ECONOMIC

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TABLE C-71.—Public debt securities by kind of obligation, 1946-73[Billions of dollars]Interest-bearing public debtEnd of year ormonthTotalpublicdebtsecuritiesMarketable public issuesby maturity classWithin1 year1 to 10years10yearsandoverU.S.savingsbondsandnotesNonmarketable publicissuesForeignandinternationalOtherSpecialissuesMaturedpublicdebtanddebtbearingnointerest19461947194819491950195119521953 . ..1954 ....195519561957 . .195819591960196119621963196419651966 -.--196719681969259.1256.9252.8257.1256.7259.4267.4275.2278.7280.8276.6274.9282.9290.8290.2296.2303.5309.3317.9320.9329.3344.7358.0368.254.849.644.649.449.447 157.773.962.861.768.675.372.679.975.385.987.389.488 593.4105.2104.4108 6118.161.756.155.151.850.556.762.250.464.768.658.956.971.083.789.584.795.694.2100.495.687.597.0103.493.360.160.057.753.952.538.828.730.330.232.932.932.032.024.624.225.420.124.023 625.625.425.124.824.449.852.155.156.758.057.657.957.757.757.956.352.551.248.247.247.547.548.849 750 350.851.752 352.20.51.31.82.41.53.24.44.76 77 46 39.310.120 919 619 317.712.711 910.49.27.86.35 34.63.83 52 92.72.62 62.524 629 031.733.933.735 939 141 242.643.945 645.844.843.544.343 543.443.746 146.352.057.259.171.01 52 72 22.12 42 32 12 33 03.02 42 02.13.13.43 54.34.14 44.44.33.52.92.019701971197219731972: JanFeb..MarAprMay .JuneJulyAugSeptOctNovDec1973:JanFebMarApr. .May.......June _ ...JulyAugSeptOct . .NovDec389.2424.1449.3469.9422.9424.0427.3425.3427.9427.3432.4435.4433.9439.9444.2449.3450.1454.8458.6457.1457.3458.1459.0461.8461.4462.5464.0469.9123 4119.1130.4141.6119.2122.1126.3122.3126.6121.9122.5121.6121 3122.4128.6130.4131.5130.2130.2128.4125.7122.8122.6129.1129.1130.9139.4141.6104.9123.0117.7106.8123.0119.4119.5121.2115.9115.9115.9114.9114.9116.9115.6117.7117.7117.8117.8117.7117.8119.3119.3111.7111.7111.6109.0106.819.419.921.421.819.819.719.619.519.419.419.321.621.621.521.421.422.021.921.821.722.420.820.821.621.621.521.821.852.554.958.160.855.155.355.655.956.256.556.757.057.257.557.858.158.458.759.059.359.759.960.260.360.360.560.860.86.517.421.326.917.617.517.219.118.919.722.722.422.521.821.721.321.226.129.129.229.029.228.828.628.928.426.726.92.42.42 42.82.42.42.42.42.42.42.42.42.42.42.42.42.52.52.52.52.52.52.52.52.52.62.82.878.185.795.9107.184.285.684.983.186.689.691.093.692.395.594.995.995.095.896.496.498.3101.7103.0106.1105.4105.1101.6107.11.91.82.02.11.81.91.81.81.81.91.81.91.81.81.82.C1.91.91.81.81.91.J1.8l.S2.C1.92.C2.1Source: Department of the Treasury.332
TABLE C-72.—Estimated ownership of public debt securities, 1946-73[Par values,i billions of dollars]Total public debt securities 2Held by private investorsEnd of year ormonthTotalHeldGovernmentaccountsHeld byFederalReserveBanksTotalCommercialbanks 3Mutualsavingsbanksand insurancecompaniesOthercorporations4Stateand localgovernments*Individuals6Miscellaneousinvestors719461947 .1948194919501951 .195219531954195519561957....19581959I960.. . .19611962196319641965196619671968196919701971197219731972:JanFebMarAprMayJuneJulyAugSeptOctNovDec1973: JanFebMar ..AprMayJuneJulyAug _ .SeptOctNovDec .. .259.1256.9252.8257.1256 7259 4267.4275.2278 7280.8276.6274.9282.9290.8290.2296.2303.5309 3317 9320.9329.3344 7358 0368.2389.2424.1449 3469.9422 9424.0427 3425 3427.9427 3432 4435 4433 9439 9444 2449 3450.1454 8458.6457 1457.3458.1459.0461.8461 4462.5464 0469.927.430.833.735.936.039.342.945.446.749.051.252.852.151.452.852.553.255.358.459.765.873.176.689.097.1106.0116.9129.6104.4106.2105.5105.5109.1111.5112.8115.4113.5116.7116.1116.9116.2117.1117.9117.9120.1123.4125.0128.7127.8127.4127.1129.623 322 623.318.920 823 824.725.924 924.824 924.226.326.627.428.930.833 637 040.844.349 152 957.262.170.269.978.569.667.769 970 371.671 470 870 769.770 169 569.972.072.674.375 574.175.077.176.176 278.577.278.5208 3203 6195.8202.4199 9196 3199.8203.8207 1207.0200.5197.9204.5212.7210.0214.8219.5220 5222 5220 5219.2222 4228 5222.0229.9247.9262.5261.7248 9250.2251 9249.5247.2244 4248 8249.3250.7253.1253 6262.5261.8265.1266.4263 7263.1259.7256.9257.1257.4256.5259.7261.774 568 762.466.861 861 563.463.769 162.059 559.567.560.362.167.267.164 263 960 757.463 866.056.862.765.367 760.263.162.463 662.261.360 960 560.361.161.664.267 766.462.862.060.558.958.856.555.155.456.358.560.236 735.932.731.529 626 225.525.124 123.121.220.119.819.418.117.417.416 816.515.614.112.711.610.19.89.38.77.69.29.29.29.19.18.98.88.68.98.68.88.68.78.48.48.28.18.18.07.87.77.67.57.615 314 114.816.819 720 719.921.519 123.218.717.718.121.418.718.518.618.718.215.814.912.214.210.47.311.49.811.410.811.110.69.510.39.39.48.07.89.110.69.810.310.911.210.010.89.810.311.59.210.211.111.46 37 37.98.18 89 611.112.714 415.416.316.616.518.018.719.020.121.121.222.924.324.124.927.227.825.428.929.326.026.726.226.126.026.926.927.027.628.528.628.930.029.529.429.228.628.828.427.729.028.528.929.364 165 765.566.366 364.665.264.863 565.065.964.963.769.466.165.966.068.269.872.174.674.075.881.481.974.074.777.373.673.674.774.674.474.074.374.274.074.174.574.774.975.075.375.475.775.976.777.077.277.077.277.311 411.912.512.913.613.714.716.116.918.318.919.118.924.326.526.930.231.633.033.433.935.736.136.140.462.572.876.066.267.267.567.966.164.568.971.271.471.372. C72.871.578.580.180.481. C78.477.078.078. S76.976.676.01 U.S. savings bonds, series A-F and J, and U.S. savings notes are included at current redemption value.2 Not all of total shown is subject to statutory debt limitation.3 Includes commercial banks, trust companies, and stock savings banks in the United States and Territories and islandpossessions; figures exclude securities held in trust departments. Since the estimates in this table are on the basis of parvalues and include holdings of banks in United States Territories and possessions, they do not agree with the estimatesin Table C-53, which are based on book values and relate only to banks within the United States.4 Exclusive of banks and insurance companies.6 Includes trust, sinking, and investment funds of State and local governments and their agencies, and of Territoriesand possessions.6 Includes partnerships and personal trust accounts.7 Includes savings and loan associations, nonprofit institutions, corporate pension trust funds, dealers and brokers,Federal oriented agencies not included in Government accounts, and investments of foreign balances and internationalaccounts in this country. Beginning with December 1946, the international accounts include investments by the I nternationa IBank for Reconstruction and Development, the International Monetary Fund, the International Development Association,the Inter-American Development Bank, and various United Nations' funds, in special non-interest-bearing notes andbonds issued by the U.S. Government.Source: Department of the Treasury.333
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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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Page 263 and 264:
Page 265 and 266:
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
Page 283 and 284:
TABLE C-24.—Noninstitutional popu
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TABLE C-26.— Selected unemploymen
Page 287 and 288: TABLE C—28.—Unemployment insura
Page 289 and 290: TABLE C-29.—Wage and salary worke
Page 291 and 292: TABLE C-31.—.•Average weekly ea
Page 293 and 294: TABLE C-33.—Changes in output per
Page 295 and 296: TABLE C—35.—Industrial producti
Page 297 and 298: TABLE C-37.—Capacity utilization
Page 299 and 300: TABLE C—38.—New construction ac
Page 301 and 302: TABLE C-39.—New housing starts an
Page 303 and 304: TABLE C-41.—Sales and inventories
Page 305 and 306: TABLE C-43.—Manvjacturers* new an
Page 307 and 308: TABLE O45.—Consumer price indexes
Page 309 and 310: 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: TABLE C-10.—State and local gover
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 and 364: TABLE G-94.—International investm
Page 365: TABLE C-96.—Consumer price indexe
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ECONOMIC

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