2
1989 387 496 109 201 148 53 56
[Council of Economic Advisers, 1990]
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imports. when measured in real terms, has slowed since 1985. Thus, when data are viewed in real terms, improvements in the merchandise trade balance have occurred since the value of the dollar against other major currencies began to fall. The real data also reflect generally positive activity in services receipts and payments since 1985.
Although the situation has generally improved since 1985, when the data are viewed in real terms, the trend is such that years, perhaps decades, will be required, before the United States again reaches an
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