THE ECONOMY: Red Line of Danger

Never in its history was the U.S. so prosperous. Gross national product, personal income (before and after taxes), nonfarm employment and average take-home pay of factory workers were all at record peaks. But in and out of this good news ran the red line of danger: between September and October, the Bureau of Labor Statistics reported last week, the Consumer Price Index (1947-49: 100) jumped 0.5% to hit an all time high of 117.7. The rise, the seventh in eight months, meant that the cost of living is now 2.4% dearer than a year ago. Main reason for the...

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