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CONTENTSPageECONOMIC REPORT OF THE PRESIDENT 1ANNUAL REPORT OF THE COUNCIL OF ECONOMICADVISERS* 11CHAPTER 1. ECONOMIC PROBLEMS AND POLICIES 21CHAPTER 2. DEVELOPMENTS AND POLICY IN 1973 47CHAPTER 3. INFLATION CONTROL UNDER THE ECONOMIC STABILIZA-TION ACT 88CHAPTER 4. ENERGY AND AGRICULTURE 110CHAPTER 5. DISTRIBUTION OF INCOME 137CHAPTER 6. THE INTERNATIONAL ECONOMY IN 1973 181APPENDIX A. ACTIVITIES OF THE ADVISORY COMMITTEE ON THEECONOMIC ROLE OF WOMEN 227APPENDIX B. REPORT TO THE PRESIDENT ON THE ACTIVITIES OF THECOUNCIL OF ECONOMIC ADVISERS DURING 1973 231APPENDIX C. STATISTICAL TABLES RELATING TO INCOME, EMPLOY-MENT, AND PRODUCTION 243* For a detailed table of contents of the Council's Report, see page 15.
Page 1: ECONOMICTRANSMITTEDTO THE CONGRESSF
Page 7: ECONOMIC REPORTOF THE PRESIDENT
Page 10 and 11: Economic Policy, total output incre
Page 12 and 13: prices and volumes are both highly
Page 15 and 16: III. One of our most essential indu
Page 17: THE ANNUAL REPORTOF THECOUNCIL OF E
Page 21 and 22: CONTENTSCHAPTER 1. ECONOMIC PROBLEM
Page 23 and 24: PageGovernment Transfer Programs 16
Page 25 and 26: Page32. Change in Inputs Used in Fa
Page 27 and 28: CHAPTER 1Economic Problems and Poli
Page 29 and 30: eyond the early months, the course
Page 31 and 32: directly for consumption, particula
Page 33 and 34: pluses, which in one form or anothe
Page 35 and 36: POLICIES FOR ACHIEVING THE 1974 GOA
Page 37 and 38: TABLE 1.—Federal budget surplus o
Page 39 and 40: The rise in prices of petroleum pro
Page 41 and 42: Second, the United States can parti
Page 43 and 44: vironmental control, leasing of min
Page 45 and 46: cial institutions can operate with
Page 47 and 48: ciency of the entire transportation
Page 49 and 50: tem has to provide sufficient quant
Page 51 and 52: A more fundamental factor concerns
Page 53 and 54: CHAPTER 2Developments and Policy in
Page 55 and 56:
The whole process depended, at leas
Page 57 and 58:
The 11.5 percent increase in nomina
Page 59 and 60:
HOUSINGIn early 1973 there were ind
Page 61 and 62:
efunds must have contributed to the
Page 63 and 64:
volume and the prices of farm expor
Page 65 and 66:
TABLE 6.—Unemployment rates for s
Page 67 and 68:
crepancy reflects the large increas
Page 69 and 70:
percent and much less during the ye
Page 71 and 72:
mated smooth trend from a period in
Page 73 and 74:
deflator. The rate during 1973 was
Page 75 and 76:
Chart 4Productivity, Compensation,
Page 77 and 78:
TABLE 14.—Changes in prices, cost
Page 79 and 80:
in 1970. Employee compensation cons
Page 81 and 82:
weight in the CPI than in the defla
Page 83 and 84:
It is interesting to note that afte
Page 85 and 86:
Comparisons between 1972 and 1973 s
Page 87 and 88:
since general revenue sharing was i
Page 89 and 90:
inflation and thus to raise the dem
Page 91 and 92:
However, steps were taken to keep c
Page 93 and 94:
Assistance to Mortgage MarketsMortg
Page 95 and 96:
TABLE 21.—Measures of price and w
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TABLE 22.—Regulations of the cont
Page 99 and 100:
TABLE 23.—Changes in consumer pri
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TABLE 24.—Supply-increasing actio
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pressures on farm and some major no
Page 105 and 106:
after three of the four automobile
Page 107 and 108:
strained the rate of spending or in
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The most comprehensive measure we h
Page 111 and 112:
program. The worldwide lag in agric
Page 113 and 114:
is concerned. Some may very well ha
Page 115 and 116:
come as no surprise. There is much
Page 117 and 118:
it at the existing price. While the
Page 119 and 120:
TABLE 29.—Use of energy inputs fo
Page 121 and 122:
sumption to available supplies, the
Page 123 and 124:
Electric PowerUntil recently it was
Page 125 and 126:
of consumer durables. There is cons
Page 127 and 128:
ecovery today. In some cases, there
Page 129 and 130:
ment of vital energy supplies. This
Page 131 and 132:
payoff from such projects depends c
Page 133 and 134:
met in 1975, but stipulates a "reas
Page 135 and 136:
was an underutilization of producti
Page 137 and 138:
TABLE 33.—Production and producti
Page 139 and 140:
The controls on soybean exports see
Page 141 and 142:
which the private sector needs if i
Page 143 and 144:
CHAPTER 5Distribution of IncomeIMPL
Page 145 and 146:
in 1972 represent nearly a threefol
Page 147 and 148:
from differences between lifetime i
Page 149 and 150:
measured income than some families
Page 151 and 152:
TABLE 36.—Selected characteristic
Page 153 and 154:
Chart 8Real Income Profiles of Coho
Page 155 and 156:
TABLE 38.—Averageusual weekly ear
Page 157 and 158:
The relative income difference wide
Page 159 and 160:
similar relative effect on the inco
Page 161 and 162:
tion about lifetime work experience
Page 163 and 164:
egions outside the South, within ed
Page 165 and 166:
erable occupational segregation by
Page 167 and 168:
In conclusion, it appears that the
Page 169 and 170:
1959, 14.6 percent of family heads
Page 171 and 172:
enefits of about 50 percent from 19
Page 173 and 174:
Because of the lower work participa
Page 175 and 176:
to help mothers to become self-supp
Page 177 and 178:
and from 19 to 28 percent for black
Page 179 and 180:
Equity and Welfare ReformMany probl
Page 181 and 182:
Families on public assistance are a
Page 183 and 184:
Money TransfersAs the data in Table
Page 185 and 186:
the recipients. The data suggest th
Page 187 and 188:
CHAPTER 6The International Economy
Page 189 and 190:
either through formal measures by t
Page 191 and 192:
ates between any two of their curre
Page 193 and 194:
lateral swap facilities had been in
Page 195 and 196:
It is difficult to get a precise es
Page 197 and 198:
United States in October, this did
Page 199 and 200:
quarters of 1972. There are two pos
Page 201 and 202:
voluntary, the existence of a surpl
Page 203 and 204:
TABLE 53-—Maximum percent change
Page 205 and 206:
TABLE 54.—Major changes in capita
Page 207 and 208:
Changes in International Liquidity
Page 209 and 210:
over time a country's payments in f
Page 211 and 212:
The Bretton Woods Agreement permitt
Page 213 and 214:
in relation to the country's liquid
Page 215 and 216:
International Monetary Fund, which
Page 217 and 218:
88 percent. Since U.S. food prices
Page 219 and 220:
A reduction of trade barriers on a
Page 221 and 222:
In working out an approach to the n
Page 223 and 224:
Negotiating a New International Saf
Page 225 and 226:
limitations, either to deal with a
Page 227 and 228:
exporters do not alter their prices
Page 229 and 230:
foreign currency appreciation of 36
Page 231 and 232:
TABLE 57.—Changes in exchange rat
Page 233:
Appendix AACTIVITIES OF THE ADVISOR
Page 236 and 237:
mittee member, presented results of
Page 239:
LETTER OF TRANSMITTALCOUNCIL OF ECO
Page 242 and 243:
Past Council Members and their date
Page 244 and 245:
Governors of the Federal Reserve Sy
Page 246 and 247:
Council at a wide range of meetings
Page 248 and 249:
ports, and congressional testimony.
Page 251 and 252:
CONTENTSNATIONAL INCOME OR EXPENDIT
Page 253:
CORPORATE PROFITS AND FINANCE:PageC
Page 256 and 257:
TABLE C-2.—Gross national product
Page 258 and 259:
TABLE C-3.—Implicit price deflato
Page 260 and 261:
TABLE C—4.—Implicit price defla
Page 262 and 263:
Page 264 and 265:
Page 266 and 267:
TABLE C-9.—Gross national pro 3 u
Page 268 and 269:
TABLE C-ll.—Gross product origina
Page 270 and 271:
TABLE C-13.—Gross private domesti
Page 272 and 273:
TABLE C-15.—National income by ty
Page 274 and 275:
TABLE C-17.—Disposition of person
Page 276 and 277:
TABLE C-19.—Sources of personal i
Page 278 and 279:
TABLE C-20.—Sources and uses of g
Page 280 and 281:
TABLE C—22.—Number and money in
Page 282 and 283:
TABLE C-24.—Noninstitutional popu
Page 284 and 285:
TABLE C-25.—Civilian employment a
Page 286 and 287:
TABLE O27.—Unemployment by durati
Page 288 and 289:
TABLE C—29.—Wage and salary wor
Page 290 and 291:
TABLE C-30.—Average weekly hours
Page 292 and 293:
TABLE C-32.—Output per man-hour a
Page 294 and 295:
PRODUCTION AND BUSINESS ACTIVITYTAB
Page 296 and 297:
TABLE C—36.—Industrial producti
Page 298 and 299:
TABLE CV38.—New construction acti
Page 300 and 301:
TABLE C—39.—New housing starts
Page 302 and 303:
TABLE C-40.—Business expenditures
Page 304 and 305:
TABLE O42.—Manufacturers' shipmen
Page 306 and 307:
PRICESTABLE C-44.—Consumer price
Page 308 and 309:
TABLE C—46.—Consumer price inde
Page 310 and 311:
TABLE C—48.—Percent changes in
Page 312 and 313:
TABLE O49.—Wholesale price indexe
Page 314 and 315:
TABLE C~50.—Wholesale price index
Page 316 and 317:
Year andmonthMONEY STOCK, CREDIT, A
Page 318 and 319:
TABLE C-54.—Total funds raised in
Page 320 and 321:
TABLE C—55.—Private liquid asse
Page 322 and 323:
TABLE C-57.—Aggregate reserves an
Page 324 and 325:
TABLE G-58.—Bond yields and inter
Page 326 and 327:
TABLE C-60.—Instalment credit ext
Page 328 and 329:
TABLE C-62.—Mortgage debt outstan
Page 330 and 331:
GOVERNMENT FINANCETABLE C-64.—Fed
Page 332 and 333:
TABLE C-65.—Federal budget receip
Page 334 and 335:
TABLE C-67.—Receipts and expendit
Page 336 and 337:
TABLE C-69.—Receipts and expendit
Page 338 and 339:
TABLE C-71.—Public debt securitie
Page 340 and 341:
TABLE C-73.—Average length and ma
Page 342 and 343:
TABLE C-75.—Sales, profits, and s
Page 344 and 345:
TABLE C-76.—Relation of profits a
Page 346 and 347:
TABLE C-78.— Current assets and l
Page 348 and 349:
TABLE C-80.—Common stock prices\
Page 350 and 351:
AGRICULTURETABLE C-82.—Income of
Page 352 and 353:
TABLEC-84.—Farm population, emplo
Page 354 and 355:
TABLE C-86.—Selected measures of
Page 356 and 357:
INTERNATIONAL STATISTICSTABLE C-88.
Page 358 and 359:
TABLE C-89.— U.S. merchandise exp
Page 360 and 361:
TABLE C-91.—U.S. overseas loans a
Page 362 and 363:
End of year ormonth1946 ..194719481
Page 364 and 365:
TABLE C-95.—Price changes in inte
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