The postwar rate of growth of the U.S. economy has been "materially greater" than Government statistics show. So, last week, said Federal Reserve Board Chairman William McChesney Martin Jr. as he announced a revision of FRB's index of industrial production, the first since 1953.
The first compilations of the revised index, now near completion, show that U.S. output, which reached a record 155 in June (1947-49 average: 100), is actually ten points higher. The FRB made its revision on the basis of a detailed business census for the year 1954, which reviewed some 6,000 product lines in manufacturing alone.
Almost half the...
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