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TABLE B–31.—Total and per capita disposable personal income and personal consumption expendituresin current and real dollars, 1959–98[Quarterly data at seasonally adjusted annual rates, except as noted]Year orquarterDisposable personal income Personal consumption expenditures Gross domesticproductTotal (billions ofdollars)Per capita(dollars)Total (billions ofdollars)Per capita(dollars)per capita(dollars)CurrentdollarsChained(1992)dollarsCurrentdollarsChained(1992)dollarsCurrentdollarsChained(1992)dollarsCurrentdollarsChained(1992)dollarsCurrentdollarsChained(1992)dollarsPopulation(thousands)11959 ............ 349.9 1,533.9 1,975 8,660 318.1 1,394.6 1,796 7,873 2,864 12,478 177,1301960 ............ 363.8 1,569.2 2,013 8,681 332.2 1,432.6 1,838 7,926 2,913 12,519 180,7601961 ............ 379.7 1,619.4 2,066 8,814 342.6 1,461.5 1,865 7,954 2,965 12,595 183,7421962 ............ 402.2 1,697.5 2,156 9,098 363.4 1,533.8 1,948 8,220 3,136 13,156 186,5901963 ............ 422.0 1,759.3 2,229 9,294 383.0 1,596.6 2,023 8,434 3,261 13,520 189,3001964 ............ 458.5 1,885.8 2,389 9,825 411.4 1,692.3 2,144 8,817 3,455 14,112 191,9271965 ............ 494.8 2,003.9 2,546 10,311 444.3 1,799.1 2,286 9,257 3,700 14,825 194,3471966 ............ 534.7 2,110.6 2,720 10,735 481.9 1,902.0 2,451 9,674 4,007 15,612 196,5991967 ............ 572.9 2,202.3 2,882 11,081 509.5 1,958.6 2,563 9,854 4,194 15,835 198,7521968 ............ 622.5 2,302.1 3,101 11,468 559.8 2,070.2 2,789 10,313 4,536 16,408 200,7451969 ............ 669.4 2,377.2 3,302 11,726 604.7 2,147.5 2,982 10,593 4,845 16,739 202,7361970 ............ 728.1 2,469.0 3,550 12,039 648.1 2,197.8 3,160 10,717 5,050 16,566 205,0891971 ............ 791.5 2,568.3 3,811 12,366 702.5 2,279.5 3,383 10,975 5,419 16,900 207,6921972 ............ 856.8 2,685.7 4,082 12,794 770.7 2,415.9 3,671 11,508 5,894 17,637 209,9241973 ............ 967.0 2,875.2 4,562 13,566 851.6 2,532.6 4,018 11,950 6,524 18,479 211,9391974 ............ 1,056.8 2,854.2 4,941 13,344 931.2 2,514.7 4,353 11,756 6,998 18,192 213,8981975 ............ 1,162.6 2,903.6 5,383 13,444 1,029.1 2,570.0 4,765 11,899 7,550 17,936 215,9811976 ............ 1,277.1 3,017.6 5,856 13,837 1,148.8 2,714.3 5,268 12,446 8,341 18,721 218,0861977 ............ 1,406.1 3,115.4 6,383 14,142 1,277.1 2,829.8 5,797 12,846 9,201 19,400 220,2891978 ............ 1,585.8 3,276.0 7,123 14,715 1,428.8 2,951.6 6,418 13,258 10,292 20,226 222,6291979 ............ 1,775.7 3,365.5 7,888 14,951 1,593.5 3,020.2 7,079 13,417 11,361 20,571 225,1061980 ............ 1,980.5 3,385.7 8,697 14,867 1,760.4 3,009.7 7,730 13,216 12,226 20,265 227,7261981 ............ 2,208.3 3,464.9 9,601 15,064 1,941.3 3,046.4 8,440 13,245 13,547 20,524 230,0081982 ............ 2,352.7 3,491.1 10,132 15,034 2,076.8 3,081.5 8,943 13,270 13,961 19,896 232,2181983 ............ 2,525.1 3,583.7 10,776 15,293 2,283.4 3,240.6 9,744 13,829 14,998 20,499 234,3321984 ............ 2,815.9 3,850.0 11,912 16,286 2,492.3 3,407.6 10,543 14,415 16,508 21,744 236,3941985 ............ 3,003.2 3,960.3 12,592 16,604 2,704.8 3,566.5 11,341 14,954 17,529 22,320 238,5061986 ............ 3,179.7 4,076.8 13,211 16,939 2,892.7 3,708.7 12,019 15,409 18,374 22,801 240,6821987 ............ 3,363.6 4,154.7 13,851 17,109 3,094.5 3,822.3 12,743 15,740 19,323 23,264 242,8421988 ............ 3,646.9 4,325.3 14,881 17,650 3,349.7 3,972.7 13,669 16,211 20,605 23,934 245,0611989 ............ 3,901.6 4,411.7 15,771 17,833 3,594.8 4,064.6 14,531 16,430 21,984 24,504 247,3871990 ............ 4,171.4 4,489.6 16,689 17,962 3,839.3 4,132.2 15,360 16,532 22,979 24,549 249,9561991 ............ 4,340.9 4,483.5 17,179 17,744 3,975.1 4,105.8 15,732 16,249 23,416 24,060 252,6801992 ............ 4,605.1 4,605.1 18,029 18,029 4,219.8 4,219.8 16,520 16,520 24,447 24,447 255,4321993 ............ 4,791.1 4,666.7 18,558 18,077 4,459.2 4,343.6 17,273 16,825 25,403 24,750 258,1611994 ............ 5,018.9 4,772.9 19,251 18,308 4,717.0 4,486.0 18,093 17,207 26,647 25,357 260,7051995 ............ 5,277.0 4,906.0 20,050 18,640 4,953.9 4,605.6 18,822 17,499 27,621 25,691 263,1941996 ............ 5,534.7 5,043.0 20,840 18,989 5,215.7 4,752.4 19,639 17,894 28,849 26,338 265,5791997 ............ 5,795.1 5,183.1 21,633 19,349 5,493.7 4,913.5 20,508 18,342 30,278 27,138 267,8801993: I ......... 4,669.6 4,585.6 18,159 17,832 4,365.4 4,286.8 16,976 16,671 25,061 24,608 257,151II ........ 4,780.5 4,666.8 18,545 18,104 4,428.1 4,322.8 17,177 16,769 25,250 24,671 257,785III ....... 4,810.2 4,679.5 18,607 18,101 4,488.6 4,366.6 17,363 16,891 25,432 24,732 258,516IV ....... 4,903.9 4,735.0 18,920 18,268 4,554.9 4,398.0 17,574 16,968 25,866 24,989 259,1911994: I ......... 4,807.5 4,683.6 18,752 18,032 4,616.6 4,439.4 17,774 17,092 26,158 25,120 259,738II ........ 4,982.6 4,760.9 19,138 18,286 4,680.5 4,472.2 17,978 17,178 26,546 25,352 260,351III ....... 5,064.2 4,795.2 19,400 18,369 4,750.6 4,498.2 18,199 17,232 26,764 25,396 261,040IV ....... 5,158.2 4,852.1 19,711 18,541 4,820.2 4,534.1 18,419 17,326 27,115 25,559 261,6921995: I ......... 5,212.3 4,883.0 19,876 18,621 4,862.5 4,555.3 18,542 17,371 27,345 25,616 262,235II ........ 5,234.7 4,876.0 19,915 18,551 4,931.5 4,593.6 18,762 17,476 27,434 25,582 262,847III ....... 5,294.5 4,909.1 20,091 18,628 4,986.4 4,623.4 18,922 17,544 27,719 25,726 263,527IV ....... 5,366.8 4,956.1 20,316 18,761 5,035.3 4,650.0 19,061 17,602 27,982 25,839 264,1691996: I ......... 5,434.6 4,992.0 20,533 18,860 5,108.2 4,692.1 19,299 17,727 28,318 26,001 264,680II ........ 5,496.7 5,018.4 20,722 18,919 5,199.0 4,746.6 19,600 17,894 28,761 26,329 265,258III ....... 5,577.3 5,072.8 20,976 19,079 5,242.5 4,768.3 19,717 17,934 28,972 26,402 265,887IV ....... 5,630.1 5,089.0 21,127 19,096 5,313.2 4,802.6 19,938 18,021 29,338 26,617 266,4911997: I ......... 5,711.2 5,130.8 21,391 19,217 5,402.4 4,853.4 20,235 18,178 29,795 26,843 266,987II ........ 5,767.9 5,167.5 21,558 19,315 5,438.8 4,872.7 20,329 18,213 30,138 27,048 267,545III ....... 5,821.8 5,198.4 21,709 19,385 5,540.3 4,947.0 20,660 18,447 30,468 27,263 268,171IV ....... 5,879.4 5,235.8 21,871 19,478 5,593.2 4,981.0 20,807 18,529 30,707 27,397 268,8151998: I ......... 5,937.1 5,287.1 22,046 19,632 5,676.5 5,055.1 21,078 18,770 31,132 27,718 269,309II ........ 5,988.9 5,321.5 22,192 19,719 5,773.7 5,130.2 21,394 19,010 31,277 27,786 269,867III ....... 6,052.4 5,364.1 22,373 19,829 5,846.7 5,181.8 21,612 19,155 31,561 27,970 270,5231Population of the United States including Armed Forces overseas; includes Alaska and Hawaii beginning 1960. Annual data are averagesof quarterly data. Quarterly data are averages for the period.Source: Department of Commerce (Bureau of <strong>Economic</strong> Analysis and Bureau of the Census).363
TABLE B–32.—Gross saving and investment, 1959–98[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]Gross savingYear orquarterTotalTotalPersonalsavingGross private savingTotal 1Gross business savingUndistributedcorporateprofits 2Corporateand noncorporateconsumptionoffixedcapitalTotalTotalGross government savingFederalConsumptionoffixedcapitalCurrentsurplusordeficit(¥)TotalState and localConsumptionoffixedcapitalCurrentsurplusordeficit(¥)Capitalgrantsreceivedby theUnitedStates(net) 31959 ........ 108.5 82.3 25.2 57.1 16.5 40.5 26.2 12.8 10.2 2.6 13.5 3.9 9.6 ................1960 ........ 113.4 81.6 24.2 57.4 15.3 42.1 31.8 17.8 10.5 7.4 14.0 4.0 9.9 ................1961 ........ 116.3 88.0 29.2 58.8 15.7 43.1 28.3 13.6 10.7 2.9 14.7 4.3 10.4 ................1962 ........ 126.8 96.5 30.4 66.1 21.5 44.6 30.3 14.0 11.2 2.8 16.3 4.6 11.7 ................1963 ........ 134.9 99.8 29.5 70.2 24.0 46.2 35.1 17.2 11.8 5.4 17.9 4.9 13.0 ................1964 ........ 145.3 112.3 36.4 75.9 27.3 48.7 32.9 13.0 12.1 .9 19.9 5.2 14.7 ................1965 ........ 160.4 123.8 38.7 85.1 33.1 52.0 36.6 15.9 12.5 3.4 20.8 5.7 15.1 ................1966 ........ 171.1 131.9 40.1 91.9 35.2 56.7 39.2 15.6 13.0 2.6 23.5 6.3 17.3 ................1967 ........ 173.8 144.1 49.9 94.2 32.7 61.5 29.7 5.6 13.9 −8.3 24.1 6.8 17.3 ................1968 ........ 185.1 145.4 47.8 97.6 30.2 67.3 39.7 12.0 14.9 −2.8 27.6 7.6 20.0 ................1969 ........ 202.1 148.2 47.9 100.3 26.0 74.2 53.9 24.3 15.6 8.7 29.6 8.5 21.1 ................1970 ........ 197.3 163.8 62.0 101.8 20.7 81.2 32.6 2.2 16.2 −14.1 30.4 9.6 20.8 0.91971 ........ 214.3 189.7 69.9 119.8 30.5 88.9 23.9 −8.5 16.9 −25.3 32.4 10.7 21.7 .71972 ........ 243.9 201.7 65.2 136.5 39.0 97.8 41.5 −2.4 18.2 −20.5 43.9 11.7 32.2 .71973 ........ 296.4 241.3 91.5 149.7 42.7 107.1 55.1 8.7 19.9 −11.1 46.4 13.0 33.4 01974 ........ 301.2 251.7 100.2 151.5 27.0 124.5 51.5 5.1 22.0 −16.9 46.5 16.0 30.5 6−2.01975 ........ 297.3 301.2 107.8 193.5 47.2 146.3 −3.9 −49.9 24.0 −73.9 46.0 18.4 27.6 01976 ........ 340.0 316.5 100.4 216.1 54.8 161.3 23.5 −31.9 25.4 −57.2 55.3 19.4 35.9 01977 ........ 394.7 348.6 97.2 251.4 70.5 181.0 46.1 −19.3 27.0 −46.3 65.4 20.7 44.7 01978 ........ 476.9 404.5 118.2 286.3 79.5 206.8 72.4 −2.8 28.9 −31.7 75.1 22.5 52.6 01979 ........ 540.6 448.8 136.2 312.5 72.6 239.9 90.7 13.0 31.5 −18.4 77.7 25.4 52.3 1.11980 ........ 547.2 489.2 169.1 320.1 44.1 276.0 56.8 −26.8 34.1 −61.0 83.6 29.2 54.4 1.21981 ........ 650.8 581.7 207.2 374.4 56.4 318.1 68.1 −20.6 37.1 −57.8 88.7 33.3 55.4 1.11982 ........ 604.3 609.6 210.9 398.7 52.5 346.2 −5.3 −92.8 41.9 −134.7 87.5 36.2 51.3 01983 ........ 589.0 618.4 169.7 448.7 83.6 365.2 −29.4 −131.8 42.6 −174.4 102.4 37.5 64.9 01984 ........ 750.7 736.7 241.5 495.2 116.8 378.4 14.0 −111.9 44.1 −156.0 125.9 39.0 86.9 01985 ........ 745.6 730.5 207.4 523.1 123.6 399.4 15.2 −116.9 46.1 −162.9 132.0 41.0 91.0 01986 ........ 719.8 708.9 188.6 520.3 95.9 424.4 10.8 −127.9 49.6 −177.5 138.8 43.9 94.9 01987 ........ 779.6 726.0 168.9 557.1 110.0 447.1 53.6 −77.2 51.7 −128.9 130.8 47.1 83.8 01988 ........ 876.0 807.2 195.2 612.0 134.0 478.0 68.8 −67.0 54.3 −121.3 135.8 49.9 85.9 01989 ........ 906.3 814.3 194.8 619.5 104.3 515.1 92.0 −56.4 57.0 −113.4 148.4 53.3 95.1 01990 ........ 903.1 860.3 213.3 647.0 112.7 534.3 42.7 −94.0 60.7 −154.7 136.7 56.6 80.1 01991 ........ 934.0 930.6 243.5 687.1 130.8 556.4 3.3 −132.2 63.9 −196.0 135.5 59.6 75.8 01992 ........ 904.3 970.7 264.1 706.6 137.1 585.4 −66.5 −215.0 65.9 −280.9 148.6 62.3 86.3 01993 ........ 949.5 979.3 210.3 769.0 170.1 594.5 −29.8 −182.7 67.9 −250.7 152.9 65.5 87.4 01994 ........ 1,079.2 1,030.2 176.8 853.4 201.4 638.6 49.0 −117.2 69.5 −186.7 166.2 69.4 96.8 01995 ........ 1,187.4 1,106.2 179.8 926.4 256.1 657.0 81.2 −103.7 70.7 −174.4 184.8 73.2 111.7 01996 ........ 1,274.5 1,114.5 158.5 956.0 262.4 684.3 160.0 −39.6 70.6 −110.3 199.6 77.1 122.6 01997 ........ 1,406.3 1,141.6 121.0 1,020.6 296.7 720.1 264.7 49.5 70.6 −21.1 215.2 81.1 134.1 01993: I ...... 932.0 1,001.1 181.2 819.9 159.2 590.5 −69.1 −211.2 67.0 −278.2 142.1 64.3 77.8 0II .... 942.1 977.3 231.0 746.3 158.3 588.0 −35.2 −181.7 67.5 −249.2 146.5 65.2 81.3 0III ... 943.8 973.3 200.5 772.8 171.8 601.1 −29.4 −182.2 68.4 −250.6 152.7 65.8 86.9 0IV ... 980.1 965.6 228.7 736.9 191.0 598.1 14.5 −155.8 68.8 −224.6 170.4 66.6 103.7 01994: I ...... 1,062.4 1,048.6 132.3 916.3 178.7 685.2 13.8 −139.9 69.1 −209.0 153.7 69.0 84.7 0II .... 1,065.5 995.7 179.3 816.4 201.2 614.9 69.7 −93.6 69.6 −163.2 163.3 68.5 94.8 0III ... 1,071.0 1,021.2 188.1 833.1 209.5 623.3 49.7 −118.3 69.3 −187.6 168.0 69.6 98.4 0IV ... 1,118.0 1,055.3 207.5 847.8 216.2 631.2 62.7 −117.0 69.8 −186.8 179.7 70.4 109.3 01995: I ...... 1,161.5 1,098.7 214.9 883.8 229.3 641.1 62.8 −119.4 70.3 −189.6 182.1 71.7 110.4 0II .... 1,153.8 1,075.8 164.0 911.8 247.3 651.1 78.0 −107.2 70.7 −177.9 185.2 72.6 112.6 0III ... 1,190.4 1,110.0 162.4 947.6 275.0 659.2 80.4 −106.2 70.7 −176.9 186.6 73.6 113.0 0IV ... 1,224.0 1,140.5 178.0 962.5 272.7 676.4 103.5 −82.0 71.0 −153.0 185.4 74.7 110.7 01996: I ...... 1,233.0 1,119.4 173.5 945.9 264.4 672.2 113.6 −79.4 70.7 −150.1 193.0 75.7 117.3 0II .... 1,255.3 1,091.6 140.5 951.1 262.6 679.2 163.7 −41.9 70.7 −112.6 205.6 76.5 129.1 0III ... 1,298.8 1,128.6 172.2 956.4 258.7 688.5 170.2 −29.6 70.5 −100.1 199.8 77.5 122.3 0IV ... 1,311.0 1,118.4 147.6 970.8 264.2 697.3 192.5 −7.6 70.7 −78.3 200.2 78.5 121.7 01997: I ...... 1,353.9 1,126.3 135.4 990.9 281.4 705.8 227.5 19.6 70.8 −51.2 207.9 79.5 128.4 0II .... 1,416.3 1,169.5 151.9 1,017.6 299.0 715.0 246.9 36.1 70.9 −34.8 210.7 80.6 130.1 0III ... 1,427.0 1,139.0 98.5 1,040.5 311.5 725.2 288.0 70.0 70.3 −.3 218.0 81.4 136.6 0IV .. 1,428.0 1,131.6 98.2 1,033.4 295.0 734.7 296.4 72.3 70.2 2.2 224.1 82.7 141.4 01998: I ...... 1,482.5 1,130.1 73.0 1,057.1 312.0 741.1 352.4 128.7 69.9 58.8 223.7 83.5 140.2 0II .... 1,448.5 1,079.0 25.6 1,053.4 300.9 748.5 369.4 143.9 69.5 74.4 225.6 84.3 141.3 0III ... 1,474.5 1,078.7 12.6 1,066.1 304.8 757.3 395.7 161.6 69.6 92.0 234.2 85.4 148.7 01Includes private wage accruals less disbursements not shown separately.2With inventory valuation and capital consumption adjustments.3Consists mainly of allocations of special drawing rights (SDRs).See next page for continuation of table.364
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EconomicReportof thePresidentTransm
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C O N T E N T SPageECONOMIC REPORT
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ECONOMIC REPORT OF THE PRESIDENTTo
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Once we have saved Social Security,
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THE ANNUAL REPORTOF THECOUNCIL OF E
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C O N T E N T SPageCHAPTER 1. MEETI
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PageCHAPTER 5. REGULATION AND INNOV
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Page2-3. Accounting for Growth in R
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Page6-5. Terms of Trade ...........
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CHAPTER 1Meeting Challenges and Bui
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Box 1-1.—The Dating of Business C
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Chart 1-1 Core Inflation and Unempl
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expansion prematurely. In fact, the
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the duration of the typical unemplo
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throughout that decade of peace and
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all individuals aged 65 and older r
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extent that it would reduce Social
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the vulnerability of the internatio
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access. Even so, international agre
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eliminated entirely, because the go
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Nevertheless, adjustment assistance
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CHAPTER 2Macroeconomic Policyand Pe
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Then the chapter explores two other
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target Federal funds rate brought t
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high of 66.8 percent in the third q
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the third-quarter deceleration and
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(that is, excluding food and energy
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probably would have increased by ab
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Equities clearly involve risk as we
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highest level in at least 40 years
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attributed to the lesser liquidity
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971231 980106 980112 980116 980122
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about the potential impact of large
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With respect to leverage, the degre
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noted earlier, investment-grade bor
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Chart 2-8 Corporate Profits and Net
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is attributable to the strong econo
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productivity; the latter is in turn
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the year 2000, mistaking it instead
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Box 2-2.—continuedare not expecte
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construct an accurate forecasting m
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is estimated as the location where
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the recent surge in productivity re
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Box 2-3.—continuedhowever. Import
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Chart 2-12 Three Measures of Core I
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a level of capacity utilization tha
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Box 2-4.—continuedChanges to be i
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Nonfarm manufacturing and trade inv
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has been for the past 3 years. But
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who have traditionally not fared as
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Box 3-1.—continuedas well as full
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and been replaced by younger, more
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Particularly interesting, however,
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Chart 3-5 Median Hourly Wages of Me
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In fact, in 1990 immigrants and nat
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Box 3-2.—continuedsome firms may
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Box 3-3.—continuedmaximum of $3,7
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willing to hire welfare recipients
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participation. The renewed increase
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TANF grants in reserve at the Treas
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JOB DISPLACEMENTWorkers are conside
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evidence finds that the percentage
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their non-labor market activities.
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The Administration is especially co
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CHAPTER 4Work, Retirement, and theE
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Chart 4-1 Life Expectancy at Age 65
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Population aging is not just an Ame
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Box 4-1.—continuedfor couples and
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earlier retirement, by increasing l
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uyouts may also have contributed to
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Box 4-2.—Social Security RulesThe
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available with the same hourly pay,
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Box 4-4.—Types of Pension PlansUn
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worker—declined. More of these ol
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survey) was about 13 percent higher
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well-being is that families have di
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Chart 4-9 Living Arrangements of El
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mentioned earlier in this chapter a
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Box 4-7.—The Federal Role in Empl
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inequality among retirees who have
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whether minorities and women are li
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TABLE 4-4.—Poverty Rates Among th
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TABLE 4-6.—Family Holdings of Fin
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variety of reasons, including the f
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the number of patents granted in th
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The United States has a decades-lon
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matter, depending on various condit
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company Roche Holdings, Ltd. Some o
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The antitrust authorities’ linkin
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espective Writings and Discoveries.
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Box 5-3.—Cooperative Innovation a
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machine owned by another. The disti
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companies begin to offer DSL servic
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and compete for customers on the ba
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In another part of the Internet mar
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technology at hand. But incentive-b
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the flexibility to choose lower cos
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In contrast to both performance and
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The SO 2 experience reveals several
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Box 5-7.—The Partnership for a Ne
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Consumers’ investment in energy e
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clean-energy projects in developing
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Chart 5-2 Energy Efficiency and Pri
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equipment, and more than 90 percent
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Box 5-9.—Is There an Environmenta
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larger coal plants. In 1994 these t
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around the country, and seven other
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other social goals. The fund would
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greater opportunity, faster growth,
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Chart 6-1 Net Capital Flows to Deve
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Box 6-1.—The Explosive Growth of
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Recent Financial LiberalizationIn m
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and investment (although openness t
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Box 6-2.—Market-Based (Arm’s-Le
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conditionality in the face of unsou
Page 232 and 233:
Box 6-4.—Sovereign Spreads in Eme
Page 234 and 235:
social safety nets in the crisis co
Page 236 and 237:
Box 6-5.—Moral Hazard in Financia
Page 238 and 239:
Empirical studies confirm that, by
Page 240 and 241:
withdrew $26 billion in 1997. Altho
Page 242 and 243:
America, and these linkages partly
Page 244 and 245:
8.5 percent of GDP in 1998. Indones
Page 246 and 247:
sary revenues to meet these extra i
Page 248 and 249:
which is considered a monetary asse
Page 250 and 251:
ates at home, they sought higher re
Page 252 and 253:
Chart 6-3 Real Value of the Dollar
Page 254 and 255:
The increase in the trade deficit a
Page 256 and 257:
Chart 6-6 Current Account BalanceTh
Page 258 and 259:
Chart 6-7 Economic Growth and Trade
Page 260 and 261:
investment. The U.S. gross investme
Page 262 and 263:
Chart 6-10 Current Account Deficit
Page 264 and 265:
with other countries to strengthen
Page 266 and 267:
REFORM OF THE INTERNATIONAL FINANCI
Page 268 and 269:
about their macroeconomic and finan
Page 270 and 271:
decisions respond to market signals
Page 272 and 273:
Other measures recommended by the w
Page 274 and 275:
ADOPTION OF MEASURES TO REFORM THEI
Page 276 and 277:
Another way to improve global surve
Page 278 and 279:
Issues Posed by Hedge Funds and Oth
Page 280 and 281:
the best investment opportunities,
Page 282 and 283:
egulation of inflows to banks alone
Page 284 and 285:
complement the role of official fin
Page 286 and 287:
emerging markets will take time to
Page 288 and 289:
Box 7-1.—continuedpartner; a stro
Page 290 and 291:
Chart 7-1 European Short-Term Inter
Page 292 and 293:
members agreed in a separate Growth
Page 294 and 295:
Box 7-2.—continuedthrough an auto
Page 296 and 297:
advantages of EMU to U.S. residents
Page 298 and 299:
Box 7-3.—How Does the Dollar Rank
Page 300 and 301:
connection between the currency in
Page 302 and 303:
as an economic superpower early in
Page 304 and 305:
Appendix AREPORT TO THE PRESIDENT O
Page 306 and 307:
Council Members and Their Dates of
Page 308 and 309: The Chair and Members work as a tea
Page 310 and 311: countries. The Council heads the U.
Page 312 and 313: Chief of Staff and General CounselM
Page 314 and 315: affiliations. They are Christopher
Page 316 and 317: C O N T E N T SNATIONAL INCOME OR E
Page 318 and 319: B-71. Aggregate reserves of deposit
Page 320 and 321: General NotesDetail in these tables
Page 322 and 323: TABLE B-1.—Gross domestic product
Page 324 and 325: TABLE B-2.—Real gross domestic pr
Page 326 and 327: TABLE B-4.—Percent changes in rea
Page 328 and 329: TABLE B-5.—Contributions to perce
Page 330 and 331: TABLE B-6.—Chain-type quantity in
Page 332 and 333: TABLE B-7.—Chain-type price index
Page 334 and 335: TABLE B-9.—Real gross domestic pr
Page 336 and 337: Year orquarterGrossdomesticproductT
Page 338 and 339: YearBased on1972 SIC:TABLE B-13.—
Page 340 and 341: TABLE B-15.—Output, costs, and pr
Page 342 and 343: TABLE B-17.—Real personal consump
Page 344 and 345: TABLE B-19.—Real private gross fi
Page 346 and 347: TABLE B-21.—Real government consu
Page 348 and 349: TABLE B-23.—Real inventories and
Page 350 and 351: TABLE B-25.—Real exports and impo
Page 352 and 353: TABLE B-27.—Relation of national
Page 354 and 355: TABLE B-28.—National income by ty
Page 356 and 357: TABLE B-29.—Sources of personal i
Page 360 and 361: TABLE B-32.—Gross saving and inve
Page 362 and 363: POPULATION, EMPLOYMENT, WAGES, AND
Page 364 and 365: TABLE B-35.—Civilian population a
Page 366 and 367: TABLE B-37.—Civilian employment b
Page 368 and 369: TABLE B-39.—Civilian labor force
Page 370 and 371: TABLE B-41.—Civilian employment/p
Page 372 and 373: TABLE B-43.—Civilian unemployment
Page 374 and 375: TABLE B-45.—Unemployment insuranc
Page 376 and 377: TABLE B-46.—Employees on nonagric
Page 378 and 379: TABLE B-48.—Employment cost index
Page 380 and 381: Year orquarterTABLE B-50.—Changes
Page 382 and 383: Year or monthTABLE B-52.—Industri
Page 384 and 385: TABLE B-54.—Capacity utilization
Page 386 and 387: Year or monthTABLE B-56.—New hous
Page 388 and 389: TABLE B-58.—Manufacturers’ ship
Page 390 and 391: PRICESTABLE B-60.—Consumer price
Page 392 and 393: TABLE B-61.—Consumer price indexe
Page 394 and 395: TABLE B-63.—Changes in special co
Page 396 and 397: TABLE B-65.—Producer price indexe
Page 402 and 403: YearandmonthMONEY STOCK, CREDIT, AN
Page 404 and 405: TABLE B-70.—Components of money s
Page 406 and 407: TABLE B-72.—Bank credit at all co
Page 408 and 409:
TABLE B-73.—Bond yields and inter
Page 410 and 411:
TABLE B-74.—Credit market borrowi
Page 412 and 413:
TABLE B-76.—Mortgage debt outstan
Page 414 and 415:
GOVERNMENT FINANCETABLE B-78.—Fed
Page 416 and 417:
TABLE B-80.—Federal receipts and
Page 418 and 419:
TABLE B-82.—Federal Government re
Page 420 and 421:
TABLE B-84.—Federal and State and
Page 422 and 423:
TABLE B-86.—State and local gover
Page 424 and 425:
TABLE B-88.—Maturity distribution
Page 426 and 427:
CORPORATE PROFITS AND FINANCETABLE
Page 428 and 429:
TABLE B-92.—Corporate profits of
Page 430 and 431:
TABLE B-94.—Relation of profits a
Page 432 and 433:
Year or monthTABLE B-96.—Business
Page 434 and 435:
End of yearTotalassetsTABLE B-98.
Page 436 and 437:
YearFarm population,April 1Number(t
Page 438 and 439:
YearTABLE B-102.—U.S. exports and
Page 440 and 441:
TABLE B-103.—U.S. international t
Page 442 and 443:
TABLE B-105.—U.S. international t
Page 444 and 445:
TABLE B-107.—International invest
Page 446 and 447:
TABLE B-109.—Civilian unemploymen
Page 448 and 449:
TABLE B-111.—International reserv
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