ECONOMIC

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End of year ormonth1946 ..194719481949..195019511952. .19531954.19551956195719581959196019611962 . . .196319641965196619671968196919701971197219731972: JanFebMarApr •MayJuneJulyAugSeptOctNov.. .Dec .1973: JanFebMarAprMayJune. ..JulyAugSeptOctNovDecTotal reserveassetsTABLE C-93.— U.S. reserve assets, 1946-7320,70624, 02125,75826, 02424, 26524, 29924,71423, 45822,97822,79723,66624, 83222, 54021, 50419, 35918, 75317, 22016, 84316 67215, 45014, 88214, 83015,7107 16,96414, 487812,167913,151io 14, 37812,87912, 33012, 27012,285913, 34513, 33913, 09013,12413,21713,31313,30713,15113 05412,92612,93112,90412 91612,91412,91812,92312,927io 14, 36714, 37314, 378Total 2[Millions of dollars)Gold stock i20,70622, 86824, 39924, 56322, 82022, 87323, 25222, 09121, 79321.75322, 05822, 85720, 58219, 50717, 80416 94716 05715, 59615 471e 13 80613, 23512 06510 89211, 85911,07210, 206910 487ioil,65210, 2069,6629 6629,662910, 49010,49010,49010, 48810 48710, 48710,48710,48710 48710,48710,48710,48710 48710,48710,48710,48710,487io 11,65211,65211,652Treasury20, 52922, 75424, 24424, 42722, 70622,69523,18722,03021,71321, 69021,94922, 78120, 53419, 45617,76716 88915 97815, 51315 3886 13 73313,15911 98210 36710, 36710, 73210,1329 10,410ioil,56710,1329,5889 5889,5889 10, 41010, 41010,41010,41010,41010,41010,41010,41010,41010,41010,41010,41010,41010, 41010,41010,41010,410io 11,56711,56711,567Specialdrawingrights s8511,1009 1 95810 2,1661,8101,8101 8101,80391, 9581,9581,9581,9581 9581,9581,9581,9581 9581,9581,9581,9491,9491,9491,9491,9491,949io 2,1662,1662,166Convertibleforeigncurrencies «Reserveposition inInternationalMonetary Fund«1,1531,3591,4611,4451,4261 4621,3671,1851,0441,6081,9751,9581,9971,5551 6901 0641,035769«8633264201,2902,3246291,9358 2765852419 465810 5522765872765822125864293914699 428457434203234323414403241140888168888888116992124327811,3212 3453,5287 2,78143944444945445946546947347846046447047447948310 5415475521 Includes gold sold to the United States by the International Monetary Fund (IMF) with the right of repurchase andgold deposited by the IMF to mitigate the impact on the U.S. gold stock of purchases by foreign countries for gold subscriptionson increased IMF quotas.2 Includes gold in Exchange Stabilization Fund.3 Includes initial allocation on January 1, 1970 of $867 million, second allocation on January 1, 1971 of $717 million,and third allocation on January 1, 1972 of $710 million of special drawing rights (SDR) in the Special Drawing Accountin the IMF, plus or minus transactions in SDR.* Includes holdings of Treasury and Federal Reserve System.* The United States has the right to purchase foreign currencies equivalent to its reserve position in the Fund automaticallyif needed. Under appropriate conditions the United States could purchase additional amounts equal to theUnited States quota.8 Reserve position includes, and gold stock excludes, $259 million gold subscription to the Fund in June 1965 for a U.S.quota increase which became effective on February 23,1966. In figures published by the Fund from June 1965 throughJanuary 1966, this gold subscription was included in the U.S. gold stock and excluded from the reserve position.i Includes gain of $67 million resulting from revaluation of German mark in October 1969, of which $13 million representsgain on mark holdings at time of revaluation.8 Includes $28 million increase in dollar value of foreign currencies revalued to reflect market exchange rates as ofDecember 31,1971.9 Includes $1,016 million increase in total reserve assets resulting from the change in par value of the U.S. dollar onMay 8,1972, consisting of $828 million total gold stock, $822 million Treasury gold stock, $155 million SDR, and $33 millionreserve position in the IMF.10 Includes $1,436 million increase in total reserve assets resulting from the change in par value of the dollar on October18, 1973, consisting of $1,165 million total gold stock, $1,157 million Treasury gold stock, $217 million SDR, and $54million reserve position in IMF.Note.—Gold held under earmark at Federal Reserve Banks for foreign and international accounts is not included inthe gold stock of the United States.Sources: Department of the Treasury and Board of Governors of the Federal Reserve System.356
TABLE G-94.—International investment position of the United States at year-end, 1960 and1968-72[Billions of dollars]Type of investment 1960 19681 19691 1970 1971 19722Net international investment position of theUnited States s_.U.S. assets abroad_Nonliquid assetsU.S. Government.Long-term creditsForeign currencies and othershort-term assetsPrivate long-term.Direct investments abroad_Foreign securitiesOther claims*Private short-term nonliquid claims 4 __Liquid assets.Private claims *..U.S. monetary reserve assets.Gold.SDR_Convertible currenciesGold tranche position in IMFU.S. liabilities to foreigners.44.785.666.216.914.02.944.531.99.63.154.819.417.81.640.965.6146.9128.628.525.92.689.765.018.26.510.418.32.615.710.93.51.381.367.3158.3138.630.728.22.596.571.018.76.811.419.62.717.011.92.82.390.969.1166.8149.932.129.62.4105.078.219.67.212.816.92.414.511.1.9.61.997.757.6180.7164.634.131.72.4115.986.221.78.014.616.14.012.210.21.1.3.6123.150.6199.3180.936.134.22.0128.494.024.99.416.418.45.26 13.26 10.56 2.0.26.5148.7Nonliquid liabilities to other than foreignofficial agenciesU.S. Government..Private long-term.19.8.818.442.72.238.045.02.439.650.72.044.855.31.649.865.71.859.8Direct investments in the UnitedStatesU.S. securitiesOther liabilities
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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
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TABLE C—38.—New construction ac
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TABLE C-39.—New housing starts an
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TABLE C-41.—Sales and inventories
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TABLE C-43.—Manvjacturers* new an
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TABLE O45.—Consumer price indexes
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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 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: TABLE C-92.—International reserve
Page 365: TABLE C-96.—Consumer price indexe
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ECONOMIC

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