Though recovery may seem to go by fits & starts, actually it has followed a strikingly rhythmical pattern. Since its foundations were laid in the summer of 1932, each cycle of revival and recession had lasted almost precisely nine months. Last week it looked as if the third cycle, dating from last autumn, had run its parabolic course and a fourth cycle was just be ginning.
The steel industry stepped up operations from a year's low of 32% of capacity to nearly 40%. Machine tool buying for June was the best in five years, better than the 15 year average, and...
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