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December 1967

Economic Pause, Acceleration, and Excesses—1967 in Retrospect

by Norman N. Bowsher

Nineteen sixty-seven was the seventh consecutive year of economic expansion. Real product rose about 3 per cent from the end of 1966 to the end of 1967, compared with 4 per cent in the previous year. During the recovery and expansion from early 1961 to late 1965, production rose at an average 6 per cent per year. The growth of production, however, was uneven during 1967, giving rise to a more than normal concern over the course of the economy.