From Washington last week came a new set of statistics measuring the U.S. economic altitude as of second quarter 1958. The figures added significant evidence that the altitude is rising.
The Commerce Department reported that the value of the rate of output of goods and services in the first three months of this year (seasonally adjusted) was $425.8 billion, $4 billion higher than earlier calculations. This was down sharply from a peak of $445.6 billion in the third quarter of 1957; all told, the recession has chopped $20 billion from the gross national product, about 4.5% v. 2.7% during the 1953-54 recession....
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