ECONOMIC REPORT OF THE PRESIDENT

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Table B–14. Employees on nonagricultural payrolls, by major industry, 1972–2016—Continued [Thousands of jobs; monthly data seasonally adjusted] Private industries—Continued Government Year or month Information Private service-providing industries—Continued Financial activities Professional and business services Education and health services Leisure and hospitality Other services Total Federal State Local 1972 2,056 3,784 5,523 4,863 5,121 1,900 13,465 2,815 2,859 7,790 1973 2,135 3,920 5,774 5,092 5,341 1,990 13,862 2,794 2,923 8,146 1974 2,160 4,023 5,974 5,322 5,471 2,078 14,303 2,858 3,039 8,407 1975 2,061 4,047 6,034 5,497 5,544 2,144 14,820 2,882 3,179 8,758 1976 2,111 4,155 6,287 5,756 5,794 2,244 15,001 2,863 3,273 8,865 1977 2,185 4,348 6,587 6,052 6,065 2,359 15,258 2,859 3,377 9,023 1978 2,287 4,599 6,972 6,427 6,411 2,505 15,812 2,893 3,474 9,446 1979 2,375 4,843 7,312 6,768 6,631 2,637 16,068 2,894 3,541 9,633 1980 2,361 5,025 7,544 7,077 6,721 2,755 16,375 3,000 3,610 9,765 1981 2,382 5,163 7,782 7,364 6,840 2,865 16,180 2,922 3,640 9,619 1982 2,317 5,209 7,848 7,526 6,874 2,924 15,982 2,884 3,640 9,458 1983 2,253 5,334 8,039 7,781 7,078 3,021 16,011 2,915 3,662 9,434 1984 2,398 5,553 8,464 8,211 7,489 3,186 16,159 2,943 3,734 9,482 1985 2,437 5,815 8,871 8,679 7,869 3,366 16,533 3,014 3,832 9,687 1986 2,445 6,128 9,211 9,086 8,156 3,523 16,838 3,044 3,893 9,901 1987 2,507 6,385 9,608 9,543 8,446 3,699 17,156 3,089 3,967 10,100 1988 2,585 6,500 10,090 10,096 8,778 3,907 17,540 3,124 4,076 10,339 1989 2,622 6,562 10,555 10,652 9,062 4,116 17,927 3,136 4,182 10,609 1990 2,688 6,614 10,848 11,024 9,288 4,261 18,415 3,196 4,305 10,914 1991 2,677 6,561 10,714 11,556 9,256 4,249 18,545 3,110 4,355 11,081 1992 2,641 6,559 10,970 11,948 9,437 4,240 18,787 3,111 4,408 11,267 1993 2,668 6,742 11,495 12,362 9,732 4,350 18,989 3,063 4,488 11,438 1994 2,738 6,910 12,174 12,872 10,100 4,428 19,275 3,018 4,576 11,682 1995 2,843 6,866 12,844 13,360 10,501 4,572 19,432 2,949 4,635 11,849 1996 2,940 7,018 13,462 13,761 10,777 4,690 19,539 2,877 4,606 12,056 1997 3,084 7,255 14,335 14,185 11,018 4,825 19,664 2,806 4,582 12,276 1998 3,218 7,565 15,147 14,570 11,232 4,976 19,909 2,772 4,612 12,525 1999 3,419 7,753 15,957 14,939 11,543 5,087 20,307 2,769 4,709 12,829 2000 3,630 7,783 16,666 15,252 11,862 5,168 20,790 2,865 4,786 13,139 2001 3,629 7,900 16,476 15,814 12,036 5,258 21,118 2,764 4,905 13,449 2002 3,395 7,956 15,976 16,398 11,986 5,372 21,513 2,766 5,029 13,718 2003 3,188 8,078 15,987 16,835 12,173 5,401 21,583 2,761 5,002 13,820 2004 3,118 8,105 16,394 17,230 12,493 5,409 21,621 2,730 4,982 13,909 2005 3,061 8,197 16,954 17,676 12,816 5,395 21,804 2,732 5,032 14,041 2006 3,038 8,367 17,566 18,154 13,110 5,438 21,974 2,732 5,075 14,167 2007 3,032 8,348 17,942 18,676 13,427 5,494 22,218 2,734 5,122 14,362 2008 2,984 8,206 17,735 19,228 13,436 5,515 22,509 2,762 5,177 14,571 2009 2,804 7,838 16,579 19,630 13,077 5,367 22,555 2,832 5,169 14,554 2010 2,707 7,695 16,728 19,975 13,049 5,331 22,490 2,977 5,137 14,376 2011 2,674 7,697 17,332 20,318 13,353 5,360 22,086 2,859 5,078 14,150 2012 2,676 7,784 17,932 20,769 13,768 5,430 21,920 2,820 5,055 14,045 2013 2,706 7,886 18,515 21,086 14,254 5,483 21,853 2,769 5,046 14,037 2014 2,726 7,977 19,062 21,439 14,696 5,567 21,882 2,733 5,064 14,084 2015 2,750 8,124 19,672 22,055 15,128 5,625 22,007 2,754 5,103 14,149 2015: Jan 2,734 8,061 19,370 21,731 14,924 5,599 21,954 2,743 5,092 14,119 Feb 2,738 8,070 19,409 21,790 14,989 5,607 21,967 2,747 5,096 14,124 Mar 2,735 8,082 19,436 21,828 14,989 5,605 21,961 2,747 5,094 14,120 Apr 2,745 8,089 19,505 21,905 15,010 5,614 21,971 2,750 5,096 14,125 May 2,747 8,098 19,585 21,962 15,059 5,622 21,988 2,752 5,096 14,140 June 2,751 8,117 19,661 22,017 15,089 5,619 21,990 2,752 5,099 14,139 July 2,756 8,137 19,707 22,075 15,125 5,631 22,022 2,751 5,098 14,173 Aug 2,753 8,150 19,742 22,137 15,158 5,622 22,049 2,753 5,106 14,190 Sept 2,766 8,153 19,782 22,192 15,208 5,626 22,036 2,754 5,113 14,169 Oct 2,771 8,164 19,873 22,270 15,261 5,637 22,027 2,752 5,114 14,161 Nov 2,753 8,182 19,921 22,315 15,307 5,648 22,028 2,758 5,110 14,160 Dec 2,763 8,190 19,981 22,378 15,342 5,660 22,040 2,768 5,108 14,164 2016: Jan 2,763 8,207 19,979 22,404 15,376 5,657 22,053 2,763 5,107 14,183 Feb 2,774 8,215 20,014 22,481 15,413 5,675 22,064 2,765 5,108 14,191 Mar 2,782 8,229 20,045 22,527 15,431 5,681 22,083 2,771 5,111 14,201 Apr 2,782 8,250 20,102 22,574 15,446 5,684 22,080 2,767 5,109 14,204 May 2,741 8,266 20,134 22,620 15,449 5,676 22,105 2,783 5,104 14,218 June 2,782 8,283 20,182 22,672 15,502 5,689 22,138 2,787 5,115 14,236 July 2,777 8,300 20,266 22,714 15,538 5,693 22,169 2,790 5,110 14,269 Aug 2,776 8,318 20,294 22,770 15,548 5,702 22,213 2,797 5,116 14,300 Sept 2,781 8,320 20,381 22,808 15,556 5,715 22,216 2,800 5,120 14,296 Oct p 2,778 8,329 20,429 22,852 15,571 5,718 22,223 2,808 5,112 14,303 Nov p 2,768 8,335 20,492 22,896 15,600 5,722 22,245 2,811 5,117 14,317 Note (cont’d): employed when they are not at work because of industrial disputes, bad weather, etc., even if they are not paid for the time off; which are based on a sample of the working-age population; and which count persons only once—as employed, unemployed, or not in the labor force. In the data shown here, persons who work at more than one job are counted each time they appear on a payroll. Establishment data for employment, hours, and earnings are classified based on the 2012 North American Industry Classification System (NAICS). For further description and details see Employment and Earnings. Source: Department of Labor (Bureau of Labor Statistics). Labor Market Indicators | 581
Year or month Table B–15. Hours and earnings in private nonagricultural industries, 1972–2016 [Monthly data seasonally adjusted] Average weekly hours Average hourly earnings Current dollars 1982–84 dollars 2 All employees Production and nonsupervisory employees 1 Current dollars Average weekly earnings Level 1982–84 dollars 2 Percent change from year earlier Current dollars 1982–84 dollars 2 Average weekly hours Average hourly earnings Current dollars 1982–84 dollars 3 Current dollars Average weekly earnings Level 1982–84 dollars 3 Percent change from year earlier Current dollars 1982–84 dollars 3 1972 36.9 $3.90 $9.26 $143.87 $341.73 8.0 4.4 1973 36.9 4.14 9.26 152.59 341.36 6.1 –.1 1974 36.4 4.43 8.93 161.61 325.83 5.9 –4.5 1975 36.0 4.73 8.74 170.29 314.77 5.4 –3.4 1976 36.1 5.06 8.85 182.65 319.32 7.3 1.4 1977 35.9 5.44 8.93 195.58 321.15 7.1 .6 1978 35.8 5.88 8.96 210.29 320.56 7.5 –.2 1979 35.6 6.34 8.67 225.69 308.74 7.3 –3.7 1980 35.2 6.85 8.26 241.07 290.80 6.8 –5.8 1981 35.2 7.44 8.14 261.53 286.14 8.5 –1.6 1982 34.7 7.87 8.12 273.10 281.84 4.4 –1.5 1983 34.9 8.20 8.22 286.43 287.00 4.9 1.8 1984 35.1 8.49 8.22 298.26 288.73 4.1 .6 1985 34.9 8.74 8.18 304.62 284.96 2.1 –1.3 1986 34.7 8.93 8.22 309.78 285.25 1.7 .1 1987 34.7 9.14 8.12 317.39 282.12 2.5 –1.1 1988 34.6 9.44 8.07 326.48 279.04 2.9 –1.1 1989 34.5 9.80 7.99 338.34 275.97 3.6 –1.1 1990 34.3 10.20 7.91 349.63 271.03 3.3 –1.8 1991 34.1 10.51 7.83 358.46 266.91 2.5 –1.5 1992 34.2 10.77 7.79 368.20 266.43 2.7 –.2 1993 34.3 11.05 7.78 378.89 266.64 2.9 .1 1994 34.5 11.34 7.79 391.17 268.66 3.2 .8 1995 34.3 11.65 7.78 400.04 267.05 2.3 –.6 1996 34.3 12.04 7.81 413.25 268.17 3.3 .4 1997 34.5 12.51 7.94 431.86 274.02 4.5 2.2 1998 34.5 13.01 8.15 448.59 280.90 3.9 2.5 1999 34.3 13.49 8.27 463.15 283.79 3.2 1.0 2000 34.3 14.02 8.30 480.99 284.78 3.9 .3 2001 34.0 14.54 8.38 493.74 284.58 2.7 –.1 2002 33.9 14.96 8.50 506.54 287.97 2.6 1.2 2003 33.7 15.37 8.55 517.76 287.96 2.2 .0 2004 33.7 15.68 8.50 528.81 286.62 2.1 –.5 2005 33.8 16.12 8.44 544.00 284.82 2.9 –.6 2006 33.9 16.75 8.50 567.06 287.70 4.2 1.0 2007 34.4 $20.92 $10.09 $719.88 $347.19 33.8 17.42 8.59 589.18 290.57 3.9 1.0 2008 34.3 21.56 10.01 739.05 343.26 2.7 –1.1 33.6 18.06 8.56 607.42 287.80 3.1 –1.0 2009 33.8 22.18 10.34 750.09 349.63 1.5 1.9 33.1 18.61 8.88 615.96 293.83 1.4 2.1 2010 34.1 22.56 10.35 769.66 352.96 2.6 1.0 33.4 19.05 8.90 636.19 297.33 3.3 1.2 2011 34.3 23.03 10.24 791.07 351.68 2.8 –.4 33.6 19.44 8.77 652.89 294.66 2.6 –.9 2012 34.5 23.50 10.24 809.83 352.72 2.4 .3 33.7 19.74 8.73 665.65 294.24 2.0 –.1 2013 34.4 23.96 10.29 825.37 354.30 1.9 .4 33.7 20.13 8.78 677.73 295.53 1.8 .4 2014 34.5 24.47 10.34 845.00 356.94 2.4 .7 33.7 20.61 8.85 694.91 298.54 2.5 1.0 2015 34.5 25.03 10.56 864.59 364.78 2.3 2.2 33.7 21.04 9.08 709.13 305.91 2.0 2.5 2015: Jan 34.6 24.76 10.54 856.70 364.62 2.8 3.0 33.8 20.81 9.06 703.38 306.13 2.9 3.9 Feb 34.6 24.80 10.53 858.08 364.50 2.8 2.9 33.8 20.83 9.05 704.05 305.73 2.8 3.6 Mar 34.5 24.87 10.54 858.02 363.79 1.9 1.9 33.7 20.89 9.05 703.99 305.05 2.0 2.5 Apr 34.5 24.91 10.55 859.40 363.85 2.3 2.5 33.7 20.93 9.06 705.34 305.26 2.0 2.8 May 34.5 24.97 10.54 861.47 363.68 2.3 2.3 33.6 20.99 9.05 705.26 304.24 1.8 2.3 June 34.5 24.96 10.51 861.12 362.69 2.0 1.8 33.6 21.00 9.04 705.60 303.70 1.7 2.0 July 34.6 25.03 10.53 866.04 364.29 2.5 2.3 33.7 21.05 9.05 709.39 304.91 2.0 2.3 Aug 34.6 25.12 10.57 869.15 365.65 2.6 2.4 33.7 21.11 9.08 711.41 305.91 1.8 2.1 Sept 34.5 25.14 10.59 867.33 365.21 2.4 2.4 33.7 21.12 9.10 711.74 306.62 2.1 2.8 Oct 34.5 25.21 10.59 869.75 365.52 2.6 2.4 33.7 21.21 9.12 714.78 307.34 2.4 2.9 Nov 34.5 25.27 10.60 871.82 365.85 2.1 1.7 33.7 21.23 9.11 715.45 307.16 2.0 2.0 Dec 34.5 25.26 10.61 871.47 366.10 2.3 1.7 33.8 21.26 9.14 718.59 309.05 2.6 2.2 2016: Jan 34.6 25.38 10.66 878.15 368.80 2.5 1.1 33.7 21.33 9.18 718.82 309.26 2.2 1.0 Feb 34.4 25.39 10.68 873.42 367.44 1.8 .8 33.7 21.35 9.21 719.50 310.54 2.2 1.6 Mar 34.4 25.45 10.70 875.48 367.97 2.0 1.1 33.6 21.40 9.22 719.04 309.94 2.1 1.6 Apr 34.4 25.53 10.69 878.23 367.63 2.2 1.0 33.6 21.46 9.21 721.06 309.42 2.2 1.4 May 34.4 25.59 10.69 880.30 367.71 2.2 1.1 33.6 21.48 9.20 721.73 309.08 2.3 1.6 June 34.4 25.62 10.68 881.33 367.36 2.3 1.3 33.6 21.52 9.20 723.07 309.01 2.5 1.7 July 34.4 25.71 10.72 884.42 368.80 2.1 1.2 33.7 21.59 9.24 727.58 311.22 2.6 2.1 Aug 34.3 25.74 10.71 882.88 367.41 1.6 .5 33.6 21.62 9.23 726.43 310.18 2.1 1.4 Sept 34.4 25.81 10.71 887.86 368.40 2.4 .9 33.6 21.67 9.22 728.11 309.85 2.3 1.1 Oct p 34.4 25.92 10.72 891.65 368.66 2.5 .9 33.6 21.71 9.20 729.46 309.17 2.1 .6 Nov p 34.4 25.89 890.62 2.2 33.6 21.73 730.13 2.1 1 Production employees in goods-producing industries and nonsupervisory employees in service-providing industries. These groups account for four-fifths of the total employment on private nonfarm payrolls. 2 Current dollars divided by the consumer price index for all urban consumers (CPI-U) on a 1982–84=100 base. 3 Current dollars divided by the consumer price index for urban wage earners and clerical workers (CPI-W) on a 1982–84=100 base. Note: See Note, Table B–14. Source: Department of Labor (Bureau of Labor Statistics). 582 | Appendix B
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ECONOMIC REPORT OF THE PRESIDENT To
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C O N T E N T S ECONOMIC REPORT OF
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economic report of the president To
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eforms in history. Banks have sharp
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the annual report of the council of
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C O N T E N T S CHAPTER 1: EIGHT YE
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. THE ECONOMIC RATIONALE FOR FEDERA
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2.4. Government Purchases as Share
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4.iii. Premium for the Benchmark Pl
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6.18. Systemic Risk (SRISK) 2005-20
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C H A P T E R 1 EIGHT YEARS OF RECO
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Figure 1-1 Actual and Consensus For
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Figure 1-3 Real Hourly Wage Growth
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Figure 1-4 Real GDP per Capita: Eur
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Figure 1-6 Household Net Worth in t
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Figure 1-8 Global Trade Flows in th
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Subsequent revisions to fourth-quar
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Percent 6 Figure 1-9 Fiscal Expansi
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substantial costs to the Federal Go
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worked to promote innovation and in
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expansion, a period of low producti
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The 2017 Economic Report of the Pre
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Chapter 4: Reforming the Health Car
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to the ACA and other factors. The A
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than 98 percent of Americans should
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Figure 1-13 Borrowers in Income Dri
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success of the financial rescue and
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einforced U.S. leadership in the ru
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Partnership (OGP), a global partner
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Figure 1-16 Labor Productivity Grow
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Labor Force Participation Household
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number of steps to ensure that econ
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C H A P T E R 2 THE YEAR IN REVIEW
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Percent 11 Figure 2-1 Unemployment
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allowing for additional investments
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Percentage Point 0.6 0.4 Figure 2-3
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public, largely highway constructio
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The size of the Federal Reserve’s
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Figure 2-5 Private-Sector Payroll E
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fell 80 percent from September 2014
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Figure 2-8 Rates of Part-Time Work,
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Figure 2-v Prime-Age Male Labor For
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Output Real GDP grew 1.6 percent ov
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Figure 2-11 Compensation and Consum
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Table 2-i Optimal Weighting for Hou
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esults suggest that, to a first app
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Figure 2-viii Real GDP, Average and
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Figure 2-13 Consumer Sentiment and
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Figure 2-xi Household Debt Service,
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Ratio to Annual DPI 1.10 1.05 Figur
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Figure 2-17 National House Price In
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Index 220 Figure 2-19 Housing Affor
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Figure 2-21 Composition of Growth i
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Figure 2-23 Capital Services per Un
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Box 2-7: Explanations for the Recen
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Figure 2-xv Business Fixed Investme
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Figure 2-26 Foreign Real GDP and U.
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somewhat generalizable (Box 2-8), b
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prices weakened and the global econ
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inadequate demand has contributed t
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Figure 2-31 Nominal Wage Inflation
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Figure 2-33 Real Hourly Wage Growth
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Index 6 Figure 2-36 Financial Condi
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Percent 4.0 Figure 2-38 Nominal Lon
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Dollars per Barrel 80 Figure 2-40 B
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Figure 2-41 IMF World Real GDP Grow
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against the Mexican peso, the Chine
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United Kingdom It has been a turbul
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for example, Japan has grown almost
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Figure 2-45 Credit to Nonfinancial
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Meanwhile, core inflation (excludin
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kept rates low across a wide range
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Investments in surface transportati
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Table 2-2 Supply-Side Components of
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Conclusion The economy continued to
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not increased from 1973 to 2013, in
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developments; individual behavior;
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action affecting income inequality
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have occurred. In doing so, these p
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Percent 24 21 18 15 12 9 6 African
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without the policy response.5 These
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Box 3-2: Income Inequality and the
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unable to obtain insurance at any p
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Figure 3-7B Percent 50 Uninsured Ra
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and have not expanded Medicaid foun
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Box 3-3: Safety Net Policies as Ins
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Millions of People 18 Figure 3-8 Im
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Figure 3-9 Effective Tax Rates for
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Box 3-4: Additional Actions to Make
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$294 million in newly appropriated
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15 10 5 0 -5 -10 -15 Figure 3-12 Pe
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Administration with those of previo
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as a share of potential GDP by Pres
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Figure 3-17 Changes in the Distribu
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30 25 20 15 10 5 0 Single Source: C
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ate on capital gains and dividends
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C H A P T E R 4 REFORMING THE HEALT
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eneficiaries have received cumulati
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form of lower premium costs and ind
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Percent 25 20 Creation of Medicare
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Figure 4-3 Health Insurance Coverag
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90 80 70 60 50 40 30 20 10 0 25 55
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Percent Uninsured 25 CHIP Created 2
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Legislative actions subsequent to C
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Percent Uninsured 40 35 Figure 4-7
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ecause of the ACA’s provision all
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Box 4-2: Dynamics in the Individual
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projected during the debate over th
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whelming majority of Marketplace en
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Figure 4-v Change in Benchmark Prem
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20 Figure 4-10 Share of Workers in
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percent during the decade preceding
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Panel A: Share with a Personal Doct
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Box 4-3: Interpreting Results from
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Fortunately, the OHIE is not the on
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Figure 4-14 Uncompensated Care as a
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Figure 4-15 Uninsured Rate by Popul
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Figure 4-17 Monthly Gain in Private
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Change in Working-Age Employment to
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this cross-sectional relationship b
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ecent discussions of macroeconomic
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Figure 4-23 Life Expectancy at Birt
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Figure 4-24 Mortality Rate vs. Medi
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more to cover Medicare patients tha
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example, through CMMI, the Administ
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orient payment around the entirety
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Percent of Payments 60 Figure 4-26
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covered under ACO contracts at the
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Additional Steps to Reform the Heal
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legislation that overrides the reco
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Figure 4-28 Health Care Price Infla
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Figure 4-30 Trends in Real Prices f
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average growth rate of real per enr
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Figure 4-34 Growth in Real Costs fo
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made a large, readily quantifiable
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in states experiencing weaker and s
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distribution, holding fixed both sp
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individuals among individuals 65 an
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Figure 4-40 Average Real Deductible
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Figure 4-41 Real Per-Enrollee Presc
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educe the growth rate of Medicare s
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improvements will strengthen ACOs
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-5 0 -2 Figure 4-42 Cumulative Perc
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Woolhandler 2015). These analysts a
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productivity on the job. These bene
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Figure 4-46 Premiums and Cost Shari
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(KFF 2016). Another fifth of tradit
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2030 2028 2026 2024 2022 2020 2018
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C H A P T E R 5 INVESTING IN HIGHER
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Gainful Employment regulations. To
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Thousands of 2015 Dollars 900 800 7
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externalities, credit constraints,
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Figure 5-4 Earnings by Age and Educ
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Figure 5-5 Variation in Earnings by
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Box 5-1: Anti-Poverty Efforts and E
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careers. Some of the effects of the
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eligibility cutoff likewise finds s
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Box 5-2: Federal Investments in K-1
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Evaluations of early local Promise
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America’s College Promise Playboo
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Dollars 45,000 40,000 35,000 30,000
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pre-payment penalty. Second, by tyi
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equirements, pushed efforts associa
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Figure 5-16 Size of Outstanding Loa
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Figure 5-17 Average Monthly Payment
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Figure 5-18 Distribution of Key Out
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Figure 5-20 Earnings by Family Inco
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to student needs and improve test s
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Box 5-5: Making Sure Students Enter
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prior, the early FAFSA reform helps
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Figure 5-ii Number of Institutions
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Figure 5-23 Gainful Employment Earn
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Additionally, Pell Grants can be be
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C H A P T E R 6 STRENGTHENING THE F
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with no easy way to get the funds f
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public has limited information, run
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value added of the sector has gradu
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managers. Thus, after fees, savers
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Too Many Resources in Finance? Beyo
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of the firm after the purchase affe
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Percent 100 Figure 6-2 Mortgage Ori
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Figure 6-4 Case-Shiller Home Price
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Figure 6-7 Global OTC Derivative Ma
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consumer and investor protections.
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Figure 6-iv Top 5 Banks as Share of
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cult to replace with services from
Page 380 and 381:
Are U.S. Banks Too Big? The questio
Page 382 and 383:
The three federal banking agencies
Page 384 and 385:
Risk Taking The Dodd-Frank Act took
Page 386 and 387:
Box 6-3: The Performance of Communi
Page 388 and 389:
Figure 6-ix Return on Assets of Ban
Page 390 and 391:
egulators can take a more holistic
Page 392 and 393:
Figure 6-13 Repo and Reverse Repo,
Page 394 and 395:
Figure 6-15 Private Funds Reporting
Page 396 and 397:
Days 60 Figure 6-16 Weighted-Averag
Page 398 and 399:
Figure 6-18 Systemic Risk (SRISK),
Page 400 and 401:
In the absence of another financial
Page 402 and 403:
lower funding costs in 2007-09, “
Page 404 and 405:
through the Dodd-Frank Act and othe
Page 406 and 407:
Prior to the financial crisis, one
Page 408 and 409:
asis.24 One of the advantages of ce
Page 410 and 411:
findings from the NRSRO examination
Page 412 and 413:
Prior to the crisis, enforcement of
Page 414 and 415:
Box 6-5: Addressing the Problem of
Page 416 and 417:
Table 6-i Sources of Investment Adv
Page 418 and 419:
financial system and the systems of
Page 420 and 421:
Box 6-6: The JOBS Act While it was
Page 422 and 423:
Figure 6-23 S&P 500, 2003-2016 Inde
Page 424 and 425:
Figure 6-27 Mortgage Delinquency an
Page 426:
It created the FSOC to consider ris
Page 429 and 430:
energy efficient and lower greenhou
Page 431 and 432:
of domestic actions to reduce green
Page 433 and 434:
people and vegetation (U.S. Global
Page 435 and 436:
investment are much higher than the
Page 437 and 438:
Delaying Action on Climate Change I
Page 439 and 440:
uses and land management activities
Page 441 and 442:
Carbon Pollution Standards for Powe
Page 443 and 444:
a projected range of $16 billion to
Page 445 and 446:
these resulted in insignificant cha
Page 447 and 448:
Figure 7-4 Corporate Average Fuel E
Page 449 and 450:
diesel fuel and jet fuel. The Vehic
Page 451 and 452:
Box 7-3: Building Resilience to Cur
Page 453 and 454:
sources in the oil and gas sector,
Page 455 and 456:
emissions and total greenhouse gas
Page 457 and 458:
Figure 7-7 Energy Intensity of Real
Page 459 and 460:
Figure 7-10 U.S. Petroleum Consumpt
Page 461 and 462:
Figure 7-12 Energy Intensity Transp
Page 463 and 464:
Figure 7-14c Energy Intensity Comme
Page 465 and 466:
Figure 7-16 U.S. Energy Consumption
Page 467 and 468:
2008 to 7 percent in 2015. Figure 7
Page 469 and 470:
Index, 2008 =0 0.1 0.0 -0.1 Figure
Page 471 and 472:
Figure 7-23 Decomposition of Emissi
Page 473 and 474:
three determinants of emissions? If
Page 475 and 476:
Percent 100 80 Figure 7-26 Sectoral
Page 477 and 478:
characteristics, and management tre
Page 479 and 480:
oil and gas sector) were subsequent
Page 481 and 482:
while creating new jobs and raising
Page 483 and 484:
such as using similar methodologies
Page 485 and 486:
Box 7-4: Supporting Increased Penet
Page 487 and 488:
sector, the fee would incentivize p
Page 489 and 490:
to be used to decompose emissions i
Page 491 and 492:
Reinvestment Act.” NBER Working P
Page 493 and 494:
D’Amico, Stefania, et al. 2012.
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______. 2016. “Chapter 3: Develop
Page 497 and 498:
Chetty, Raj, et al. 2014. “Where
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NBER Working Paper 22170. Cambridge
Page 501 and 502:
American Hospital Association and H
Page 503 and 504:
Cantor, Joel C., et al. 2012. “Ea
Page 505 and 506:
______. 2012a. “Direct Spending a
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Dranove, David, Craig Garthwaite, a
Page 509 and 510:
Wars: Global Solutions for Developi
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Huang, Jidong, and Frank J. Chaloup
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McWilliams, J. Michael. 2016. “Ch
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Pinkovskiy, Maxim. 2014. “The Imp
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______. 2016. “Certification of M
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Arcidiacono, Peter, V. Joseph Hotz,
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Bulman, George, and Caroline Hoxby.
Page 523 and 524:
______. 2015a. “Economic Costs of
Page 525 and 526:
Dobbie, Will, and Roland G. Fryer J
Page 527 and 528:
Committee on Health, Education, Lab
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Jepsen, Christopher, Kenneth Troske
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Marcotte, Dave E., et al. 2005. “
Page 533 and 534:
Reynolds, Arthur J., et al. 2011.
Page 535 and 536: Chapter 6 Acharya, Viral. V., Deniz
Page 537 and 538: Fama, Eugene F., and Kenneth R. Fre
Page 539 and 540: Wheelock, David C., and Paul W. Wil
Page 541 and 542: ______. 2016a. “The Economics of
Page 543 and 544: ______. 2016c. Short Term Energy Ou
Page 545 and 546: Interagency Working Group on the So
Page 547 and 548: Office of Management and Budget (OM
Page 550: A P P E N D I X A REPORT TO THE PRE
Page 553 and 554: Council Members and Their Dates of
Page 556 and 557: Report to the President on the Acti
Page 558 and 559: consulting with a wide variety of o
Page 560 and 561: In October, the Council released a
Page 562 and 563: Research Economists David Boddy . .
Page 564: A P P E N D I X B STATISTICAL TABLE
Page 567 and 568: GOVERNMENT FINANCE, INTEREST RATES,
Page 569 and 570: Year or quarter Table B-1. Percent
Page 571 and 572: Table B-2. Gross domestic product,
Page 573 and 574: Table B-3. Quantity and price index
Page 575 and 576: Table B-5. Real exports and imports
Page 577 and 578: Year Total Table B-7. Real farm inc
Page 579 and 580: Table B-9. Median money income (in
Page 581 and 582: Labor Market Indicators Table B-11.
Page 583 and 584: Year or month Table B-12. Civilian
Page 585: Table B-14. Employees on nonagricul
Page 589 and 590: Government Finance, Interest Rates,
Page 591 and 592: Table B-19. Federal receipts and ou
Page 593 and 594: Table B-21. Federal and State and l
Page 595 and 596: Table B-23. U.S. Treasury securitie
Page 597 and 598: Year and month Bills (at auction) 1
Page 599: Year and month Table B-26. Money st
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