THE RECOVERY: Onward and Upward--More or Less

The background of the campaign debate over economics is a recovery that is progressing faster than most economists had expected. The Government this week will release its estimate of first-quarter real gross national product (total output of goods and services, discounted for inflation); it is expected to show a 6% to 7% gain at an annual rate. Retail sales jumped 2.8% in March, on top of a 1.6% rise in February; auto sales in the first ten days of April leaped 33% above the 1975 period. Industrial production rose by only .6%...

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