Close to the Ceiling

In January, the Federal Reserve Board announced last week, the nation's straining factories reached a new milestone, pushed the Board's index of industrial production to 200% of the 1935-39 average. That is 89% above the U.S. production level before war broke out in 1939, but only 16% above January 1942. Production experts still hope that the U.S. can squeeze out perhaps another 10% increase (to around 220 on FRB's index) by midsummer—which could mean a considerably greater increase in military output. But that is about the ceiling.

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