OF THE PRESIDENT

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TABLE B—77.—Business formation and business failures, 1929-68Business failures *Amount of currentindex NewNumber of failures liabilities (millionsof net businessof dollars)Year or month business incorporationnessLiability sizeLiability sizeBusi-formation(1957-59 = (number)rate 2failureclassclass100)TotalTotalUnder$100,000$100,000andUnder$100,000over$100,000andover1929 .. .103.9 22,909 22,165 744 483.3 261.5 221.81930121.6 26,355 25,408 947 668.3 303.5 364.81931133.4 28,285 27,230 1,055 736.3 354.2 382.21932154.1 31,822 30,197 1 625 928.3 432.6 495.71933 3100.3 19,859 18,880 979 457.5 215.5 242.0193461.1 12,091 11,421 670 334.0 138.5 195.41935 . _61.7 12,244 11,691 553 310.6 135.5 175.1193647.8 9,607 9,285 322 203.2 102.8 100.4193745.9 9,490 9,203 287 183.3 101.9 81.4193861.1 12,836 12,553 283 246.5 140.1 106.41939 3 _ . . .69.6 14,768 14,541 227 182.5 132.9 49.7194063.0 13,619 13,400 219 166.7 119.9 46.8194154.5 11,848 11,685 163 136.1 100.7 35.4194244.6 9,405 9,282 123 100.8 80.3 20.5194316.4 3,221 3,155 66 45.3 30.2 15.119446.5 1,222 1,176 46 31.7 14.5 17.119454.2 809 759 50 30.2 11.4 18.81946132,916 5.2 1,129 1,002 127 67.3 15.7 51.61947 .112,638 14.3 3,474 3,103 371 204.6 63.7 140.91948123.1 96,101 20.4 5,250 4,853 337 234.6 93.9 140.7194996.7 85,491 34.4 9,246 8,708 538 308.1 161.4 146.71950102.3 92,925 34.3 9,162 8,746 416 248.3 151.2 97.11951.102.8 83,649 30.7 8,058 7,626 432 259.5 131.6 128.01952 . 108.0 92,819 28.7 7,611 7,081 530 283.3 131.9 151.41953103.5 102,545 33.2 8,862 8,075 787 394.2 167.5 226.6195499.8 117,164 42.0 11,086 10,226 860 462.6 211.4 251.21955107.6 139,915 41.6 10,969 10,113 856 449.4 206.4 243.01956103.2 141,163 48.0 12,686 11,615 1,071 562.7 239.8 322.9195798.3 137,112 51.7 13,739 12,547 1,192 615.3 267.1 348.2195897.1 150,781 55.9 14,964 13,499 1,465 728.3 297.6 430.71959104.6 193,067 51.8 14,053 12,707 1,346 692.8 278.9 413.91960 1 ... 99.8 182,713 57.0 15,445 13,650 1,795 938.6 327.2 611.4196195.4 181,535 64.4 17,075 15,006 2,069 1,090.1 370.1 720.01962 .98.0 182,057 60.8 15,782 13,772 2,010 1,213.6 346.5 867.11963 . 100.6 186,404 56.3 14,374 12,192 2,182 1,352.6 321.0 1,031.61964104.5 197,724 53.2 13,501 11,346 2 155 1,329.2 313.6 1,015.61965106.0 203,797 53.3 13,514 11,340 2,174 1,321.7 321.7 1,000.01966105.5 200,010 51.6 13,061 10,833 2,228 1,385.7 321.5 1,064.11967107.7 206,569 49.0 12,364 10,144 2,220 1,265.2 297.9 967.3196838.6 9,636 7,829 1,807 941.0 241.1 699.9Seasonally adjusted1967: Jan....102.2 16,703 54.9 1,191 1,003 188 108.2 30.2 77.9Feb103.2 15,987 57.1 1,216 995 221 113.5 29.3 84.1Mar103.3 16,244 49.7 1,216 981 235 119.3 28.7 90.6Apr103.7 16,760 52.1 1,160 966 194 103,8 27.8 76.1May105.0 17,627 48.6 1,100 917 183 93.4 27.1 66.3June108.1 17,799 48.6 1,047 850 197 104.6 24.7 80.0July108.4 16,300 43.2 843 708 135 72.6 20.8 51.7Aug110.7 17,674 49.3 1,017 793 224 108.9 23.7 85.2Sept110.3 18,118 49.1 913 758 155 93.9 22.2 71.8Oct110.6 18,000 47.4 949 782 167 81.6 22.5 59.1Nov112.7 18,403 42.2 881 718 163 70.0 21.3 48.7Dec113.8 18,168 43.2 831 673 158 195.4 19.6 175.81968: Jan113.5 17,223 38.2 844 651 193 104.5 20.4 84.1Feb114.5 18,014 37.5 832 682 150 79.6 21.4 58.2Mar113.6 17,974 44.3 1,021 839 182 88.6 26.1 62.5Apr113.9 18,659 43.5 1,003 833 170 80.1 24.8 55,3May115.1 18,796 40.9 909 707 202 91.4 21.9 69.5June..,116.2 19,197 36.9 751 616 135 74.7 18.6 56. CJuly119.1 19,530 41.0 810 646 164 90.3 19.2 71.1Aug119.7 20,053 36.5 734 607 127 65.8 18.3 47.5Sept122.1 21,237 40.3 705 598 107 58.7 19.1 39.5oct.:.:125.2 21,721 37.5 768 614 154 65.4 18.6 46.8Nov124.6 20,850 35.7 696 569 127 58.7 17.9 40.8Dec29.9 563 467 96 83.4 14.8 68.61 Commercial and industrial failures only. Excludes failures of banks and railroads and, beginning 1933, of real estate,insurance, holding, and financial companies, steamship lines, travel agencies, etc.2 Failure rate per 10,000 listed enterprises.3 Series revised; not strictly comparable with earlier data.Sources: Department of Commerce (Bureau of the Census) and Dun & Bradstreet, Inc.3l6
AGRICULTURETABLE B—78.—Incomefrom agriculture, 1929-68Year orquarterFromallsourcesPersonal incomereceived by totalfarm populationFromfarmsources 1Fromnonfarmsources 2Realized grossTotalsIncome received from farmingNet to farmoperatorsCashreceiptsfrommarketingsProductionexpensesExcludingnetinventorychangeIncludingnetinventorychange 4Net income perfarm, includingnet inventorychangeCurrentprices1968prices 8Billions of dollarsDollars1929 __1930 .1931193219331934 . ...193519361937193819395.47.77.29.07.27.43.25.44.66.24.74.82.22.32.62.72.52.613.911.58.46.47.18.69.710.811.410.110.611.39.16.44.75.36.47.18.48.97.77.97.76.95.54.54.44.75.15.66.25.96.36.34.52.91.92.73.94.65.15.24.24.36.24.33.32.02.62.95.34.36.04.44.49456515063043794317756399056686852,0541,5141,3689501,1841,1972,0951,7272,3821,8561,90319401941194219431944.194619471948.194919501951.1952.19531954.195519561957.19581959.19601961196219631964.19651966.19671968 » _.__7.610.114.116.516.617.220.021.123.819.520.422.722.119.818.417.617.817.719.518.118.719.720.420.620.623.624.823.724.44.86.810.112.112.212.815.515.818.013.314.116.215.4.13.412.511.411.211.012.811.011.512.212.312.111.313.514.313.013.52.83.33.94.44.44.44.65.35.86.26.36.56.76.45.96.26.66.66.77.07.27.58.28.59.310.010.510.710.911.113.918.823.424.425.829.534.134.731.632.337.136.835.033.633.134.334.037.937.538.139.841.342.342.644.949.649.150.88.411.115.619.620.521.724.829.630.227.828.532.932.531.029.829.530.429.733.533.534.235.136.437.437.239.343.242.844.16.97.810.011.612.313.114.517.018.818.019.422.322.621.321.621.922.423.325.226.126.427.128.629.729.530.933.434.835.94.26.18.811.812.112.815.017.115.913.612.914.814.113.712.011.211.910.712.711.411.712.612.612.613.114.016.214.214.94.56.59.911.711.712.315.115.417.712.813.716.015.113.112.511.511.411.313.511.512.113.013.213.212.315.016.114.615.47061,0311,5881,9271,9502,0632,5432,6153,0442,2332,4212,9462,8962,6262,6062,4632,5352,5903,1892,7953,0493,3993,5863,7083,5644 4874,9674,6545,0351,9612,6443,6093,8543,7503,8204,2383,6834,0593,0593,3163,6823,5753,2823,2173,0413,0913,0833,7083,2503,5053,9074,0754,1663,9604,9315,2844,8485,035Seasonally adjusted annual rates1967: 1 ________IIIIIIV1968: 1IIIIIIV v48.949.349.248.949.850.751.651.142.543.043.042.743.244.044.944.334.434.935.035.035.435.936.236.314.514.414.213.914 414.815.414.814.614.714.814.514.815.115.715.84,6404,6704,7004,6104,8404,9405,1305,1704,8804,8604,9004,7504,9404,9405,0805,1201 Net income to farm operators including net inventory change, less net income of nonresident operators, plus wagesand salaries and other labor income of farm resident workers, less contributions of farm resident operators and workersto social 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.4 Includes net change in inventory of crops and livestock valued at the average price for the year.5 Income in current prices divided by the index of prices paid by farmers for family living Items on a 1968 base.Source: Department of Agriculture.323-166 O—69 -21317
Page 1:
ECONOMIC REPORTOF THE PRESIDENTMM '
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CONTENTSPageECONOMIC REPORT OF THE
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ECONOMIC REPORTOF THE PRESIDENT
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• We must find a way of combining
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third. Only 5 percent of manufactur
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• It provides funds for our conti
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THE ROADS TO AVOIDWe stand at a cri
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cussion on the wage-price problem.
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AFTER VIETNAMDespite some encouragi
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Myths about gold die slowly. But pr
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QUALITY OF THE ENVIRONMENTMore than
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is a staggering $5 billion. Recent
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the Business Sector is a promising
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impatient. This feeling is in the g
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LETTER OF TRANSMITTALCOUNCIL OF ECO
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CHAPTER 2. POLICIES FOR BALANCED EX
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TablesPage7. Measures of Economic A
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The remainder of this chapter revie
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With higher employment and more rap
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FISCAL POLICYThe economic backgroun
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Federal Reserve policy continued to
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over $10 billion (annual rate) from
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foi> new houses. Only in the fourth
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WAGES AND COMPENSATIONSpurred by ri
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Output per manhour in the private e
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TABLE 6.—United States balance of
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all of which stimulated metal impor
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e to prolong the slack performance
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desired, at a considerably more mod
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eludes other modest increases in pu
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investment should be another source
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would not be produced, and some res
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countries, our competitive position
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in the composition of the working-a
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TABLE 7.—Measures of economic act
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assist such workers, who often suff
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and hence consumer expenditures, by
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THE RECORD OF POLICYis the performa
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Chart 7Selected Interest RatesPERCE
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policy can be implemented either th
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stronger than had been anticipated,
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allocation of resources between Fed
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ADJUSTING TO NEW DEVELOPMENTSUnder
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may also be market imperfections or
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cases involving more than half the
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y keeping variations in the rate of
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There is, of course, good reason to
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Chapter 3Price Stability in a High
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increases exercises much less disci
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price stability. The relationship b
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TABLE 10.—Changes in employment,
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or metropolitan area. Greater recip
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stable employment might also modera
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The New Careers Program, administer
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industries of critical economic imp
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Legislative Achievements and Propos
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Natural Gas. This important fuel ha
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Competitive ProcurementBecause comp
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nounced. Fifteen percent of the far
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pursuits. If these interindustry sh
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Recognizing this situation, the Cou
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merous structural improvements, and
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ECONOMIC GROWTH AND WORLD TRADEIn t
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The GATT rules are interpreted as p
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technical assistance from both publ
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TYPES OF RESERVESExisting stocks of
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Chart 9World Trade and ReservesBILL
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time. At different times in 1968, t
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eligible official sterling reserves
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are. In part, this is because major
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There are limits on the willingness
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tions could occur if exemptions wer
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method had to be found to ensure th
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associated with parity adjustments
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to buyers in world markets. Imports
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chipping away at tariffs and other
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DEFINITION OF POVERTYEven a rough m
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Chart 10Number of Poor Persons and
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the annual decline in the number of
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y providing more jobs for elderly i
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poor grow only at the same pace as
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EDUCATION AND POVERTYEducation can
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The rapidly growing public sector h
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public assistance should not be det
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of the food stamp program will expa
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mostly domestics, agricultural empl
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enefits must be provided to middle-
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Total Employment. Most jobs are in
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Three considerations bear on the ch
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velopment activities. Loans, grants
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REPORT TO THE PRESIDENTFROM THE CAB
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CONTENTSPageSUMMARY OF FINDINGS 189
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Chart 1Federal Purchases for Nation
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As revenues expand in a growing pea
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1. The armed services would decline
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Chart 3Illustrative Paths of Defens
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3. For the same reasons, the Depart
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the Cabinet Committee on Price Stab
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lion at 1968 prices, as shown in Ch
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Maintaining Standards Under Cash Be
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TABLE 3.—Illustrative new program
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An alternative major program initia
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separations averaged about 470,000
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financial base of the system. And m
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Appendix AREPORT TO THE PRESIDENT O
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Report to the President on the Acti
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Continuing its practice of asking l
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Appendix BSTATISTICAL TABLES RELATI
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Production and business activity:Pa
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NATIONAL INCOME OR EXPENDITURETABLE
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TABLE B-2.—Gross national product
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TABLE B-3.—Implicit price deflato
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TABLE B—6.—Gross national produ
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TABLE B-10.—Personal consumption
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Year orquarter192919301931193219331
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TABLE B-14.—Relation of national
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TABLE B-16.— Total and per capita
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TABLE B-17.—Sources of personal i
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TABLE B-19.—Saving by individuals
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POPULATION, EMPLOYMENT, WAGES, ANDP
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TABLE B-22.—Noninstitutional popu
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TABLE B-24.—Selected unemployment
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TABLE B-26.— Unemployment insuran
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TABLE B-27.—Wage and salary worke
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TABLE B-29.—Average gross hourly
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TABLE B-31.—Average weekly hours
Page 271 and 272: TABLE B—33.—Average weekly earn
Page 273 and 274: PRODUCTION AND BUSINESS ACTIVITYTAB
Page 275 and 276: TABLE B—37.—Industrial producti
Page 277 and 278: TABLE B-39.—Business expenditures
Page 279 and 280: TABLE B-40.—New construction acti
Page 281 and 282: TABLE B-41.—New housing starts an
Page 283 and 284: TABLE B-4r3.—Manufacturers' shipm
Page 285 and 286: PRICESTABLE B^-5.—Consumer price
Page 287 and 288: TABLE B-47.—Consumer price indexe
Page 289 and 290: TABLE B-48.— Wholesale price inde
Page 291 and 292: TABLE B-49.—Wholesale price index
Page 293 and 294: 1929 5.1930 5.1931 5.1932 ».1933 5
Page 295 and 296: TABLE B-53.—Federal Reserve Bank
Page 297 and 298: TABLE B-54.—Bond yields and inter
Page 299 and 300: TABLE B—56.—Instalment credit e
Page 301 and 302: TABLE B-58.—Mortgage debt outstan
Page 303 and 304: GOVERNMENT FINANCETABLE B-60.—Fed
Page 305 and 306: TABLE B-61.—Federal budget receip
Page 307 and 308: TABLE B-63.—Receipts and expendit
Page 309 and 310: End of year ormonth1939 ._..1940_19
Page 311 and 312: TABLE B—67.—Receipts and expend
Page 313 and 314: TABLE B-69.—State and local gover
Page 315 and 316: TABLE B—71.—Sales, profits, and
Page 317 and 318: TABLE B—72.—Relation of profits
Page 319 and 320: TABLE B—74.—Current assets and
Page 321: TABLE B-76.—Common stock prices,
Page 325 and 326: TABLE B-80.—Farm population, empl
Page 327 and 328: TABLE B-81.—Indexes of prices rec
Page 329 and 330: TABLE B-83.—Comparative balance s
Page 331 and 332: TABLE B-84.—United States balance
Page 333 and 334: TABLE B-86.—United States merchan
Page 335 and 336: TABLE B-88.—International reserve
Page 337 and 338: TABLE B-90.—Price changes in inte
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