State of Business: Worse, But

The recession is getting worse, judged by some of the short-term statistics that came out last week. But there were also signs that it was close to the bottom.

Industrial production in January fell 1% from December, for the sixth drop in as many months. Personal income in January dipped for the third successive month, to slightly less than 1% below October's peak. Sales and new orders of manufacturers of durable goods dropped in January 2% below December's volume. Department store sales last week were 3% below the year-ago level. So far this year, they lag 4% behind the 1960...

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