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TABLE B-102.—Price changes in international trade, 1968-76[1970=100]1976Area or commodity class 1968 1969 1970 1971 1972 1973 1974 1975ThirdquarterUnit value indexes by areaDeveloped areasTotal:ExportsTerms of trade *_.United States:ExportsTerms of trade l .Developing areasTotal:ExportsTerms of trade 1 .Latin America:ExportsTerms of tradeSouthern and Eastern Asia:ExportsTerms of trade l .9199921019410090969?9694 10099 10095 100101 10097 100101 10092 10097 10097 10099 10010599103981061011019810010011410010694115101110100106138991249315511115411614317287158793101562511352091928917682327143255128193184823421452 2702 131World export price indexesPrimary commodities: Total9297100110127182308303313Foodstuffs —9195100106122175232219206Coffee, tea, and cocoa.Cereals8210687991001008910298111130184155262159232217204Other agricultural commoditiess94101100104122196224196225Fats, oils, and oilseeds.Textile fibersWoolRubber841061179487107117128oooo103102918010213916481187256353168262245249176190199204136201252230220Minerals.9296100119131173473494507Metal ores.Fuels89959596100100101125107140130189175577206588213610Manufactured goods: Total*9194100105113133162182181Nonferrous base metals*...849710087871211531201411 Terms of trade indexes are unit value indexes of exports divided by unit value indexes of imports.2 Data are for second quarter 1976.* Includes forest products.< Data for manufactured goods are unit value indexes.Note.—Data exclude trade of socialist areas in Eastern Europe (except Yugoslavia) and Asia.Sources: United Nations and Department of Commerce (Bureau of International Economic Policy and Research).304
TABLE B-103.—Consumer price indexes in the United States and other major industrial countries.1955-76[1970=100)PeriodUnitedStatesCanadaJapanFranceGermanyItalyNetherlandsUnitedKingdom1955195619571958. .1959I960196119621963 .19641965196619671968196919701971...19721973 .19741975..1974: 1IIIllIV1975: 1IIIllIV1976: 1IIIIIOctNov69.070.072.574.575.176.377.077.978.879.981.383.686.089.694.4100.0104.3107.7114.4127.0138.6121.6125.0128.9132.6135.0137.1140.1142.3143.7145.5147.8149.0149.469.970.973.275.075.976.777.178.079.480.882.885.988.992.696.8100.0102.9107 8116.0128.6142.5122.7126.8130.6134.2137.1140.1144.9147.9149.8152.1154.3156.152.652.854.454.254.756.759.763.869.271.976.780.683.888.392.9100.0106.3111.5124.5153.4171.4144.1150.5156.1162.7165.3171.0172.7176.7180.4186.6189.0192.850.451.453.261.265.067.369.572.976.479.081.083.285.489.395.0100.0105.5111.7119.9136.3152.2129.0134.3138.7143.1147.0150.6153.9157.3161.1164.8168.6171.870.171.973.375.075.776.778.580.983.385.288.191.292.593.996.4100.0105.3111.1118.8127.1134.7124.6126.6127.8129.5132.0134.5135.5136.7139.0141.1141.2141.562.264.365.267.066.768.269.772.978.383.086.788.891.692.895.2100.0105.0110.9122.4146.2171.3133.6140.8150.4160.0164.9169.3172.9178.1184.8196.5201.7211.6Sources: Department of Labor and Organization for Economic Cooperation and Development.57.858 962.763 864.366 467.068 370.974.878 783.386 089.195.8100.0107.5115 9125.2137.3151.3131.9135.9138.3142.8145.8149.9152.9156.3159.0164.3165.4169.559.061 964.266 266.567 269.572 573 976.380 083.185 289.294.0100.0109.5117 0126.7147.0182.5137.2145.3149 4156.1165.6180.7188.7195.2200.9208.0214.0219.9305U. S. GOVERNMENT PRINTING OFFICE : 1977 O - 224-250
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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
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TABLE B-48.—Consumer price indexe
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TABLE B—50.—Consumer price inde
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TABLE B-52.—Percent changes in co
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19291933193919401941194219431944194
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TABLE B-54.—Wholesale price index
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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 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,
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