ECONOMIC

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TABLE B-77.—Average length and maturity distribution of marketable interest-bearingpublic debt held by private investors, 1967—76End of year or monthAmountoutstandingWithin1 yearIto5yearsMaturity class5 to 10years10 to 20years20 yearsand overAverage lengthMillions of dollarsYearsMonthsFiscal year:1967..1968..1969..150,321159, 671156, 00856, 56166, 74669,31153, 58452, 29550,18221,05721,85018, 0786,1536,1106,09712,96812, 67012,3371970...1971...1972..1973...1974..157, 910161, 863165, 978167, 869164,86276, 44374, 80379, 50984, 04187,15057, 03558, 55757,15754,13950,1038,28614, 50316, 03316, 38514,1977,8766,3576,3588,7419,9308,2727,6456,9224,5643,481631111975...1976...210, 382279, 782115,677150,29665, 85290, 57815, 38524, 1698,8578,0874,6116,6521975:Jan...Feb...Mar-.Apr_.May..June-July..Aug..Sept.Oct..Nov..Dec.183,411189, 375198, 298198, 857209,149210, 382221, 630228, 446232, 246243, 786251,159255, 860101,258105, 341108, 627108, 820115,374115,677123,466129, 571130, 641136, 249145, 336150,11655, 80356, 76561,08661, 67064, 51065, 85269,31869, 17672, 22378,16474,51774, 65713, 48713,19015, 33014, 20915, 63015, 38515, 42715,61115,51415, 54116,77116, 6898,6659,8349,17710,1818,9028,8578,8138,7388,6478,6378,5898,5244,1984,2454,0793,9784,7334,6114,6065,3505,2225,1965,9465,876966776651976: Jan...Feb..Mar..Apr..May..June.July..Aug..Sept.Oct...Nov..Dec.259, 831270, 625276, 434275, 520278, 929279, 782289, 044293, 627294, 595296,211307, 309307, 843152,077151,875154,258153, 441153,464150,294156,595153,304153, 302155, 179158, 422157, 46975,17982, 48486, 21486, 19886, 24290, 57891,04293, 39694, 84591,795101,684103, 74718,31021,70721,53821,59724, 33624,16926, 69431,52331,24733, 92231, 34931,0198,4668,4178,3508,2428,1728,0878,0597,9867,9397,8977,5117,3995,8006,1426,0746,0426,7166,6546,6547,4187, 2627,4198,3458,20956557761099109Note.—All issues classified to final maturity.Source: Department of the Treasury.276
CORPORATE PROFITS AND FINANCETABLE B-78.—Corporate profits with inventory valuation and capital consumption adjustments,1946-76[Billions of dollars; quarterly data at seasonally adjusted annual rates]Year or quarterCorporateprofits withinventoryvaluationand capitalconsumptionadjustmentsCorporateprofitstax liabilityProfits after tax with inventory valuationand capital consumption adjustmentsTotalDividendsUndistributedprofits withinventoryvaluationand capitalconsumptionadjustments19461947 .1948194916 622.229.126.99.111.312.410.27 510.916.716.75 66.37.07.22 04 69.79.51950195119521953195433.738.135 435.534.617.922.619.420.317.615.715.516.015.217.08.88.58.58.89.16.97.07 56.47.91955195619571958195944.642.942.137.548.222.022.021.419.023.622.620.920 618.524.610.311.111.511.312.212.29.89 17.212.4I960196119621963 .196446.646.954 959.667.022.722.824.026.228.023.924.130 933.439.012.913.314 415.517.311.010.816 517 921.71965196619671968..1969 . .77.182.579.385.881.430.933.732.539.439.746.248.946 846.441.819.119.420 121.922.627 129.426 724.419.219701971197219731974 ..67.977.292.199.184.834.537.741.548.752.433 439.550.550.432.422.923.024.627.830.810 516.525.922.61.719751976*91.6118.749.264.742.453.932.135.110 318.81974: 1IIIIIIV95.787.881.774.150.553.057.648.645.234.824.125.529.930.731.331.115.34.1-7.2-5.61975: 1 .IIIIV69.086.6105.3105.640.244.854.857.228.841.850.448.431.731.932.632.2-2.99.917.916.21976: 1IIIII ...115.1116.4122.061.463.565.153.752.956.833.134.435.420.618.521.4Source: Department of Commerce, Bureau of Economic Analysis.277224-250 O - 77 - 19
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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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TABLE B-ll.—Gross domestic produc
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TABLE B-13.—Personal consumption
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TABLE B-15.—Inventories and final
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TABLE B-17.—Relation of gross nat
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TABLE B-19.—National income by ty
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TABLE B-20.—Sources of personal i
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TABLE B-21.—Disposition of person
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19291933Year orquarter1939...194019
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TABLE B~25.- -Number and money inco
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TABLE B-27.—Noninstitutional popu
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TABLE B-28.—Civilian employment a
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TABLE B-30.— Unemployment by dura
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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
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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 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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ECONOMIC

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