TABLE B-79-—Maturity distribution and average length <strong>of</strong> marketable interest-bearing public debt securitiesheld by private investors, 1967-80End <strong>of</strong> year or monthAmountoutstanding,privatelyheldWithinlyearIto5yearsMaturity class5 to 10years10 to 20years20 yearsand overAverage lengthFiscal year:19671968 .1969. ..1970197119721973197419751976..1977..19781979...1980,...1979:JanFeb.. .Mar.,Apr ....May.June.July ...Aug.Sept..Oct....Nov...Dec,..1980Jan,. ..Feb....Mar..June..July.......Aug...Sept...Oct.Nov150,321159,671156,008157,910161,863165,978167,869164,862210,382279,782326,674356,501380,530463,717382,556381,797380,060383,315388,001377,649383,102384,771380,530389,074390,439402,226408,300414,647430,036435,283433,175431,893446,255454,063463,717467,845475,36556,56166,74669,31176,44374,80379,50984,04187,150115,677151,723161,329163,819181,883220,084184,277185,602186,967185,725188,018184,113183,277182,891181,883182,297180,676190,403192,829195,694208,542207,942209,899198,365210,106218,977220,084222,346230,98753,58452,29550,18257,03558,55757,15754,13950,10365,85289,151113,319132,993127,574156,244133,992132,434129,454132,538130,576124,443129,462130,607127,574134,205133,276133,173135,132137,442137,514142,011140,835147,756149,215150,764156,244156,712154,434Millions <strong>of</strong> dollars21,05721,85018,0788,28614,50316,03316,38514,19715,38524,16933,06733,50032,27938,80933,69031,29931,24531,23533,57233,35933,55532,39232,27932,32534,31936,59236,79337,59340,15140,11136,31739,71539,42635,65238,80938,74738,0216,1536,1106,0977,8766,3576,3588,7419,9308,8578,0878,42811,38318,48925,90115,28215,19515,14116,57817,32617,27118,61718,54818,48919,93819,86619,79621,24721,79421,72523,14022,27022,22923,68225,94825,90127,33827,26612,96812,67012,3378,2727,6456,9224,5643,4814,6116,65210,53114,80520,30422,67915,31517,26717,25417,23918,50818,46218,39020,33420,30420,30922,30222,26222,29922,12422,10422,07923,85423,82823,82622,72222,67922,70224,657YearsMonthsNote,- All issues classified to final maturity.Through fiscal year 1976, <strong>the</strong> fiscal year was on a July 1—June 30 basis; beginning October 1976 (fiscal year 1977), <strong>the</strong> fiscal yearis on an October 1—September 30 basis.Source: Department <strong>of</strong> <strong>the</strong> Treasury:6 311711710 9910810 10910 9910324
CORPORATE PROFITS AND FINANCE4. ABLE B-80.—Corporate pr<strong>of</strong>its with inventory valuation and capital consumption adjustments, 1946-80[Billions <strong>of</strong> dollars; quarterly data at seasonally adjusted annual rates]Year or quarterCorporatepr<strong>of</strong>its withinventoryvaluationand capitalconsumptionadjustmentsCorporatepr<strong>of</strong>its taxliabilityPr<strong>of</strong>its after tax with inventory valuation andcapital consumption adjustmentsTotalDividendsUndistributedpr<strong>of</strong>its withinventoryvaluationand capitalconsumptionadjustments1946 .19471948194916.622.329.427.19.111312.410.27.511.017.016.95.6637.07.21.94710.09.71950195119521953195433.938.736.136.335.217.922.619.420.317.616.016.116.716.017.58.88.58.58.89.17.27.68.27.28.41955195619571958195945.543.743.338.549.622.022.021.419.023.623.421.821.819.526.010.311.111.511.312.213.110.710.38.213.81960 .1961 . ..19621963196447.648.656.662.169.222.722.824.026.228.024.925.832.635.941.212.913.314.415.517.312.112.518.220.423.919651966 ...1967 . .. ..1968 . . .196980.085.182.489.185.130.933.732.539.239.549.151.449.950.045.619.119.420.222.022.530.032.029.727.923,11970197119721973197471.483.296.6108.394.934.237.541.649.051.637.245.755.059.343.322 522.924.427.029.914.822.830.532.313.419751976 ....197719781979110.5138.1164.7185.5196.850.663 872.683.087.659.974 392.2102.5109.230.837 439.944.650.229.136 952.357.959.11980 *181.780.1101.656.045.61978: |11IllIV163.6185.2190.5202.771.283 385.092.392.41019105.4110.442.343 545.447.350.158 460.063.11979:||IIIIV201.9196.6199.5189.488.586.488.487.2113.3110.2111.1102.249.049.850.251.664.360.560.950.61980:IIIIII200.2169.3177.994 271578.5106.097 899.553 955 756.752 142142.8Source: Department <strong>of</strong> Commerce, Bureau <strong>of</strong> <strong>Economic</strong> Analysis.325
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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
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Past Council Members and their date
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1977 to review selected analyses of
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The Chairman and the Council Member
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University). Kate Stith Pressman, s
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CONTENTSNATIONAL INCOME OR EXPENDIT
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GOVERNMENT FINANCE'—ContinuedB-72
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NATIONAL INCOME OR EXPENDITURETABLE
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TABLE B-2.—Gross national product
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TABLE B-3.—Implicit price deflato
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TABLE B-5.—Implicit price deflato
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TABLE B-7.—Gross national product
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TABLE B-8.—Gross national product
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TABLE B-10.—Gross national produc
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TABLE B-12.—Output, costs, and pr
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TABLE B-14.—Gross private domesti
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TABLE B-16.—Inventories and final
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TABLE B-18.—Relation of national
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TABLE B-19-—National income by ty
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Year orquarter192919331939194019411
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TABLE B-22.—Total and per capita
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Year orquarterTotalTotalCurrencyand
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TABLE B-26.—Population by age gro
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TABLE B-27.—Noninstitutional popu
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Year or monthTABLE B-29.—Selected
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TABLE B-31.—Unemployment rate by
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TABLE B-33.—Unemployment by reaso
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