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Economic Perspectives, No. March/April, 1986
A Sea of Change
Nineteen Eighty-Five was the third consecutive year of expansion, a duration rarely exceeded in peacetime in the past. However, there was no evidence that the economy was winded by the three-year climb. Employment, retail sales, construction and factory output all ended the year on the upbeat, and all closed at record highs. Inflation remained moderate. Inventories were generally low and well controlled. Most forecasts called for further growth and continued restrained inflation in 1986.
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