"We have now passed the crest of the third minor recovery since the low point of the Depression," said the Annalist last week. "According to certain private advices from Washington, the outlook now is for a continuation of the present moderate recession in business activity until late summer, when the effects of new Government expenditures are expected to inject another dose of stimulant into industrial activity."
Despite the prospect of a decline in industrial production over the next few months—a prediction in which most observers concurred with the Annalist—business sentiment last week...
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