Economic Report of the President

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TABLE B-110.—Industrial production and consumer prices, major industrial countries, 1960-82[1967-100]Year or quarterUnitedStatesCanadaJapanEuropeanCommunity1FranceWestGermanyItalyUnitedKingdomI9601961 • ...196219631964196519661967196819691970197119721973197419751976197719781979198019811982 p1981:IIIIllIV1982:|IIHI .IV »i96019611962196319641965....1966....1967....1968196919701971197219731974197519761977197819791980198119821981:IIV1982:ll'ZIIIIIV66.266.772.276.581.789.897.8100.0106.3111.1107.8109.6119 7129.8129.3117.8130.5138.2146.1152.5147.0151.0138.6151.8152.5153.0146.3141.8139 4138.2135.188.789.690.691.792.994.597.2100.0104.2109.8116.3121.3125.3133.1147.7161.2170.5181.5195.4217.4246.8272.4289.1262.9269.0276.7280.7283.0287.3292.8293.463.165.671.275.782.689.796.2100.0106.4113.7115.3121.5130.7144.6149.2140.3148.5152.2157.8167.4164.6167.3167.8172.8168.1160.7156.1151.9147.785.986.787.789.290.993.196.5100.0104.0108.8112.4115.6121.2130.3144.5160.1172.1185.9202.5221.0243.5273.9303.4262.0270.2278.2285.0292.2301.2307.6312.643.051.255.461.771.474.283.8100.0115.2133.4151.8155.7167.0190.5183.1163.9182.0189.7201.1217.7232.5239.5235.4236.1241.1245.9243.6239 7243.568.371.876.782.585.891.696.3100.0105.3110.9119.3126.5132.3147.9184.0205.8224.9243.0252.3261.3282.2296.2291.4296.3296.9300.130O.3303.5304.8Industrial production 274.778.181.384.891.094.798.4100.0107.4117.6123.3126.1131.7141.4142.3132.8142.6145.9149.7156.8155.6152.3151.5152.1152.1151.8151.9151.5148.6Consumer prices77.081.184.587.690.894.297.5100.0103.7108.0113.3120.3127.6138.3156.4176.7195.2214.7229.9250.7281.6314.1300.7310.4317.8326.3333.9344.3348.2707378869093981001041141201281351451481391491521551631601571581601611611581591513 78.03 80.685.489.592.594.897.4100.0104.5111.3117.1123.5131.1140.7160.0178.9196.1214.5233.9259.1294.2332.7315.7326.1338.9349.9359.8371.0376.078.482.886.188.996.6102.1103.0100.0109.2123.2131.1133.6138.7147.7145.1137.1149.1152.0154.1161.8162.3159.916216016116016215915482.984.887.489.992.095.098.4100.0101.6103.5107.1112.7119.0127.2136.1144.2150.4155.9160.2166.8175.9186.3182.2185.5187.8190.0192.7195.4197.659.265.571.978.479.282.893.3100.0106.4110.5117.6117.5122.7134.6140.6127.6143.5145.1147.9157.6166.5162.7157.7160.1152.3159.8161.0158.6146.674.175.779.285.190.194.296.4100.0101.4104.1109.2114.4121.0134.0159.7186.8218.1255.2286.2328.5398.0472.4448.4468.0482.1504.9523.7539.6562.784.484.385,188.195.097.799.2100.0106.7110.3110.9110.6113.2123.0120.0114.3117.4122.9126.9132.2123.6118.8117.8118.5118.6120.0119.2119.8119.879.081.685.186.889.693.997.6100.0104.8110.3117.4128.5137.7150.2174.3216.5252.4292.4316.6359.0423.6473.9514.7450.4472.3480.5492.3500.5516.6518.9522.71 Consists of Belgium-Luxembourg, Denmark, France, Greece, Ireland, Italy, Netherlands, United Kingdom, and West Germany Industrialproduction prior to July 1981 excludes data for Greece, which joined the EC in 1981.8 All data exclude construction. Quarterly data are seasonally adjusted.» Data for 1960 and 1961 are for Paris only.Sources: Department of Commerce (International Trade Administration, Office of Trade Investment and Analysis, Trade PerformanceDivision) and Department of labor (Bureau of Labor Statistics).286
TABLE B-lll.—Unemployment rate, and hourly compensation, major industrial countries, 1960-82[Quarterly data seasonally adjusted]Year or quarterUnitedStatesCanada Japan FranceWestGermanyItalyUnitedKingdomUnemployment rate (percent) 1I9601961196219631964196519661967196819695.56.75.55.75.24.53.83.83.63.5707.15.95.54.73.93.43.84.54.4171.51.31.31.21.21.41.31.21.1161.4131.21.3141.81.82.42.211.6.6A.3131.1.6383.2282.42.6353.83.43.43.32 11.9273.32.4212.2323.23.0197019711972 . ..19731974197519761977197819791980198119821981:II „IllIV1982:|||IIIIV4.95.95.64.95.68.57.77.16.15.87.17.69.77.47.47.48.38.89.410.010.75.76.2625.55.36.97.1818.47.57.57.611.07.37.27.68.48610.212.112.71.21.3141.31.4192.0202.32,12.02.22.22.42.22.2232.42.42.42.7282.72.9424.6505.46.16.57.77.07.77.97.9838.68.7'.B.71.63.53.53.53.43.03.04.23.53.94.44.95.35.86.23.13.1363.42.8323.6363.73.93.94.24.63.94.34.14.54.64.64.54.53.139423.23.1466.0646.35.77311.310.311.111.512.512.812.913.0I96019611962196319641965 .. .1966196719681969197019711972197319741975197619771978197919801981198236.737.739.140.342.042 844.847.050.453.957.661.164.469.076.385.492.3100.0108.3118.9132 8146.4158.829.929428.729.430.632134.637.340.043.047.853.158.163 475.082.497.1100.099.4106.6116 4126.1Hourly compensation (1977 = 100) 26.6778.89.811.012 413.615.317.921.325.430.340.155 067.177.182.3100.0136.1138.5142 6157.016.217 819.621.723.325126.728.932.632.333.938.046.260 066.288.590.6100.01231148.2174 2158.310.512.313.914.9 -16.117.619.020.121.323.629.534.742.056.967.179.483.5100.0125.6147.5161.7139.911.913.115.518.320.421822.825.427.130.736.843.152.366.474.095.089.5100.0119.1143.1164.8152.424.926.828.329.531.634 737.638.235.638.844.351.860.065.578.296.591.8100.0128.1168.5228.2230.8'Unemployment rates, approximating U.S. concepts. Data for United Kingdom exclude Northern Ireland. Quarterly data for France.West Germany, and United Kingdom should be viewed as less precise indicators of unemployment under U.S. concepts than the annualdata. Beginning 1977, changes in the Italian survey resulted in a large increase in persons enumerated as unemployed. However, manyalso reported that they had not actively sought work in the past 30 days. Such persons have been provisionally excluded forcomparability with U.S. concepts; their inclusion would more than double the rates shown for Italy.2 Hourly compensation in manufacturing, U.S. dollar basis. Data relate to all employed persons (wage and salary earners and the selfemployed)in the United States and Canada, and to all employees (wage and salary earners) in the other countries. For France andUnited Kingdom compensation adjusted to include changes in employment taxes that are not compensation to employees, but are laborcosts to employers.Source: Department of Labor, Bureau of Labor Statistics.287
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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
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TABLE B-48.—Nonfarm business expe
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TABLE B-50.—Manufacturers' shipme
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Year or monthAllitemsPRICESTABLE B-
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TABLE B-53.—Consumer price indexe
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TABLE B-55.—Changes in consumer p
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TABLE B-57.—Producer price indexe
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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 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: TABLE B-109.—Growth rates in real
show all

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