Garden City Telegram from Garden City, Kansas on July 19, 1976 · Page 8
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Garden City Telegram from Garden City, Kansas · Page 8

Garden City, Kansas
Issue Date:
Monday, July 19, 1976
Page 8
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How Voters Will Read the Economy It's the Thickness of the Wallet That Talks' By JOHN CUNNIFF AP Business Analyst NEW YORK (AP) — It is possible that the economy will be the issue that determines whom we will elect in November as our president for the next four years. But how do you get a reading on the economy? Fortunately, most people rely on their own seat-of-the- pants feeling to make their decision on whether the economy is performing well or poorly. It is the thickness of their own wallet that carries the message. If they were to rely on those outpourings of statistics from Washington they might become confused, as more than a few economists are. They would, so to speak, wonder which number was up. Retail sales, for example, were off in May, adding additional evidence that the eco- nomic advance slowed appreciably in the second quarter. But how much were they off? The Commerce Department initially put the decline at 1.2 per cent from April, but we learned later that this really didn't tell the true extent of the drop. This month they said the May drop really was 2.1 per cent. A revision of that magnitude changes a lot of things, but the timing of the revision could be even more significant, especially if the retail sales figures for June are to have any significance. Earlier this month, you see, the Commerce Department announced that retail sales rebounded in June to 2.7 per cent, a report that brought joy to a lot of people who had feared consumers were being turned off. But note — that 2.7 per cent jump was made possible only because of. the sizable downward revision of the previous month. This wasn't the first time we have had such statistical maneuverings. It happens time after time. Sometimes, in fact, the initial figures for each month give the impression that the economy is coming along. Only when we go back and review the revisions do we see that in some instances the ad- vances are made possible only because prior months are revised downward. Therefore, instead of a steady, forceful march for• ward, we recognize that the advance sometimes is more in the pattern of two steps for 1 ward and one to the rear. But you have to note the revisions in order to spot it. These revisions are made in the interest of accuracy rather than deceit, of course, but the Page 6 Garden City Telegram Monday, July 19 1976 impact on the public quite often can resemble the effect produced by the latter. Monthly and weekly figures do have their significance, but it is mainly over the period of several months that you distinguish the trends that won't be revised out, of existence. Can we wait', though? With the economy a prime campaign issue, it seems inevitable that we will rely on the "freshest" of statistics. »8OOOO in CASH PRIZES...PICK UP YOUR FREE TICKETS FOOD STOR PRICES EFFECTIVE THRU TUESDAY, JULY 20, 1976 NONE SOLD TO DEALERS LIMIT RIGHTS RESERVED. 911 N. Main STORE OPEN 7 A.M. TO MIDNIGHT AftVERTTSO PRKE! ALL "SPECIALLY it j FOR Y Ma-o-CRUST OR CAMELOT HOT DOO OR HAMBURGER PAOCAOE OF 8 Shortening 3-LB, UMIT-l WITH $5.00 OR MORE PURCHASE. Gold Jsn'\ Medal PEPSI COLA OR DR. PEPPER PACK 16 OZ. BOTTLES PLUS BOTTLE DEPOSIT TOOTHPASTE AND MOUTHWASH IN ONE! Noahh and Bowrty AMs! TOOTHPASTE AND MO1 Close Ife 6.4-OZ. PEPSODENT foothbrusbos MENNEN BABY MAGIC A1/> " '' •""—•" tAliA Lotion B£9r Shampoo .-M 09 YOUR ..CHOICE' MENNEN BABY MAGIC U.S.D.A. CHOICE BUTCHER BLOCK BEEF Round Steak CENTER SLICES, BEEF ROUND "- S - D - A - CHOICE BUBTOC N H E E L R E!S LOCK "" CENTER si-ices I .... BEEF ROUND |_B. (leak JlCdK. U.S.D.A. CHOICE BUTCHER BLOCK BEEF 7-BONE CUTS, BEEF CHUCK IUSDA( (CHOICE) U.S.D.A. CHOICE BUTCHER BLOCK BEEF _ _ . f . ft , ARM CUT OQC Swiss Steaks...°?. E . F .fn u .«...LB 77 FRESH, EXTRA LEAN Ground Chuck IN 3-LB. PKGS. OR MORE U.S.D.A. CHOICE BUTCHER BLOCK BEEF .... Boneless Beef Sfcw.'.^....,, 5 ! 1 ' CAMELOT CAMELOT 32-OZ. ,BTL. Tomato Soup 10%-OZ. ••••••••••••• CANS CAMELOT Tomato Juice • ••••••••*>•••• 46-OZ. CAN CAMELOT Macaroni and Cheese Dinners LIMIT-5 WITH $5.00 OR MORE PURCHASE.' lAiY CAMELOf WHITE OR HUNTED Garden 4 iBA* Pa P* r Spinach. 16-OZ. , CANS JUMBO I ROLL CAMELOT CREAM OR WHOLE KERNEL Golden Corn itvoz. •••••••••••••••••••MW CANS MEADOWDALE CUT Croon 5 *m 164Z. 9 I CANS • CAMELOT Stowod CANS CAMELOT WHOLE ' rAMU-l/VT j u-oz. \4yn i/AMtLjUi oreen peons » . i WAiMavftai CAMELOT 3 15-OZ. • CANS Towels. CAMQOT CHMK, CRiSHED OR Sliced Pineapple FINISH Dish • Dotor^ont 20-OZ. CANS i&oz. CANS . . .BOX CHARMIN WHITE OR ASSORTED V« 0 «tabU* MEADOWDALE Swoot Poas. CAMELOT WHITE Whole) Potatoes ^ *• 4 Sffi I Savco CAMELOT CMor «*• VNIV ALL FLAVORS Tlssuo. ZEE GALLON . ..... BTL. $148 ....CANS Canolof 6 f •iaitial 3 "° ZM ^_^ ^^^ ~^wB~JaTBKI * Z . -iQ c PURINA ANS ^O* W BOXES Papor , <3 Napkins OFSM ALL FLAVORS INSTANT MIX CAMELOT PINK Grapefruit Juice. NABISCO

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