Business: On Balance

To the statisticians in Washington's Labor Department, the U.S. economy never looked healthier or in finer balance.

Employment last week was at a record peak for spring (61.5 million) and so were wages (average factory earnings of $1.74 an hour, up 10¢ over a year ago). In 1953's first quarter, the building industry showed a 6% gain in new construction over 1952's first quarter — a strong indication for continued prosperity.

In an orderly fashion, deflation continued to melt away some of the economy's excess fat. The cost of living had dropped enough by last week to bring pay cuts, ranging from 1¢...

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