ECONOMIC

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TABLE C-17.—Disposition of personal income, 1929-73Year orquarterPersonalincomeLess:PersonaltaxandnontaxpaymentsEquals:DisposablepersonalincomeLess: Personal outlaysTotalPersonalconsumptionexpendituresInterestpaid byconsumersPersonaltransferpaymentsto foreignersEquals:PersonalsavingPercent of disposablepersonal incomePersonaloutlaysTotalConsumptionexpend*ituresPersonalsavingBillions of dollarsPercent1929.....1933....1939....1940.....1941.....1942.....1943.....1944.....1945.....1946.....1947.....1948....1949....1950....1951....1952....1953....1954....1955....1956....1957....1958....1959....I960....1961—.1962....1963....1964....1965....1966....1967....1968196919701971....1972....1973 P1971: L...II...III —IV...1972: I....II..III..IV...1973: I....II...ML.IV P.85.947.072.878.396.0122.9151.3165.3171.1178.7191.3210.2207.2227.6255.6272.5288.2290.1310.9333.0351.1361.2383.5401.0416.8442.6465.5497.5538.9587.2629.3688.9750.9808.3863.5939.2.,035.52.61.52.42.63.36.017.818.920.918.721.421.118.620.729.034.135.632.735.539.842.642.346.250.952.457.460.959.465.775.483.097.9116.5116.6117.5142.2152.983.345.570.375.792.7116.9133.5146.3150.2160.0169.8189.1188.6206.9226.6238.3252.6257.4275.3293.2308.5318.8337.3350.0364.4385.3404.6438.1473.2511.9546.3591.0634.4691.7746.0797.0882.679.146.567.771.881.789.3100.1109.1120.7144.8162.5175.8179.2193.9209.3220.2234.3241.0259.5272.6287.8296.6318.3333.0343.3363.7384.7411.9444.8479.3506.0551.2596.2635.5685.8747.2828.777.245.866.870.880.688.599.3108.3119.7143.4160.7173.6176.8191.0206.3216.7230.0236.5254.4266.7281.4290.1311.2325.2335.2355.1375.0401.2432.8466.3492.1536.2579.5617.6667.2726.5805.01.5.5.7.8.9.7.5.5.5.81.11.51.92.42.73.03.84.04.75.45.85.96.57.37.68.19.110.111.312.413.214.315.816.817.719.722.50.3.2.2.2.2.1.2.4.5.7.7.7.5.5.4.4.5.5.5.6.6.6.6.5.5.5.6.6.7.6.7.8.91.01.01.01.24.2-.92.63.811.027.633.437.329.615.27.313.49.413.117.318.118.316.415.820.620.722.319.117.021.221.619.926.228.432.540.439.838.256.260.249.753.895.0102.096.394.988.276.475.074.580.390.595.792.995.093.792.492.492.893.694.393.093.393.094.495.194.294.495.194.094.093.692.693.394.091.991.993.893.992.7100.695.093.686.975.774.474.079.789.694.691.893.892.391.090.991.191.992.491.091.291.092.392.992.092.292.791.691.591.190.190.791.389.389.491.291.25.0-2.03.75.111.823.625.025.519.79.54.37.15.06.37.67.67.26.45.77.06.77.05.64.95.85.64.96.06.06.47.46.76.08.18.16.26.1Seasonally adjusted annual ratesSeasonally adjusted840.0859.5870.2884.4910.8926.1943.7976.1996.61,019.01, 047.11,079.2112.6115.5118.1124.0138.0140.7142.8147.4145.1149.3156.0161.2121A744.0752.0760.4772.8785.4800.9828.7851.5869.7891.1918.0668.3680.6691.8702.6720.0739.5755.1774.3801.5818.7840.1854.6650.0662.2673.0683.4700.2719.2734.1752.6779.4795.6816.0829.017.317.417.718.218.819.420.020.721.222.023.023.81.0.91.11.11.0.91.01.1.91.01.11.859.263.560.257.852.945.945.854.450.051.051.163.391.991.592.092.493.294.294.393.494.194.194.393.189.489.089.589.990.691.691.790.891.591.591.690.38.18.58.07.66.85.85.76.65.95.95.76.9Source: Department of Commerce, Bureau of Economic Analysis.268
TABLE C-18.— Total and per capita disposable personal income and personal consumptionexpenditures in current and 1958 dollars, 1929-73Disposable personal incomePersonal consumption expendituresYear or quarterTotal (billionsof dollars)Per capita(dollars)Total (billionsof dollars)Per capita(dollars)Population(thousands)iCurrentdollars1958dollarsCurrentdollars1958dollarsCurrentdollars1958dollarsCurrentdollars1958dollars192983.3150.66831,23677.2139.66341,145121,875193345.5112.236289345.8112.8364897125,690193970.3155.95371,19066.8148.25101,131131,02819401941 .1942194319441945194619471948194975.792.7116.9133.5146.3150.2160.0169.8189.1188.6166.3190.3213.4222.8231.6229.7227.0218.0229.8230.85736958679761,0571,0741 1321,1781,2901,2641,2591,4271,5821,6291 6731,6421 6061,5131,5671,54770.880.688.599.3108.3119.7143.4160.7173.6176.8155.7165.4161.4165.8171.4183.0203.5206.3210.8216.55366046567267828551,0141,1151,1841,1851,1781,2401 1971,2131 2381,3081 4391,4311,4381,451132,122133,402134 860136,739138 397139 928141 389144 126146,631149,1881950195119521953195419551956 . .1957 ._..19581959206.9226.6238.3252.6257.4275.3293.2308.5318.8337.3249.6255.7263.3275.4278.3296.7309.3315.8318.8333.01 3641,4691,5181,5831,5851 6661,7431,8011,8311,9051 6461,6571,6781,7261,7141,7951,8391,8441,8311,881191.0206.3216.7230.0236.5254.4266.7281.4290.1311.2230.5232.8239.4250.8255.7274.2281.4288.2290.1307.31,2591,3371,3811,4411,4561,5391,5851,6431,6661,7581 5201,5091,5251,5721,5751,6591,6731,6831,6661,735151 684154, 287156,954159,565162,391165 275168, 221171,274174,141177,0731960 . .196119621963196419651966196719681969350.0364.4385.3404.6438.1473.2511.9546.3591.0634.4340.2350.7367.3381.3407.9435.0458.9477.5499.0513.61,9371 9842,0652,1382,2832,4362 6042,7492,9453,1301,8831 9091,9692,0152,1262,2392 3352,4032,4862,534325.2335.2355.1375.0401.2432.8466.3492.1536.2579.5316.1322.5338.4353.3373.7397.7418.1430.1452.7469.11,8001,8251,9031,9812,0912,2282,3722,4762,6712,8591,7491 7561,8141,8671,9482,0472 1272,1642,2562,315180,671183 691186| 538189,242191,889194,303196 560198,712200, 706202,67719701971 . .19721973*691.7746.0797.0882.6534.8554.9577.9608.13,3763 6033,8164,1952,6102,6802,7672,890617.6667.2726.5805.0477.5496.3526.8554.73,0153,2223,4793,8262,3312,3972,5232,636204,879207,045208,842210,404Seasonally adjusted annual rates1971:1||IIIIV727.4744.0752.0760.4547.8554.6556.4560.93,5263,5983,6283,6582,6552 6822,6842,698650.0662.2673.0683.4489.5493 6498.0504.13,1513,2023,2463,2882,3732 3872,4022,425206,306206,795207,313207,8621972-1IIIllIV772.8785.4800.9828.7565.7571.6579.3595.13,7113,7653 8313,9552 7162,7402 7712,841700.2719.2734.1752.6512.5523.4531.0540.53,3623,4473,5113,5922,4612,5092 5402,580208, 259208,634209 058209,5141973:1IIIllIV v851.5869.7891.1918.0603.9604.8603.5613.94,0574,1374,2314,3502,8782,8772,8942,909779.4795.6816.0829.0552.7553.3558.1554.53,7143,7853,8743,9282,6342,6322,6502,627209,871210,221210,618211,0361 Population of the United States including Armed Forces overseas; includes Alaska and Hawaii beginning 1960. Annualdata are for July 1; quarterly data are for middle of period, interpolated from monthly data.Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).269527-867 O - 74 - 18
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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
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tained, they would probably be felt
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Reducing Nontariff BarriersIn order
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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 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: TABLE C—16.—Relation of nationa
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
Page 319 and 320: TABLE G-54.—Total funds raised in
Page 321 and 322: TABLE C-56.—Federal Reserve Bank
Page 323 and 324: 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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