Business: Index Year

Early in 1939 TIME began publication of its Index of Business Conditions. Since then U. S. business has had a long slow sag, a shorter slow recovery, a sudden stimulant from war, a spurt to new high levels, a leveling off. TIME herewith presents, in relation to these events, a review of the movements of its Index and of the three components (see chart) of which the Index is a composite.

Turnover. The oftener a business can turn over its goods, the better chance it has of profit. One way to check rate of turnover is to divide the gross sales of...

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