Economic Report of the President

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TABLE B-32.—Unemployment by duration, 1947-80[Monthly data seasonally adjusted 1 ]Year or monthTotalunemploymentLess than 5-145 weeks weeksDuration of unemployment15-26weeks27 weeksand over(mean)durationin weeks1947,.1948.1949..19501951.195219531954195519561957195819591960 .19611962.196319641965 .1966196719681969..19701971 .1972 .197319741975. .1976..,19771978197919801979:JanFeb..MartJune.JulyAug.SeptOct .NovDec...1980:Jan.Feb.MarAprMayJuneJulyAugSeptOctNov .Dec2,3112,2763,6373,2882,0551,8831,8343,5322,8522,7502,8594,6023,7403,8524,7143,9114,0703,7863,3662,8752,9752,8172,8324,0884,9934,8404,3045,0767,8307,2886,8556,0475,9637,4485,9585,9935,9565,9185,7765,7185,7386,0575,9716,1326,1046,2726,5006,4546,5437,2027,9447,8118,0217,9427,8007,9617,9467,785Thousands of persons 16 years of age and over1,2101,3001,7561,4501,1771,1351,1421,6051,3351,4121,4081,7531,5851,7191,8061,6631,7511,6971,6281,5731,6341,5941,6292,1372,2342,2232,1962,5672,8942,7902,8562,7932,8693,2082,7372,8222,7742,8422,7252,8482,7753,1562,8512,9722,9762,9843,1633,0493,0053,2583,7143,2813,3173,2553,0423,1863,1083,1157046691,1941,0555745164821,1168158058911,3961,1141,1761,3761,1341,2311,1179837798938108271,2891,5781,4591,2961,5722,4522,1592,0891,8751,8922,4111,9471,9151,8851,8751,8611,7531,8681,7352,0091,9621,8802,0001,9942,1342,2072,3732,5892,8122,6492,5332,5862,5002,5242,2171 Because of independent seasonal adjustment of the various series, detail will not add to totals.Note.—See footnote 3 and Note, Table B-27.Source: Department of Labor, Bureau of Labor Statistics.2341934284251661481324953663013217854695037285345354914042872712562424276655974755631,2901,0038967466841,0286937047456756866536296576356816807177767947969319801,0241,0931,2391,3661,2561,2131,23116411625635713784783173362322396675714548045855534823512391771561332355175623373731,1931,3361,0156335188025245475695305055044455175075105315305435055956687067538429119291,0361,1161,1478.610.012.19.78.48.011.813.011.310.513.914.412.815.614.714.013.311.810.48.88.57.911.412.110.09.714.115.814.311.910.811.911.211.311.711.010.910.510.310.610.610.510.610.610.610.711.011.210.611.711.812.513.013.313.613.5270
TABLE B-33.—Unemployment by reason, 1967-80[Monthly data seasonally adjusted 1 ]Year or monthTotalunemploymentJob losers Job leavers ReentrantsThousands of persons 16 years of age and over19671968196919701971 . ..1972 .. .197319742,9752,8172,8324,0884,9934,8404,3045,0761,2291,0701,0171,8092,3132,0891,6662,2054384314365495876356747569459099651,2271,4661,4441,3231,4411975197619771978 .19797,8307,2886,8556,0475,9634,3413,6253,1032,5142,5558128868898518541,8651,8951,9261,8141,75819807,4483,8608631,8751980:Jan.. .FebMar ..Apr . ...f^JuneJuly .AugSept ...OctNovDec. . .6,5007,2027,9447,8118,0217,9427,8007,9617,9467,7853,0382,9793,1023,5814,1644,4684,3644,3194,3874,2404,2294,2268078318049059308878668908558708978131,7971,8121,9091,9751,8341,8681,8831,8442,0131,8961,869Percent of civilian labor force1967..1968..1969.3.83.63.51.61.31.20.6is1.21.21.21970. ...197119721973.. ..1974 ..4.95.95.64.95.62.22.82.41.92.4.7.7.71.51.71.71.51.61975..1976.19771978 .19798.57.77.06.05.84.73.83.22.52.52.02.02.01.81.71980..,7.13.71.81980:JanFeb.Mar.May'June6.26.26.36.97.67.52.92.93.03.44.04.3.9.9.81.71.71.71.81.91.8July..Aug..SeptOcfNov.Dec7.67.67.47.67.57.44.24.14.24.04.04.0.8.8.8.8.91.81.81.81.91.81.81 Because of independent seasonal adjustment of the various series, detail will not add to totals.Note.-See footnote 3 and Note, Table B-27.Source: Department of Labor, Bureau of Labor Statistics.271
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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
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the cost of the loans, and they may
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At the same time, access to the IMF
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to closer cooperation is to risk a
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While all countries, in attempting
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threats of disruption, market-shari
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LETTER OF TRANSMITTALCOUNCIL OF ECO
Page 226 and 227: Past Council Members and their date
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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 and 262: TABLE B-19-—National income by ty
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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: TABLE B-31.—Unemployment rate by
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
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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
Page 312 and 313: TABLE B-63.—Federal Reserve Bank
Page 314 and 315: TABLE B-65.—Bond yields and inter
Page 316 and 317: TABLE B-66—Consumer credit outsta
Page 318 and 319: TABLE B-68.—Mortgage debt outstan
Page 320 and 321: GOVERNMENT FINANCETABLE B-70.—Fed
Page 322 and 323: TABLE B-l\.—Federal budget receip
Page 324 and 325: 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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