ECONOMIC

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TABLE B-83.—Relation of profits after taxes to stockholders' equity and to sales, all manufacturingcorporations, by industry group, 1975-76Ratio of profits after incometaxes (annual rate) to stockholders'equity—percent 1Profits after income taxes perdollar of sales—centsIndustry1975197619751976IIIIV1IIIIIIIIIV1IIIIIAll manufacturing corporations12.413.113.315.713.74.95.15.25.95.3Durable goods industries.._10.511.612.316.012.94.24.54.85.85.0Stone, clay, and glass productsPrimary metal industries14.86.510.87.54.87.115.510.716.18.16.03.44.64.02.33.56.24.86.23.9Iron and steelNonferrous metals8.73.110.03.68.15.311.39.58.77.04.12.04.82.23.83.14.84.73.93.7Fabricated metal productsMachinery, except electricalElectrical and electronic equipment-Transportation equipment.14.813.28.37.512.614.510.511.615.014.910.216.817.716.213.520.715.815.511.910.54.76.33.02.54.06.83.73.64.87.23.75.15.37.54.65.84.97.74.23.5Motor vehicles and equipment.Aircraft, guided missiles, andparts5.512.112.510.918.812.323.114.09.113.02.13.34.32.96.03.46.93.63.33.7Instruments and related products..Other durable manufacturing products15.110.914.210.412.210.116.317.516.315.28.43.47.73.36.93.28.65.08.64.4Nondurable goods industries14.114.514.315.514.45.55.65.65.95.6Food and kindred productsTobacco manufacturesTextile mill productsPaper and allied productsPrinting and publishingChemicals and allied products17.218.47.812.613.415.514.615.310.414.715.715.213.315.210.014.512.316.616.316.010.116.316.317.216.816.96.613.616.315.33.711.12.55.54.97.63.28.03.06.25.47.63.18.23.06.14.48.03.79.02.96.75.68.13.89.22.05.75.47.5Industrial chemicals and syntheticsDrugs13.718.115.515.616.218.816.318.213.518.77.012.47.810.77.812.37.612.76.712.6Petroleum and coal productsRubber and miscellaneous plasticsproductsOther nondurable manufacturingproducts13.39.414.514.611.016.514.710.613.714.813.413.614.07.614.58.03.53.18.64.03.38.73.93.09.04.52.98.32.83.11 Ratios based on equity at end of quarter.Source: Federal Trade Commission.284
TABLE B—84.—Sources and uses of funds, nonfarm nonfinancial corporate business, 1946—76[Billions of dollars]SourcesUsesPeriodTotalnternaPTotalExternalCredit market fundsTotalLongerm2OtherTotalShorttermsPurchaseofphysicalassets *IncreaseinfinancialassetsDiscrepancy(sourceslessuses)194619471948. .194918.426.728.419.77.812.618.819.310.614.19.7.46.88.36.43.03.55.36.64.83.33.0-.2-1.83.75.83.3-2.724.623.627.720.826.015.222.717.3-1.48.45.03.5-6.23.1.8-1.21950 .1951 _.195219531954 .41.835.928.927.328.217.819.721.221.123.524.016.27.86.24.78.010.69.25.75.54.16.47.86.15.73.94.21.4-.3-.315.95.6-1.4.5-.846.339.328.827.726.529.931.924.225.421.616.47.44.62.34.9-4.5-3.4.2-.41.719551956 .195719581959 . _51.443.841 841.155.428.828.730.429.635.022.615.111.411.520.49.512.611.810.312.75.77.39.910.38.33.85.41.9-.04.413.02.5-.41.27.748.340.738.738.451.931.836.734.527.637.716.54.04.210.814.23.13.13.12.63.619601961 _196219631964 _.47 654.158.965 972.634.735.341.644.550.112.918.817.321.422.511.912.112.412.415.07.510.59.58.38.94.51.62.94.16.11.06.74.99.07.440 650.154.958 964.238.036.943.844 850.82.713.211.114 213.47.04.04.06.98.419651966 ..196719681969 .90.896.993.3114.5118.656.160.561.362.361.734.736.432.052.256.920.425.628.931.938.49.216.021.018.920.811.29.67.913.017.714.410.93.120.318.582.188.689.4106 4113.461 976.072.677 685.020 212.616.828 828.48.78.33.98 15.219701971197219731974105.1129.0154.0181.7183.058.968.680.883.877.646.260.473.297.8105.441.546.458.872.983.132.641.641.437.439.68.94.717.335.543.54.814.014.425.022.296 1115.1137.5165 5169.980 686.2101.0124 4134.615 428.836.541 135.39.013.916.416.113.11975145.5103.442.137.149.8-12.85.0130.995.735.214.5Seasonally adjusted annual rates1975- 1 IIIllIV1976- 1IIIII83.5130.7171.0196.7200.9200.1198.583.5101.5113.6114.9120.6121.3128.10.029.257.481.880.378.870.435.032.131.150.045.448.138.052.954.437.954.048.643.037.7-18.0-22.2-6.8-4.0-35.0-2.926.331.734.830.6.2 32.4-3.15.068.6115.3157.9182.2190.9195.4189.289.880.9106.8105.5129.3140.5143.7-21.234.451.176.761.654.945.514.915.413.214.69.94.69.31 Undistributed profits (after inventory valuation and capital consumption adjustments), capital consumption allowances,and foreign branch profits.2 Stocks, bonds, and mortgages.3 Bank loans, commercial paper, finance company loans, bankers' acceptances, and Government loans.* Plant and equipment, residential structures, inventory investment, and mineral rights.Source: Board of Governors of the Federal Reserve System.285
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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
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TABLE B-33.—Average weekly hours
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TABLE B-35.—Productivity and rela
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PRODUCTION AND BUSINESS ACTIVITYTAB
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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
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 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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