Business: Squeeze on the Nation

The ten-week-old steel strike began to cramp the nation's economy. The Federal Reserve Board reported that during August alone, industrial production declined on the basis of the 1947-49 average from the June alltime record of 155% to 149%.

Personal income in August was also nipped by the strike, and fell to a seasonally adjusted annual rate of $381.4 billion, $2.6 billion below the July level of the nation's wage and salary payments. In five manufacturing industries closely allied to steel—primary metals, mining, transportation, fabricated metals and machinery—the August annual rate of personal income...

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