TABLE B-91.—Business formation and business failures, 1929-80Business failures 1Year or monthIndexfit nat or netbusinessformation(1967=100)Newbusinessincorporations(number)Businessfailurerate 2TotalNumber <strong>of</strong> failuresLiability size classUnder$100,000$100,000and overAmount <strong>of</strong> current liabilities(millions <strong>of</strong> dollars)TotalLiability size classUnder$100,000$100,000and over19291933 n1939 31940194119421943194419451946194719481949,1950..19511952195319541955195619571958195919601961196219631964196519661967196819691970197119721973197419751976197719781979104.8 "86.490.890.194.592.490.898.295.491.491.198.194.591.192.894.798.099.598.9100.0107.6113.5107.1109.5115.5115.5111.2108.8117.2126.5132.9131.7132 916112,89796,34685,64093.09283,77892,946102,706117,411139,915141,163137,112150 781193,067182,713181,535182,057186,404197,724203,897200,010206,569233,635274,267264,209287,577316,601329,358319,149326,345375,766432,172478,019524,565103.9100 369.663.054.444.616.46.54.25214.320.434.434.330.728.733,242.041.648.051.755 951.857.064.460.856.353.253.351.649.038.637.343.841.738.336.438.442.634.828.423.927.822,90919,85914,76813,61911,8489,4053,2211,2228091,1293,4745,2509,2469,1628,0587,6118,86211,08610,96912,68613,73914,96414,05315,44517,07515,78214,37413,50113,51413,06112,3649,6369,15410,74810,3269,5669,3459,91511,4329,6287,9196,6197,56422,16518,88014,54113,40011,6859,2823,1551,1767591,0033,1034,8538,7088,7467,6267,0818,07510,22610,11311,61512,54713,49912,70713,65015,00613,77212,19211,34611,34010,83310,1447,8297,1928,0197,6117,0406,6276,7337,5046,1764,8613,7123,9307449791112191631236646501263713975384164325307878608561,0711,1921,4651.3461,7952,0692,0102,1822,1552,1742,2282,2201,8071,9622,7292,7152,5262,7183,1823,9283,4523,0582,9073,634483.3457.5182.5166.7136.1100.845.331.730.267.3204.6234.6308.1248.3259.5283.3394.2462.6449.4562.7615.3728.3692.8938.61,090.11,213.61,352.61,329.21,321.71,385.71,265.2941.01,142.11,887.81,916.92,000.22,298.63,053.14,380.23,011.33,095.32,656.02,667.4261.5215.5132.9119.9100.780.330.214.511.415.763.793.9161.4151.2131.6131.9167.5211.4206.4239.8267.1297.6278.9327.2370.1346.5321.0313.6321.7321.5297.9241.1231.3269.3271.3258.8235.6256.9298.6257.8208.3164.7179.9221.8242.049.746.835.420.515.117.118.851.6140.9140.7146.797.1128.0151.4226.6251.2243.0322.9348.2430.7413.9611.4720.0867.11,031.61,015.61,000.01,064.1967.3699.9910.81,618.41,645.61,741.52,063.02,796.34,081.62,753.42,887.02,491.32,487.55easonally adjusted1979:JanFeb."..Mar ..AprMayJune131.3132.1132.5130.9130.5130.942,41042,30242,76143 03443 89543,04427.424.427.930 829126.2642545732734708602355291379397380307287254353337328295182.2177.1187.8242.8200 4273.215.112.818.016,816.813.8167.1164.3169.8226.0183.7259.4JulvAugSeptOctNovDec1318130.3132.5131.9131.4133.944 65542,91144,68746,47844,81143,57927 532.926.133.623.124,9565736505767519509285412248374260242280324257393259267212 2287.4186.2395.8184.3138.013918.011.417.513.712.2198 3269.4174.8378.3170.6125.81980:Jan,Feb.. . .Mar .ft June ...v .131.0129.8125.8120.5117.8114.844,44744,58342,61542,46141,97439,74630.927.536.242.239.348.77296779251,0689751,094363330452525452522366347473543523572243.1190.8274.2428.2381.1436.717.015.521.724.422.025.2226.2175.3252.5403.8359.2411.5JulyAugSeptOct115.3117.7120.6117.644,05843,26646,48847,22552.045.445.01,1411,0099261,340531486465610523461445.7345.41,002.926.323.222.2419.4322.2980.71 Commercial and industrial failures only. Excludes failures <strong>of</strong> banks and railroads and, beginning 1933, <strong>of</strong> real estate, insurance,holding, and financial companies, steamship lines, travel agencies, etc.2 Failure rate per 10,000 listed enterprises." Series revised; not strictly comparable with earlier data.Sources: Department <strong>of</strong> Commerce (Bureau <strong>of</strong> <strong>Economic</strong> Analysis) and Dun & Bradstreet, Inc.336
AGRICULTURETABLE B-92.—Farm income 1929-80[Billions <strong>of</strong> dollars; Quarterly data at seasonally adjusted annual rates]Income <strong>of</strong> farm operators from farmingGross farm incomeNet farm incomeYear or quarterTotal 1Cash marketing receiptsTotalLivestockandproductsCropsValue <strong>of</strong>inventorychanges 2Produc-ex-pensesCurrentdollars1967dollars 3192919331939 ....19401941194219431944194519461947194819491950195119521953195419551956195719581959I96019611962196319641965196619671968196919701971197219731974 . . . .197519761977197819791978:j||IIIIV1979:I||IllIV1980:I|| , ...Ill13.86910.711.314.319.923.324.025.429.632.436.530.833138 337.834 434.233 534.034 839.037.938940.542 343.442 346.550 550.551856.458 662 071.098.998.3100 31018108.1126.9149.6119.7123.5126.3138.0145.5149.1149.9154.115211518158.611.35.37.98.411.115.619.620.521.724.829.6'30.227.828.532.932.531.029.829.530.429.733.533.634.235.236.537.537.339.443.442.844.248.250.552 961.287.192.488.294 895.8112.5131.5105.5109.8112.7122.2128.9130.9130.6135.4137.2136.4142.86.2284.54.96.59.011.511.412.013.816.517.115.416.119 618.216.916.316016.417 419.218.919.019.520.220.019.921.925.024.425.528.629 630 635.745.941.443 046147.459.068.653.058.060.664.669.768.266.969.767.965670.55.1253.33.54.66.58,19.29.711.013.113.112.412.413.214.314.113.613 514.012 314.214.715.315.716.317.417 217.518.418.418.719.621022 325.541.151.145148 748.353.562.852.551.852.157.659.262.763.765.769.270 872.3-0.12.1.3.41.1-.1-.4-.4.0-1.81.7-.9.812.9- 62-.56.8.0.4.3.6.6_ 81.0_ 1.7.1.1014.93.4-1.634-2 4.6.44.1.5.3.4.43.23.95.43.91.015-3.97.7446.36.97.810.011.612.313.114.517.018.818.019.522.322.821.521.822.222.723.725.827.227.428.630.331.631.833.736.538.239.542.144.447 452.365.672.275.983.190.3100.8118.697.498.8100.1106.9114.2116.3119.6124.2'Cash marketing receipts and inventory changes plus Government payments, o<strong>the</strong>r farm cash income, and nonmoney incomefurnished by farms.2 Physical changes in end-<strong>of</strong>-period inventory <strong>of</strong> crop and livestock commodities valued at average prices during <strong>the</strong> period.3 Income in current dollars divided by <strong>the</strong> consumer price index (Department <strong>of</strong> Labor).Source: Department <strong>of</strong> Agriculture, except as noted.127.2129.9132.96.2264.44.56.59.911.711.712.315.115.417712.813.615 915.013 012.411311.311113.210.711.512.012.111.810.512.914.012.312.314.314.214 618.733.326.124.518 717.826.131.022.324.726.231.131.332.830.329.925.923.421.812.06610610.714.720 222.722 222.825.823.024.517.918.920 518.816 215.414113.813115.212.313 012.313 312.811313.714.412.311813.012 212114.925.117.715 21109.813.314.211.812.813.215.415.115.313.713.110.9968.8337
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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-7.—Gross national product
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TABLE B-8.—Gross national product
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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
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Year orquarterTotalTotalCurrencyand
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TABLE B-26.—Population by age gro
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TABLE B-27.—Noninstitutional popu
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Year or monthTABLE B-29.—Selected
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TABLE B-31.—Unemployment rate by
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TABLE B-33.—Unemployment by reaso
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TABLE B-35.—Wage and salary worke
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TABLE B-37.—Average weekly earnin
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TABLE B-39.—Changes in productivi
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TABLE B-42.—Industrial production
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TABLE B-44;—New construction acti
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TABLE B-45.—New housing units sta
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