Excerpt from Annual Report of the Secretary of the Treasury on the State of the Finances: For the Fiscal Year Ended June 30, 1972 The pace of economic expansion quickened during the fiscal year. Between the second quarters of calendar years 1971 and 1972, gross national product in current prices rose by $96 billion. By mid-1972, prospects were already good that the gain of about $100 billion in gross national product during calendar 1972 projected in the February 197 2 Economic Report of the President would be reached or exceeded. The -percent rise in gross national product during fiscal year 1972 was moderately greater than the -percent gain achieved in the previous fiscal year. In terms of major expenditure categories, the largest dollar rise came in consumption expenditures. Other leading sectors were business fixed investment (which was stimulated by tax policy changes) and residential construction (where a housing boom continued). On the less expansive side, business inventory policy remained cautious and the foreign sector exerted a negative in uence because of the increasing trade deficit. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works."