ECONOMIC

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TABLE B-87.—Common stock prices and yields, 1949-76Common stock prices *Common stock yields(percent)«PeriodNew York Stock Exchange indexes(December 31,1965=50)2UtilityFinanceCompositeIndustrialTransportationDow-Jonesindustrialaverage 3Standard& Poor'scompositeindex0941-43=lO)*Dividendpriceratio«Earningspriceratio '1949195019511952195319541955195619571958195919601961196219631964196519661967196819699 0210.8713 0813.8113.6716.1921.5424.4023 6724 5630.7330.0135.3733 4937.5143.7647 3946.1550.7755.3754.6746.1851.9758.0057.4450.2653.5150.5846.9645.4145.4344.1942.8044.4549.8265.8570.49179.48216.31257.64270.76275.97333.94442.72493.01475.71491.66632.12618.04691. 55639.76714.81834.05910.88873.60879.12906.00876.7215.2318.4022.3424.5024.7329.6940 4946.6244.3846.2457.3855.8566.2762.3869.8781.3788.1785.2691.9398.7097.846.596 576.135.805 804.954 084 G94.353.973.233.472.983 373.173.013 003.403.203.073.2415.4813 9911.829.4710 268 577 957 557.896.235.785.904.625 825.505.325.596.635.735.676.081970 .. . .19711972197319741975197645.7254.2260.2957.4243.8445.7354 4648.0357.9265.7363.0848.0850.5260 4432.1444.3550.1737.7431.8931.1039.5737.2439.5338.4837.6929.7931.5036.9760.0070.3878.3570.1249.6747.1452.94753.20884.76950.71923.88759.37802.49974.9283.2298.29109.20107.4382.8586.16102.013.833.142.843.064.474.313.776.455.415.507.1211.599.041975- JanFebMarAprMayJuneJulyAugSeptOctNovDec1976" JanFebMar. .AprMayJune38 5642.4844.3544 9147 7649.2249 5445 7144.9746.8747 6446.7851 3153.7354.0154 2853 8754.2341 2946.0048.6349.7453 2254.6154 9650 7150.0552.2652.9151.8957 0059.7960.3060 6260 2260.7028.1230.2131.6231.7032.2832.3832.9030 0829.4630.7932.0931.6135.7838.5339.1738.6639.7140.4129.5531.3131.0430.0131.0232.7932.9831 0230.6531.8732.9932.7535.2336.1235.4335.6935.4035.1644.8547.5947.8347.3550.0652.2052.5146 5543.3844.3645.1043.8648.8352.0652.6152.7150.9951.82659.09724.89765.06790.93836. 56845.70856.28815. 51818.28831.26845. 51840.80929.34971. 70988. 55992. 51988.82985.5972.5680.1083.7884.7290.1092.4092.4985 7184.6788.5790.0788.7096.86100.64101.08101.93101.16101.775.074.614.424.344.084.024.024.364.394.224.074.143.803.673.653.663.763.7510.108.309.138.648.298.76JulyAugSeptOctNovDec55 6855.1856.2954 4354 1756.3462 1161.1462.3560 0759 4561.5442.1240.6340.3638.3739.2841.7736.4937.5638.7738.3338 8540.6154.0654.2254.5252.7453.2557.45993.20981.63994.37951.95944. 58976.86104.20103.29105.45101.89101.19104. 663.643.743.713.854.043.939.02* Averages of daily closing prices, except New York Stock Exchange data through May 1964 are averages of weekly closingprices.2 Includes all the stocks (more than 1,500) listed on the New York Stock Exchange.3 Includes 30 stocks.«Includes 500 stocks.« Standard and Poor's series, based on 500 stocks in the composite index.e Aggregate cash dividends (based on latest known annual rate) divided by aggregate market value based on Wednesdayclosing prices. Monthly data are averages of weekly figures; annual data are averages of monthly figures.7 Ratio of quarterly earnings (seasonally adjusted annual rate) to price index for last day of quarter. Annual ratios areaverages of quarterly ratios.Note.—All data relate to stocks listed on the New York Stock Exchange.Sources: New York Stock Exchange, Dow-Jones & Co., Inc., and Standard & Poor's Corporation.288
TABLE B-88.—Business formation and business failures, 1929-76Business failures *Year or monthIndexof netbusinessformation(1967=100)Newbusinessrations(numhnr\Der>nessfailureTotalNumber of failuresLiability sizeclassUnder$100,000$100,000andoverTotalAmount of currentliabilities (millionsof dollars)Liability sizeclassUnder$100,000$100, 000andover192919333 . ...1939 3 . . ..194019411942194319441945194619471948194919501951195219531954195519561957195819591960. .1961...196219631964196519661967 . . . .19681969197019711972197319741975112.687.893.193.398.294.491.399.195.290.489.596.892.488.390.793.397.298.698.2100.0109.8116.2108.0111.0117.9117.9112.4108.9132,916112,89796,34685,64093,09283,77892,946102, 706117,411139,915141,163137,112150,781193,067182,713181,535182,057186,404197, 724203,897200,010206,569233,635274,267264,209287, 577316,601329,358319,149326, 345103.9100.369.663.054.444.616.46.54.25.214.320.434.434.330.728.733.242.041.648.051.755.951.857.064.460.856.353.253.351.649.038.637.343.841.738.336.438.442.622,90919,85914,76813,61911,8489,4053,2211,2228091,1293,4745,2509,2469,1628,0587,6118,86211,08610,96912,68613, 73914,96414,05315,44517,07515, 78214,37413, 50113,51413,06112,3649,6369,15410,74810,3269,5669,3459,91511, 43222,16518, 88014,54113,40011,6859,2823,1551,1767591,0033,1034,8538,7088,7467 f 6267,0818,07510,22610,11311,61512, 54713,49912,70713,65015,00613,77212,19211,34611,34010,83310,1447,8297,1928,0197,6117,0406,6276,7337,5047449792272191631236646501263713975384164325307878608561,0711,1921,4651,3461,7952,0692,0102,1822,1552,1742,2282,2201,8071,9622,7292,7152,5262,7183,1823,928483.3457.5182.5166.7136.1100.845.331.730.267.3204.6234.6308.1248.3259.5283.3394.2462.6449.4562.7615.3728.3692.8938.61,090.11,213.61,352.61,329.21,321.71,385.71,265.2941.01,142.11,887.81,916.92,000.22,298.63,053.14, 380.2261.5215.5132.9119.9100.780.330.214.511.415.763.793.9161.4151.2131.6131.9167.5211.4206.4239.8267.1297.6278.9327.2370.1346.5321.0313.6321.7321.5297.9241.1231.3269.3271.3258.8235.6256.9298.6221.8242.049.746.835.420.515.117.118.851.6140.9140.7146.797.1128.0151.4226.6251.2243.0322.9348.2430.7413.9611.4720.0867.11,031.61,015.61,000.01,064.1967.3699.9910.81,618.41,645.61,741.52,063.02,796.34,081.6Seasonally adjusted1975: JanFebMarAprMayJuneJulyAugSept -.OctNovDec1976: JanFeb ...MarAprMayJuneJulyAugSeptOct .Nov_102.9101.7103.0103.4104.8110.7113.7112.6113.1112.0112.5116.0115.4114.5116.3115.7114.9118.6117.8117 8118.3120.024, 40624,29824,92226, 50626,63426, 23128,57128, 63229,00029,46928, 79529, 70429, 60428,97330,91029, 87628,63731, 60030,11432,74632, 36832,88733,57446.844.946.349.143.436.541.941.442.244.937.035.436.938.236.335.435.032.731.235.734.934.71,0809631,1451,2021,045805904891853987801756886867965888835775689798714745677627774756728572553608559645521484530572618587546498458498454496403336371446317233351283294342280111356295347301289111231300260249391.1384.8343.3372.1357.8175.9242.0222.4205.54 1,295.4252.9136.9257.1211.8247.7206.4233.3373.6305.6264.0250.3183.625.525.030.229.929.222.521.723.122.725.422.420.922.023.926.023.123.320.319.121.518.420.4365.7359.8313.2342.2328.6153.4220.4199.3182.81,270.0230.4115.9235.1187.8221.6183.3210.0353.3286.5242.4231.9163.2* Commercial and industrial failures only. Excludes failures of banks and railroads and, beginning 1933, of real estate,insurance, holding, and financial companies, steamship lines, travel agencies, etc.3 Failure rate per 10,000 listed enterprises.»Series revised; not strictly comparable with earlier data.«Excluding W. T. Grant, current liabilities were $264.9 billion.Sources: Department of Commerce (Bureau of Economic Analysis) and Dun & Bradstreet, Inc.289
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
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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
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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 292 and 293: TABLE B-85.—Current assets and li
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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