194319441945194619471948194919501951195219531954195519561957195819591960196119621963196419651966196719681969197019711972197319741975...1976197719781979104.886.490.890.194.592.490.898.295.491.491.198.194.591.192.894.798.099.598.9100.0107.6113.5107.1109.5115.5115.5111.2108.8117.2126.5132.9131.7132,916112,89796,34685,64093,09283,77892,946102,706117,411139,915141,163137,112150,781193,067182,713181,535182,057186,404197,724203,897200,010206,569233,635274,267264,209287,577316,601329,358319,149326,345375,766436,170478,019524,565103.9100.369.663.054.444.616.46.54.25.214.320.434.434.330.728.733.242.041.648.051.755.951.857.064.460.856.353.253.351.649.038.637.343.841.738.336.438.442.634.828.423.927.822,90919,85914,76813,61911,8489,4053,2211,2228091,1293,4745,2509,2469,1628,0587,6118,86211,08610,96912,68613,73914,96414,05315,44517,07515,78214,37413,50113,51413,06112,3649,6369,15410,74810,3269,5669,3459,91511,4329,6287,9196,6197,56422,16514,54113,40011,6859,2823,1551,1767591,0033,1034,8538,7088,7467,6267,0818,07510,22610,11311,61512,547L3.49912,70713,650L5.00613,77212,19211,346L1.34010,83310,1447,8297,1928,0197,6117,0406,6276,7337,5046,1764,8613,7123,9307449792272191631236646501263713975384164325307878561,0711,1921,4651,3461,7952,0692,0102,1822,1552,1742,2282,2201,8071,9622,7292,7152,5262,7183,1823,9283,4523,0582,9073,634483.3457.5182.5166.7136.1100.845.331.730.267.3204.6234.6308.1248.3259.5283.3394.2462.6449.4562.7615.3728.3692.8938.61,090.11,213.61,352.61,329.21,321.71,385.71,265.2941.01,142.11,887.81,916.92,000.22,298.63,053.14,380.23,011.33,095.32,656.02,667.4261.5215.5132.9119.910O.780.330.214.511.415.763.793.9161.4151.2131.6131.9167.5211.4206.4239.8267.1297.6278.9327.2370.1346.5321.0313.6321.7321.5297.9241.1231.3269.3271.3258.8235.6256.9298.6257.8208.3164.7179.9221.8242.049.746.835.420.515.117.118.851.6140.9140.7146.797.1128.0151.4226.6251.2243.0322.9348.2430.7413.9611.4720.0867.11,031.61,015.61,000.01,064.1967.3699.9910.81,618.41,645.61,741.52,063.02,796.34,081.62,753.42,887.02,491.32,487.51980...1981...121.1113.5533,520581,24242.161.311,74216,7945,6828,2336,0608,5614,635.16,955.2272.5405.84,362.66,549.3Seasonally adjusted1981:Jan..,Feb..Mar..,&July..,Aug..,Sept,Oct...Nov...Dec,1982:
AGRICULTURETABLE B-94.—Farm income, 1929-82[Billions of dollars; quarterly data at seasonally adjusted annual rates]Income of farm operators fromarmingGross farm incomeNet farm incomeYear or quarterTotal 1TotalCash marketing receiptsLivestockandproductsCropsValue ofinventorychanges"ProductionexpensesCurrentdollars1967dollars 319291933193913.86.910.711.35.37.96.22.84.55.12.53.3-0.1-.2.17.74.46.36.22.64.412.06.610.6194019411942194319441945194619471948194911.314.319 923 324.025.429.632 436 530.88.411.115.619.620.521.724.829.630.227.84.96.59.011.511.412.013.816.517.115.43.54.6658.19.29.711.013113112.4.3.41.1-.1-.4-.4.0-1.81.7-.96.97.810.011.612.313.114.517 018.818.04.56.59911.711.712.315.115 417.712,810.714.720 222 722.222.825.823 024 517.919501951 ....1952195319541955195619571958195933.138.337.834 434.233.534.034 839 037.928.532.932.531.029.829.530.429.733.533.616.119.618.216.916.316.016.417.419.218.912.413.214.314.113.613.514.012 314.214.7.81.2.9-.6.5.2~.s.8.019.522.322.821.521.822.222.723.725.827.213.615.915.013.012.411.311.311.113.210.718.920.518.816.215.414.113.813.115.212.319601961196219631964196519661967..1968196938 940 542.343.442.346.550 550 551.856,434.235.236.537.537.339.443.442.844.248,219.019.520.220.019.921.925.024.425.528.615315716.317.417.417.518 418.418.719.6.4.3.6.6-.81.0-.1.7.1.127.428.630.331.631.833.736.538.239.542.111.512.012.111.810.512.914.012.312.314.313 013 313.312.811.313.714.412.311.813.0197019711972197319741975197619771978197958.762 071.098.898.01010101.9108.6127 3151.350.552.761.186.992.488.995.496.2112.5131.729.530.535.645.841.343.146.347.658.868.621.022 325.541.151.145 849.048.653 763.1.01.4.93.4-1.63.4-2.41.01.15.644,447.252.165.472.075.883.390.2100.6119.014.214.818.933.426.025.218.718.426.732.412.212.215.125.117.615.611.010.213.614.91980 . ...19811982"150 6166.8163.7139.5143.5142.967.868.569.071775.073.9-4.35.5-.2130.5141.6144.220.125.119.58.29.26.71980:1||IllIV148.6145 2153 2155.4135.3134.3143.6144.866.764.469.370.868.669 974 374.0-1.4-4.2-6.0-5.6125.7128.7132.0135.422.916.521.220.09.56.88.57.81981.1IIIllIV161.8164 71715168.8142.5142.3146 7142.567.969.471.065.774.672 975 776.82.55.37.27.0139.0141.0143.2143.222.823.728.325.68.68.810.29.11982:||| ...HIIV162.0163 0161.6168.1143.4144.4143.2140.667.470.170.468.176.074 372.872.5-1.0-.5.0.5143.7144.2144.3144.618.318.817.323.56.56.65.98.0J Cash marketing receipts and inventory changes plus Government payments, other farm cash income, and nonmoney incomefurnished by farms.2 Physical changes in end-of-period inventory of crop and livestock commodities valued at average prices during the period.3 Income in current dollars divided by the consumer price index (Department of Labor).Source: Department of Agriculture, except as noted.269
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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
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TABLE B-45.—Capacity utilization
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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 and 270: TABLE B-88.—Determinants of busin
Page 271 and 272: TABLE B-9Q.~Current assets and liab
Page 273: TABLE B-92.—Common stock prices a
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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