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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - November 20, 1974, Lethbridge, Alberta Wednesday, November 20, LETHBRIDGE HERALD Production figures show economy slump OTTAWA (CP) Declines in manufacturing and retail trade contributed to a further drop in domestic production in September to the lowest level since January, Statistics Canada reported Tuesday. The figures on domestic -production were the most I! complete indication yet that the economy had turned downward in the third quarter. The level of production in September was five-tenths of one per cent below the Febru- ary level. The report comes a day after Finance Minister John Turner brought in a federal budget with tax cuts to put more money in the pockets of consumers. Figures on gross national product during the third quar- value of total produc- tion of the economy during the due out in about a week. The figures released Tues- day were Statistics Canada's indexes of real domestic product, which are measures of the value of production discounting the effects of inflation. The September index was down three-tenths of one per- cent from August and the index for the third quarter was two-tenths of one per cent less than the second quarter index. The index of real domestic product is made up of several component indexes for the major producing segments. Retail trade, which ac- counts for about eight per cent of economic activity, was down by 3.3 per cent in September. Mr. Turner's tax cuts probably were intended to counter the decline in retail trade Figures on manufacturing production were released ear- lier in the week. This segment accounts for one-quarter of domestic production and there was a 1.1 per cent decline dur- ing the third quarter. In Sep- tember, the index was off nine-tenths of one per cent compared with August. There was an indication of more declines to come with the report last week that manufacturers' new orders were down 1.8 per cent in September. Agriculture production was off by 2.7 per cent during the third quarter, despite a gain of eight-tenths of one per cent in September. This segment ac- counts for per cent of do- mestic production. The index for retail trade in cars and trucks was off 17 per cent in September, for depart- ment stores 1.9 per cent and for hardware stores 4.2 per cent. A decline in production by motor vehicle manufacturers was one of the main factors in the drop in over-all manufac- turing output. Police system announced OTTAWA