ECONOMIC

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TABLE B-27.—Noninstitutional population and the labor force, 1929-76[Monthly data seasonally adjusted, except as noted]Year or monthNoninstitutionalpopulationiTotallaborforce(includingArmedForces)ArmedForces 1TotalTotalCivilian labor forceEmploymentAgriculturalNonagriculturalUnemploymentUnemploymentrate(percentofcivilianlaborforce)Laborforceparticipationrate(totallaborforce aspercentof noninstitutionalpopulation)Thousands of persons 14 years of age and overPercent192949,44026049,18047,63010,450"37,1801,5503.2193351, 84025051, 59038, 76010, 09028, 67012, 83024.9193955, 60037055, 23045, 7509,61036,1409,48017.21940..194119421943194419451946 _.1947100,380101,520102,610103,660104,630105,530106,520107, 60856,18057,53060,38064,56066,04065,30060,97061,7585401,6203,9709,02011,41011,4403,4501,59055,64055,91056,41055,54054,63053,86057,52060,16847,52050,35053, 75054,47053,96052,82055,25057,8129,5409,1009,2509,0808,9508,5808,3208,25637,98041,25044,50045,39045,01044,24046,93049,5578,1205,5602,6601,0706701,0402,2702,35614.69.94.71.91.21.93.93.956.056.758.862.363.161.957.257.4Thousands of persons 16 years of age and over194719481949103,418104 527105', 61160,94162 08062,9031,5911 4591,61759,35060 62161,28657,03858 34357,6517,8907 6297,65849,14850 71449,9932,3112 2763,6373.93.85.958.959.459.61950..195119521953 2195419551956195719581959I960 219611962 219631964106,645107,721108 823110,601111,671112 732113,'811115,065116,363117,881119,759121 343122,981125,154127, 22463,85865,11765 73066,56066,99368 07269,40969,72970, 27570,92172,14273,03173,44274,57175,8301,6503,1003 5923,5453,3503 0492,8572,8002,6362,5522,5142 5722,8282,7382,73962,20862,01762 13863,01563,64365 02366,55266,92967,63968, 36969,62870 45970,61471,83373,09158,91859,96160 25061,17960,10962 17063,79964,07163,03664, 63065,77865 74666,70267,76269,3057,1606,7266 5006,2606,2056 4506,2835,9475,5865,5655,4585 2004,9444,6874,52351,75853, 23553 74954,91953,90455 72257,51458,12357,45059,06560,31860, 54661,75963,07664,7823,2882,0551 8831,8343,5322 8522,7502,8594,6023,7403,8524,7143,9114,0703,7865.33.33.02.95.54.44.14.36.85.55.56.75.55.75.259.960.460.460.260.060.461.060.660.460.260.260.259.759.659.6196519661967 .19681969129 236131,180133,319135 562137;84177 17878,89380, 79382 27284, 2402 7233,1233,4463 5353,50674 45575,77077,34778 73780, 73471 08872 89574,37275 92077,9024 3613,9793,8443,8173,60666 72668,91570,52772,10374, 2963 3662,8752,9752,8172,8324.53.83.83.63.559 760.160.660.761.119 7 0197119722..1973 21974 .140 182142,596145,775148,263150,82785 90386,92988,99191,04093, 2403,1882,8172,4492,3262,22982 71584,11386, 54288,71491,01178, 62779,12081,70284,40985, 9353,4623,3873,4723,4523,49275,16575,73278,23080,95782, 4434,0884,9934,8404,3045,0764.95.95.64.95.661.361.061.061.461.81975 ..._1976153,449156,04894,79396,9172,1802,14492,61394,77384,78387,4853,3803,29781,40384,1887,8307,2888.57.761.862.1See footnotes at end of table.218
TABLE B-27.—Noninstitutional population and the labor force,1929-76—Continued(Monthly data seasonally adjusted, except as noted]Year or monthNoninstitutionalpopulationiTotallaborforce(includingArmedForces)ArmedForces 1TotalTotalCivilian labor forceEmploymentAgriculturalNonagriculturalUnemploymentUnemploymentrate(percentofcivilianlaborforce)Laborforceparticipationrate(totallaborforce aspercentof noninstitutionalpopulation)Thousands of persons 16 years cf age and overPercent1975: Jan..Feb..Mar.Apr..May.June.152, 230152, 445152, 646152, 840153, 051153, 27894,14693, 81994, 21894,40594, 97094, 7732, 1932, 1982, 1982, 1952, 1812, 17891, 95391, 62192, 02092, 21092, 78992, 59584, 67384, 25984, 24384, 24684,47584, 4963,3373,2863,3013,2833,5353,36181, 33680, 97380, 94280, 96380, 94081, 1357,2807,3627,7777,9648,3148,0997.98.08.58.69.08.761.861.561.761.862.161.8July.Aug.Sept.Oct..Nov.Dec.153, 585153, 824154, 052154, 256154,476154 70095,10395,22095, 29695, 29995,18095, 3052, 1862, 1852, 1702, 1642, 1552, 15792, 91793, 03593,12693 13593, 02593 14884, 85685,11485,11585,08785, 21285, 4433,4353,4173,5063,3893,3153,25581, 42181, 69781, 60981, 69881, 89782 1888,0617,9218,0118,0487,8137,7058.78.58.68.68.48.361.961.961.961.861.661.61976: Jan..Feb..Mar.Apr..May.June.154 915155, 106155 325155 516155,711155,92595, 61395, 74396,00996, 52096,69396, 8412,1402, 1462 1482 1442 1422 13793 47393 59793, 86294 37694 55194 70486, 22686,47186, 84587, 32987, 64087, 5333,3053,1983,2153,3983,3323,3138283838384849212736309313082207,2477,1267,0177,0476,9117,1717.87.67.57.57.37.661.761.761.862.162.162.1July.Aug.Sept.Oct..Nov.Dec.156 142156 367156 595156 788157 006157 17697, 32997, 49897,38797, 44998,02098,1062 1402,1472 1452 1472 1492 14695959595959518935124230287196087, 78387, 83487, 79487, 73888,22088, 4413,3333,3723,2783,3103,2483,25784 45084, 46284 51684 42884859721847,4067,5177,4487,5647,6517,5197.87.97.87.98.07.862.362.462.262.262.462.41 Not seasonally adjusted.2 Not strictly comparable with earlier data due to population adjustments as follows: Beginning 1953, introduction of1950 Census data added about 600,000 to population and about 350,000 to labor force, total employment, and agriculturalemployment. Beginning 1960, inclusion of Alaska and Hawaii added about 500,000 to population, about 300,000 to laborforce, and about 240,000 to nonagricultural employment. Beginning 1962, introduction of 1960 Census data reduced populationby about 50,000 and labor force and employment by about 200,000. Beginning 1972, introduction of 1970 Censusdata added about 800,000 to civilian noninstitutional population and about 333,000 to labor force and employment. Asubsequent adjustment based on 1970 Census in March 1973 added 60,000 to labor force and to employment. Overallcategories of the labor force other than those noted were not appreciably affected.Note.—Labor force data in Tables B-27 through B-30 are based on household interviews and relate to the calendarweek including the 12th of the month. For definitions of terms, area samples used, historical comparability of the data,comparability with other series, etc., see "Employment and Earnings."Source: Department of Labor, Bureau of Labor Statistics.219
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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
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facility is designed to help countr
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is necessary that the strongest eco
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A freezing of relative prices, eith
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implicit and explicit subsidies bui
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qualitative conclusions. For exampl
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For some youths unemployment is inv
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may be as low as 10 percent. Thus t
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large subsidies through the tax cre
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in the transportation and public ut
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trust exemption permits motor carri
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purchase less expensive air travel.
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produced with higher-cost energy so
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of establishing efficient methods o
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in the future. Consequently current
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demand and supply at support prices
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with stringent controls on peanut a
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aspects of the tax system which imp
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TABLE 35—Change in aUer-tax inter
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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 189 and 190: CONTENTSNATIONAL INCOME OR EXPENDIT
Page 191: PageB-76. Estimated ownership of pu
Page 194 and 195: TABLE B-2.—Gross national product
Page 196 and 197: TABLE B-3.—Implicit price deflato
Page 198 and 199: TABLE B-4.—Implicit price deflato
Page 200 and 201: TABLE B~6.—Gross national product
Page 206 and 207: TABLE B-ll.—Gross domestic produc
Page 208 and 209: TABLE B-13.—Personal consumption
Page 210 and 211: TABLE B-15.—Inventories and final
Page 212 and 213: TABLE B-17.—Relation of gross nat
Page 214 and 215: TABLE B-19.—National income by ty
Page 216 and 217: TABLE B-20.—Sources of personal i
Page 218 and 219: TABLE B-21.—Disposition of person
Page 220 and 221: 19291933Year orquarter1939...194019
Page 222 and 223: TABLE B~25.- -Number and money inco
Page 226 and 227: TABLE B-28.—Civilian employment a
Page 228 and 229: TABLE B-30.— Unemployment by dura
Page 230 and 231: TABLE B-32.—Wage and salary worke
Page 232 and 233: TABLE B-33.—Average weekly hours
Page 234 and 235: TABLE B-35.—Productivity and rela
Page 236 and 237: PRODUCTION AND BUSINESS ACTIVITYTAB
Page 238 and 239: TABLE B-39.—Industrial production
Page 240 and 241: TABLE B-41.—New construction acti
Page 242 and 243: TABLE B-42.—New housing units sta
Page 244 and 245: TABLE B-44.—Sales and inventories
Page 246 and 247: TABLE B-46.'—Manufacturers 1 new
Page 248 and 249: TABLE B-48.—Consumer price indexe
Page 250 and 251: TABLE B—50.—Consumer price inde
Page 252 and 253: TABLE B-52.—Percent changes in co
Page 254 and 255: 19291933193919401941194219431944194
Page 256 and 257: TABLE B-54.—Wholesale price index
Page 258 and 259: TABLE B-56.—Percent changes in wh
Page 260 and 261: TABLE B-58.—Commercial bank loans
Page 262 and 263: TABLE B-60.—Total funds raised in
Page 264 and 265: TABLE B-61.—Federal Reserve Bank
Page 266 and 267: TABLE B-63.—Bond yields and inter
Page 268 and 269: TABLE B-64,—Instalment credit ext
Page 270 and 271: TABLE B-66.— Mortgage debt outsta
Page 272 and 273: 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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ECONOMIC

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