Business: A Deceleration About as Expected

Government figures last week confirmed that the 15-month-old economic recovery slowed somewhat during the second quarter. The loss of momentum was no greater than expected, and there are signs that the second half of the year may bring a new acceleration.

Real gross national product, the nation's total output of goods and services discounted for inflation, grew during the second three months of 1976 at an annual rate of 4.4%—less than half the first quarter's annualized rise of 9.2%. Reason: the first quarter got a lift from a switch by businessmen to restocking inventories they had sold off toward the end of...

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