ECONOMIC

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Chart 9Real Incomes for Men in DifferentAge GroupsREAL INCOME (1967 DOLLARS).!/8,0006,0004,000/ /1967/ /f 1957,. L-' 19472,000-0\ \1 114-19 20-24 25-34 35-44YEARS OF AGE145-54 55-64J/MEDIAN TOTAL MONEY INCOME FOR EACH AGE DEFLATED BY THE CONSUMER PRICE INDEX.SOURCES: DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR.hints to that effect. Increased high school and college attendance has increasedthe slope of the age annual income profile for younger males. If betterdata in the future indicate a steepening over time in the slope of the ageincomeprofile, a constant income inequality within a broad age intervalwould imply a narrowing of income inequality for each age in the interval.The relation between age and usual weekly earnings in 1973 for maleswith 12 and 16 years of schooling is shown in Table 38. For the same levelof schooling, usual weekly earnings generally increase with age. The ageearningsprofiles are steeper for those with more schooling and thus suggesta positive association of schooling and on-the-job training. Because womenare more likely to participate discontinuously in the labor force, enteringand leaving several times during their lives, their post-school training doesnot necessarily rise steadily with age.148
TABLE 38.—Averageusual weekly earnings of males who worked fullschooling, 1973time, by age and years ofYears of schoolingAge121620-24 years25-34 years..35-44 years45-54 years55-64 years$158201226227227$170238317347323Note.—Data are from a survey made in May 1973.Source: Department of Labor, Bureau of Labor Statistics.EMPLOYMENTThe annual labor market earnings of a worker are a function of theworker's weekly earnings and the number of weeks of employment duringthe year. Weeks of employment can vary because of unemployment; butthey also vary because of voluntary withdrawals from the labor force.The number of weeks worked is greater for male workers 25 to 54 yearsof age than for younger, older, or married female workers. Younger personswork less because of school attendance and a greater incidence of unemployment.Students (who now make up 59 percent of the teenage labor force)ordinarily work during vacations or have part-time jobs for a few monthsduring the year. Most new entrants and reentrants to the labor force areyoung people or married women, and most also experience some unemploymentbefore taking their first job. One reason for the higher unemploymentrate for young workers is that they voluntarily leave jobs to acquaint themselveswith the labor market and to gain experience in various jobs. In addition,the instability of their employment is increased by the fact that theirproductivity is very close to the legal minimum wage, and they have asmaller amount of specific job training.Employers make investments specific to the firm for some workers. Specificinvestments include the component of training a worker receives that is usefulonly in that firm, and also hiring and placement costs. The more importantspecific training is, the more costly it is for both the firm and theworker if the worker is separated from the firm. Workers with more specifictraining are therefore less likely to be subjected to layoffs or to quit, and theywill work more weeks during the year. Workers with advanced schoolingordinarily work more weeks during the year, partly because their higherwage makes absence from work more costly, and partly because they havemore specific training.Married men work more weeks per year than men who have not married,but married women work fewer weeks than those who have never married.Most married women work less if they have young children. Older workerswork less because of deteriorating health and partial retirement.The weekly wage and the number of weeks worked are related. Thosewho work more weeks per year tend to have a higher weekly wage, partly,149
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ECONOMICTRANSMITTEDTO THE CONGRESSF
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CONTENTSPageECONOMIC REPORT OF THE
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ECONOMIC REPORT OF THE PRESIDENTTo
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of the inflation rate of 1973, and
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or permit incentives—including hi
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people of an easy time. Like our pa
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THE PRESIDENT:LETTER OF TRANSMITTAL
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CHAPTER 3. INFLATION CONTROL UNDER
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Page7. Unemployment Rates by Sex an
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Page53. Maximum Percent Change in E
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We have specific problems, too, asi
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This curtailment of supply does, of
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consumption we would not have chose
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outside the food and fuel sectors a
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about $14 billion from deficit to s
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8 percent, at annual rates. Continu
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A third method, which seems to have
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DEVELOPMENT OF LOW-COST ENERGY FOR
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would otherwise have been invested
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TRANSPORTATION REFORMLast year the
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constraints. Restrictions on entry
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In early 1974 the Commerce Departme
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Consumer SpendingConsumer expenditu
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Chart 1Changes in GNP, Real GNP, GN
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During the fourth quarter the downt
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A number of points may be noted abo
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income do not appear to have played
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Chart 2Changes in Real GNPPERCENTUN
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of essentially declining participat
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The unemployment rate for adult mal
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from job losers, the remainder of t
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to maintain a somewhat larger work
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Chart 3Changes in Selected Price Me
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TABLE 12.—Changes in selected pri
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production workers, and it is sensi
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the profits that companies report a
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Two measures of changes in income t
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About $8 billion of the growth in e
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effect of covered wage and employme
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Since these apparent stabilization
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MONETARY POLICY AND FINANCIAL MARKE
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lation requiring ceilings on all CD
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TABLE 19.—Offerings of new securi
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CHAPTER 3Inflation Control Under th
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(A more detailed presentation of th
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ate of advance in grocery store foo
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to the economy but also in the sens
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were imposed, limiting prices to th
Page 104 and 105: spurring of domestic inflation by e
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Page 110 and 111: TABLE 26.—Behavior of items in co
Page 112 and 113: Chart 6Changes in RelatedWholesale
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Page 116 and 117: CHAPTER 4Energy and AgricultureFOR
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Page 120 and 121: TABLE 30*—Wholesale prices, all i
Page 122 and 123: tion sector, which in 1972 accounte
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Page 128 and 129: LONG-TERM PROSPECTSThe price of imp
Page 130 and 131: important that the higher costs be
Page 132 and 133: improving the environment. The fund
Page 134 and 135: pollutants into the atmosphere will
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Page 138 and 139: lion in fiscal 1972. Actually the a
Page 140 and 141: a minimum income. Unless prices fal
Page 142 and 143: The Administration supports the exa
Page 144 and 145: and estimates of some of these effe
Page 146 and 147: Since families typically pool their
Page 148 and 149: ability were not perfectly correlat
Page 150 and 151: Farm wages and farm income received
Page 152 and 153: TABLE 37.—Average usual weekly ea
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Page 158 and 159: whose owners or white workers have
Page 160 and 161: Several factors can be mentioned to
Page 162 and 163: y social pressures, however, which
Page 164 and 165: TABLE 42.—Relation of wage and sa
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Page 168 and 169: for public housing may be valued by
Page 170 and 171: 8 to 20 percent for black females.
Page 172 and 173: sufficiently high to cover the addi
Page 174 and 175: TABLE 45.—Federal Government tran
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Page 178 and 179: TABLE 47.—Trends in the employmen
Page 180 and 181: enefit increases greater than the i
Page 182 and 183: (Table 45). Medicare is chiefly des
Page 184 and 185: Public assistance is specifically d
Page 186 and 187: Then, subtracting equation (4) from
Page 188 and 189: policies, and the tensions among co
Page 190 and 191: In the fourth quarter the dollar ro
Page 192 and 193: which include trade, grants and oth
Page 194 and 195: tarily by foreign central banks, ev
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Page 198 and 199: in the United States. In view of th
Page 200 and 201: TABLE 52.—U.S. balances on intern
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TABLE 54.—Major changes in capita
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attempt was made to agree on a code
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The official price of gold was rais
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system, these demand changes were a
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What Pressures Should Be Exerted on
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The composition of reserves among d
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prices of approximately the same or
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tained, they would probably be felt
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Reducing Nontariff BarriersIn order
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Structural problems. Agreements on
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arrangements which are designed to
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capital and the means of putting th
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Canada and four smaller countries u
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currencies have appreciated relativ
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Effective Changes in Other Currenci
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Activities of the Advisory Committe
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Appendix BREPORT TO THE PRESIDENT O
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Report to the President on the Acti
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govern the exploitation of the reso
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Manpower and Social Affairs Committ
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Junior Staff EconomistsJames S. Fac
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Appendix CSTATISTICAL TABLES RELATI
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PRODUCTION AND BUSINESS ACTIVITY:Pa
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NATIONAL INCOME OR EXPENDITURETABLE
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TABLE C-2.—Gross national product
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TABLE C-3.—Implicit price deflato
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TABLE C—8.—Gross national produ
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TABLE C-10.—Gross national produc
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TABLE C-12.—Personal consumption
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TABLE C-14.—Relation of gross nat
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TABLE C—16.—Relation of nationa
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TABLE C-18.— Total and per capita
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TABLE C-19.—Sources of personal i
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TABLE C-21.—Saving by individuals
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POPULATION, EMPLOYMENT, WAGES, ANDP
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TABLE C-24.—Noninstitutional popu
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TABLE C-26.— Selected unemploymen
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TABLE C—28.—Unemployment insura
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TABLE C-29.—Wage and salary worke
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TABLE C-31.—.•Average weekly ea
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TABLE C-33.—Changes in output per
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TABLE C—35.—Industrial producti
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TABLE C-37.—Capacity utilization
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TABLE C—38.—New construction ac
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TABLE C-39.—New housing starts an
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TABLE C-41.—Sales and inventories
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TABLE C-43.—Manvjacturers* new an
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TABLE O45.—Consumer price indexes
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TABLE C—47.—Consumer price inde
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TABLE C~49.—Wholesale price index
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TABLE C-50.—Wholesale price index
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194819491950.,1951195219531954Yearo
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TABLE C-53.—Commercial bank loans
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TABLE G-54.—Total funds raised in
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TABLE C-56.—Federal Reserve Bank
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TABLE C-58.—Bond yields and inter
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TABLE C-59.—Short- and intermedia
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TABLE C-61.—Mortgage debt outstan
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TABLE C-63.—Net public and privat
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TABLE C-65.—Federal budget receip
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TABLE C-66.—Relation of the Feder
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TABLE C-68.—Receipts and expendit
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TABLE C-10.—State and local gover
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TABLE C-72.—Estimated ownership o
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CORPORATE PROFITS AND FINANCETABLE
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TABLE C-76.—Relation of profits a
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TABLE C-77.—Sources and uses of f
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TABLE C-79.—State and municipal a
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TABLE C-81.—Business formation an
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Year1929...1933...1939...1940...194
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TABLE C-85.—Indexes of prices rec
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TABLE G-87.—Comparative balance s
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TABLE G-88.— U.S. balance of paym
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TABLE C-90.— U.S. merchandise exp
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TABLE C-92.—International reserve
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TABLE G-94.—International investm
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TABLE C-96.—Consumer price indexe
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ECONOMIC

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