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Economic Reportof the PresidentTransmitted to the CongressJanuary 1977TOGETHER WITHTHE ANNUAL REPORTOF THECOUNCIL OF <strong>ECONOMIC</strong> ADVISERSUNITED STATES GOVERNMENTWASHINGTON : 1977For sale by the Superintendent of Documents, U.S. Government Printing OfficeWashington, D.C. 20402 - Price $2.90Stock Number 040-000-00376-2
Page 1: ECONOMICTRANSMITTEDTO THE CONGRESSJ
Page 7: ECONOMIC REPORTOF THE PRESIDENT
Page 10 and 11: tion and the improved state of fina
Page 12 and 13: years. Although the course of faste
Page 14 and 15: The number of commissions, agencies
Page 16 and 17: have emphasized the need to maintai
Page 19: THE ANNUAL REPORTOF THECOUNCIL OF E
Page 23 and 24: CONTENTSPageCHAPTER 1. ECONOMIC POL
Page 25 and 26: CHAPTER 4. POLICIES TO INCREASE SUP
Page 27: List of Tables and Charts—Continu
Page 30 and 31: of the 1970s if the Nation is to ac
Page 32 and 33: 2. Tax reduction should be permanen
Page 34 and 35: A number of factors may have preven
Page 36 and 37: Chart 2Ratio of Market Value of Non
Page 38 and 39: The proposed $10-billion permanent
Page 40 and 41: alone cannot serve as a guide to mo
Page 42 and 43: economic recovery by forcing a rand
Page 44 and 45: machinery and ferrous and nonferrou
Page 46 and 47: argue that some extra catching up m
Page 48 and 49: increase in nominal wages in 1977 s
Page 50 and 51: marketing margin—costs added to m
Page 52 and 53:
Chart 3Productivity in the PrivateB
Page 54 and 55:
While allocation of resources to re
Page 56 and 57:
TABLE 5.—Civilian unemployment ra
Page 58 and 59:
GROWTH IN POTENTIAL OUTPUTPotential
Page 60 and 61:
TABLE 6.—Potential and actual gro
Page 62 and 63:
The statistical methods used to adj
Page 64 and 65:
CHAPTER 2Economic Review of 1976HP
Page 66 and 67:
TABLE 8.—Growth of real consumpti
Page 68 and 69:
Last year's Report noted that inves
Page 70 and 71:
udgetary crisis of New York City em
Page 72 and 73:
primarily because of the removal of
Page 74 and 75:
wage rate change during the first 3
Page 76 and 77:
the first half of 1976, when expend
Page 78 and 79:
A shortfall in Federal spending of
Page 80 and 81:
the latter may not immediately refl
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THE FISCAL BALANCESThe Federal defi
Page 84 and 85:
locative implications of the result
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and should be used with caution in
Page 88 and 89:
Chart 6Interest RatesPERCENT PER AN
Page 90 and 91:
EMPLOYMENT, UNEMPLOYMENT, AND INCOM
Page 92 and 93:
the second quarter, 7.7 percent in
Page 94 and 95:
TABLE 22.—Income transfer program
Page 96 and 97:
(the earliest data available) to 11
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domestic wells since 1971. From May
Page 100 and 101:
TABLE 24.—Changes in consumer pri
Page 102 and 103:
and poultry CPI deflated by the ove
Page 104 and 105:
Following a recent emphasis on inte
Page 106 and 107:
CHAPTER 3The World Economy in 1976S
Page 108 and 109:
there was considerable room for exp
Page 110 and 111:
1976. Only exports seemed to remain
Page 112 and 113:
tions the authorities began to form
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after the first quarter of 1976. Th
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that this phenomenon was general am
Page 118 and 119:
use of resources. In such instances
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Among the industrial countries, tho
Page 122 and 123:
Chart 7Exchange Rates for SelectedI
Page 124 and 125:
In fact trade surpluses of both the
Page 126 and 127:
Chart 8Interest Rates in SelectedIn
Page 128 and 129:
One of the theories put forward in
Page 130 and 131:
CURRENT ACCOUNT POSITIONS AND FINAN
Page 132 and 133:
OPEC SURPLUSESAdjustment problems o
Page 134 and 135:
eign central banks in exchange mark
Page 136 and 137:
Bank lending also rose substantiall
Page 138 and 139:
The general assessment of the exper
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schedule the external debt of Zaire
Page 142 and 143:
CHAPTER 4Policies to Increase Suppl
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of a downturn in economic activity.
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YouthEmploymentYouths have much hig
Page 148 and 149:
up an increased proportion of the p
Page 150 and 151:
jobs and reducing poverty are separ
Page 152 and 153:
the means-tested income transfer pr
Page 154 and 155:
incentives for technological improv
Page 156 and 157:
Thus price competition is not likel
Page 158 and 159:
usinesses and institutions have had
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ity generation. If the regulations
Page 162 and 163:
identify the causes of a disease, a
Page 164 and 165:
Second, the economic costs generate
Page 166 and 167:
a legislated target price and the m
Page 168 and 169:
price stability without the risks i
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the credit have led to significantl
Page 172 and 173:
TAX INTEGRATIONIntegration of the c
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Nevertheless, if the difficulties i
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Appendix AREPORT TO THE PRESIDENT O
Page 181 and 182:
Report to the President on the Acti
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the Council of Economic Advisers, t
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PROFESSIONAL STAFFAt the end of 197
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Appendix BSTATISTICAL TABLES RELATI
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PRODUCTION AND BUSINESS ACTIVITY:Pa
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NATIONAL INCOME OR EXPENDITURETABLE
Page 195 and 196:
TABLE B-2.—Gross national product
Page 197 and 198:
TABLE B-3.—Implicit price deflato
Page 199 and 200:
TABLE B~5.—Gross national product
Page 201 and 202:
Page 203 and 204:
Page 205 and 206:
TABLE B-10.—Gross national produc
Page 207 and 208:
TABLE B-12.—Output, costs, and pr
Page 209 and 210:
TABLE B-14.—Gross private domesti
Page 211 and 212:
TABLE B-16.—Inventories and final
Page 213 and 214:
TABLE B-18.—Relation of national
Page 215 and 216:
TABLE B-19.—National income by ty
Page 217 and 218:
Year orquarter192919331939....19401
Page 219 and 220:
TABLE B-22.—Total and per capita
Page 221 and 222:
TABLE B-24.—Saving by individuals
Page 223 and 224:
POPULATION, EMPLOYMENT, WAGES, ANDP
Page 225 and 226:
TABLE B-27.—Noninstitutional popu
Page 227 and 228:
TABLE B-29.—Selected unemployment
Page 229 and 230:
Yearor month1946...1947...1948...19
Page 231 and 232:
TABLE B-32.—Wage and salary worke
Page 233 and 234:
TABLE B-34.—Average weekly earnin
Page 235 and 236:
TABLE B-36.—Changes in productivi
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TABLE B—38.—Industrial producti
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TABLE B-40.—Capacity utilization
Page 241 and 242:
TABLE B-41.—New construction acti
Page 243 and 244:
TABLE B-43.-—Business expenditure
Page 245 and 246:
TABLE B-45.—Manufacturers 9 shipm
Page 247 and 248:
PRICESTABLE B-47.—Consumer price
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TABLE B-49.—Consumer price indexe
Page 251 and 252:
TABLE B-51.—Consumer price indexe
Page 253 and 254:
TABLE B-53.—Wholesale price index
Page 255 and 256:
TABLE B-54.— Wholesale price inde
Page 257 and 258:
TABLE B-55.—Wholesale price index
Page 259 and 260:
MONEY STOCK, CREDIT, AND FINANCETAB
Page 261 and 262:
TABLE B-59.—Private liquid asset
Page 263 and 264:
TABLE B- 60.—Total funds raised i
Page 265 and 266:
TABLE B—62.—Aggregate reserves
Page 267 and 268:
TABLE B-63.—Bond yields and inter
Page 269 and 270:
TABLE B-65.—Mortgage debt outstan
Page 271 and 272:
TABLE B-67.—Net public and privat
Page 273 and 274:
TABLE B-68.—Federal budget receip
Page 275 and 276:
TABLE B-70.—Relation of the Feder
Page 277 and 278:
TABLE E-72.—Receipts and expendit
Page 279 and 280:
TABLE B-74.—State and local gover
Page 281 and 282:
End of year ormonthTABLE B-76.—Es
Page 283 and 284:
CORPORATE PROFITS AND FINANCETABLE
Page 285 and 286:
TABLE R-79.—Corporate profits by
Page 287 and 288:
TABLE B-80.—Corporate profits of
Page 289 and 290:
TABLE B-82.—Relation of profits a
Page 291 and 292:
TABLE B—84.—Sources and uses of
Page 293 and 294:
TABLE B-86.—State and municipal a
Page 295 and 296:
TABLE B-88.—Business formation an
Page 297 and 298:
TABLE B-90.— Farm production inde
Page 299 and 300:
TABLE B-92.—Indexesof prices rece
Page 301 and 302:
TABLE B-94.—Comparative balance s
Page 303 and 304:
TABLE B-95.—U.S. international tr
Page 305 and 306:
TABLE B-97.— U.S. merchandise exp
Page 307 and 308:
TABLE B-99.—International reserve
Page 309 and 310:
TABLE R-101.—International invest
Page 311:
TABLE B-103.—Consumer price index
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ECONOMIC

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