Economic Report of the President

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INTERNATIONAL STATISTICS—ContinuedB-105. World trade balance and current account balances, 1965, 1970, Page1975, and 1977-80 351B-106. International reserves, selected years, 1952-80 352B-107. Growth rates in real gross national product, 1960-80 353B-108. Industrial production and unemployment rate, major industrialcountries, 1960-80 354B-I09. Consumer prices and hourly compensation, major industrial countries,1960-80 355B-110. Summary of major U.S. Government net foreign assistance, July 1,1945 to December 31, 1979 356General NotesDetail in these tables may not add to totals because of rounding.Unless otherwise noted, all dollar figures are in current dollars.Symbols used:p Preliminary.--Not available (also, not applicable).Note.—Data for the national income and product accounts series appearingin this appendix reflect benchmark revisions by the Department ofCommerce, Bureau of Economic Analysis. See Survey of Current Business fordetails.232
NATIONAL INCOME OR EXPENDITURETABLE B-l.—Gross national product, 1929-80[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]Year orquarterGrossnationalproductPersonalcon:sumptionexpenditures•Net exports of goods andservicesNetexportsExportsImportsTotalGovernment purchases of goods andservicesTotalFederalNationaldefenseGrossprivatedomesticinvestmentNondefenseStateandlocalPercentchangefromprecedingperiod,grossnationalproduct 11929103,477.316.21.17.05.98.81.47.4193355,845.81.4A2.42.08.22.16.1-4.2193990.967.09.31.24.63.413.55.21.23.98.37.01940 . . .19411942194319441945. . .1946194719481949 . .100.0125.0158.5192.1210.6212.4209.8233.1259.5258.371.080.888.699.4108.2119.5143.8161.7174.7178.113.117.99.95.87.210.630.734.045.935.31.81.5.2-1.9-1.7-.57.811.96.96.55.46.15.04.65.57.415.120.217.516.33.64.74.86.57.27.97.38.310.59.814.224.959.888.997.082.827.525.532.038.46.116.952.081.389.474.617.612.716.720.42.213.749.479.787.473.514.89.010.713.23.93.22.61.62.01.12.83.76.07.28.18.07.87.57.68.29.912.815.318.010.025.026.721.39.6.9-1.211.111.3-.5195019511952195319541955195619571958 . ..1959286.5330.8348.0366.8366.8400.0421.7444.0449.7487.9192.0207.1217.1229.7235.8253.7266.0280.4289.5310.853.859.252.153.352.768.471.069.261.978.12.24.43.21.32.53.05.37.33.31.414.419.719.118.018.721.025.028.124.224.812.215.315.916.716.218.019.820.821.023.438.560.175.682.575.875.079.487.195.097.618.738.352.457.547.944.545.950.053.953.914.033.545.848.641.138.440.244.045.645.64.74.86.58.96.86.05.75.98.38.319.821.823.225.027.830.633.537.141.143.710.915.55.25.4.09.05.45.31.38.519601961 . .1962196319641965 .19661967 .1968 .1969 ...506.5524.6565.0596.7637.7691.1756.0799.6873.4944.0324.9335.0355.2374.6400.5430.4465.1490.3536.9581.875.974.885.490.997.4113.5125.7122.8133.3149.35.56.66.47.610.18.86.56.34.34.228.929.931.834.238.841.144.647.352.457.523.423.325.426.628.832.338.141.048.153.3100.3108.2118.0123.7129.8138.4158.7180.2199.0208.853.757.463.764.665.267.378.890.998.097.644.547.051.150.349.049.460.371.576.976.39.310.412.714.316.217.818.519.521.221.246.550.854.359.064.671.179.889.3101.0111.23.83.67.75.66.98.49.45.89.28.1197019711972197319741975.19761977 .19781979 . . . .992.71,077.61,185.91,326.41,434.21,549.21,718.01,918.02,156.12,4119621.7672.2737.1812.0888.1976.41,084.31,205.51,348.71,510.9144.2166.4195.0229.8228.7206.1257.9322.3375.3415.86.74.1.714.213.426.813.8-4.2-.613.465.768.877.5109.6146.2154.9170.9183.3219.8281.359.064.776.795.4132.8128.1157.1187.5220.4267.9220.1234.9253.1270.4304.1339.9362.1394.5432.6473.895.796.2101.7102.0111.0122.7129.2143.9153.4167.973.670.273.172.877.083.086.093.3100.0111.222.226.028.529.133.939.743.250.653.456.7124.4138.7151.4168.5193.1217.2232.9250.6279.2305.95.28.610.111.88.18.010.911.612.412.01980 p2,627.41,670.1395.127.5341.2313.6534.8198.9132.066.9335.98.81978:IIIIII....IV2,032.42,129.62,190.52,271.91,278.31,330.11,369.91,416.6350 7377.7380 4392.6-12.3-3.31.911.4195.9214.8225.3243.5208.2218.1223 3232.0415.7425.1438 3451.3149.5149.1154.1160.796.598.4100.9104.053.150.753.256.7266.2276.0284.2290.69.120.511.915.71979:1IIIIIIV2 340 62 374 62,444.12,496.31,454.11478 01,529.11,582.3408.3423 2421.7410.019 98217.97.6259.1266 8293.1306.3239 2258 62752298.7458.24651475.4496.4164.8163 6165.1178.1106.01081112.0118.758.855 553.159.4293.4301.6"310.4318.312.75912.28.81980:1IIIII.... .. ..2 57172,564.82,637.3163101,626.81,682.2415 6390^9377.18217.144.5337 3333.3342.4329 1316.2297.9516 8530.0533.5190 0198.7194.9125 0128.7131.464 970.063.5326 8331.3338.612 6-1.111.81 Changes are based on unrounded data and therefore may differ slightly from those obtained from data shown here.Source: Department of Commerce, Bureau of Economic Analysis.233
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Economic Reportof the PresidentTran
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ECONOMIC REPORTOF THE PRESIDENT
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We have heard much about American i
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at an approach that took account of
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een due to overall demand in the ec
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to $27.5 billion in the new budget
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ductions would amount to over $27 b
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10 percent inflation rate, keeping
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tutes for petroleum. The Synthetic
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esponse can be so large as to wipe
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THE ANNUAL REPORTOF THECOUNCIL OF E
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CONTENTSCHAPTER 1. INFLATION AND GR
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PageChallenges to the International
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CHAPTER 1Inflation and Growth in th
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needed to control inflation by resi
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decline in productivity growth may
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Chart 1Standard Unit Labor CostsPER
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end of 1974 the world price of oil
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price decisions cannot easily be re
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Federal budget achieved a surplus.
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As an abrupt increase in the price
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policies but are based on the wides
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tion, and can policies be designed
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duction and employment to grow only
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Moreover, their actions must indica
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Starting with its 1975 targets as a
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well after the fact whether the mon
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Reserve provides some flexibility i
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in response to circumstances in par
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Although the flexibility of TIPs ma
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ard or that thought the administrat
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given standard, as the reward and t
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large firms. Even among large firms
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cause declining productivity growth
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vanced technology and will therefor
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ather than restoring the growth of
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correct some of the distortions in
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higher than it would otherwise be b
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EXPECTED PRODUCTIVITY GAINSAlthough
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supply of adult men in the work for
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increase demand pressures, especial
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time hours also has drawbacks. For
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eintroduce the problem of changing
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CHAPTER 2Improving the Adaptability
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use less and produce more energy in
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expectation of price controls or fu
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dependence on foreign oil mean that
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While the market solution might pro
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High energy prices and excessive de
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part, the interests of these partie
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Federal regulations designed to pro
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Agency (EPA) from considering prosp
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other things, that federally assist
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ing services. Money-market mutual f
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holdings of consumer and business l
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they once had and thus cannot conti
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finding ways around outdated regula
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proportion of the existing farms pr
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prices for years in the future, reg
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derground water resources once thou
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comprehensive, actuarial crop insur
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duced a decline in the median age o
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elude government investments in loc
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some of the firms in the chosen sec
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CHAPTER 3The Economy: Review and Pr
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uild up oil inventories and maintai
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Chart 7Selected Interest Ratesand B
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had risen just 2 months earlier. By
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Chart 8Personal Saving RatePERCENT1
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chief cyclical determinant of housi
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ment were sharply diminished by the
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dropped even faster, in large part
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ployment grew more vigorously after
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terials fell for a full third of th
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1979, slowed to a 19 percent annual
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costs of production. The evidence s
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sharp decline in output in the seco
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ecord high interest rates during th
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automatic transfer services (ATS) n
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plunged in March, although the only
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(FHLB) System increased their borro
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THE PROSPECTS FOR 1981 AND 1982In 1
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expectations. Of course, if the eco
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The uncertainty of developments in
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produce a slight decline in the sav
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more rapid growth thereafter. Durin
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eemergence of modest but sustained
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hike would depend on many factors,
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major revision of the NIPA occurred
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Page 189 and 190: THE INDUSTRIAL ECONOMIES: TRENDS AN
Page 191 and 192: Chart 10Labor Costs, Value-Added De
Page 193 and 194: Rather, the German current account
Page 195 and 196: TABLE 30.—Inflation in major indu
Page 197 and 198: THE GLOBAL OIL MARKETTable 31 summa
Page 199 and 200: may be preserved. Stocks are in fac
Page 201 and 202: straint on growth. Finally, policie
Page 203 and 204: outside government, both at home an
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Page 207 and 208: Japanese trade performance in volum
Page 209 and 210: No "Say's Law" operates in internat
Page 211 and 212: the cost of the loans, and they may
Page 213 and 214: At the same time, access to the IMF
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Page 217 and 218: While all countries, in attempting
Page 219: threats of disruption, market-shari
Page 223: LETTER OF TRANSMITTALCOUNCIL OF ECO
Page 226 and 227: Past Council Members and their date
Page 228 and 229: 1977 to review selected analyses of
Page 230 and 231: The Chairman and the Council Member
Page 232 and 233: University). Kate Stith Pressman, s
Page 235 and 236: CONTENTSNATIONAL INCOME OR EXPENDIT
Page 237: GOVERNMENT FINANCE'—ContinuedB-72
Page 241 and 242: TABLE B-2.—Gross national product
Page 243 and 244: TABLE B-3.—Implicit price deflato
Page 245 and 246: TABLE B-5.—Implicit price deflato
Page 251 and 252: TABLE B-10.—Gross national produc
Page 253 and 254: TABLE B-12.—Output, costs, and pr
Page 255 and 256: TABLE B-14.—Gross private domesti
Page 257 and 258: TABLE B-16.—Inventories and final
Page 259 and 260: TABLE B-18.—Relation of national
Page 261 and 262: TABLE B-19-—National income by ty
Page 263 and 264: Year orquarter192919331939194019411
Page 265 and 266: TABLE B-22.—Total and per capita
Page 267 and 268: Year orquarterTotalTotalCurrencyand
Page 269 and 270: TABLE B-26.—Population by age gro
Page 271 and 272: TABLE B-27.—Noninstitutional popu
Page 273 and 274: Year or monthTABLE B-29.—Selected
Page 275 and 276: TABLE B-31.—Unemployment rate by
Page 277 and 278: TABLE B-33.—Unemployment by reaso
Page 279 and 280: TABLE B-35.—Wage and salary worke
Page 281 and 282: TABLE B-37.—Average weekly earnin
Page 283 and 284: TABLE B-39.—Changes in productivi
Page 286 and 287: TABLE B-42.—Industrial production
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TABLE B-44;—New construction acti
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TABLE B-45.—New housing units sta
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TABLE B-47.—Sales and inventories
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TABLE B-49.—Manufacturers' new an
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TABLE B-51.—Consumer price indexe
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19391940194119421943194419451946194
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TABLE B-54.—Changes in special co
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TABLE B-55.—Producer price indexe
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TABLE B-57.—Producer price indexe
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TABLE B-58.—Changes in producer p
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TABLE B-60.—Components of money s
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TABLE B-62.— Total funds raised i
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TABLE B-63.—Federal Reserve Bank
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TABLE B-65.—Bond yields and inter
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TABLE B-66—Consumer credit outsta
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TABLE B-68.—Mortgage debt outstan
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GOVERNMENT FINANCETABLE B-70.—Fed
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TABLE B-l\.—Federal budget receip
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TABLE B-73.—Government receipts a
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TABLE B-75.—State and local gover
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TABLE B-77,—Interest-bearing publ
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TABLE B-79-—Maturity distribution
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TABLE B-81.—Corporate profits by
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TABLE B-83.—Sales, profits, and s
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TABLE B-85.—Relation of profits a
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TABLE B-87.—Sources and uses of f
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TABLE B-89-—State and municipal a
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TABLE B-91.—Business formation an
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TABLE B-93.—Farm output ami produ
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Year or month1940194119421943194419
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TABLE B-97.—Balance sheet of the
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TABLE B-99— U.S. international tr
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TABLE B-100.—U.S. merchandise exp
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TABLE B-102.—U.S. merchandise exp
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TABLE B-104.— World trade: Export
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TABLE B-106.—International reserv
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• • ' •TABLE B-108.—Industr
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TABLE B-110.—Summary of major U.S
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