STATE OF BUSINESS: Rapid Recovery

From the Federal Reserve Board in Washington last week came the rosiest FRB comment yet on the comeback from the recession. Said the FRB: "Rapid recovery in economy activity continued in August. Industrial and construction activity, nonfarm employment and consumer buying rose further." The FRB index of industrial production rose three points in August, to 137% of the 1947-49 average, has regained more than half of the recession loss. Furthermore, the FRB found that it had underestimated the production climb in June and July, had to revise those figures upward.

With such proof of recovery before it, the FRB last...

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