Economic Report of the President

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TABLE B-20.—Sources of personal income, 1929-80[Billions of dollars; quarterly data at seasonally adjusted annual rates]Year or quarterPersonalincomeTotalWage and salary disbursements lTotalCommodityproducingindustriesManufacturingDistributiveindustriesServiceindustriesGovernmentandgovernmententerprisesOtherlaborincome 1Proprietors'income withinventoryvaluation andcapitalconsumptionadjustmentsFarmNonfarm1929193385.047.050.529.021.59.816.17.815.68.88.45.25.05.20.5.46.12.58.93.3193972.446.017.413.613.37.18.2.64.47.4194019411942194319441945194619471948 . .194977,995.4122.6150.8164.5170.0177.6190.12090206.449.962.182.1105.6116 9117!5112.0123.1135 5134.819.727.539.149.050445.946.054.261157.815.621.730.940.942938.236.542.547144.614.216.318.020.122.724.831.035.237 537.77.58.19.09.910.911.914.316.117918.58.510.216.026.633.034.920.717.519 020!8.67.91.11.51.82.02.4272.94.46.410.112.012.012.414.915.117 612.88.611.114.117.118.419,421.820.823 323.61950195119521953195419551956195719581959227.2254.9271.8287.7289.6310.3332.6351.0361.1384.4147.0171.3185.4198.6196.8211.7228.3239.3240.5258.964.876.382.089.685.793.1100.6104.2100.0109.650.359364.171.267.573.879,482.478.686.839.844,346.949750.153.457760.560.864.819.821523.124.926.128.631.333.635.638.522.629233.334.434.936.638.841.044.146.037465.25.96.17.08.09.09.410.613.716115.113.112.511.511.211.113.210.925.027 228!228.628.731.432.734.234.536.719601961196219631964 . ... .196519661967196819694023417,8443.6466.2499.2540.7588.2630.0690.6754.72719279!5298.0313.4336.1362.0398.4427.0469.6515.711311137121.8126.9135.4146.0161.0168.3183.4199.689 789.8967100.6107.1115.5128.0134.1145.8157.568 269.372.876.381.487.294.4100.9110,0120.841444! 147.250.254.458.964771.379.689749 252!456.360.064.969.978.386.496.6105.5112ILB13.014.015.717.819.921725.228.511712!l12.312.010.813.114.112.612714.635 536!537.638.541.743.846.448.651.352.51970 . . ..1971 ...1972197319741975197619771978 . . .1979. . .811.1868.4951.41065 2U68.61,265.01 391.21,538.01,721.81,943.8548.7580.9635.2702 77657806.4889.9983.81,105.21,236.1203.0208.3227.325432747275.0307.3343.5389.1437.9158.2160.3175.4196 221l!4211.0237.4266.0299.2333.4130.3139.4152.1168 3184!6195.6216.6239.4270.5303.098.3106.7118.21313i4s!e159.7177.4198.6226.1259.2117.1126.5137.5148 716(19176.1188 72023219.4236.132.536743.048 855!S64.575 989.0102.2118.614.315.018.732 826!524.619118.426.130.851.954.458.161062!265.475085!l91.0100.71980 P1978.if! . . . *IIIIV1979:if.IllIV .1980.ifIII2,160.51,637.91,692.11,747.71,809.31,864.61,906.31,972.32,032.02,088.22,114.52,182.11,343.61,052.81,091.01,119.31,157.61,194.81,218.61,248.61,282.21,314.71,320.41,341.8464.9365.6384.8395.9410.3425.1434.3441.6450.4461.7456.0460.1350.2285.8294.5302.5314.0326.13317335.5340.4347.9343.2346.7329.12587266.9273.4283.0292.8297.5306.5315.0322.6323.2329.2295.9214.8222.3229.42377247.0252.6263.4273.7283.6290.8298.7253.62137216.9220.5226.5229.8234.2237.1243.1246.8250.5253.9136.997.2100.41037107.4111.6115.9120.9126.0130.9135.1139.123.422.924.926.130.630.932.630.229.525723.322.1107.287.490.592.194.096.896.8102.7106.8107.9101.6107.6See next page for continuation of table.256
Year orquarter192919331939194019411942194319441945194619471948194919501951195219531954195519561957. ..195819591960. , ..1961.. ..1962 ..1963 . .19641965.. . .1966. ..19671968.196919701971197219731974197519761977197819791980 o ....1978:II.!"".". .IllIV. ..1979:1IIIllIV1980:1IIIllRentalincomeofpersonswithcapitalconsumptionadjustment.4.92.22.62.73.14.04.44.5465.55.35.76.17.17.78.810.0no 11.311.612.212.913.614.515.015.816.517.118.018.719.719.519.619.720.221.022.623.523.023.525.127.430.531.925.325.428.730.030.730.130.331.031.231.532.0TABLE B-20.—Sources of personal income, 1929-80—ContinuedPersonaldividendincomes5.82.03.84.04.44.34.44.64.65.66.37.07.28.88.58.58.89.110.311.111.511.312.212.913.314.415.517.319.119.420.221.922.422.222.624.126.529.129.936.538.743.148.654.440.842.043.945.847.548.348.650.152.454.255.1[Billions of dollars; quarterly data at seasonally adjusted annual rates]Personalinterestincome6.95.55.45.35.35.25.15.25.96.67.68.18.79.710.511.212.513.714.916.718.820.322.525.026.429.032.235.639.744.448.353.461.169.474.880.993.9112.4123.2132.5151.6173.2209.6256.3161.7168.5176.9185.6195.8202.6214.3225.7239.9253.6261.8Total1.52.13.03.13.13.13.03.66.211.311.711.312.515.212.613.114.116.217.518.721.625.927.028.932.833.835.837.440.444.752.659.866.780.194.4104.7119.5141.2178.3194.3207.5223.3249.4294.5216.9218.2227.4230.5235.4241.3257.8263.1271.7280.7310.7Old-age,survivors,disability,andhealthinsurancebenefits0.0.0.1.1.2.2.3.4.5.6.71.01.92.23.03.64.95.77.38.510.211.112.614.315.216.018.120.825.530.232.938.544.549.660.470.181.492.9104.9116.2131.8153.9111.4112.3119.7121.51216126.5137.8139.3142.0144.7163.2GovernmentunemploymentinsurancebenefitsTransfer payments0.4.5.4.4.1.1.41.1.8.91.91.5.91.11.02.21.51.51.94.12.83.04.33.13.02.72.31.92.22.12.24.05.85.74.46.817.615.812.79.79.816.010.99.79.58.89.29.49.810.611.416.019.0Veteransbenefits0.6.6.5.5.5.5.51.03.07.07.05.95.37.74.64.34.14.24.44.44.54.74.64.65.04.74.84.74.94.95.65.96.77.78.89.710.411.814.514.413.813.914.415.014.013.713.714.114.414.214.414.614.814.614.9Governmentemployeeretirementbenefits0.12.3.3.3.3.4.4.57.7.91.01.11.21.41.51.71.92.22.52.83.13.43.7A.24.75.26.16.97.68.710.211.813.816.019.022.726.129.032.737.042.831.232.232.934.335.036.437.339.240.242.343.1Aid tofamilieswithdependentchildren(AFOC)0.81.4.1.71.71.81.81.82.02.02.1.3.4.5.6.6.5.5.6.6.6.7.8.91.01.11.31.41.51.71.92.32.83.54.86.26.97.27.99.210.110.610.711.012.410.710.710.710.710.710.811.111.511.712.012.8Other2.52.93.33.53.63.84.14.14.34.54.95.35.86.26.46.77.37.88.39.210.211.112.515.017.419.021.125.632.835.136.540.145.454.438.739.640.941.142.544.147.347.851.651.057.7Less:Persona*contributionsforsocialinsurance0.12.6.7.81.21.82.2232.02.12.22.22.93.43.84.0465.25.86.76.97.99.39.710.311.812.613.317.§20.622.926.227.930.734.542.647.950.455.561.169.680.687.967.169.070.472.179.080.081.282.486.285.988.1Nonfarmpersonalincome 2159.9171.9188.2190.4210.2235.4253.1271.3273.9295.5318.0336.6344.4369.8386.7401.6427.1449.7483.7522.6568.9611.9672.1733.9790.0846.5925.31,023.71,131.81,229.11,359.31,505.01,679.21,892.92,112.81,599.61,651.11,705.01,761.11,814.81,853.91,921.51,981.22,039.62,067.32,135.31 The total of wage and salary disbursements and other labor income differs from compensation of employees in Table B-19 in thatexcludes employer contributions for social insurance and the excess of wage accruals over wage disbursements.2 Personal income exclusive of farm proprietors'-income, farm wages, farm other labor income, and agricultural net interest.Note.—The industry classification of wage and salary disbursements and proprietors' income is on an establishment basis and isised on the 1972 Standard Industrial Classification (SIC) beginning 1948 and on the 1942 SIC prior to 1948.Source: Department of Commerce, Bureau of Economic Analysis.257
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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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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
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Japanese trade performance in volum
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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 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 and 258: TABLE B-16.—Inventories and final
Page 259 and 260: TABLE B-18.—Relation of national
Page 261: TABLE B-19-—National income by ty
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
Page 310 and 311: 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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