Newspaper article THE JOURNAL RECORD


Newspaper article THE JOURNAL RECORD


Article excerpt

U.S. Economic Growth `Robust' WASHINGTON - The U.S. economy grew at a robust 4.5 percent annual rate in the final three months of 1987, the fastest pace in almost two years, the government said Thursday.

The Commerce Department's estimate of growth in the gross national product, the total output of goods and services, represented an upward revision from a month ago, when the GNP was put at a slightly slower 4.2 percent growth rate.

Economic expansion at such a rapid clip would normally bring cheers, but the lopsided nature of this increase is instead raising concern among private economists that the recovery will weaken considerably in the first half of 1988.

Analysts base this forecast on the fact that three-fourths of the $42 billion in growth in the October-December quarter came from a $32.1 billion rise in business inventories, which came as consumer spending was falling at its fastest rate in more than seven years.

This ominous combination means that production will have to be cut back sharply in coming months to work down the excess inventories.

Meachum Confirmed by Connecticut Senate HARTFORD, Conn. - Larry R. Meachum, former Oklahoma corrections director, has been confirmed by the Connecticut Senate as corrections commissioner.

Meachum has been on the job but needed formal approval from the Legislature.

Meachum, 49, took over as interim commissioner in October 1987 after Gov. William O'Neill decided not to reappoint former Commissioner Raymond Lopes. Meachum previously served as head of the Correction Department of Oklahoma and is paid about $76,000 as Connecticut's correction commissioner.

Northrop Accused of Overcharging on Bomber LOS ANGELES - The government has been overcharged more than $1 billion for development of the Stealth bomber, according to a lawsuit against Northrop Corp. …

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