Economic Report of the President

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TABLE B-17.—Relation of gross national product and national income, 1929-80[Billions of dollars; quarterly data at seasonally adjusted annual rates]Year or quarterGrossnationalproductLess:CapitalconsumptionallowanceswithcapitalconsumptionadjustmentEquals:NetnationalproductIndirectbusinesstax andnontaxliabilityLess:PIUS:SubsidieslesscurrentsurplusofgovernmententerprisesBusinesstransferpaymentsStatisticaldiscrepancyEquals:Nationalincome1929 . . .193319391940 ..194119421943194419451946..19471948194919501951...195219531954195519561957 ..1958195919601961196219631964196519661967196819691970 .197119721973., .197419751976197719781979 .1980 "1978:IIIIIIV1979:1IIIIIIV...,1980:1 liIll103.455.890.9100 0125.0158.5192.1210.6212.4209 8233.1259 5258.3286.5330.8348 0366.8366 8400 0421.7444.0449.7487.9506 5524.6565.0596.7637.7691.1756.0799 6873.4944.0992 71,077.61,185.91,326 41,434.21,549.21,718.01,918.02,156.12,413.92,627.42 032 4 2il29.62,190.52,271.92,340.62,374.62,444.12,496.32,571.72,564.82,637.39.77.48.79.110.011.211.511.712.214.017.320.221.823.527.229 331.032.734 838.741.743.544.946 347.549.050.652.956.060.765 972.180.088.196.5106.4116.5136.0159.3175.0196.0221.2253.6287.8210 0 217.1224.9232.7240.1249.8259.6265.1274.6283.7291.893.748.482.291.0115.0147.3180.7198.9200.2195.8215.7239.3236.5263.0303.6318.7335.8334.1365.3383.0402.3406.2443.0460.2477.0516.1546.1584.8635.0695.3733 7801.3864.0904.7981.11,079.51 209.91,298.21,389.91,543.01,722.01,934.92,160.32,339.61822 4 1,912.51,965.62,039.22,100.52,124.82,184.62,231.22,297.12,281.12,345.5-0.2-.0.44.1 1.16.7.9-.2- 1-.3.1_.l_ 3-3- 0J1.1.141.71.81.11.71.62.5161.41.9292.63.8341.12.41.03.13.63.14.745 3.71.84.42.43.04.02.73.13.76.37.17.19.410.111.311.812.814.215.517.118.420.121.323.425.327.729.729.632 235.137.538.741.845.448.051.654.658.862,665.370 278.986.694.3103.7111.5120.9129.1140.1151.7166.0178.1188.4211.7174.3 179.6177.0181.4184.5185.8190.0193.5198.9206.3215.80.6.7.54.5 5.5 5.55.6 7.8.89101.211121.41.51.61.8202.02.12.42.72.83.0313.43.9414.44.9555.87.47.98.28.79.410.585 8.68.78.99.19.39.69.810.110.310.61.1.71.411.6- 8-1.8274.151.5-16.61.33.2172.32013-2.1-1.2.2-1.3-2 4-.12.11.7.1-1.21.4- 3-2.1-3.9-154.13.3 83.75.55.14.46.42.21.7-.5 7.310.08.75.8.72.8-.72.81.93.084.839.971.479 7102.7135.9169.31821180.7178.6194.92199213.6237.6274.1287 9302.1301.1330 5349.4365.2366.9400.8415 7428.8462.0488.5524.9572.4628.1662 2722.5779.3810.7871.5963.61 086.21,160.71,239.41,379.21,546.51,745.41,963.32,120.51 644.6 1,720.71,771.71,844.61,903.61,932.01,986.22,031.32,088.52,070.02,122.4Source: Department of Commerce, Bureau of Economic Analysis.252
TABLE B-18.—Relation of national income and personal income, 1929-80[Billions of dollars; quarterly data at seasonally adjusted annual rates]Year or quarter19291933 .....19391940194119421943194419451946194719481949195019511952195319541955 .19561957..1958. ..195919601961. .1962....19631964 . ...19651966196719681969 .19701971197219731974 .. .197519761977 . . ..1978. . .19791980 ".1978ii V" .. .IllIV ....1979:1IIIJIIV1980:1IIIF)Nationalincome84.839.971.479.7102.7135.9169.3182.1180.7178.6194.9219.9213.6237.6274.1287.9302.1301.1330.5349.4365.2366.9400.8415.7428.8462.0488.5524.9572.4628.1662.2722.5779.3810.7871.5963.61,086.21,160.71,239.41,379.21,546.51,745.41,963.32,120.51,644.61,720.71,771.71,844.61,903.61,932.01,986.22,031.32,088.52,070.02,122.4Less:Corporateprofitswithinventoryvaluationandcapitalconsumptionadjustments9.0-1.75.38.614.119.323.523.619.016.622.329.427.133.938.736.136.335.245.543.743.338.549.647.648.656.662.169.280.085.182.489.185.171.483.296.6108.394.9110.5138.1-164.7185.5196.8181.7163.6185.2190.5202.7201.9196.6199.5189.4200.2169.3177.9Netinterest4.74.13.63.33.33.12.72.42.21.82.32.42.73.03.54.04.45.35.96.67.99.610.311.413.014.716.418.321.024.427.630.034.841.446.551.260.276.184.587.2100.9115.8143.4179.8107.3112.3117.8125.7133.4136.9146.8156.5165.4175.3185.3Contributionsforsocialinsurance0.2.32.12.32.83.54.55.26.16.15.85.45.97.18.59.09.110.111.512.914.915.218.021.121.924.327.328.730.038.843.447.955.058 664.674.292.4104.3110.9126.0140.6161.8187.1203.7155.3159.9163.4168.5182.3185.3188.5192.2198.8199.5204.1Wageaccrualslessdisbursements0.0.0.0.0.0.0.2-.2 .0.0.0.0.0.0.1.0-.1 .0.0.0.0.0.0.0.0.0.0.0.0.0.0.0.0.0.0-.1-.5 .0.0.0.2-.2.0.0.0.5.4.1-.9-.1 .2-.2 .0.5 Plus:Governmenttransferpaymentstopersons0.91.52.52.72.62.72.53.15.610.811.210.611.714.411.612.112.915.116.217.320.124.325.227.030.831.633.434.837.641,649.556.462.876.190.099.8114.0135.4170.9186.4199.3214.6239.9284.0208.5209.7218.7221.6226.3232.0248.3253.3261.6270.3300.1Personalinterestincome6.95.55.45.35.35.25.15.25.96.67.68.18.79.710.511.212.513.714.916.718.820.322.525.026.429.032.235.639.744.448.353.461.169.474.880.993.9112.4123.2132.5151.6173.2209.6256.3161.7168.5176.9185.6.195.8202.6214.3225.7239.9253.6261.8Personaldividendincome5.82.03.84.04.44.34.44.64.65.66.37.07.28.88.58.58.89.110.311.111.511.312.212.913.314.415.517.319.119.420.221.922.422.222.624.126.529.129.936.538.743.148.654.440.842.043.945.847.548.348.650.152.454.255.1Businesstransferpayments0.6.7.5.4.5.5.5.5.5.5.6.7.8.8.91.01.21.11.21.41.51.61.82.02.02.12.42.72.83.03.13.43.94.14.44.95.55.87.47.98.28.79.410.58.58.68.78.99.19.39.69.810.110.310.6Equals:Personalincome85.047.072.477.995.4122.6150.8164.5170.0177.6190.1209.0206.4227.2254.9271.8287.7289.6310.3332.6351.0361.1384.4402.3417.8443.6466.2499.2540.7588.2630.0690.6754.7811.1868.4951.41,065.21,168.61,265.01,391.21,538.01,721.81,943.82,160.51,637.91,692.11,747.71,809.31,864.61,906.31,972.32,032.02,088.22,114.52,182.1Source: Department of Commerce, Bureau of Economic Analysis.333-5HO 0 - 8 1 - 1 7 : QL 3 253
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Economic Reportof the PresidentTran
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ECONOMIC REPORTOF THE PRESIDENT
Page 10 and 11:
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
Page 41 and 42:
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
Page 115 and 116:
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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per year. This modest acceleration
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THE INDUSTRIAL ECONOMIES: TRENDS AN
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Chart 10Labor Costs, Value-Added De
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Rather, the German current account
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TABLE 30.—Inflation in major indu
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THE GLOBAL OIL MARKETTable 31 summa
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may be preserved. Stocks are in fac
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straint on growth. Finally, policie
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outside government, both at home an
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ates are high, differences in polic
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
Page 215 and 216: to closer cooperation is to risk a
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 and 238: GOVERNMENT FINANCE'—ContinuedB-72
Page 239 and 240: NATIONAL INCOME OR EXPENDITURETABLE
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: TABLE B-16.—Inventories and final
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
Page 288 and 289: TABLE B-44;—New construction acti
Page 290 and 291: TABLE B-45.—New housing units sta
Page 292 and 293: TABLE B-47.—Sales and inventories
Page 294 and 295: TABLE B-49.—Manufacturers' new an
Page 296 and 297: TABLE B-51.—Consumer price indexe
Page 298 and 299: 19391940194119421943194419451946194
Page 300 and 301: TABLE B-54.—Changes in special co
Page 302 and 303: TABLE B-55.—Producer price indexe
Page 304 and 305: TABLE B-57.—Producer price indexe
Page 306 and 307: TABLE B-58.—Changes in producer p
Page 308 and 309:
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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