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TABLE B-63.—Bond yields and interest rates, 1929-76[Percent per annum]Year or monthU.S. Government securities3-monthTreasurybills i3-5yearissues 2Taxablebonds 3Corporatebonds(Moody's)AaaBaaHighgrademunicipalbonds(Standard&Poor's)Averagerate onshorttermbankloansto businessselectedcitiesPrimecommercialpaper,4-6monthsDiscountrate,FederalReserveBankof NewYork*Federalfundsrate*Newhomemortgageyields(FHLBB)(«)19294.735.904.275.855 1619330.5152.664.497.764.711.732.561939.023.593.014.962.762.1.591.0019401941194219431944.014.103.326.373.375.50.731 461.341.332.462.472.482.842.772.832.732.724.754.334.283.913.612.502.102.362.061.862.12.02.22.62.4.56.53.66.69.731.001.007 1 007 1.007 1.0019451946194719481949.375.375.5941.0401.1021.181.161.321 621.432.372.192.252.442.312.622.532.612.822.663.293.053.243.473.421.671.642.012.402.212.22.12.12.52.68.75.811.031.441.497 1.007 1.001.001 341.50195019511952195319541.2181.5521.7661.931.9531 501.932 132.561.822.322.572.682.942.552.622.862.963.202.903.243.413.523.743.511.982.002.192.722.372.693.113.493.693.611.452.162.332.521.581 591.751 751.991.60195519561957195819591960196119621963196419651966196719681969 .1 7532.6583.2671.8393.4052.9282 3782.7783.1573.5493.9544.8814.3215.3396.6772 503.123.622 904.333.993 603.573.724.064.225.165.075.596.852.843.083.473.434.074.013.903.954.004.154.214.664.855.256.103.063.363.893.794.384.414.354.334.264.404.495.135.516.187.033.533.884.714.735.055.195.085.024.864.834.875.676.236.947.812.532.933.603.563.953.733.463.183.233.223.273.823.984.515.813.704.204.624.34»5.005.164.975.005.014.995.066.00»6.006.688.212.183.313.812.463.973.852.973.263.553.974.385.555.105.907.831 892.773.122.153.363.533 003.003.233.554.044.504.195.175.871.782.733.111.573.303.221.962.683.183.504.075.114.225.668.215.935.865.816.256.466.977.811970...1971 ..1972197319746.4584.3484.0717.0417.8867.375.775.856.927.816.595.745.636.306.998.047.397.217.448.579.118.568.168.249.506.515.705.275.186.098.488 6.325.828.3011.287.725.114.698.159.875.954.884.506.457.837.174.674.448.7410.518.457.747.607.958.92197519765.8384.9897.556.946.986.788.838.4310.619.756.896.498.657.526.335.356.255.505.825.059.018.99See next page for continuation of table and for footnotes.260
TABLE B-63.—Bond yields and interest rates, 1929-76—Continued[Percent per annum]Year or monthU.S. Government securities3-monthTreasurybills i3-5yearissues 2TaxablebondssCorporatebonds(Moody's)AaaBaaHighgrademunicipalbonds(Standard&Poor's)Averagerate onshorttermbankloansto businessselectedcitiesPrimecommercialpaper,4-6monthsDiscountrate,FederalReserveBankof NewYork*FederalfundsratesNewhomemortgageyields(FHLBB)1974: Jan .FebMarApr ...MayJune7.7557.0607.9868.2298.4308.1456.946.777.337.998.248.146.566.546.817.047.077.037.837.858.018.258.378.478.488.538.628.879.059.275.205.195.365.675.966.089.9111.158.667.838.429.7910 6210.96iy-iy 21}4-8 28-88 -89.658.979.3510.5111 3111.938 528.628.648 678 748.85JulyAug _ .SeptOctNovDec7.7528.7448.3637.2447.5857.1798.398.648.387.987.657.227.187.337.307.226.936.788.729.009.249.278.908.899.489.7710.1810.4810.6010.636.546.586.656.466.476.9312.4011.6411.7211.6511.239.368.818.988 -88 -88 -88 -88 -88 -7%12.9212.0111 3410.069.458.538.969 099 199 179.279 371975: JanFebMarAprMayJune6.4935.5835 5445.6945.3155.1937.296.857.007.767.497.266.686.616.737.036.996.868.838.628.678.958.908.7710.8110.6510.4810.5810.6910.626.666.306.616.836.816.769.948.167.306.336.066.155.825.797 l /-&/i6^-634634-6146y~66 -67.136.245 545.495.225.559 339 129 068 968 908.96JulyAugSeptOctNov . .Dec6.1646.4636 3836.0815.4685 5047.728.128.227.807.517.506.897.067.297.297.217.178.848.958.958.868.788.7910.5510.5910 6110. 6210.5610.566.947.027.237.227.217.068.228.296.446.706 866.485.915.976 -66 -66 -66 -66 -66 -66.106.146.245.825.225.208.898.898 949 019 019 011976-JanFebMarAprMayJune.JulyAugSept.OctNovDec4.9614.8525.0474.8785.1855.4435.2785.1535.0754.9304.8104.3547.187.187.256.997.357.407.247.046.846.506.355.966.946.926.876.736.996.926.856.796.706.656.626.398.608.558.528.408.588.628.568.458.388.328.257.9810.4110.2410.129.949.869.899.829.649.409.299.239.126.806.916.866.626.876.856.646.286.206.066.055.697.547.447.807.285.275.235.375.235.545.945.675.475.455.225.054.706 -53^by-bybV-b\4by-bVoim%ly-ly 2by~bY4.874.774.844 825.295.485.315.295.255.034.954.658 998 938 938 928.978.898 979.029.089 079.059.101 Rate on new issues within period. First issued in December 1929.2 Selected note and bond issues.s First issued in 1941. Series includes bonds which are neither due nor callable before a given number of years asfollows: April 1953 to date, 10 years; April 1952-March 1953,12 years; November 1941-March 1952, 15 years.4 Average effective rate for the year; opening and closing rate for the month.5 Based on seven-day averages of daily effective rates for weeks ending Wednesday. Since July 19,1975, the daily effectiverate is an average of the rates on a given day weighted by the volume of transactions at these rates. Prior to that date,the daily effective rate was the rate considered most representative of the day's transactions, usually the one at whichmost transactions occurred.6 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rateand assumed, on the average, repayment at end of 10 years. Rates beginning January 1973 not strictly comparable withprior rates.7 From October 30, 1942, to April 24, 1946, a preferential rate of 0.50 percent was in effect for advances secured byGovernment securities maturing in 1 year or jess.« Series revised. Not strictly comparable with earlier data.Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan BankBoard (FHLBB), Moody's Investors Service, and Standard & Poor's Corporation.261
Page 1:
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
Page 15 and 16:
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
Page 35 and 36:
TABLE 1.—The market value and the
Page 37 and 38:
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
Page 155 and 156:
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
Page 163 and 164:
in the future. Consequently current
Page 165 and 166:
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
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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
Page 202 and 203:
Page 204 and 205:
Page 206 and 207:
TABLE B-ll.—Gross domestic produc
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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 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 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,
Page 310 and 311: TABLE B-102.—Price changes in int
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