ECONOMIC

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NATIONAL INCOME OR EXPENDITURETABLE C-l.—Gross national product or expenditure, 1929-73Year or quarterTotalgrossnationalproductPer-con-sump-expend-itures »Grossprivatedomesticinvestment^Netexportsof goodsandservices3Government purchases of goods and services *FederalStateTotalandTotalNationaldefense 5 Other localPercentchangefromprecedingperiod,total grossnationalproduct 6Billions of dollars1929103.177 216.21.18.51.31. 37.2193355.645.81.4.48.02.02. D6.0-4.2193990.566.89.31.113.35.11.23.98.26.919401941194219431944..1945194619471948194999.7124.5157.9191.6210.1211.9208.5231.3257.6256.570.880.688.599.3108.3119.7143.4160.7173.6176.813.117.99.85.77.110.630.634.046.035.71.71.3.0-2.0-1.8-.67.511.56.46.114.024.859.688.696.582.327.025.131.637.86.016.951.981.189.074.217.212.516.520.12.213.849.479.787.473.514.79.110.713.33.83.12.51.41.6.72.53.55.86.88.07.97.77.47.58.19.812.615.017.710.224.926.821.39.7.9-1.610.911.3-.41950195119521953195419551956195719581959284.8328.4345.5364.6364.8398.0419.2441.1447.3483.7191.0206.3216.7230.0236.5254.4266.7281.4290.1311.254.159.351.952.651.767.470.067.960.975.31.83.72.2.41.82.04.05.72.2.137.959.174.781.674.874.278.686.194.297.018.437.751.857.047.444.145.649.553.653.714.133.645.948.741.238.640.344.245.946.04.34.15.98.46.25.55.35.37.77.619.521.522.924.627.430.133.036.640.643.311.015.35.25.5.19.15.35.21.48.219601961 .196219631964196519661967196819691970197119721973 v503.7520.1560.3590.5632.4684.9749.9793.9864.2930.3977.11,055.51,155.21,288. 2325.2335.2355.1375.0401.2432.8466.3492.1536.2579.5617.6667.2726.5805.074.871.783.087.194.0108.1121.4116.6126.0139.0136.3153.2178.3201.54.05.65.15.98.56.95.35.22.51.93.6.8-4.64.699.6107.6117.1122.5128.7137.0156.8180.1199.6210.0219.5234.3255.0277.253.557.463.464.265.266.977.890.798.898.896.298.1104.4106.944.947.851.650.850.050.160.772.478.378.474.671.674.474.28.69.611.813.515.216.817.118.420.520.421.626.530.132.746.150.253.758.263.570.179.089.4100.8111.2123.3136.2150.5170.34.13.27.75.47.18.39.55.98.97.65.08.09.411.5Seasonally adjusted annual rates1971: 1 .IIIII.. ..IV1972: 1IIIIIIV1,027.21,046.91,063.51,084.21,112.51,142.41,166.51,199.2650.0662.2673.0683.4700.2719.2734.1752.6145.5152.7153.8160.8167.5174.7181.5189.43.8.51.1-2.2-5.5-5.7—3.8-3.5227.9231.5235.5242.2250.3254.2254.7260.796.196.798.2101.2106.0106.7102.3102.772.371.370.372.476.576.671.972.423.925.427.928.829.530.130.430.3131.8134.8137.3141.0144.3147.5152.4158.015.07.96.58.010.911.28.711.71973: 1IIIII.IV v1,242.51,272.01,304.51,334.0779.4795.6816.0829.0194.5198.2202.0211.2.02.87.68.0268.6275.3279.0285.8105.5107.3106.8107.874.374.274.274.031.233.132.733.8168.0168.0172.2178.015.29.910.69.41 See Table C-12 for detailed components.2 See Table C-13 for detailed components.3 See Table C-8 for exports and imports separately.< Net of Government sales.s This category corresponds closely to the national defense classification in the "Budget of the United States Governmentfor the Fiscal Year ending June 30,1975."6 Changes are based on unrounded data and therefore may differ slightly from those obtained from published data.Source: Department of Commerce, Bureau of Economic Analysis.249
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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
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TABLE 52.—U.S. balances on intern
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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 252 and 253: PRODUCTION AND BUSINESS ACTIVITY:Pa
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
Page 300 and 301: TABLE C—39.—New housing starts
Page 302 and 303: 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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