ECONOMIC

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CONTENTSNATIONAL INCOME OR EXPENDITURE:PageB-l. Gross national product, 1929-76 187B-2. Gross national product in 1972 dollars, 1929-76 188B-3. Implicit price deflators for gross national product, 1929-76 190B-4. Implicit price deflators and alternative price measures of grossnational product and gross domestic product, 1929-76 192B-5. Gross national product by industry in 1972 dollars, 1947-75 193B-6. Gross national product by major type of product, 1929-76 194B-7. Gross national product by major type of product in 1972 dollars,1929-76 195B-8. Gross national product: Receipts and expenditures by major economicgroups, 1929-76 196B-9. Gross national product by sector, 1929-76 198B-10. Gross national product by sector in 1972 dollars, 1929-76 199B-ll. Gross domestic product of nonfinancial corporate business, 1929-76. . 200B-l2. Output, costs, and profits of nonfinancial corporate business, 1948-76. 201B-l3. Personal consumption expenditures, 1929-76 202B-14. Gross private domestic investment, 1929-76 203B-l5. Inventories and final sales of business, 1946-76 204B-l6. Inventories and final sales of business in 1972 dollars, 1947-76 205B-l 7. Relation of gross national product and national income, 1929-76.... 206B-l8. Relation of national income and personal income, 1929-76 207B-l9. National income by type of income, 1929-76 208B-20. Sources of personal income, 1929-76 210B-21. Disposition of personal income, 1929-76 212B-22. Total and per capita disposable personal income and personal consumptionexpenditures in current and 1972 dollars, 1929-76 213B-23. Gross saving and investment, 1929-76 214B-24. Saving by individuals, 1946-76 215B-25. Number and money income (in 1975 dollars) of families and unrelatedindividuals, by race of head, 1947-75 216POPULATION, EMPLOYMENT, WAGES, AND PRODUCTIVITY:B-26. Population by age groups, 1929-76 217B-27. Noninstitutional population and the labor force, 1929-76 218B-28. Civilian employment and unemployment by sex and age, 1947-76. . 220B-29. Selected unemployment rates, 1948-76 221B-30. Unemployment by duration, 1947-76 222B-31. Unemployment insurance programs, selected data, 1946-76 223B-32. Wage and salary workers in nonagricultural establishments, 1929-76. 224B-33. Average weekly hours and hourly earnings in selected private nonagriculturalindustries, 1947-76 226B-34. Average weekly earnings in selected private nonagricultural industries,1947-76 227B-35. Productivity and related data, private business economy, 1947-76. . . 228B-36. Changes in productivity and related data, private business economy,1948-76 229183
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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
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main price indexes were significant
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A broader measure of labor costs, c
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TABLE 13.—Output, profits, net in
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TABLE 15.—Federal Government rece
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In the unified budget the total sho
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The permanent changes in the Tax Re
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tial output and the full-employment
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For this reason, although the rate
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quarter a year later. The actual gr
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Partly as a result of the desire of
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widespread among demographic groups
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of longer-term trends. Over the pas
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ment and earnings show little cycli
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production or real GNP, and this al
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percent from 1973. The cost of petr
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COMMODITY MARKETS AND FOOD PRICESWo
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TABLE 25.—Real income per farm an
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While circumstances have enabled a
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The policy actions taken in 1975 an
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TABLE 27.—Changes in industrial p
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States some underspending by public
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continued strong domestically gener
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GENERAL DEMAND TRENDSEconomic devel
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PUBLIC SECTOR DEFICITSThe economic
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insurance funds. The requirement th
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TABLE 29.—Export shares in trade
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Chart 7—ContinuedINDEX, 1973=100
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widened and the possibility of borr
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Chart 8—ContinuedInterest Rates i
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Where stabilization policies are pe
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Germany grew more in line with outp
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TABLE 32.—Estimated disposition o
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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
Page 173 and 174: and raise the return to capital inc
Page 175: come, social security encourages pe
Page 179: LETTER OF TRANSMITTALCOUNCIL OF ECO
Page 182 and 183: RESPONSIBILITIES OF THE COUNCILThe
Page 184 and 185: the Administration's economic polic
Page 186 and 187: member of the senior staff, and Rob
Page 190 and 191: PRODUCTION AND BUSINESS ACTIVITY:Pa
Page 193 and 194: NATIONAL INCOME OR EXPENDITURETABLE
Page 195 and 196: TABLE B-2.—Gross national product
Page 197 and 198: TABLE B-3.—Implicit price deflato
Page 199 and 200: TABLE B~5.—Gross national product
Page 205 and 206: TABLE B-10.—Gross national produc
Page 207 and 208: TABLE B-12.—Output, costs, and pr
Page 209 and 210: TABLE B-14.—Gross private domesti
Page 211 and 212: TABLE B-16.—Inventories and final
Page 213 and 214: TABLE B-18.—Relation of national
Page 215 and 216: TABLE B-19.—National income by ty
Page 217 and 218: Year orquarter192919331939....19401
Page 219 and 220: TABLE B-22.—Total and per capita
Page 221 and 222: TABLE B-24.—Saving by individuals
Page 223 and 224: POPULATION, EMPLOYMENT, WAGES, ANDP
Page 225 and 226: TABLE B-27.—Noninstitutional popu
Page 227 and 228: TABLE B-29.—Selected unemployment
Page 229 and 230: Yearor month1946...1947...1948...19
Page 231 and 232: TABLE B-32.—Wage and salary worke
Page 233 and 234: TABLE B-34.—Average weekly earnin
Page 235 and 236: TABLE B-36.—Changes in productivi
Page 237 and 238: TABLE B—38.—Industrial producti
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TABLE B-40.—Capacity utilization
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TABLE B-41.—New construction acti
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TABLE B-43.-—Business expenditure
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TABLE B-45.—Manufacturers 9 shipm
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PRICESTABLE B-47.—Consumer price
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TABLE B-49.—Consumer price indexe
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TABLE B-51.—Consumer price indexe
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TABLE B-53.—Wholesale price index
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TABLE B-54.— Wholesale price inde
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TABLE B-55.—Wholesale price index
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MONEY STOCK, CREDIT, AND FINANCETAB
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TABLE B-59.—Private liquid asset
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TABLE B- 60.—Total funds raised i
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TABLE B—62.—Aggregate reserves
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TABLE B-63.—Bond yields and inter
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TABLE B-65.—Mortgage debt outstan
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TABLE B-67.—Net public and privat
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TABLE B-68.—Federal budget receip
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TABLE B-70.—Relation of the Feder
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TABLE E-72.—Receipts and expendit
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TABLE B-74.—State and local gover
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End of year ormonthTABLE B-76.—Es
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CORPORATE PROFITS AND FINANCETABLE
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TABLE R-79.—Corporate profits by
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TABLE B-80.—Corporate profits of
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TABLE B-82.—Relation of profits a
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TABLE B—84.—Sources and uses of
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TABLE B-86.—State and municipal a
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TABLE B-88.—Business formation an
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TABLE B-90.— Farm production inde
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TABLE B-92.—Indexesof prices rece
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TABLE B-94.—Comparative balance s
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TABLE B-95.—U.S. international tr
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TABLE B-97.— U.S. merchandise exp
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TABLE B-99.—International reserve
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TABLE R-101.—International invest
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TABLE B-103.—Consumer price index
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ECONOMIC

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