Decline In Output Goes On: Slide Is Worst Since '61; GNP Hits Trillion
Industrial production fell for the fourth straight month in November and has now dropped further than during the 1960-61 recession, Federal Reserve figures showed yesterday.</br></br>The announcement came after President Nixon hailed ÛÏthe first trillion-dollar economy for any nation in the history of the world.Û</br></br>Mr. Nixon spoke at Commerce Department ceremohies where a new economic growth clock indicated the nationÛªs gross national product crossed the $1,000,000,000,000 mark at 12:13 p.m.</br></br>Later in the day the President conferred with Federal Reserve Board Chairman Arthur F. Burns, an old friend with whom lie has been having polite differences over economic policy.</br></br>White House aides and other government officials were close-mouthed on what the two discussed. But there was a general assumption that they touched on monetary and fiscal policy as well as suggestions made publicly by Burns last week for the ÛÏincomes policyÛ to which Mr. Nixon has been consistently cool.