STATE OF BUSINESS: Midsummer Slump

Everyone knew that some segments of U.S. industry had been in a summertime slump. Last week businessmen learned how deep the slump was. During the second quarter, the nation's production of goods & services hit a record annual rate of $325.6 billion (up 20% from a year before). But in July, the Federal Reserve Board's index of industrial production dropped seven points, to 215, the first drop this year. Some of the drop was caused by vacations and floods. But much of it resulted from production cutbacks by makers of television sets, refrigerators, etc., who were waiting for dealers...

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