The U.S. has passed a historic wage milestone. In September, for the first time, said Labor Secretary James P. Mitchell last week, the average pay of American factory workers climbed above $2 an hour for a total of $81 a week. Furthermore, the Bureau of Labor Statistics reported that in mid-September nonfarm employment (52.1 million) was at an alltime high. There was no sign that the boom was letting up in 1956's final quarter—or that it would do anything but climb higher in 1957.
With that in mind, Treasury Under Secretary W. Randolph Burgess took the occasion to answer those...
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