U.S. Economic Growth

Press, Volume CIII, Issue 30420, 20 April 1964, Page 12

U.S. Economic Growth

..(N.Z. Press Assn.—Copyright) WASHINGTON, April 16. President Johnson today appealed to American labour and business to preserve cost and price stability and help to bring the nation full employment. Painting a glowing picture of the nation’s economy, he said American business did not need higher prices to increase its profits. President Johnson told a press conference that the gross national product climbed to an annual rate of 688,500 million dollars during the first three months of this year. This was an iricrease of 8500 million dollars from the fourth quarter of 1963, and nearly 37,000 million dollars more than the corresponding period a year ago. The President reported that real progress was being made in reducing unemployment for the first time in two years. Wage and salary workers had enjoyed 56,000 million dollars worth of added income since 1961 and profits had increased nearly 50 per cent after taxes during this period. At the same time, the President said, prices in the United States had been more stable than in any other industrial country in the world.

It was then that he said he looked to business and labour to preserve cost and price stability to restore full employment and eliminate the deficit in the nation’s balance. of payments.