The Baytown Sun (Baytown, Tex.), Vol. 61, No. 206, Ed. 1 Wednesday, June 29, 1983 Page: 3 of 83
This newspaper is part of the collection entitled: The Baytown Sun and was provided to The Portal to Texas History by the Sterling Municipal Library.
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THE BAYTOWN SUN
Wednesday, June 29, 1983
3-A
Markets Unsettled
Economy And Deficit Growing
NEW YORK (AP)
— The fconomy Isn’t
the only thing grow-
ing these days.
Along with smiles
over a strengthening
recovery from reces-
sion, there art some
frowns over another
type of expansion, the
bulge in both the
federal deficit and
the money supply.
^Financial markets
were unsettled this
past week by all this
growth and
economists are divid-
ed over whether it
poses a threat to
hopes for a sustained
recovery.
Among the en-
couraging signs was
a government
estimate this past
week that the
economy is growing
at an inflation-
adjusted annual rate
of 6.6 percent in the
still-uncompleted se-
cond quarter, up
sharply from the 2.6
percent increase in
the first three months
of the year and the
fastest growth sincfe
the first quarter o!
mi
Automakers
,i
said
sales of new cars
soared 73.1 percent in
early June from a
year ago, reaching
the highest rate in
four years. The
government said per-
sonal income rose 1.2
percent in May, the
largest monthly rise
since July 1981, and
that consumer spen-
ding rose 1.4 percent.
“All economic
signs point to a strong
recovery,” President
Reagan said.
The Treasury
Department said the
deficit in May widen-
ed to $29.3 billion, a
record for any
month. For the first
two-thirds of the
fiscal year, the
deficit swelled to
$161.8 billion from
$81.1 billion in the
same period a year
earlier, far above the
record $110.7 billion
for all of the previous
fiscal year.
Political battles
over the budget for
the next fiscal year
heated up, with Con-
gress adopting a
plan that
provides for higher
taxes, more domestic
spending and less
money for the
military than the
president sought.
Against this
background, the in-
terest rate paid by
the government in
the sale of $26.65
billion of bills, notes
and bonds this past
week rose to the
highest levels of the
year.
And concern per-
sisted as the money
supply measure Ml,
representing cash
and deposits in
checking accounts,
remained about 14
percent above levels
of a year ago.
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Brown, Leon. The Baytown Sun (Baytown, Tex.), Vol. 61, No. 206, Ed. 1 Wednesday, June 29, 1983, newspaper, June 29, 1983; Baytown, Texas. (https://texashistory.unt.edu/ark:/67531/metapth1063358/m1/3/?q=Homecoming+queen+1966+North+Texas+State+University: accessed July 18, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Sterling Municipal Library.