ECONOMIC

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TABLE C-95.—Price changes in international trade, 1965-73[1963=10011973Area or commodity class 1965 1966 1967 1968 1969 1970 1971 1972ThirdquarterUnit value indexes by areaDeveloped areasTotal:ExportsTerms of tradeUnited States:ExportsDeveloping areasTerms of trade».Total:Exports.Terms of trade i.Latin America:ExportsTerms of tradeSouthern and Eastern Asia:ExportsTerms of trade i103 105100 100104 107101 101102 10499 101106 108103 103101 10199 100105101no1021031001051009999104101111103103101106 9997100108101115103106101109100102102114102121101109100115101106104119101125 99116102122101108104130102129 95121100129102111100164102154942 1342 1012 1382 1052 1332 109World export price indexesPrimary commodities: Total103104101100104108115130192FoodstuffsCoffee, tea, and cocoa..CerealsOther agriculturalcommodities*..Fats, oils, and oilseeds.Textile fibersWoolRubberMineralsMetal ores.Manufactured goods: Total sNonferrous base metals«...10311199103114928697104114103135105112103104111 92909110410510615610411810596102 88 77 75103109107142100no100969988 7474102108107150104119 98101101 857398104114no168111136 96101118 8363 78111122117180117119100105118 85576412712612415413213211112011610965141134135154203187219193234181189M21171170158226i Terms of trade indexes are unit value indexes of exports divided by unit value indexes of imports.s Data are for second quarter 1973.3 Excludes Japan.* Includes nonfood fish and forest products.8 Data are for first 3 quarters of 1973.6 Data for manufactured goods are unit value indexes.Note.—Data exclude trade of Communist areas in Eastern Europe (except Yugoslavia) and Asia.Sources: United Nations and Department of Commerce (International Economic Policy and Research and Bureau ofResources and Trade Assistance).358
TABLE C-96.—Consumer price indexes in the United States and other major industrial countries.1955-7311970=100]PeriodUnitedStatesCanadaJapanFranceGermanyItalyNetherlandsUnitedKingdom1955195619571958195969.070.072.574.575.169.970.973.275.075.952.652.854.454.254.750.451.453.261.265.070.171.973.375.075.762.264.365.267.066 757.858 962.763.864 359.061.964.266.266 51960 .-196119621963196476.377.077.978.879.976.777.178.079.480.856.759.763.869.271.967.369.572.976.479.076.778.580.983.385.268.269 772.978.383.066.467 068.370.974.867.269 572.573.976.319651966.19671968 .-196981.383.686.089.694.482.885.988.992.696.876.780.683.888.392.981.083.285.489.395.088.191.292.593.996.486.788.891.692.895.278.783.386 089.195.880.083.185 289.294.01970197119721973 l100.0104.3107.7114.4100.0102.9107.8115.1100.0106.1110.9122.1100.0105.5111.7118.9100.0105.2111.2118.5100.0104.8110.8121.6100.0107.6116.0124 9100.0109.4117 2126.81971* 1 IIIIIIV102.8103.9104.9105.5100 9102.3103.8104.5103.9105.7106.7108.1103.0104.6106.0107.5103.3104.8105.7106.9103.1104.2105.2106.7104 4107.1108.3110.4105.5109.3110.8112.21972: 1IIIII ... .IV106.4107.2108.2109.1105.7106.7108.8109.9108.4110.6111.5113.0108.9110.4112.5114.9109.0110.2111.8113.8108.0109.5111.4114.4112.7115.5116.3119.3113.9116.1118.0120.81973:1IIIllIV 2110.7113.1115.6118.3111.9114.5117.7119.0116.1122.2125.8129.1115.9118.2121.1123.4116.3118.7119.6120.7117.5121.6124.4126.1121.3124.9125.9128.5122.9126.9128.8132.21 For United States, 12-month average; for Netherlands January-November average; and for all other countries,January-October average.2 October-December average for United States; October-November average for Netherlands; and October data for allother countries.Sources: Department of Labor and Organization for Economic Cooperation and Development.359U.S. GOVERNMENT PRINTING OFFICE : 1974—O-527-867
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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
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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 and 362: TABLE C-92.—International reserve
Page 363: TABLE G-94.—International investm
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