Blue Skies?

How big is the boom? Bigger than ever, said the Federal Reserve Board last week. Following the summer slump, FRB's production index (1935-39 average: 100) had climbed to a postwar peak of 192 in November.

President Truman's Council of Economic Advisers, issuing its second annual report, took some of the bloom off this rosy figure. In a rambling, 31-page document that gave no help in charting the U.S. economic course, the council vaguely wondered: "[Will] full production, in catching up with market demand, force disastrous price breaks, result in production cutbacks, and...

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