ECONOMIC

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TABLE B-91.—Farm population, employment, and productivity, 1929-76Farm population(April l)iFarm employment(thousands)»Farm outputYearNumber(thousands)As percentoftotalpopulation»TotalFamilyworkersHiredworkersPerunit oftotalinputCropPer hour of farm work productionperLivestockacre 4Total CropsandproductsIndex, 1967=1001929..1933..1939..1940..1941..1942..1943..1944..30, 58032, 39330, 84030, 54730,11828,91426,18624, 81525.125.823.523.122.621.419.217.912,76312,73911,33810,97910,66910, 50410, 44610, 2199,3609,8748,6118,3008,0177,9498,0107,9883,4032,8652,7272,6792,6522,5552,4362,2315455606264696869161619202224242411616202123252425262527272830313156506062637064681945..1946..1947..1948..1949..24,42025, 40325, 82924, 38324,19417.518.017.916.616.210,00010, 29510,38210,3639,9647,8818,1068,1158,0267,7122,1192,1892,2672,3372,252697270757226282831322729293333313233343567716775701950..1951..1952..1953..1954..1955..1956..1957..1958..1959..I960..1961..1962..1963..1964..1965..1966..1967..1968..1969..1970..1971..1972.1973.1974.23,04821, 89021,74819, 87419,01919, 07818,71217,65617,12816, 59215,63514,80314,31313,36712,95412,36311,59510, 87510,45410, 3079,7129,4259,6109,4729,26415.214.213.912.511.711.511.110.39.89.48.78.17.77.16.86.45.95.55.25.14.74.64.64.54.49,9269,5469,1498,8648,6518,3817,8527,6007,5037,3427,0576,9196,7006,5186,1105,6105,2144,9034,7494,5964,5234,4364,3734,3374,3897,5977,3107,0056,7756,5706,3455,9005,6605,5215,3905,1725,0294,8734,7384,5064,1283,8543,6503,5353,4193,3483,2753,2283,1693,0752,3292,2362,1442,0892,0812,0361,9521,9401,9821,9521,8851,8901,8271,7801,6041,4821,3601,2531,2131,1761,1751,1611,1461,1681,31473737576778081828989929394989710297100101102101110109110107343538404245485157606568717781899210010611011212612913313236353940424548536161666972777990941001061081101201241281183739404243464950545962667177838693100105112121130138144156697073727174767786858992959795100971001051061041121151151031975 ...1976 P..8,8648,3004.23.94,3574,3763,0342,9971,3241,379113110141140131130160161114109Farm population as defined by Department of Agriculture and Department of Commerce, i.e., civilian populationliving on farms, regardless of occupation.'Total population of United States as of July 1 including Armed Forces overseas.* Includes persons doing farmwork on all farms. These data, published by the Department of Agriculture, StatisticalReporting Service, differ from those on agricultural employment by the Department of Labor (see Table B-29) because ofdifferences in the method of approach, in concepts of employment, and in time of month for which the data are collected.See monthly report on "Farm Labor."* Computed from variable weights for individual crops produced each year.Sources: Department of Agriculture and Department of Commerce (Bureau of the Cc nsus).292
TABLE B-92.—Indexesof prices received and prices paid by farmers and selected farmresource prices, 1929—76[1967=100, except as notedjPrices received by farmersPrices paid by farmersSelected resource prices1929193319391940194119421943194419451946194719481949Year or month19501951 . .19521953195419551956195719581959I96019611962196319641965196619671968196919701971197219731974197519761975* Jan 15Feb 15Mar 15Apr 15May 15 . .June 15"July 15Augl5Sept 15Octl5Nov 15Dec 151976 1 Jan 15Feb 15Mar 15Apr 15May 15June 15July 15Augl5Sept 15Oct 15Nov 15Dec 15Allfarmproducts592838404964777983941101151001031211151029893929410096959698979598106100102107110113125179192186186182176172178183186191194199195184186186187186189191196195187187178173179Crops6031364048648388901021171131001031181191C710810310410099989910110310710610310610010097100108114175224201198216204195201198198203212210203189188191193195193198211215201204195187191Livestockandroducts582539405062727177881051159910212211197908582899993929193898694106100104117118118136183165172177153151152158171176181180189189181184183183178186185184179175172165162169Allitems,nterest,taxes,andwagerates473236363944505356617076737582848181818184868788889091929499100103108112120125144166181194175174174179180183183184186184184184190191192193193195196195195194193195Familylivingitems483437384046525457637478757683848484848588898990909192939598100104109114118123133151166176161162163163164166168169169170171171172172173174174175177177178179180181Productionitems51344243455257606167788783869595898987879092939293949594961001001001041081131211461661821961761731731811831861841861891861841861911931941971961991991981971951941969296100104111116122128137161195185199204209211220224TractorsandselfpropelledmachineryFertilizer1031021009487889194102167217185231200182177Averagehourlywagerate,allhiredfarmworkers 1$0 73.'68.69.7781.82.8182.86.8892.95.97.991.011 051.081.141 231.331.441.551.641.731.842.002.252.432.472.422.292.632.752.662.532.80Averagefarmrealestatevalueperacre 2 271619191921232629323639411 Without room or board; on or about the first of January, April, July, and October.2 Average for 48 States. Annual data are for March 1 of each year through 1975 and for February 1 for 1976. Monthlydata are for first of month.Source: Department of Agriculture.2934046515251535558616668697377828693100107113117122132150187214244214230244269224-250 O - 77 - 20
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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
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TABLE B-42.—New housing units sta
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TABLE B-44.—Sales and inventories
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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 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 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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