Economic Report of the President

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TABLE B-91.—Business formation and business failures, 1929-80Business failures 1Year or monthIndexfit nat or netbusinessformation(1967=100)Newbusinessincorporations(number)Businessfailurerate 2TotalNumber of failuresLiability size classUnder$100,000$100,000and overAmount of current liabilities(millions of dollars)TotalLiability size classUnder$100,000$100,000and over19291933 n1939 31940194119421943194419451946194719481949,1950..19511952195319541955195619571958195919601961196219631964196519661967196819691970197119721973197419751976197719781979104.8 "86.490.890.194.592.490.898.295.491.491.198.194.591.192.894.798.099.598.9100.0107.6113.5107.1109.5115.5115.5111.2108.8117.2126.5132.9131.7132 916112,89796,34685,64093.09283,77892,946102,706117,411139,915141,163137,112150 781193,067182,713181,535182,057186,404197,724203,897200,010206,569233,635274,267264,209287,577316,601329,358319,149326,345375,766432,172478,019524,565103.9100 369.663.054.444.616.46.54.25214.320.434.434.330.728.733,242.041.648.051.755 951.857.064.460.856.353.253.351.649.038.637.343.841.738.336.438.442.634.828.423.927.822,90919,85914,76813,61911,8489,4053,2211,2228091,1293,4745,2509,2469,1628,0587,6118,86211,08610,96912,68613,73914,96414,05315,44517,07515,78214,37413,50113,51413,06112,3649,6369,15410,74810,3269,5669,3459,91511,4329,6287,9196,6197,56422,16518,88014,54113,40011,6859,2823,1551,1767591,0033,1034,8538,7088,7467,6267,0818,07510,22610,11311,61512,54713,49912,70713,65015,00613,77212,19211,34611,34010,83310,1447,8297,1928,0197,6117,0406,6276,7337,5046,1764,8613,7123,9307449791112191631236646501263713975384164325307878608561,0711,1921,4651.3461,7952,0692,0102,1822,1552,1742,2282,2201,8071,9622,7292,7152,5262,7183,1823,9283,4523,0582,9073,634483.3457.5182.5166.7136.1100.845.331.730.267.3204.6234.6308.1248.3259.5283.3394.2462.6449.4562.7615.3728.3692.8938.61,090.11,213.61,352.61,329.21,321.71,385.71,265.2941.01,142.11,887.81,916.92,000.22,298.63,053.14,380.23,011.33,095.32,656.02,667.4261.5215.5132.9119.9100.780.330.214.511.415.763.793.9161.4151.2131.6131.9167.5211.4206.4239.8267.1297.6278.9327.2370.1346.5321.0313.6321.7321.5297.9241.1231.3269.3271.3258.8235.6256.9298.6257.8208.3164.7179.9221.8242.049.746.835.420.515.117.118.851.6140.9140.7146.797.1128.0151.4226.6251.2243.0322.9348.2430.7413.9611.4720.0867.11,031.61,015.61,000.01,064.1967.3699.9910.81,618.41,645.61,741.52,063.02,796.34,081.62,753.42,887.02,491.32,487.55easonally adjusted1979:JanFeb."..Mar ..AprMayJune131.3132.1132.5130.9130.5130.942,41042,30242,76143 03443 89543,04427.424.427.930 829126.2642545732734708602355291379397380307287254353337328295182.2177.1187.8242.8200 4273.215.112.818.016,816.813.8167.1164.3169.8226.0183.7259.4JulvAugSeptOctNovDec1318130.3132.5131.9131.4133.944 65542,91144,68746,47844,81143,57927 532.926.133.623.124,9565736505767519509285412248374260242280324257393259267212 2287.4186.2395.8184.3138.013918.011.417.513.712.2198 3269.4174.8378.3170.6125.81980:Jan,Feb.. . .Mar .ft June ...v .131.0129.8125.8120.5117.8114.844,44744,58342,61542,46141,97439,74630.927.536.242.239.348.77296779251,0689751,094363330452525452522366347473543523572243.1190.8274.2428.2381.1436.717.015.521.724.422.025.2226.2175.3252.5403.8359.2411.5JulyAugSeptOct115.3117.7120.6117.644,05843,26646,48847,22552.045.445.01,1411,0099261,340531486465610523461445.7345.41,002.926.323.222.2419.4322.2980.71 Commercial and industrial failures only. Excludes failures of banks and railroads and, beginning 1933, of real estate, insurance,holding, and financial companies, steamship lines, travel agencies, etc.2 Failure rate per 10,000 listed enterprises." Series revised; not strictly comparable with earlier data.Sources: Department of Commerce (Bureau of Economic Analysis) and Dun & Bradstreet, Inc.336
AGRICULTURETABLE B-92.—Farm income 1929-80[Billions of dollars; Quarterly data at seasonally adjusted annual rates]Income of farm operators from farmingGross farm incomeNet farm incomeYear or quarterTotal 1Cash marketing receiptsTotalLivestockandproductsCropsValue ofinventorychanges 2Produc-ex-pensesCurrentdollars1967dollars 3192919331939 ....19401941194219431944194519461947194819491950195119521953195419551956195719581959I96019611962196319641965196619671968196919701971197219731974 . . . .197519761977197819791978:j||IIIIV1979:I||IllIV1980:I|| , ...Ill13.86910.711.314.319.923.324.025.429.632.436.530.833138 337.834 434.233 534.034 839.037.938940.542 343.442 346.550 550.551856.458 662 071.098.998.3100 31018108.1126.9149.6119.7123.5126.3138.0145.5149.1149.9154.115211518158.611.35.37.98.411.115.619.620.521.724.829.6'30.227.828.532.932.531.029.829.530.429.733.533.634.235.236.537.537.339.443.442.844.248.250.552 961.287.192.488.294 895.8112.5131.5105.5109.8112.7122.2128.9130.9130.6135.4137.2136.4142.86.2284.54.96.59.011.511.412.013.816.517.115.416.119 618.216.916.316016.417 419.218.919.019.520.220.019.921.925.024.425.528.629 630 635.745.941.443 046147.459.068.653.058.060.664.669.768.266.969.767.965670.55.1253.33.54.66.58,19.29.711.013.113.112.412.413.214.314.113.613 514.012 314.214.715.315.716.317.417 217.518.418.418.719.621022 325.541.151.145148 748.353.562.852.551.852.157.659.262.763.765.769.270 872.3-0.12.1.3.41.1-.1-.4-.4.0-1.81.7-.9.812.9- 62-.56.8.0.4.3.6.6_ 81.0_ 1.7.1.1014.93.4-1.634-2 4.6.44.1.5.3.4.43.23.95.43.91.015-3.97.7446.36.97.810.011.612.313.114.517.018.818.019.522.322.821.521.822.222.723.725.827.227.428.630.331.631.833.736.538.239.542.144.447 452.365.672.275.983.190.3100.8118.697.498.8100.1106.9114.2116.3119.6124.2'Cash marketing receipts and inventory changes plus Government payments, other farm cash income, and nonmoney incomefurnished by farms.2 Physical changes in end-of-period inventory of crop and livestock commodities valued at average prices during the period.3 Income in current dollars divided by the consumer price index (Department of Labor).Source: Department of Agriculture, except as noted.127.2129.9132.96.2264.44.56.59.911.711.712.315.115.417712.813.615 915.013 012.411311.311113.210.711.512.012.111.810.512.914.012.312.314.314.214 618.733.326.124.518 717.826.131.022.324.726.231.131.332.830.329.925.923.421.812.06610610.714.720 222.722 222.825.823.024.517.918.920 518.816 215.414113.813115.212.313 012.313 312.811313.714.412.311813.012 212114.925.117.715 21109.813.314.211.812.813.215.415.115.313.713.110.9968.8337
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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
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TABLE B-39.—Changes in productivi
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TABLE B-42.—Industrial production
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TABLE B-44;—New construction acti
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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 334 and 335: TABLE B-83.—Sales, profits, and s
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 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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