ECONOMIC

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TABLE C—4.—Implicit price deflators and alternative price measures of gross national product andgross private product, 1939-73Gross national product pricemeasures, 1958=100Percent change from preceding period lYear orquarterTotalPrivateTotalPrivateImplicitpricedeflatorPriceindex,1967weightsImplicitpricedeflatorPriceindex,1967weightsImplicitpricedeflatorPriceindex,1967weightsChainpriceindexImplicitpricedeflatorPriceindex,1967weightsChainpriceindex1939 .1940194119421943194443.2343.8747.2253.0356.8358.1643.9344.6948.6655.5160.8562.02-1.51.57.712.37.22.3-1.61 78.914.19.61.91945 .1946 .. .19471948194959.6666.7074.6479.5779.1262.5968.2576.2781.4080.602.611.811.96.6-.6.99.011 86.7-1.01950195119521953195480.1685.6487.4588.3389.6381.4187.3588.9989.6590.771.36.82.11.01.51.07.31.9.71.21955195619571958195990.8693.9997.49100. 00101.6691.5794.5397.92100. 00101.411.43.43.72.51.7.93.23.62.11.41960196119619631964103. 29104.62105. 78107 17108. 85102. 76103.73104. 73105.80107 051.61.31.11.31.61.3.91.01.01.219651966196719681969110.86113.94117.59122. 30128. 20110.75114.06117.58122. 51128.61108. 83111.56114.79118.90124. 30108.65111.62114.78119.10124.671.82.83.24.04.83.03.14.25.03.14.24.91.72.52.93.64.52.72.83.84.72.93.84.61970197119721973*135. 24141.60146.10153. 86135.60142.55148.02157. 07130.32135.88139.78147.23130. 67136. 64141. 05149.505.54.73.25.35.45.13.86.15.35.13.65.84.84.32.95.34.84.63.26.04.74.53.15.6Seasonally adjusted annual rates1971:1IIIIIIV1972:1IIIllIV1973:1IIIllIV*_.___139.73141.40142.39142.85144.85145.42146.42147.63149.81152.46155.06158.04140.36142.17143.48144.31146.30147.33148.48149.95152.79155. 59158.37161.48134.15135.73136.66136.93138.59139.12140.07141.27143.25145.88148.47151.24134.65136.34137. 58138.11139.49140.35141.44142.87145.32148.11150.87153.665.54.92.81.35.71.62.83.36.17.37.07.96.95.33.72.35.62.83.24.07.87.67.38.06.85.23.61.95.22.63.23.97.17.07.07.74.34.82.8.84.91.62.73.55.77.67.37.75.45.13.71.54.12.53.14.17.07.97.67.65.45.03.61.34.02.23.23.96.57.27.17.41 Changes are based on unrounded data and therefore may differ slightly from those obtained from published indexes.Source: Department of Commerce, Bureau of Economic Analysis.254
TABLE C-5.—Gross national product by industry in 1958 dollars, 1947-72[Billions of 1958 dollars]YearTotalgrossnationalproductAgriculture,forestry,TotalManufacturingandfisheriesContractconstructionDurablegoodsindustriesNondurablegoodsindustriesTransportation,communication,andutilitiesWholesaleandretailtradeFinance,insurance,andrealestateServicesGovernmentandgovernmententerprisesAllotheri194719481949309.9323.7324.117.920.019.412.914.114.791.896.390.952.355.050.539.441.340.429.630.428.752.754.255.235.636.537.830.631.932.132.433.234.76.77.110.6195019511952...19531954..355.3383.4395.1412.8407.020.419.520.221.221.616.218.218.318.919.3105.5116.2118.7128.6119.560.869.071.579.171.244.747.247.349.548.330.834.334.635.736.460.461.462.964.965.541.042.944.746.849.833.134.034.535 335.435.943.947.247.146.112.113.014.014 313.519551956...195719581959...438.0446.1452.5447.3475.922.122.021.522.022.320.821.821.120.722.0133.6134.1134.6123.7138.980.779.479.669.679.952.954.654.954.059.038.640.541.340.643.371.673.875.175.180.852.754.857.059.261.438.240.241.842.945.146.046.246.947.347.914.412.713.116.014.119601961. .196219631964 .487.7497.2529.8551.0581.123.123.423.324.023.621.721.421.721.923.3140.9140.4154.6162.4173.781.079.790.095.6102.459.960.764.766.871.344.946.048.951.954.782.383.588.992.898.964.167.171.274.478.346.748.350.852.254.749.250.652.653.956.114.716.317.917.417.819651966—196719681969617.8658.1675.2706.6725.625.023.725.224.825.423.524.723.123.824.1190.5205.7205.4219.2228.6114.8125.1123.9131.8136.975.780.781.487.491.759.264.066.570.975.4104.8111.6113.9120.8124.283.186.891.695.295.557.760.663.465.867.758.061.865.568.670.315.819.420.617.614.319701971. .1972._722.5745.4790.726.227.426.023.624.124.7217.5223.7243.7125.1127.7140.392.496.0103.477.481.086.4126.5131.5139.996.499.9105.169.269.672.570.070.071.715.818.320.5i Mining, rest of the world, and residual (the difference between gross national product measured as sum of final productsand gross national product measured as sum of gross product by industries).Source: Department of Commerce, Bureau of Economic Analysis.255
Page 1:
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
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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
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 and 256: NATIONAL INCOME OR EXPENDITURETABLE
Page 257 and 258: TABLE C-2.—Gross national product
Page 259: TABLE C-3.—Implicit price deflato
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
Page 309 and 310: 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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