The best advertised recession in history was also turning out to be the hardest to recognize. Said the National City Bank of New York, in its monthly business letter last week: "Those who have looked to the fall season as a testing period for predictions of a business downturn will find little in the record of October to support pessimistic projections . . . The date of the much advertised 'recession' must again be postponed." Agreed the Chase National Bank: "Business as a whole is still extraordinarily good."
The Commerce Department last week reported that during September personal income was...
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