December 22, 1997

Nearly all recent monthly economic indicators point to a growing economy. Industrial production has advanced at annualized rate of 4.7 %, the jobless rate is down to 4.6%, and the last GDP numbers reported economic activity was expanding at an annualized rate of 3.9%. But, while the economy hums along, there's no evidence of any rising price pressures - in fact, its easier to make a case for disinflation - all of which leaves the Keynesians out in the cold.

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