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TABLE C-54.—Total funds raised in credit markets by nonfinancial sectors, 1965-73[Billions of dollars]Item 1965 1966 1967 1968 1969 1970 1971Total funds raised69.967.782.294.691.497.5146.7U.S. Government.1.83.613.013.4-3.612.825.5Public debt securities..Budget agency issues.1.3.52.31.38.94.110.33.1-1.3-2.412.9-.126.0-.5All other nonfinancial sectors.68.164.169.281.295.084.7121.2Corporate equities.Debt instruments...267.9.863.32.267.0-1.482.63.491.64.979.811.7109.5Debt capital instruments..38.838.945.750.650.657.783.2State and local government securitiesCorporate and foreign bondsMo rtgages7.35.925.65.611.022.37.815.922.09.514.027.19.913.027.711.320.625.716.619.746.8HomeOther residential..CommercialFarm15.43.64.42.211.73.15.71.811.53.64.72.315.13.46.42.215.74.75.31.912.85.85.31.826.08.810.02.0Other private credit.29.024.421.332.041.022.126.3Bank loans n.e.cConsumer creditOpen-market paper.Other14.19.6-.35.610.76.41.06.29.54.52.15.113.110.01.67.215.310.43.312.06.46.03.85.99.311.2-.96.6By borrowing sector:Total funds raised.68.164.169.281.295.084.7121.2ForeignState and local governments...HouseholdsNonfinancial business2.57.728.429.51.36.322.633.94.07.919.038.23.19.829.638.73.310.732.248.83.011.422.947.35.717.038.360.2Farm .....Nonfarm noncorporate.Corporate..3.35.720.43.15.425.43.65.029.62.85.630.33.27.438.33.25.338.84.18.747.4Total funds advanced to nonfinancial sectors69.967.782.294.691.497.5146.7Financed directly or indirectly by:Private domestic nonfinancial sectors46.341.250.360.047.862.682.5Deposits.Demand deposits and currency...Time and savings accountsAt commercial banks...At savings institutions.40.57.832.719.613.224.44.120.313.07.352.112.839.322.616.748.314.533.921.012.95.47.7-2.3-10.38.066.610.556.139.216.994.213.081.240.640.6Credit market instruments, net—5.816.8-1.711.742.4-4.1-11.7U.S. Government securitiesPrivate credit market instruments.Corporate equities..Less secu rity debt2.95.0-2.2-.18.29.3-1.1-.3-1.45.6-4.51.58.012.4-7.916.828.2-4.3-1.6-8.35.9-2.6-.9-13.08.8-5.42.1Other sources :Foreign funds.At banks..Direct.5.8-.31.83.7-1.94.92.32.75.12.62.510.69.31.32.4-8.510.923.9-3.227.2Change in U.S. Government cashbalacneU.S. Government loansPrivate insurance and pension reserves.Other-1.02.815.65.8-.44.918.12.21.24.618.23.0-1.14.918.86.9.42.919.210.42.82.821.85.13.23.225.48.4See footnote at end of table.312
TABLE G-54.—Total funds raised in credit markets by nonfinancial sectors, 1965-73—Continued[Billions of dollars]Item1973 unadjustedquarterly flows1973 seasonallyadjusted annual ratesTotal funds raisedU.S. Government-Public debt securities.Budget agency issues.All other nonfinancial sectors.Corporate equities.Debt instruments..Debt capital instruments.State and local government securities..Corporate and foreign bondsMortgagesHomeOther residential.CommercialFarmOther private credit-Bank loans n.e.cConsumer creditOpen-market paper..OtherBy borrowing sector:Total funds raised.ForeignState and local governments.HouseholdsNonfinancial businessFarmNonfarm noncorporate..CorporateTotal funds advanced to nonfinancial sectors..Financed directly or indirectly by:Private domestic nonfinancial sectors..DepositsDemand deposits and currency.Time and savings accountsAt commercial banks..At savings institutions.Credit market instruments, net..Other sources:U.S. Government securitiesPrivate credit market instruments.Corporate equitiesLess security debtForeign funds.At banks..DirectChange in U.S. Government cash balance.U.S. Government loans.Private insurance and pension reserves...OtherSource: Board of Governors of the Federal Reserve System.46.58.88.2.637.72.235.518.41.51.715.18.22.83.11.017.013.91.8-1.73.137.73.31.611.221.62.02.716.946.520.317.9-12.730.618.712.02.42.8-.839.7.29.52.3.57.36.547.1-5.9-5.9.053.12.250.927.42.83.621.011.64.14.01.323.513.17.8.52.153.11.82.821.327.22.83.720.647.135.629.710.119.611.08.65.92.23.8-1.2-1.1.22.1-1.9-.4-.27.14.837.4-.4-1.1.737.8.737.123.81.02.020.811.63.44.81.013.25.86.0.8.737.8-.7.918.219.41.63.614.237.422.111.0-4.115.114.01.111.18.83.8-2.41.61.0.6-5.11.16.910.9221.732.630.12.6189.18.9180.181.75.18.368.337.912.613.84.098.474.425.3-10.89.6189.114.35.471.398.07.013.877.2221.7111.4120.0-.8120.776.344.4-8.5-.7-4.1-6.8-3.038.61.936.716.41.928.824.5180.21.51.4.1178.78.7170.0102.89.711.781.444.915.616.44.667.233.524.14.05.6178.77.39.572.589.57.713.068.8180.2134.998.120.777.446.131.336.823.313.5-4.5-4.5.68.1-7.5-9.3-1.029.125.8156.4-9.6-12.42.9166.02.9163.193.05.18.579.442.514.118.93.970.137.021.93.1166.0-2.14.977.385.87.614.164.1156.4117.069.98.161.954.07.847.032.520.4-9.2-3.3-1.84.6-6.4-21.34.227.430.8313
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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
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arrangements which are designed to
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capital and the means of putting th
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Canada and four smaller countries u
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currencies have appreciated relativ
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Effective Changes in Other Currenci
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Activities of the Advisory Committe
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Appendix BREPORT TO THE PRESIDENT O
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Report to the President on the Acti
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govern the exploitation of the reso
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Manpower and Social Affairs Committ
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Junior Staff EconomistsJames S. Fac
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Appendix CSTATISTICAL TABLES RELATI
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PRODUCTION AND BUSINESS ACTIVITY:Pa
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NATIONAL INCOME OR EXPENDITURETABLE
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TABLE C-2.—Gross national product
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TABLE C-3.—Implicit price deflato
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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
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: TABLE C-53.—Commercial bank loans
Page 321 and 322: TABLE C-56.—Federal Reserve Bank
Page 323 and 324: TABLE C-58.—Bond yields and inter
Page 325 and 326: TABLE C-59.—Short- and intermedia
Page 327 and 328: TABLE C-61.—Mortgage debt outstan
Page 329 and 330: TABLE C-63.—Net public and privat
Page 331 and 332: TABLE C-65.—Federal budget receip
Page 333 and 334: TABLE C-66.—Relation of the Feder
Page 335 and 336: TABLE C-68.—Receipts and expendit
Page 337 and 338: TABLE C-10.—State and local gover
Page 339 and 340: TABLE C-72.—Estimated ownership o
Page 341 and 342: CORPORATE PROFITS AND FINANCETABLE
Page 343 and 344: TABLE C-76.—Relation of profits a
Page 345 and 346: TABLE C-77.—Sources and uses of f
Page 347 and 348: TABLE C-79.—State and municipal a
Page 349 and 350: TABLE C-81.—Business formation an
Page 351 and 352: Year1929...1933...1939...1940...194
Page 353 and 354: TABLE C-85.—Indexes of prices rec
Page 355 and 356: TABLE G-87.—Comparative balance s
Page 357 and 358: TABLE G-88.— U.S. balance of paym
Page 359 and 360: TABLE C-90.— U.S. merchandise exp
Page 361 and 362: TABLE C-92.—International reserve
Page 363 and 364: TABLE G-94.—International investm
Page 365: TABLE C-96.—Consumer price indexe
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