Economic Report of the President

COVER......Page 1
CONTENTS......Page 4
ECONOMIC REPORT OF THE PRESIDENT......Page 5
THE ANNUAL REPORT OF THE COUNCIL OF ECONOMIC ADVISERS......Page 13
CHAPTER 1. TO RESCUE, REBALANCE, AND REBUILD......Page 25
CHAPTER 2. RESCUING THE ECONOMY FROM THE GREAT RECESSION......Page 39
CHAPTER 3 CRISIS AND RECOVERY IN THE WORLD ECONOMY......Page 81
CHAPTER 4. SAVING AND INVESTMENT......Page 112
CHAPTER 5. ADDRESSING THE LONG-RUN FISCAL CHALLENGE......Page 135
CHAPTER 6. BUILDING A SAFER FINANCIAL SYSTEM......Page 156
CHAPTER 7. REFORMING HEALTH CARE......Page 178
CHAPTER 8. STRENGTHENING THE AMERICAN LABOR FORCE......Page 209
CHAPTER 9. TRANSFORMING THE ENERGY SECTOR AND ADDRESSING CLIMATE CHANGE......Page 231
CHAPTER 10. FOSTERING PRODUCTIVITY GROWTH THROUGH INNOVATION AND TRADE......Page 255
REFERENCES......Page 281
APPENDIX A. REPORT TO THE PRESIDENT ON THE ACTIVITIES OF THE COUNCIL OF ECONOMIC ADVISERS DURING 2009......Page 300
APPENDIX B. STATISTICAL TABLES RELATING TO INCOME, EMPLOYMENT, AND PRODUCTION......Page 314
CONTENTS......Page 315
Table B–1. Gross domestic product, 1960–2009......Page 321
Table B–2. Real gross domestic product, 1960–2009......Page 323
Table B–3. Quantity and price indexes for gross domestic product, and percent changes,1960–2009......Page 325
Table B–4. Percent changes in real gross domestic product, 1960–2009......Page 326
Table B–5. Contributions to percent change in real gross domestic product, 1960–2009......Page 327
Table B–6. Chain-type quantity indexes for gross domestic product, 1960–2009......Page 329
Table B–7. Chain-type price indexes for gross domestic product, 1960–2009......Page 331
Table B–8. Gross domestic product by major type of product, 1960–2009......Page 333
Table B–9. Real gross domestic product by major type of product, 1960–2009......Page 334
Table B–10. Gross value added by sector, 1960–2009......Page 335
Table B–11. Real gross value added by sector, 1960–2009......Page 336
Table B–12. Gross domestic product (GDP) by industry, value added, in current dollars andas a percentage of GDP, 1979–2008......Page 337
Table B–13. Real gross domestic product by industry, value added, and percent changes,1979–2008......Page 339
Table B–14. Gross value added of nonfinancial corporate business, 1960–2009......Page 341
Table B–15. Gross value added and price, costs, and profits of nonfinancial corporatebusiness, 1960–2009......Page 342
Table B–16. Personal consumption expenditures, 1960–2009......Page 343
Table B–17. Real personal consumption expenditures, 1995–2009......Page 344
Table B–18. Private fixed investment by type, 1960–2009......Page 345
Table B–19. Real private fixed investment by type, 1995–2009......Page 346
Table B–20. Government consumption expenditures and gross investment by type,1960–2009......Page 347
Table B–21. Real government consumption expenditures and gross investment by type,1995–2009......Page 348
Table B–22. Private inventories and domestic final sales by industry, 1960–2009......Page 349
Table B–23. Real private inventories and domestic final sales by industry, 1960–2009......Page 350
Table B–24. Foreign transactions in the national income and product accounts, 1960–2009......Page 351
Table B–25. Real exports and imports of goods and services, 1995–2009......Page 352
Table B–26. Relation of gross domestic product, gross national product, net nationalproduct, and national income, 1960–2009......Page 353
Table B–27. Relation of national income and personal income, 1960–2009......Page 354
Table B–28. National income by type of income, 1960–2009......Page 355
Table B–29. Sources of personal income, 1960–2009......Page 357
Table B–30. Disposition of personal income, 1960–2009......Page 359
Table B–31. Total and per capita disposable personal income and personal consumptionexpenditures, and per capita gross domestic product, in current and real dollars, 1960–2009......Page 360
Table B–32. Gross saving and investment, 1960–2009......Page 361
Table B–33. Median money income (in 2008 dollars) and poverty status of families andpeople, by race, selected years, 1996–2008......Page 363
Table B–34. Population by age group, 1933–2009......Page 364
Table B–35. Civilian population and labor force, 1929–2009......Page 365
Table B–36. Civilian employment and unemployment by sex and age, 1962–2009......Page 367
Table B–37. Civilian employment by demographic characteristic, 1962–2009......Page 368
Table B–38. Unemployment by demographic characteristic, 1962–2009......Page 369
Table B–39. Civilian labor force participation rate and employment/population ratio,1962–2009......Page 370
Table B–40. Civilian labor force participation rate by demographic characteristic, 1968–2009......Page 371
Table B–41. Civilian employment/population ratio by demographic characteristic, 1968–2009......Page 372
Table B–42. Civilian unemployment rate, 1962–2009......Page 373
Table B–43. Civilian unemployment rate by demographic characteristic, 1968–2009......Page 374
Table B–44. Unemployment by duration and reason, 1962–2009......Page 375
Table B–45. Unemployment insurance programs, selected data, 1980–2009......Page 376
Table B–46. Employees on nonagricultural payrolls, by major industry, 1962–2009......Page 377
Table B–47. Hours and earnings in private nonagricultural industries, 1962–2009......Page 379
Table B–48. Employment cost index, private industry, 1995–2009......Page 380
Table B–49. Productivity and related data, business and nonfarm business sectors, 1960–2009......Page 381
Table B–50. Changes in productivity and related data, business and nonfarm businesssectors, 1960–2009......Page 382
Table B–51. Industrial production indexes, major industry divisions, 1962–2009......Page 383
Table B–52. Industrial production indexes, market groupings, 1962–2009......Page 384
Table B–53. Industrial production indexes, selected manufacturing industries, 1967–2009......Page 385
Table B–54. Capacity utilization rates, 1962–2009......Page 386
Table B–55. New construction activity, 1964–2009......Page 387
Table B–56. New private housing units started, authorized, and completed and houses sold,1962–2009......Page 388
Table B–57. Manufacturing and trade sales and inventories, 1968–2009......Page 389
Table B–58. Manufacturers’ shipments and inventories, 1968–2009......Page 390
Table B–59. Manufacturers’ new and unfilled orders, 1968–2009......Page 391
Table B–60. Consumer price indexes for major expenditure classes, 1965–2009......Page 392
Table B–61. Consumer price indexes for selected expenditure classes, 1965–2009......Page 393
Table B–62. Consumer price indexes for commodities, services, and special groups,1965–2009......Page 395
Table B–63. Changes in special consumer price indexes, 1965–2009......Page 396
Table B–64. Changes in consumer price indexes for commodities and services, 1933–2009......Page 397
Table B–65. Producer price indexes by stage of processing, 1965–2009......Page 398
Table B–66. Producer price indexes by stage of processing, special groups, 1974–2009......Page 400
Table B–67. Producer price indexes for major commodity groups, 1965–2009......Page 401
Table B–68. Changes in producer price indexes for finished goods, 1969–2009......Page 403
Table B–69. Money stock and debt measures, 1970–2009......Page 404
Table B–70. Components of money stock measures, 1970–2009......Page 405
Table B–71. Aggregate reserves of depository institutions and the monetary base, 1979–2009......Page 407
Table B–72. Bank credit at all commercial banks, 1972–2009......Page 408
Table B–73. Bond yields and interest rates, 1929–2009......Page 409
Table B–74. Credit market borrowing, 2001–2009......Page 411
Table B–75. Mortgage debt outstanding by type of property and of financing, 1950–2009......Page 413
Table B–76. Mortgage debt outstanding by holder, 1950–2009......Page 414
Table B–77. Consumer credit outstanding, 1959–2009......Page 415
Table B–78. Federal receipts, outlays, surplus or deficit, and debt, fiscal years, 1943–2011......Page 416
Table B–79. Federal receipts, outlays, surplus or deficit, and debt, as percent of grossdomestic product, fiscal years 1937–2011......Page 417
Table B–80. Federal receipts and outlays, by major category, and surplus or deficit, fiscal years1943–2011......Page 418
Table B–81. Federal receipts, outlays, surplus or deficit, and debt, fiscal years 2006–2011......Page 419
Table B–82. Federal and State and local government current receipts and expenditures,national income and product accounts (NIPA), 1960–2009......Page 420
Table B–83. Federal and State and local government current receipts and expenditures,national income and product accounts (NIPA), by major type, 1960–2009......Page 421
Table B–84. Federal Government current receipts and expenditures, national income andproduct accounts (NIPA), 1960–2009......Page 422
Table B–85. State and local government current receipts and expenditures, national incomeand product accounts (NIPA), 1960–2009......Page 423
Table B–86. State and local government revenues and expenditures, selected fiscal years,1942–2007......Page 424
Table B–87. U.S. Treasury securities outstanding by kind of obligation, 1970–2009......Page 425
Table B–88. Maturity distribution and average length of marketable interest-bearing publicdebt securities held by private investors, 1970–2009......Page 426
Table B–89. Estimated ownership of U.S. Treasury securities, 2000–2009......Page 427
Table B–90. Corporate profits with inventory valuation and capital consumptionadjustments, 1960–2009......Page 428
Table B–91. Corporate profits by industry, 1960–2009......Page 429
Table B–92. Corporate profits of manufacturing industries, 1960–2009......Page 430
Table B–93. Sales, profits, and stockholders’ equity, all manufacturing corporations,1968–2009......Page 431
Table B–94. Relation of profits after taxes to stockholders’ equity and to sales, allmanufacturing corporations, 1959–2009......Page 432
Table B–95. Historical stock prices and yields, 1949–2003......Page 433
Table B–96. Common stock prices and yields, 2000–2009......Page 434
Table B–97. Farm income, 1948–2009......Page 435
Table B–98. Farm business balance sheet, 1952–2009......Page 436
Table B–99. Farm output and productivity indexes, 1948–2008......Page 437
Table B–100. Farm input use, selected inputs, 1948–2009......Page 438
Table B–101. Agricultural price indexes and farm real estate value, 1975–2009......Page 439
Table B–102. U.S. exports and imports of agricultural commodities, 1950–2009......Page 440
Table B–103. U.S. international transactions, 1946–2009......Page 441
Table B–104. U.S. international trade in goods by principal end-use category, 1965–2009......Page 443
Table B–105. U.S. international trade in goods by area, 2001–2009......Page 444
Table B–106. U.S. international trade in goods on balance of payments (BOP) and Censusbasis, and trade in services on BOP basis, 1981–2009......Page 445
Table B–107. International investment position of the United States at year-end, 2001–2008......Page 446
Table B–108. Industrial production and consumer prices, major industrial countries,1982–2009......Page 447
Table B–109. Civilian unemployment rate, and hourly compensation, major industrialcountries, 1982–2009......Page 448
Table B–110. Foreign exchange rates, 1988–2009......Page 449
Table B–111. International reserves, selected years, 1972–2009......Page 450
Table B–112. Growth rates in real gross domestic product, 1991–2010......Page 451