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ports, and congressional testimony. James H. Ayres served as AdministrativeOfficer, assisted by Nancy F. Skidmore, Elizabeth A. Kaminski, Margaret L.Snyder, and Bettye T. Siegel. The duplicating, mail, and messenger departmentwas operated by James W. Gatling, Frank C. Norman, and Kharl A.Williams.The secretarial staff for the Chairman and Council Members consisted ofJoyce A. Pilkerton, Mary C. Fibich, Patricia A. Lee, Alice H. Williams, andMargaret L. Snyder. Secretaries for the professional staff included D. CarolynFletcher, Dorothy L. Green, Bessie M. Lafakis, Jean P. Noll, EarnestineReid, Linda A. Reilly, and Lillie M. Sturniolo. F. Denise Singletarysupplemented the secretarial staff during the summer. Special assistancein connection with the Report was furnished by Dorothy L. Reid and EleanorA. McStay, former members of the Council staff.DEPARTURESThe Council's professional staff is drawn primarily from universities andresearch institutions, and these economists normally serve for 1 or 2 years.Senior staff economists who resigned during the year were William E. Gibson(Brookings Institution), Ronald F. Hoffman (Department of Health, Education,and Welfare), William A. Johnson (Department of the Treasury),Nicholas S. Perna (Federal Reserve Bank of New York), Robert D. Tollison(Texas A&M), and Robert C. Vogel (Southern Illinois University). Junioreconomists who resigned in 1973 were Paul W. Boltz, Andrew J. Safir, andMary E. Sullivan. Other resignations included Zell Berman, research assistant;and Cheryl L. Green and Julie L. Ohner, secretaries. Mayme Burnett,secretary, retired from Federal service during 1973.The Council suffered a loss in August with the death of V. MadgeMcMahon, who had been with the Statistical Office since 1968.242
Appendix CSTATISTICAL TABLES RELATING TO INCOME,EMPLOYMENT, AND PRODUCTION243
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ECONOMICTRANSMITTEDTO THE CONGRESSF
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CONTENTSPageECONOMIC REPORT OF THE
Page 9 and 10:
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
Page 16 and 17:
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
Page 24 and 25:
Page7. Unemployment Rates by Sex an
Page 26 and 27:
Page53. Maximum Percent Change in E
Page 28 and 29:
We have specific problems, too, asi
Page 30 and 31:
This curtailment of supply does, of
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consumption we would not have chose
Page 34 and 35:
outside the food and fuel sectors a
Page 36 and 37:
about $14 billion from deficit to s
Page 38 and 39:
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
Page 48 and 49:
constraints. Restrictions on entry
Page 50 and 51:
In early 1974 the Commerce Departme
Page 52 and 53:
Consumer SpendingConsumer expenditu
Page 54 and 55:
Chart 1Changes in GNP, Real GNP, GN
Page 56 and 57:
During the fourth quarter the downt
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A number of points may be noted abo
Page 60 and 61:
income do not appear to have played
Page 62 and 63:
Chart 2Changes in Real GNPPERCENTUN
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of essentially declining participat
Page 66 and 67:
The unemployment rate for adult mal
Page 68 and 69:
from job losers, the remainder of t
Page 70 and 71:
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
Page 78 and 79:
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
Page 98 and 99:
ate of advance in grocery store foo
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to the economy but also in the sens
Page 102 and 103:
were imposed, limiting prices to th
Page 104 and 105:
spurring of domestic inflation by e
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was more than twice as high in 1973
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wage increases in many cases, const
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TABLE 26.—Behavior of items in co
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Chart 6Changes in RelatedWholesale
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and natural gas. A complex set of f
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CHAPTER 4Energy and AgricultureFOR
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al gas have contributed to the low
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TABLE 30*—Wholesale prices, all i
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tion sector, which in 1972 accounte
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United States on oil imports, OPEC
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of old oil and prices of imported a
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LONG-TERM PROSPECTSThe price of imp
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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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of research and rapid mechanization
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lion in fiscal 1972. Actually the a
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a minimum income. Unless prices fal
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The Administration supports the exa
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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
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Farm wages and farm income received
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TABLE 37.—Average usual weekly ea
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Chart 9Real Incomes for Men in Diff
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ecause they have acquired more expe
Page 158 and 159:
whose owners or white workers have
Page 160 and 161:
Several factors can be mentioned to
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y social pressures, however, which
Page 164 and 165:
TABLE 42.—Relation of wage and sa
Page 166 and 167:
ferences in their mix of occupation
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for public housing may be valued by
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8 to 20 percent for black females.
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sufficiently high to cover the addi
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TABLE 45.—Federal Government tran
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given to the problems of poverty du
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TABLE 47.—Trends in the employmen
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enefit increases greater than the i
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(Table 45). Medicare is chiefly des
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Public assistance is specifically d
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Then, subtracting equation (4) from
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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
Page 196 and 197:
ply of oil, and by domestic price c
Page 198 and 199: in the United States. In view of th
Page 200 and 201: TABLE 52.—U.S. balances on intern
Page 202 and 203: esult from changes in market value
Page 204 and 205: TABLE 54.—Major changes in capita
Page 206 and 207: attempt was made to agree on a code
Page 208 and 209: The official price of gold was rais
Page 210 and 211: system, these demand changes were a
Page 212 and 213: What Pressures Should Be Exerted on
Page 214 and 215: The composition of reserves among d
Page 216 and 217: prices of approximately the same or
Page 218 and 219: tained, they would probably be felt
Page 220 and 221: Reducing Nontariff BarriersIn order
Page 222 and 223: Structural problems. Agreements on
Page 224 and 225: arrangements which are designed to
Page 226 and 227: capital and the means of putting th
Page 228 and 229: Canada and four smaller countries u
Page 230 and 231: currencies have appreciated relativ
Page 232 and 233: Effective Changes in Other Currenci
Page 235 and 236: Activities of the Advisory Committe
Page 237: Appendix BREPORT TO THE PRESIDENT O
Page 241 and 242: Report to the President on the Acti
Page 243 and 244: govern the exploitation of the reso
Page 245 and 246: Manpower and Social Affairs Committ
Page 247: Junior Staff EconomistsJames S. Fac
Page 252 and 253: PRODUCTION AND BUSINESS ACTIVITY:Pa
Page 255 and 256: NATIONAL INCOME OR EXPENDITURETABLE
Page 257 and 258: TABLE C-2.—Gross national product
Page 259 and 260: TABLE C-3.—Implicit price deflato
Page 265 and 266: TABLE C—8.—Gross national produ
Page 267 and 268: TABLE C-10.—Gross national produc
Page 269 and 270: TABLE C-12.—Personal consumption
Page 271 and 272: TABLE C-14.—Relation of gross nat
Page 273 and 274: TABLE C—16.—Relation of nationa
Page 275 and 276: TABLE C-18.— Total and per capita
Page 277 and 278: TABLE C-19.—Sources of personal i
Page 279 and 280: TABLE C-21.—Saving by individuals
Page 281 and 282: POPULATION, EMPLOYMENT, WAGES, ANDP
Page 283 and 284: TABLE C-24.—Noninstitutional popu
Page 285 and 286: TABLE C-26.— Selected unemploymen
Page 287 and 288: TABLE C—28.—Unemployment insura
Page 289 and 290: TABLE C-29.—Wage and salary worke
Page 291 and 292: TABLE C-31.—.•Average weekly ea
Page 293 and 294: TABLE C-33.—Changes in output per
Page 295 and 296: TABLE C—35.—Industrial producti
Page 297 and 298: TABLE C-37.—Capacity utilization
Page 299 and 300:
TABLE C—38.—New construction ac
Page 301 and 302:
TABLE C-39.—New housing starts an
Page 303 and 304:
TABLE C-41.—Sales and inventories
Page 305 and 306:
TABLE C-43.—Manvjacturers* new an
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TABLE O45.—Consumer price indexes
Page 309 and 310:
TABLE C—47.—Consumer price inde
Page 311 and 312:
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
Page 323 and 324:
TABLE C-58.—Bond yields and inter
Page 325 and 326:
TABLE C-59.—Short- and intermedia
Page 327 and 328:
TABLE C-61.—Mortgage debt outstan
Page 329 and 330:
TABLE C-63.—Net public and privat
Page 331 and 332:
TABLE C-65.—Federal budget receip
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TABLE C-66.—Relation of the Feder
Page 335 and 336:
TABLE C-68.—Receipts and expendit
Page 337 and 338:
TABLE C-10.—State and local gover
Page 339 and 340:
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
Page 345 and 346:
TABLE C-77.—Sources and uses of f
Page 347 and 348:
TABLE C-79.—State and municipal a
Page 349 and 350:
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
Page 357 and 358:
TABLE G-88.— U.S. balance of paym
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TABLE C-90.— U.S. merchandise exp
Page 361 and 362:
TABLE C-92.—International reserve
Page 363 and 364:
TABLE G-94.—International investm
Page 365:
TABLE C-96.—Consumer price indexe
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ECONOMIC

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