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New Evidence Economy Heating Under Inflation Pressure
Government figures show continued heat in the economy with a $6 billion rise in personal income in the first half, half from a federal pay raise. Federal spending rose modestly, yielding a $9.6 million quarterly surplus, while corporate profits declined slightly due to the General Motors strike. Treasury Secretary Kennedy warned inflation remains a concern and tax cuts may lower revenues. An economist notes sustained personal income growth supports the economy avoiding a recession, though flat profits worry investors over the longer term.
MENTIONED IN THIS ARTICLE
Heaucruists
Secretary of the Treasury
David M. Kennedy