STATE OF BUSINESS: Solid Underpinning

"This confirms the solid underpinning of purchasing power in the economy. It is a darned good sign." So this week a top Government economist welcomed the news that personal income in March rose by $500 million, despite bad weather, to a record high of $393.5 billion. There were signs that the consumer is using his record income to bolster the economy.

Autos continued to sell well (see Autos). Housing starts in March showed up better than expected. Said U.S. Housing Administrator Norman Mason: "This indicates that the upturn in housing has begun. Despite the severe weather which made March one...

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