Economic Report of the President

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TABLE B-83.—Sales, profits, and stockholders 1 equity, all manufacturing corporations, 1950-80[Billions of dollars]All manufacturing corporationsDurable goods industriesNondurable goods industriesYear or quarterSales(nat\(net)Beforeincometaxes 1ProfitsAfterincometaxesStockholders'equity 2Sales/nof \(net;Beforeincometaxes'ProfitsAfterincometaxesC+nnLMOCKholders'equity 2Sales(nat\(nei;Beforeincometaxes lProfitsAfterincometaxesQtnr\tMOCKhotders'equity 219501951195219531954 . . ..195519561957 . . .1958195919601961 . .1962 . .1963196419651966. . . .1967. . .1968.196919701971 . ...19721973 .1973: IVNew series:1973: IV1974197519761977197819791977ii'...'. . ... . .IllIV19781IIIII. . .IV1979-1ii"... ! ""in IV . . .1980-1IIIll1819245.0250.2265.9248.5278.4307.3320.0305.3338.0345.7356.4389.9412.7443.1492.2554.2575.4631.9694.6708.8751.4849.51,017.2275.1236.61,060.61,065.21,203.21,328.11,496.41,741.8311.5338.6331 7346^2340.3377 5376^9401.8406.6436.4437.5461.2465 0465.7463.723.227.422.924.420.928.629.828.222.729.727.527.531.934.939.646.551.847.855.458.148.153.263.281.421.420.692.179.9104.9115.1132.5154.225.632.427 329^926.936 033.436.336.542.638.236.839 435.933.112 911.910.711.311.215.116.215.412.716.315.215.317.719.523.227.530.929.032.133.228.631.336.548.113.013.258.749.164.570.481.198.715.619.716 718416.022120'.422.622.726.824.724.524 722.421.083.398.3103.7108.2113.1120.1131.6141.1147.4157.1165.4172.6181.4189.7199.8211.7230.3247.6265.9289.9306.8320.9343.4374.1386.4368.0395.0423.4462.7496.7539.4600.5479.8492.950245117518.7531 85463560.8576.2592.5609.2624.0640 0654.2666.686 8116.8122.0137.9122.8142.1159.5166.0148.6169.4173.9175.2195.5209.0226.3257.0291.7300.6335.5366.5363.1382.5435.8527.3140.1122.7529.0521.1589.6657.3760.7865.7151.2169.5163 8172J170.1195 0189.7205.9207.5222.6213.6221.9219 921B.B212.812.915.412.914.011.416.516.515.811.415.814.013.616.718.521.226.229.225.730.631.523.026.533.643.610.810.141.135.350.757.969.672.412.516.913 015^513.619 817.019.118.821.616.415.715 813!511.96.76.15.55.85.68.18.37.95.88.17.06.98.69.511.614.516.414.616.516.912.914.518.424.86.36.224.721.430.834.841.845.27.510.27 8947.9I.C.M10.311.611413.310.310.19 78^27.339.947.249.852.454.958.865.270.572.877.982.384.989.193.398.5105.4115.2125.0135.6147.6155.1160.61714188.7194.7185.8196.0208.1224.3239.9261.5292.5230.82384243 124L5250.3fcJ/.O265.2272.9281.9289.3296.5302.1307 531Z1316.895.1128.1128.0128.0125.7136.3147.8154.1156.7168.5171.8181.21944203.6216.8235.22624274.8296.4328.1345.7368.9413.7489.9135.0113.9531.6544.1613.767Q.8735.7876.1160.3169.1167 91715170.3•\OO Alot.**187,2195.9199.1213.8223.9239.3245 1ZA6.9250.910.312.110.01049.612.113.212411.313.913.513.915.116.418.320.322.622.024.826.625.226.729.637.810.610.551.044.654.357.262.981.813.015.514 m.o114.313.3ifi 71D.&164 17.117.721.121.921.223 622^321.26.15.75.25.55.67.07.87.56.98.38.28.59.210.011.613.014.614415.516.415.716.718.023.36.77.034.127.733.735.539.353.58.19.58 99^08.1in 110.111.011.213.514414.415 0Rl13.743.551.153.955.758.261.366470.674.679.283.187.792.396.3101.3106.3115.1122.6130.3142.3151.7160.3172.0185.4191.7182.1199.0215.3238.4256.8277.9308.0249.1254.5ocq 0CD 3,3264.22684£./**,£,281.1287.8294.3303.2312.6321.9332 5342^0349.91 In the old series, "income taxes" refers to Federal income taxes only, as State and local income taxes had already been deducted.In the new series, no income taxes have been deducted.2 Annual data are average equity for the year (using four end-of-quarter figures).Note.—Data are not necessarily comparable from one period to another due to changes in accounting procedures, industryclassifications, sampling procedures, etc. For explanato notes concerning compilation of the series, see "Quarterly Financial Report forManufacturing, Mining, and Trade Corporations, Federal Trade Commission.Source: Federal Trade Commission.328
TABLE B-84.—Relation of profits after taxes to stockholders' equity and to sales, all manufacturingcorporations, 1947-80Year or quarterRatio of profits after income taxes (annualrate) to stockholders' equity—percent 1AllmanufacturingcorporationsDurablegoodsindustriesNondurablegoodsindustriesProfits after income taxes per dollar ofsales—centsAllmanufacturingcorporationsDurablegoodsindustriesNondurablegoodsindustries194719481949195019511952195319541955195619571958 ., ..195915.616.011.615.412110.310 59.912 612 310.98610.414.415.712.116.913 011.111.110.313 812.811.38.010.416.616.211.214.111.29.79.99.611411.810.69.210.46.77.05.87.14.84.34.34.55.45.34.84.24.86.77.16.47.75.34.54.24.6575.24.83.94.86.76.8546.5454.1434.4515.34.94.44.9196019611962196319641965196619671968196919701971197219731973- IV928.99.810311.613.013 411.712111.59.39710.612.813.4858.19.610.111.713.814 211.712.211.48.39010.813.112.9989.69.910.411.512.212.711.811.911.510.310.310.512.614.04.44.34.54.75,25.65.65.05.14.84.04.14.34.74.7403.94.44.55.15.7564.84.94.63.5384.24.74.5484.74.7495.45.55.65.35.25.04.5454.44.85.0New series:1973-IV14.313.315.35.65.06.11974197519761977197819791977:IIIIIIIV .'.'. * *..]1978:1IIHIIV1979:IIIIllIV1980:I||11114.911.613.914.215.016.413.016.013.314.412.416 714.916.115.718.116.315.715.413.712.612.610.313 714.516.015.413.017.112.915.112.718 715.517.016.218.414.013.412.610.69.217.112.914.213.814.217.413.015.013.713.712.114 814.415.315.317.818.417.918.116.515.75.54.65.45.35.45.75.05.85.05.34.75.95.45.65.66.15.75.35.34.84.54.74.1525.35.55.25.06.04.85.44.7625.45.65.56.04.84.64.43.83.46.45.1555.35.36.15.05.65.35.24.8565.45.65.66.36.46.06.15.75.51 Annual ratios based on average equity for the year (using four end-of-quarter figures). Quarterly ratios based on equity at end ofquarter only.Note.—Based on data in millions of dollars.See Note, Table 8-83.Source: Federal Trade Commission.329
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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-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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TABLE B-35.—Wage and salary worke
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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
Page 326 and 327: TABLE B-75.—State and local gover
Page 328 and 329: TABLE B-77,—Interest-bearing publ
Page 330 and 331: TABLE B-79-—Maturity distribution
Page 332 and 333: TABLE B-81.—Corporate profits by
Page 336 and 337: TABLE B-85.—Relation of profits a
Page 338 and 339: TABLE B-87.—Sources and uses of f
Page 340 and 341: TABLE B-89-—State and municipal a
Page 342 and 343: TABLE B-91.—Business formation an
Page 344 and 345: TABLE B-93.—Farm output ami produ
Page 346 and 347: Year or month1940194119421943194419
Page 348 and 349: TABLE B-97.—Balance sheet of the
Page 350 and 351: TABLE B-99— U.S. international tr
Page 352 and 353: TABLE B-100.—U.S. merchandise exp
Page 354 and 355: TABLE B-102.—U.S. merchandise exp
Page 356 and 357: TABLE B-104.— World trade: Export
Page 358 and 359: TABLE B-106.—International reserv
Page 360 and 361: • • ' •TABLE B-108.—Industr
Page 362 and 363: TABLE B-110.—Summary of major U.S
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