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Economic growth forecast trimmed before election
The Commerce Department cut its third quarter real GNP growth to 3.8 percent, citing weaker consumer spending and higher imports. The revised data show a $11.7 billion increase in GNP from Q2 to Q3, and conclude unemployment rose to 7.6 million as the economy slows. Profs Hymans and Shapiro of Michigan predict slower growth in 1977 even with a $13 billion tax cut. Federal Reserve Chair Burns worries against tax cuts now, barring worsening conditions. Corporate profits rose 4.8 percent to $122 billion, while housing and investment added modest gains. The revision follows another negative report on industrial production.
MENTIONED IN THIS ARTICLE
Washington
UPI
Commerce Department
Ing
University of Michigan
Saul Hymans
Harold Shapiro
Federal Reserve
Arthur Burns
Burns
Richard Lesher
U.S. Chamber of Commerce