Last week businessmen still rubbed their eyes after looking at the general indexes of business. They wanted to make sure that they were not being misled into a false boom, as in 1937, as again in 1939. Department-store sales for the four weeks ending Aug. 3 were 6% above last year. Automobile and chain-store sales were ahead. Most cheerful note of all was struck by the Federal Reserve Board, which last week published its long-overdue revised index of production. Adding 23 important but hitherto neglected industrial series (machinery, aircraft, liquor, rayon, chemicals, etc.) to its index, revising the weightings and...
STATE OF BUSINESS: The Ointment and the Fly
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