TABLE B-9.—Gross national product by sector, 1929-80[Billions <strong>of</strong> dollars, except as noted; quarterly data at seasonally adjusted annual rates]Year or quarterGrossnationalproductTotalTotaln<strong>of</strong>ifarm1BusinessGross domestic productFarmstatictiraliicaidiscrepancyHouseholdsandinstitutionsTotalGovernment 2FederalStateandlocalPactKcSI<strong>of</strong> <strong>the</strong>worldPercentchangefromprecedingperiod,grossdomesticproduct 31929103.4102.695.484.79.71.12.94.30.93.50.81933 ... .55.855.549.143.84.6.71.74.71.23.5.3-4.1193990.990.580.672.96.31.42.37.63.44.2.57.01940194119421943194419451946194719481949 .. .100.0125.0158.5192.1210.6212.4209.8233.1259.5258.399.6124.5157.9191.6210.1212.0209.0231.8257.9256.989.4112.6139.9162.8174.2172.8183.8210.0234.9231.581.8103.1127.7149.3156.2152.7164.4188.2213.1212.26.48.913.015.315.316.018.820.223.318.81.1.6= .8-1.82.74.1.51.5-1.6.62.42.52.93.23.74.14.55.15.65.97.89.415.125.632.235.220.816.717.419.43.55.010.620.927.229.814.69.48.910.04.34.44.54.74.95.46.27.38.59.4.4.5,5.5.5.4.81.21.61.410.125.026.821.49.6.9-1.410.911.3= .419501951 ..1952 .1953 ... .1954 .1955 .. . .19561957 ....1958195919601961 . .19621963196419651966 ..1967 .. . .1968. .1969 .. .1970 .19711972....19731974 . . .1975 . .1976 ....1977 ....19781979286.5330.8348.0366.8366.8400.0421.7444.0449.7487.9506.5524.6565.0596.7637.7691.1756.0799.6873.4944.0992.71,077.61,185.91,326.41,434.21,549.21,718.01,918.02,156.12,413.9284.8328.7345.7364.6364.5397.3418.5440.5446.6484.6502.9520.7560.5591.8632.3685.2750.3793.7866.7937.1985.41,068.51,175.01,310.41,414.41,531.91,697.51,894.52,126.22,370.1257.5294.4307.3324.9323.9354.0372.1390.8393.1428.3442.0455.7490.6517.2551.6598.4652.6685.1745.4803.2837.3907.1998.61,118.71,206.41,301.71,447.31,623.11,829.42,046.3236.3268.3283.4302.3302.3333.9355.7373.7372.2410.6424.2435.7468.1495.0532.2577.7628.4663.3725.0782.1813.1875.4963.41,068.01,155.01,247.31,396.31,571.11,765.11,974.120.022.922.220.319.718.818.618.420.719.020.220.220.420.519.321.922.822.122.625.125.827.631.949.947.748.945.947.657.970.01.33.21.72.32.01.3-2.1-1.2.2-1.3^2.4= .12.11.7.1-1.21.4-.3-=2.1-3.9-1.54.13.3.83.75.55.14.46.42.26.46.97.27.88.19.19.810.511.412.313.814.415.516.617.819.221.123.426.129.432.335.438.642.145.850,655.661.067.575.720.927.431.231.932.534.236.639.142.144.047.150.554.358.062.967.676.585.195.2104.5115.8126.0137.8149.6162.2179.6194.6210.4229.2248.110,716.218.918.617.818.419.019.620.520.921.722.624.125.227.028.332.435.639.341.944.846.850.151.954.959.062.466.371.775.810.111.212.313.314.715.817.619.621.623.125.527.930.232.935.939.344.149.555.962.671.179.387.797.7107.3120.6132.3144.0157.5172.31.62.12.32.22.32.83.23.53.03.33.63.94.64.95.55.95.65.96.76.97.39.210.916.019.817.320.523.529.943.810.915.45.25.5-.09.05.35.21.48.53.83.57.75.66.88.49.55.89.28.15.28.410.011.57.98.310.811.612.211.51980 p2,627.42,577.32,222.22,152.468.01.785.9269.381.9187.450.18.71978:|IIIIIIV1979:1IIIll .IV1980.III .Ill2 032 42,129.62,190.52,271.92,340.62,374.62,444.12,496.32,571.72,564.82,637.32 004 22,103.22,161.02,236.22,301.02,333.72,396.02,449.72,520.22,516.72,586.91 715 91,810.41,862.21,929.21,987.32,014.22,069.82,113.92,176,92,166.42,230.01663 61J4&61,793.01,857.21,913.51,942.91,996.52,043.62,106.42,100.82,159.152 956459.163.368.070.670.471.067.767.567.910.08.75.8.72.8-.72.8-1.93.065 466*668.170.072.374.276.979.482.184.486.9222 9226^3230.6237.1241.4245.4249.4256.4261.2265.9269.970 270^971.574.474.674.674.979.079.680.580.7152 7155^5159.1162.7166.8170.8174.5177.3181.6185.4189.328 22&329.535.739.640.948.146.6.51.548.150.58 12U11.414.712.15.811.19.312.0= .611.61 Includes compensation <strong>of</strong> employees in government enterprises.2 Compensation <strong>of</strong> government employees.3 Changes are based on unrounded data and <strong>the</strong>refore may differ slightly from those obtained from data shown here. See Table B-lfor percent changes in gross national product.Source: Department <strong>of</strong> Commerce, Bureau <strong>of</strong> <strong>Economic</strong> Analysis.244
TABLE B-10.—Gross national product by sector in 1972 dollars, 1929-80[Billions <strong>of</strong> 1972 dollars, except as noted; quarterly data at seasonally adjusted annual rates]Gross domestic productPercentYear or quarterGrossnationalproductTotalTotalNonfarm1BusinessfarmStatisticaldiscrepancyHouseholdsandinstitutionsTotalGovernment 2FederalStateandlocalRest,<strong>of</strong> <strong>the</strong>worldfromprecedingperiod,grossdomesticproduct 31929315.7313.2271.5244.723.63.115.626.25.221.02.41933222.1220.9180.0152.524.92.612.228.86.622.11.3-2.11939319.8318.2261.0231.325.24.615.142.116.925.21.67.81940194119421943194419451946194719481949344.1400.4461.7531.6569.1560.4478.3470.3489 8492.2342.8398.7460.1530.3567.7559.3476.4467.8486.8489.4282.7327.6361.8385.6403.6397.9385.5393.8412.0409.8254.6299.8335.3362.1370.1362.8358.6367.0389.0383.424.526.228.627.727.125.625.824.025.825.63.61.6-2.1-4.26.49.41.12.9-2.8.816.115.916.415.215.115.015.116.016.717.344.055.281.9129.4149.1146.475.958.058.162.318.629.656.7105.0125.2121.849.729.829.231.325.425.625.224.523.924.626.228.229.031.01.41.71.51.31.41.11.82.53.02.77.716.315.415.27.1-1.5-14.8-1.84.1.51950195119521953195419551956195719581959534.8579.4600.8623.6616.1657.5671.6683.8680.9721.7531.8575.6596.9619.8612.1653.0666.5678.3676.3716.8448.7478.0492.8515.6508.5547.0557.4566.1561.7600.0419.4447.2463.7484.3477.0516.0531.5539.5532.0574.027.025.826.427.728.429.328.928.229.327.82.45.02.63.63.11.8-3.0-1.7-L918.318.718.619.319.421.422.523.124.224.764.779.085.585.084.184.686.789.190.492.232.746.251.649.647.245.945.645.844.544.532.032.833.935.436.938.641.043.345.947.73.03.73.93.74.04.55.15.54.64.98.78.33.73.8-1.26.72.11.819601961 . . .19621963196419651966196719681969737 2756.6800.3832.5876.4929.3984.81011.41,058.11,087.6732 0751.0793.8825.6868.9921.4977.51,003.91,050.01,079.7610.1625.1663.2691.6730.3777.7824.0842.0882.1907.1584.2596.3631.5659.7701.3749.6794.1812.8855.6881.929.228.928.829.628.829.828.229.529.029.5-3.3-.22.92.3-l!61.7-2.5-4.426.627.028.128.929.830.932.634.335.437.095.398.9102.5105.2108.8112.7120.8127.7132.4135.745.246.248.348.248.548.753.057.258.058.250.152.754.357.060.464.067.970.574.477.45.25.76.56.97.57.97.47.58.27.92.12.65.74.05.26.06.12.74.62.819701971197219731974197519761977 ... .197819791,085.61,122.41,185.91 255.01,248.01,233.91,300.4137171436 91,483.01,077.61,112.91,175.01,239.91,230.71,220.01,284.81354 71416 81,455.9904.8938.6998.61,061.41,049.11,034.71,097.61,165.11222 61,'258.3875.4901.7963.41,029.11,014.1996.71,061.61,12891185 51,222.131.132.631.931.631.833.632.133.032 934.9-1.74.23.33.24.43.93.2421.436.737.638.639.439.340.540.941.342 343.7136.1136.7137.8139.1142.3144.9146.3148.41519153.955.252.550.148.248.548.448.548.649.349.080.984.287.790.893.896.597.899 7102 6104.98.09.510.915.117.313.915.616.920 127.2-.23.35.65.5-.7— 95!35.44.62.81980".1,480.71,452.11,251.61,215.435.21.045.3155.249.2106.028.6-.31978:||IIIIV1,402.31432 81,446.71,465.81,382.71414 91,427.01,442.61,189.41,221.01,232.41,247.61,156.31,184 51,192.71,208.733.531533.033.4-.44.96.65.642.242 242.342.6151.0151.8152.3152.349.049.349.549.2102.0102.5102.8103.119.617.919.723.22.29.73.44.41979:IIIIIIV1479 91,473.41,488.21,490.61,454 61,447.81,458.61,462.41,258.81,250.81,260.01,263.61,221 81,215.01,223.21,228.233.335.335.135.83.71.742.943.344.244.4152.9153.7154.4154.549.149.049.048.9103.8104.7105.3105.625.325.629.628.13.4-1.93.01.01980:IIIII1,501.91463 31,471.91,471.51435 51,443.41,271.91235 2U42.31,233.31,198 51,207.637.037 833.11.6-1.11.744.844 945.6154.81554155.549.049 449.4105.8105 9106.130.427 828.52.5-9.42.21 Includes compensation <strong>of</strong> employees in government enterprises.2 Compensation <strong>of</strong> government employees.3 Changes are based on unrounded data and <strong>the</strong>refore may differ slightly from those obtained from data shown here. See Table B-2for percent changes in gross national product in 1972 dollars.Source: Department <strong>of</strong> Commerce, Bureau <strong>of</strong> <strong>Economic</strong> Analysis.245
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Economic Reportof the PresidentTran
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ECONOMIC REPORTOF THE PRESIDENT
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We have heard much about American i
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at an approach that took account of
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een due to overall demand in the ec
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to $27.5 billion in the new budget
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ductions would amount to over $27 b
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10 percent inflation rate, keeping
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tutes for petroleum. The Synthetic
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esponse can be so large as to wipe
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THE ANNUAL REPORTOF THECOUNCIL OF E
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CONTENTSCHAPTER 1. INFLATION AND GR
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PageChallenges to the International
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CHAPTER 1Inflation and Growth in th
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needed to control inflation by resi
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decline in productivity growth may
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Chart 1Standard Unit Labor CostsPER
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end of 1974 the world price of oil
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price decisions cannot easily be re
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Federal budget achieved a surplus.
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As an abrupt increase in the price
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policies but are based on the wides
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tion, and can policies be designed
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duction and employment to grow only
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Moreover, their actions must indica
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Starting with its 1975 targets as a
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well after the fact whether the mon
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Reserve provides some flexibility i
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in response to circumstances in par
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Although the flexibility of TIPs ma
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ard or that thought the administrat
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given standard, as the reward and t
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large firms. Even among large firms
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cause declining productivity growth
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vanced technology and will therefor
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ather than restoring the growth of
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correct some of the distortions in
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higher than it would otherwise be b
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EXPECTED PRODUCTIVITY GAINSAlthough
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supply of adult men in the work for
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increase demand pressures, especial
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time hours also has drawbacks. For
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eintroduce the problem of changing
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CHAPTER 2Improving the Adaptability
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use less and produce more energy in
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expectation of price controls or fu
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dependence on foreign oil mean that
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While the market solution might pro
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High energy prices and excessive de
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part, the interests of these partie
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Federal regulations designed to pro
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Agency (EPA) from considering prosp
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other things, that federally assist
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ing services. Money-market mutual f
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holdings of consumer and business l
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they once had and thus cannot conti
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finding ways around outdated regula
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proportion of the existing farms pr
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prices for years in the future, reg
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derground water resources once thou
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comprehensive, actuarial crop insur
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duced a decline in the median age o
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elude government investments in loc
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some of the firms in the chosen sec
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CHAPTER 3The Economy: Review and Pr
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uild up oil inventories and maintai
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Chart 7Selected Interest Ratesand B
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had risen just 2 months earlier. By
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Chart 8Personal Saving RatePERCENT1
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chief cyclical determinant of housi
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ment were sharply diminished by the
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dropped even faster, in large part
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ployment grew more vigorously after
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terials fell for a full third of th
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1979, slowed to a 19 percent annual
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costs of production. The evidence s
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sharp decline in output in the seco
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ecord high interest rates during th
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automatic transfer services (ATS) n
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plunged in March, although the only
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(FHLB) System increased their borro
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THE PROSPECTS FOR 1981 AND 1982In 1
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expectations. Of course, if the eco
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The uncertainty of developments in
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produce a slight decline in the sav
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more rapid growth thereafter. Durin
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eemergence of modest but sustained
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hike would depend on many factors,
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major revision of the NIPA occurred
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per year. This modest acceleration
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THE INDUSTRIAL ECONOMIES: TRENDS AN
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Chart 10Labor Costs, Value-Added De
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Rather, the German current account
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TABLE 30.—Inflation in major indu
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THE GLOBAL OIL MARKETTable 31 summa
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- Page 223: LETTER OF TRANSMITTALCOUNCIL OF ECO
- Page 226 and 227: Past Council Members and their date
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- Page 235 and 236: CONTENTSNATIONAL INCOME OR EXPENDIT
- Page 237 and 238: GOVERNMENT FINANCE'—ContinuedB-72
- Page 239 and 240: NATIONAL INCOME OR EXPENDITURETABLE
- Page 241 and 242: TABLE B-2.—Gross national product
- Page 243 and 244: TABLE B-3.—Implicit price deflato
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- Page 247 and 248: TABLE B-7.—Gross national product
- Page 249: TABLE B-8.—Gross national product
- Page 253 and 254: TABLE B-12.—Output, costs, and pr
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- Page 259 and 260: TABLE B-18.—Relation of national
- Page 261 and 262: TABLE B-19-—National income by ty
- Page 263 and 264: Year orquarter192919331939194019411
- Page 265 and 266: TABLE B-22.—Total and per capita
- Page 267 and 268: Year orquarterTotalTotalCurrencyand
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TABLE B-54.—Changes in special co
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TABLE B-55.—Producer price indexe
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TABLE B-57.—Producer price indexe
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TABLE B-58.—Changes in producer p
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TABLE B-60.—Components of money s
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TABLE B-62.— Total funds raised i
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TABLE B-63.—Federal Reserve Bank
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TABLE B-65.—Bond yields and inter
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TABLE B-66—Consumer credit outsta
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TABLE B-68.—Mortgage debt outstan
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GOVERNMENT FINANCETABLE B-70.—Fed
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TABLE B-l\.—Federal budget receip
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TABLE B-73.—Government receipts a
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TABLE B-75.—State and local gover
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TABLE B-77,—Interest-bearing publ
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TABLE B-79-—Maturity distribution
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TABLE B-81.—Corporate profits by
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TABLE B-83.—Sales, profits, and s
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TABLE B-85.—Relation of profits a
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TABLE B-87.—Sources and uses of f
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TABLE B-89-—State and municipal a
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TABLE B-91.—Business formation an
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TABLE B-93.—Farm output ami produ
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Year or month1940194119421943194419
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TABLE B-97.—Balance sheet of the
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TABLE B-99— U.S. international tr
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TABLE B-100.—U.S. merchandise exp
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TABLE B-102.—U.S. merchandise exp
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TABLE B-104.— World trade: Export
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TABLE B-106.—International reserv
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• • ' •TABLE B-108.—Industr
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TABLE B-110.—Summary of major U.S