With this issue TIME begins publication of a new production index to measure U. S. industrial trends in a world now guided by war economics.
Today U. S. industry has almost reached a war footing. The factors that normally affect the course of business—consumer spending, inventories, expansion and contraction of credit, etc.—have been dwarfed by the great new factor of military necessity. Production has in effect been pegged by the Government for non-economic reasons much as foreign-exchange rates were pegged during World War I.
Under these circumstances TIME'S previous index, which for two years has measured the underlying soundness of business...
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