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INTERNATIONAL STATISTICSTABLE C-88.— U.S. balance of payments, 1946-73[Millions of dollars]Year orquarterExportsMerchandise 12ImportsNetbalanceMilitary transactionsDirectexpendituresSalesNetbal-Net investmentincomePrivatesU.S.GovernmentNettravelandtransportationexpendituresOtherservices,netBalanceongoodsandservices1 *Remittances,pensions,andotherunilateraltransfers1Balanceoncurrentaccount19461947194819491950195119521953.1954195519561957 „.19581959196019611962196319641965196619671968196919701971197219731311,76416,09713, 26512,21310, 203 -9, 08114, 243 -11,17613, 449 -10,83812,412 -10,97512,929 -10,35314, 42417, 55619, 56216,41416, 45819,65020,10820,78122,27225,50126,46129,31030,66633,62636,40041,96442,76848,76967,001-5,067-5,973-7, 557-6, 874-11,527-12, 803-13,291-12,952-15,310-14,758-14,537-16,260-17,048-18,700-21,510-25,493-26,866-32,991-35,807-39,788-45,466-55,681-67, 6556,69710,1245,7085,3391,122 -5763,067 -1,2702,611 -2, 0541,437 -2,6152,576 -2,6422,897 -2,9014,753 -2, 9496,271 -3,2163,462 -3,4351,148 -3,1074,8925,5714,5215,2246,8014,9513,8173,8006355932,176-2,698-6,912-653-493-455-799-621-3,087-2,998-3,105-2,961-2,880-2,952-3,764-4,378-4,535-4,856192182200161375300302335402656657747-493-455-799-621-576-1,270-2,054-2,423-2,460-2, 701-2,788-2, 841-3,135-2, 8057509971,1771,2001,3821,5691,5351,5661,8992,1172,4542,5842,4162,658-2,753 2,825-2,596 3,451-2,448; 3,920-2,304 4,056-2,133 4,872830 -2,122829 -2,9351,240-3,1381,392-3,1431,512 -3,3445,2745,3315,8486,1575,820-4,852 1,478 -3,374 6,374-4,829 -r,^t 1,912 -2,918 8,9294,724 1,166-3,558 9,7514,617[ 1,776 -2, 841111,927650857378151140166213180404168681610313297320444063155-115-957-1,889-2,9521Seasonally adjusted733946374230-12029883-238-269-297-361-189-633-821-964-978-1,155-1,312-1,149-1,284-1,332-1,751-1,548-1,782-2,013-2,288-2,853-2, 449114-45-27-36241240-434772786278301161791423012853353024495817398519327,80711,6176,5186,2181,8923,8172,3565321,9592,1534,1455,9012,3563104,0935,5825,0865,9408,5377,1415,2105,1322,4651,891-2,922-2,625-4, 525-5,638-4,017-3,515-2,531-2, 481-2,280-2,498-2, 423-2, 345-2, 361-2, 448-2,292-2,513-2,631-2,742-2,754-2,835-2,890-3,081-2,909-2,9413,630 3,214807 3,598-4,610 3,7443', 963 -3, 6194,8858,9921,993580-2,125302-175-1,949-321-3451,7223,556-5-2,1381,8013,0692,4563,1995,7834,3062,3202,051-443-1,050416-2,790-8,3533441971:1II....111...IV — _10,87210,79111, 5229,583-10,743-11,708-11,907-11,108129-917-385-1,525-1,175-1,214-1,204-1,237498507489419-677-707-715-8181,9422,3582,0512,577-113-178-306-360-513-599-550-626186174185192954131280-560-803-859-958-978151-728-678-1,5381972:1II....IllIV11,65511,53912,36213, 213-13,475-13,313-13,935-14,958-1,820-1,774-1,573-1,745-1, 222-1,242-1,108-1,151328288262287-894-954-846-8642,2902,2522,4472,763-399-461-497-531-755-691-679-730204 -1,374202 -1,426209 -939237 -870-969-938-954-881-2,343-2,364-1,893-1,7511973:1II....III*..IV15,32016, 77818,15320,048-16,280-17,022-17,43918,748-960-2447141,300-1,168-1,185-1,110343455534-825-730-5762,9542,8883,103-645-777-792-608-703-5262342402251506742,148-742-1,041-931-592-3671,217See footnotes at end of table.350
TABLE G-88.— U.S. balance of payments,[Millions of dollars]1946-73—ContinuedYear orquarterLong-termcapitalflows,netU.S.Government«PrivateeBalanceon currentaccountandlongtermcapitalNonliquidshorttermprivatecapitalflows,net eAltocationsofspecialdrawingrightsErrorsandomissions,netNetliquiditybalanceLiquidprivatecapitalflows,net«OfficialreservetransactionsbalanceChangesin liabilitiestoforeignofficialagencies,net?ChangesnU.S.officialreserveassets,netsU.S.officialreserveassets,net(end ofperiod)1946.1947..194819491950195119521953195419551956195719581959I960....1961....1962....1963....1964....1965....1966....1967....1968....1969....1970....1971....1972 ...197313...-889-901-892-1,150-1, 348-1, 532-1,469-2,423-2,158-1,926-2,018-2, 359-1, 339-832-2,100-2,182-2,606-3,376-4,511-4, 577-2,575-2,9321,191-70-1,429-4,40!-1521,803-1,188-15-1,042-1,328-76-1,804-1,724-3, 304-1,411-3,046-3,031-9, 550-9,8431,315-253-236-13115875-227-41183-556-328-479-174-145-8910-1,40510-1,200io-657io-968-1,643-154-104-522231-640-482-2, 347-1,637-3,9898677177101558611,115717-124354497220603713901,012361260-1,084 io-3,677-1, 037 io-2 F252-1,166 io-2,864-418 io-2,713-978 -2,696-520-322-857-431-2, 395-1, 205-10,784-3,112-6, 428-2,478-2,151-4,683-1,611-6, 081-3,851-21,965-13,882-9,10310 27310 90410 21410 7791,1621,1882,3701,2653,2528,820-5,988-7,7883,542-1,639-3,403-1, 348-2,650-1,934-1,534-1, 290219-3,4181,6412,739-9, 839-29,75310,340-10,7411,2587421,1171,5571,36367-7873,366-761-1, 5527,36227, 40510, 30810, 443-623-3,315-1,736-2661,758-33-4151,256480182-869-1,1652,2921,0352,1456061,5333771711,22256852-880-1,1872,4772,3483229920,70624,02125,75826,02424,26524, 29924,71423,45822,97822,79723,66624,83222, 54021, 50419, 35918,75317,22016,84316,67215,45014,88214, 83015,7101116,96414, 4871212,16713,1511414,378Seasonally adjustedUnadjusted1971: L.II.III.IV.-642-575-598-544-895-1,691-2,018201-1, 386-2,994-3, 294-1,881-517-492-822-516180179179179-949-2, 391-5,511-1, 933-2,672-5,698-9,448-4,151-2,958-647-2, 434-1,749-5,630-6, 345-11, 882-5,9004,9485,68610,6886,0876826591,194-18714, 34213,50412,1311212,1671972: l._II.IllIV.-289-95-366-586-1,143604-393781-3, 775-1,855-2,652-1, 556-535310-430-982178178177177944-940-1,626-1,490-3,188-2, 307-4, 531-3,851-2881,45672,367-3,476-851-4, 524-1,4843,0471,0824,5791,595429-231-55-11112,2701*13,33913, 21713,1511973:1..II..Ill»IVP.-33675-363-16-3171,685-944-6092,539-1,822-1,404234-3, 891425-1,355-6,657-1, 5881,418-3,8421,923690-10,4993352,10810, 279-352-2, 09522017-1312,93112,91412,927H14.3781 Excludes military grants.2 Adjusted from Census data for differences in timing and coverage.3 Includes fees and royalties from U.S. direct investments abroad or from foreign direct investments in the United States.• Equal to net exports of goods and services in the national income and product accounts when converted to an annualrates basis.« Excludes liabilities to foreign official reserve agencies.« Private foreigners exclude the International Monetary Fund (IMF), but include other international and regional organizations.7 Includes liablities to foreign official agencies reported by U.S. Government and U.S. banks and U.S. liabilities to theIMF arising from reversible gold sales to, and gold deposits with, the United States.« Official reserve assets include gold, special drawing rights, convertible currencies, and the U.S. gold tranche positionin the IMF.• Not available separately.10 Coverage of liquid banking claims for 1960-63 and of nonliquid nonbanking claims for 1960-62 is limited to foreigncurrency deposits only; other liquid items are not available separately and are included with nonliquid claims.11 Includes gain of $67 million resulting from revaluation of the German mark in October 1969.u Includes $28 million increase in dollar value of foreign currencies revalued to reflect market exchange rates as ofDecember 31,1971.» First 3 quarters on a seasonally adjusted annual rates basis (except reserve assets are for end of December).i< Includes increase of $1,436 million resulting from change in par value of the U.S. dollar on October 18,1973.is Includes increase of $1,016 million resulting from change in par value of the U.S. dollar on May 8,1972.Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury.351
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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
Page 16 and 17:
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
Page 36 and 37:
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
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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
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 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: TABLE G-87.—Comparative balance s
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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