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TABLE B-56.—Percent changes in wholesale price indexes, major groups\ 1948-76(Percent change]Year or monthAllcommoditiesIndustrialcommoditiesFarm productsand processedfoods and feedsTotalConsumer finished goodsFoodsAll except foodsDec.toDec. 1YeartoyearDec.toDec 1YeartoyearDec.toDec 1YeartoyearDec.toDec.'YeartoyearDec.toDec 1YeartoyearDec.toDec. 1Yeartoyear19481949195019511952195319541 5-6.114.71.2-3.4.5-.68.2-5.03.911.4-2.7-1.4.25 0-5.014.0.4-1.41.4.28.6-2.13.610.4-2.3.8.2-6.8-8.917.03.5-8.2-2.3-2.67.6-11.74.813.8-3.9-6.5-.31.2-5.610.22.7-3.1-.1-.67.5-4.61.79.4-1.2-1.7-.1-2.4-7.413.35.3-5.9-2.2-1.99 2-8.11.912.4g-5.2-.84 C-4.58 2.9-1.11 6.36 3-2 11 67.2-1.39.31955 . . ..1956195719581959196019611962196319641.64.52.0.5.5-.20- 1.4.23.32.91.4.2.1-.4.3- 3.24.34.21.1.91.2-.6-.1'5.62.24.52.8.31.80- 50_ 1.5-6.46.04.2 2-4." 43.9-.6.6-2.10-4.7-.73.44.7-4.7.201.1-1.0-.6-.13.13.0.2-.72.1-.8.1-.4.2-.71.52.92.2-.81.0-.2.3-.5.2-2.93.65.3.4-3.75.2-1.8.5-1.3.4-2.5-.23.55.8-4.72.2-.4.9-1.2.51.72.51.7.2.8.4-.3-.11.182.42 5.11.3.4-.20-.1196519661S67196819693 41.71 02.84.82 03.322.53.91 42.21 92.73.91.32.21 52.53.49.5.2-1.83.57.54.26.6-3.42.45.54.01.61.?3.14.91.93.4.62.73.89.11.4-.44.88.23.86.5-1.63.76.1.91.72 12.02.971.61 92.12.4197019711972197319742 24.16 315.420.93 73.34 513.118.93 63.43 410.725.63 83.73 36.822.2-1 46.014 426.711.03.42.07.530.011.51.43.54.313.617.13.12.73.310.815.6-2.55.98.022.513.03.21.65.620.314.03 91.82.27.420.53 03.22 14.516.9197519764 24.79 24.66 06.411 56.3-.3-1.13.8-.66.22.19.63.25.5-2.58.4-.46.74.810.55.61975: JanFebMarAprMayJuneJulyAugSeptOctNovDec1976: JanFebMarApr....MayJuneJulyAugSept....OctNovDecUnadjustedSeasonallyadjusted-0.2-.7-.5!6.0.8.99.743 1.1 13-.2-.42.8.3.4.3-.1.9.6.6.80.2l'.O.6.31.2.66.3o o.9.3.7.7-.3.5.3.2Unadjusted0.8.5.3.5.4.2.3.6 5944.7.45.6.2.5.7.5.6.9.4.9Seasonallyadjusted0.8'.2.2.2.4.71.2 76.4.13.3.1.5.7.7.91.0.8.2Change from preceding month-2.5-2.7-1.93.01.8-.51.91.31.11.0-1.5-.6-2.1-1.9-.22.81.0.4-1.0-2.91.0-.92'. 70.7-.3-.6.8.9.91.5.2.81.0-.1.2-!5-. 4.7.2.2.4-.5.4.4.11.11 Changes from December to December are based on unadjusted indexes.Source: Department of Labor, Bureau of Labor Statistics.252-0.2-.4-.51.51.0.8.8.41.31.0.3.1-.9-.7-.41.4.3.1-.2-.41.0.4.71.00.6-.8-1.71.31.61.52.5-.51.4.4-1.0.1-1.0-1.9-.92.0.6-.6.1-2.4.1-.7-.52.8-1.2-1.1-1.53.12.11.21.0.7-.2-.3-2.7-2.1-.83.91.0-.9-1.7-2.2-'.4.82.4Seasonallyadjusted0.7 0.5.3 .2.3 .1.3 .2.3 .3.6 .5.6 .7.8 .9.5 1.01.3 1.0.8.4 .4.1.2-.2-. 10.6.6 .7.5 .6.6 1.11.0 .7.4 .7.2 .2Unadjusted-1.4-2.3-2.62.21.3.63.2.4.7.1-2 3-.1-.8-1.4-.91.9K4.3-3.4.6-1.8-.6.3 3.1SeasonallyadjustedUnadjustedSeasonallyadjustedUnadjustedSeasonallyadjustedUnadjusted.4.3-.100.8
MONEY STOCK, CREDIT, AND FINANCETABLE B-57.—Money stock measures, 1947-76[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]Overall measuresComponents and related itemsYear andmonthM!Currencyplusdemanddeposits)M 2(M, plustimedepositsat commercialbanksother thanarge CDs)M 3(IV! 2 plusdepositsat nonbankthriftinstitutions)CurrencylDeposits at commercial banksDemand2Time and savings 3TotalLargeCDs
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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
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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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Page 204 and 205:
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 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 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
Page 296 and 297: 192919331939Year orquarter19401941
Page 298 and 299: TABLE B-91.—Farm population, empl
Page 300 and 301: TABLI. B-93.—Selected measures of
Page 302 and 303: INTERNATIONAL STATISTICSTABLE B-95.
Page 304 and 305: 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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