Business: The Momentum of Growth

At midyear the booming U.S. economy was turning out goods and services at the rate of $479 billion a year and growing so rapidly that many Washington economists now expect it to pass the half-trillion mark before mid-1960. Behind this confidence was the economy's amazing expansion so far this year. Estimates last week of the growth that took place in the April-June quarter showed that the gross national product annual rate rose $12 billion over the first quarter, $5 billion more than expected. Added to a $14 billion gain in the January-March quarter, this made a rise in the annual rate...

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