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...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!