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Published online by Cambridge University Press: 26 March 2020
In the summer the growth of industrial output and the decline in unemployment slowed down. The main reason for this is that exports have fallen since the first quarter of the year. In overseas markets the growth of demand has also been slowing down.
page 8 note (1) The enquiry does not cover the whole of private non- manufacturing industry and this to some extent invalidates comparison with figures of actual investment by the group. In the present context, however, the error is likely to be small.
page 8 note (2) The cumulative excess of net saving over net lending as shown in the table is only sufficient to provide a conventional addition to liquid reserves.
page 10 note (1) National Institute Economic Review, no. 10, pages 16-17.
page 12 note (1) This figure includes a large increase in exports of aircraft; these are very variable, and were particularly large in the second quarter. Excluding aircraft, the increase was 9 per cent. But aircraft exports are likely to remain high for some time while world airlines complete their present re-equipment programmes.
page 14 note (1) National Institute Economic Review, no. 10, July 1960, page 26.