STATE OF BUSINESS: On the Up & Up

Bankers from 48 states gathered in Atlantic City, N.J. last week to compare their pulse readings of the U.S. economy. Their conclusion: business is good, and should get still better in the next few months. The boom, which had shown signs of deflating, now has more zip than ever before. Recovering fast from the long steel strike, industrial output went up about 15% in the past two months. The Federal Reserve Board estimated that last month production equaled the peacetime high set in April 1951.

But what encouraged businessmen most was the fact that some soft spots in the economy...

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