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By Messenger A. J, Miles J. G

A thermal neutron irradiation technique using a mCf neutron source has been developed and applied to thp.simultaneous determination of iron and aluminium (expressed as AI2O3) in iron ore fines (-6 mm particle size) on a moving rubber conveyor belt.While the determination of iron with this technique is based on the use of a NaI(TI) detector to monitor the characteristic prompt gamma rays (7.64 MeV) emitted by thermal neutron capture reactions in the iron, the etermination of AI2O3 is based on the use of a second Nal(Tl) detector to monitor the characteristic gamma rays (1.78 MeV) emitted after thermal neutron activation of the aluminium. The second detector is located downstream from the first. Although the speed of the conveyor belt has no direct effect on the iron measurements, it must not exceed about 3 m/min if good accuracy is required for the AI2O3 measurements. Consequently an auxiliary conveyor belt is required in order to avoid interference with normal ore processing.Dynamic trials of the technique, using 1500 kg samples of ore on a 460 mm-wide rubber conveyor belt moving at 1.7 m/min, have demonstrated that the method can achieve accuracies of 0.7% Fe and 0.1% AI2O3. At the present stage of development, it is recommended that lump ore be crushed to a particle size of 6 mm before analysis.In addition to iron and AI2O3 determinations, measurements of total moisture content and bulk density are possible. The determination of Si02 is also feasible, but a separate fast neutron source (e.g., Am-Be) and a separate gamma ray detector are required.

Jan 1, 1980

By C. K. Eilerts

Knowledge of the phase relations of the fluids that exist in the porous spaces of rocks constituting natural petroleum reservoirs and of the behavior of these fluids under various field conditions of operation is essential to the conservation of petroleum and natural gas and to their efficient recovery. The problem of determining whether these fluids are in the liquid or gaseous state and of recognizing the transitions that may take place as the material in the reservoir is subjected to different conditions of pressure and temperature confronts many producers today, especially in certain fields. The subject has grown rapidly in importance since the discovery of and production from deeper reservoirs that have correspondingly higher pressures and temperatures as compared with shallower

Jan 1, 1938

By Henry Kreisinger

Some of the investigations conducted by the Bureau of Mines have for their object the collecting and disseminating of information regarding methods by which the fuels of the country may be most efficiently used. As the analysis of flue gases tends to develop better methods of firing, which in turn reduces waste of fuel, the Bureau of Mines in this bulletin presents for the benefit of those in charge of boiler plants and all other persons interested detailed information on methods of sampling and analyzing flue gases, and on the utilization of the analyses in promoting boiler-room economy. This bulletin is intended to be a companion to Technical Paper 80,a and is written in plain and nontechnical language, as far as possible, so that it may be readily understood by persons who have not had the advantage of a technical education. Whenever possible, illustrations of apparatus and methods of handling have been used rather than elaborate descriptions.

Jan 1, 1915

By Louis D. Huntoon

AFTER the completion, in 1905, of the Hammond Mining and Metallurgical Laboratory of the Sheffield Scientific School, Yale University, it became necessary to secure and assay a large assortment of ore-samples, and to arrange the results in such a manner as to admit of use with the least amount of work on the part of the instructor. At first, pulp-samples, together with their respective assays, were secured from the mines, smelters, and public assayers, but this practice did not prove satisfactory. It was not only difficult to secure a sufficiently large supply of material, but it was also impossible to secure the proper assortment required for instructing students. It involved considerable work for the donors to select the samples and furnish a record of the assays, and also for the instructors to examine each pulp and determine its character. Some of the samples did not contain a sufficient quantity of pulp for the student to check his work in case his first assay did not correspond to the record. In order to increase the number of samples and to vary the character of the material, pulp-samples were later mixed with barren rock and with sulphides, but this method also was unsatisfactory and has been discontinued. At present., small lots of ore are secured by gift or purchase from engineers, public assayers, and the managers of mines, mills, and smelters. These lots weigh from 10 to 100 lb. each, and are rarely finer than 0.25 in. in size. The larger samples permit of a careful study by the instructor in order to determine the best method of assaying to be followed. In universities in which assaying is taught the record of the samples should fulfill the following requirements

Nov 1, 1909

By H. T. Rall

This report summarizes a systematic 20-year study of the organic sulfur compounds in Wasson, Texas, crude oil and, to a lesser extent, of three other crude oils, that has culminated in some 200 individual sulfur-compound identifications. The development and application of special separation and identification techniques generally suitable for the characterization of sulfur compounds in any crude oil are discussed. This report reviews early sulfur literature covering petroleum sulfur compound identifications completed before this study was begun, and cites 58 papers resulting from this work. The sulfur compounds in petroleum, both as to type and quantity, have long been of concern to the petroleum industry, and such compositional data are not only of theoretical interest, but also of practical value.

Jan 1, 1972

(Members are urged to send in for this column any notes of interest concerning themselves or their fellow-members.) Members and guests who called at Institute headquarters during the period August 1, 1916 to September 10, 1916: C. L. Cantley, New Glasgow, N. S. H. M. La Follette, La Follette, Tenn. D. A. Cowell, Columbus, Ohio. Montrose L. Lee, Montevideo, Uruguay. Alexander Deussen, Houston, Texas. V. H. McNutt, Billings, Mont. Chas. E. Dutton, Goldfield, Nev. J. W. Maller, New York, N. Y. H. S. Emlaw, Grand Haven, Mich. Edwin W. Mills, Tul. Mi Chung, Chosen, J. M. Gillette, Swatsburg, N. Y. Korea. E. Gorilla, San Antonio, Texas. Francis R. Pine, Elizabeth N. J. Bertram Grant, Kingman, Arizona. Frank A. Ray, Columbus, Ohio. Ruger W. Hay, Bisbee, Arizona. John A. Rice, El Paso, Texas. C. F. Hendricks, Cobalt, Ontario. W. E. Rice, Ringwood Manor, N. J. Stanley C. Herold, San Jose, Cal. W. H. Staver, Lynchburg, Va. Lloyd Hoffman, Pottersville, N. J. Ralph H. Sweetser, Easton, Pa. Charles Hunter, London, England. Kirby Thomas, New York, N. Y. G. Jansen, Benkoelen, Sumatra. Henry Traphagen, Union Hill. T. H. Jenks, Oatman, Arizona. M. M. Valerius, Tulsa, Okla. Warren jenny, Chanaral, Chile. Wilfrid B. Wainewright, London, Eng. Walter A. Barrows, Jr., of Brainerd, Minn., has been elected president and general manager of the Thomas Iron Co., Easton, Pa., to succeed Ralph H. Sweetser, whose resignation of several months ago becomes

Jan 10, 1916

By H. W. Gillett, E. L. Mack

Prior to 1911 the literature on melting brass by electricity consisted entirely-save for some suggestions made in patent literature but not actually worked out-of a few observations by farseeing men ' on the theoretical advantages of melting brass and other nonferrous alloys in electric furnaces. Roeber was the first to see and clearly state the possible advantages of the electric furnace in brass melting. The same factors tha.t make it desirable to manufacture special steels in the electric furnace rather than in crucibles, he declared, apply to brass as well. He pointed out the possibility of using larger melting units, of eliminating crucible cost, of readily controlling the purity of the product. and of nearly eliminating the loss of zinc. "The replacement of the • old crucible process is sure to come," he said; "perhaps it will come in two years, but it will, necessarily, in ten years .... The inevitable advance along this industrial line will have great influence in the metal world and will also provide, in large cities, a new kind of load for the central station." The years 1905 to 1910 may be termed the purely theoretical period of the development of the electric brass furnace, though the Conley furnace was tried out e:xperimenta.lly about 1910 and a few heats were made in an induction furnace. 2 In December, 1911, the American Chemical Society held a symposium on mineral wastes, at which Bassett s discussed the zinc· losses that attend making brass in fuel-fired furnaces.

Jan 1, 1922

By W. K. Coughlan

The Wabana deposit of Dosco Industries Limited is situated on the east coast of Newfoundland, at Bell Island in Conception Bay. It is a Clinton-type iron-formation of Lower Ordovician age. Five separate beds have been recognized, with others noted locally. Economic production has been obtained from the Lower, Middle and Upper beds, which are second, third and fifth in sequence, al-though at present only the Lower Bed is worked. The potential area of occurrence is about 70 square miles. It i;; bounded by major faults to the north, east and west and truncated by erosion at the south, where rocks of the de-posit crop out on the north side of the island. The iron is contained in oolitic hematite and chamosite, with minor siderite. As the deposit is submarine, conventional exploration methods are not applicable and much interpretation and projection from mined areas is necessary to guide exploration and development. With the interpretation of information from existing mined ores, it is possible, using a minimum of diamond drilling in advance of working faces, to maintain adequate ore reserves.

Jan 1, 1966

By K. Schimann, H. D. Knipping, J. P. Fouques

"RESUMELe gisement d 'uranium de Cigar Lake, dans la région de l'Athabasca au nord du Saskatchewan, fut découvert en mai 1981 par Cogema Canada Ltée, opérant pour Ie compte de la ""Waterbury Lake Joint Venture"".Le corps minéralisé. qui est dépourvu de toute expression directe en surface, est situé a la discordance entre les met sédiments du wottaston Group (Protérozoïque inférieur ou Aphébien) et les grès de l 'Athabasca (Protérozoïque moyen ou Hélikien), à une profondeur de 410 a450 m.Fin 1984, Ie gisement était reconnu par 105 sondages minéralisés repartis sur une longueur de 1800 m, pour une largeur comprise entre 25 et 105 m. 11 se présente sous forme d’une lentille aplatie de 5 a30 m de puissance, et montre une remarquable continuité d'ensemble. Une ride ou bombement topographique de la discordance est associée au gisement surtoute sa longueur.A l'échelle régionale, le corps minéralisé à est associe à un corridor structural d’orientation est-ouest, a l'intérieur duquel des facies particuliers aténdance blast mylonitique sont développes dans les formations métapolitiques agraphite du socle métamorphique. Il est entouré par un halo d'altération très important, caractériser Ie développement de minéraux argileux alumino-magnesiens (illite-chlorite).La minéralisation est située, pour la plus grande part, dans les grès d'Athabasca, et se compose essentiellement d'uraninite et de sulfo-arseniures de nickel et de cobalt,De nombreux levés géochimiques et géophysiques ont été effectues dans la région de Cigar Lake. Aucune anomalie ne peut être associée directement au corps minéralise, mais la combinaison des données en provenance de plusieurs sources s’est révélée fort utile au niveau de l’interprétation géologique régionale et de la définition des cibles de sondages a l'intérieur des zones reconnues favorables.Le gisement de Cigar Lake présente de nombreuses analogies avec plusieurs des gites classiques de la région de l'Athabasca; il est caractérise en particulier par l'intensité des phénomènes d’altération et la présence de minéralisations extrêmementriches.En 1984, les réserves géologiques globales estimées par géostatistique sur I ‘amas minéralise principal s 'élevaient a 110 000 tonnes d'uranium, aune teneur moyenne de 12.2%, avec une précision de 25% à l'intervalle de confiance de 95%.ABSTRACTThe Cigar Lake uranium deposit, in the Athabasca area of North Saskatchewan, was discovered in May 1981 by Cogema Canada LId., as operator of the Waterbury Lake Joint Venture. The deposit, which is devoid of direct surface expression, is located at the unconformity between the Lower Proterozoic (Aphebian) Wollaston Group meta-sediments and the Middle Proterozoic (Helikian) Athabasca sands tone, at a depth of 410 m to 450 m below surf ace.AI the end of 1984, the deposit had been defined by 105 mineralized holes over a length of 1800 m and a width of between 25 m and 105 m. It has the shape of a flat-lying lens 5 m to 30 m thick and shows a remarkable longitudinal and latera continuity from the information obtained to date. A well-defined bulge of the unconformity underlies the mineralized zone over its entire length.The deposit appears to be controlled by an east-west-trending structure within which a particular rock facies (""augen gneiss"") has developed in the graphitic metapelites of the Wollaston Group. It is surrounded by a strong alteration halo affecting both sandstone and basement, characterized by extensive development of Mg-A I rich clay minerals (illite-chlorite).The mineralization is hosted principally by the Athabasca sandstone, and consists mainly of uraninite and sulfo-arsenides of nickel and cobalt.Numerous geochemical and geophysical surveys have been carried out in the Cigar Lake area, and no specific geochemical or geophysical anomaly can be directly associated with the mineralized body, although there may be locally a good coincidence. However, a combination of several methods proved extre"

Jan 1, 1986

Albin. B . R Billings. Mont . '28 Amnter . Nathan L 26 Broad St.. New York . N . Y . '28 Bache . Jules S 42 Broadway. New York. N . Y . '28 Borrett . C . P . 5338 Harper Ave .. Chicago. I11 '28 Baum . Frank G. . Cons . Hydro-Electric Engr Camel'. Shasta Co. . Cal. '23 Baylean, William S Russ Bldg .. San Francisco. Cal . '28 Bean, Louis H .. V.P.. Dwight P . Robinson & Co.. lnc 126 E . 46th St New York. N . Y . '28 Beatty . Roes J . 1106 First National Bank' Bldg .. Chicago . Ill . '28 Benwell . Oswald F . 110 Gilpin St .. Denver. 1310 . '28 Beymer. Albert 9.. V.P .. Keystone. National Bank Pittsburgh. Pa . '28

Jan 1, 1929

By A. L. Podia

The purpose of this research was to develop a system capable of detecting changes in the structure of rocks, leading to failure of mine roofs, and/or excavations. A prototype system was developed, field tested and delivered to the United States Bureau of Mines for further evaluation and research. This system is based on the analysis of acoustic signals generated on the surface of the roof by an impact device and which are reflected or backscattered by flaws and discontinuities in the rock. The specially designed impact source is capable of generating high frequency acoustic signals with excellent repeatability. The system can also be used in conjunction with conventional acoustic pulse transducers. The received signal is digitized and the data transferred to a minicomputer for processing and display. This capability allows the immediate determination of wave velocity and/or distance to a reflecting interface. Various data processing techniques such as averaging, differentiating, and comparing of different signals can be selected by entering the appropriate commands on the keyboard. Being a programmable system it is possible to implement more advanced signal processing techniques. All results as well as the signal are displayed on a CRT. Furthermore, a permanent record of the data can be generated on paper tape, which can be reentered and processed at a later date. A communications interface allows transmission of the sampled signal to a large scale re-mote computer. The system was tested extensively in the laboratory, and field tested at the York Canyon Coal Mine. These tests proved the feasibility of operation in the mining environment. Results indicate that further investigation and development will have to be undertaken to fully develop the potential of this system in satisfying the goals of this research.

Jan 1, 1973

By J. E. Johnson

IT is the purpose of the present paper, while not excluding chemical considerations, to deal more extensively with some of the physical and mechanical aspects of the blast-furnace process, and to point out its dependence in these respects on well-known laws. The quantity and cost of ore and flux required to make a ton of iron being determined by circumstances over which the furnace-man, under given conditions as to quality and quantity of product, has commonly little control; the principal item of cost, apart from the saving of labor, which he can aspire to reduce, is that of fuel. To determine the limits of possibility in this direction is clearly the first step in d practical inquiry; and this step is represented herewith in Fig. 1, a diagram showing the total useful effect obtained from a pound of fuel under various conditions, and thus permitting direct comparison, under any given conditions, between actual results and the maximum possible results. The following statements will explain the basis upon which this diagram has been constructed. One pound of fuel, containing 90 per cent. of fixed carbon (which represents average conditions), is taken as the unit. The degree of oxidation of the carbon is measured by the ratio of the two oxides of carbon contained in the top-gases. It is necessary to remember that a considerable quantity of carbon is brought in as carbon dioxide by the flux, and to take account of it and of its condition. It is here considered that the carbon dioxide liberated by the limestone does not affect the analysis of the toll-gases, and that the ratio of CO to CO., will remain unchanged by the addition of limestone; enough CO, being reduced by the solution

Sep 1, 1905

Anaconda Aluminum Co. began production from a new 60,000-ton-per-year potline at Sebree, KY, which brings the total capacity of the plant to 180,000 tons per year. A strike by workers at Alcan Aluminium Corp. primary aluminum smelters at Arvida, Que., Isle Maligne, Que., and Beauharnois, Que. shut down the plants and the company announced force majeure on part of its ingot supply commitments. Kaiser Aluminum and Chemical Corp. announced plans to increase its price for primary aluminum from 60.0 cents per pound to 63.0 cents per pound effective July 1.

Jan 1, 1979

By Julie Dénommé

Today few in business would argue with the idea that we are living in a world that is Volatile, Uncertain, Complex, and Ambiguous. Coined VUCA by the US Army War College, these four words define the ?turbulence? and ?continuous white water? that the business literature has been documenting for the last decade. This VUCA world became even more relevant to business in 2007 when the Institute for the Future fellow Bob Johansen published the idea of transforming VUCA into Vision, Understanding, Clarity, and Agility. We call this VUCA Prime (VUCA'), and place an infinity loop (8) between them to show their dynamic interaction. This paper presents an exploration of the impact of VUCA 8 VUCA' on business and the conditions under which these dynamic forces help to successfully navigate change.

Oct 1, 2010

By R. Larry Grayson, Ahmet Unal

Use of radio frequency identification (RFID) technology to solve informational needs in isolated and restricted underground mining environments will be reviewed, giving specifications of some past and currently available systems. The advantages and disadvantages of using various frequencies, system configurations, and specific components, including their construction standards and capability, will be discussed. The remaining challenges to more widespread use of RFID systems for personnel and vehicle tracking will be identified, and recommendations concerning operating environment capabilities will be detailed. Finally, the ultimate requirements for maintaining system integrity during and following a coal mine emergency will be discussed.

Feb 24, 1997

A mineral grain finder is described which is easily constructed to fit onto the stage of a standard reflected light ore microscope.The device is most useful in relocating particular grains or mineral associations on 30 mm diameter polished sections. The use of the grain finder in the teaching of ore microscopy is outlined.

Jan 1, 1988

By R. Dewey

WHAT IS AI? It's very hard to say. Most researchers and practitioners disagree with nearly any attempted definition, but most would agree that A1 does deal with the development of computer-related methods o f problem-solving. Artificial intelligence is a discipline which seeks to emulate human anatomy and/or thought processes by applying computer science, electronics, and mechanical engineering to the development of natural language processing, machine vision, robotics, and knowledge-based expert systems. Integration of these four fields will someday produce the robots of today's science fiction. A1 addresses problems of structuring large amounts of knowledge and representing relationships with rules and semantic frameworks rather than with mathematical equations. A1 is convergent rather than divergent - - conventional conputer applications use relatively small quantities of input to generate large output, but A1 generally reduces large amounts of information to establish a few major conclusions. The development of A1 has prompted greatly increased efforts on the part of scientists and engineers to understand just how humans think, organize information, approach problem-solving, and form conclusions. Some of the more exciting and possibly far-reaching advances in A1 are coming in this more-or-less soft-science area. Thirty years of A1 research (dating from a 1956 conference at Dartmouth College at which the term A1 was coined) has already spawned many widespread, almost ordinary, products: window graphics, hand-held controllers (mouse). function menus, etc., all in an attempt to make computers and people more compatible. WHAT IS AN ES? A1 can be used to develop EXPERT SYSTEMS, which are computer programs or systems which contain knowledge and rules by which problems can be solved. or at least by which possible solutions can be suggested for very complex problems. A1 can be used to better define problems so that solutions can be found. An ES is designed not to process numbers, but to process information according to rules and logic derived from actual practice and experience. WHY AI? WHY ES? Companies are increasingly aware of the value of accumulated knowledge and experience in designing, building, operating, and maintaining the increasingly complex or expensive physical plants in any business. As knowledge branches out and becomes more specialized, the accumulated learning of a veteran operator or manager or engineer becomes a scarce resource well worth preserving. EXPERT SYSTEMS offer a means of doing that, reinforcing, not replacing, human capabilities.

Jan 1, 1987

By G. P. Halliwell, C. R. Austin

The investigation described in this paper deals with the development of high-temperature alloys of the Konel series over a considerable period of time at t,he Research Laboratories of the Westinghouse Electric and Manufacturing Co. The word ''Konel" has been coined to designate a class of alloys which are essentially nickel-cobalt-iron with other elements added, usually in small quantities. Most of these alloys contain titanium, usually about 2.5 per cent. The main consideration related to strength at high temperatures but the thermionic characteristics of the alloys was also of considerable importance. It is, however, with the mechanical properties at elevated temperatures that we are herein concerned. Much attention has also been devoted to their age-hardening characteristics. There is little need to stress the utilitarian aspect of this subject, as it has been discussed frequently. Alloys exhibiting superior properties at normal or elevated temperatures rapidly find many suitable applications. There may be some question, however, as to what constitutes a "superior alloy," or an alloy that may have good service possibilities at high temperatures. The problem is complex and various means have been employed to predict the useful life that may be expected of a material. In recent years the "creep limitJ' has been used as the best means of evaluation. Such tests necessarily are prolonged and hence collection of data is very slow. In a general survey of many alloys therefore the creep test is not desirable and recourse must be had to much shorter time tests in order more rapidly to select alloys which appear to show promise. For this reason the present survey has been made using the high-temperature tensile test and a bend test developed by Howard Scott.' In the tensile test the conditions have been standardized for all tests, so that values obtained are at least comparable, one alloy with another, although the absolute values recorded merely indicate the mechanical properties at the given temperature under a definite rate of loading.

Jan 1, 1932

COUNCIL The following served on Council during the year under review: Office bearers: Prof D. D. Howat (President), Dr J. P. Hugo and P. W. J. van Rensburg (Vice-Presidents), V. C. Robinson (Immediate Past President) and D. G. Maxwell (Honorary Treasurer). Ordinary Members of Council: H. P. Carlisle, R. C. Espley-Jones, G. H. Grange, Dr D. I. Legge, W. W. Malan, Prof R. P. Plewman, Dr R. E. Robinson, Dr M. D. G. Salamon, L. W. P. van den Bosch and P. A. von Wielligh. Branch Chairmen: A. Bain (Witbank-Middelburg Branch), J. M. Meyer (O.F.S. Branch). Past Presidents serving on Council: R. J. Adamson, M. Barcza, H. Britten, H. E. Cross, J. K. E. Douglas, R. C. J. Goode, P. Lambooy, Prof J. de V. Lambrechts, Dr J. T. McIntyre, J. F. Reid and H. Simon (until March 1972). Ten Council meetings were held during the year with an average attendance of nineteen, and the standing committees held 27 meetings. FINANCE The annual accounts which are attached to this report show an excess of income over expenditure of R21 519. It is very gratifying to be able to report that Council's efforts to stop the depletion of our accumulated funds are meeting with success. The most important contributors to our surplus this year are symposia and colloquia, sales of publications, Company Affiliate subscriptions and the profit on the journal. While we do not expect continued profits from all these sources in the future we do feel that we are now in the process of accumulating a substantial financial foundation. This will give the Council the necessary confidence to initiate the new developments in the activities of the Institute which are now under consideration. The decision to create a new grade of membership, Company Affiliate, is dealt with elsewhere in this report. There has been a generous initial response from companies and this is the cornerstone of our improved financial expectations. The MacArthur Forrest Memorial Fund shows an excess of income over expenditure of R91 and the total fund was, therefore, increased by this amount to R4 502. The balance sheet shows that the market value of quoted shares and debentures increased during the year from R9 160 to RH 331, which is R2 134 in excess of the book value. Accumulated funds now amount to RH 529 compared with R23 010 a year ago. MEMBERSHIP Sixteen Fellows, twenty Members, six Graduates, nine Associates, twelve Students and twenty-four Company Affiliates were elected during the year. One Member and two Associates were reinstated. Twelve members were admitted to retired membership. Transfers: Member to Fellow, three. Graduate to Member, seven Associate to Fellow, one. Student to Member, one. Student to Graduate, four. Student to Fellow, one. Your Council records with deep regret the death during the year of the following: Dr A. J. Orenstein (Honorary Life Fellow), R. A. Cooper, R. J. Spargo, H. Simon and F. Meyer (Life Fellows), S. D. Loxton, W. P. Arnold, G. C. Needham, W. G. Pyne-Mercier, J. Innes and O. T. Wright (Fellows), E. P. Mennell and O. B. Prentis (Members), J. Brits (Associate). After careful consideration of all the implications it was decided during the year to create a new grade of membership to be known as Company Affiliate, in order that there might be a formal and permanent channel for companies to contribute to the important work of the Institute. As recorded above, 24 companies had joined by the end of the year and many further applications have been received since. We extend a hearty welcome to all our new members. A comparative statement of membership as at 30th June, 1972, and the end of the previous year is shown in the following tabulation:-

By Edward E. Johnson

The U.S. economy made significant progress in 1984. The current-dollar gross national product (GNP), the market value of the Nation's output of goods and services, increased almost 11 percent over that of 1983 to slightly more than $3.66 trillion (table 1), and the real gross national product increased almost 7 percent.2/ Such rapid growth in real GNP has not occurred since the early 1950's. Real final sales increased only 5 percent during 1984, and real business inventories increased $24.8 billion ($57.9 billion in current dollars). Total employment of 106.7 million was an all-time record, and the unemployment rate declined from 9.5 percent in 1983 to 7.4 percent in 1984. During 1984 the U.S. dollar showed great strength on international markets, contributing to large current-dollar negative net exports of goods and services (-$62.5 billion) and even larger negative net exports of merchandise (-$107.6 billion). The strong dollar and the substantial increase in net imports of goods and services helped reduce U.S. inflationary pressures and provided a major source of loanable funds for financing domestic private investment.

Jan 1, 1985