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Chart 7Exchange Rates for SelectedIndustrial CountriesINDEX, 1973 = 100 (RATIO SCALE)140_ UNITED STATES12080 I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i1974 1975 1976120 JAPAN140 GERMANYI I I I I I I I I I I I I I I I I I I I I1974 1975 19768 0 I i i i i i I i i i i i i i i i I i i i I i i i i i I i i i i i1974 1975 1976100i i t i i I i i i i i i i i i i I i i i i i i i i i i i i i i i1974 1975 1976NOTE: INDEXES ARE BASED ON TRADE-WEIGHTED AVERAGE EXCHANGE RATES AND ARE FOR THELAST WEEK IN THE MONTH.SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.116
Chart 7—ContinuedINDEX, 1973=100 (RATIO SCALE)140Exchange Rates for SelectedIndustrial Countries80 i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i120FRANCE80 i i i i i I i i i i i I i i i i i I i i i6 0 i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i100UNITED KINGDOM806 0 I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i1974 1975 1976NOTE: INDEXES ARE BASED ON TRADE-WEIGHTED AVERAGE EXCHANGE RATES AND ARE FOR THELAST WEEK IN THE MONTH.SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.117
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ECONOMICTRANSMITTEDTO THE CONGRESSJ
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CONTENTSPageECONOMIC REPORT OF THE
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ECONOMIC REPORT OF THE PRESIDENTTo
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manent tax rate reductions. My prop
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will help shield us from disruption
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executive branch must undertake a c
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lasting implications of the changes
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THE PRESIDENT:LETTER OF TRANSMITTAL
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CHAPTER 2. ECONOMIC REVIEW OF 1976
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List of Tables and Charts—Continu
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CHAPTER 1Economic Policy and Outloo
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GENERAL POLICY PRINCIPLESTo assure
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3. Economic initiatives should be b
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TABLE 1.—The market value and the
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on investment would increase with i
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MONETARY POLICYThe Federal Reserve
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like the latter part of 1976. The 4
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PRIVATE CONSUMPTIONThe growth of re
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NET EXPORTSIn real terms net export
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LABOR FORGE AND UNEMPLOYMENTIt is e
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led to large first-year catchup inc
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Consumer prices of fuels during 197
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other workers. Productivity is meas
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Since the mid-1950s a dramatic chan
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women's labor force participation;
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The full-employment benchmark has b
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Chart 4Gross National Product, Actu
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groups can be a useful supplement t
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TABLE 7.—Changes in gross nationa
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Relative price movements were appar
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August was followed by a 20 percent
Page 71 and 72: main price indexes were significant
Page 73 and 74: A broader measure of labor costs, c
Page 75 and 76: TABLE 13.—Output, profits, net in
Page 77 and 78: TABLE 15.—Federal Government rece
Page 79 and 80: In the unified budget the total sho
Page 81 and 82: The permanent changes in the Tax Re
Page 83 and 84: tial output and the full-employment
Page 85 and 86: For this reason, although the rate
Page 87 and 88: quarter a year later. The actual gr
Page 89 and 90: Partly as a result of the desire of
Page 91 and 92: widespread among demographic groups
Page 93 and 94: of longer-term trends. Over the pas
Page 95 and 96: ment and earnings show little cycli
Page 97 and 98: production or real GNP, and this al
Page 99 and 100: percent from 1973. The cost of petr
Page 101 and 102: COMMODITY MARKETS AND FOOD PRICESWo
Page 103 and 104: TABLE 25.—Real income per farm an
Page 105 and 106: While circumstances have enabled a
Page 107 and 108: The policy actions taken in 1975 an
Page 109 and 110: TABLE 27.—Changes in industrial p
Page 111 and 112: States some underspending by public
Page 113 and 114: continued strong domestically gener
Page 115 and 116: GENERAL DEMAND TRENDSEconomic devel
Page 117 and 118: PUBLIC SECTOR DEFICITSThe economic
Page 119 and 120: insurance funds. The requirement th
Page 121: TABLE 29.—Export shares in trade
Page 125 and 126: widened and the possibility of borr
Page 127 and 128: Chart 8—ContinuedInterest Rates i
Page 129 and 130: Where stabilization policies are pe
Page 131 and 132: Germany grew more in line with outp
Page 133 and 134: TABLE 32.—Estimated disposition o
Page 135 and 136: ates, and tax changes that facilita
Page 137 and 138: facility is designed to help countr
Page 139 and 140: is necessary that the strongest eco
Page 141 and 142: A freezing of relative prices, eith
Page 143 and 144: implicit and explicit subsidies bui
Page 145 and 146: qualitative conclusions. For exampl
Page 147 and 148: For some youths unemployment is inv
Page 149 and 150: may be as low as 10 percent. Thus t
Page 151 and 152: large subsidies through the tax cre
Page 153 and 154: in the transportation and public ut
Page 155 and 156: trust exemption permits motor carri
Page 157 and 158: purchase less expensive air travel.
Page 159 and 160: produced with higher-cost energy so
Page 161 and 162: of establishing efficient methods o
Page 163 and 164: in the future. Consequently current
Page 165 and 166: demand and supply at support prices
Page 167 and 168: with stringent controls on peanut a
Page 169 and 170: aspects of the tax system which imp
Page 171 and 172: TABLE 35—Change in aUer-tax inter
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and raise the return to capital inc
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come, social security encourages pe
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LETTER OF TRANSMITTALCOUNCIL OF ECO
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RESPONSIBILITIES OF THE COUNCILThe
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the Administration's economic polic
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member of the senior staff, and Rob
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CONTENTSNATIONAL INCOME OR EXPENDIT
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PageB-76. Estimated ownership of pu
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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-4.—Implicit price deflato
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TABLE B~6.—Gross national product
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TABLE B-ll.—Gross domestic produc
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TABLE B-13.—Personal consumption
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TABLE B-15.—Inventories and final
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TABLE B-17.—Relation of gross nat
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TABLE B-19.—National income by ty
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TABLE B-20.—Sources of personal i
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TABLE B-21.—Disposition of person
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19291933Year orquarter1939...194019
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TABLE B~25.- -Number and money inco
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TABLE B-27.—Noninstitutional popu
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TABLE B-28.—Civilian employment a
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TABLE B-30.— Unemployment by dura
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TABLE B-32.—Wage and salary worke
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TABLE B-33.—Average weekly hours
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TABLE B-35.—Productivity and rela
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PRODUCTION AND BUSINESS ACTIVITYTAB
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TABLE B-39.—Industrial production
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TABLE B-41.—New construction acti
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TABLE B-42.—New housing units sta
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TABLE B-44.—Sales and inventories
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TABLE B-46.'—Manufacturers 1 new
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TABLE B-48.—Consumer price indexe
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TABLE B—50.—Consumer price inde
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TABLE B-52.—Percent changes in co
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19291933193919401941194219431944194
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TABLE B-54.—Wholesale price index
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TABLE B-56.—Percent changes in wh
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TABLE B-58.—Commercial bank loans
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TABLE B-60.—Total funds raised in
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TABLE B-61.—Federal Reserve Bank
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TABLE B-63.—Bond yields and inter
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TABLE B-64,—Instalment credit ext
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TABLE B-66.— Mortgage debt outsta
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GOVERNMENT FINANCETABLE B-68.—Fed
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TABLE B-69.—Federal budget receip
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TABLE B-71.—Receipts and expendit
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TABLE B-73.—Receipts and expendit
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TABLE B-75.—Interest-bearing publ
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TABLE B-77.—Average length and ma
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TABLE B-79.—Corporate profits by
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TABLE B—80.—-Corporate profits
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TABLE B1-81.—Sales, profits, and
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TABLE B-83.—Relation of profits a
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TABLE B-85.—Current assets and li
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TABLE B-87.—Common stock prices a
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192919331939Year orquarter19401941
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TABLE B-91.—Farm population, empl
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TABLI. B-93.—Selected measures of
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INTERNATIONAL STATISTICSTABLE B-95.
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TABLE B-96.—U.S. merchandise expo
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TABLE B-98.—U.S. overseas loans a
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TABLE B-100.—U.S. reserve assets,
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TABLE B-102.—Price changes in int
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