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TABLE C-60.—Instalment credit extended and repaid, 1946-73[Millions of dollars]Year or monthTotalAutomobilepaperOther consumergoods paperHome improvementloansPersonalloansExtendedRepaidExtendedRepaidExtendedRepaidExtendedRepaidExtendedRepaid1946194719481949 .8,49512,71315,58518,1086,78510,19013, 28415, 5141,9693,6925,2176,9671,4432,7494,1235,4303,0774,4985,3835,8652,6033,6454,6255,0604237047147342003915796893,0263,8194 2714,5422,5393,4053 9574,33519501951195219531954 .21, 55823, 57629, 51431, 55831,05118, 44522,98525,40527,95630, 4888,5308,95611,76412,98111,8077,0119,05810,00310, 87911,8337,1507,4859,1869,2279,1176,0577,4047,8928,6229,1458358411,2171,3441,2617177729171,1191,2555 0436,2947 3478,0068,8664 6605,7516 5937,3368,2551955195619571958195938,97239, 86642,01940,11048, 04833,63437, 05639, 87040,33942,60316,73415,51516, 46514,22617, 77913,08214, 55515, 54515,41515, 57910,64211,72111,81011,73813,9819,75210 75811,57411,55712, 4021,3931,5821,6741,8712,2221,3161 3701,4771,6261,76510, 20311 05112 06912, 27514,0709,48410 37311 27611,74112, 857196019611962196319641965196619671968196949,79349 04856,19163, 59170,67078 66182,83287,17199,984109,14646,07348,12451,36056,82563,47070,46377,48083,98891,66799,78617,65716 02919,69422,12624,04627, 20827,19226,32031, 08332, 55316,41916, 55217,44719,25421,36923,70625,61926,53427,93129,97414, 52514,55115,70117,92020,82122,85726,32929,50433,50738,33213,61314, 23514,93516,36918,66620,70724,08027,84731,27034,6452,2152,0922,0842,1862,2252,2702,2232,3692,5342,8311,8762,0152,0102,0462,0862,1122,1182,2022,3032,45715,39616 37718,71021, 35923, 57826.32627,08828,97832,86035,43014,16515 31916 96919,15621,34923 93825,66327,40530,16332,710197019711972..19731112,158124,2811*2,951165,800107,199115, 050126,914145,00029,79434,87340,19446,80030,13731, 39334,72939,50043, 87347,82155, 59967,10040,72144,93349,87259,4002,9633,2444,0064,7002,5062,9013,2183,60035, 52838,34343,15247,20033,83535,82339,09542,500Seasonally adjusted1972: Jan..Feb..Mar..Apr..May.June.July.Aug..Sept.Oct..Nov..Dec.1973: Jan..Feb..Mar-Apr..May.June.July.Aug.Sept.Oct..Nov.Dec I11,11610,95211,74111,37411,68712,05711,68712,48411,95312,40412,84612,62713,30413,43413, 85213, 46513,93213, 64614, 54214, 29413,69114,14914,27513,60010,01510, 06910,42710,38410,35510,67110,59310,84110,66710,90811,12810,96411,35511,43711,80812,06111,94112, 03412, 54412,39912, 33212,44912,54912,4003,0893,1003,1763,1623,2743,4123,2983,4913,3683,5043,6203,7634,0063,9724,0013,8223,9893,7623,9303,9683,9393,9123,8193,6002,7952,7762,8312,8672,8192,9222,9172,8962,8733,0413,0232,9773,0973,1453,2253,2183,2613,2533,3343,2933,4063,4273,4713,4504,2584,0524,4534,3704,3934,5774,6844,9904,7724,9715,1184,8765,2825,2455,3495,5635,5045,5055,9435,9615,5375,9115,9785,7003,9053,8783,9443,9863,9814,1644,2494,3954,3034,3544,4444,3414,6494,6274,7554,9634,9174,9555,1415,1685,0725,1495,1545,0503092963233313343513283713403353273513293644063653744004334084104154024502562532622682872832792702632632712632672752862942903003082983223083013003,4603,5043,7893,5113,6863,7173,3773,6323,4733,5943,7813,6373,6873,8534,0963,7154,0653,9794,2363,9573,8053,9114,0763,8503,0593,1623,3903,2633,2683,3023,1483,2803,2283,2503,3903,3833,3423,3903,5423,5863,4733,5263,7613,6403,5323,5653,6233,6001 Preliminary; December by Council of Economic Advisers.Source: Board of Governors of the Federal Reserve System (except as noted).320
TABLE C-61.—Mortgage debt outstanding by type of property and of financing, 1939-73[Billions of dollars]Nonfarm propertiesNonfarm properties by type of mortgageEnd of yearor quarterAllpropertiesTotal1- to 4-familyhousesFarmpropertiesMultifamilypropertiesCommercialpropertiesiTotalGovernment underwritten1- to 4-family housesTotalFHAinsuredVAguaranteedConventional *Total1- to 4-familyhouses193935.56.628.916.35.67.01.81.81.827.114.5194019411942 .1943194436.537.636.735.334.76.56.46.05.44.930.031.230.829.929.717.418.418.217.817.95.75.95.85.85.66.97.06.76.36.22.33.03.74.14.22.33.03.74.14.22.33.03.74.14.227.728.227.125.825.515.115.414.513.713.71945194619471948 .194935.541.848.956.262.74.84.95.15.35.630.836.943.950.957.118.623.028.233.337.65.76.16.67.58.66.47.79.110.210.84.36.39.813.618.14.36.19.312.515.04.13.73.85.36.90.22.45.57.28.126.530.634.137.339.014.316.918.920.822.6195019511952 .1953195472.882.391.4101.3113.76.16.77.27.78.266.775.684.293.6105.445.251.758.566.175.710.111.512.312.913.511.512.513.414.516.322.126.629.332.136.218.922.925.428.132.18.69.710.812.012.810.313.214.616.119.344.649.054.961.569.226.328.833.138.043.619551956 .195719581959129.9144.5156.5171.8190.89.09.810.411.112.1120.9134.6146.1160.7178.788.299.0107.6117.7130.914.314.915.316.818.718.320.723.226.129.242.947.851.655.159.338.943.947.250.153.814.315.516.519.723.824.628.430.730.430.078.086.894.6105.5119.449.355.160.467.677.01960. .1961196219631964206.8226.3248.6274.3300.112.813.915.216.818.9194.0212.4233.4257.4281.2141.3153.1166.5182.2197.620.323.025.829.033.632.436.441.146.250.062.365.669.473.477.256.459.162.265.969.226.729.532.335.038.329.729.629.930.930.9131.7146.8164.1184.0204.084.893.9104.3116.3128.3196519661967...19681969325.8347.4370.2397.5425.321.223.325.527.529.5304.6324.1344.8370.0395.9212.9223.6236.1251.2266.837.240.343.947.352.254.560.164.871.476.981.284.188.293.4100.273.176.179.984.490.242.044.847.450.654.531.131.332.533.835.7223.4240.0256.6276.6295.7139.8147.6156.1166.8176.6197019711972 *1973 *451.7499.9565.4633.731.232.935.439.4420.5467.0530.0594.3280.2307.8346.1383.858.066.876.486.982.392.4107.5123.6109.2120.7131.197.2105.2113.059.965.768.237.339.544.7311.3346.3398.8182.9202.6233 11971:1 ..IIIII....IV459.0471.1485.6499.931.831.932.432.9427.2439.3453.2467.0283.6290.9299.7307.859.762.164.366.883.986.389.292.4111.0114.4117.5120.798.2100.4102.9105.261.062.864.465.737.337.638.539.5316.2324.9335.7346.3185.3190.5196.8202.61972:1 P . . . .II *>-..III *...I V P _ _ ,511.7529.1547.3565.433.534.435.035.4478.2494.8512.3530.0314.1324.6335.8346.168.871.373.576.495.398.9103.0107.5123.7126.6129.0131.1107.5109.6111.5113.066.867.668.468.240.742.043.144.7354.5368.2383.3398.8206.6215.0224.3233.11973: !*__-_II *.__Ill pIV*.-580.1600.4619.9633.736.537.738.739.4543.6562.7581.2594.3353.9365.7376.6383.879.082.285.086.9110.7114.8119.5123.6132.5133.6113.7114.767.967.545.847.2410.9429.1240.2251.01 Includes negligible amount of farm loans held by savings and loan associations.3 Derived figures.Source: Board of Governors of the Federal Reserve System, estimated and compiled from data supplied by variousGovernment and private organizations.321
Page 1:
ECONOMICTRANSMITTEDTO THE CONGRESSF
Page 5:
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
Page 44 and 45:
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
Page 241 and 242:
Report to the President on the Acti
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govern the exploitation of the reso
Page 245 and 246:
Manpower and Social Affairs Committ
Page 247 and 248:
Junior Staff EconomistsJames S. Fac
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Appendix CSTATISTICAL TABLES RELATI
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PRODUCTION AND BUSINESS ACTIVITY:Pa
Page 255 and 256:
NATIONAL INCOME OR EXPENDITURETABLE
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TABLE C-2.—Gross national product
Page 259 and 260:
TABLE C-3.—Implicit price deflato
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Page 263 and 264:
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
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
Page 325: TABLE C-59.—Short- and intermedia
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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