ECONOMIC

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CONTENTSNATIONAL INCOME OR EXPENDITURE:G-l. Gross national product or expenditure, 1929-73 249C-2. Gross national product or expenditure in 1958 dollars, 1929-73 •. 250G-3. Implicit price deflators for gross national product, 1929-73 252C-4.PageImplicit price deflators and alternative price measures of grossnational product and gross private product, 1939-73 254C-5. Gross national product by industry in 1958 dollars, 1947-72 255C-6. Gross national product by major type of product, 1929-73 256G—7. Gross national product by major type of product in 1958 dollars,1929-73 257C—8. Gross national product: Receipts and expenditures by major economicgroups, 1929-73 258C-9. Gross national product by sector, 1929-73 260C-10. Gross national product by sector in 1958 dollars, 1929-73 261G—11. Gross product originating in nonfinancial corporations and dollarcosts per unit of output, 1948-73 262C-12. Personal consumption expenditures, 1929-73 263C-13. Gross private domestic investment, 1929-73 264C-14. Relation of gross national product and national income, 1929-73 265C-15. National income by type of income, 1929-73 266C—16. Relation of national income and personal income, 1929-73 267C-17. Disposition of personal income, 1929-73 268C-18. Total and per capita disposable personal income and personal consumptionexpenditures in current and 1958 dollars, 1929-73 269C-19. Sources of personal income, 1929-73 270C-20. Sources and uses of gross saving, 1929-73 272C-21. Saving by individuals, 1946-73 273C-22. Number and money income (in 1972 dollars) of families and unrelatedindividuals, by race of head, 1947-72 274POPULATION, EMPLOYMENT, WAGES, AND PRODUCTIVITY:C-23. Population by age groups, 1929-73 275C-24. Noninstitutional population and the labor force, 1929-73 276C-25. Civilian employment and unemployment by sex and age, 1947-73. . 278C-26. Selected unemployment rates, 1948-73 279C-27. Unemployment by duration, 1947-73 280C-28. Unemployment insurance programs, selected data, 1946-73 281C-29. Wage and salary workers in nonagricultural establishments, 1929-73. 282C—30. Average weekly hours and hourly earnings in selected private nonagriculturalindustries, 1947-73 284C-31. Average weekly earnings in selected private nonagricultural industries,1947-73 285C-32. Output per man-hour and related data, private economy, 1947-73. . 286C-33. Changes in output per man-hour and related data, private economy,1948-73 287245
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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
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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
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improving the environment. The fund
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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
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Since families typically pool their
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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
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whose owners or white workers have
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Several factors can be mentioned to
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y social pressures, however, which
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TABLE 42.—Relation of wage and sa
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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
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In the fourth quarter the dollar ro
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which include trade, grants and oth
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tarily by foreign central banks, ev
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ply of oil, and by domestic price c
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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 and 248: Junior Staff EconomistsJames S. Fac
Page 249: Appendix CSTATISTICAL TABLES RELATI
Page 253: CORPORATE PROFITS AND FINANCE:PageC
Page 256 and 257: TABLE C-2.—Gross national product
Page 258 and 259: TABLE C-3.—Implicit price deflato
Page 260 and 261: TABLE C—4.—Implicit price defla
Page 266 and 267: TABLE C-9.—Gross national pro 3 u
Page 268 and 269: TABLE C-ll.—Gross product origina
Page 270 and 271: TABLE C-13.—Gross private domesti
Page 272 and 273: TABLE C-15.—National income by ty
Page 274 and 275: TABLE C-17.—Disposition of person
Page 276 and 277: TABLE C-19.—Sources of personal i
Page 278 and 279: TABLE C-20.—Sources and uses of g
Page 280 and 281: TABLE C—22.—Number and money in
Page 282 and 283: TABLE C-24.—Noninstitutional popu
Page 284 and 285: TABLE C-25.—Civilian employment a
Page 286 and 287: TABLE O27.—Unemployment by durati
Page 288 and 289: TABLE C—29.—Wage and salary wor
Page 290 and 291: TABLE C-30.—Average weekly hours
Page 292 and 293: TABLE C-32.—Output per man-hour a
Page 294 and 295: PRODUCTION AND BUSINESS ACTIVITYTAB
Page 296 and 297: TABLE C—36.—Industrial producti
Page 298 and 299: TABLE CV38.—New construction acti
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TABLE C—39.—New housing starts
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TABLE C-40.—Business expenditures
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TABLE O42.—Manufacturers' shipmen
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PRICESTABLE C-44.—Consumer price
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TABLE C—46.—Consumer price inde
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TABLE C—48.—Percent changes in
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TABLE O49.—Wholesale price indexe
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TABLE C~50.—Wholesale price index
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Year andmonthMONEY STOCK, CREDIT, A
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TABLE C-54.—Total funds raised in
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TABLE C—55.—Private liquid asse
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TABLE C-57.—Aggregate reserves an
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TABLE G-58.—Bond yields and inter
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TABLE C-60.—Instalment credit ext
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TABLE C-62.—Mortgage debt outstan
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GOVERNMENT FINANCETABLE C-64.—Fed
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TABLE C-65.—Federal budget receip
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TABLE C-67.—Receipts and expendit
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TABLE C-69.—Receipts and expendit
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TABLE C-71.—Public debt securitie
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TABLE C-73.—Average length and ma
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TABLE C-75.—Sales, profits, and s
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TABLE C-76.—Relation of profits a
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TABLE C-78.— Current assets and l
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TABLE C-80.—Common stock prices\
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AGRICULTURETABLE C-82.—Income of
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TABLEC-84.—Farm population, emplo
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TABLE C-86.—Selected measures of
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INTERNATIONAL STATISTICSTABLE C-88.
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TABLE C-89.— U.S. merchandise exp
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TABLE C-91.—U.S. overseas loans a
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End of year ormonth1946 ..194719481
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TABLE C-95.—Price changes in inte
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ECONOMIC

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