The Economy: A Little Less Shine on the Quarter

All of a sudden, the big question for Washington's economic policymakers is not how to slow down a runaway boom, but whether the boom has already run out of gas. Demand is tapering off even more rapidly than the policymakers think is necessary to quell inflation. Second-quarter figures, released last week, show the following:

Growth is slackening. After subtracting the effects of inflation, the real rate of growth in the gross national product was only 2.6%—down steeply from more than 8% in each of the two preceding quarters. The 2.6% figure was the lowest since the final quarter of 1970, when...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!