TABLE B-102.—U.S. merchandise exports and imports by commodity groups, 1958-80[Millions <strong>of</strong> dollars; monthly data seasonally adjusted]Year ormonthTotaldomesticandforeignexports 2Merchandise exports'Total 23Domestic exportsFood,beverages,andtobaccoCrudematerialsandfuels 4Food,ExportsManufacturedTotal 3 ages,bever-CrudelessExports Exportsgoods 5 materialsManufacturedci.f.Total, imports,less lessfuels*and goods 5 value 7 customsimports,valueimports,ci.f.Merchandise imports Merchandise trade balanceGeneral imports 6tobacco1958..1959..I960..1961..1962...1963...1964..1965..1966..1967..1968..1969...1970..1971...1972..,1973,.1974..16,37516,42619,65920,22620,98622,46725,83226,74229,49031,03034,06337,33242,65943,54949,19970,82397,99816,21116,24319,45919,98220,71722,18225,47926,39929,05430,64633,62636,78842,02542,91148,39969,73096,634F.a.s. value 82,6882,8523,1673,4663,7434,1884,6374,5195,1864,7104,5924,4465,0585,0766,56912,93815,2333,0522,9963,9423,8643,3563,7754,3374,2734,4044,7264,8655,0066,6926,4417,09110,73515,80211,54711,17912,58312,78413,66814.29716,52917,43319,21820,84423,81826,78529,34430,44333,74044,73163,52313,39215,69015,07314,76116,46417,20718,74921,42725,61826,88933,22636,04339,95145,56355,58369,476101,394Customs value3,5503,5803,3923,4553,6743,8634,0224,0134,5904,7015,3655,3086,2306,4047,3799,23510,7014,1644,6154,4184,3344,6914,7555,0295,4405,7185,3676,0316,3916,5427,2688,83813,44631,842F.a.s. value 85,3117,1176,8636,5377,6498,0709,10611,24414,44615,75620,62423,01125,90730,41437,76745,00156,20228,74535,32038,24142,42948,34258,86273,573108,3922,9837364,5865,4654,5225,2607,0835,3153,8724,1418371,2892,708-2,014-6,3841,348= 3,3962,283-1,257-909230-4,7939,6632,75240,395197419751976197719781979......1979:JanFebMar....AprMay....June...July....Aug..,.Sept...OdNov....Dec...1980:JanFebMar....AprMay....June...July....Aug....Sept...OctNov...,97,998107,589115,150121,150143,578181,63713,26513,61614,29813,97914,08414,81915,69215,71715,82516,68216,92916,74217,34817,23318,53418,46817,67818,64218,07519,10318,70119,08918,63496,634106,100113,476118,944141,040178,41313.05613,39214,01213,73313,80014,55515,45715,45615,67216,39616,57516,41917,01816,95018,16518,13717,30318,26717,76518,78818,40018,66018,26815,23316,79317,23415,96320,60424,5821,5021,5961,7561,7941,8542,0722,3552,1632,2982,3752,3002,4132,3312,2962,5382,4102,1902,3662,4712,4892,7792,6902,82515,80215,19716,09518,57920,95728,2162,1462,0852,2372,1062,0282,2532,4042,4842,5832,5352,6862,7322,8542,8262,9912,8672,8162,9212,8213,1812,7822,5062,45263,52370,95177,24180,15194,473116,5858,8249,0729,3349,1459,1549,5639,87610,03210,05510,44310,41810,72011,17311,37311,80211,74511,61212,27712,01512,47712,27712,60912,243100,64896,570121,009147,685171,978206,32716,52814,60715,35815,84116,43716,82916,80418,27718,40919,02718,54619,61220,93821,64020,58919,25720,43919,89318,99519,23619,46520,06119,42210,7099,92311,89114,22715,74317,7361,4911,2621,4431,5311,4561,5571,3861,4051,4021,4041,6891,7121,6521,4061,5441,5031,5311,5841.6001,4681,4021.5921,67732,06432.59641,47453,55451,90171,4515,2124,4164,8615,1755,1725,4875,9986,4457,0477,4696,3777,7227,5908,7888,4217,2847,7747,8346,6557,0436,6677,1206,80655,22351,08064,77576,554100,317112,2359,5168,6458,7038,8489,3609,3799,0609,9949,5059,6629,9509,63211,17610,82910,1579,91810,5399,95110,18710,19210,48510,61110,391108,392103,843129,896157,560183,093218,92717,59715,51116,31816,84617,45017,86417,85219,38119,50720,13819,65820,75622,10022,80621,67320,28421,53020,92219,92720,16520,34520,94920,297;-3,396 =-2,65011,020-5,859-26,535-28,401-24,690-3,263-992-1,060= 1,862-2,353-2,011-1,112-2,560=2,585-2,345-1,618-2,871-3,590-4,407= 2,054-789^2,762-1,251-920-132-764-972-788^10,3953,747= 14,746= 36,410=-39,515=37,290=4,333= 1,895= 2,020=2,867=3,366= 3,046-2,159= 3,664= 3,682-3,467=2,729=4,015=4,752= 5,573= 3,138= 1,816-3,852=2,280= 1,852= 1,061= 1,644-1,861= 1,6331 Beginning 1960, data have been adjusted for comparability with <strong>the</strong> revised commodity classifications effective in 1965.2 Total excludes Department <strong>of</strong> Defense shipments <strong>of</strong> grant-aid military supplies and equipment under <strong>the</strong> Military AssistanceProgram." Total includes commodities and transactions not classified according to kind.4 Includes fats and oils.8 Includes machinery, transportation equipment, chemicals, metals, and o<strong>the</strong>r manufactures. Export data for <strong>the</strong>se items includemilitary grant-aid shipments through 1977 and exclude <strong>the</strong>m <strong>the</strong>reafter.8 Total arrivals <strong>of</strong> imported goods o<strong>the</strong>r than intransit shipments.7 Ci.f. (costs, insurance, and freight) import value at first port <strong>of</strong> entry into United States. Data for 1967-73 are estimates.8 F.a.s. (free alongside ship) value basis at U.S. port <strong>of</strong> exportation for exports and at foreign port <strong>of</strong> exportation for imports.Note.—Data are as reported by <strong>the</strong> Bureau <strong>of</strong> <strong>the</strong> Census adjusted to include silver ore and and bullion reported separately prior to1969. Trade in gold is included beginning 1974. Export statistics cover all merchandise shipped from <strong>the</strong> U.S. customs area, exceptsupplies for <strong>the</strong> U.S. Armed Forces. Exports include shipments under Agency for International Development and Food for Peace programsas well as o<strong>the</strong>r private relief shipments.Source: Department <strong>of</strong> Commerce (Bureau <strong>of</strong> <strong>the</strong> Census and International Trade Administration).348
TABLE B-103.—International investment position <strong>of</strong> <strong>the</strong> United States at year-end, selected years, 1970-79[Billions <strong>of</strong> dollars]Type <strong>of</strong> investment 1970 1972 1974 1976 1977 1978 1979Net international investment position <strong>of</strong> <strong>the</strong> United States..U.S. assets abroadU.S. <strong>of</strong>ficial reserve assets.Gold..Special drawing rights (SDRs)Reserve position in <strong>the</strong> International Monetary Fund (IMF). ...Foreign currency reservesO<strong>the</strong>r U.S. Government assets..U.S. loans and o<strong>the</strong>r long-term assetsU.S. short-term assets o<strong>the</strong>r than reservesU.S. private assetsDirect investments abroad (book value)Foreign securitiesClaims on foreigners reported by U.S. banks, not included elsewhereClaims on unaffiliated foreigners reported by U.S. nonbanks..... . ..Foreign assets in <strong>the</strong> United StatesForeign <strong>of</strong>ficial assetsU.S. Government securities lO<strong>the</strong>r U.S. Government liabilitiesLiabilities reported by U.S. banks, not included elsewhere...O<strong>the</strong>r <strong>of</strong>ficial assetsO<strong>the</strong>r foreign assets....Direct investments in <strong>the</strong> United States (book value)Liabilities reported by U.S. banks, not included elsewhereU.S. Treasury securitiesO<strong>the</strong>r U.S. securities 2Liabilities to unaffiliated foreigners reported by U.S. nonbanks58.6165.514.511.1.91.9.632.129.72.5118.875.521.013.88.5106.826.117.71.76.7.080.713.322.71.234.737.1199.013.210.52.0.5.236.134.12.0149.789.927.620.711.4161.863.252.91.68.5.298.714.921.21.250.710.758.8255.715.911.72.41.9.038.436.32.1201.5*110.128.246.217.0196.979.858.12.618.4.6117.125.141.81.734.913.682.5347.218.711.62.44.4.346.044.11.9282.4136.844.281,120.3264.7105.674.08.8.17.25.6159.130.853.57.054.813.072.3383.019.311.72,64.9.049.647.81.8314.1149.849.492.622.3310.6141.9106.89.918.07.2168.734.660.27.652.913.475.3450.918.711.71.61.04.454.2. 52.31.9378.0167.853.4130.726.1375,5174.8130.912.223.38.5200742.577.99.955.415.195.0513.218.911.22.71.33.858.556.51.9435.8192.656.7156.629.9418.2160.3108.311.530.510.1257.952.3110.515.061.918.21 Includes Treasury and agency issues <strong>of</strong> securities.2 Corporate and o<strong>the</strong>r bonds and corporate stocks.Note,—Gold is valued at SDR35 per ounce, throughout The SDR value is converted to dollars at $1/SDR before December 1971, at$1.08571/SDR from December 1971 through January 1973, at $1.20635/SDR from February 1973 through June 1974, and as measuredby <strong>the</strong> basket vafuation <strong>of</strong> <strong>the</strong> SDR beginning July 1974.Source: Department <strong>of</strong> Commerce, Bureau <strong>of</strong> <strong>Economic</strong> Analysis.349
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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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TABLE B-47.—Sales and inventories
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TABLE B-49.—Manufacturers' new an
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TABLE B-51.—Consumer price indexe
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19391940194119421943194419451946194
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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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