The switchover to peacetime production was farther along in many lines than many a businessman had thought possible.

Last week the National Industrial Council rosily reported a brighter outlook for 1945-46 jobs than had been expected.

There was still much slack. Government and private business analysts agreed, in the main, on the immediate trend: business in general would slide downward for about six months, then climb. The optimistic guesstimaters were almost unanimous: 1947 and 1948 will see national income on a high level — perhaps about $135 billion (wartime peak: $165 billion).

Beyond that, some prognosticators fore saw a deep depression,...

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