TABLE B-45.—New housing units started and authorized, 1959-80[Thousands <strong>of</strong> units]Year or monthPrivate and public 1Total(farm andnonfarm)NonfarmNew housing units startedTotalPrivate (farm and nonfarm)'1 unitType <strong>of</strong> structure2 to 4 5 unitsunits or moreTotalNew private housing unitsauthorized 21 unitType <strong>of</strong> structure2 to 4units5 units1959..1,553.71,531.31,517.01,234.0283.01,208.3938.377.1192.919601961.1962.1963.1964.1,296.11,365.01,492.51,634.91,561.01,274.01,336.81,468.71,614.81,534.01,252.21,313.01,462.91,603.21,528.8994.7974.3991.41,012.4970.5257.4338.7471.5590.8108.4 450.0998.01,064.21,186.61,334,71,285.8746.1722.8716.2750.2720.164.667.687.1118.9100.8187.4273.8383.3465.6464.91965.19661967.19681969 .1,509.71,195.81,321.91,545.41,499.51,487.51,172.81,298.81,521.41,482.31,472.81,164.91,291.61,507.61,466.8963.7778.6843.9899.4810.686.661.171.680.985.0422.5325.1376.1527.3571.21,239.8971.91,141.01,353.41,323.7709.9563.2650.6694.7625.9,84.861.073.084.385.2445.1347.7417.5574.4612.71970.19711972.19731974.,1,469.02,084.52,378.52,057.51,352.51,433.62,052.22,356.62,045.31,337.7812.91,151.01,309.21,132.0888.1120.3141.3118.368.1535.9780.9906.2795.0381.61,351.51,924.62,218.91,819.51,074.4646.8906.11,033.1882.1643.888.1132.9148.6117.064.3616.7885.71,037.2820.5366.21975197619771978..1979..1,171.41,547.61,989.82,023.31,749.21,160.41,537.51,987.12,020.31,745.1892.21,162.41,450.91,433.31,194.164.085.9121.7125.0122.0204.3289.2414.4462.0429.0939.21,296.21,690.01,800.51,551.8Seasonally adjusted annual rates675.5893.61,126.11,182.6981.563.993.1121.3130.6125.4199.8309.5442.7487.3444.81979:JanFeb..MarApr .May .June.,July . .Aug. .Sept.Oct. .Nov....Dec1980:Jan .Feb .Mar.. .AprMay....JuneJuly .Aug...Sept .Oct. .Nov....88.484.7153.3161.3189.1192.0165.0171.4163.8169.0119.291.973.480.686.196.692.0116.8120.8130.2139.3153.7112.61,7271,4691,8001,7501,8011,9101,7641,7881.8741,7101,5221,5481,4191,3301,0411,0309061,2231,2651,4291,5411,5611,5551,175•9971,2751,2731,2291,2761,2221,2371.2371,1399801,0551,0027866176286287571,0031,0591,0379871219311911312012313015212312911411012710191100801361421201604313794063644525114123995144424283832904433333021983913162903404044081,4751,4911,6921,5481,6481,6391,5631,6221,6951,4781,2871,2471,2711,1689687898251,0781 Units in structures built by private developers for sale upon completion to local public housing authorities under <strong>the</strong> Department <strong>of</strong>Housing and Urban Development "Turnkey" program are classified as private housing. Military housing starts, including those financedwith mortgages insured by FHA under Section 803 <strong>of</strong> <strong>the</strong> National Mousing Act, are included in publicly owned starts and excluded from2 Authorized by issuance <strong>of</strong> local building permit: in 16,000 permit-issuing places beginning 1978; in 14,000 places for 1972-77; in13,000 places for 1967-71; in 12,000 places for 1963-66; and in 10,000 places prior to 1963.3 Not available separately beginning January 1970.Note.—-Only <strong>the</strong> series on private and public nonfarm housing units started is available prior to 1959. See 1976 "<strong>Economic</strong> <strong>Report</strong>"for this earlier series.Source: Department <strong>of</strong> Commerce, Bureau <strong>of</strong> <strong>the</strong> Census.1,2361,3611,5641,3331,3719589221,1151,0441,0521,0281,0151,0119969057737767807085564734956287818579148197941261031301221231321361431381299911611911194638193119131146134144391466447382473479412468561444415355372349318253249357336373504380433284
TABLE B-46.—Nonfarm business expenditures for new plant and equipment, 1947-81[Billions <strong>of</strong> dollars,- quarterly data at seasonally adjusted annual rates]Plant and equipmentYear or quarterTotalPlantTotalManufacturingEnnintquipmentDurablegoodsNondurablegoodsTotalNonmanufacturir gMiningTransportationPublicutilitiesTradeandservices1Communicationando<strong>the</strong>r 21947194819491950195119521953195419551956195719581959I9601961196219631964196519661967196819*6919701971197219731974197519761977197819791980 31981 31979;tiIllIV.1980:1 ||IlIV 321.8025.4623.5425.3230.8331.5933.5833.1336.5844.7648.12421744.7848.6347 8251.2853 2561.6670.4382 2283.4288.4599.52105.61108.53120.25137.70156.98157 71171.45198 08231.24270.46294.3032613255 55265.24273.15284.30291.89294.36296.23294.951981:I 3310.59II*'ZZZZZZZ!!'..'ZZZZ 323.848.4510 3510.2010.9413.0813.1413 8214.0915.9719 3420.9419 4119.8920.94211222.1222 2324.9627 2432 2132.2235.5140.5444.2446 6049.3556.6664.2965 21712080 3192.70105.73102.58104.19106.58108.60115.96116.50117 59_13.3515.1113.3414.3717.7418.4519.7619.0320.6025.4227.1922.7624.8927.70267029.16310336.7043.1950.0151.2052.9458.9961.3661.9370.8981.0492.6992 50100.25117 77138.54164.73152.97161.04166.56175.70175.93177.86178.648.739.257.327.7311.0712.1212.4312.0012.5016.3317.5012.9813.7616.3615 5316.0317 2721.2325.41313732.2532.3436.2736.9933.6035.4242.3753.2154 9259.9569 2279.7298.68114.90131.1290.7594.71aoo.n106.57111.77115.69116.40115.37122.69130.573.393.542.673.225.125.755.715.495.878.198.596.216.728.287.437.818.6410.9813.4917.2317.8317.9319.9719.8016.7818.2222.7527.4426.3328.4734.0440.4351.0758.2566.0046.3849.2552.1355.0358.2859.3858.1957.4260.2365.365.345.714.644.515.956.376.726.516.628.158.916.777.048.088.108.228.6310.2511.9214 1514.4214.4016.3117.1916.8217.2019.6225.7628.5931.47351839.2947.6156.6565.1244.3745.4747.9751.5553.4956.3258.2157.9662.4665.2113.0716.2116.2217.5919.7619.4721.1621.1324.0828.4330.6229.1931.0232.2832 2935.2535.9940.4345.0250.8451.1856.1163.2568.6274.9384.8295.33103.78102 79111.50128 87151.52171.77179.40195.00164.80170.52173.04177.73180.13178.66179.83179.58187.90193.270.69.93.88.841.111.211.251.291.311.641.691.431.351.291261.411261.331.361421.381.441.772.022.672.883.314.626107.449 2410.2111.3813.5016.0411.2311.0111.4011.8611.8912.8113.8615.2516.0718.022.212.662.302.383.052.992.972.422.603.073.352.343.173.192.823.263.364.465.466.436.346.797.046.955.936.727.418.238.688.899.4010.6812.3511.9812.9611.4312.0212.6713.2012.4712.0912.2311.2511.5011.601.642.673.283.423.753.964.614.234.264.785.955.745.465.405.205.125.335.806.497.829.3310.5211.7013.0314.7016.2617.9719.8319 9822.3726 7929.9533.9634.62 82.2837.64. 87.8332.4034.0235.0534.0836.2635.0335.5831.9536.7836.216.136.927.138.378.838.058.949.5911.4913.6413.6814.1115.4016.1516 5318.2718 5720.3822.1324.6923.0225.3128.3129.7734.2040.0045.5347.7946 2349.3056 5468.6679.2676.0379.0378.8682.6982.1781.0781.1984.8784.0987.432.403^42.632.583.033.253 383.604.425 305.965 585.636.256 487.197 478.469.58104911.1112.0614.4316.8517.4318.9621.1223.30218023.5126 9032.0234.8337.0240.5433.7134.4435.0535.9037.3437.6636.9736.2639.4840.01:=:1 Wholesale and retail trade; finance, insurance, and real estate; and personal, business, and pr<strong>of</strong>essional services.2 "O<strong>the</strong>r" consists <strong>of</strong> construction; social services and membership organizations; and forestry, fisheries, and agricultural services.3 Planned capital expenditures reported by business in late October-December 1980, corrected for biases.Note,—Revised series; for details, see Sumy <strong>of</strong> Current Business, October 1980.Source: Department <strong>of</strong> Commerce, Bureau <strong>of</strong> <strong>Economic</strong> Analysis.285
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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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University). Kate Stith Pressman, s
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CONTENTSNATIONAL INCOME OR EXPENDIT
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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 and 250: TABLE B-8.—Gross national product
- Page 251 and 252: TABLE B-10.—Gross national produc
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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
- Page 269 and 270: TABLE B-26.—Population by age gro
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- Page 275 and 276: TABLE B-31.—Unemployment rate by
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- Page 281 and 282: TABLE B-37.—Average weekly earnin
- Page 283 and 284: TABLE B-39.—Changes in productivi
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- Page 288 and 289: TABLE B-44;—New construction acti
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- Page 300 and 301: TABLE B-54.—Changes in special co
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- 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
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- Page 322 and 323: TABLE B-l\.—Federal budget receip
- Page 324 and 325: TABLE B-73.—Government receipts a
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- Page 328 and 329: TABLE B-77,—Interest-bearing publ
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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