ECONOMIC

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TABLE C—55.—Private liquid asset holdings, nonfinancial investors, 1965—73[Averages of daily figures; billions of dollars, seasonally adjusted]YearandmonthTotalliquidassetsTotalCurrency and depositsCurrency]Demanddeposits*Time depositsCommercialbanks 1Nonbankthriftinstitutions2U.S. GovernmentsecuritiesSavingsbonds 3Shorttermmarketablesecurities«Negotiablecertificatesof deposit*Commercialpaper'1965: Dec.1966: Dec.1967: Dec.1968: Dec.1969: Dec.1970: Dec.1971: Dec.1972: Dec.1973: Dec p.1971: Jan..Feb..Mar..Apr_.May-June.July.Aug_.Sept.Oct..Nov.-Dec.1972:Jan...Feb..Mar..Apr_.May..June.July..Aug..Sept.Oct._Nov..Dec.561.0590.6640.4699.8730.3780.8863.9975.1,080.9789.0798.7807.1814.0821.6828.8835.7840.4845.4852.4857.6863.9872.6881.6892.3901.3909.2917.4926.6935.2944.4954.0964.4975.1451.0473.7520.3564.2582.1630.7718.6814.7887.5638.3649.4659.6668.2677.2684.4690.4695.0699.7706.4712.2718.6727.4737.2746.2752.6758.8766.1774.9782.9790.8799.6806.5814.736.338.340.443.446.149.152.656.961.649.449.850.050.550.851.051.551.651.952.252.352.652.953.2b3.653.854.154.354.654.955.355.856.356.9119.1121.1129.4139.4143.4151.5160.6174.7184.3151.3153.1154.4155.4157.9159.7160.5160.4160.3160.8160.3160.6160.8163.0165.2166.3166.2166.9168.4169.6170.7171.9172.5174.7125.2136.9156.3174.5177.2198.7233.4265.0294.6202.7207.5212.4215.4217.9220.0221.4222.9224.3227.1230.2233.4237.4240.2242.4243.8246.5249.4252.2255.0257.4260.4262.7265.0170.4177.3194.2206.9215.4231.4272.0318.1347.0234.9239.0242.8246.9250.6253.7257.1260.1263.1266.3269.3272.0276.3280.9285.0288.7291.9295.5299.6303.5307.5311.5315.0318.149.550.151.051.451.151.353.757.060.951.551.651.852.052.252.452.652.953.153.353.553.754.054.254.554.855.055.355.655.956.156.456.757.038.743.639.646.964.953.340.742.852.452.650.548.047.046.246.246.445.744.343.041.840.739.738.239.440.140.039.639.339.139.540.242.042.814.914.519.122.49.023.029.739.357.224.325.526.526.126.426.927.427.227.828.728.729.730.130.630.532.033.434.334.835.636.636.838.239.36.88.810.414.923.322.421.221.222.822.321.721.320.619.618.818.819.520.421.021.421.221.421.421.621.922.022.122.021.721.421.021.121.21973:Jan...Feb..Mar..Apr..May..June.983.2992.61,004.11,014.21, 026.41,037.2822.9829.2834.7841.0848.4857.357.157.558.058.658.959.4175.1175.7175.5176.5178.9181.4268.0269.4271.6273.7276.0278.7322.7326.6329.5332.3334.6337.857.357.657.958.258.558.841.541.142.542.644.445.240.244.349.653.356.056.421.320.519.519.119.119.6July...Aug...Sept..Oct...Nov...Dec p .1,045.21,053.11,058.51,064.31,071.21,080.9861.6864.2866.5873.3880.3887.559.559.860.260.460.961.6182.0181.2179.8180.9183.0184.3280.4283.5286.0289.7292.1294.6339.7339.7340.5342.3344.3347.059.059.359.460.060.860.945.847.449.050.050.952.458.460.861.058.056.357.220.421.522.623.023.022.81 Money stock components (see Table C-52) after deducting foreign holdings and holdings by domestic financial institutions.The three columns add to M 2 held by domestic nonfinancial sectors.2 Deposits at nonbank thrift institutions, as published in money stock statistics, plus monthly-average deposits at creditunions.3 Series E and H savings bonds held by individuals.* Short-term marketable U.S. Government securities excluding official, foreign, and financial institution holdings.5 Certificates over $100,000 at weekly reporting banks, except foreign holdings.6 Commercial paper held outside banks and other financial institutions.Source: Board of Governors of the Federal Reserve System.314
TABLE C-56.—Federal Reserve Bank credit and member bank reserves, 1929-73[Averages of daily figures; millions of dollars]Reserve Bank credit outstandingMember bank reservesYear and month*929: Dec1933- Dec . -1939- Dec1940: Dec1941: Dec1942: Dec . . .1943: Dec .-.1944: Dec1945- Dec . . .1946: Dec1947: Dec1948: Dec1949: Dec1950: Dec1951: Dec1952: Dec1953: Dec1954: Dec1955: Dec1956: Dec1957: Dec1958: Dec1959: Dec1960: Dec1961: Dec1962: Dec1963: Dec1964: Dec1965: Dec1966: Dec1967: Dec1968: Dec1969: Dec1970: Dec1971: Dec1972: Dec1973: Dec*1972:Jan . .FebMarAprMayJuneJulyAugSeptOctNovDec1973:JanFebMarAprMayJuneJulyAugSeptOctNovDec pTotal1,6432,6692,6122,3052,4046,03511,91419,61224, 74424, 74622, 85823,97819,01221,60625,44627,29927,10726,31726, 85327,15626,18628,41229, 43529, 06031,21733, 21836,61039, 87343,85346,86451,26856,61064,10066,70874, 25576,85185,55475,41573, 99473,18175,17175, 70576,10877,03576,67675, 45177,33175,95976,85178, 06377,60079, 21980, 54281,88980, 54683, 88082,44581, 80983,64383, 75585,5544462 4322,5102,1882,2195 54911,16618, 69323 70823, 76721,90523, 00218, 28720, 34523,40924, 40025, 63924,91724, 60224, 76523, 98226,31227, 03627, 24829, 09830, 54633, 72937,12640, 88543, 76048, 89152, 52957, 50061,68869,15871,09479,70170, 68769, 96669, 27370, 93971, 42871, 63272, 08971,85870, 25271 35971,11271,09472 19472, 30774 01975,35376,75875, 35577,44876,65376,07378 04278,45779,701Member bankborrowingsTotal801953354902653341572241341181426571,593441246839688710557906871493043272434545572387651,0863211071,0491,298203399109119942024385145746061,0491,1651,5931,8581,7211,7861,7892,0512,1431,8611 4671 3991,298Allother,mainlySeasonal float396142991141804826586547028227298426071,1191,3801,3061,0271,1541,4121,7031,4941,5431,4931,7251,9702,3682,5542,5042,5142,5472,1393,3165,5144,6994,9904,70841 4,5554,7083,9953,8094,1234,1584,3824,7444,3804,6855 3984,2414,7084 7043,7003 3425 3 46830 3,34577 3,402124 4,381163 3,649147 3,875126 4 13484 3 89941 4,555Total2,3952 58811,47314, 04912,81213,15212, 74914,16816 02716,51717,26119,99016,29117,39120,31021,18019,92019, 27919,24019, 53519,42018,8992 18,93219,28320,11820, 04020, 74621,60922, 71923, 83025, 26027, 22128, 03129, 26531,3293 31,3533 34,98432, 86531,92231,92132, 56532,81232, 53933, 02133,14833, 00333 8033 31,77431,3533 32,96231,74231 97332,27732, 39332, 02833,54233, 78534,01934,91234, 72734,984U.S.GovernmentsecuritiesRequired2,347U 8226,4627,4039,42210 77611,70112, 88414 53615,61716,27519,19315,48816,36419, 48420, 45719,22718, 57618,64618,88318, 84318, 38318, 45018, 52719, 55019,46820,21021,19822, 26723, 43824,91526, 76627, 77428,99331,16431,13434,79132,69231,79831,68832, 42932, 70832, 33532, 87432,89332,84133 55631,46031,13432,62031, 53731,67832,12532, 27531,96933,19933,53933,78234,71234, 52334,791Excess48I 7665,0116 6463,3902 3761 0481 2841 491'9009867978031 0278267236937035946525775164827565685725364114523923454552572721653 2193 1931731242331361042041472551622473 3142193 342205295152118593432462372002041931 Data are for licensed banks only.2 Beginning December 1959, total reserves held include vault cash allowed.3 Beginning November 1972, includes $450 million of reserve deficiencies on which Federal Reserve Banks are allowedto waive penalties for a transition period in connection with bank adaptation to Regulation J as amended effective November9,1972. Beginning 1973, allowable deficiencies included are (beginning with first statement week of quarter): firstquarter, $279 million; second quarter, $172 million; third quarter, $112 million; fourth quarter, $84 mifiion.Source: Board of Governors of the Federal Reserve System.315
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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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Page 263 and 264:
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TABLE C—8.—Gross national produ
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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 and 318: TABLE C-53.—Commercial bank loans
Page 319: TABLE G-54.—Total funds raised in
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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