STATE OF BUSINESS: Climbing Out

Despite a slip in retail sales, which dropped 3% from last year's levels in the first four months, there were plenty of signs around the U.S. last week that the economy was still climbing out of the recession valley. Items: ¶ Industrial production in May climbed two points to 125% of the 1947-49 average for the nation's mines and factories, the first increase in ten months. Steel production edged up to 73% of capacity.

¶The stock market, which dipped nine points in a period of two days, jumped back almost as sharply. The Dow-Jones industrial average closed out the...

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