Economic Report of the President

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TABLE B-68.—Mortgage debt outstanding by type of property and of financing, 1939-80[Billions of dollars]Nonfarm propertiesNonfarm properties by type of mortgageEnd of yearor quarterTotal1- to 4-familyhousesAllpropertiespropertiesMultifamilypropertiesCommercialproperties'Total 2Government underwritten1- to 4-family housesTotalFKAinsuredVAguaranteedConventional 3Total1-to 4-familyhouses193935.56.628.916.35.67.01.81.81.827.114.51940194119421943194436.537.636.735 334.76.56.46.0544.930.031.230.829929.717.418.418.217 817.95.75.95.8585.66.97.06.76.36.22.33.03.74.14.22.33.03.74.14.22.33.03.7414.227.728.227.125.825.515.115.414.513.713.7194519461947194819491950195119521953195435.541.848.956.262.772.882.391.4101.3113.74.8495.15.35.66.16.77.27.78.230.836.943.950.957.166.775.684.293.6105.418.623028.233.337.645.251.758.566.175.75.7616.67.58.610.111.512.312.91.3.56.47.79.110.210.811.512.513.414.516.34.36.39.813.617.122.126.629.332.136.24.36.19.312.515.018.922.925.428.132.14.13.73.85.36.98.69.710.812.012.80.22.45.57.28.110.313.214.616.119.326.530.634.137.340.044.649.054.961.569.214.316.918.920.822.626.328.833.138.043.61955195619571958.. .1959. .19601961196219631964129.9144.5156.5171.8190.8207.5228.0251.4278.5305.99.09.810.411.112112.813.915.216.818.9120.9134.61461160.71787194.7214.1236.2261.7287.088.299.0107 6117.71309141.9154.7169.3186.4203.414.314.915316.818 720.323.025.829.033.618.320.723.226.129.232.436.441.146.250.042.947,851655.159362.365.669.473.477.238.943.947 250.153856.459.162.265.969.214.315.516519.723 826.729.532.335.038.324.628.430 730.430 029.729.629.930.930.978.086.894.6105.5119.4132.3148.5166.9188.2209.849.355.160467.677 085.595.6107,1120.5134.1196519661967.. ..1968..1969333.3356.5381.2410.9441.421.223.125.127.429.2312.1333.4356.1383.5412.2220.5232.9247.3264.8282.837.240.343.947.352.354.560.164.871.477.181.284.188.293.4100.273.176.179.984.490.242.044.847.450.654.531.131.332.533.835.7231.0249.3267.9290.1312.0147.4156.9167.4180.4192.719701971..1972..19731974474.2526.5603.4682.3742.530.332.235.841.346.3443.8494.3567.7641.1696.2298.1328.3372.2416.2449.460.170.182.893.1100.085.695.9112.7131.7146.9109.2120.7131.1135.0140.297.3105.2113.0116.2121.359.965.768.266.265.137.339.544.750.056.2334.6373.5436.5506.0556.0200.8223.1259.2300.0328.119751976..1977.. . .1978..1979..801.5889.21,023.51,172.81,333,650.957.065.876.292.4750.7832.2957.71,096.61.241.2490.8556.5656.6761.8872.1100.6104.5111.8122.0130.7159.3171.2189.3212.7238.4147.0154.1161.7176.4199.0127.7133.5141.6153.4172.966.166.568.071.481.061.667.073.682.092.0603.7678.0795.9920.21,042.2363.0422.9515.0608.5699.11978:III "' .IV...1,051.71,092.21,133.51,172.868.170.973.876.2983.71,021.41,059.71,096.6676.4706.3734.8761.8113.7116.4119.4122.0193.6198.7205.6212.7165.3167.4174.7176.4144.7146.7150.7153.468.669.269.971.476.177.680.882.0818.4853.9885.1920.2531.7559.6584.0608.51979:IIIIII...IV1,206.21,252.41,295.91,333.680.285.189.292.41,126.01,167.41,206.81,241.2784.5817.0846.3872.1124.0125.9128.3130.7217.5224.5232.2238.4183.0187.1194.3199.0158.4162.2168.2172.973.976.479.181.084.585.889.292.0943.1980.31,012.51,042.2626.2654.7678.1699.11980:1II....III...1,363.81,386.31,149.297.0101.4104.31,266.81,285.01,314.9891.2904.2926.2132.1133.6136.0243.5247.1252.7207.5210.8180.8184.186.087.499.494.896.71,059.21,074.1710.3720.11 Includes negligible amount of farm loans held by savings and loan associations.2 Includes FHA insured multifamily properties, not shown separately.3 Derived figures. Total includes multifamily and commercial properties, not shown separately.Source: Board of Governors of the Federal Reserve System, based on data from various Government and private organizations.312
TABLE B-69-— Mortgage debt outstanding by bolder, 1939-80[Billions of dollars]Major financial institutionsOther holdersEnd of year or quarterTotalTotalMutualsavingsbanksSavingsandloanassociationsCommercialbanks 1LifeinsurancecompaniesFederalandrelatedagencies2Individualsandothers193935.518.63.84.84.35.75.011.9194019411942194319441945194619471948.19491950195119521953195436.537.636.735334735.541.848.956.262.772.882 391.4101.3113.719.520.720.720 220.221.026.031.837.842.951.759 566.975.185.74.14.64.6464.85.47.18.910.311.613.715618.422.026.14.94.84.64.44.34.24.44.95.86.78.39.911.412.915.04.64.94.74.54.44.87.29.410.911.613.714 715.916.918.66.06.46.7676.76.67.28710.812.916.119.321.323.326.04.94.74.33.63.02.42.01.81.82.32.83.54.14.64.812.012.211711511.512.113.815.316.617.518.419 320.421723.219551956 .... .19571958.1959 .129.9144.5156.5171.8190.899.3111.2119.7131.5145.531.435.740.045.653.117.519.721.223.325.021.022.723.325.528.129.433.035.237.139.25.36.2778.010.225.327.129.132.335.1196019611962196319641965 . . .1966196719681969 . .207.5228.0251.4278.5305.9333.3356.5381.2410.9441.4157.6172.6192.5217.1241.0264.6280.8298.8319.9339.160.168.878.890.9101.3110.3114.4121.8130.8140.226.929.132.336.240.644.647.350.553.556.128.830.434.539.444.049.754.459.065.770.741.844.246.950.555.260.064.667.570.072.011.512.212.611.812.213.517.520.925.131.138.443.146.349.552755.258.261.465.971.2197019711972197319741975197619771978 ..1979474.2526.5603.4682.3742.5801.5889 21,023.51,172.81,333.6355.9394.2450.0505.4542.6581.2647 5745.0848.1939.5150.3174.3206.2231.7249.3278.6323 0381.2432.8475.857.962.067.673.274.977.281688195.298.973.382.599.3119.1132.1136.21513179.0214.0246.074.475.576.981.486.289.291696.8106.2118.838.346.454.664.882.1101.0116 6140.3170.5216.679.985.998.9112.2117.8119.31251138.2154.2177.51978.I!IllIV.1,051.71,092.21,133.51,172.8764.6793.8822.0848.1392.4407.9420.9432.889.891.593.495.2184.4194.5205.4214.097.999.9102.2106.2146.0152.6161.4170.5141.2145.8150.2154.21979:|II ..IllIV1,206.21,252.41,295.91,333.6866.0894.4920.2939.5441.4456.5468.3475.896.197.297.998.9220.1229.6239.6246.0108.4111.1114.4118.8181.2192.4203.8216.6159.01657171.9177.51980-1 . ...1!Ill1,363.81,386.31,419.2951.9958.9977.5479.1481.2492.199.299.299.3251.2253.1258.0122.5125.5128.1228.8238.4246.1183.2189.119571 Includes loans held by nondeposit trust companies, but not by bank trust departments."Includes former Federal National Mortgage Mogage Association Assciation (FNMA) (NMA) and new Govement Government National Mortgage Association Associaton (GNMA), as wellas Federal d l Housing H i Admiitti Administration, Veterans t a Administration, Adiitati Public Pbli Housing i Admiittio Administration, Farmers F H Home Admiittion Administration, and d i in earlieryeayrs Reconstruction Finance Corporation, Homeowners Loan Corporation, and Federal Farm Mortgage Corporation. Also includes GNMAPools and U.S.-sponsored agencies such as new FNMA, Federal Land Banks, and Federal Home Loan Mortgage Corporation. Other U.S.agencies (amounts small or current separate data not readily available) included with "individuals and others.Source: Board of Governors of the Federal Reserve System, based on data from various Government and private organizations.313
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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
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NATIONAL INCOME OR EXPENDITURETABLE
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TABLE B-2.—Gross national product
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TABLE B-3.—Implicit price deflato
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TABLE B-5.—Implicit price deflato
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TABLE B-10.—Gross national produc
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TABLE B-12.—Output, costs, and pr
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TABLE B-14.—Gross private domesti
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TABLE B-16.—Inventories and final
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TABLE B-18.—Relation of national
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TABLE B-19-—National income by ty
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Year orquarter192919331939194019411
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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 and 282: TABLE B-37.—Average weekly earnin
Page 283 and 284: TABLE B-39.—Changes in productivi
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 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
Page 332 and 333: TABLE B-81.—Corporate profits by
Page 334 and 335: TABLE B-83.—Sales, profits, and s
Page 336 and 337: TABLE B-85.—Relation of profits a
Page 338 and 339: TABLE B-87.—Sources and uses of f
Page 340 and 341: TABLE B-89-—State and municipal a
Page 342 and 343: TABLE B-91.—Business formation an
Page 344 and 345: TABLE B-93.—Farm output ami produ
Page 346 and 347: Year or month1940194119421943194419
Page 348 and 349: TABLE B-97.—Balance sheet of the
Page 350 and 351: TABLE B-99— U.S. international tr
Page 352 and 353: TABLE B-100.—U.S. merchandise exp
Page 354 and 355: TABLE B-102.—U.S. merchandise exp
Page 356 and 357: TABLE B-104.— World trade: Export
Page 358 and 359: TABLE B-106.—International reserv
Page 360 and 361: • • ' •TABLE B-108.—Industr
Page 362 and 363: TABLE B-110.—Summary of major U.S
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