Word: slowdown
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...describing the present situation, Gerald Ford is more accurate than Carter, and he is correct that most economists, including Democrats, believe the recovery has run into only a temporary slowdown. Nevertheless, last week's figures were troubling. The real rate of growth in the gross national product slowed further in the third quarter, to 4%, which is good in normal times but sluggish for a recovery-and not enough to reduce unemployment. Some of the sting was removed by the news that inflation in the entire economy eased from 5.2% in the second quarter to 4.4% in the third...
Once more this year. Ford demanded a $395 billion ceiling on spending. Congress enhanced the stimulus by setting spending at $413 billion. Again, all the evidence-the recent slowdown in growth, the continuing high unemployment-shows that Ford's policy was too conservative. Democrats say Ford and his policymakers constantly stress the dangers of growing too fast, but often underplay the costs of growing too slowly -the cost of output lost. In consequence, needs go unmet, unemployment remains high, and strains develop in society...
GROWTH. The latest report on the economy's rate of expansion-and the last to appear before the election-is certain to show further slowdown, but how much? After the booming 9.2% pace of the first quarter, the growth rate slipped to 4.5% in the second. Clearly seeking to mitigate possible bad news about the third quarter this week, President Ford said that the July-September rate would be lower still-"about 4%"-but predicted a pickup to 5% or more in the last quarter. If the July-September rate turns out to be 3% or even less...
...slowdown in the recovery has not been all that sharp. The economy's rate of expansion-which determines how rapidly jobs, sales and profits are created-swung from a robust 9.2% in the first three months of the year to a slower but still healthy 4.5% in the second quarter. Lately, though, a spate of figures coming out of Washington has suggested a further decline. The leading indicators dropped in August for the first time in a year and a half. Nonresidential-construction contracts hit their lowest level of the year...
...next week, but many experts are already shaving their earlier forecasts of an increase of about 4% in the nation's output of goods and services to 3%-or less. Alan Greenspan, chairman of the President's Council of Economic Advisers, says the prime reason for the slowdown is that businessmen piled up big inventories early this year, and had to hold back on new orders until the backlog was reduced. Greenspan believes the economy will pick up speed in the current quarter and go on expanding strongly through...