Date of Original Version

11-1971

Type

Response or Comment

Abstract or Description

The 3rd Quarter GNP figures when examined carefully are not as depressing as many people think. The main depressing influence was the very sharp reduction in inventories relative to sales, particularly inventories of durables. Final sales (GNP-inventory change) rose 7.9% against 8% in the 2nd quarter. After adjustment for price change, the 3rd Quarter rise in sales is larger than the 2nd Quarter increase.

Comments

prepared for Federated and C.S. McKee. November 1971.

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