COSTS OF DEFICIENT ECONOMIC GROWTH
U.S. ECONOMY, 1953-1968 AND 1969-1977

Based upon true level of unemployment concept, including full-time unemployment, full-time equivalent of part-time unemployment, and concealed unemployment (nonparticipation in civilian labor force) due to scarcity of job opportunity.

Basic Data: Dept. of Commerce; Dept. of Labor

Chart 2

LONG-TERM TRENDS IN PRODUCTIVITY
U.S. PRIVATE ECONOMY, 1910-1969
Average Annual Rate of Growth in Output per Man-hour
for the Entire Private Economy

Chart

2n deriving these percentages, the Civilian Labor Force is estimated as the officially reported Civilian Labor Force plus concealed unemployment. Full-time unemployment of 2.9% and true unemployment of 4.1 % would be consistent with maximum employment. Data for 1953-1966 relate to persons 14 years of age and older; 1967-1969 relate to persons 16 years and older.

Basic Data: Dept. of Commerce; Dept. of Labor

Chart 6

GOALS FOR THE US. ECONOMY, 1972 & 1977
PROJECTED FROM LEVELS IN 1968

The single projections relate to goals of such high priority that they should not be reduced even if only
the lower goals for GNP are attained. In that event, lower priority objectives should be modified accordingly.