Page Two
THE MICHIGAN DAILY
Wednesday, July 21, 19"76
Economic growth cut in
WA
growt
was
spring
repor
istrat
shoul
The
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June
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the 9.
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ing ti
But
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John
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Ron P
lustra
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the
half during spring
SHINGTON P) - The Product, or GNP, which consti-
h rate for the economy tutes the total output of goods
cut in half during the and services in the economy.
g quarter, the government It is the broadest measure of
ted yesterday, but admin- economic conditions and pro-
ion economists said things vides a key indication of whe-
d pick up soon. ther the economy is growing
fast enough to create new jobs
C mmerce Department and how seriously inflation is
ted that, primarily due to sapping growth.
tments in business inven-s
the volume of total eco- The slower growth was ac-
output for April through companied by a faster pace of
was up at an annual rate inflation. Prices in the GNP ac-
4 per cent compared to counts, which include prices
.2 per cent growth in the paid by business as well as con-
quarter. sumers, climbed at an annual
rate of 4.7 per cent. First quar-
E SLOWER growth was no ter price increases amounted
ise and went a long way to an annual rate of 3.2 per
d explaining the fact that cent.
ployment increased dur- The value of the GNP was at
he spring quarter. an annual rate of $1.673 billion
the Commerce Depart- for the quarter. Per capita dis-
s chief economist said he posable income amounted to
ts growth at a rate of be- $5.452 compared to $5.7 for the
S per cent and 6 per cent previous quarter.
the balance of the year.
figures indicates that eco- IN A SEPARATE report the
growth is continuing at a Commerce Department said
rately strong pace," said Americans' personal income for
Kendrick. the month of June increased by
te House Press Secretary an annual rate of $6 billion or
Nessen said the figures il- four-tenths of per cent to an
te a ragged but still steady annual rate of $1,368.9 billion.
ery. It was the smallest increase of
the year.
E NEW figures measured Kendrick said none of the
nation's Gross National GNP or personal income indi-
quarter
cators were signals of any fatal
flaws in the recovery.
The key factor in the slower
total economic growth was a
slower pace of inventory build-
up by business. Businesses had
cut back on inventories through-
out 1975 rather than satisfying
demand exclusively from cur.
rent production. Then in the
first quarter, they suddenly re-
stocked inventories at an an-
nual rate of $14.2 billion.
MEN AND women were call-
ed back to production lines to
restock shelves. But in the sec-
ond quarter, inventories grew
at a slower pace, an annual rate
of $13.3 billion. Thus output
grew more slowly and the labor
market reflected the change.
Unemployment stood at 7.5
per cent at the end of the first
quarter and was in the same
spot at the end of the second
quarter. In fact because of pop.
ulation growth and reentry of
discouraged job seekers into
the labor market, the labor
force grew and unemployment
swelled by 116,000 to hit 7.1
million in June.
When you are baking a cake,
always preheat the oven unless
the recipe you are using directs
you otherwise.
Fishing frenzy
Two fishermen tow stringers of white bass caught in the Wolf
River near Fremont, Wis. The ran of white bass was at its
peak and there was no limit on the haul.
Wtranger s Lee
denim joketh 4-98
Leabher Jacket
u fa
Wr0of
tWesteier
collared aid C&WUp4MIA,
L~vers of i~iFAAt4
WWd U stnev% Guid
Summr" M5Iiva l
July 21;22,23,24
Television viewing tonight
6:002 7 11 13 NEWS
9 NEWSDAY
20 Csco KID-Western
36 ZOOM-Children
50 BRADY BUNCH
62 I SPY-Adventure
6:30 4 13 NBC NEWS
9 XXI OLYMPIC GAMES
11 CBS NEWS-w. Cronkite
10 DANIEL BOONE
THE MICHIGAN DAILY
Volume LXXXVI, No. 10-S
Wednesday, July21 , 1976
is edited and managed by students
at the University of Michigan News
phone 784-050. Second class postage
paid at Ann Arbor, Michigan 48109.
Published dGa il2 y Tuesday through
Sunday morning during the Univer-
sity year at 420 Maynard Street, Ann
Arbor, Michigan 48109, Subscription
rates: $12 Sept. thru Apri5 (2 semes-
ters) ; $13 by mail outside Ann
Arbor.
Bummer session published Tues-
day th rough Saturday morning.
Subscription rote.: 0650 in Ann
Arbor; $7.50 by mail outside Ann
Arbor.
30 HODGEPODGE LODGE
50I LOVE LUCY-Comedy
7:00 2 CBS NEWS-W. Cronkite
4 BOWLING FOR DOLLARS
7 ABC NEWS-H. Reasoner
11 FAMILY AFFAIR-Comedy
13 HOGAN'S HEROES
30 ROBERT MacNEIL REPORT
50 FAMILY AFFAIR-Comedy
56 LEGACY AMERICANA
92 SPEAKING OF SPORTS
7:30 2 BOBBY VINTON-Varety
4 CANDID CAMERA
7 XXI OLYMPIC GAMES
11 NAME THAT TGUNE
13 ADAM-lI
20 STUMP THE STARS
30 CROCKETT'S VICTORY GAR-
30 CROCKETT'S VICTORY
GARDEN-Instruction
50 HOGAN'S HEROES
56 ROBERT MacNEIL REPORT
62 NEWS
8:00 2 11 MOVIR-Adventure
4 13 LITTLE HOUSE ON
THE PRAIRIE
20 IT TAKES A THIEF
30 56 NOVA
50 MERV GRIFFIN
62 MOVIE-'The Big Frame"
9:00 4 BASEBALL-
Detroit vs. Chicago
13 SANFORD AND SON
20 700 CLUB-Religion
30 56 GREAT PERFORMANCES
9:30 13 CHICO AND THE MAN
50 DINAH G
10:00 2 11 BLUE KNIGHT-Crime
13 HAWK
30 56 LIFE OF LEONARDO
DA VINCI-Drama
62 PTL CLUB-Religion
10:30 20 THE ROCK-Religion
11:00 2 7 11 13 NEWS
9 CBS NEWS-G. Flnstad
20 ADVENTURES IN PARADISE
56 BEST OF GROUCHO
56 GRAVEYARD OF THE
GULF-Documentary
11:20 9 NIGHTBEAT
11:30,2 MARY HARTMAN,
MARY HARTMAN
4 MEWS
7 XXI OLYMPIC GAMES
it MOVIE-Thr~ler
"Dracula"
13 JOHNNY CARSON
50 MOVIE-Fantasy
"Return of Peter Grimm"
56 ABC NEWS-H. Reasoner
11:45 7 MOVIE-Western
"The Daughters of Joshua
Cabe Return"
11:55 9 HERITAGE HIGHWAY
12:00 2 MOVIE-Thriller
"Dracula"
4 JOHNNY CARSON
9 XXI OLYMPIC GAMES
02 NEWS
1:00 13 NEWS
1:15 7 NEWS
1:30 4 TOMORROW-Tom Snyder
11 NEWS
2:00 2 MOVIE-Drama
'Hot Spell"
2:30 4 CLASSROOM
3:00 4 NEWS
3:30 2 NEWS
Downtown
f4 party t e Ann Arbor
call 663-0101
-lop ~~~r rmr sf]r r Jr
A Little Oasis
in the roar of the crowd
LIQUOE e
One of the Finest Selections OPEN DAILY
of
IMPORTED WINE & BEER IL1AM
Mediterranean Foods Specializing in l$un&Holidays
Greek Imports and Pastries TitMidnitel
211 S. 4th Ave., Ann Arbcir _ _
Between E. Washington & Liberty
i
Visit B.J.'s
Biyc e
"Bike Rack"
Sidewalk Cafe
during Art Fair
Bicycle
Jim s
Corner of
S. University & S. Forest