Watching the Ball Game

Businessmen, anxiously scanning the skies for a clue to the economic weather, saw more dark clouds ahead. Industry was still cutting back production; the Federal Reserve Board's production index had dropped in May to 174 (v. 192 a year before) and had gone on down in June to an estimated 170. Unemployment was still rising. In June, with more than one million extra job-seekers out of school and college, it rose to 3,788,000, the highest in seven years.

Some businessmen thought they could already see a few patches of blue through the clouds. If unemployment had risen, so had employment;...

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