The U.S. economy is moving into 1985 on a wave of renewed growth. A faster pace of business activity is welcomed following six months when economic activity almost sputtered to a standstill. 1984 as a whole was not a bad year. Real, or inflation adjusted, GNP rose about 7% from 1983. However, virtually all the growth occurred in the first half of the year. The first-quarter growth was a spectacular 10.1% annualized rate and was followed by a robust 7.1% increase. On an historical basis, those were clearly unsustainable rates, and more such advances would have quickly led to an overheated economy. However, the 1.9% rise in the third quarter was clearly too anemic and flirted with stagnation, or worse. The recent ease by the Federal Reserve has put the economy back on a more sustainable path which will carry us through 1985, and perhaps well into 1986.