STATE OF BUSINESS: Show of Strength

U.S. industrial production, which had slipped slightly for three months, has turned up again, the Federal Reserve Board reported last week. Its index moved up one point in May, and now stands at no (on a 1957 base-of 100). The new figures were a firm show of strength by the U.S. economy, since the rise took place despite heavy cutbacks in steel production that dropped the index figures for iron and steel 25% below January. Steel's drop was more than offset by gains in almost every other category in the index, including durable goods, which have been lagging a...

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