TABLE B-104.—U.S. merchandise exports and imports by commodity groups, 1960-82[Millions <strong>of</strong> dollars; monthly data seasonally adjusted]Year ormonthMerchandise exports 1Domestic exportsTotaldomesticandFood,foreign Total 23exports 3andtobaccoF.a.s. value 8Crudematerialsandfuels 4ManufacturedgoodsTotal 3Merchandise importsFood,beverages,andtobaccoGeneral imports"Crudematerialsandfuels*Customs valueManufacturedgoodsTotal,elf.value 7Merchandise trade balanceExportslessimports,customsvalueExportslessimports,f.a.s.Exportslessimports,elf.I960..1961..1962..1963..1964..1965..1966..1967..1968..1969..1970..1971..1972..1973..1974..1974*1975*1976*1977*1978*1979*1980198119821981:JanFebMar....June..July...Aug.,.Sept..oeSNov...Dec...1982:JanFebMar...tpJune..July...Aug...Sept..OclNov...Dec...,19,65920,22620,98622,46725,83226,74229,49031,03034,06337,33242,65943,54949,19970,82397,99898,092 96,679107,652 106,161115,223 113,549121,232 119,024143,681 141,142181,860 178,633220,630 216,515233,677 228,899212,193 207,07618,90219,78821,27819,78618,89919,75019,28919,03119,55119,16319,15318,88518,73718,70418,60217,84318,21818,82218,02717,49817,38716,69815,69316,33519,45919,98220,71722,18225,47926,39929,05430,64633,62636,78842.02542,91148,39969,73096,63418,53619,46520,84319,37718,52819,34018,91918,72019,10818,73318,75118,37718,35018,34118,12717,44117,80718,38617,63817,17716,65116,31015,31715,9023,1673,4663,7434,1884,6374,5195,1864,7104,5924,4465,0585,0766,56912,93815,23315,23316,79317,23415,96320,60424,58730,40733,20626,9772,9342,9433,3042,8912,6672,5732,5492,4702,7722,9202,6752,5152,2792,4822,6732,5062,4782,4211,8962,1621,9092,1322,0861,9433,9423,8643,3563,7754,3374,2734,4044,7264,8655,0066,6926,4417,09110,73515,80215,80215,19716,09518,57920,95728,22233,71933,02233,5182,8152,9583,2192,5302,5262,3422,4302,6622,7952,8632,8722,9343,0763,4343,1512,8982,9122,7972,6172,6422,8322,6652,3612,42012,58312,78413,66814.29716,52917,43319,21820,84423,81826,78529,34430,44333,74044,73163,52363,52370,95177,24180,15194,473116,587143,891154,283139,71612,06512,81313,55813,27612,61913,45613,06012,99112,94712,45812,59012,31812,46311,87611,82211,42811,83712,56312,59011,88211,33410,98710,36910,66015,07314,76116,46417,20718,74921,42725,61826,88933,22636,04339,95145,56355,58369,476101,394102,55998,503123,477150,390174,757209,458244,871260,982243,95222,61621,91621,02922,24921,23222,00520,11423,24221,27423,07722,50819,74622,82919,09020,34917,38720,55821,31019,55923,49420,64421,09618,93718,8653,3923,4553,6743,8634,0224,0134,5904,7015,3655,3086,2306,4047,3799,23510,701F.a.s. value 84,4184,3344,6914,7555,0295,4405,7185,3676,0316,3916,5427,2688,83813,44631,8426,8636,5377,6498,0709,10611,24414,44615,75620,62423,01125,90730,41437,76745,00156,20210,709 32,064 55,2239,923 32,596 51,08011,891 41,474 64,77514,227 53,554 76,55415,743 51,901 100,31717,735 71,390 112,22618,551 93,973 125,122Customs value18,35017,8171,7361,5891,6121,4711,6651,4721,3901,4791,3931,5831,4131,5421,3401,1541,5291,4351,5691,5671,3891,6171,5811,6671,4981,46992,87374,4048,9769,0997,4718,8787,1468,2496,5767,7797,4117,6427,4686,1748,2695,8455,7175,0334,9066,1986,6457,1685,9686,7115,7706,181142,475.144,02211,27810,75011,37911,32511,81611,64511,62213,36111,97113,12712,82611,41412,58411,52712,40210,33713,21912,89910,98214,11112,43412,02811,03810,62128,74535,32038,24142,42948,34258,86273,573108,392110,875105,880132,498160,411186,045222,228256,984273^352254,88523,67922,91721,98323,26622,24823,03321,07424,39822,31724,19423,56820,69923,87019,90021,23718,16521,50922,25920,44924,57821,58022,02419,78319,7014,5865,4654,5225,2607,0835,3113,8724,1418371,2892,708-2,014-6,3841,348-3,39627,30531,759-3,714-2,127249-2,463-2,333-2,255-825-4,212-1,724-3,914-3,356-86141,7474562,3402,4881,5325,9963,2574,3983,2442,529-4,4679,149-8,254-29,158-31,076-27,599=24,2412,283-1,257-909230-4,793-9,6632,752-10,395-12,7831,772-17,274-39,179-42,364-40,368=36,354=39,675=42,691-4,777=3,129-7053,480-3,349-3,283-1,784=5,367= 2,766-5,031=4,415-1,814= 5.134-1,197= 2,635-322=3,291-3,437=2,422-7,080-4,192=5,326-4,090-3,3661 Beginning 1960, data have been adjusted for comparability with <strong>the</strong> revised commodity classifications effective in 1965.2 Department <strong>of</strong> Defense shipments <strong>of</strong> grant-aid military supplies and equipment under <strong>the</strong> Military Assistance Program are excludedfrom total exports.9 Total includes commodities and transactions not classified according to kind.4 Includes fats and oils.5 Includes machinery, transportation equipment, chemicals, metals, and o<strong>the</strong>r manufactures. Export data for <strong>the</strong>se items includemilitary grant-aid shipments through 1977 and exclude <strong>the</strong>m <strong>the</strong>reafter.8 Total arrivals <strong>of</strong> imported goods o<strong>the</strong>r than intransit shipments.7 C.i.f. {cost, insurance, and freight) import value at first port <strong>of</strong> entry into United States. Data for 1967-73 are estimates.6 F.a.s. (free alongside ship) value basis at U.S. port <strong>of</strong> exportation for exports and at foreign port <strong>of</strong> exportation for imports.Trade in gold is included beginning 1974. Export statistics cover all merchandise shipped from <strong>the</strong> U.S. customs area, except suppliesfor <strong>the</strong> US. Armed Forces. Exports include shipments under Agency for International Development and Food for Peace programs as wellas o<strong>the</strong>r private relief shipments.Data for 1980 and 1981 include trade <strong>of</strong> <strong>the</strong> U.S. Virgin Islands, except that for 1980 Virgin Islands exports are reflected only in <strong>the</strong>figures for domestic and foreign exports combined, total domestic exports, and trade balance.*Data for 1974=79 for domestic and foreign exports combined, total domestic exports, total general imports, and trade balanceInclude trade <strong>of</strong> <strong>the</strong> Virgin Islands.Source: Department <strong>of</strong> Commerce (Bureau <strong>of</strong> <strong>the</strong> Census and International Trade Administration, Office <strong>of</strong> Trade Investment andAnalysis, Trade Performance Division).280
TABLE B-105.—International investment position <strong>of</strong> <strong>the</strong> United States at year-end, selected years, 1970-81[Billions <strong>of</strong> dollars]Type <strong>of</strong> investment 1970 1972 1974 1976 1978 1979 1980 1981Net international investment position <strong>of</strong> <strong>the</strong> United States..U.S. assets abroadU.S. <strong>of</strong>ficial reserve assets..GoldSpecial drawing rights (SDRs)Reserve position in <strong>the</strong> International MonetaryFund (IMF)Foreign currency reservesO<strong>the</strong>r U.S. Government assets..U.S. loans and o<strong>the</strong>r long-term assetsU.S. short-term assets o<strong>the</strong>r than reservesU.S. private assetsDirect investments abroad (book value)Foreign securitiesClaims on foreigners reported by U.S. banks, notincluded elsewhereClaims on unaffiliated foreigners reported byU.S. nonbanksForeign assets in <strong>the</strong> United States-Foreign <strong>of</strong>ficial assetsU.S. Government securities lO<strong>the</strong>r U.S. Government liabilitiesLiabilities reported by U.S. banks, not includedelsewhereO<strong>the</strong>r <strong>of</strong>ficial assetsO<strong>the</strong>r foreign assetsDirect investments in <strong>the</strong> United States (bookvalue)Liabilities reported by U.S. banks, not includedelsewhereU.S. Treasury securitiesO<strong>the</strong>r U.S. securities 2Liabilities to unaffiliated foreigners reported byU.S. nonbanks58.6165.514.511.1.91.9.632.129.72.5118.875.521.013.88.5106.826.117.71.76.7.080.713.322.71.234.78.837.1199.013.210.52.0.5.236.134.12.0149.789.927.620.711.4161.863.252.91.68.5.298.714.921.21.250.710.758.8255.715.911.72.41.9.038.436.32.1201.5110.128.246.217.0196.979.858.12.618.4.6117.125.141.81.734.913.683.8347.218.711.62.44.4.346.044.11.9282.4136.844.281.120.3263.4104.272.68.817.25.6159.130.853.57.054.913.076.2447.918.711.71.61.04.454.252.31.9375.0162.753.4130.828.1371.6173.0128.512.723.38.5198.742.577.78.953.616.094.9510.619.011.22.71.33.858.456.51.9433.2187.956.8157.031.5415.7159.7106.612.630.59.9256.054.5110.314.258.618.4121.6606.926.811.22.62.910.163.561.91.7516.6215.662.5203.934.7485.3175.8118.213.130.414.1309.468.4121.116.174.129.8160.3717.430.111.24.15.19.868.567.21.3618.8227.362.9293.535.0557.1180.1125.113.126.315.6377.189.8164.718.575.328.91 Includes Treasury and agency issues <strong>of</strong> securities.2 Corporate and o<strong>the</strong>r bonds and corporate stocks.Source: Department <strong>of</strong> Commerce, Bureau <strong>of</strong> <strong>Economic</strong> Analysis.281
- Page 5:
CONTENTSPageECONOMIC REPORT OF THE
- Page 9 and 10:
ECONOMIC REPORT OF THE PRESIDENTTo
- Page 11 and 12:
Monetary policy will play a critica
- Page 13 and 14:
Interest Rates and the U.S. Trade D
- Page 15:
THE ANNUAL REPORTOF THECOUNCIL OF E
- Page 19 and 20:
CONTENTSPageCHAPTER 1. FROM RECESSI
- Page 21 and 22:
PageConclusions 122CHAPTER 6. REVIE
- Page 23 and 24:
CHAPTER 1From Recession to Recovery
- Page 25 and 26:
slowed somewhat in the 1970s regard
- Page 27 and 28:
nal GNP growth is reflected in a sl
- Page 29 and 30:
inflation. More specifically, the A
- Page 31 and 32:
inflation rate, or with a 12 percen
- Page 33 and 34:
1988, an increase of about one-four
- Page 35 and 36:
CHAPTER 2The Dual Problems of Struc
- Page 37 and 38:
frequently associated with poor hea
- Page 39 and 40:
Chart 2-2Distribution of Unemployme
- Page 41 and 42:
Chart 2-4Distribution of Unemployme
- Page 43 and 44:
These findings suggest several conc
- Page 45 and 46:
Wage RigidityA number of studies sh
- Page 47 and 48:
that these measures may have caused
- Page 49 and 50:
Most young people find jobs or leav
- Page 51 and 52:
to employers who hire youths. Tax c
- Page 53 and 54:
defined broadly to include individu
- Page 55 and 56:
ship between incomplete experience
- Page 57 and 58:
CHAPTER 3The United States in the W
- Page 59 and 60:
with 2.6 percent in the other Organ
- Page 61 and 62:
TABLE 3-1 .—Structure ofthe U.S.
- Page 63 and 64:
TABLE 3-2.—Trade balances by comm
- Page 65 and 66:
concentrate on doing what it does r
- Page 67 and 68:
the United States will depress pric
- Page 69 and 70:
Chart 3-3Real Exchange Rates Of Maj
- Page 71 and 72:
AN UNDERVALUED YEN?The explanations
- Page 73 and 74:
arily reduced the international com
- Page 75 and 76:
nancial markets. These transactions
- Page 77 and 78:
TABLE 3-6.—Economic performance b
- Page 79 and 80:
were undoubtedly a highly favorable
- Page 81 and 82:
of lenders that some debtors will n
- Page 83 and 84:
CHAPTER 4Increasing Capital Formati
- Page 85 and 86:
ate of net investment was required,
- Page 87 and 88:
able share in Japan and 56 percent
- Page 89 and 90:
During the 1970s, productivity grow
- Page 91 and 92:
MEASURING NATIONAL SAVINGDomestic s
- Page 93 and 94:
TAX RULES AND PERSONAL SAVINGMany e
- Page 95 and 96:
on consumption taxation might also
- Page 97 and 98:
Nevertheless, a number of economic
- Page 99 and 100:
tion permitted businesses to deprec
- Page 101 and 102:
A final problem under current tax l
- Page 103 and 104:
fleeted efforts to deal with proble
- Page 105 and 106:
egulation was probably not applicab
- Page 107 and 108:
Aeronautics Board, for example, the
- Page 109 and 110:
system resulted. Price controls, wh
- Page 111 and 112:
NGPA, both controlled and decontrol
- Page 113 and 114:
Price and allocation controls only
- Page 115 and 116:
nications industries through the re
- Page 117 and 118:
Several major pieces of legislation
- Page 119 and 120:
tempt to set cartel rates would be
- Page 121 and 122:
computer information and advertisin
- Page 123 and 124:
of computer technology to the payme
- Page 125 and 126:
trend by widening the sources and u
- Page 127 and 128:
changes. That is, members can arbit
- Page 129 and 130:
ceived to be a consequence of exces
- Page 131 and 132:
lowest point in the post-World War
- Page 133 and 134:
ing. Partly in response to the drop
- Page 135 and 136:
Chart 6-3Ratio of Consumer Installm
- Page 137 and 138:
Chart 6-4RATIO1.85Real Inventory/Sa
- Page 139 and 140:
percent increase in real defense pu
- Page 141 and 142:
8.8 percent in 1981. These declines
- Page 143 and 144:
housing. Borrowing by the nonfinanc
- Page 145 and 146:
orous competitor for credit as usur
- Page 147 and 148:
1982 their share had risen to over
- Page 149 and 150:
TABLE 6-9.—Economic outlook for 1
- Page 151:
A critical element in achieving hea
- Page 155 and 156:
LETTER OF TRANSMITTALCOUNCIL OF ECO
- Page 157 and 158:
Report to the President on the Acti
- Page 159 and 160:
ety of interagency and internationa
- Page 161:
ence J. Kotlikoff (Yale University)
- Page 165 and 166:
CONTENTSNATIONAL INCOME OR EXPENDIT
- Page 167 and 168:
B-70. Mortgage debt outstanding by
- Page 169 and 170:
NATIONAL INCOME OR EXPENDITURETABLE
- Page 171 and 172:
TABLE B-2.—Gross national product
- Page 173 and 174:
19291933193919401941194219431944194
- Page 175 and 176:
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 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 235 and 236: TABLE B-58.—Producer price indexe
- Page 237 and 238: TABLE B-59.—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
- 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: TABLE B-103.—U.S. merchandise exp
- 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