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TABLE C-2.—Gross national product or expenditure in 1958 dollars, 1929-73Year orquarterTotalgrossnationalproductPersonal consumptionexpendituresTotalDurablegoodsNondurablegoodsServicesGross private domestic investmentTotalFixed investmentTotalNonresidentialTotalStructuresProducers'durableequipmentResidentialstructuresChangein businessinventories19291933193919401941194219431944194519461947194819491950195119521953195419551956195719581959196019611962196319641965196619671968196919701971197219731971:1 IL...III—.IV....1972:1IV....1973:1IIIII....IV p...Billions of 1958 dollars203.6141.5209.4227.2263.7297.8337.1361.3355.2312.6309.9323.7324.1355.3383.4395.1412.8407.0438.0446.1452.5447.3475.9487.7497.2529.8551.0581.1617.8658.1675.2706.6725.6722.5745.4790.7837.3139.6112.8148.2155.7165.4161.4165.8171.4183.0203.5206.3210.8216.5230.5232.8239.4250.8255.7274.2281.4288.2290.1307.3316.1322.5338.4353.3373.7397.7418.1430.1452.7469.1477.5496.3526.8554.716.38.314.516.719.111.710.29.410.620.524.726.328.434.731.530.835.335.443.241.041.537.943.744.943.949.253.759.066.671.772.981.385.683.892.2104.0114.669.358.681.284.689.991.393.797.3104.7110.8108.3108.7110.5114.0116.5120.8124.4125.5131.7136.2138.7140.2146.8149.6153.0158.2162.2170.3178.6187.0190.2197.1201.3206.5211.6220.9229.254.046.052.554.456.358.561.864.767.772.173.475.877.681.884.887.891.194.899.3104.1108.0112.0116.8121.6125.6131.1137.4144.4152.5159.4167.0174.4182.2187.2192.4201.8210.940.45.324.733.041.621.412.714.019.652.351.560.448.069.370.060.561.259.475.474.368.860.973.672.469.079.482.587.899.2109.3101.2105.2110.5103.4110.3122.9131.736.99.723.528.132.017.312.915.922.642.351.755.951.961.059.057.260.261.469.069.567.662.468.868.967.073.476.781.990.195.493.598.8103.899.5105.0118.3126.626.57.615.318.922.212.510.013.419.830.236.238.034.537.539.638.340.739.643.947.347.441.644.147.145.549.751.957.866.374.173.275.680.177.276.183.792.513.93.35.96.88.14.62.93.85.712.511.612.311.912.714.113.714.915.216.218.518.216.616.217.417.417.917.919.122.324.022.623.424.323.722.523.024.812.64.39.412.114.27.97.29.614.117.724.625.722.624.825.524.625.824.527.728.829.125.027.929.628.131.734.038.744.050.150.652.255.853.553.660.867.710.42.18.29.29.84.92.92.52.812.115.417.917.423.519.518.919.621.725.122.220.220.824.721.921.623.824.824.223.821.320.423.223.722.229.034.634.0Seasonally adjusted annual rates735.1740.4746.9759.0768.0785.6796.7812.3829.3834.3841.3844.1489.5493.6498.0504.1512.5523.4531.0540.5552.7553.3558.1554.589.390.293.695.899.2101.9105.8109.2117.0116.2115.4109.7210.2211.8211.5213.0215.0220.7222.2225.8228.8228.0230.2229.6189.9191.7192.9195.3198.2200.8202.9205.4207.0209.1212.5215.2106.6110.3109.5114.8116.5121.0124.8129.1130.2130.2130.8135.7100.7103.8105.5110.1115.4116.7118.2122.8126.9126.9127.7124.774.875.575.678.481.582.583.487.591.291.593.294.122.922.622.422.123.023.022.723.123.824.425.226.051.952.953.256.358.459.560.764.367.467.268.068.225.928.329.931.734.034.234.735.335.635.334.530.63.5-4.31.24.99.64.0-.2-1.9-2.910.0-.24.6-3.98.310.93.3.9-2.06.44.81.2-1.54.83.52.06.05.85.89.013.97.76.46.73.95.34.65.25.86.54.04.71.14.36.66.33.33.43.010.9See footnotes at end of table.250
TABLE C-2.—Gross national product or expenditure in 1958 dollars,1929-73—ContinueYear or quarterNet exports of goods andservicesNetexportsExportsImportsGovernment purchases ofgoods and services iTotalFederalStateandlocalAddendum:GrossprivateproductPercent change frompreceding period JTotalgrossnationalproductGrossprivateproductBillions of 1958 dollars19291.511.810.322.03.518.5190.91933.07.17.123.36.017.3127.5-1.9-2.719391.310.08.735.212.522.7188.78.59.419401941194219431944194519461947 . . .194819492 1.4-2.1-5.9-5.8-3.88.412 36.16.411 011.27.86.87.610.219.622.618.118.18 910 89.912.613.413.911.210 312.011.736 456 3117.1164.4181.7156.448.439 946.353.315 036.298.9147.8165.4139.730.119 123.727.621 420.118.316.616.316.718.420 822.725.7205 6236.6257.3272.8286.9282.5275.1281 4295.0294.18.516.112.913.27.2-1.7-12.0-.94.4.29.015.08.86.15.2-1.5-2.62.34.8-.31950195119521953195419551956195719581959.2 75.33 01.13.03 25 06.22.2.316.319.318 217.818.820 924.226.223.123.813.614.115 216.715.817 719 119.920.923.552.875.492 199.888.985 285.389.394.294.725.347.463 870.056.850 749 751.753.652.527.527.928 429 732.134 435.637.640.642.2324.2344.6353 2371.1366.2397 2404 8410.5405.2433.49.67.93.04.5-1.47.61.81.5-1.16.410.26.32.55.0-1.38.51.91.4-1.37.0196019611962196319641965.19661967196819691970197119721973*4.35 14 55.68.36.24.23 61.0.22.3.4-2.06.027.328 030.032.136.537.440.242 145.748.452.252.756.467.323.022 925.526.628.231.236.138 544.748.350.052.458.461.394.9100 5107.5109.6111.2114.7126.5140.2147.7145.9139.3138.4143.0144.851.454 660.059.558.157.965.474.778.173.564.360.960.857.343.545 947.550.153.256 861.165 569.672.475 077.582.287.5444.0452 3482 9503.2532.0567 0603.5617 5647.0664.9661 7684.7729.5774.82.51.96.64.05.46.36.52.64.72.7—.43.26.15.92.41.96.74.25.76.66.42.34.82.8-.53.56.56.2Seasonally adjusted annual rates1971: 1IIIIIIV2.4-1.652.853.454.949.750.453.754.151.3136.7136.7138 6141.660.159.961 162.576.676.877.579.1674.6679.9686.1698.29.12.93.66.69.93.23.77.21972: 1IIIllIV1973: 1IIIllIV*-3 7-2.8-.9-.82.05.67.49.255.454.156.659.665.366.667.469.859.156.857.560.363.361.160.060.6142 7144.0141 8143.5144.4145.2145.0144.863 062.958 858.658.258.257.255.679 781.183 085.086.287.087.889.2707.3725.0735.3750.3767.1772.0778.8781.24 99.55.88.18.72.43.41.35.410.45.88.49.32.53.61.31 Net of Government sales.2 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.251
Page 1:
ECONOMICTRANSMITTEDTO THE CONGRESSF
Page 5:
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 252 and 253: PRODUCTION AND BUSINESS ACTIVITY:Pa
Page 255: NATIONAL INCOME OR EXPENDITURETABLE
Page 259 and 260: TABLE C-3.—Implicit price deflato
Page 261 and 262: TABLE C-5.—Gross national product
Page 263 and 264: TABLE C-7.—Gross national product
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
Page 307 and 308:
TABLE O45.—Consumer price indexes
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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
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TABLE C-58.—Bond yields and inter
Page 325 and 326:
TABLE C-59.—Short- and intermedia
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TABLE C-61.—Mortgage debt outstan
Page 329 and 330:
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
Page 345 and 346:
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
Page 365:
TABLE C-96.—Consumer price indexe
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ECONOMIC

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