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Economy runs hot as first quarter GNP soars
Washington economists report the first quarter GDP at a seasonally adjusted annual rate of 1.235 trillion dollars, a 14.3 percent jump, with inflation near six percent. Strong demand boosts consumer spending across durable and nondurable goods, signaling potential overheating and calls to curb wage price growth. The report highlights rapid output, rising employment risk, and the need for a policy tightening path.
MENTIONED IN THIS ARTICLE
Washington
United States
Nixon
Exbert Stein
Council of Economic Advisers