To the Congress of the United States:
In accordance with Section 5 of the Council on Wage and Price Stability Act, as amended, I hereby transmit to the Congress the eleventh quarterly report of the Council on Wage and Price Stability. This report contains a description of the Council activities during the second quarter of 1977 in monitoring both prices and wages in the private sector and various Federal Government activities that lead to higher costs and prices without creating commensurate benefits. It discusses Council reports and analyses concerning the following matters: (1) the collective bargaining agreement reached in the steel industry; (2) the availability of home insulation materials; (3) prospects for a fertilizer shortage; (4) the prices of bakery products; (5) the price behavior of auto parts; and (6) U.S. production capacity of cement. The report also discusses the Council's filings before Federal regulatory agencies.
The Council on Wage and Price Stability will continue to play an important role in supplementing fiscal and monetary policies by calling public attention to wage and price developments or actions by the Government that could be of concern to American consumers.
The White House,
January 30, 1978.