Page Two THE MICHIGAN DAILY Wednesday, July 21, 19"76 Economic growth cut in WA growt was spring repor istrat shoul The repor adjus tories nomic June of J. the 9. first TH surpr towar unem ing ti But ment expec tween over "The nomic mode John Whi Ron P lustra recov: Tin 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