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Forecast For 1967
- In the long winter nights , ahead, talk around many a fire- ] side will turn to the economic state of the union—and of the l household.
An inside look at the prospects for the next year was given recently at the University of Virginia by one of the nation’s leading business forecasters, A. \V. Zelomek of New York.
Zelomek, who is president of the International Statistical Bureau, also has been a visiting professor at the University’s Grad- [ uate School of Business Administration since it opened 11 years ago.
With what he described as a "conservatively optimistic attitude,” he said: “ I will state un- f equivocally that there will be no j
major recession in 1967. We mayj | even avoid a minor recession.” , j
He said a cease fire in Viet ! Nam would not change this fore-1 cast, but if the war continues i "the year as a whole will show a greater increase . . . Most of the trends w'hich make for a decline have already been experienced.”
Next to government spending, Zelomek feels that increased consumer spending will be the second greatest stimulus to next year’s economy. He predicted that consumers will spend about ; five per cent more than in 1966, based mainly on “pent-up de- 1 mand” for non-durable goods ; and services. j
"The lag in buying of high j • ticket items is temporary.” hej: added. "With a reversal in resi-i; dental volume, and lower interest !
80.2%