ECONOMIC

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TABLE B-85.—Current assets and liabilities of U.S. corporations, 1939-76[Billions of dollars]Current assetsCurrent liabilitiesEnd of yearor quarter193919401941194219431944194519461947 .1948194919501951195219531954195519561957195819591960196119611962196319641965196619671968 ... .1969197019711972 .... ..1973197419751975: 1.IIIIIIV... .1976: 1.II.IllTotal54.560.372.983.693.897.297.4108.1123.6133.0133.1161.5179.1186.2190.6194.6224.0237.9244.7255.3277.3289.0306.8254.7269.7288.2305.6336.0364.0386.2426.5473.6492.3529.6573.5643.3712.2731.6698.4703.2716.5731.6753.5775.4791.8Cashonhandandinbanks*10.813.113.917.621.621.621.722.825.025.326.528.130.030.831.133.434.634.834.937.436.337.241.134.837.139.840.542.841.945.548.247.950.253.357.561.662.768.160.663.765.668.168.470.871.1U.S.Governmentsecuritiesa2.22.04.010.116.420.921.115.314.114.816.819.720.719.921.519.223.519.118.618.822.820.120.016.516.816.715.814.413.010.311.510.67.711.09.311.011.719.412.112.714.319.421.723.323.9ReceivablesfromU.S.Government30.1.64.05.04.72.73* 1.342 .4421 12.72.82.62.42.32.62.82.82.93.13.43.43.73.63.43.94.55.15.14.84.23.53.43.53.53.63.23.33.33.63.63.74.322.123.927.423.321.921.823.230.0.055.758.864.665.971.286.695.199.4106.9117.7126.1135.894.599.5106.9116.5130.2142.1150.2168.8192.2201.9217.6240.0266.1289.7294.6281.9284.8294.7294.6307.3318.1324.2NotesandaccountsreceivableInventoriesTotalAll corporations«18.019.825.627.327.626.826.337.644.648.945.355.164.965.867.265.372.880.482.281.988.491.895.21.41.51.41.33.4> 4,7.6.641.72.12.42.43.14.25.96.77.59.110.611.430.032.840.747.351.651.745.851.961.564.460.779.892.696.198.999.7121.0130.5133.1136.6153.1160.4171.2Nonfmancial corporation: ,795.0100.5106.8113.1126.6142.8153.1166.0186.4193.3200.4215.2246.7288.0285.8285.2281.4279.6285.8288.8295.6302.110.512.114.416.318.119.722.026.931.635.043.848.154.456.660.055.457.359.060.063.663.966.3123.7132.4145.5156.6178.8199.4211.3244.1287.8304.9326.0352.2401.0450.6457.5438.0434.2444.7457.5465.9475.9484.1Othercurrentassets*Advancesandprepayments,U.S.Government30.6.82.02.21.8.9.1373931.41.32.32.22.42.32.42.31.71.71.81.81.82.02.52.73.14.45.86.47.36.64.94.04.35.26.45.35.86.26.46.46.87.0.6.3.521.922.625.624.024.125.024.831.547.953.657.057.359.373.881.584.388.799.3105.0112.882.686.794.5102.2118.4133.1141.3162.4191.9204.7215.6230.4261.6287.5281.6271.2270.1273.4281.6280.5287.0284.7NotesandaccountspayableFederalincometaxliabilities1.22.57.112.616.615.510.48.510.711.59.316.721.318.118.715.519.317.615.412.915.013.514.113.314.315.716.218.317.413.214.312.610.013.115.118.123.220.721.817.719.420.723.922.024.9Othercurrentliabilities56.97.17.28.78.79.49.711.813.213.514.014.916.518.720.722.525.729.031.133.337.040.142.526.029.432.835.539.044.551.061.076.083.692.4102.6117.0134.8148.8139.8140.6145.6148.8155.0160.1167.5Networkingcapital24.527.532.336.342.145.651.656.262.168.672.481 686.590.191.894.9103.0107.4111.6118.7124.2128.6135.6131.0137.3142.7149.0157.2164.6174.9182.4185. 7187.4203.6221.3242.3261.5274.1260.4269.0271.8274.1287.6299.4307.7» Includes time certificates of deposit.i Includes Federal agency issues.3 Receivables from and payables to the U.S. Government do not include amounts offset against each other on corporations'booksor amounts arisingfrom subcontracting which are not directly due from or to the U.S. Government. Whereverpossible, adjustments have been made to include U.S. Government advances offset against inventories on corporations'books.* Includes marketable investments (other than Government securities and time certificates of deposit) as well as sundrycurrent assets.s Includes commercial paper outstanding, the portion of long-term debt due in less than 1 year, and miscellaneouscurrent liabilities not elsewhere classified.e Excludes banks, savings and loan associations, and insurance companies.7 Excludes banks, sayings and loan associations, insurance companies, investment companies, finance companies(personal and commercial), real estate companies, and security and commodity brokers, dealers, and exchanges.Note.—Year-end data through 1971 are based on "Statistics of Income" (Department of the Treasury), covering virtuallyall corporations in the United States. "Statistics of Income" data may not be strictly comparable from year to year becauseof changes in the tax laws, basis for filing returns, and processing of data for compilation purposes. All other figures shownare estimates based on data compiled from many different sources, including data on corporations registered with theSecurities and Exchange Commission.Source: Securities and Exchange Commission.286
TABLE B-86.—State and municipal and corporate securities offered, 1934-76[Millions of dollars]Corporate securities offered for cashYear or quarterState andmunicipalsecuritiesofferedfor cash(principalamounts)Type of corporate securityTotalcorporateofferingsCommonstockPreferredstockBondsandnotesIndustry of corporate issuerManufacturing!Electric,gasandwater 3Transportation»CommunicationOther1934....1939....9391,1283972,16419873721,979676041331,2711761861031940....1941....1942....1943194419451946....1947....1948....1949....1,2389565244356617951,1572,3242,6902,9072,6772,6671,0621,1703,2026,0116,9006,5777,0786,05210811034561633978917796147361831671121243697581,1277624924252,3862,3899179902,6704,8554,8825,0365,9734,8909928485395101,0612,0263,7012,7422,2261,4141,2031,3574724771,4222,3192,1583,2572,1872,320324366481616091,454711286755800902571159964211092113292931,0089461950....1951....1952....1953....19543,5323,1894,4015,5586,9696,3627,7419,5349,5168111,2121,3691,3261,2136318385644898164,9205,6917,6017,0837,4881,2003,1224,0392,2542,2682,6492,4552,6753,0293,7138134949925957783996127608827201,3001,0581,0682,1382,037195519561957195819595,9775,4466,9587,4497,68110,24010,93912,88411,5589,7482,1852,3012,5161,3342,0276356364115715317,4208,0029,9579,6537,1902,9943,6474,2343,5152,0732,4642,5293,9383,8043,258893724824824967,132,419,462,4247172,7572,6192,4261,9912,733I960....1961....1962196319647,2308,3608,55810,10710, 54410,15413,16510, 70512,21113,9571,6643,2941,3141,0112,6794094504223434128,0819,4208,96910,85610,8652,1524,0773,2493,5143,0462,8513,0322,8252,6772,760718694567957982,050,8341,3031,1052,1893,3833,5272,7613,9574,9801965....1966....1967.....19681969.....19701971197219731974197511,14811,08914,28816,37411,46017,76224, 37023, 07022,95322,82429, 32614,78217,38524,01421,26125,99737,45143, 21939, 70431, 68437, 73752, 5271,4731,9011,9273,8857,6407,0379,50210, 7077,6433,9867,4027245808816366911,3903,6823,3703,3412,2543,45912,58514,90421, 20616, 74017,66629,02330,03525, 62720, 70031, 49741,6665,4147,05611,0696,9586,34610,64711,6256,4004,83510, 41018, 6492,9343,6664,9355,2936,71511,00911, 74611,31410, 27012, 83515, 8937021,4941,6391,5641,7791,2531,1668598111,0042,6369452,0031,9751,7752,1725,2915,8154,8354,8673,9284,4634,7873,1674,3965,6718,9859,25212,86716, 29710, 8999,55910,8841975: I..II.IllIV.6,5267,7968,2366,76815,11815,3019,23212,8761,4312,6761,4191,8766629246351,23813, 02511,7007,1799,7626,0516,6982,4203,4804,7364,4073,3263,424855072911,7531,3811,1906781,2142,8652,4982,5163,0041976: I..II.III8,2748,6147,85413, 74413,85210, 7892,7882,4031,42376472043910,19110, 7298,9294,4963,7012,9724,0453,1393,3151,0876051,1937651,8763773,3514,5292,9331 Prior to 1948, also includes extractive, radiobroadcasting, airline companies, commercial, and miscellaneous companyissues.2 Prior to 1948, also includes telephone, street railway, and bus company issues.3 Prior to 1948, includes railroad issues only.Note.—Covers substantially all new issues of State, rrunicipal. and corporate securities offered for cash sale in the UnitedStates in amounts over $100,COO and with terms to maturity of more than 1 year; excludes notes issued exclusively tocommercial banks, intercorporate transactions, and issues to be sold over an extended period, such as employee-purchaseplans. Closed-end investment company issues are included beginning 1971.Sources: Securities and Exchange Commission, "The Commercial and Financial Chronicle," and "The Bond Buyer."287
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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
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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 290 and 291: TABLE B-83.—Relation of profits a
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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