The Economy: Slowdown and the Consumer

With a certain note of cheer that the Administration's deflationary policy is finally working, Commerce Department officials reported last week that the economy's growth ground to a halt in the last three months of 1969. The gross national product increased by $10.3 billion in that period but, after price increases were taken into account, there was no "real" growth. Other signs of slowdown were plentiful. In December, industrial production declined for the fifth straight month, and new housing starts dropped slightly to an annual rate of 1,245,000, which was the year's lowest point. At the same time, personal income made...

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