Economic Report of the President

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TABLE B-38.—Productivity and related data, private business sector, 1947-79[1967 = 100]YearPrivatebusinesssectorOutputNonfarmbusinesssectorHours of allpersons 2PrivatebusinesssectorNonfarmbusinesssectorOutput per hour ofall persons 2PrivatebusinesssectorNonfarmbusinesssectorCompensation perhour 3PrivatebusinesssectorNonfarmbusinesssectorUnit labor costPrivatebusinesssectorNonfarmbusinesssectorImplicit pricedeflator 4PrivatebusinesssectorNonfarmbusinesssector194719481949!;.!:!!.:;:1950195119521953195447.950.849.954.457.659.562.160.946.749.548.653.256.658.561.059.790.591.188.189.191.791.892.889.778.780.077.079.483.183.986.083.153.055.856.661.162.864.866.967.959.361.963.267.068.169.770.971.936.139.139.842.646.849.752.954.638.541.843.145.649.652.355.256.968.170.270.369.774.576.879.180.464.967.668.268.072.775.077.979.2§5.870.469.670.775.976.877.578.263.067.367.969.173.674.976.477.41955195619571958195965.867.568.167.170.864.666.467.266.070.093.194.593.188.992.486.588.788.384.688.470.671.473.275.476.674.774.976.278.079.356.059.763.666.469.259.062.566.168.671.379.383.686.988.090.379.083.586.887.990.079.482.184.986.089.179.181.884.885.689.01960196119621963196473.174.478.581.986.872.373.677.981.386.492.691.292.793.294.888.988.089.990.993.079.081.684.787.991.681.283.686.689.492.972.174.878.281.185.374.476.879.982.686.491.391.792.392.393.191.691.892.292.493.089.089.590.891.892.788.889.390.791.892.81965196619671968196992.797.8100.0105.1108.192.497.9100.0105.3108.497.8100.0100.0101.7104.496.599.7100.0102.0105.294.997.8100.0103.3103.695.898.2100.0103.3103.088.694.8100.0107.7115.289.394.7100.0107.4114.493.496.9100.0104.2111.293.296.5100.0103.9111.194.597.3100.0104.0109.094.396.9100.0104.0108.919701971197219731974107.2110.4117.7125.6123.2107.3110.4118.1126.2123.7102.6102.0105.1109.2109.6103.8103.4106.6111.1111.6104.5108.2112.1115.0112.4103.3106.8110.8113.6110.9123.7131.8140.4151.7165.9122.4130.4139.1149.6163.7118.4121.8125.3131.8147.5118.4122.1125.6131.7147.6114.0119.0123.1129.8142.0114.1119.3122.8127.3140.2197519761977"""!"/.19781979120.9128.5136.6143.0147.1121.0129.1137.4144.0148.0105.1108.2112.6118.1122.0106.9110.5115.3121.2125.4115.0118.8121.3121.1120.6113.2116.9119.1118.9117.9181.8197.4212.6230.5253.4179.4194.0208.7226.4248.0158.1166.2175.3190.4210.1158.5166.0175.2190.4210.2155.8163.2172.3185.1201.4154.6162.4171.9183.9199.71 Output refers to gross domestic product originating in the sector in 1972 dollars.2 Hours of all persons engaged in the sector, including hours of proprietors and unpaid family workers. Estimates based primarily onestablishment data.3 Wages and salaries of employees plus employers' contributions for social insurance and private benefit plans. Also includes anestimate of wages, salaries, and supplemental payments for the self-employed.4 Current dollar gross domestic product divided by constant dollar gross domestic product.Note.—Preliminary estimate based on benchmark revisions of national income and product accounts; revised data to be published byBureau of Labor Statistics the end of January 1981.Source: Department of Labor, Bureau of Labor Statistics.276
TABLE B-39.—Changes in productivity and related data, private business sector, 1948-79[Percent change from preceding period]YearPrivatebusinesssectorOutput lNonfarmbusinesssectorHours of allpersons 2PrivatebusinesssectorNonfarmbusinesssectorOutput per hour ofall personsPrivatebusinesssectorNonfarmbusinesssectorCompensation perhour 3PrivatebusinesssectorNonfarmbusinesssectorUnit labor costPrivatebusinesssectorNonfarmbusinesssectorImplicit pricedeflator 4PrivatebusinesssectorNonfarmbusinesssector194819496.1-1.96.0-1.90.7-3.31.6-3.85.31.54.32.08.51.68.62.93.0.14.1.97.0-1.06.8.9195019511952195319549.15.83.34.3-1.89.46.53.44.2-2.01.12.9.11.0-3.33.14.61.02.5-3.47.92.83.23.21.66.01.72.31.71.47.19.86.46.43.25.88.85.55.63.2-.86.93.03.11.6— 26^93.13.91.71.67.41.1.91.01.76.61.82.01.4195519561957195819597.92.61.0-1.65.68.22.81.2-1.96.13.81.5-1.5-4.53.94.12.5-.5-4.24.44.01.02.53.11.63.9.31.72.41.62.56.56.54.44.33.66.05.73.84.0-1.45.53.91.32.7-.35.73.91.42.31.63.33.51.33.62.23.53.6.94.0196019611962196319643.31.75.54.36.03.21.85.84.46.4.2-1.51.6.61.6.6-1.12.21.12.43.13.33.83.74.32.52.93.63.23.94.23.84.63.75.24.33.24.03.54.51.1.5.7.0.81.8.3.4.2.6-.2.61.54.1.1.0-.2".61.51.21.21965196619671968196919701971197219731974197519761977197819796.85.52.25.12.9-.83.06.66.6-1.9-1.96.36.34.72.86.95.92.15.32.9-1.02.96.96.9-1.9-2.26.76.44.92.73.22.3.01.72.6-1.7-.53.03.9.4-4.12.94.04.93.33.73.4.32.03.2-1.4-.43.14.2.4-4.23.44.35.13.53.53.12.23.3.2.93.63.52.7-2.32.33.32.1-.2-.43.12.51.93.3-.3.33.33.72.5-2.42.13.22.0-.2-.83.97.05.57.77.07.46.66.58.09.49.68.67.78.49.93.46.05.67.46.57.06.66.77.69.49.68.17.68.49.6.33.83.24.26.76.42.92.95.211.97.25.15.58.610.4.33.53.73.96.86.63.12.84.912.17.44.75.58.710.41.93.02.74.04.94.54.43.45.49.49.74.75.67.48.81.62.83.24.04.74.84.53.03.710.1lCf.35.15.87.08.61 Output refers to gross domestic product originating in the sector in 1972 dollars.2 Hours of all persons engaged in the sector, including hours of proprietors and unpaid family workers. Estimates based primarily onestablishment data.3 Wages and salaries of employees plus employers' contributions for social insurance and private benefit plans. Also includes anestimate of wages, salaries, and supplemental payments for the self-employed.4 Current dollar gross domestic product divided by constant dollar gross domestic product.Note.—Percent changes are based on original data and therefore may differ slightly from percent changes based on indexes in TablePreliminary estimates based on benchmark revisions of national income and product accounts; revised data to be published by Bureauof Labor Statistics the end of January 1981.Source: Department of Labor, Bureau of Labor Statistics.277
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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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may be preserved. Stocks are in fac
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straint on growth. Finally, policie
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outside government, both at home an
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ates are high, differences in polic
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Japanese trade performance in volum
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No "Say's Law" operates in internat
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the cost of the loans, and they may
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At the same time, access to the IMF
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to closer cooperation is to risk a
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While all countries, in attempting
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threats of disruption, market-shari
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LETTER OF TRANSMITTALCOUNCIL OF ECO
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Past Council Members and their date
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1977 to review selected analyses of
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The Chairman and the Council Member
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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
Page 245 and 246: TABLE B-5.—Implicit price deflato
Page 251 and 252: TABLE B-10.—Gross national produc
Page 253 and 254: TABLE B-12.—Output, costs, and pr
Page 255 and 256: TABLE B-14.—Gross private domesti
Page 257 and 258: TABLE B-16.—Inventories and final
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
Page 269 and 270: TABLE B-26.—Population by age gro
Page 271 and 272: TABLE B-27.—Noninstitutional popu
Page 273 and 274: Year or monthTABLE B-29.—Selected
Page 275 and 276: TABLE B-31.—Unemployment rate by
Page 277 and 278: TABLE B-33.—Unemployment by reaso
Page 279 and 280: TABLE B-35.—Wage and salary worke
Page 281: TABLE B-37.—Average weekly earnin
Page 286 and 287: TABLE B-42.—Industrial production
Page 288 and 289: TABLE B-44;—New construction acti
Page 290 and 291: TABLE B-45.—New housing units sta
Page 292 and 293: TABLE B-47.—Sales and inventories
Page 294 and 295: TABLE B-49.—Manufacturers' new an
Page 296 and 297: TABLE B-51.—Consumer price indexe
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Page 300 and 301: TABLE B-54.—Changes in special co
Page 302 and 303: TABLE B-55.—Producer price indexe
Page 304 and 305: TABLE B-57.—Producer price indexe
Page 306 and 307: TABLE B-58.—Changes in producer p
Page 308 and 309: TABLE B-60.—Components of money s
Page 310 and 311: TABLE B-62.— Total funds raised i
Page 312 and 313: TABLE B-63.—Federal Reserve Bank
Page 314 and 315: TABLE B-65.—Bond yields and inter
Page 316 and 317: TABLE B-66—Consumer credit outsta
Page 318 and 319: TABLE B-68.—Mortgage debt outstan
Page 320 and 321: GOVERNMENT FINANCETABLE B-70.—Fed
Page 322 and 323: TABLE B-l\.—Federal budget receip
Page 324 and 325: TABLE B-73.—Government receipts a
Page 326 and 327: TABLE B-75.—State and local gover
Page 328 and 329: TABLE B-77,—Interest-bearing publ
Page 330 and 331: 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
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