Inflation continues to be a major concern of consumers, producers and stabilization policymakers. The strong desire to reduce the rate of inflation is apparently tempered by an equally strong desire to avoid a sharp reduction in the growth of real product and employment. Economic analysts are looking for signs that restraint is being effectively pursued by monetary and fiscal means and that the growth of total demand is moderating. At the same time we are cautioned that too rapid a slowdown in the growth of total spending could have serious repercussions on the rate of growth of production and employment.