The Economic Situation: Chapter I. The Home Economy

Anonymous

National Institute Economic Review, 1971, vol. 56, 4-21

Abstract: The recessionary condition of the economy seems to have intensified more rapidly than we expected in the first three months of the year. Although the range of data available for constructing the first quarter's national accounts is smaller and its quality less reliable than usual, owing to the postal strike, it seems clear that total output dropped, very probably by quite a large amount, in the first quarter. Of particular importance in this connection is the probability that the high rate of stockbuilding which was recorded for the second half of last year represented an involuntary excess accumulation of goods, and that stockbuilding has subsequently dropped right back. This is certainly what one would expect to happen, and there is some confirmation of it available in recent business survey results.

Date: 1971
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