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TABLE B-44.—Sales and inventories in manufacturing and trade, 1947-76(Amounts in millions of dollars; monthly data seasonally adjusted]Year or monthTotal manufacturingand tradeManufacturingMerchant wholesalersRetail tradeSales iInventoriesRatio 3 Sales i2Inventories2Ralio 3Sales iInventories2Ratio 3Sales iInventories2Ratio 31947..1948..1949..35,26033,78852, 50749,4971.421.5315,51317,31616,12625,89728, 54326,3211.581.571.756,8086,5147,9577,7061.131.1910,20011,13511,14914,24116,00715,4701.261.391.411950..1951..1952..1953..1954..38, 596 59,82243,356 70, 24244, 840 72,37747,987 76,12246,443 73,1751.361.551.581.581.6018,63421,71422, 52924,84323,35531,07839,30641,13643,94841,61248667876817,6958,5978,7829,0528,9939,2849,88610,21010,68610,6371.071.161.121.171.1812,26813,04613, 52914,09114,09519,46021,05021, 03121,48820,9261.381.641.521.531.511955..1956..1957..1958..1959..I960..1961.1962..1963..1964..51,694 79,51654, 063 87,30455, 879 89, 05254, 200 87, 09459,728 92,13260,828 94, 71861,160 95, 59665,660 101, 06468, 995 105,48273, 682 111,5011.471.551.591.601.501.561.541.501.491.4726,48027, 74028,73627, 24730,28630, 87930,92333, 35735,05837, 33045,06950,64251,87150, 24252,94853, 78554,88758,18760, 04863, 407627380847076747069649,89310,51310,47510, 25711,49111,65611,98812,67413, 38214,52911,67813, 26012,73012, 73913,87914,12014,48814,93616, 04817,0001.131.191.231.241.151.221.201.161.151.1415,32115,81116,66716,69617,95118, 29418, 24919,63020, 55621,82322,76923,40224,45124,11325,30526, 81326, 22127,94129,38631,0941.431.471.441.431.401.451.431.381.391.401965..1966..1967..1968..1969..1970..1971..1972..1973..1974..80, 283 120,91287,186 136,78989,746 145,364"97,124 155, -".,364103,120 168, 2971.451.481.571.551.5740,99544, 86946,48750, 26953, 54068,19077, 95184, 52790,39498,011104, \, 708 175, 418 1.64 52,831 101, 502112, !, __ 323 184, , 756 1.61 55,925 102, 490125, 269 198, 045145,297166, 771 227,9261.52 63, 042 108,0721.46 72,954 124, 395278, 386 1.51 84, 612 157,9716062767476898367586615,611 18,31716,987 20,76517,108 21,88518,366 22,99719, 756 24,91020, 58322,32724,86230, 40037,34427,29029,69532,81738.30246,5641.151.151.231.221.211.261.271.241.161.1323,67725,33026,15128,49029,82431,29434,07137, 36541,94344,81534,40538,07338,95241,97345,37646,62652,57157,15665,22973,8511.391.441.461.431.461.471.471.461.461.531975..172, 525 275, 4841.6087, 240 155, 69336,58345,1151.2448,70274,6761.511975: JanFebMarAprMayJune166,596 278, , 710168,070 277, 867164,116 276, 634167, 687 275, 628167,995 274,139 .170, 625 ""1,418 273,1.671.651.691.641.631.6083,937 159, 27183, 996 159; 159, 67782, 564 159,08785,511 158, 39284, 382 157,65985, 787 156, 582.90.90.93.85.87.8336.67537,12035,59035,22835,44236,18646,19745,95145,52745,30344,55844,8501.261.241.281.291.261.2445,98446,95445,96246,94848,17148,65273,24272,23972,02071,93371,92271,9861.591.541.571.531.491.48JulyAugSeptOctNovDec173, 802 273,277176, 001 274, 906177, 475 275, 576178,621 277, .... 680178,119 276, 804181,647 275, 4841.571.561.551.551.551.5287, 824 155, 1,92689,061 155,42690, 227 155, 53491,177 155,98490, 549 156,12192, 553 155i '".,693.78.75.72.71.72.6836,56737,16637,60437,44937,C1837,36C44,65345,5C145,62545,71545,55445,1151.221.221.211.221.231.2149,41149,77449,64449,99550,55251,73472,69873,97974,41775,98175,12974,6761.471.491.501.521.491.441976: JanFebMarAprMayJune183, 818 277, 057186,968 279, 008190, 224 281, 256191, 745 283,062190, 800 285,693193, 700 289,1381.511.491.481.481.501.4994,067 ] 156,12095, 551 1156,45897,786 157;! 157, 56098, 519 158,13498, 546 159,48898; 937 161,118.66.64.61.61.62.6338,15938,81639,09439,53039,38640,78045,64546,30746,39846,82647,79948,6451.201.191.191.181.211.1951,59252,60153,34453,69652,86853,98375,29276,24377,29878,10278,40679,3751.461.451.451.451.481.47JulyAugSeptOctDec*193,704 290, 866194,672 293, 308194, 261 296, 537192,963 298,179196,942 298,4901.50 99,334 162, !,1441.51 99, 448 163,1841.53 98,780 164,9661.55 97, 653 166,6741.52 100, 458 166,915.63.64.67.711.6640,61640,58141,38140.67640,82748,80549,00649,72349,84750,1651.201.211.201.231.2353,75454,64354,10054,63455,65757,37179,91781,11881,84881,65881,4101.491.481.511.491.461 Monthly average for year and total for month.2 Seasonally adjusted, end of period.3 Inventory /sales ratio. For annual periods, ratio of weighted average inventories to average monthly sales; for monthlydata, ratio of inventories at end of month to sales for month.Note.—The inventory figures in this table do not agree with the estimates of change in business inventories includedin the gross national product since these figures cover only manufacturing and trade rather than all business, and showinventories in terms of current book value without adjustment for revaluation.Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).238
TABLE B-45.—Manufacturers 9 shipments and inventories, 1947-76[Millions of dollars; monthly data seasonally adjusted]Shipments *Inventories 1Year or montlTotalTotalTotalDurable goods industriesWorkinprocessDurablegoodsindustriesNondurablegoodsindustriesMaterialsandsuppliesFinishedgoodsNondurable goods industriesTotalWorkinprocessMaterialsandsuppliesFinishedgoods1947.1948..1949..1950..1951..1952..1953..1954..1955..1956..1957..1958..1959..I960..1961..1962..1963..1964..1965...1966...1967...1968...1969...1970...1971...1972..1973...1974...1975...1975: Jan....,FebMarAprMayJuneJuly....AugSept....OctNovDec1976: JanFebMarAprMay....JuneJuly....AugSept....OctN15,5117,31116,12118,63421,71422,52S24,84323,35!26,48027,74028,73627, 24730, 28630,87930,92333,35735,05837, 33040, 99544, 86946, 48750,26953, 540>2, 83115,925i3, 042r 2, 954!4, 61237, 24083, 93783, 99682, 56485,51184, 382B5, 78787, 82489, 06190, 22791,17790, 54992, 55394,06795, 55117, 786'8, 51938, 54698, 93799, 33499,44898,78017,65310,4586,6947,5797,198,84!10,49;11 3113,34'11,82.14,0714,71515,23713, 56315, 60915,88315,61617, 26218, 28019,63722, 22124, 64825, 26727,69829,47728,21529, 97334,04239, 70444, 04343, 91143, 05842, 86442,24243,40642, 56842, 96343,96244, 55245,29245, 24344, 54846, 77247, 28948,43050, 38250,14650, 55830, 6061, 0901, 64830, 06019, 267il,3658,81!9,7318,93!9,78S11,22111,21611,49411,52712,40913,02513,49913, 68414, 67714, 99615,30716,09516, 77817,69318, 77320, 22021, 22022, 57024,06424,61625,95328, 99933, 25040, 56941,13240, 32242,10441, 81342, 82443, 86244, 50944, 93545, 93446, 00145, 78146, 77847,12147, 40448, 37447, 98848, 33148, 24447, 79948, 72048,38649, 09325,89!28,54:26,32!31,07139, 30641,13643,94841,61245,06950,64251,87150, 24252, 94853, 78554, 88758,18760,04863, 40768,19077, 95184, 52790, 39498,011.01, 50202, 49008, 07224, 395.57, 97159, 27159, 67759, 08758, 39257, 659.56, 58255, 92655, 42655, 53455, 98456,12155, 69356,12056,458.57, 56058,13459, 48861,11862,14463,18464, 966:66, 67466, 91513,06!14,66:13,06115,53920,99:23,73:25,87823,71026,40130,44731,72830,25932,07732, 37532, 54434, 63235,86738, 50642,26449, 92254,88558,67564, 56166,64866,14970, 09881,218.01, 780[02, 828:03, 808.03, 70503, 88003, 73003, 21602, 79601,97601, 40301,22101,01600, 31099, 98099, 94200, 74001, 03301, 50202, 42902,85603, 28204,11705, 58906,0118,9667,8949,19410,41710,60810, 04110, 78:10,35410, 27610, 80211,06211,95813,31115, 03316, 39717,31418, 63819,12319,68120, 75225,89235, 80936, 54036, 93836,66336,16635,68135, 47035, 02534, 65034, 25933, 89933, 75433,14533, 55133, 26933, 54133, 41633,66933, 92734,06433, 82234,11335, 04735,32910,7209,72110,75612,31712 83712, 39113, 06512,77713, 21014,17014,88516, 20918, 09822, 58324, 98427, 26530, 32929, 78528, 58630, 73835, 44041, 25412,83613,88113,26143, 328 55, 693 00, 310 33,145 41, 304 25, 747 55, 382 23, 02341,06941,35841, 28641, 76641, 88941, 86642, 03041, 62241, 36241, 38441, 41241,30440, 91040, 56840, 74540, 91040, 97841,41141, 49941, 74341,98742,62742, 8896,2066,0406,3487,5658,1257,8298,2329,2439,0589,6599,92010, 34210, 85312, 30513, 50514,12115,60617,71417,83918, 55619,81224, 61325,07625, 38925, 71425, 96226, 23126, 02625, 86725, 79425, 83525, 93925,79325, 74725, 37125,43825, 55825, 85526, 04526, 34426,49526, 86227,11427, 91527, 79315,53918,31517,40518,07017,90218,66420,19520,14319, 98320,87121,41022, 34323, 55524,18224, 90125, 92628,02929, 64131,71933, 45034, 85436,34137, 97443,17756,19156,44255, 86955, 38254, 51253, 92853, 36653,12953,45054,13154, 76355,10555, 38256,14056, 51656, 82057,10157, 98658, 68959, 28859,90260, 85061,08560, 9048,3178,1678,5568,9718,7758,6749,0979,1049,5199,84410, 00510,15110, 46411,16311,71412, 28712,71813,13913,66114, 65517, 88223, 96323,88123, 55923, 35122, 83822,63022,07722,10521, 94822, 20022, 66322, 83723,02323, 28823,46023,66623, 76524, 36624,45324,90025,02325, 50226,88027, 3542,4722,4402,5712,7212,8642,8352,9502,9493,1093,2973,4103,5223,8204,2224,4324,8515,1175,2695,6766,0096,7518,5038,2348,2148,1618,0308,0017,8797,9297,9908,0598,1528,1508,2558,2348,3918,5208,6408,6778,7058,8738,9299,0049,0968,5248,5077,4097,4157,6668,6228,6248,4748,8259,3579,71510,41410,76411,22911,64312,64513,49614,58115,61216,44717,00317,30618, 54523, 72624,12424,34524,14924, 00123,67223,42023,35923,03623,44423, 77823,95024,01424,12424,46124, 53624,51224,66024,91325,36425,46025,87526, 25025,68125,043* Monthly average for year and total for month.s Book value, seasonally adjusted, end of period, except as noted.M Ote.—Data are as published by Bureau of the Census, but beginning 1968 detail for durable goods inventories doesnot add to totals. Correction will be published later by Census.Source: Department of Commerce, Bureau of the Census.239
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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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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
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 224 and 225: TABLE B-27.—Noninstitutional popu
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 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
Page 274 and 275: TABLE B-69.—Federal budget receip
Page 276 and 277: TABLE B-71.—Receipts and expendit
Page 278 and 279: TABLE B-73.—Receipts and expendit
Page 280 and 281: TABLE B-75.—Interest-bearing publ
Page 282 and 283: TABLE B-77.—Average length and ma
Page 284 and 285: TABLE B-79.—Corporate profits by
Page 286 and 287: TABLE B—80.—-Corporate profits
Page 288 and 289: TABLE B1-81.—Sales, profits, and
Page 290 and 291: TABLE B-83.—Relation of profits a
Page 292 and 293: TABLE B-85.—Current assets and li
Page 294 and 295:
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
Page 306 and 307:
TABLE B-98.—U.S. overseas loans a
Page 308 and 309:
TABLE B-100.—U.S. reserve assets,
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TABLE B-102.—Price changes in int
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