THE RECOVERY: The Upturn: Less Inflation, More Spending

A new year begins this week for the U.S. economy—fiscal 1976—and, while the champagne corks are not yet popping, there is reason for at least muted jubilation. The longest, most brutal recession in the lifetime of most Americans is now over, and a recovery is beginning. It is likely to be fitful at first, and the daily headlines will oscillate between bleak and bullish. But shortly after Labor Day, when the usual summer slack period is over, production and sales should be rising fairly rapidly.

Huge problems remain, largely because the economy has...

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