STATE OF BUSINESS: A Question of Degree

Just about everybody was busy last week comparing the recession of 1954 with that of 1949.

Winfield W. Riefler, Federal Reserve Board economist, reported that the FRB's industrial-production index would probably go down another two points in February from the January figure of 125 (1947-49 = 100). That would mean, said Riefler, that output since the postwar peak last October has dropped about as much as it did in the first four months of the "exceptionally mild" setback in 1948-49-Economist Edwin G. Nourse, who was head of President Truman's Council of Economic Advisers during the 1949 recession, told Congress what...

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