Recession Redefined

The word "recession" appeared hardly at all in the news last week. In its place there were words of cheer. Retail sales in the first six months of 1947 reached a record high of approximately $51,377,000,000, more than in any full year before 1941. The U.S. Employment Service noted that employment was up to a new record of 58,300,000. It estimated that seasonal employment would boost the total to 59,300,000 by September. With prospects of industrial peace ahead, the stock market kept on advancing. The Dow-Jones industrial averages were up 4.43 points...

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