THE ECONOMY The Consumer Holds Tight The odds are growing against a consumer buying spree, which President Nixon had hoped would spur the nation's dawdling economy. Despite some tantalizing flashes of free-spending ebullience, the public's mood remains generally cautious, its purchasing habits basically frugal and its saving instinct surprisingly strong.
Mirroring the consumer's caution, businessmen are also keeping a tight rein on expenditures. "The projection for plant and equipment spending for the year has even been revised downward," says Economist Edward Boss of Chicago's Continental Illinois National Bank and Trust. "That is unusual for a recovery...
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