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Newspaper
Press Telegram
Location
Long Beach, California, United States of America
Date
Aug 22, 1974
Page
14
The Gross National Product fell 6.8 percent in the second quarter, marking the economy's second straight quarterly decline and confirming a recession according to the Commerce Department. The drop was fueled by energy costs and weak output despite a small inflation uptick in April.
NEW YORK AP The stock market steadied losses with a late rally as traders priced in high interest rates and banking concerns. The Dow Jones industrial average fell 13.96 to finish near 704, with 1,024 declines to 600 advances on the NYSE and Polaroid leading volume at 20.
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