Economic Report of the President

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TABLE B-102.—U.S. merchandise exports and imports by commodity groups, 1958-80[Millions of dollars; monthly data seasonally adjusted]Year ormonthTotaldomesticandforeignexports 2Merchandise exports'Total 23Domestic exportsFood,beverages,andtobaccoCrudematerialsandfuels 4Food,ExportsManufacturedTotal 3 ages,bever-CrudelessExports Exportsgoods 5 materialsManufacturedci.f.Total, imports,less lessfuels*and goods 5 value 7 customsimports,valueimports,ci.f.Merchandise imports Merchandise trade balanceGeneral imports 6tobacco1958..1959..I960..1961..1962...1963...1964..1965..1966..1967..1968..1969...1970..1971...1972..,1973,.1974..16,37516,42619,65920,22620,98622,46725,83226,74229,49031,03034,06337,33242,65943,54949,19970,82397,99816,21116,24319,45919,98220,71722,18225,47926,39929,05430,64633,62636,78842,02542,91148,39969,73096,634F.a.s. value 82,6882,8523,1673,4663,7434,1884,6374,5195,1864,7104,5924,4465,0585,0766,56912,93815,2333,0522,9963,9423,8643,3563,7754,3374,2734,4044,7264,8655,0066,6926,4417,09110,73515,80211,54711,17912,58312,78413,66814.29716,52917,43319,21820,84423,81826,78529,34430,44333,74044,73163,52313,39215,69015,07314,76116,46417,20718,74921,42725,61826,88933,22636,04339,95145,56355,58369,476101,394Customs value3,5503,5803,3923,4553,6743,8634,0224,0134,5904,7015,3655,3086,2306,4047,3799,23510,7014,1644,6154,4184,3344,6914,7555,0295,4405,7185,3676,0316,3916,5427,2688,83813,44631,842F.a.s. value 85,3117,1176,8636,5377,6498,0709,10611,24414,44615,75620,62423,01125,90730,41437,76745,00156,20228,74535,32038,24142,42948,34258,86273,573108,3922,9837364,5865,4654,5225,2607,0835,3153,8724,1418371,2892,708-2,014-6,3841,348= 3,3962,283-1,257-909230-4,7939,6632,75240,395197419751976197719781979......1979:JanFebMar....AprMay....June...July....Aug..,.Sept...OdNov....Dec...1980:JanFebMar....AprMay....June...July....Aug....Sept...OctNov...,97,998107,589115,150121,150143,578181,63713,26513,61614,29813,97914,08414,81915,69215,71715,82516,68216,92916,74217,34817,23318,53418,46817,67818,64218,07519,10318,70119,08918,63496,634106,100113,476118,944141,040178,41313.05613,39214,01213,73313,80014,55515,45715,45615,67216,39616,57516,41917,01816,95018,16518,13717,30318,26717,76518,78818,40018,66018,26815,23316,79317,23415,96320,60424,5821,5021,5961,7561,7941,8542,0722,3552,1632,2982,3752,3002,4132,3312,2962,5382,4102,1902,3662,4712,4892,7792,6902,82515,80215,19716,09518,57920,95728,2162,1462,0852,2372,1062,0282,2532,4042,4842,5832,5352,6862,7322,8542,8262,9912,8672,8162,9212,8213,1812,7822,5062,45263,52370,95177,24180,15194,473116,5858,8249,0729,3349,1459,1549,5639,87610,03210,05510,44310,41810,72011,17311,37311,80211,74511,61212,27712,01512,47712,27712,60912,243100,64896,570121,009147,685171,978206,32716,52814,60715,35815,84116,43716,82916,80418,27718,40919,02718,54619,61220,93821,64020,58919,25720,43919,89318,99519,23619,46520,06119,42210,7099,92311,89114,22715,74317,7361,4911,2621,4431,5311,4561,5571,3861,4051,4021,4041,6891,7121,6521,4061,5441,5031,5311,5841.6001,4681,4021.5921,67732,06432.59641,47453,55451,90171,4515,2124,4164,8615,1755,1725,4875,9986,4457,0477,4696,3777,7227,5908,7888,4217,2847,7747,8346,6557,0436,6677,1206,80655,22351,08064,77576,554100,317112,2359,5168,6458,7038,8489,3609,3799,0609,9949,5059,6629,9509,63211,17610,82910,1579,91810,5399,95110,18710,19210,48510,61110,391108,392103,843129,896157,560183,093218,92717,59715,51116,31816,84617,45017,86417,85219,38119,50720,13819,65820,75622,10022,80621,67320,28421,53020,92219,92720,16520,34520,94920,297;-3,396 =-2,65011,020-5,859-26,535-28,401-24,690-3,263-992-1,060= 1,862-2,353-2,011-1,112-2,560=2,585-2,345-1,618-2,871-3,590-4,407= 2,054-789^2,762-1,251-920-132-764-972-788^10,3953,747= 14,746= 36,410=-39,515=37,290=4,333= 1,895= 2,020=2,867=3,366= 3,046-2,159= 3,664= 3,682-3,467=2,729=4,015=4,752= 5,573= 3,138= 1,816-3,852=2,280= 1,852= 1,061= 1,644-1,861= 1,6331 Beginning 1960, data have been adjusted for comparability with the revised commodity classifications effective in 1965.2 Total excludes Department of Defense shipments of grant-aid military supplies and equipment under the Military AssistanceProgram." Total includes commodities and transactions not classified according to kind.4 Includes fats and oils.8 Includes machinery, transportation equipment, chemicals, metals, and other manufactures. Export data for these items includemilitary grant-aid shipments through 1977 and exclude them thereafter.8 Total arrivals of imported goods other than intransit shipments.7 Ci.f. (costs, insurance, and freight) import value at first port of entry into United States. Data for 1967-73 are estimates.8 F.a.s. (free alongside ship) value basis at U.S. port of exportation for exports and at foreign port of exportation for imports.Note.—Data are as reported by the Bureau of the Census adjusted to include silver ore and and bullion reported separately prior to1969. Trade in gold is included beginning 1974. Export statistics cover all merchandise shipped from the U.S. customs area, exceptsupplies for the U.S. Armed Forces. Exports include shipments under Agency for International Development and Food for Peace programsas well as other private relief shipments.Source: Department of Commerce (Bureau of the Census and International Trade Administration).348
TABLE B-103.—International investment position of the United States at year-end, selected years, 1970-79[Billions of dollars]Type of investment 1970 1972 1974 1976 1977 1978 1979Net international investment position of the United States..U.S. assets abroadU.S. official reserve assets.Gold..Special drawing rights (SDRs)Reserve position in the International Monetary Fund (IMF). ...Foreign currency reservesOther U.S. Government assets..U.S. loans and other long-term assetsU.S. short-term assets other than reservesU.S. private assetsDirect investments abroad (book value)Foreign securitiesClaims on foreigners reported by U.S. banks, not included elsewhereClaims on unaffiliated foreigners reported by U.S. nonbanks..... . ..Foreign assets in the United StatesForeign official assetsU.S. Government securities lOther U.S. Government liabilitiesLiabilities reported by U.S. banks, not included elsewhere...Other official assetsOther foreign assets....Direct investments in the United States (book value)Liabilities reported by U.S. banks, not included elsewhereU.S. Treasury securitiesOther U.S. securities 2Liabilities to unaffiliated foreigners reported by U.S. nonbanks58.6165.514.511.1.91.9.632.129.72.5118.875.521.013.88.5106.826.117.71.76.7.080.713.322.71.234.737.1199.013.210.52.0.5.236.134.12.0149.789.927.620.711.4161.863.252.91.68.5.298.714.921.21.250.710.758.8255.715.911.72.41.9.038.436.32.1201.5*110.128.246.217.0196.979.858.12.618.4.6117.125.141.81.734.913.682.5347.218.711.62.44.4.346.044.11.9282.4136.844.281,120.3264.7105.674.08.8.17.25.6159.130.853.57.054.813.072.3383.019.311.72,64.9.049.647.81.8314.1149.849.492.622.3310.6141.9106.89.918.07.2168.734.660.27.652.913.475.3450.918.711.71.61.04.454.2. 52.31.9378.0167.853.4130.726.1375,5174.8130.912.223.38.5200742.577.99.955.415.195.0513.218.911.22.71.33.858.556.51.9435.8192.656.7156.629.9418.2160.3108.311.530.510.1257.952.3110.515.061.918.21 Includes Treasury and agency issues of securities.2 Corporate and other bonds and corporate stocks.Note,—Gold is valued at SDR35 per ounce, throughout The SDR value is converted to dollars at $1/SDR before December 1971, at$1.08571/SDR from December 1971 through January 1973, at $1.20635/SDR from February 1973 through June 1974, and as measuredby the basket vafuation of the SDR beginning July 1974.Source: Department of Commerce, Bureau of Economic Analysis.349
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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
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TABLE B-47.—Sales and inventories
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TABLE B-49.—Manufacturers' new an
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TABLE B-51.—Consumer price indexe
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19391940194119421943194419451946194
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TABLE B-54.—Changes in special co
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TABLE B-55.—Producer price indexe
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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 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 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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