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GNP Moderate Gain

Although still low, both the stock and bond
markets are showing substantial recoveries, says
Mr. Zelomek. Consumer income and disposable
income are at record high seasonally adjusted
annual rates, and consumer spending will be
maintained at a record high, although failing to
show growth, he says.

Gross National Product (GNP), a composite
of business, consumer and government
spending, has shown increases, but no real
growth, with the third quarter showing only a
moderate increase.

"We have not been consuming as much as
we should based on income, due to the fact
that a great deal of the increase was eroded by
price advances," he says.