ECONOMIC

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TABLE C-ll.—Gross product originating in nonfinancial corporations and dollar costs per unit ofoutput, 1948-73Year or quarterGross productoriginating innonfinancialcorporations (billionsof dollars)Currentdollars1958dollarsTotalcostsiCurrent dollar costs per unit of 1958 dollar gross product (dollars)CapitalconsumptionallowancesIndirectbusinesstaxes 2CompensationofemployeesNetinterestCorporate profits and inventoryvaluation adjustmentTotalProfitstaxliabilityProfitsaftertaxesplus inventoryvaluationadjustment19481949195019511952195319541955195619571958195919601961196219631964196519661967196819691970197119721973137.0133.3151.7174.3182.0194.7191.6216.3231.2241.9236.0263.7273.1278.4302.8320.0346.0377.6413.0430.8469.9504.3519.1554.1608.9680.5172.9165.6186.4203.5207.1219.8213.4237.2244.0247.2236.0260.8267.1270.6292.9308.0329.7357.8385.0390.2415.0433.9427.7442.7475.5512.80.793.805.814.857.879.886.898.912.9489790000110220290340390500550731041321622142522813270.040.047.046.049.054.059.069.072.076.082.091.091.095.100.100.100.099.100.107.109.115.126.131.133.1330.070.076.075.075.081.083.081.081.085.090.097.094.099.103.101.102.103.100.096.100.105.109.119.125.122.1220.507.514.507.541.570.584.591.582.619.642.659.654.670.670.665.664.664.660.678.707.727.764.812.825.8470.005.006.005.005.006.006.007.007.007.009.011.010.011.013.014.015.015.017.019.023.025.029.038.037.037.0370.171.162.180.186.168.154.149.170.160.155.142.164.151.149.154.158.168.179.180.167.166.145.119.134.142.1560.069.057.090.103.086.084.074.084.081.076.069.080.073.073.071.074.074.077.078.073.082.078.064.067.074.0910.103.104.090.083.082.070.075.086.079.078.073.084.078.076.082.084.094.102.102.094.084.067.055.067.068.064Seasonally adjusted annual rates1971:1..II.III.IV.540.5550.6557.4568.1434.6440.0443.5452.41.2441.2511.2571.2560.130.131.132.1320.124.124.125.1260.820.824.828.8280.038.037. .037.0370.131.135.135.1330.068.070.068.0620.063.065,068.0711972:1..II.IllIV.587.4601.9612.9633.2462.3471.9477.8489.81.2711.2761.2831.293.132.135.132.133.122.122.122.122.842.845.850.853.036.036.037.037.139.138.142.148.072.072.074.077.067.066.068.0711973:1..II.Ill656.7672.5689.3503.4509.6517.21.3051.3201.333.132.132.133.122.122.122.862.874.883.036.037.037.152.155.158.088.095.092.064.060.0661 This is equal to the deflator for gross product of nonfinancial corporations, with the decimal point shifted two places tothe left.* Also includes business transfer payments less subsidies.Source: Department of Commerce, Bureau of Economic Analysis.262
TABLE C-12.—Personal consumption expenditures, 1929-73[Billions of dollars]Yearorquarter1929...1933...1939...1940...1941...1942...1943...1944...1945...1946...1947...1948...1949...1950...1951...1952-..1953...1954...195519561I_1957...1958...1959...1960...1961...1962...1963...1964...1965...1966...1967...1968...1969...1970....1971....1972....1973*...1971:1II..-.III...IV....1972:1II.—III...IV....1973:1IL--.III...IVP...£=O"S.E3i^o3I s77.245.866.870.880.688.599.3108.3119.7143.4160.7173.6176.8191.0206.3216.7230.0236.5254.4266.7281.4290.1311.2325.2335.2355.1375.0401.2432.8466.3492.1536.2579.5617.6667.2726.5805.0Durable goods19.23.56.77.89.66.96.66.78.015.820.422.724.630.529.629.333.232.839.638.940.837.944.345.344.249.553.959.266.370.873.184.090.891.3103.6117.4131.1r•a ccaJIa
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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
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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
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system, these demand changes were a
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What Pressures Should Be Exerted on
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The composition of reserves among d
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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 and 260: TABLE C-3.—Implicit price deflato
Page 265 and 266: TABLE C—8.—Gross national produ
Page 267: TABLE C-10.—Gross national produc
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
Page 311 and 312: TABLE C~49.—Wholesale price index
Page 313 and 314: TABLE C-50.—Wholesale price index
Page 315 and 316: 194819491950.,1951195219531954Yearo
Page 317 and 318: 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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