ECONOMIC

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AGRICULTURETABLE C-82.—Income of farm people and farmers, 1929-73192919331939Year orquarter1940194119421943194419451946. . .194719481949195019511952195319541955 . . .195619571958195919601961196219631964196519661967196819691970197119721973P1971: 1II .IllIV1972: 1IIIIIIV .1973: 1II .IllIVPFromallsourcesPersonal incomereceived by totalfarm population7.47.610.114.116.516.617.220.021.123.819.520.422.722.119.818.417.617.817.719.518.118.719.720.420.620.623.624.924.025.127.628.329.234.041.3Fromfarmsources^4.84.86.810.112.112.212.815.515.818.013.314.116.215.413.412.511.411.211.012.811.011.512.212.312.111.313.514.413.113.214.915.115.218.123.8Fromnonfarmsources 22.62.83.33.94.44.44.44.65.35.86.26.36.56.76.45.96.26.66.66.77.07.27.58.28.59.310.010.510.911.912.713.214.015.917.5Realized grossTotal 3Billions of dollars13.97.110.611.113.918.823.424.425.829.534.134.731.632.337.136.835.033.633.134.334.037.937.538.139.841.342.342.644.949.749.050.955.657.859.768.990.558.959.759.161.365.868.168 772.879.882.591.4108.311.35.37.98.411.115.619.620.521.724.829.630.227.828.532.932.531.029.829.530.429.733.533.534.235.136.437.437.239.343.3M.I44.148.150.552.860.783.4Income received from farming7.74.46.36.97.810.011.612.313.114.517.018.818.019.422.322.621.321.621.922.423.325.226.126.427.128.629.729.530.933.434.836.238.841.044.549.264.4Net to farmoperatorsCashreceiptsfrommarketingsProductionexpensesExcludingnetinventorychange6.32.74.34.26.18.811.812.112.815.017.115.913.612.914.814.113.712.011.211.910.712.711.411.712.612.612.613. 114.016.314.214.716.816.815.219.726.1Seasonally adjusted annual rates51 852.852.254.457.859.860 564.672 475.584.5101.243 144.444.745.947.048.849 451.555 858.065.977.915 815.314.415.418.819.319 321.324 024.525.530.4Includingnetinventorychange«6.22.64.44.56.59.911.711.712.315.115.417.712.813.716.015.113.112.511.511.411.313.511.512.113.013.213.212.315.016.314.914.816.916.916.920.326.917 016.716.417.619.620.019 921.924 424.727.231.4Net income perfarm, includingnet inventorychangeCurrentdollarsDollars9453796857061,0311,5881,9271,9502,0632,5432 6153 0442 2332,4212 9462 8962 6262 6062,4632,5352 5903 1892,7953 0483 3953 5793,6973,5484,4654 9904,7074,8285,6205,7255,8177,0899,4695 8405,7405,6406,0506,8306,9706 9307,6308,6208,7209,61011,0901967dollars«1,9691 1151,8511,8582,5783 4523 7063 6113,6194,0373 5343 9032 9773,1863 5493 4483 1263 1022,9322,9822 9433 5833,1403 3873,7723,9334,0183,8154,7005,0924,7074,6425,1565,0224,8885,7176,8624,9904,8604,7005,0405,6005,6205,5406,0606,5806,4106,8607,6501 Net income to farm operators including net inventory change, less net income of nonresident operators, plus wages andsalaries and other labor income of farm resident workers, less contributions of farm resident operators and workers tosocial insurance.2 Consists of income received by farm residents from nonfarm sources, such as wages and salaries from nonfarm employment,nonfarm business and professional income, rents from nonfarm real estate, dividends, interest, royalties,unemployment compensation, and social security payments.3 Cash receipts from marketings, Government payments, and nonmoney income furnished by farms (excluding netinventory change).* Includes net value of physical change in inventory of crops and livestock valued at average prices for the year.* Income in current dollars divided by the index of prices paid by farmers for family living items on a 1967 base.Source: Department of Agriculture.344
Year1929...1933...1939...1940...1941...1942...1943 ..1944...1945 ..1946...1947...1948...1949...1950...1951...1952. .1953...1954...1955 ..1956...1957...1958...1959...1960...1961...1962 ..1963...1964...1965...1966...1967...1968...1969...1970...1971 ..1972...1973PFarmoutputi53505860626968706971697574737578797982828086889090919b949796100102103102110112116Total 2625664666876717573767383797677818179828280898992919295939895100103104100112113119TABLE C-83.—Farm production indexes, 1929-73Feedgrains504552537066606361665073646560646266696975828588798087768989100959990117114117Hayandforage69606575748179788176737372778078808085818888848989929293979610010010099105104109Foodgrains5035475259625366687183806964638174666265619072867873768487871001059791106101111Crops[1967=100]65657274758086828493828784858081848386918890899196949490969710010310310199100101Fruitsandnuts67688583888775877994908287878986878888928491938791928990959710093113107115104127200175160170145173155166122117160202217135205205222188199180148154196192193200207206202129100148135137142182173VegetablesCottonTobacco7770977464717199100117107100100103118114105114111110848891991041171191139495100879197868990Oilcrops8617202233352931303239364138373741465453655861717275759096100112115117121129156Total 3Livestock and products545759606471777373717068727578787982848483858887919295979597100100101105107108107Meatanimals525859606373817370686766697479797881868380828885899095989296100102102108110111111DairyproductsPoultryandeggs76 3280 3283 3585 3689 3992 4591 5293 5195 5494 5093 4990 4893 5493 5692 5992 5997 6198 6399 62101 68102 69101 73100 76101 75104 81105 81104 83105 87104 90101 96100 10099 9899 101100 106101 106102 10999 1061 Farm output measures the annual volume of farm production available for eventual human use through sales fromfarms or consumption in farm households. Total excludes production of seeds and of feed for horses and mules. TheDepartment of Agriculture also estimates net farm output, which excludes all quantities used for feed.2 Includes production of seeds and of fe"ecf for horses and mules and certain items not shown separately.3 Includes certain items not shown separately.Source: Department of Agriculture.345527-867 O - 74 - 23
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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
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TABLE C-10.—Gross national produc
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TABLE C-12.—Personal consumption
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TABLE C-14.—Relation of gross nat
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TABLE C—16.—Relation of nationa
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TABLE C-18.— Total and per capita
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TABLE C-19.—Sources of personal i
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TABLE C-21.—Saving by individuals
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POPULATION, EMPLOYMENT, WAGES, ANDP
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TABLE C-24.—Noninstitutional popu
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TABLE C-26.— Selected unemploymen
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TABLE C—28.—Unemployment insura
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TABLE C-29.—Wage and salary worke
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TABLE C-31.—.•Average weekly ea
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TABLE C-33.—Changes in output per
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TABLE C—35.—Industrial producti
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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 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: TABLE C-81.—Business formation an
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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ECONOMIC

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